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Finovate Blog
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Digital banking provider Lumin Digital has turned to process automation provider FINBOA for enhanced dispute management.
FINBOA’s technology has produced up to a 90% reduction in dispute intake effort and up to an 80% reduction in audit prep time.
Headquartered in Houston, Texas, FINBOA made its Finovate debut at our all-digital conference in the spring of 2021.
Process automation provider FINBOA has teamed up with digital banking provider Lumin Digital to enhance the company’s dispute management operations. This will give Lumin Digital’s financial institution clients the ability to expedite their payment disputes and facilitate faster resolutions.
“As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to be partnering with the FINBOA team, which is actively solving the painful process of manual dispute resolution,” Lumin Digital Chief Product Officer Sean Weadock said. “This partnership is an exciting step that adds another innovative integration and showcases the flexibility of the Lumin Digital platform.”
Lumin Digital offers digital solutions for retail banking, commercial banking, and account opening to help financial institutions better maximize efficiency and engage customers and members. The company’s platform combines native microservices with cloud technology to give banks and credit unions the ability to deploy new solutions that scale independently and enable them to grow and evolve as volume grows. Founded in 2016 and headquartered in San Ramon, California, Lumin ended last year with $160 million in growth equity financing in a round co-led by NewView Capital, Light Street Capital, and Partners Group.
The alliance between Lumin Digital and FINBOA comes as growing payment dispute volumes are putting a strain on manual, paper-based dispute resolution processes, as well as on non-integrated systems. This potentially leads to more errors, greater risk, and even missed compliance deadlines. To this end, FINBOA’s technology digitizes and automates compliance and decision processes to provide better account holder servicing and lower regulatory risk. The company notes that institutions using its technology have enjoyed a reduction in dispute intake effort of up to 90%, a reduction in audit prep time of 80%, and an average 25% reduction in claim-related write-offs and losses.
“The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face increasing volumes of payment disputes and stringent requirements with tight response timelines,” FINBOA Founder and CEO Raj Singal said. “We are delighted to offer a paperless payment dispute process integrated with Lumin Digital’s online banking services.”
Founded in 2016 and based in Houston, Texas, FINBOA made its Finovate debut at our all-digital conference in the spring of 2021. At the event, FINBOA demonstrated its Workplace Compliance Automation Platform, which provides centralized data management, automated timeline notifications, customized letters, digital signatures, workflow configuration, GL integrations with core, robotic automations, and compliance rules. A 2024 Finovate Award finalist in the “Best Back-Office/Core Services Solution” category, and a member of the 2024 Inc. 5000, FINBOA counts more than 200 banks and credit unions among its customers.
TransUnion will acquire credit eligibility and distribution platform Monevo, expanding its capabilities in credit prequalification and personalized credit offers.
Financial terms of the deal were not disclosed.
TransUnion originally acquired a 30% stake in Monevo in 2021 and will acquire the remaining ownership position from Monevo’s majority stakeholder, Quint Group Limited.
Credit protection platform TransUnionannounced it will acquire credit eligibility and distribution platform Monevo. Terms of the deal, which is expected to close by the second quarter of this year, were not disclosed.
U.K.-based Monevo was founded in 2008 to help comparison websites and online publishers embed personalized credit offers into their websites. It also works with more than 150 banks and credit providers worldwide, using centralized technology to connect lenders with publishers. This lets consumers see their chances of being approved for credit products before applying, which helps them save time and protect their credit scores from unnecessary checks.
“I founded Monevo to improve access to credit for consumers through technology, and today it is powering credit distribution for some of the world’s largest banks and lenders,” said Quint Group and Monevo CEO Greg Cox. “This acquisition is the natural next step in Monevo’s future growth and success, and would unlock new opportunities to innovate by uniting these two complementary businesses, whose values are already strongly aligned.”
In October 2021, TransUnion formed a strategic partnership with Monevo, acquiring a 30% stake in the company. Today, TransUnion has agreed to acquire the remaining ownership position from Monevo’s majority stakeholder, Quint Group Limited.
“Over the last three years, our partnership with Monevo has helped address gaps in the consumer experience. Together, we plan to deliver high-quality offers at scale with minimal support needed from our partners,” said TransUnion President, U.S. Markets Steve Chaouki. “Additionally, we continue to make good progress on broadening our value proposition and go-to-market strategy in the direct-to-consumer business and expect to have more to share in the coming quarters.”
Today’s acquisition enables TransUnion to enhance its credit prequalification and distribution capabilities. By integrating Monevo’s technology, TransUnion will connect its lender clients with consumers through more personalized credit offers. This partnership strengthens TransUnion’s ability to serve both lenders and consumers, streamline customer acquisition for financial institutions, and empower consumers to make informed borrowing decisions with minimal impact on their credit scores.
Customer analytics software solution provider for financial services companies Earnix announced a partnership with Tokio Marine North America Services (TMNAS).
Headquartered in Pennsylvania, Tokio Marine North America Services is a division of Tokyo, Japan-based Tokio Marine Group.
Earnix made its Finovate debut at FinovateSpring 2016 in San Jose, California.
Here’s some news from a Finovate alum we haven’t heard from in a little while: customer analytics solution provider Earnix has teamed up with Tokio Marine North America Services (TMNAS). Earnix will help the company — a division of Tokyo, Japan’s Tokio Marine Group — develop a centralized rate repository with access to sophisticated pricing and rating strategies. This will provide Tokio — one of the leading commercial insurance providers in the U.S. — with a single source of truth for pricing, rating, and filing, helping reduce errors and better manage risk, and enabling fast time-to-market for the business TMNAS does on behalf of its clients.
“Insurers want to — and must — innovate. The key when choosing new solutions is to select those that address the operation as a whole,” TMNAS EVP and CIO Robert Pick said. “Earnix integrates seamlessly across the entire tech stack and provides the agility to futureproof our businesses regardless of market or regulatory changes.”
Founded in 2001 and maintaining headquarters in both Tel Aviv, Israel, and Westport, Connecticut, Earnix made its Finovate debut at FinovateSpring 2016 in San Jose, California. In the years since then, Earnix has grown into a major provider of cloud-based, intelligent solutions for pricing, rating, underwriting, and product personalization in financial services. With customers in more than 35 countries across six continents, Earnix helps insurers and banks around the world achieve “ultra-fast” ROI and unlock value across their operations.
In addition to its partnership news with Tokio, Earnix also announced in December that it would work with Kingstone Insurance to enhance the property and casualty insurance holding company’s pricing capabilities and support its strategic growth. This week, Earnix reported that it had joined the Managing General Agents’ Association (MGAA) as a Supplier Member. MGAA represents more than 400 Managing General Agents (MGAs) in the U.K. and the Republic of Ireland.
“MGAs are key players in the insurance industry, and they require robust, reliable, and compliant technology solutions to succeed in an increasingly complex market,” Earnix CEO Robin Gilthorpe said. “Earnix looks forward to contributing to the MGA community by offering solutions that empower MGAs to drive smarter, data-driven decisions and thrive in an increasingly digital-first insurance ecosystem.”
Eltropy has acquired collections technology provider Lexop for an undisclosed amount.
Eltropy will integrate its AI-powered communication solution with Lexop’s compassionate debt resolution technology to help community financial institutions streamline collections, reduce delinquencies, and improve borrower experiences.
The combination of Lexop’s self-service payment portal and Eltropy’s communication platform will allow borrowers to easily make payments while enabling lenders to recover debts faster.
Unified conversations platform Eltropy unveiled yesterday that it has acquired collections technology provider Lexop. Financial terms of the deal were not disclosed.
Eltropy envisions that by combining Lexop’s collections technology with its own AI-powered communications platform, it can help to modernize debt repayment and collections processes. Ultimately, bringing the two technologies together will help community financial institutions (CFIs) reduce and prevent delinquencies, collect faster, and enhance the user experience for borrowers.
“The world needs a better way for people to pay their debt obligations. Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time,” said Eltropy CEO and Co-Founder Ashish Garg. “By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”
Canada-based Lexop was founded in 2016 to offer a compassionate debt resolution platform for credit unions. The technology automates text, email, and voice payment reminders that meet members in their preferred digital channels. With the collections platform, lenders can allow their members to make payments through a self-service payment portal that is integrated into the lender’s existing website and available 24/7. Eltropy will leverage this self-serve solution to allow its CFI clients to easily make payments with two clicks, helping to prevent avoidable delinquency.
“We built Lexop to create a better past-due member experience,” said Lexop CEO and Co-founder Amir Tajkarimi. “By joining Eltropy, we are reinventing loan repayment and collections, helping credit unions and community banks improve recovery rates while preserving relationships with their members. We have been watching Eltropy take the CFI world by storm and could not be more excited to join hands.”
Today’s deal marks Eltropy’s third acquisition after purchasing POPi/o and Marsview.ai in 2022. Logistically, Eltropy will continue to operate out of its headquarters in Santa Clara, California and Lexop will continue its operations in its headquarters location of Montreal, Quebec.
Eltropy serves over 650 credit unions and community banks in North America with communications solutions that aim to help firms mitigate fraud, grow deposits, facilitate payment reminders, streamline mergers and acquisitions, and more. Since launching in 2013, Eltropy has helped power more than 200 million conversations. The company demoed Eltropy One, its all-in-one omni-channel communication solution, at FinovateFall 2022.
Regions Bank has selected Axway to implement open banking.
Regions will use Axway’s Amplify Open Banking solution to enable secure, API-based data sharing for its consumer, corporate, and wealth management clients.
With the CFPB’s 1033 rule on the horizon, Regions is getting a head start on compliance, emphasizing customer education and consent management.
Enterprise data integration company Axway announced it is sharing its “open everything” mentality with Regions Bank. The Alabama-based bank has selected Axway to bring open banking capabilities to Regions’ consumer banking, corporate banking, and wealth management customers.
Regions will be using Axway’s Amplify Open Banking solution. Built on Amplify’s API Management Platform, the Amplify Open Banking solution helps firms simplify compliance and integration with its low-code/no-code capabilities that speed up time to deployment.
When the implementation is finalized, Regions will allow its corporate banking clients to leverage Amplify’s Marketplace feature to connect their Regions financial data via APIs. Additionally, the bank’s consumer banking and wealth management clients will be able to select which third parties they’d like to share their financial data with in a process that will remove the need for third-party platforms to save their banking credentials on their own systems. Ultimately, Regions will benefit from a more secure connection between the customer’s bank account and third party platforms.
“At Regions, our focus is on serving customers when and where they want,” said Regions Bank Emerging and Digital Payments Group Manager Tim Mills. “As customers continue to grant access to their financial data to third party applications, this new solution will help capture customer consent, remove the need for credential sharing to third parties, and provide another layer of security to protect customer data. Open banking is the future, and we are pleased to work with Axway to make banking easy for customers who turn to Regions time and again for their banking needs.”
Open banking has become a hot topic in the U.S., now that the Consumer Financial Protection Bureau has formally issued its 1033 rule that will mandate banks to participate in open banking. Partnering with Axway will offer Regions a head start on the bank’s required adoption date of April 1, 2027. Select smaller firms have until 2030 to comply.
Through Amplify, which is projected to launch in the coming years, Regions customers will receive a one-time prompt from the third-party platforms they use that will reenter information on their accounts.
“We are excited to extend our work with Regions to help provide secure, standardized access to data,” said Axway Vice President for Financial Services and Open Banking Tom Hogan. “This allows their customers to benefit more from the expanding ecosystem of next generation fintechs and third-party data providers.”
Regions also mentioned in today’s release that it will provide educational materials through multiple channels in order to inform customers on the launch. Given that one of the biggest hurdles in open banking adoption is consumer trust, Regions’ proactive approach to educating its customers and offering a consent management portal demonstrates that the bank understands this challenge. By empowering customers with tools to manage their data access, Regions is not only ensuring compliance but is also building the trust necessary for open banking to thrive.
Since the dawn of fintech, financial services companies have struggled to find the sweet spot of “high tech” vs. “high touch.” However, in today’s technology saturated environment, finding the perfect balance between automation and personal interaction is crucial. While technology enables scalability and efficiency, customers still value connecting with a human for complex financial decisions. This balance — where high tech meets high touch — is shaping the future of digital banking.
In the following Streamly video, Finovate Research Analyst David Penn speaks with Christopher Hollins, Head of Solution Sales and Delivery at Silicon Valley Bank (SVB), who highlights the transformation of B2B client expectations through digital channels and how SVB’s approach combines high-touch and high-tech strategies.
We spend a lot of time from a design perspective recognizing the user trends both on the consumer side, as well as the business side, and figuring out what’s the most logical thing we can do to avoid obstacles and make things very simple and straightforward. We always say that we want people to feel comfortable doing banking at 4:17 pm and 4:17 am, which means that your digital capabilities must be up to snuff and that you must be able to create an experience that they feel comfortable working with you any time of day,” said Hollins.
SVB is a division of First Citizens Bank that provides commercial and private banking services to individuals and companies. Originally founded in 1983, SVB focuses on investing in high-growth companies that tend to be on the cutting edge of innovation. In fact, 50% of U.S. VC-backed tech companies with IPOs in 2024 are SVB clients.
Hollins sits at the helm of SVB’s Global Solution Sales and Delivery, where he drives business growth and fosters team motivation. With a focus on sales strategy, design integration, and product marketing, Hollins’ team has successfully executed strategies that resonate with the unique demands of the fintech industry and the innovation economy.
Two Finovate alums — Curinos and Finastra — are introducing new CEOs this week.
Data, technology, and insights provider for financial institutions Curinos has appointed Jeff Hack as CEO.
Financial services software application provider Finastra announced that Chris Walters will replace Simon Paris as CEO.
The new year is bringing new leadership to a pair of Finovate alums: Curinos and Finastra. Both firms introduced new Chief Executive Officers to start 2025.
Curinos, which made its Finovate debut at FinovateSpring 2023, has appointed Jeff Hack as CEO and member of the company’s Board of Directors. Hack succeeds Craig Woodward, who has led Curinos since 2021. Hack was most recently CEO of software and integrated payments provider Paya and, before that, was Executive Vice President and a member of the Management Committee at First Data (now Fiserv).
“I am excited to be joining the talented team at Curinos,” Hack said in a statement. “Curinos offers market-leading solutions and world-class support to help drive the growth of our financial institution clients. We will build on our strong market position with further investments in technology and talent to provide even more value to our clients.”
Headquartered in New York, Curinos provides data, technologies, and insights to enable financial institutions to make better, faster, and more profitable, data-driven decisions. The company was formed in 2021 via the combination of Novantas and Informa’s FBX business. Today, Curinos is the chosen provider for more than 800 credit union and community banks across the U.S., 42 of the top 50 mortgage lenders, as well as Canada’s “Big Six” banks.
Hack takes the helm at Curinos in the wake of a year in which the company has partnered with Bankrate, earned a spot on the 2024 IDC FinTech Rankings, and entered into an agreement with Databricks Marketplace to make a subset of its data assets on deposits and lending rates available to Databricks Marketplace customers. Also in 2024, Curinos announced a collaboration with fellow Finovate alum FIS and introduced a new AI-powered creative management workflow capability for its Amplero Personalization Optimizer solution.
Financial services software applications provider Finastra has appointed Chris Walters as its new Chief Executive Officer. Walters will replace Simon Paris, who has served as Finastra CEO since 2018, a year after the company was formed.
“I’m excited to join Finastra at this pivotal moment in its journey and am impressed by the significant progress that has been made during Simon’s leadership,” Walters said. “I look forward to working with the talented team to drive sustainable growth and continue to deliver more value to our customers, team members, and investors.”
Finastra was formed via a merger between D+H and Finovate alum Misys in 2017. Walters comes to the company after serving as CEO of technology workforce development company Pluralsight and previously as CEO of Avantax (formerly Blucora Inc.), a tax-focused wealth management solution provider for financial professionals.
Walters has also served in leadership roles including Partner at McKinsey & Company and COO of Bloomberg Industry Verticals Group.
Serving more than 8,000 financial institutions — including 45 of the world’s top 50 banks — Finastra provides financial services software applications across capital markets, lending, payments, universal banking (including retail and digital), as well as treasury. A leader in Open Finance, Finastra has partnered in recent months with DXC Luxoft and RightClick to enhance delivery of managed services, with Vietnam’s Joint Stock Commercial bank (LPBank) to modernize treasury management operations, and with Sonali Bangladesh UK (SBUK) to provide digital banking — including enhanced Shariah-compliant services.
Thomson Reuters has agreed to acquire SafeSend in a $600 million deal.
Thomson Reuters will integrate SafeSend’s tax automation solutions to help tax professionals improve efficiency, particularly as the U.S. faces a shortage of tax professionals.
Thomson Reuters will preserve the SafeSend brand and continue to offer it as a publicly available solution.
In the U.S., many savvy taxpayers will start working on their 2024 taxes now that the new year has arrived. That might be what content and technology company Thomson Reutershad in mind when it agreed this week to acquire tax technology company SafeSend for $600 million in cash.
Founded in 2008, SafeSend helps accountants and bookkeepers automate aspects of their clients’ tax returns, including assembly, review, taxpayer e-signature, and delivery. The company’s software is used by 70% of the top 500 accounting firms in the U.S. The Michigan-based company is expected to generate approximately $60 million of revenue in 2025 and grow more than 25% annually in the next few years.
“The needs of our customers and their clients drive every decision we make at Thomson Reuters. This acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike,” said Thomson Reuters President of Tax, Audit and Accounting Professionals Elizabeth Beastrom. “By integrating SafeSend’s innovative technology with our existing solutions, we’re simplifying tax preparation workflows, and meeting the dynamic demands of businesses we serve to help them thrive in an increasingly complex tax landscape.”
Thomson Reuters expects the acquisition will add to its services catering to tax and accounting professionals. SafeSend’s wide range of solutions will help tax preparers and their teams create more efficient workflows fueled by online file transfer tools, e-signature solutions, client communication products, and more.
Going forward, Thomson Reuters will preserve the SafeSend brand and continue to offer it as a publicly available solution. This decision to preserve the SafeSend brand and offer it as a standalone solution suggests that the SafeSend brand and its reputation carry value. For SafeSend, being backed by Thomson Reuters opens up new opportunities for launching new technologies, scaling, and reaching a wider audience.
“Today marks an exciting new chapter for SafeSend customers,” said SafeSend Co-founder Steve Dusablon. “Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution.”
Thomson Reuters, which has demoed at two Finovate events, offers legal, tax, risk, supply chain, and other solutions in addition to its media business. The company is listed on the New York Stock Exchange under the ticker symbol TRI and currently has a market capitalization of $72.9 billion.
Thomson Reuters’ acquisition of SafeSend comes at a time when the U.S. is seeing a decrease in the number of tax professionals. SafeSend’s technology will help tax professionals and firms streamline their operations amid growing regulatory complexity and heightened client expectations.
2025 is here in earnest and we’re looking forward to another year of exciting and insightful interviews from Finovate VP Greg Palmer and the Finovate Podcast!
Before we get this year’s conversations under way, here are a handful of podcast discussions from the final weeks of 2024 that you might have missed during the holiday rush.
Shannon Saccocia (LinkedIn), Chief Investment Officer with Neuberger Berman Private Wealth (NBPW), talks with Finovate VP and podcast host Greg Palmer about the opportunities and challenges for fintechs in the private wealth market. EP 241.
As Chief Investment Officer with NB Private Wealth, Saccocia works with investment leadership across Neuberger Berman to establish market views, asset allocation, and portfolio recommendations for NBPW clients. Saccocia also leads the NBPW investment platform to enable comprehensive delivery of the firm’s investment capabilities.
Greg Palmer sits down with Lark Davis (LinkedIn), cryptocurrency enthusiast and founder of The Crypto Lark, to explore where cryptocurrencies stand in 2025 and what’s coming next. EP 240.
Davis’s YouTube videos explore the satirical side of the news along with fact-filled reviews and interviews. His channel, The Crypto Lark, provides continuous updates on the cryptocurrency markets, bitcoin, blockchain, and the future of technology. Davis is also author of Wealth Mastery, a crypto newsletter featuring market analysis and insights.
Long-time investor and operator Kamran Ansari (LinkedIn) of Kapital Ventures joins the Finovate Podcast for a high-level examination of the fintech ecosystem heading into 2025 and shares his insights on where the industry is going from here. EP 239.
Ansari is venture capitalist and operator involved with a sizable number of innovative technology and fintech companies including Venmo, Azimo, and Braintree. As a private investor, Ansari has participated in funding for firms ranging from Facebook to Coinbase. In addition to his work with Kapital Ventures, Ansari is a venture partner with VC firm Headline.
Last year, we published an edition of Finovate Global that featured new developments in Islamic finance. This week’s column will explore further the world of Islamic and Shariah-compliant financial services with Dilshod Jumaniyazov, CEO and co-founder of Musaffa.
Launched in 2020 and headquartered in New York, Musaffa offers a comprehensive platform for ethical investing, Halal stock trading, and financial education. More than 487,000 Muslim investors in 195 countries use Musaffa’s platform, which provides access to stocks in countries ranging from the U.S., U.K., and Australia to Malaysia, the UAE, and Turkey.
Musaffa recently launched its Purification Calculator, which enables Muslim investors to confidently identify and invest in Shariah-compliant businesses. And at a time when more investors are looking for investments that align with their values, Musaffa’s advanced screening tools, financial education, and other solutions can be useful to ESG-oriented investors as well as faith-based ones.
In our extended conversation, Jumaniyazov helps us understand the size and scope of Islamic and Shariah-compliant finance, the unique needs of the customers in this growing market, and how enabling technologies are bringing innovation to Islamic financial services in areas such as banking to wealth management.
How big is the market for Shariah-compliant financial solutions? How has this market grown in the West in particular? Are there countries in the West where the demand for Shariah-compliant financial solutions is especially strong?
Dilshod Jumaniyazov: The market for Shariah-compliant financial solutions is not just big—it’s growing fast. In 2022, the global Islamic finance industry expanded by 11%, reaching $4.5 trillion in assets, and it is expected to grow to $6.7 trillion by 2027, according to the ICD-LSEG Islamic Finance Development Report 2023.
In the West, Islamic finance has gained significant traction, particularly since the 2008 financial crisis, when it emerged as a more stable and ethical alternative. In the U.K., Islamic banks have doubled their assets over the past decade, reflecting a growing demand for Islamic finance. Sukuk issuances have also increased across Europe, with countries like Luxembourg and Germany leading the charge. The broader trend of sustainable and values-based investing has played a crucial role in driving this growth.
Certain Western countries stand out for their strong demand. According to Global Finance Magazine, the U.K. is a clear leader, serving as a global hub with five Islamic banks and more than 20 conventional banks offering Shariah-compliant products. Luxembourg, the first Eurozone country to issue a sovereign sukuk, hosts a wide range of Shariah-compliant funds. Germany has made significant strides by issuing sukuks and licensing its first Islamic bank, highlighting its growing interest in the sector. Meanwhile, France, with Europe’s largest Muslim population, holds enormous untapped potential despite its relatively underdeveloped Islamic finance market.
This combination of ethical investing and increasing demand in key regions has positioned the West as an emerging force in Shariah-compliant finance.
What are we talking about when we talk about Shariah-compliant finance? How is it different from financing in the West?
Jumaniyazov: Shariah-compliant finance is rooted in Islamic principles that emphasize fairness, transparency, and social responsibility. It prohibits earning or charging interest (riba), excessive speculation (gharar), and investments in harmful industries such as gambling, alcohol, and weapons. Instead, it focuses on ethical investing, risk-sharing, and linking all financial transactions to real economic activities. For example, rather than relying on traditional interest-based loans, Shariah-compliant finance uses models like mudarabah (profit-sharing) and musharakah (joint ventures), where risks and rewards are shared among all parties. This approach ensures that financial activities create tangible value and benefit society.
What sets Shariah-compliant finance apart from Western finance is its deeply embedded ethical framework. While Western finance often revolves around interest-bearing loans and speculative investments, Shariah-compliant finance requires every transaction to align with moral principles and economic justice. It’s not just about profit — it’s about creating shared prosperity and avoiding harm. This focus on equity, accountability, and real-world impact makes Shariah-compliant finance a compelling alternative, especially for those seeking a more values-driven approach to managing wealth.
How has digital transformation impacted the market for Shariah-compliant finance. Has technology made it easier to innovate and create new solutions for the community?
Jumaniyazov: Digital transformation has completely reshaped the landscape of Shariah-compliant finance, making it more accessible and innovative than ever before. With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. This has opened up opportunities for growth and inclusion on a global scale.
Technology has also sparked exciting developments like digital sukuks and blockchain-based smart contracts, which align perfectly with Islamic principles. These innovations have not only made processes more efficient, but have also introduced entirely new ways to approach halal and ethical finance. By breaking down barriers and reducing costs, digital transformation has turned Shariah-compliant finance into a dynamic, forward-thinking sector that’s more relevant than ever in today’s world.
Is there a role for AI in Shariah-compliant finance?
Jumaniyazov: AI is revolutionizing Islamic finance by making it more efficient, innovative, and accessible while staying true to its ethical principles. One of its most significant contributions is in screening stocks and ETFs for Shariah compliance. AI can analyze large datasets to assess whether investments meet Islamic criteria, streamlining a process that would otherwise be time-intensive and complex. This ensures that investors can confidently align their portfolios with their faith.
AI is also transforming Islamic financial products, such as sukuk. By enabling smart contracts, it has improved the transparency, efficiency, and trustworthiness of sukuk issuances. With applications like blockchain integration and advanced analytics, AI is not just addressing operational challenges but also opening doors for innovation, making Islamic finance more dynamic and globally relevant while adhering to Shariah principles.
You are CEO of Musaffa, a company that has developed Shariah-compliant solutions. Can you tell us a little about Musaffa and how you came to co-found the company?
Jumaniyazov: Of course. The journey to founding Musaffa began with a deeply personal challenge. Over my 16 years of investing, I often faced a dilemma — questioning whether my investments aligned with my faith and values as a Muslim. Every time I ventured into the stock market, I carried the weight of uncertainty, wondering if I was compromising my principles. As I shared my experiences with friends and colleagues, I realized this was not just my struggle — it was a challenge faced by millions of Muslims worldwide in a financial landscape that offered little guidance or transparency for faith-aligned investing.
This realization sparked a vision over a decade ago: to create a platform that would empower Muslims globally to invest ethically and confidently while staying true to their faith. However, I quickly recognized that making this vision a reality required more than just ambition. It demanded deeper knowledge, broader experience, and substantial capital.
Determined to bridge these gaps, I pursued an MBA at the University of Illinois at Urbana-Champaign and earned my CFA designation to strengthen my expertise in finance. I gained invaluable experience working with the technology team at Wells Fargo Securities, where I contributed to launching several trading platforms. Alongside this, I saved diligently, setting aside funds from my paychecks and 401(k) savings over the years. By late 2020, with $250,000 of my own savings, I was ready to bring Musaffa to life.
Musaffa is more than just a platform — it’s a solution to a deeply felt problem. At its core, Musaffa provides access to over 90,000 stocks and 9,000 ETFs globally, all meticulously analyzed for Shariah compliance. The platform enables users to seamlessly buy and sell halal stocks through an integrated network of brokerages.
Education is another cornerstone of our mission. Through Musaffa Academy, we offer tailored courses in financial literacy and Islamic finance, equipping our users with the knowledge to make informed decisions. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.
As a result, Musaffa has grown to serve over 482,000 users across 195 countries. Our users trust us to provide peace of mind and a way to align their investments with their faith. With features like advanced Shariah compliance screening, integrated trading options, and a robust educational platform, Musaffa has become a trusted partner for Muslim investors worldwide.
Looking ahead, we are excited to expand our offerings by launching proprietary Shariah-compliant ETFs and further integrating into global markets. Our goal is to make halal investing even more accessible and to continue simplifying access to the $30 trillion Shariah-compliant market.
What sets Musaffa apart are not just the tools we provide but our unwavering commitment to solving real challenges. We’re not just offering a platform; we’re creating a global financial ecosystem rooted in faith, trust, and ethics.
Today, I am incredibly proud of how far Musaffa has come. It stands as a testament to years of dedication, the belief that financial success should never come at the expense of one’s values, and a vision that’s empowering Muslims around the world to invest with confidence and purpose.
Who are Musaffa’s primary customers and how do you reach them?
Jumaniyazov: Musaffa’s primary customers are individual investors worldwide who seek to invest in alignment with their values, as well as both Islamic and traditional financial institutions. We engage with them through a strategic mix of targeted digital campaigns, partnerships with Islamic organizations, and our robust education platform, Musaffa Academy, which drives the majority of our traffic. Additionally, we leverage the Musaffa Ambassador Program, which empowers passionate individuals to represent our brand and bring more users to the platform. Word-of-mouth referrals also play a pivotal role in building trust and expanding our reach within this values-driven audience. Together, these channels foster a strong and authentic connection with our customers.
You recently launched a Purification Calculator? Can you tell us about this solution: why you launched it, what it does, and how the reception of it has been so far?
Jumaniyazov: The Purification Calculator is an indispensable tool designed to ensure that Muslim investors can maintain Shariah compliance in their investments. Purification is a mandatory condition for any investment to be considered Shariah-compliant, as it involves cleansing portfolios of any unintended non-compliant income. The calculator simplifies this process by determining the exact amount that should be donated to charity, enabling investors to align their earnings with Islamic principles.
We launched this solution to address a critical concern for Muslim investors and to simplify a process that many found complex or uncertain. The feedback has been overwhelmingly positive, as the tool empowers users to invest with confidence, knowing their financial activities align with both their faith and values.
What are some of the most interesting things going on in Islamic finance right now to you personally?
Jumaniyazov: For me, one of the most exciting developments in Islamic finance is the growing focus on halal investment research. With more Muslims wanting to align their financial decisions with their faith, the demand for tools and analyses to identify Shariah-compliant opportunities is stronger than ever. This isn’t just about screening stocks; it’s about providing in-depth research and actionable insights that help investors make confident, informed decisions in a complex market.
Another area I find fascinating is how digital platforms are transforming access to halal investments. From sukuk to Shariah-compliant ETFs and stocks, technology is making it easier for people to find and invest in Shariah-compliant and ethical assets. This combination of research and innovation is bridging a critical gap for Muslim investors, helping them grow their wealth while staying true to their values; it’s an exciting time to see how the industry is evolving to meet both faith-driven and financial needs.
What can we expect to hear from Musaffa in 2025?
Jumaniyazov: In 2025, at Musaffa, we plan to launch a comprehensive Islamic finance education platform, introduce our proprietary Shariah-compliant trading platform, and begin offering exclusive Shariah-compliant ETFs following SEC licensing approval. Our goal is to solidify our position as the premier global platform for halal investments while significantly expanding our user base.
Here is our look at fintech innovation around the world.
Central and Southern Asia
Mashreq Pakistan secured a license from the State Bank of Pakistan to initiate digital banking pilot operations.
Serbian IT company Saga teamed up with Salt Edge to help banks in Serbia take advantage of opportunities in open banking.
German fintech Cleversoft announced its intention to acquire Turkish financial messaging and AML compliance solutions provider Fineksus.
Middle East and Northern Africa
Qatar-based Doha Bank to go live with Visa Commercial Pay, the first bank in the market to do so.
Iraqi fintech company Qi Card launched its app SuperQi, which serves as both a lifestyle super app and a digital bank.
Italian software company TeamSystem acquired Israeli fintech Morning for $150 million.
Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.
U.K.-based insurtech Uinsure has forged a partnership with Suffolk Building Society.
The collaboration will make Uinsure’s insurance solutions for homeowners, landlords, and others available to Suffolk Building Society customers whether they seek insurance via the branch or online.
Founded in 2007, Uinsure is headquartered in Manchester, U.K. Simon Taylor is CEO.
The latest partnership announcement from Manchester-based insurtech, Uinsure, underscores the strengthening position the firm has in the U.K. financial services market in general and the country’s insurance industry in particular. Uinsure has teamed up with Suffolk Building Society, which will make the insurtech’s insurance solutions available to Suffolk Building Society’s customer base both in-branch and online.
“As a mutual society, the ‘bricks and clicks’ model is at the heart of what we do,” Suffolk Building Society Head of Membership Nathan Wade explained. “This offering from Uinsure means staff from across our branches can continue to give excellent face-to-face customer service to those who value it most. But others can easily access the insurance through our website, along with our other online services.”
Over the past year, Uinsure has teamed up with building societies including Leeds Building Society, Nottingham Building Society, Leek Building Society, and more. The insurtech also onboarded more than 230 financial intermediary partner firms in 2024, all of whom will offer insurance products to their customers by way of UinsureCX technology. Uinsure noted that it plans to announce a number of new major partners in the first quarter of 2025.
According to IBIS World, building societies in the U.K. are expected to see their revenue grow at a compound rate in excess of 22% over the five years through 2024-2025 to more than $60 billion (£49 billion). This includes estimated growth of 6.5% in 2024-2025. The largest player in the business by far is Nationwide Building Society (£272 billion in total assets), followed by Yorkshire Building Society (£74.23 billion in total assets) and Coventry Building Society (£61.73 billion in total assets). In addition to being the largest building society in the U.K., Nationwide Building Society is also the third largest mortgage lender in the country, according to Statista, with 12% of the U.K.’s gross mortgage lending. For its part, Suffolk Building Society has £799 million in total assets and is ranked 21st among U.K. building societies.
“2024 has been a transformational year for us and this partnership with Suffolk Building Society is another major step as we change perceptions of how insurance can be offered and arranged across the country,” Uinsure Chief Distribution Officer Lauren Bagley said. “We’ve seen remarkable growth that has largely been driven by our expanded partner network. Our collective commitment to customer experience is at the heart of these collaborations and is a major reason why we’ve been able to make a success of the partnerships we’ve launched this year.”
Founded in 2007, Uinsure offers home insurance, buy-to-let (BTL)/ landlords insurance, and non-standard and specialist insurance solutions. The company’s technology helps advisers remove the complexity and time-consuming aspects of accessing insurance products, leveraging Big Data and third-party integrations to, for example, pre-fill account information. To this end, Uinsure’s technology only requires an applicant’s name, date of birth, and postcode in order to provide personalized quotes in 20 seconds. Simon Taylor is Uinsure’s CEO.
