TrueLayer secured an additional $50 million in funding, bringing its Series E round total to $180 million. TrueLayer’s valuation has dropped to $700 million from its peak of $1 billion in 2021. Despite the downround, TrueLayer remains optimistic about its future, stating its intentions to work toward profitability. Open banking platform TrueLayer is proving that it is not just AI companies that are receiving VC investor attention. The London-based company recently received a $50 million extension of its $130 million Series E round. Today’s follow-on round was led by existing investor Northzone with contributions from Tencent Holdings, Tiger Global, Temasek Holdings, and Stripe. According to Bloomberg, the recent round reportedly values TrueLayer at $700 million, which is notably lower than the $1 billion valuation the company received during its 2021 Series E round. Despite TrueLayer’s recent raise being a downround—reflecting a valuation drop of $300 million—this trend has been common across the fintech sector in recent years. TrueLayer remains optimistic, viewing the new funding as a vote of confidence in its future growth and ability to achieve profitability. “Separately to this fundraise, we have taken important steps to chart our path toward profitability. This funding is yet another vote of confidence in our company, our technology,” said TrueLayer CEO Francesco Simoneschi. Founded in 2016, TrueLayer offers an open banking payments network that processes $40 billion across 120 million transactions annually. The company has 10 million users located among 21 European countries. In addition to its payments and payouts products, TrueLayer also offers Signup+, a streamlined onboarding tool, and VRP, its variable recurring payments tool. TrueLayer appointed its first Chief Strategy Officer, Lisa Scott, earlier this year. The company has raised a total of $321 million. Francesco Simoneschi is Co-founder and CEO. TrueLayer, which counts Revolut, Coinbase, and Robinhood among its clients, is well-known for facilitating pay-by-bank transactions. Pay-by-bank has seen increased interest among merchants, as they have multiple benefits in comparison to credit card payments. The benefits include fewer fees, faster settlement, and reduced chargebacks. While there has been some movement in pay-by-bank usage in the U.S., pay-by-bank has seen more growth in Europe where open banking is regulated and consumers don’t rely on credit cards as much. Photo by Michael Kessel The post TrueLayer Lands $50 Million to Grow Pay-by-Bank appeared first on Finovate.       

As October gets underway in earnest, Finovate’s Fintech Rundown shares news of expedited payments to help those impacted by hurricane Helene, another partnership to help new Canadians secure credit, as well as a major investment in cross-border payments and a big acquisition in the fraud prevention space. Be sure to check back all week long for more fintech news and updates! Payments FedNow will expedite Federal Emergency Management Agency (FEMA) payments and transactions for survivors of hurricane Helene. The U.S. Faster Payments Council (FPC) releases its 2024 U.S. Instant Payments Adoption Quantitative Study. Formerly WorldRemit, Zepz raises $267 million to support expansion into new African markets. Woodforest Acceptance Solutions partners with FreedomPay. Venmo introduces payment scheduling. Lending Quarters and Nova Credit team up to help immigrants to Canada transfer their credit histories from their home countries. Identity and fraud prevention Experian acquires Brazilian cybersecurity firm ClearSale in a deal valued at $350 million. Meta expands its information-sharing partnership with banks in the U.K. to help fight fraud and scams. DeFi and crypto Visa launches platform to enable banks to issue stablecoins and tokens. Open banking / open finance Open banking payments network TrueLayer secures $50 million extension of its Series E funding round. Small business financial management Ocrolus and On Deck issue their Small Business Cash Flow Trend Report for Q2 2024. Communications Customer interaction technology provider Glia launches its Unified Interactions Index Online Calculator. Photo by Guzel’S The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

Tyfone has partnered with FinGoal to deliver personalized banking solutions. Tyfone will leverage FinGoal’s Insight Platform to help its clients transform transaction data into detailed personas and next-best actions for users. FinGoal’s Next Best Actions has already been adopted by a portion of Tyfone’s clients, and more plan to join soon. Digital banking solutions provider Tyfone has teamed up with FinGoal this week to help banks deliver personalized products and tools to account holders. Tyfone will leverage FinGoal’s Insight Platform that turns transaction data into detailed personas and offers next-best actions for each account holder. Specifically, Tyfone clients will have greater access to FinGoal’s Next Best Actions, a tool that increases conversion rates, lifetime value, and engagement. Currently, a portion of Tyfone’s client base is already using Next Best Actions, and more plan to join soon. Showcased at FinovateSpring 2023, FinGoal’s Next Best Actions can help increase conversion rates, lifetime value, and engagement across digital banking solutions by leveraging digital banking and personal financial data. With that data, FinGoal’s clients can better understand users and provide actionable insights. “Today’s account holders want more than just banking—they’re looking for personalized insights and a seamless experience that helps them make better financial decisions,” said Tyfone Director of Strategic Partnerships Jared Kopelman. “By integrating FinGoal into our platform, we’re equipping our clients with powerful tools like transaction cleansing and categorization and clear merchant logos. This partnership empowers financial institutions to deliver a more intuitive and tailored experience that helps institutions better understand its customers and deepen relationships.” Tyfone was founded in 2004 and provides digital banking and payment solutions. The Oregon-based company’s digital banking solution, nFinia, is an enterprise solution that allows CFIs to deliver a hyper-personalized digital banking experience to both retail and commercial customers. The configurable solution offers more than 300 financial functions and provides an open ecosystem with direct integrations with more than 160 players. Headquartered in Colorado, FinGoal was founded in 2018. In addition to its personalized offers technology, the company offers transaction enrichment and account aggregation and verification tools. “The better an institution knows its users, the better it can serve those users,” said FinGoal CEO David Nohe. “Tyfone is known for its modern and sophisticated banking solution, and this partnership gives banks and credit unions a modern platform with actionable insights to power better engagement. FinGoal will arm our joint clients with data analytics and enhanced user experience.” Photo by Jopwell The post Tyfone Teams Up with FinGoal to Help Banks Personalize their Products appeared first on Finovate.       

This week’s edition of Finovate Global features recent fintech news and headlines from the Netherlands. Netherlands-based digital banking platform Plumery secured $3.3 million in funding this week. The investment came from of early-stage investor DN Capital and Fontes, managed by international VC firm QED Investors, and raises the company’s total funding to date to $7.8 million. Plumery added that it is preparing for a larger Series A round next year. “Our commitment to product excellence and expansion into key markets (are) central to our roadmap, and this funding will propel us even further,” Plumery Founder and CEO Ben Goldin said. “We look forward to working with our partners in this next phase of our evolution and sustained growth in today’s competitive market.” Plumery will put its new capital to work in a variety of ways. The company plans to expand its sales and marketing efforts, bolster international partner management, and enhance its platform’s capabilities for SMEs, consumers, lenders, and microfinance companies. Plumery will also look to add talent, particularly in product, engineering, and commercial roles. Founded in 2022, Plumery offers a digital banking platform that enables businesses to rapidly customize and deploy their banking operations. The firm’s platform enables mobile and online banking interfaces and experiences to be built on top of legacy core platforms at a lower cost and at up to 80% faster than traditional methods. In its funding statement, the company noted that it plans to launch additional features including conversational banking and AI-driven automation and insights as part of its expansion plans. It’s hard to imagine a Finovate Global look at fintech in the Netherlands that didn’t include a nod to Engagement Banking Platform Backbase. Especially upon hearing news that the company has moved to new headquarters in Amsterdam. This week, Backbase celebrated the grand opening of its 5,000 square-meter, international headquarters at Oosterdoksstraat 114. Backbase CEO and Founder Jouk Pleiter said in a statement that the new HQ was “more than just a building,” noting that “it represents the outcome of a 20-year journey fueled by entrepreneurship, perseverance, and focus on innovation and customer success — all driven by our people.” And at a time when many companies are struggling to encourage workers to spend more time in the office, it is hard not to be touched by the comments of Carolien Roos, partner at Firm Architects and designer of Backbase’s new headquarters. “Our vision was to create a space that not only inspires innovation but also brings people together,” Roos said. “The design encourages the kind of serendipitous encounters and discussions that often lead to groundbreaking ideas — a key ingredient in Backbase’s recipe for success.” Backbase has been putting that recipe to good use of late. Also this week, the company announced that it was teaming up with business identity platform, and fellow Finovate alum, Middesk to enhance KYB verification for both banks and credit unions. Backbase’s Engagement Banking Platform, integrated with Middesk, will give financial institutions access to real-time verification data sourced from multiple databases including the offices of all fifty Secretaries of State, the IRS, the USPS, OFAC, and more. “Businesses today want a seamless verification process that meets compliance standards while limiting delays during the onboarding process,” Backbase VP of Product Robert Soetens said. “Together with Middesk, Backbase is continuing to implement modern, flexible, scalable, and API-first solutions (for) banks and credit unions, helping them deliver the best-in-class digital experiences to their business clients.” Headquartered in San Francisco and founded in 2019, Middesk made its Finovate debut at FinovateFall 2022. At the conference, the company demoed its Verification solution that provides a complete and accurate view of customers — from entity names to watchlist screening. Middesk counts Affirm, Brex, and fellow Finovate alums Plaid and Gusto among its customers. Kyle Mack is CEO and Co-Founder. In addition to forging new partnerships, Backbase launched its Intelligence Fabric Layer last week. The new offering is a set of data/AI infrastructure and development capabilities that embed natively in the Enterprise Banking Platform. These capabilities, which include Agentic AI, help banks realize “significant productivity gains” in both customer servicing and sales. The Intelligence Fabric leverages Backbase’s Grand Central Integration Platform-as-a-Service, which unifies data from multiple sources, including core banking systems, payment gateways, fintechs, and non-fintech systems such as CRMs. “We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees,” Pleiter said. “The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.” A Finovate alum since 2009, Backbase most recently demoed its technology at FinovateFall in 2021. The four-time Finovate Best of Show winner was founded in 2003 and counts more than 150 financial institutions around the world as users of its Engagement Banking Platform. For more on Agentic AI, check out our primer from Senior Research Analyst Julie Muhn. Finovate has been happy to introduce our audiences to a number of fintech innovators based in the Netherlands over the last decade-plus. Check out this roster of Dutch fintechs that have demoed their innovations on the Finovate stage. 24sessions – FinovateEurope 2019 AcceptEmail – FinovateEurope 2011, 2012; FinovateFall 2015 AdviceRobo – FinovateEurope 2016, 2019 Backbase – FinovateFall 2009-2014, 2016, 2017, 2021; FinovateEurope 2011-2018; FinovateSpring 2010, 2011; FinovateAsia 2012, 2013 Cobase – FinovateEurope 2021 Figlo – FinovateEurope 2011, 2012; FinovateSpring 2011; FinovateAsia 2012 InvoiceSharing – FinovateEurope 2015, 2016, 2017 MyOrder – FinovateEurope 2014 Ohpen – FinovateFall 2012 Topicus.Finance – FinovateAfrica 2018; FinovateAsia 2018; FinvoateEurope 2014, 2015, 2022, 2023 VATBox (now Blue dot) – FinovateEurope 2015 WUA – FinovateEurope 2021 Here is our look at fintech innovation around the world. Middle East and Northern Africa Edge Middle East profiled UAE-based fintech startup Sav. Vision Bank launched its digital banking app in Saudi Arabia. Denmark-based Heimdal and Dubai-based emt Distribution teamed up to bring enhanced cybersecurity solutions to the MENA region. Central and Southern Asia Indian API infrastructure provider M2P Fintech is “on track” to raise $80 million in new funding. Sonali Bangladesh UK turned to Finastra to enhance its digital banking services. Indian neobank Jupiter is reportedly in talks to acquire a stake in SBM Bank India, according to TechCrunch. Latin America and the Caribbean Binance secured Virtual Asset Service Provider (VASP) license to operate in Argentina. Trinidad and Tobago inked an agreement with NPCI International Payments to build a real-time payments system based on India’s UPI. Paysend partnered with Mastercard to launch Paysend Libre in Mexico to promote financial inclusion. Asia-Pacific Malaysia’s Maybank partnered with China’s Bank of Hangzhou to enhance cross-border financing and innovation in AI. Worldline teamed up with Bank of China Hong Kong to launch an open platform card solution for customers in Hong Kong. A coalition of banks and other financial institutions in Malaysia have launched a new, integrated platform, the National Fraud Portal (NFP), to fortify the capabilities of the country’s National Scam Response Centre (NSRC). Sub-Saharan Africa Kazang Pay launched its card acceptance solution for merchants in Zambia. African payment infrastructure company Fincra secured a Third Party Payment Provider (TPPP) license in South Africa. Bitcoin News looked at the licensing challenges faced by fintechs in Kenya. Central and Eastern Europe Polish paytech BLIK secured authorization from the National Bank of Romania to develop the BLIK payment system in local currency. Canadian open banking innovator Salt Edge partnered with Eastern European financial services provider Erste Group. Georgian payment service provider UniPAY teamed up with TransferGo to bring U.K. and EU IBAN payout services to the central European nation. Photo by Chait Goli The post Finovate Global Netherlands: Investing in Digital Banking and Innovating with AI appeared first on Finovate.       

How can companies take advantage of the opportunity of AI to grow revenues, help develop new products, and better engage customers? Our latest Streamly interview features Chris Brown, President of Intelygenz, who shares strategies for businesses to effectively implement AI. In this interview, conducted by Finovate Senior Research Analyst Julie Muhn, Brown talks about Intelygenz’s engagement models that quickly deliver measurable ROI. Brown also discusses Intelygenz’s “Day Zero” promise, successful use cases in financial services, and explains what the metrics for success are when it comes to AI projects. “There are a few things actually that I think organizations can do: I think the first thing is try and get yourself out of the AI buzzword, out of that AI hype, and really try to understand where you can apply AI within your business. Try and cross match your strategy, your challenges to the art of the possible of AI.” “Don’t get hung up and leave that technical jargon. Leave all those hype words to the machine learning engineers and data scientists. Really focus on ‘What are the challenges I’m facing in my industry?’ ‘What will make a difference to my business?’ And if you do that, I can promise people from our vantage point that over many years you will put yourself in a really good position.” Headquartered in San Francisco, California and founded in 2002, Intelygenz provides expert AI consultancy and implementation services. Specializing in AI, Deep Learning, Computer Vision, and other enabling technologies, Intelygenz guides businesses and organizations through their AI journeys – from conceptualization to implementation. The post Effective AI Implementation in Financial Services: Moving Beyond the Hype appeared first on Finovate.       

Identity verification solution and infrastructure company IDVerse announced a partnership with Hastings Direct Loans. The U.K.-based lender will leverage IDVerse’s technology to enhance the accuracy and reliability of its identity verification process. IDVerse, as OCR Labs, won Best of Show at FinovateAsia in 2017. The company rebranded to IDVerse in 2023. Hastings Direct Loans is working with IDVerse to further automate the customer journey by adding IDVerse’s identity tools to its offering. The lender will put IDVerse’s identity tools to work to boost the accuracy and reliability of its identity verification process. Calling IDVerse’s technology a “perfect match,” Hastings Direct Loans Head of Digital, IT and Change, Sam Kerr added, “Hastings prides itself on giving our customers a fair, easy to understand loan process by implementing innovative technology solutions into our stack, which also enable our ambitious growth plans. The API approach from IDVerse has allowed us to ingest more data to further insights in our decision process leading to better outcomes for our customers and business.” IDVerse’s tools and infrastructure empower businesses to verify identities within seconds using only their face and smartphone. IDVerse’s identity verification technology covers more than 16,000 identity documents, and works with more than 140 different languages and typesets to produce face matching accuracy of 99.998%. Equipped with Zero Bias AI Tested technology, IDVerse enables businesses to verify a wider range of identities, ensuring greater accessibility, for example with those with disabilities. Additionally, the technology leverages light refraction analysis to determine liveness, removing the need for users to turn or move uncomfortably or endure unnatural lighting in order to establish their identity. Zero Bias AI also means normalizing user photos to account for individuals that may not have the most modern smartphone camera technology or high-speed data connection. In addition to integrating and testing within a month, Hastings Direct Loans noted that it had experienced a 4x ROI within a month of launch based on the amount of fraud the company has caught. IDVerse Commercial Director Adam Desmond complimented the Hastings team for its eagerness to embrace enabling technologies. “They understand the need for fintechs to use the latest technology and data to drive improved outcomes in customer experience – which led to better business outcomes. Being able to exchange information at speed during the integration has allowed us to show the true value of the tech (in) near instant time.” Headquartered in the U.K., Hastings Direct Loans has offered personal loans to consumers for more than three years. To date, the firm has financed nearly $655 million (£500 million) for more than 50,000 customers, and currently processes more than $39 billion (£30 billion) worth of loan quotes per month. Hastings Direct Loans is part of the Hastings Group, a U.K.-based digital insurance provider with more than 3.1 million live customers policies. Founded as OCR Labs, the company won Best of Show for its demo at FinovateAsia 2017 in Hong Kong. The firm rebranded as IDVerse in May 2023. More recently, the company has forged partnerships with data and compliance infrastructure company Prembly, age and identity verification solutions provider Veratad Technologies, and identity verification and fraud prevention specialist TrustID. Last month, IDVerse announced the beta launch of its real-time face matching solution, Face Access, that offers 99.998% accuracy and instant, secure user authentication. Face Access features both Zero Bias AI and the company’s Deepfake Defender protection, which provides 100% liveness video fraud assessment with ISO 30107-3 compliance for presentation attack detection (PAD). IDVerse has raised $45 million in funding according to Crunchbase, and includes Equable Capital and OYAK among its investors. The company is headquartered in London. John Myers is CEO. Photo by Yoss Traore The post Hastings Direct Loans Partners with IDVerse appeared first on Finovate.       

Fidelity Investments has launched its first dedicated venture capital fund, Venture Capital Fund I. The $250 million Fund I targets mid-to-late stage companies in technology, media, and telecommunications sectors. The new fund marks a shift from Fidelity’s traditional private market investing, allowing the firm to make direct minority investments and cater to high-net-worth individuals, family offices, and registered investment advisers. Fidelity Investments recently closed its Venture Capital Fund I LP, or what it is calling Fund I. The $250 million fund– which received support from investors including high net-worth individuals, family offices, and registered investment advisers– held its final closing on September 30. Fidelity has been investing in private companies for over 15 years, having backed Twilio, Stripe, and even SpaceX. During its decade-and-a-half of investing, Fidelity has deployed over $28 billion across 600 investments in 350 private companies. Historically, the firm has focused on high-growth category disruptors, leveraging its mutual funds to back private companies with notable competitive advantages. Fidelity Investments Portfolio Manager and Global Head of Private Equity Karin Fronczke emphasized how the launch of the new fund strengthens Fidelity’s already robust track record of investing in private companies. “The success of this fundraise speaks to Fidelity’s legacy investing in private companies. We are grateful for the support from the fund’s limited partners,” she said. The firm’s introduction of Fund I, however, marks a significant departure from its traditional approach, carving out a more defined venture capital strategy. With Fund I, Fidelity has a dedicated vehicle for direct minority investments and will target mid-to-late stage companies in the technology, media, and telecommunications sectors. Additionally, the new fund will help Fidelity meet the growing demand from high net-worth individuals, family offices, and registered investment advisers who want more diversification in private market investments. Fidelity’s Fund I is a notable shift towards a specialized venture capital structure that can cater to investors seeking access to high-growth private companies and diversification beyond traditional public markets. Fund I is already in motion, having invested $31 million in 10 companies spanning industries including aerospace, defense, artificial intelligence, and e-commerce. Fidelity, which already manages 50 alternative funds, recently launched liquid alternatives ETFs and mutual funds. The firm currently counts $27.8 billion in assets under management in alternatives and $80 billion in alternative investment assets under administration. This announcement comes at an interesting time for the fintech venture capital funding environment, which is experiencing a notable drought. As Finovate Research Analyst David Penn noted on the blog earlier this week, “According to market intelligence platform Tracxn, funding for U.S.-based tech companies in Q3 of this year fell, both in comparison to the previous quarter as well as when compared to Q3 2023. Tracxn also reported that the number of tech unicorns actually increased this year compared to last year, with 13 new unicorns acknowledged in Q3 2024 compared to just five in Q3 2023.” However, Fidelity’s optimism in launching a new fund may signal a turning point in the fintech funding landscape. This shift could push more traditional asset managers to create similar venture capital funds, pushing more capital into later-stage fintech firms, a group which has been ignored by investors over the past few years. Photo by Tima Miroshnichenko The post Fidelity Investments Closes $250 Million Venture Capital Fund  appeared first on Finovate.       

Whether you attended FinovateFall last month and missed a few demos, watched all of the demos but want to watch them again, or missed out on FinovateFall entirely, we have great news for you. The videos from the 66 FinovateFall demos are now live (and free to watch!) on Finovate’s website. To get you started on watching over seven and a half hours of pure fintech demos, we’ve highlighted the eight Best of Show winning demos below to get you started. Bancography  CardLift  Credit Mountain  Delfi Labs Eko Investments Illuma Nest Bank & Efigence  Themis FinovateFall highlights reel Want to re-live the entire show? Check out the highlights reel below. If you don’t want to miss out on the live action next time around, be sure to register for FinovateEurope, taking place February 25 and 26 in London. We’ll see you there! The post Check Out 66 New FinovateFall Demo Videos appeared first on Finovate.       

FIS has launched its Digital Trading Storefront, enabling banks, brokers, and fund managers to offer a customizable digital trading experience with real-time execution and enhanced personalization. The new Digital Trading Storefront is built on FIS’s Cross-Asset Trading and Risk Platform. The new tool supports both buy-side and sell-side strategies while helping firms manage trading volumes and mitigate regulatory compliance risks. Payment, banking, and investment systems provider FIS unveiled its Digital Trading Storefront today. The new tool enables banks, brokers, market makers, and fund managers to offer their customers a new digital trading experience. The new Digital Trading Storefront builds upon FIS’ existing Cross-Asset Trading and Risk Platform. Formerly known as Front Arena, FIS Cross-Asset Trading and Risk Platform helps firms enter new markets quickly and support strategies for both the buy side and sell side. FIS’ Digital Trading Storefront enhances this by offering a suite of digital tools that allow for personalization and real-time trade execution. Firms can customize their Digital Trading Storefront by integrating their own front or back-end components, and tailoring the design and customer experience to suit their brand. The platform facilitates more accessible trading in real-time, while helping mitigate regulatory compliance risk with APIs. When firms move their cross-asset trading platforms into the digital platform, they are better able to manage trading volumes at scale. “Providing a competitive digital trading experience has become crucial for financial institutions who want to help customers be smarter when putting their money to work,” said FIS President, Capital Markets Nasser Khodri. “With this launch, FIS is unlocking financial technology that enables banks, broker dealers and wealth managers worldwide to deliver more modern experiences to their customers when their money is at work.” FIS was founded in 1968. Headquartered in Florida, the firm offers a wide range of products and tools for its 15,000 clients across the globe, processing $50 trillion annually. In addition to wealth management tools, FIS also offers payment capabilities, risk management tools, customer communications products, and more. In recent months, FIS has expanded its reach in the fintech and banking sectors through new offerings and partnerships. In July, FIS teamed up with Lendio, a fintech known for its lending technology, to launch a new SMB Digital Lending solution to support SMBs in need of financing. In August, Commerce Bank selected FIS to implement a loyalty program management platform. Photo by Pixabay The post FIS Launches Digital Trading Storefront to Upgrade the Trading Experience appeared first on Finovate.       

Cardlay Payments Solutions has inked a partnership with Visa. The collaboration combines Cardlay’s spend management technology with Visa’s payment network, data capabilities, and market position to drive innovation in spend management for commercial card issuers and their customers. Headquartered in Denmark, Cardlay made its Finovate debut earlier this year at FinovateSpring. Danish fintech Cardlay is collaborating with digital payments leader Visa to power innovations in the spend management space for commercial card issuers and their clients. The two companies’ new referral relationship combines Cardlay’s white label spend management platform with Visa’s market position, payment network, and data capabilities to provide fully embedded commercial cards and spend management solutions to their clients. “We’re thrilled to partner with Visa, a highly respected leader in the digital payments industry,”  Cardlay CEO Jørgen Christian Juul said. “To be able to fuel our product and commercial growth further together with Visa is great and the collaboration will help bring our vision to life: delivering fast and effortless spend management to commercial card issuers.” Cardlay leverages the integration of virtual and plastic payment cards, card management, and expense management (including automated VAT reclaim) to help companies automate key business processes. A strategic partner to banks, fintechs, card issuers and processors, as well as other financial institutions, Cardlay also runs its own virtual card program to complement its software suite. Cardlay’s technology enables commercial card issuers to enjoy a fast time-to-market and ROI, as well as benefit from data capabilities such as real-time virtual credit cards and Visa’s Fleet 2.0 data. These capabilities provide greater efficiency via access to data and insights, facilitate cost reduction, and help support sustainable transportation and mobility budgets. “We’re delighted to have partnered up with Cardlay and look forward to our work together, helping to streamline financial operations for businesses, providing them with greater transparency and control over their spending,” said Helen Jones, Executive Director, Visa Commercial Solutions, Visa Europe. Headquartered in Denmark and founded in 2020, Cardlay Payment Solutions made its Finovate debut at FinovateSpring earlier this year. At the conference, the company demoed its bank-integrated, real-time expense management solution, Cardlay Expense. More than 500 companies and 5,000+ users in 10 markets around the world are taking advantage of the technology to simplify and streamline the spend management process. Cardlay has raised more than $29 million in funding according to Crunchbase. The company’s investors include Global PayTech Ventures and SEB Venture Capital. Photo by Stefan Grage The post Cardlay Teams Up with Visa to Enhance Spend Management appeared first on Finovate.       

Indeed Flex has partnered with Branch to offer temp workers same-day payouts. Temp workers on the Indeed Flex platform can access up to 50% of their earnings within one hour of finishing their shifts. Integrating Branch Direct, Indeed Flex can give workers the option to receive their pay either through direct deposit for a small fee or into the Branch digital wallet for free. Temporary staffing platform Indeed Flex has teamed up with Branch, a workforce payments platform that provides flexible options for businesses to pay their workers. Indeed Flex will use Branch to pay its temp workers in the same day of completing their shift. Indeed Flex offers job seekers in a range of industries– including industrial, hospitality, facilities management, and retail– to choose from a wide range of jobs and schedules to fit their needs and gather experience to build their career. The company provides flexible work solutions with temporary, temp-to-permanent, and long-term opportunities. “At Indeed Flex, flexibility is at the heart of everything we do, and we’re excited to enhance that commitment through our partnership with Branch,” Indeed Flex Founder and CEO Novo Constare. “By enabling Flexers to access their pay as quickly and easily as they can pick up shifts, we’re reinforcing our core value of providing both work and financial flexibility that adapts to their unique needs.” By integrating Branch’s fast payout tool, Branch Direct, into its payouts, Indeed Flex can now offer temp workers access to up to 50% of their earnings within one hour of completing their shift. With Branch Direct, workers can quickly receive a predetermined percentage of their earnings into their existing bank account for a small fee after linking their debit card. Alternatively, the employee could receive the funds into their Branch digital wallet for free. “Branch is excited to collaborate with Indeed Flex and support their mission of empowering the flexible workforce with greater choice,” said Branch Founder and CEO Atif Siddiqi. “The Branch platform and app are designed to meet the unique needs of both temporary staffing firms and contingent workers. We’re proud to offer an end-to-end solution that allows Indeed Flex to enhance workers’ financial stability and overall work experience with even more speed, ease, and convenience.” Branch, which provides banking services via its partner Evolve Bank and Trust, was founded in 2015. The Minnesota-based company offers businesses a range of payout options that suit their needs– from easy-to-launch payment solutions to fully customized, branded experiences. Photo by Art Lasovsky on Unsplash The post Indeed Flex Taps Branch to Offer Same-Day Payouts appeared first on Finovate.       

Mastercard has agreed to acquire subscription management platform Minna Technologies. Terms were not disclosed. Minna Technologies offers technology that enables users to manage their subscriptions from within their bank app or website, saving users millions of dollars in spending on unwanted subscriptions. Minna Technologies made its Finovate debut at FinovateEurope 2019. The company is headquartered in Gothenburg, Sweden. Terms were not disclosed. But Mastercard announced today that it has agreed to acquire Swedish subscription management platform Minna Technologies. The transaction, which is subject to regulatory approval, will bring greater simplicity and clarity to the subscription process and help enhance the engagement between merchants and their customers. “This is significant recognition of the strength, growth, and impact of Minna Technologies in powering the global subscription economy, partnering with top-tier banks, fintechs, and subscription businesses,” Minna Technologies CEO and Chair Amanda Mesler said. “We look forward to joining Mastercard’s world-class team and helping businesses to empower consumers with control, convenience, and flexibility in managing their subscriptions and recurring payments.” Minna Technologies offers banks and other financial institutions a subscription management platform that enables users to take control over their subscriptions via an automatically generated overview of all the user’s recurring expenses. Individuals can use Minna to cancel unwanted subscriptions as well as identify and quickly switch to new utility service providers. Mastercard’s acquisition comes as the number of subscriptions globally has climbed to 6.8 billion, with analysts at Juniper Research expecting that number to climb to 9.3 billion by 2028. That said, the experience of our subscription economy can be a mixed one for consumers. Changing, extending, or canceling a subscription is often much more difficult than it needs to be. Additionally, the proliferation of subscription-based services means that many people have trouble keeping track of what they subscribe to, and when those subscriptions will be renewed. In the U.S., for example, the average person has 4.5 subscriptions. Additionally, more than 85% of Americans say that they have at least one paid subscription that goes unused each month. Minna provides a payment-scheme agnostic service that empowers subscribers to manage their subscriptions from within their banking apps and websites. Bringing this technology into Mastercard’s suite of offerings is yet another example of how some of the biggest companies in financial services are leveraging acquisitions to add new solutions – from account-to-account payment functionality to enhanced cybersecurity – to their product mix. To that point, just last week, we shared news that Mastercard rival Visa had agreed to acquire fraud prevention company (and Finovate alum) Featurespace. Founded in 2014, Minna Technologies demoed its technology at FinovateEurope in 2019. Today, the Sweden-based company has connected with more than 22,000 subscription businesses, served more than 120 million retail bank and fintech users, and saved customers more than $1 billion in spending on unwanted subscriptions. Photo by Shvets Anna The post Mastercard Acquires Minna Technologies appeared first on Finovate.       

Fintech reporting and reconciliation company Kani Payments has tied up with card issuing and acquiring company Cardaq. Cardaq has selected Kani for its data reporting SaaS platform. Specifically, Kani will provide Cardaq clients with regulatory and compliance reporting, reconciliations, QMR reporting, Mastercard fee and invoice analysis, as well as interchange and acquiring fee analysis. Kani’s technology helps businesses complete multiple weeks’ of complex transaction reporting and reconciliation work in under 30 seconds. “The partnership between Kani Payments and Cardaq addresses significant industry challenges, including the implementation of automating reconciliations at pace, effective regulatory compliance, and fee apportioning. Ultimately, Kani Payments exists to help disruptive fintechs like Cardaq to thrive and grow with our automated data reporting and reconciliation platform that gives it the space it needs to scale,” said Kani Chief Commercial Officer Roger Binks. “By automating manual processes, improving reconciliation accuracy, and providing detailed reporting and analysis tools, we are enabling Cardaq to focus on giving its customers outstanding products and services. We are proud to do the heavy lifting of making complex data simple and standardized.” The solution, which will initially be available to Cardaq’s U.K. customers, is scalable and offers the potential to expand via deeper integration, advanced reporting, and continuous regulatory compliance needs as Cardaq grows in the future. Cardaq expects that integrating Kani’s SaaS offering will help it comply with regulations and boost growth while providing a better solution for its customers. Cardaq was founded in 2011 to offer tools to help businesses instantly accept and process payments anywhere across the globe. In addition to its acquiring services, the London-based company also offers card issuing services, allowing businesses to create customized payment cards. Businesses can choose from a full cycle of services, from card issuing to personalization and delivery. “Kani Payments was the clear choice for us due to its comprehensive and customizable reporting tools, expertise in regulatory compliance, and the ability to automate complex financial reconciliations,” said Cardaq CEO Hugo Remi. “The option to immediately integrate with existing systems and manage a high volume of transactions were added benefits for us and our customers. We are confident that the implementation Kani’s solution will give all our customers a unique service level and the highest accuracy in financial reporting.” Founded in 2018, Kani has since reconciled more than $26.5 billion (€24 billion) in processed payments volume for fintech players including Sodexo, Pismo, Earthchain, CLOWD9, and Frost. At FinovateSpring 2023, the U.K.-based company demoed how its reconciliation and reporting services automates back office finance processes for banks and fintechs. In 2022, Kani was accepted into the Mastercard Start Path Global program, and a year later was selected to participate in the FIS Accelerator program as one of 10 high-potential fintech companies. This partnership showcases how fintechs are relying on other third party players to leverage data reporting and reconciliation solutions to meet evolving regulatory demands. As regulations become increasingly complex, vague, and variable, Kani’s platform helps firms solve key challenges such as automating complex financial reconciliations, ensuring compliance, and providing cost-effective reporting solutions. Photo by Tima Miroshnichenko The post Kani Payments Teams with Card Issuing and Acquiring Company Cardaq appeared first on Finovate.       

Credit bureau, business information, and credit risk specialist CRIF has inked a strategic partnership with open banking API company Ozone API. The collaboration is designed to hep financial institutions enhance data-driven decision-making, streamline operations, and share data safely. CRIF made its Finovate debut at FinovateEurope in 2014. A newly announced strategic partnership between CRIF and open banking API solution provider Ozone API will help financial institutions securely share their data and create new financial solutions that enhance data-driven decision-making, streamline operations, and improve customer satisfaction. “By partnering with Ozone API, we are combining our strengths to create a seamless and efficient banking experience for our clients,” CRIF Digital Platform Business Development & Ecosystem Strategy Senior Director Andrea Martellone said. “This collaboration aligns perfectly with our mission to innovate and provide advanced solutions that drive growth in the financial sector.” The collaboration combines CRIF’s credit information and decision support systems with Ozone API’s open banking experience and secure, standards-compliant technology. Not only will the partnership assist financial institutions in meeting evolving needs, CRIF and Ozone API will also enable them to provide more personalized and efficient banking services to their customers now. “This is an exciting partnership for Ozone API, as this will drive financial inclusion by providing the right tools to financial institutions to allow their customers to make more informed decisions about their financial wellbeing and get access to a wider range of financial services,” Ozone API Global Partnership Lead James Bushby said. Headquartered in the U.K., Ozone API was founded in 2017. The open banking API platform helps banks and financial institutions take advantage of the opportunities of open banking and open finance with its compliant, open API technology. Ozone API’s technology supports all international standards and empowers financial institutions to create real commercial value and monetize open finance globally. The company began 2024 securing $11.3 million (£8.5 million) in Series A funding in a round led by Gresham House Ventures. CRIF introduced itself to Finovate audiences in 2014 as part of our FinovateEurope conference. The company provides credit information services for business and marketing; business intelligence services, including credit ratings and data analysis; and digital solutions to support business development and open banking. Founded in 1988 and headquartered in Bologna, Italy, CRIF today serves more than 10,000 financial institutions, more than 90,000 business clients, and more than one million consumers. The company operates in 39 countries across four continents. Photo by Pixabay The post CRIF Forges Strategic Partnership with Ozone API appeared first on Finovate.       

Enfuce has partnered with allpay cards to enhance Enfuce’s MyCard solution in the U.K., providing customizable card issuance services. MyCard allows fintechs and banks to issue and manage payment cards quickly, simplifies the card issuing process, and offers personalized options like metal, biometric, and sustainable cards made from recycled materials. This collaboration reflects growing trends for modular, cloud-based payments platforms that facilitate a faster time-to-market and improved security for fintechs and banks. Enfuce and plastic card manufacturer allpay cards have partnered this week. Enfuce has tapped allpay cards to manufacture and personalize payment cards to bolster Enfuce’s MyCard solution for U.K. clients. “We are thrilled to partner with allpay cards to bring MyCard to market in the U.K. and of course work with them as their selected processing partner,” said Enfuce Co-Founder & Co-CEO Monika Liikamaa. “Our relationship is a true collaboration fostered on trust and well-aligned strategic goals which makes us the perfect pair to deliver card innovation.” Enfuce launched its MyCard solution in early 2022 as part of their Card-as-a-Service offering. The MyCard platform allows fintechs and banks to issue and manage payment cards quickly and without the need for a large technical team. To simplify card programs, MyCard handles the entire process, including manufacturing, stock management, compliance, and distribution. The tool allows for a deep level of customization, enabling organizations to launch personalized cards, metal cards, biometric cards, vertical cards, and sustainable cards made from corn starch, post industrial waste, and recycled plastic. Enfuce and allpay cards first linked up in 2023, when Enfuce became allpay’s processing partner. This move, which integrated Enfuce’s modular payments platform for its U.K. clients​, helped allpay enhance its card manufacturing and personalization services. “We are excited to be supporting Enfuce’s MyCard proposition, particularly as the demand for scalable, secure, and customized card solutions grows in the fintech space,” said allpay cards Head of Sales Emily Lovelock. “By joining forces with Enfuce, we are confident we can deliver a stress-free, high-quality experience for all of their U.K. clients.” The partnership between Enfuce and allpay cards reflects the increasing demand for customizable, and scalable “-as-a-Service” solutions. Additionally, this collaboration highlights the shift towards integrating cloud-based and modular payments platforms, which allow for faster time-to-market and enhanced security in a fast-evolving regulatory landscape. Finland-based Enfuce was founded in 2016 and has raised $78 million (€70.5 milion). In addition to its MyCard solution, the company offers card issuance, digital wallets, card program insights, fraud and dispute management, and more. Photo by RDNE Stock project The post Enfuce Selects allpay cards to Manufacture and Personalize Cards for U.K. Clients appeared first on Finovate.       

According to market intelligence platform Tracxn, funding for U.S.-based tech companies in Q3 of this year fell, both in comparison to the previous quarter as well as when compared to Q3 2023. Tracxn also reported that the number of tech unicorns actually increased this year compared to last year, with 13 new unicorns acknowledged in Q3 2024 compared to just five in Q3 2023. And while the report took this as a positive sign that “investor sentiment is stable,” there are other indications that the much-anticipated return to more robust funding trends for tech companies in general, and fintechs in particular, has yet to arrive. Laura Bock, partner at QED Investors, was quoted in The Financial Brand back in January saying that “53% of fintechs will be cash out by Q3 2024 if they do not raise or exit.” We have a few more days before some of the research firms begin producing their Q3 reports on fintech funding, but clearly expectations are low. Looking at our own Finovate alum funding for Q3 2024, we see plenty of evidence of the funding drought. In terms of the number of alums that reported receiving funding, as well as the amounts invested, Q3 alum funding for this year is as low as it has been in quite some time. Previous quarterly comparisons Q3 2023: More than $293 million raised by eight alums Q3 2022: More than $1 billion raised by eight alums Q3 2021: More than $1.1 billion raised by 14 alums Q3 2020: More than $1.2 billion raised by 21 alums Top equity investments The top equity investment for Finovate alums in Q3 2024 was the $9 million raised by Illuma Labs. Headquartered in Plano, Texas, and founded in 2016, Illuma Labs debuted at FinovateSpring 2023 and has been a staple of our Spring and Fall conferences ever since. The company won Best of Show at FinovateFall in September for a demo of its Illuma Shield real-time voice authentication solution, now equipped with the latest deepfake detection technology to help prevent account takeover fraud. Also noteworthy were the fundraisings from two brand-new alums: Dotfile, a regtech based in Paris, France, which debuted at FinovateEurope in February; and Scamnetic, an AI-powered anti-fraud solution provider that first appeared on the Finovate stage at FinovateFall in New York last month. Here is our detailed alumni funding report for Q3 2024. July 2024: An undisclosed amount raised by one alum ReceiptHero: undisclosed – post August: More than $1.3 million raised by two alums NYMBUS: undisclosed – news Scamnetic: $1.35 million – news September: More than $15 million raised by three alums 3forge: undisclosed – post Dotfile: $6.7 million – post Illuma Labs: $9 million – post If you are a Finovate alum that raised money in the third quarter of 2024 and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included. Photo by Kindel Media The post Six Alums Raised More Than $16 Million in Q3 2024 appeared first on Finovate.       

We have breezed through September, and are now not only ready to take on a new month, but also a new quarter. Stay tuned to see what it will bring! Challenger banks Chime selects Morgan Stanley to manage its 2025 IPO. Qonto announces plans to expand to four new European markets: Austria, Belgium, the Netherlands, and Portugal. Lending Abrigo makes its Abrigo Small Business Lending commercially available. Payments Jack Henry and Victor team up to offer embedded payments management platform for regional and community financial institutions. Viamericas partners with JMMB Money Transfer to expand its services into Jamaica. Trinidad and Tobago to adopt India’s UPI. Small business financial management Airbase launches Touchless Accounts Payable. Photo by Karolina Kaboompics The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

PayPal is launching its PayPal Complete Payments platform in China, offering seamless cross-border payment solutions. The platform, which initially launched in the U.K., Canada, and Europe, helps merchants settle funds quickly and manage international payments. PayPal estimates the new tool will help Chinese merchants to reach over 400 million PayPal users globally. PayPal, which just released its stackable in-store and online rewards system PayPal Everywhere earlier this month, has a new take on what it means to be “everywhere.” The California-based company is launching PayPal Complete Payments in China this week. Originally debuted in the spring of this year, the PayPal Complete Payments platform integrates customized products and solutions to help merchants sell globally, streamlining payments and receivables. Upon launch, the platform was available to small and mid-sized enterprises in the U.K., Canada, and more than 20 European markets. “We are excited to bring PayPal’s Complete Payments solution to China, empowering businesses with secure, seamless cross-border transactions and helping them tap into global markets,” said PayPal President, Global Markets Suzan Kereere. “This launch marks a significant milestone in PayPal’s mission to revolutionize commerce globally, bridging Chinese businesses with consumers around the world in a more efficient and transparent way.” Over time, PayPal plans to add multiple capabilities to PayPal Complete Payments in China. The company will: Use its network to enable Chinese merchants to reach over 400 million active PayPal users and billions of international consumers who use card and APM payments. Settle funds quickly to allow merchants to get quick and easy access to their funds. Offer tailored products– including RMB Transfer and Vendor Payouts– for Chinese merchants to enable fast and secure global fund management and facilitate settlements from PayPal accounts to domestic bank accounts. Help merchants analyze risk and protect against fraud with AI-powered tools that can reduce time spent managing disputes. “As one of the first e-commerce platforms to bring PayPal Complete Payments to China’s merchants, we are thrilled to support their expansion into global markets,” WooCommerce Chief Marketing Officer said Tamara Niesen. “This partnership delivers a tailored user experience for WooCommerce merchants, enabling cross-border businesses to confidently scale with PayPal’s advanced solutions.” PayPal has offered its payments capabilities in China for almost two decades. By partnering with China UnionPay, along with other key players in the region, PayPal is currently engaged with over 700 merchants from across the country. Despite help from partners, PayPal is also able to hold its own in the region. In 2020, the company acquired a 100% stake in Chinese payments firm GoPay, becoming the first foreign company to fully own a Chinese payments platform. Photo by Aleksandar Pasaric The post PayPal to Facilitate Cross-Border Trade in China appeared first on Finovate.       

This week’s edition of Finovate Global looks at recent developments in the fintech scene in Canada. First up, we head over to Toronto, Ontario, where embedded payroll software company Nmbr has secured $5.6 million (CAD$7.6 million) in seed funding. The round featured investors Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital. In a statement, the company indicated it will use the funding to fuel growth and accelerate product development. And while focused presently on the Canadian market, Nmbr believes the investment will enable the firm to explore expansion opportunities in other countries. “We’re incredibly grateful for our investors’ support and their confidence in our mission to empower businesses across the country with embedded payroll solutions,” Nmbr Co-Founder and CEO Simon Bourgeois said. “With these integrated systems already gaining traction in the U.S., we’re excited to extend these proven strategies to Canada.” Founded in 2023, Nmbr simplifies complex financial products like payroll. The company’s technology enables businesses to embed Canadian payroll within their offering in days or weeks, rather than in years as is often the case with traditional payroll systems. Companies partnering with Nmbr have added payroll alongside operations such as AP/AR automation, employee scheduling, e-commerce, employee benefits management, and more. In addition to its funding announcement, Nmbr also reported that RBCx, the technology and innovation arm of Royal Bank of Canada, will serve as the company’s banking partner. Staying in Ontario, but traveling 300 or so miles east, takes us to Ottawa and the home of Salt Edge, an open banking solution provider for banks, lenders, and other fintechs. This week, the Canadian fintech announced that it is helping Multitude Bank enhance its loan repayment processes to enable instant loan repayments. “Salt Edge’s solution stood out due to its flexibility, competitive pricing, extensive coverage, and readiness to adapt to Multitude’s specific needs,” Multitude Bank CBO and Deputy CEO Dario Azzopardi said. “These factors were pivotal in choosing Salt Edge as a partner in this initiative.” A core subsidiary of the Multitude Group, Multitude Bank will leverage Salt Edge’s technology, specifically using open banking method Pay-by-Link to provide customers with timely notifications about upcoming installments. The bank will use Salt Edge’s Payment Initiation solution to enable its customers to make instant loan repayments instead of relying on traditional online banking methods. The new process reduces transaction costs and connects bank clients with more than 2,300 banks across Europe. “Open banking offers flexibility, and we’re happy to assist Multitude in supporting its clients with a safe and faster payment solution powered by open banking,” Salt Edge VP of Sales Erica Virlan said. Salt Edge’s partnership with Multitude Bank comes just days after Moldova-based Victoriabank announced it was teaming up with Salt Edge to help ensure compliance with impending national legislation that will transpose European 2nd Payment Services Directive (PSD2) into Moldovan law. Also this month, the Canadian company forged new partnerships with international financial services company Ebury and Moldova’s Comertbank. Salt Edge made its Finovate debut at FinovateEurope 2018 in London. The company offers an Open Banking Gateway that enables financial institutions to secure instant access to accounts in 5,000 banks across Europe, GCC, APAC, and the Americas for account information and payment initiation. Salt Edge also offers an Open Banking and Compliance Solution that helps banks and Electronic Money Institutions (EMIs) become compliant with PSD2 and open banking requirements. Canada has a well-deserved reputation as a welcoming country. As of 2023, with more than eight million immigrants earning permanent residence status in Canada, immigrants currently make up approximately a fifth of the country’s population. With this in mind, it is heartening to read news that Scotiabank has expanded its partnership with Canadian cross-border credit bureau Nova Credit. The two entities will work together to help newcomers from countries including Australia, India, Kenya, Mexico, and Nigeria to leverage their credit history from their home country to help them access higher credit limits when applying online for financing in Canada. “Canada relies heavily on the success of our immigrant population and the contributions they make to our economy,” Scotiabank SVP for Retail Customers, Tanya Eisener said. “In an increasingly digital world, a person’s history doesn’t have to start over when they move to a new country. Being able to access their foreign credit report through Nova Credit’s credit service allows us to get a better understanding of their credit risk and ultimately help them settle in Canada faster.” The expanded partnership between Scotiabank and Nova Credit is designed to tackle the challenge of “credit invisibility” or the absence of a credit record. In Canada, based on data from 2015 through 2019, more than 25% of those considered “credit invisible” were immigrants. Further, more recent immigrants, those who had been in the country for less than two years, were nearly twice as likely to be credit invisible compared to native-born Canadians. Scotiabank is a multinational banking and financial services company based in Toronto, Ontario. The bank offers a range of services including personal and commercial banking, wealth management, private banking, corporate and investment banking, and capital markets. The institution has more than 90,000 employees and assets of more than $1.3 trillion as of April 2023. Headquartered in San Francisco, California, Nova Credit is a consumer-permissioned credit bureau that specializes in helping businesses make informed decisions on thin-file, no-credit history, and new-to-country credit applicants. Founded in 2016, Nova Credit expanded to Canada in 2023 as part of its initial partnership with Scotiabank. Here is our look at fintech innovation around the world. Central and Eastern Europe Austria’s Bitpanda announced a collaboration with Societe Generale-FORGE. Turkey-based Fibabanka launched the country’s first Banking-as-a-Service platform this week. BNP Paribas acquired HSBC’s German private banking unit, enhancing its wealth management operations. Middle East and Northern Africa UAE-based investor Mubadala announced that it has taken a “substantial stake” in all-in-one finance app Revolut. Payment solutions provider PayerMax partnered with Saudi Arabia’s Saudi Awwal Bank (SAB). Network International teamed up with Buy Now, Pay Later (BNPL) provider Tabby to support e-commerce merchants in the UAE. Central and Southern Asia Pakistan-based Buy Now Pay Later (BNPL) company Qist Bazaar secured $3.2 million in Series A funding. Ant International forged a strategic partnership with Himalayan Bank to increase Alipay+ acceptance in Nepal. A partnership between Mastercard and ZOOD will bring virtual Buy Now, Pay Later cards for consumers in Uzbekistan. Read more about fintech in Uzbekistan in our Finovate Global interview with Oliver Hughes of TBC Uzbekistan. Latin America and the Caribbean Uruguayan cross-border payment platform dLocal teamed up with Asia-based mobile wallet ShopeePay. Proclaiming itself the first digital bank dedicated to customers with disabilities, Brazil’s Parabank partnered with Dock to launch a new suite of credit and prepaid cards. MercadoLibre’s fintech division, Mercado Pago, has applied for a banking license in Mexico. Asia-Pacific Payments innovator NETSTARS teamed up with ACI Worldwide to boost development of cashless payments in Japan. Singapore-based Bybit introduced new Shariah-compliant cryptocurrency accounts for Muslim investors. HSBC launched new financing plan for SMEs in Hong Kong. Sub-Saharan Africa Africa-focused investment firm Helios Investment Partners led a $100 million Series D funding round in Banking-as-a-Service (BaaS) and infrastructure API provider M2P Fintech. Coming to America! African paytech Flutterwave has expanded its Send App remittance service to 49 states in the U.S. courtesy of a partnership with MainStreet Bank. PayZeep, a Nigerian fintech startup, partnered with the Amalgamated Union of App-based Transporters of Nigeria (AUATON) to bring new payment options to drivers. Photo by ennvisionn The post Finovate Global Canada: Embedded Finance, Open Banking, and Helping Newcomers Access Credit appeared first on Finovate.       

How is digital transformation impacting community banking? What can community banks do to maximize the opportunities that digitalization can provide? And what role should enabling technologies like AI play in helping community banks develop new products, new services, and new sources of revenue? These are some of the questions posed to our fintech experts in our latest Streamly Subject Snapshot video on the digital transformation of community banking. Today’s conversation features insights and observations from: Barb Maclean, SVP, Head of Technology Operations and Implementation at Coastal Community Bank (Linkedin) “Your customers today are expecting to interact with their money at the time and place and mechanism of their choosing and they’re going to drive it off their phone, for the most part. So if you haven’t yet put in the kind of technology that enables them to do that in the way that they choose to do it, when they choose to do it, you’re definitely already behind the eight ball.” John Waupsh, Chief Revenue Officer at Manifest Financial (LinkedIn) “Certainly a lot of time the core is the scapegoat, whether it’s a real issue or not. ‘We as a bank have a challenge with X or building Y or doing some tactical thing because our data is being held by the core’ … The end of the story here is while it’s very challenging to switch core providers, every core, just like every vendor, wants to keep their customers around, wants to keep their clients around. So having progressive discussions with these providers, at an executive level, sharing strategy and moving forward together can usually be very productive.” Brian Solis, Author of Mindshift: Ignite Change, Inspire Action, and Innovate for a Better Tomorrow (LinkedIn) “Right now we have an ability to run our company as an intelligent company, an AI-first company, one that’s more intelligent, more integrated, and one that’s more focused on not just using AI to automate what we do, but looking to unlock the future. It’s prioritizing the use of AI in shaping new business models and operational models, products, services, with AI influencing every decision, from the problems the company chooses to solve, to explore new horizons, to the way it interacts with customers and employees.” Jason Henrichs, CEO at Alloy Labs (LinkedIn) “Building the relationship is not about being personable, about saying, ‘Oh, we’ve got dog treats in our branch.’ That’s not going to grow your deposits. You need to bundle in additional services that grow your deposits without growing the cost of those. These include things like, say, account protection against scams and frauds. Things like an AI assistant that helps you answer tough questions about retirement and health care choices attached to it.” Greg Palmer, Vice President at Finovate (LinkedIn) “Community banks are in desperate need of new technologies, but they lack the resources that some of their larger competitors have, which means there’s a real opportunity for fintechs to come in and help them, give them new access to technologies that they need to stay competitive with their larger counterparts.” Digital Transformation of Community Banks Photo by Sam McGhee on Unsplash The post Streamly Snapshot: Digital Transformation of Community Banks appeared first on Finovate.