OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a £3m loan to Mayfair Group Investment, a leading developer, investor, and manager of healthcare, commercial, and residential property.

Brightside AI, a pioneering firm in the cybersecurity landscape, has recently marked a significant milestone by securing $1m in funding.

The company has successfully secured a substantial investment of $1 million from Social Links, a key player in OSINT infrastructure.

Rich Data Co (RDC), an AI-based credit risk decisioning firm based in Sydney, Australia, has raised AUD 28 million ($17.5 million) in a Series B funding round, powering its plans for a North American expansion.

The round was led by Australian heavyweight bank Westpac and cloud-based financial services platform nCino.

With the rise of ChatGPT, the topics of fraud and deepfakes entered the zeitgeist in 2023. Looking ahead to the next 12 months, there’s little sign of these developments slowing down. But what else will be important in the world of digital identity and identity verification in 2024?

1. The continuing rise and threat of generative AI

365 Business Finance has rebranded as 365 finance, launching a brand-new website to reflect the simplicity of flexible funding and to make the application process even quicker for SMEs in the UK. 

Businesses can now apply for up to £400,000 of funding with 365 finance’s Rev&U™ revenue-based finance product which offers all the same benefits as before, but is now more accessible due to a revolutionary AI-powered automated underwriting system.

Financial institutions are juggling increasing customer demands and a regulatory landscape that is going through a period of accelerated change. To manage this hefty combination, banks must digitally transform their processes, with RegTech providers offering the technology-powered solutions needed to forge ahead. 

Having successfully completed Visa’s FinTech Fast Track Programme, Mamo, a leading Fintech company based in the UAE, announced that it has now become a principal member of Visa in the UAE. This is a momentous milestone for the company that happens after signing a five-year partnership agreement with Visa across the MENA region and launching the Corporate Visa Card program earlier in 2023.

Revolut, a global financial app with over 35 million customers around the world, identified that 61% of Brazilians who travel abroad still use cash and buy foreign currency in exchange brokers. The information is part of a study developed by the company to understand the behaviors of Brazilian travelers when it comes to financial products for international travel.  

The Chartered Institute for Securities & Investment (CISI) Board have appointed Christopher Clark Chartered MCSI and Sushil Saluja as new members of the Board.

The CISI Board is comprised of representatives who are typically drawn from the financial services sector and meets five times a year.