News from the economy, politics and the financial markets
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SEB Taps Thought Machine’s Vault Core for New BaaS Platform
Swedish corporate bank SEB has partnered with UK-based fintech Thought Machine to use its cloud-native Vault Core system for SEB Embedded, a new Banking-as-a-Service (BaaS) platform.
This collaboration enabled the launch of Hemköp Matkonto, a current account for Swedish supermarket chain Hemköp, featuring joint account options, budget tools, and spending-linked rewards.
The Hemköp Matkonto account was developed and launched within 10 months of the partnership agreement signed in December 2023.
SEB Embedded plans to scale its offerings, with additional products and partnerships expected soon.
SEB’s adoption of Vault Core follows its long-standing partnership with Thought Machine, which began in 2018 with SEBx, an innovation studio regarded as a precursor to SEB Embedded.
MHBS Partners with Doshi to Launch Gamified Financial Literacy App
Market Harborough Building Society (MHBS) has teamed up with fintech start-up Doshi to launch a financial literacy app for its UK members.
The app combines tailored educational resources, savings tools, and goal tracking with gamification elements to make learning about money engaging and rewarding.
Users earn redeemable points for completing lessons, engaging in activities, and logging in regularly, with rewards ranging from gift cards to exclusive in-app benefits.
This innovative approach addresses low financial literacy rates in the UK, where 23 million adults struggle with managing finances effectively.
Doshi’s microlearning sessions and gamified challenges aim to make financial education accessible and enjoyable, moving away from traditional methods like static materials.
MHBS CEO Iain Kirkpatrick emphasizes that the app empowers users to develop better financial habits, aligning with the building society’s mission to support its community.
Robinhood Acquires TradePMR to Expand Wealth Management Services
Robinhood has acquired TradePMR, a custodial and portfolio management platform for registered investment advisors, in a deal worth up to $300 million in cash and stock.
This move aligns with Robinhood’s strategy to expand its wealth management services, leveraging TradePMR’s open architecture platform, Fusion, to integrate advisor and client asset views directly into the Robinhood app.
The partnership also includes plans for a cutting-edge referral program and aims to maintain TradePMR’s collaboration with Wells Fargo Clearing Services. TradePMR’s CEO Robb Baldwin and his team will join Robinhood after the deal closes in H1 2025.
This acquisition follows Robinhood’s recent strategic purchases, including Bitstamp for $200 million and Pluto Capital, as it continues to diversify its fintech portfolio.
Navro Expands Global Reach with Canadian FMSB Registration
Canadian Approval: Navro, formerly Paytrix, has secured a Foreign Money Services Business (FMSB) registration in Canada, enabling it to offer money transfer services to businesses.
Innovative Platform: The company’s Payments Curation Platform supports payouts in over 130 currencies, real-time and same-day payments in 60+ regions, and operates 24/7.
Funding Milestones: Navro raised $14 million in February 2023, led by Bain Capital and Unusual Ventures, complementing an $18.3 million Series A round in March.
Regulatory Success: This Canadian approval follows Navro’s EU and UK Electronic Money Institution (EMI) licenses obtained earlier this year.
Future Plans: Navro is applying for a license under Canada’s Retail Payments Activity Act to further expand its operational footprint in the country.
TrueLayer Cuts Workforce Amid Profitability Push and $50M Funding Boost
Workforce Reductions: TrueLayer, an open banking payments company based in London, laid off 71 employees—roughly 25% of its workforce—in September to streamline operational costs and focus on profitability.
Timing with Funding: The layoffs occurred a week before TrueLayer announced a $50 million extension to its $130 million Series E funding round, initially raised in 2021.
CEO’s Statement: CEO Francesco Simoneschi noted that the decision was part of broader efforts to achieve financial sustainability, expressing gratitude to the team during this challenging period.
Operational Scale: TrueLayer processes $50 billion in payments annually, recently surpassing one million monthly variable recurring payments—an industry milestone.
Future Focus: While reducing costs, TrueLayer aims to leverage its latest funding to drive growth and maintain its leadership in the open banking payments sector.
Amundi Acquires Aixigo to Expand Wealth Management Technology Offerings
Strategic Acquisition: Amundi, Europe’s leading asset manager with €2 trillion AUM, has acquired Aixigo, a German provider of API-based wealth management software, for €149 million.
Enhanced Technology Portfolio: Aixigo’s flagship platform, Aixigo, supports 20+ financial clients in Germany, Switzerland, and the UK, enabling client onboarding, portfolio management, and reporting.
Synergies and ROI: Amundi projects over 12% ROI within four years, citing strong growth potential and synergy benefits between Aixigo and its existing Alto technology platform.
Global Expansion: The acquisition strengthens Amundi Technology’s offerings, targeting private banks and wealth managers with scalable, flexible solutions while preparing for market expansion into Asia.
Leadership Vision: Amundi executives, including CEO Valérie Baudson and COO Guillaume Lesage, emphasize the strategic value of this deal in delivering superior services to clients, partners, and shareholders. Aixigo CEO Arnaud Picut highlights plans to leverage Amundi’s expertise for broader global reach.
Celero Commerce Acquires Precision Payments to Expand SME Payment Solutions
Acquisition Announcement: US fintech Celero Commerce has acquired Precision Payments, a payment solutions provider for SMEs, to broaden its offerings and enhance its retail industry presence.
Expanded Capabilities: Precision Payments, founded in 2009, specializes in Point-of-Sale (POS) systems, credit card processing, and cash discount programs. Its integration will boost Celero’s ability to support businesses with advanced payment solutions.
Growth Potential: With this acquisition, Celero expects its annual card processing volume across North America to exceed $28 billion, solidifying its market leadership.
Customer Benefits: Precision Payments’ clients will now access Celero’s broader suite of business management tools, payment processing services, and data intelligence to support their growth.
Strategic Moves: This deal follows Celero’s 2022 acquisition of Community Bankers Merchant Services, further cementing its strategy to lead in electronic transaction processing for SMEs and regional banks.
National Bank of Fujairah Partners with Network International to Enhance Corporate Payment Solutions
National Bank of Fujairah (NBF) has partnered with Network International to offer new omnichannel payment solutions to its corporate clients in the UAE.
The referral agreement allows NBF to provide digital payment services, both online and in-person, expanding its offerings to businesses.
This move follows NBF’s recent efforts to boost its digital banking capabilities, including its partnership with Intellect Global Transaction Banking for the eMACH.ai platform and the extension of that partnership to include eMACH.ai Cloud for Wholesale Banking.
With this collaboration, NBF aims to enhance customer experience and grow its corporate banking services.
Network International, a global leader in digital payments, serves over 250 financial institutions and 130,000+ merchants across more than 50 countries.
Trust Payments Appoints Laurence Booth as New CEO to Drive Growth
Trust Payments, a leading London-based paytech company, has appointed Laurence Booth as its new CEO.
Booth, who had served as interim CEO since September 2024, succeeds Daniel Holden after a thorough evaluation process.
Having joined Trust Payments in 2021, Booth has held key roles, including Chief Data Officer and Chief Information Officer.
With over 20 years of experience in the payments industry, including 16 years at American Express, Booth is poised to lead Trust Payments into its next growth phase.
The company, which connects to over 50 global banks, offers a range of services such as mobile payments, POS systems, and payment analytics.
NatWest Partners with NCR Atleos to Modernize 5,500 ATMs
NatWest Group has expanded its collaboration with NCR Atleos to upgrade over 5,500 ATMs and multi-function devices across the UK.
This partnership will replace existing ATMs with advanced NCR Atleos technology, featuring a new 19” touchscreen interface.
The goal is to provide faster access to cash and financial services, while improving transaction efficiency.
Richard Talbot from NatWest highlighted the bank’s ongoing efforts to enhance its self-service technology and software.
NCR Atleos, a leading provider of self-service solutions, has secured similar partnerships with other global clients, strengthening its position in the fintech industry.
Gate City Bank Partners with Alkami for Enhanced Digital Banking Solutions
Gate City Bank Embraces Alkami’s Technology: North Dakota-based Gate City Bank has teamed up with Alkami Technology to implement its cloud-based digital banking platform, aiming to deliver a more personalized and efficient online banking experience for customers.
Advanced Features for Retail and Business Banking: The platform includes tools like Positive Pay for transaction monitoring, streamlined account opening, and enhanced cash flow management, offering business clients real-time transaction insights and fraud mitigation.
Harnessing Big Data: Alkami’s technology enables Gate City Bank to leverage a robust dataset to provide a level of service comparable to megabanks, enhancing customer engagement.
Legacy Partnerships Strengthen Offerings: Beyond this collaboration, Gate City Bank has a long-standing relationship with payments processor Fiserv, delivering merchant services through its DNA core platform since 2016.
Industry-Wide Adoption: Gate City Bank joins other financial institutions, such as Kemba Credit Union, in adopting Alkami’s solutions, showcasing a growing trend in leveraging cloud-based technologies to modernize banking services.
UK Government Unveils Strategy to Boost Financial Services Growth and Innovation
Driving Competitiveness in Finance: The new Labour government, led by Chancellor Rachel Reeves, announced plans to reform financial regulations to prioritize growth, competitiveness, and innovation in fintech, sustainable finance, insurance, and capital markets.
Regulatory Overhaul for Growth: Reeves criticized overly risk-averse regulatory frameworks, calling for dynamic policies that encourage innovation and investment. UK regulators like the FCA and PSR have been urged to integrate economic growth into their mandates.
Advancing Payments Technology: The government’s National Payments Vision outlines plans to modernize payments infrastructure, support open banking, and introduce account-to-account (A2A) payment methods. A pilot for a Digital Gilt Instrument leveraging distributed ledger technology (DLT) is also in the works.
Green Finance and Pension Reform: Initiatives include tackling payment fraud, promoting sustainable finance, and establishing large-scale pension funds modeled on systems in Australia and Canada to enhance investment.
Commitment to Open Banking: Industry leaders, like TrueLayer CEO Francesco Simoneschi, applaud the focus on open banking, citing its potential to replace outdated card systems with more cost-efficient, secure, and convenient alternatives.
Latest Fintech Funding Highlights: Startups Reshaping Payroll, Data Analytics, and Financial Services
Tako Raises $13.2M for Payroll Automation: Brazilian HR and payroll fintech Tako has secured $13.2 million in seed funding. Its platform streamlines HR processes like onboarding, payroll, and data management, aiming to simplify decision-making for HR and finance teams. Backed by Ribbit Capital and Andreessen Horowitz, funds will focus on R&D.
Big xyt Secures €10M for Data Analytics: German firm big xyt landed €10 million to enhance its analytics platform for financial markets, supporting product innovation and global expansion across Europe, the US, and APAC.
Zeplyn Garners $3M for Financial AI Assistant: New York-based Zeplyn, founded by ex-Google engineers, raised $3 million for its AI-powered Meeting Assistant, which automates workflows, meeting prep, and client follow-ups for advisory firms.
Tranched Closes $3.4M to Expand Blockchain Finance: London-based Tranched received $3.4 million to advance its asset-based financing platform. This blockchain-enabled tool connects credit originators with institutional investors for efficient loan securitization.
Mutual Vision Receives Strategic Investment: UK banking tech provider Mutual Vision secured an undisclosed investment to expand its digital solutions, including savings and loan management platforms, leveraging its integration with Mambu’s core banking engine.
Bank of Valletta Partners with Profile Software for Portfolio Management Upgrade
Bank of Valletta (BOV), Malta’s largest financial institution, has selected Profile Software’s Axia Suite to enhance its portfolio management and investment services.
The software will provide BOV with tools for client profiling, centralized portfolio management, and advanced features like risk management, performance tracking, and fee calculations.
With capabilities for handling both single and mass investment transactions, Axia Suite will streamline BOV’s operations and support efficient investment service delivery.
The partnership follows the success of a similar implementation by Jamaican firm MoneyMasters in 2023.
This move further strengthens BOV’s investment services, complementing its broader service offerings in private banking, fund management, and investment banking.
Klarna IPO, New York Stock Exchange, fintech news, Klarna valuation, BNPL IPO
Swedish buy now, pay later (BNPL) leader Klarna has officially announced its decision to pursue its initial public offering (IPO) on the New York Stock Exchange.
The company has filed with the US Securities and Exchange Commission (SEC) for the offering, although specifics like share count and price range are yet to be disclosed.
Klarna’s IPO, expected to bring a multibillion-pound valuation, follows a year of preparation.
The fintech has streamlined its operations by selling its UK loan portfolio and Klarna Checkout service while acquiring New Zealand-based BNPL platform Laybuy.
The IPO will proceed once the SEC’s review process concludes, dependent on market conditions.
This marks a significant step for the 2005-founded firm, solidifying its position as a global BNPL powerhouse while setting sights on growth through the US market.
Zazu Set to Transform SME Banking in Africa
Former Solaris executives Rinse Jacobs and Germain Bahri are launching Zazu, a Cape Town-based fintech designed to empower underserved small and medium enterprises (SMEs) in Africa.
Offering inclusive banking combined with essential business tools like invoicing, bookkeeping, and cash flow management, Zazu aims to make financial services a driver of growth for SMEs.
With over 300 SMEs already on its waitlist and partnerships with platforms like Xero, Lula, and Outsourced CFO, Zazu’s platform is poised for a strong debut.
Jacobs, serving as CEO, and Bahri, as Chief Growth Officer, are finalizing regulatory approvals for the launch of their minimum viable product (MVP), set to redefine SME banking across the continent.
Brian Harkin Joins Centrus as Director of Technology and Innovation
Brian Harkin, a financial services veteran with over 30 years of experience, has been appointed as the new director of technology and innovation at Centrus, a UK-based corporate finance firm.
Previously serving as CTO at fintech Kynec, Harkin is also the creator of the Galapagos Framework, a leadership model that has transformed digital strategies for various organizations.
Centrus, a certified B Corporation, specializes in financial solutions spanning real estate, transportation, energy, education, and infrastructure.
The firm is excited about the value Harkin’s expertise will bring as they advance their technology and innovation agenda.
Harkin’s leadership is expected to align with Centrus’s commitment to delivering forward-thinking corporate finance and advisory services while empowering clients with cutting-edge solutions.
Centrus Appoints Brian Harkin as Director of Technology and Innovation
Centrus, a UK-based corporate finance firm, has appointed Brian Harkin as its new director of technology and innovation.
With over 30 years of experience in financial services, Harkin joins from London-based fintech Kynec, where he served as CTO.
He is renowned for creating the Galapagos Framework, a leadership model credited with helping organizations navigate digital transformation effectively.
Centrus expressed enthusiasm about the positive impact Harkin’s expertise will bring.
Founded in 2012, Centrus specializes in financial solutions and advisory services across sectors like real estate, transportation, energy, and education.
The firm emphasizes innovation and sustainability as a certified B Corporation.
Mesa Launches Homeowners Credit Card with Mortgage Rewards
Mesa, a U.S.-based homeowner membership platform, has introduced the Mesa Homeowners Card, a premium credit card that rewards mortgage payments and home-related purchases.
Issued by Celtic Bank with no annual fees, the card offers ‘Mesa Points’ for spending on fuel, home maintenance, and utilities.
Cardholders can redeem points for statement credits, gift cards, travel experiences, or mortgage payments, with benefits valued at over $800.
Mesa aims to address the gap in credit cards by rewarding homeowners’ largest monthly expense: mortgages.
This launch follows Mesa’s $9.2 million seed funding round led by Streamlined Ventures in September.
Customers can now join the waitlist via Mesa’s mobile app to access these tailored benefits.
Gate City Bank Enhances Digital Banking with Alkami Technology Partnership
Gate City Bank, a North Dakota-based financial institution managing $3.6 billion in assets, has partnered with Alkami Technology to enhance its digital banking services.
The bank will deploy Alkami’s cloud-based platform, encompassing retail and business banking, Positive Pay transaction monitoring, and streamlined new account opening capabilities.
This collaboration allows Gate City Bank to deliver personalized banking experiences powered by robust data insights, rivaling offerings from larger banks.
Business clients will benefit from real-time transaction visibility and advanced account management tools, empowering them to manage cash flow and reduce fraud risks effectively.
Founded in 1923, Gate City Bank serves customers in 23 North Dakota and Minnesota communities.
This move aligns with its ongoing digital transformation strategy, complementing its long-standing partnership with Fiserv for payment processing and merchant services.
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