05/12 – Weekly Fintech Recap

  • Artificial Intelligence , Open Banking , Payments , Banking , Cloud , M&A Deals , People Moves
  • 05.12.2022 09:00 am


Paymentology Customer, Tweeq, Among First Fintechs in Saudi Arabia to Receive License from Saudi Central Bank

Paymentology, the world’s first truly global issuer-processor, announced its support of customer Tweeq, a leading Saudi Fintech, on being among the first in the Kingdom to achieve an e-money license from The Saudi Central Bank (SAMA). Tweeq will launch its mobile-first super-app with an ecosystem of features and services tailored to millennials and Gen Z soon with its SAMA license, enabling them to transact efficiently online.

Investment Management Firm 7IM Selects RiskLogix for Integrated Risk Management Software Solution

RiskLogix Solutions, an award-winning solution provider for governance, risk and compliance (GRC) software announces that 7IM, a  leading asset management company with over £19 billion of assets under management, has selected the RiskLogix GRC software solution, aCCelerate GRC +,  for its integrated risk management program. aCCelerate GRC+ automates operational risk, compliance, ESG, audit, and business resiliency and integrates them into a central database with personalised user experiences for each discipline.

Temenos Expands Agreement with Mbanq to Accelerate Banking-as-a-Service in the US

Temenos today announced that Mbanq, one of US’s leading Banking-as-a-Service (BaaS) providers, has expanded its relationship with Temenos to accelerate BaaS adoption in the US. The agreement deepens the companies’ collaboration after last year’s launch of a joint Credit Union as-a-Service offering (link). Temenos made a minority investment in Mbanq to capture the BaaS market, which has grown rapidly due to embedded finance's $7 trillion market cap by 2030.

Coinmama and TrueLayer Deliver Enhanced Crypto Trading Experience with Instant Account-to-account Payments

TrueLayer, Europe’s leading open banking platform, announced its collaboration with cryptocurrency exchange Coinmama in Europe. Coinmama has been at the forefront of the financial revolution ever since its inception in 2013 when it allowed customers worldwide to buy Bitcoin with cards. However, traditional payment methods weren’t built to deliver efficient fiat to crypto on-ramps. 

Bank of the Philippine Islands (BPI) Partners with DT One to Launch International Mobile Load for Clients

Bank of the Philippine Islands (BPI), the oldest bank in the Philippines and a pioneer in digital banking, has partnered with the global B2B digital micropayments platform DT One to launch an international mobile load service. With this partnership, Overseas Filipinos (OFs) in Australia, Canada, China, Italy, Malaysia, Saudi  Arabia, Singapore, the United Arab Emirates, and the United States can stay in touch with their loved ones in the Philippines.

Finastra and Clinc Announce Collaboration to Boost Digital Engagement and Reduce Service Agent Workload

Finastra announced that Clinc, the leading conversational AI specialist serving global financial institutions, will deliver its Virtual Banking Assistant technology fully integrated within Finastra’s Fusion Digital Banking platform. The application enables Finastra’s bank and credit union customers, utilizing Fusion Digital Banking as their digital platform, to increase digital engagement and streamline the customer experience.

Paylink Solutions and Ecospend Celebrate Open Banking Award Win

Paylink Solutions and Ecospend are celebrating a win after a successful time at the Credit & Collections Technology awards. Fintech Paylink Solutions and partners Ecospend were named Open Banking category winners at the Credit Connect UK event, which celebrated the impact of technology in the credit and collections sector. Paylink Solutions uses Ecospend's pay-by-bank technology to collect fast, secure, and affordable payments. 

°neo by Five Degrees and Fourthline Announce Collaboration to Fight Financial Crime in Digital Banking

Amsterdam-based Fourthline is one of the fastest-growing digital KYC providers and offers KYC-related services that complement the °neo lending and accounts engines. Integration will enable clients to do a quick and automated watchlist screening on existing customers against PEP and sanction lists. This will detect fraud and de-risk clients’ existing customer portfolio.

Ecospend Announces Partnership with Revenue Collections and Payment Solutions Provider Telsolutions

Ecospend, the UK’s leading Open Banking payment provider, announces its partnership with Telsolutions, the specialist in multi-channel communication programmes for revenue collections. The partnership will allow Telsolutions to offer its clients Open Banking services, helping to protect customers against fraud whilst reducing the cost of transactions. Telsolutions helps local authorities collect council tax, commercial, and parking fines.

Yapily and Certua Team Up to Simplify Life Insurance with Open Banking

Open banking provider Yapily has teamed up with the embedded insurance platform Certua to make it easier, quicker, and cheaper for people to apply for and manage their life insurance coverage in the UK. Despite rising levels of financial vulnerability and the need for a safety net, a significant life insurance protection gap exists in the UK. In a 2020 Financial Lives survey by the FCA, over half of the people (53%) admitted to not having any protection products in place.

inCruises Partners with Brightwell to Expand its Cross-Border Payment Offerings

Brightwell, an Atlanta-based global payments technology company, announced that inCruises, an exclusive travel membership program serving 100 million partners worldwide that gives people expanded access to world-class travel experiences, has integrated Brightwell’s ReadyRemit* platform, powered by Brightwell’s international payment partners, to offer cross-border payments to its international partners in over 120 countries.

Napier Breaks Into Japanese Market Through New Partnership with Governance, Risk, and Compliance Firm, GRCS

Napier, the financial crime compliance specialist, has announced that its end-to-end financial crime risk management platform, Napier Continuum, is available to the Japanese market through a newly-minted partnership with Japanese firm GRCS. Established in 2005 and listed on the Tokyo Stock Exchange Growth Market, GRCS provides expertise and solutions in governance, risk management, compliance, and security to regulated Japanese firms.

docStribute Joins Mia-Platform Marketplace

London-based RegTech startup docStribute has joined the Mia-Platform Partner Network. Effective immediately, docStribute solutions will be available to businesses on the Mia-Platform Marketplace.docStribute uses a distributed ledger application that utilises a decentralised public network known as hashgraph, a secure, shared database that everyone can read from and write to, and a faster, more secure alternative to blockchain. docStribute provides a secure document distribution (dSend).

Kneip and Next Gate Tech Announce New Partnership

Kneip, a leader in fund-level data management and regulatory reporting, and Next Gate Tech, a FinTech specialized in portfolio-level data management and analytics, announce a new commercial partnership to bring together both companies’ expertise in fund data management. Kneip has been trusted by asset managers since 1993, and today the company manages the data publication and investor disclosure for more than 10,000 funds in over 40 countries.

Alveo Deepens Partnership with SIX Expanding Global Data Coverage in its Data-as-a-Service Solution

Alveo, the leader in cloud-based market data integration, analytics and Data-as-a-Service (“DaaS”) solutions for financial services, announced that it has expanded its global data coverage and feed integrations by adding new content from SIX including Sentiment indicators, Tax, and Regulatory Risk data. DaaS solutions integrate SIX content directly into critical customer workflows and databases for financial services firms.



Vantage Introduces Social Trading to Make Trading More Interactive

Vantage (or “Vantage Markets”), the multi-asset broker, has launched social trading on the Vantage App, making it an all-in-one trading app that supports both regular trading and social trading. Social trading is an innovative feature that turns trading into a social event. Experienced traders can share their trading strategies as signal providers. Novice traders can follow many signal sources, learn from experienced investors, and trade by copying others.

Centralis Group Launches Alternative Investment Fund Anti-Money Laundering Risk Management Services

Centralis Group announced the further expansion of its Governance, Risk and Compliance service line and Cayman Islands business operations with the appointment of offshore anti-money laundering (AML) specialist Gary McLean. Gary will lead a new independent anti-money laundering risk management team that will focus on the provision of specialised AML services to alternative investment funds domiciled in all major jurisdictions.

Ashman to Launch SME Loan Origination Offering on Mambu

Ashman, an ambitious new bank for commercial real estate SMEs, has launched on Mambu. Ashman is using Mambu's cloud banking technology to streamline and personalise its loan offering for UK property enterprises and entrepreneurs. Ashman received its restricted banking licence in June 2022. It provides SME borrowers and personal savers with simple, transparent lending and expertise to build sustainable properties and practises.

Huntington National Bank Launches InvestCloud’s New Find My Advisor Experience

InvestCloud, the global leader in financial digital transformation, announced that Huntington National Bank has launched Advisor Connect, a branded, digital experience built on InvestCloud’s Find My Advisor technology. Huntington is a subsidiary of Huntington Bancshares Incorporated (Nasdaq: HBAN), a $179 billion asset regional bank holding company headquartered in Columbus, Ohio.

DPO Launches New DPO Pay Mobile Payments App

Leading African digital payments company  DPO Group launched DPO Pay Mobile, a new version of their payments app. With several new features, DPO listened to merchant feedback to redesign and redevelop the payment app. DPO Pay Mobile app, previously called DumaPay, now offers a variety of new features to allow for easier, more convenient transactions no matter where in Africa their businesses are.  

Fintech Platform FINOM Continues European Expansion with Netherlands Launch

FINOM, the fast-growing mobile-first financial management platform for SMEs and freelancers has continued its European expansion with its launch into the Netherlands today. The announcement marks another milestone in the company’s ambitious growth plan, having recently launched into the UK and become the fastest-growing financial services app for professionals and SMEs in Germany.


Merger & Acquisition

Tonik Acquires TendoPay, Enters Employee Benefits Market

Tonik Financial Pte. Ltd. (Tonik), the parent company of Tonik Digital Bank, Inc. in the Philippines, has enteredinto a landmark agreement with Tendo Payment Solutions Pte. Ltd. (Tendo) to acquire its Philippine business, operating under the brand name “TendoPay”. This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik’s leading position in digital credit inclusion in the Philippines.

MANGOPAY and Nethone Join Forces to Provide Platforms and Marketplaces with Dedicated Anti-fraud Solutions

MANGOPAY, the platform-specific payment infrastructure provider, is acquiring AI fraud detection and prevention company Nethone to develop and offer anti-fraud solutions designed specifically for marketplaces. Faced with surging online fraud rates, this solution will allow any type of platform to transform threats and challenges posed by malicious activity into accurate, profitable business decisions.

BVNK Acquires UK-Licensed E-Money Institution to Accelerate Expansion

BVNK, the next-generation payments platform for global businesses, announces it has acquired UK fintech, System Pay Services Limited (SPS Ltd), to accelerate expansion. SPS Ltd is registered as an EMI (Electronic Money Institution) in the UK and offers a one-stop payment solution for businesses — providing e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.


Job Moves

TS Imagine Appoints David Haynes as Head of Quality Assurance

TS Imagine, a global leader in trading, portfolio and risk management solutions for capital markets, has announced the appointment of David Haynes to head up the Quality Assurance Team in New York. David will oversee all Trading and Risk QA processes as Quality Assurance head. David was TD Ameritrade's director of testing, automation development, frameworks, tools, and test environment management for different delivery channels before joining TS Imagine.

actyv.ai Welcomes Two New Senior Advisors

actyv.ai, a category creator in the enterprise SaaS with embedded B2B BNPL and insurance space, has appointed two more advisors – R A Sankara Narayanan and Dr Ravi Duvvuru to advise the company on organisation building as well as ensure a strong regulatory and compliance foundation. R A Sankara Narayanan was the Managing Director and Chief Executive Officer at Canara Bank, the third largest public sector bank in India. Prior to this, he was the MD and CEO of Vijaya Bank.

Tuum Appoints UK Sales Director and Opens London Office to Support Strong Market Growth

Tuum, the next-generation core banking platform, announced the appointment of Giorgio Daher as UK Sales Director. The appointment is part of the company’s wider strategy to support strong demand for Tuum’s technology in the UK , including the opening of a new office in London. More widely, Tuum is rapidly expanding its customer base across Europe and has grown its Annual Recurring Revenue (ARR) by 388% over the last 12 months.

iiPay Announces CEO Transition

Integrated International Payroll (iiPay), a market leader in cloud-based global payroll solutions, announced that T. Curtis Holmes has been appointed CEO and a member of the Board of Directors effective November 1st.  Holmes succeeds Bob Foster who previously served as CEO. Holmes is a proven executive leader with a strong track record of success.  Prior to this appointment, he served as Chief Operating Officer of iiPay for the past six years.

nCino Appoints New Board Member

nCino, a pioneer in cloud banking and digital transformation solutions for the global financial services industry, announced that it has appointed William (Bill) Spruill to its Board of Directors. Spruill is the co-founder and former CEO of Global Data Consortium (GDC), a leading provider and industry expert in global electronic identity verification. GDC was acquired by LSEG for $300 million earlier this year, making it one of the greatest minority founder exits in enterprise technology in U.S. history.

IDnow Appoints Jason Tucker-Feltham as New Head of Crypto Sales

IDnow, a leading European identity-proofing platform provider, has appointed Jason Tucker-Feltham as its Head of Crypto Sales. Based in IDnow’s London office, Jason brings with him more than a decade of experience in financial services, with the last four years spent specialising in crypto. Jason, who is also the committee chairman at Crypto Club Global, is a passionate industry advocate, and regularly engaged as a speaker at crypto events in the UK and beyond.

Paytrix Recruits David Sola as CFO in Drive to Simplify Global Payments for Scaling Businesses

Paytrix, the London-headquartered fintech that simplifies global payments for high-growth businesses, announces the appointment of David Sola as Chief Financial Officer. David was Managing Director at UBS, Softbank Europe, and Houlihan Lokey. His 20 years of financing and M&A experience with fast-growing fintech, e-commerce, and internet companies will help Paytrix deliver a global payments solution through one contract and one API.

Transact Payments Appoints Aaron Carpenter as CEO

Transact Payments announces the appointment of Aaron Carpenter as its new CEO. The appointment comes at a time of consistent growth for the company, which is a leading provider of UK and European BIN sponsorship and modular payment services. In this new role, he will be primarily responsible for driving Transact Payments’ strategy for continued and sustainable growth while supporting the diversification of its product offering.

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