It is widely accepted that the digital transformation of all aspects of our working and personal lives has created efficiencies, opportunities and data in abundance – but for those tasked with the complex feat of gathering, managing and analysing that data to produce good business insights, it is far from ‘nirvana’.

McKinsey’s latest Global Payments Report  shares 2022 data from our proprietary market intelligence, as well as our perspective on the future of the payments industry. Here’s a brief overview of the highlights: 

2022 market intelligence 

Arteria AI, the market-leading applied AI company building modern documentation infrastructure for institutional finance, today announced its oversubscribed $30 million Series B financing round led by GGV Capital U.S., with participation from all existing major investors, including Illuminate Financial, Information Venture Partners, BDC Capital and Citi. The round brings the company’s total funding to $50 million to date.

Data-driven core banking engine SaaScada, today released its predictions for 2024, offering insights for the financial services (FS) industry:

Fintech’s AI bubble will pop

Nelson Wootton, CEO and Co-Founder, SaaScada

Sumsub, a full-cycle verification platform, today releases its “State of Verification and Monitoring in the Crypto Industry 2023” report. The findings focus on the regulations and verification practices for crypto companies, with highlights from verification performance and identity fraud statistics.

New research from RBR Data Services, a division of Datos Insights, reports that 6% of all global card volume was cross-border in 2022, up from 5% the year before. With the pandemic over and travel restrictions lifted, consumers have been keen to book trips abroad again. In addition, businesses have returned to in-person international meetings and conferences, despite the growth of virtual meetings and events during and since the pandemic.

YouTrip, a Singapore-based fintech that offers multicurrency wallet for consumers and business accounts with corporate cards for SMEs, has its eyes on growth throughout Southeast Asia after landing a Series B led by Lightspeed. The round was $50 million, and brings YouTrip’s total raised to $100 million since it launched in 2018.

iDenfy, a global identity verification and fraud prevention solutions provider, announced partnering with CocaBit, a Lithuania-based cryptocurrency exchange platform, offering its users a user-friendly and convenient trading experience. The newly integrated ID verification software will limit CocaBit’s exposure to fraud and help meet its regulatory obligations. 

IDEX Biometrics partners with KONA I, a global smart card and technology platform company in South Korea, to deploy biometric payment cards across both recycled PVC and metal cards, for their bank clients worldwide. An initial order for IDEX Pay has been shipped to KONA I.

The digital finance app will become the first product in the Middle East for its parent company UnaFinancial, which has been developing fintech services in APAC and Europe since 2015. UnaFinancial has already provided initial funding for the startup. Now, it is looking to raise funds for the second round, which will cover internal IT development and marketing expenses. Additionally, the project is open for technology and business partnerships.