Acquisition and Purpose: MDXT has acquired UK-based data management start-up Schematiq to integrate its technology into a new platform for financial services data and model distribution. Platform Capabilities: Schematiq’s platform, founded by former Credit Suisse VP Darren Harris in 2008, enables organisations to govern, control, test, and share Excel models via APIs and code conversions. Enhanced Offerings: MDXT plans to combine Schematiq’s capabilities with its real-time data distribution and connectivity solutions for top-tier banks, brokers, and firms globally. New CPO Appointment: Darren Harris has been appointed as MDXT’s chief product officer to lead product development and improve customer satisfaction. Previous Acquisition: MDXT acquired Iceflow Technology in 2022, appointing Markit EDM solution architect Graham Denyer as chief technology officer.

New CEO Appointment: Madhusudan Kejriwal will become TransUnion’s CEO for the UK and Europe starting January 2, 2025. Outgoing Interim CEO: Mark Horsey, interim UK and Europe CEO for the past year, will stay on in an advisory role within TransUnion’s international business after Kejriwal’s arrival. Kejriwal’s Background: Joins from HSBC with over 20 years in leadership, previously holding roles like group head of cards, loans, and partnerships, and head of finance for global retail banking. Recent Leadership Addition: Sharon Naidoo appointed as regional CFO for UK and Europe in August. TransUnion Profile: Established in 1968, the credit reporting agency serves over 30 countries and acquired identity resolution firm Neustar for $3.1 billion in 2021.

Deal Overview: Socure, a US digital identity verification and fraud prevention platform, will acquire San Francisco-based risk decisioning start-up Effectiv for $136 million. Expected Integration: The deal, expected to close next month, will integrate Effectiv’s AI-powered orchestration and decisioning platform with Socure’s digital ID technology. Enhanced Offerings: This acquisition enables Socure to expand its offerings to include real-time payments fraud detection and anti-money laundering (AML) transaction monitoring. Rule Management: Socure will use Effectiv’s platform to create and manage complex combinatorial rules for its solutions and those from third parties. Team Transfer: Effectiv’s entire team, founded by former Simility employees Ravi Sandepudi, Ritesh Arora, Jonathan Doering, and Anupam Tarsauliya, will join Socure. Existing Partnership: Effectiv already serves as a fraud and identity partner for Socure, laying a foundation for rapid integration and expanded midmarket services within 45 days.

Funding Secured: Moneybox raised around £70 million, boosting its valuation to £550 million, an 84% increase since 2022. New Investors: London-based Apis Partners and French asset manager Amundi joined existing backers like Fidelity and Oxford Capital. Secondary Share Sale: The funding is primarily through a secondary share sale, allowing existing investors to sell 10-15% of current shares. Shareholder Opportunities: Moneybox’s 35,000 shareholder community, including crowdfund, customer, and employee shareholders, can sell 10% of their holdings. Significant Milestone: Crowdcube’s Matt Cooper highlights this as the largest secondary liquidity event for a private UK/EU company by the number of sellers. Company Growth: Founded in 2015, Moneybox now has over one million users and a valuation of £550 million, with a new share price of £10.08, up from £5.58 in 2022.

Authologic Raises $8.2 Million in Series A Location: Poland Funding: $8.2 million Series A Led by: OpenOcean, with support from YCombinator, Peak Capital, and SMOK VC Founded: 2020 Services: Digital identity verification, KYC, and AML solutions to reduce document-based verification for global businesses Expansion Plans: Will use funds to grow international presence, with offices in Warsaw, San Francisco, and London 2. Klasha Secures Additional $2 Million Locations: San Francisco and Lagos Funding: $2 million Backers: Alumni Ventures, Breega, My Asia VC, Expert Dojo, Practical VC, Resilience17, and Magic Fund Founded: 2021 Services: Cross-border B2B payments between Asia and Africa, payout APIs, virtual multi-currency accounts, and wire services Expansion: Plans to enter the Asian market, with a new office in Hangzhou, China 3. CardFlight Receives Minority Investment from WestView Capital Partners Location: New York Funding: Undisclosed minority investment Founded: 2013 Services: SaaS POS solutions, with SwipeSimple as the flagship product Client Base: Supports over 125,000 small businesses across the US Goals: To enhance software services, expand payment solutions, and increase US small business and merchant partnerships 4. Salt Launches Second Funding Round Location: UK Founded: 2021 Services: Marine financing brokerage, loans from £100,000 with flexible options; planning Boat Financing App offering loans up to £250,000 with 24-hour approval Milestones: Received FCA regulatory approval in May and appointed Rob Cottingham as CRO

Abhi Secures $15 Million Location: UAE Funding: $15 million in credit financing Led by: Shorooq Partners and Amplify Growth Partnership Founded: 2021 in Pakistan Services: Earned wage access (EWA), SME financing, payroll financing and processing. Purpose: Funds will be used to scale operations and broaden EWA solutions for both blue and white-collar workers in the UAE. Transaction Stats: Facilitated $55 million in EWA through 545,000 transactions to date. 2. Emerge Raises $12 Million in Series A Location: New Zealand Funding: $12 million Series A Led by: Altered Capital, with support from Icehouse Ventures, NZVC, K1W1 LIMITED, NZ Fintech Fund, Hard Yaka Ventures, and angel investors. Goal: Aims to become New Zealand’s first challenger bank. Services: Digital banking services including physical/virtual cards, in-app receipt capture, and spend limits; merchant and subscription controls coming soon. 3. Diesta Secures $3.8 Million Seed Funding Location: London Funding: $3.8 million in seed funding Led by: FinTech Collective, with participation from Commerce Ventures, SixThirty, and Restive Ventures. Founded: 2022 Services: B2B SaaS payment operations platform for the insurance industry. Purpose: Funds will be used for expansion in the UK, Europe, and the US, along with enhancing the platform with AI-driven integrations and fintech partnerships. 4. Axyon AI Raises €2.1 Million Location: Italy Funding: €2.1 million additional funding Total Raised: €6 million in this funding round, initiated in December 2023. Backers: Green Sands Equity, Investment Opportunity 1, and angel investors. Founded: 2018 Services: AI solutions for asset managers, including asset identification, AI-powered asset rankings, and optimized equity/ETF indices. Purpose: Funds will support commercial expansion and technological initiatives.

Acquisition Announcement: UK-based private equity firm Invex Ventures has acquired Manigo, a fintech infrastructure platform, for an undisclosed amount. Background on Manigo: Founded in 2017 by Stevan Bajic and Olya Parafiyanovich. Offers a proprietary core banking platform, API suite, and white-label solutions for businesses to launch cards, accounts, and payment services under their own brand. Completed 23 vendor integrations across Europe, Saudi Arabia, and the Americas, including partnerships with 10 banking rails providers and 3 issuing processors. Reason for Acquisition: The acquisition aims to strengthen Manigo’s Integration Library and enhance its core banking services, increasing value for its clients. Invex Ventures Portfolio: This acquisition marks the sixth addition to Invex’s fintech portfolio, which includes: Minted Edge (digital banking platform) TrustXPay (payment services provider) ReconX (payment reconciliation software) Nova Global (financial consultancy) Minted Connect (API service) Context: The acquisition comes just one month after Manigo entered administration, indicating a strategic move by Invex Ventures to expand its fintech capabilities.

The UK government is proposing new protections for Buy Now, Pay Later (BNPL) users, which will fall under the Financial Conduct Authority (FCA) regulatory supervision. Proposed amendments include: Assessment of repayment ability: BNPL providers will be required to evaluate shoppers’ ability to repay loans before approval. Improved information disclosure: Providers must offer “clear, simple, and accessible information” about loan agreements, with adaptations to the Consumer Credit Act to suit online usage. Current disclosure rules from the 1974 Consumer Credit Act will be modified to allow the FCA to present information in a more suitable format for digital transactions. If issues arise during the lending process, shoppers will gain stronger rights to dispute transactions and request refunds from lenders, with complaints managed by the Financial Ombudsman Service. A consultation on the proposed amendments has been initiated, set to close on 29 November. The legislation is expected to go to parliament in early 2025, with implementation planned for 2026. The government aims to enhance regulatory oversight of the BNPL sector, following earlier consultations that began in October 2021 and led to draft legislation in February 2023. Tulip Siddiq, Economic Secretary to the Treasury, stated the approach aims to provide consumer protections akin to other credit forms while allowing the BNPL sector to innovate and expand. The FCA supports the initiative, focusing on maintaining benefits for consumers while ensuring appropriate protections are in place.

Stripe, a leading US payments company, is reportedly in advanced discussions to acquire Bridge, a stablecoin infrastructure start-up, in a deal potentially valued at $1 billion. Neither Stripe nor Bridge have officially confirmed the negotiations, and the deal may not ultimately proceed. Bridge, launched in 2022, offers: An orchestration API for companies to store, move, and accept stablecoins. An issuance API for businesses to create their own stablecoin. The company was founded by Zach Abrams and Sean Yu, both former employees of Coinbase. They previously launched the Evenly payments platform, acquired by Square. Bridge has raised $58 million to date, with notable backers including Sequoia Capital, Ribbit Capital, Index Ventures, Haun Ventures, and Bedrock. This acquisition would align with Stripe’s strategy to expand its digital asset capabilities, following its plans to introduce stablecoin payments and an embeddable fiat-to-crypto onramp in 2023.

CapWay, a US-based fintech focused on financial inclusion, has shut down. The closure was announced by founder Sheena Allen on LinkedIn. Founded in 2016 and based in Atlanta, Georgia, CapWay aimed to provide financial access through products such as: Financial literacy modules Digital banking services Savings tools The fintech raised $770,000 since its launch and was backed by Y Combinator. Allen expressed pride in their accomplishments but disappointment in not completing their mission, citing challenges in securing sufficient funding, particularly for Black and brown fintech founders. Allen noted investor reluctance due to perceived competition and CapWay’s smaller funding compared to others in the space. Looking ahead, Allen remains committed to the financial inclusion space and is in the ideation phase for her next venture.

Nutmeg State Financial Credit Union, the sixth-largest in Connecticut, has partnered with Alkami Technology to upgrade its digital banking services. The credit union will use Alkami’s Digital Banking Platform to offer members a wide range of online and mobile banking services, including: Account aggregation Financial wellness education Instant loan payments Advanced account management and monitoring features The platform will also provide enhanced data and analytics to help the credit union better understand member behavior and personalize customer experiences. CEO Greg Angelillo states the decision followed nearly two years of planning and a thorough selection process using a rigorous scoring methodology. Alkami, founded in 2009, has gained several new clients recently, including IC Credit Union, Elevations Credit Union, and Intrepid Credit Union.

Klarna has signed an agreement with a subsidiary of Elliott Advisors (UK) Limited to sell “substantially all” of its short-term, interest-free product receivables in the UK. Klarna will retain ownership of all consumer-facing activities, including underwriting and servicing. Klarna’s CFO, Niclas Neglén, states the deal aligns with the company’s global growth strategy and frees up an estimated £30 billion in funds to use more effectively. The agreement is part of Klarna’s preparations for a potential stock market debut expected next year. Earlier strategic moves include: $515 million sale of Klarna Checkout in June. Acquisition of New Zealand-based BNPL firm Laybuy in August. Klarna has served 10 million UK customers in the past year, with a 33% increase in UK retailers using its services, now totaling over 40,000.

Citadel Federal Credit Union will pay over $6.5 million to settle allegations of redlining in predominantly Black and Hispanic neighborhoods in and around Philadelphia. The Department of Justice (DOJ) filed a complaint accusing Citadel of lending discrimination by avoiding providing mortgage services to these communities from 2017 to 2021. Peer lenders offered mortgage services in these neighborhoods at three times the rate of Citadel, according to the DOJ. As part of the settlement, Citadel will allocate: $6 million to a loan subsidy fund for mortgages, home improvement, and refinance loans in affected neighborhoods. $250,000 for community partnerships focusing on financial education, credit, and homeownership. $270,000 for outreach, advertising, and financial education aimed at these communities. Citadel will also open three new branches in predominantly Black and Hispanic neighborhoods and appoint a community lending officer. The settlement is the DOJ’s first redlining resolution involving a credit union. Citadel has assets of about $6 billion, serves over 263,000 members, and operates 24 branches.

AirKey, a NFC-enabled authentication technology developed by Capital One, will now be commercially offered to other financial institutions. The technology enables cardholders to authenticate their identity by tapping their card on a mobile device, providing multi-layered fraud prevention. Capital One initially launched AirKey for its own customers over four years ago, and 75 million of its cards currently use the technology. The solution offers hardware token efficacy with the convenience of existing cards, and supports various use cases, including 3D Secure (3DS) transactions, app enrolment, digital wallet services, and virtual card issuance. AirKey is compatible with iOS and Android operating systems and doesn’t require an additional app. The technology is backed by over 300 patents in the US and 400 internationally.

CIH Bank, based in Morocco, has partnered with Dutch digital banking provider Backbase to support its digital transformation. The bank is deploying Backbase’s Engagement Banking platform, aiming to enhance capabilities in areas like lending, investments, and customer engagement. This platform is expected to streamline onboarding processes for local customers and Moroccans living abroad. CIH Bank, part of the CDG Group, specializes in real estate and hospitality financing. Founded in 1920 and headquartered in Casablanca, CIH Bank has a balance sheet of approximately $8 billion and operates 336 branches and 716 ATMs across Morocco. In 2020, CIH Bank implemented Finastra’s Fusion Corporate Channels and Fusion Trade Innovation systems to digitize corporate banking and automate trade and supply chain operations.

Navigant Credit Union, based in Rhode Island, has partnered with Baker Hill to use its Commercial Lending solution for loan origination and underwriting. Baker Hill’s platform will streamline loan processes, reducing loan decision times and improving efficiency. The solution integrates with Navigant’s Fiserv DNA core, enabling better use of data and reducing redundant data entry. The system will allow Navigant to handle all commercial loan origination needs from a single platform, eliminating reliance on fragmented systems and improving workflow. Navigant Credit Union is Rhode Island’s largest, with over $3.7 billion in assets and serving 154,000 members. Baker Hill, an Indiana-based fintech, was acquired by Flexpoint Ford in 2023.

Barclays US Consumer Bank has signed a long-term deal with General Motors (GM) to become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the US starting summer 2025. Barclays will replace Goldman Sachs, which previously took over GM’s credit card business from Capital One in 2020 for a reported $2.5 billion. The deal strengthens Barclays’ US credit card portfolio as part of its growth strategy. Barclays will acquire the card programme’s receivables from Goldman Sachs next year. Current cardholders can continue using their cards, and instructions for the transition will be provided before the switch to Barclays. Goldman Sachs has been scaling back retail banking operations, and JP Morgan Chase is in talks to replace Goldman as Apple’s credit card partner.

Santander UK, a subsidiary of Banco Santander, has partnered with Token.io to enhance its open banking infrastructure. The collaboration allows Santander customers to make account-to-account (A2A) payments from external bank accounts to repay credit cards. Token.io’s technology reduces errors from manual data entry and supports biometric Strong Customer Authentication (SCA) for mobile payments. Santander aims to use Token.io’s solutions to improve real-time money movement for its 14 million+ UK customers and develop new real-time payment propositions. Token.io, founded in 2015, provides A2A infrastructure for major financial institutions and claims connectivity to over 567 million bank accounts across 20 markets. The partnership was announced at the Open Banking Expo in London by Santander UK’s chief payment officer, Paul Horlock, and Token.io’s CEO, Todd Clyde.

Tebi, a Netherlands-based fintech start-up, has raised €20 million in a Series A funding round led by Index Ventures. Founded in 2021, Tebi was co-founded by Arnout Schuijff (Adyen co-founder and ex-CTO) and Rob Vonk (former Adyen EVP of Technology). Tebi’s mobile-first platform is tailored to independent hospitality and retail businesses and includes features like reservations, inventory management, QR ordering, bookkeeping, and integrated point-of-sale/payment systems. The app is designed with an accounting backbone, offering a single source of financial data for businesses. The platform offers revenue-based pricing, with no charges for additional users, devices, or locations, and is free for businesses below a certain revenue threshold. The funding will be used to expand beyond the Netherlands, grow the workforce, and broaden product offerings to other sectors. Tebi employs 30 staff and is 15% employee-owned. The company’s mission is to provide enterprise-level capabilities with the intuitive experience of a consumer app.

FinVolution, a Chinese fintech company, has launched Daira, a new lending platform in Pakistan. Daira offers low-interest, flexible loans with funds transferred to customer accounts in under a minute, and no service fees. The company secured a Non-Banking Financial Company (NBFC) licence from the Securities and Exchange Commission of Pakistan (SECP) to facilitate the launch. FinVolution sees Pakistan’s large, youthful population and underserved financial services as a significant growth opportunity. The company’s credit technology focuses on credit risk assessment, artificial intelligence, big data, and fraud detection. Founded in 2007 and headquartered in Shanghai, FinVolution was listed on the New York Stock Exchange in 2017. Pakistan is the latest market FinVolution has entered, joining its other international ventures in Indonesia and the Philippines. FinVolution has secured other financial licenses this year, including a multi-finance license from Indonesia’s Financial Services Authority (OJK).