13/02 – Weekly Fintech Recap

  • Artificial Intelligence , Open Banking , Payments , Banking , M&A Deals , People Moves
  • 13.02.2023 09:00 am


American Express Taps Microsoft AI for New Expenses Tool

American Express is expanding its decades-long relationship with Microsoft to develop a suite of solutions built on Microsoft Cloud and AI technologies focused on reducing business travel friction for employees and businesses. The first solution developed through this collaboration will enhance the expense management process by addressing some of the pain points business travelers and expense processors face.

Prizeout and UK-Based Fintech Pockit Partner to Give Customers Added Purchasing Power

Prizeout Corp. (Prizeout), the ad-tech company that turns cash withdrawals into growth solutions, announcesthe launch of a partnership with Pockit, a financial services app based in the United Kingdom. Pockit customers will be able to instantly increase their purchasing power on everyday items — from petrol to groceries to fashion and restaurants — directly from their Pockit account, making their money go even further.

FC Bayern Munich Enlists Adyen to be Exclusive Payment Solution Partner

Adyen, the global financial technology platform of choice for leading businesses, has been announced as the exclusive payment solution partner of FC Bayern Munich. Adyen will handle the club's payment processing across all sales channels. Adyen continuously helps to empower businesses to achieve their ambitions faster. Now, thanks to Adyen's technology, FC Bayern can accept payments on any device anywhere, offering fans the payment methods they value and trust.

Xsolla Partners with Mastercard to Shape the Future of Commerce in Gaming

Mastercard and global video game commerce company Xsolla announced plans to collaborate on frictionless, secure, and rewarding payments for gamers – from enhanced checkout experiences using credit card loyalty points to simple in-game currency gifting to improved creator payout processes and more. The partnership will combine Mastercard's technology, network-level expertise, global scale, and trusted connections with Xsolla's platform to create customizable and more accessible payment experiences for players, developers, and creators.

SNB Capital Begins Saudi Securities Lending Journey with Broadridge

To address recent regulatory changes, SNB Capital has chosen global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR), to help build its local securities lending and borrowing business. As the largest broker and asset manager by market share in 2022 and a leading custodian in Saudi Arabia, SNB Capital will leverage Broadridge’s Securities Finance and Collateral Management (SFCM) solution to grow the coverage of its Securities Services offering on local assets.

ThetaRay and Piie Collaborate in AI Technology for Insurance Payments

ThetaRay, a leading provider of AI-powered transaction monitoring technology, and Piie, Inc., an insurtech providing an intelligent payment engine, announced a collaboration to implement an advanced AML solution for insurance claim payments. Through the agreement, Piie (Payments Intelligent Integration Engine) will integrate ThetaRay’s AI-driven SONAR transaction monitoring AML solution to monitor and detect anomalies pointing to suspected financial crime on its payments-as-a-service platform that includes mobile application support.

InvestCloud Partners with 55ip to Integrate Tax-smart Technology on the InvestCloud Financial Supermarket

InvestCloud, the global leader in digital transformation for the financial industry, and 55ip, the tax-smart investment platform, announced a breakthrough partnership to integrate 55ip’s tax-smart investment technology into the InvestCloud Financial SupermarketTM. The integrated offering expands the products, strategies and tax optimization options available to advisors to seamlessly discover and add to client portfolios, optimizing for tax at a time when maximizing returns is paramount.

APEXX Partners with CarTrawler to Boost Payments Acceptance

APEXX Global, (“APEXX”), the multi-award-winning global payments platform, has partnered with CarTrawler, the leading B2B car rental software provider for the travel industry, to transform the company’s legacy payment software system. CarTrawler works with some of the biggest names in travel including United Airlines, easyJet, Uber, Emirates and Hotels.com. APEXX will provide CarTrawler’s full payment orchestration package and process most of its volumes through one single API.

iwocaPay Becomes the First Invoice Checkout Integration with Buy Now, Pay Later Option for Businesses that Integrate with QuickBooks

iwoca is announcing the integration of its B2B payment solution iwocaPay with Quickbooks’ leading accounting software package – this makes it the first invoice checkout integration with a BNPL option for businesses that integrate with QuickBooks. Quickbooks supports UK businesses with their accounting needs via a cloud-first approach that allows them to run their finances on the go from mobile devices. iwocaPay makes invoice checkout seamless, allowing buyers to settle via either Pay Now or Pay Later.

AppTech Payments Corp. Expands SaaS Offerings Through Strategic Partnership with Nuvei

AppTech Payments Corp. (AppTech), a Fintech company powering commerce experiences announced a strategic partnership with Nuvei (NASDAQ: NVEI), a global payments technology company. This partnership strengthens AppTech’s Software as a Service (SaaS) offering to deliver continual innovation and growth, extends its global reach, and expands the company’s footprint by supporting integrations with its patent-based portfolio in text-to-pay and geolocation-based solutions.      

Pismo and Drona Pay to Boost Security in Digital Payments

Fraud management has become a massive headache for banks and fintechs worldwide. As digital payments become more popular,  projected to grow 12%, reaching US$ 14.8 trillion by 2027, payment frauds are also expected to rise. India follows the international trend. UPI transactions increased by 91% last year. Meanwhile, complaints on the NCRP rose by 34% between Q1 and Q2, 2022.

Banxa and MetaMask Partner to Make it Easier to Access Web3

BANXA Holdings Inc. ("Banxa'' or "The Company"), the leading on-and-off ramp solution for Web3, announcedan integration with ConsenSys’ leading self-custody Web3 wallet, MetaMask, to simplify on-and-off ramping fiat to crypto. On top of global users being able to purchase crypto via standard methods such as credit cards and Apple Pay, this partnership will now allow MetaMask users in Canada to purchase crypto through interbank network Interac with less friction.

Afterpay Reduces Fraud Risk with Cloudera While Managing Data at Scale

Cloudera, the hybrid data company, today announced that ‘Buy Now, Pay Later’ (BNPL) leader, Afterpay, is using the Cloudera Data Platform (CDP) to run streaming analytics and advanced machine learning for real-time fraud detection. CDP helps Afterpay identify, access and reduce business risk relating to fraud for its 3.6 million customers, delivering on the company’s mission to power an economy which offers consumers better financial access, inclusion and experiences.

ING and vc trade Join Forces to Digitise Lending Business

ING announced that it has spun out Loan Optics to vc trade GmbH, the leading digital platform in the market for private placement and promissory note loans. Loan Optics technology enables all stakeholders in the syndicated loan market (banks, borrowers, lawyers, advisers and agents) to cooperate on one central platform to originate, structure, document and negotiate digitally native loans – creating digital loan data in the process.

WeTransfer Partners with Blockchain Company Minima in a World First for Digital Content Creators

Minima, a revolutionary blockchain platform, announced a unique collaboration with WeTransfer, the world's most trusted platform for sharing digital content.Together, the two companies are deploying non-fungible tokens (NFTs) on the Minima network to empower creators all over the world with Digital Rights Management for their intellectual property.

Paymob and Khazna Partner to Expand Access to Digital Financial Services in Egypt

Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENA-P), and Khazna, an Egyptian financial super app, announced a new partnership that will expand access to digital financial services, benefitting merchants and consumers in Egypt. Merchants in Paymob’s network can now offer Khazna’s services via their integrated point of sale (POS) devices to Khazna’s customers.

UK Credit Management App Incredible Introduces Variable Recurring Payments with TrueLayer

TrueLayer, Europe’s leading open banking platform, has announced a partnership with the UK credit management app Incredible, which will now provide variable recurring payments (VRPs) for its customers. Using open banking Data APIs, Incredible consolidates their customers' account information in one clear, comprehensive dashboard where they can see, track, forecast and repay their borrowings.



Eton Solutions Selects Singapore for its International Headquarters and Launches New Administrative Family Office Solution Worldwide

Eton Solutions, developer of the cloud-based AtlasFive® enterprise resource platform (ERP) for the family office of the future, announced the launch of its Administrative Family Office solution and the establishment of its international headquarters in Singapore. Eton Solutions' international headquarters in Singapore will enable the organisation to streamline its access and support to international markets without relying on North American resources. 

Banks Accelerate Move to the Cloud with New Oracle Banking Services

With transaction volumes, customer expectations, and competitive threats at an all-time high, banks must adapt quickly to keep pace. To address these challenges, Oracle launched Oracle Banking Cloud Services, a new suite of componentized, composable cloud-native services. The six new services available today provide banks with highly scalable corporate demand deposit account processing; enterprise-wide limits and collateral management; real-time ISO20022 global payment processing; API management; retail onboarding and originations; and new self-service digital experience capabilities.

US Fintech Unicorn Alloy Launches in UK

US fintech Alloy has launched in the UK, strengthening its presence in EMEA with key senior hires and office space in London. Alloy’s Identity Decisioning Platform helps banks and fintech companies to make smarter and faster decisions about the risk profile of each customer, and keep them safe from financial crime. The platform connects to more than 170 data sources, enabling financial institutions to automate customer approval and account opening and monitor transactions in real-time.

Flutterwave Expands into North Africa with New Egypt Payments Licenses

Flutterwave, Africa's leading payments technology company, has announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt. The licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. These licences will allow Flutterwave to deploy Flutterwave for Business suite of products including store, payment links, invoices, checkout in Egypt.

Monument Bank Introduces Member Services – a Contemporary Lifestyle Platform to Support Time Poor Clients

Monument (or the “Bank”) has officially released its new Member Services proposition to the market. Available through the Monument app, Member Services is designed to save the UK’s ~7.5 million busy professionals and entrepreneurs and their families time and money searching for ways to reach their wealth-creation potential and enjoy life to the fullest.

Forward Bank Launches Larky’s nudge® to Improve Personalization, Mobile-First Communication

Larky, a fintech provider helping financial institutions proactively connect with their audience in the right place and at the right time, announced its launch with Marshfield, Wis.-based Forward Bank. The bank has launched Larky’s nudge® push notifications to offer its account holders more personalized, timely communications. With more than $930 million in assets, Forward Bank is a customer-owned, independent community bank that services central Wisconsin residents and surrounding areas.

Mondu Launches MonduSell A New Payment Solution for B2B Multichannel Sales

Mondu, the fast-growing B2B payments company, has announced MonduSell, a new solution for B2B merchants offering flexible payments on every sales channel: field sales, tele-sales or email orders. MonduSell provides the most popular B2B payment methods and flexible terms while conveniently processing orders from any sales channel in real-time. It is estimated that 56 percent of B2B buyers feel there is a gap between the existing experiences offered by B2B sellers and their evolving needs for purchasing.

Nucleus365 Launches European Instant Payments - Rapid Transfer

Nucleus365, a UK-based payment institution offering a centralised platform for global payment processing, FX and connected banking, has launched Rapid Transfer payment options for its European merchants. Rapid Transfer allows customers to pay merchants instantly using their online banking details, providing same-day settlements of funds.


Merger & Acquisition

FNZ to Acquire ifsam, the Luxembourg-based B2B Fund Platform, to Strengthen Global Client Proposition for Asset Managers and Distributors

FNZ, the global wealth management platform, has agreed to acquire International Fund Services & Asset Management SA (ifsam), a Luxembourg-based B2B fund platform.  The acquisition, which is subject to regulatory approval, will strengthen FNZ’s global client proposition for both asset managers and distributors, adding advanced product, research, data and service solutions to its existing end-to-end wealth management platform. 

Tide Acquired Funding Options Following FCA Approval 

Tide, the leading digital business banking platform, has completed its purchase of Funding Options, a UK marketplace for business finance, following FCA approval. The proposed acquisition was announced in November 2022. Funding Options will operate as a separate brand within Tide, with work underway to merge Tide’s existing credit intermediation business with Funding Options. This part of the business is being led by Funding Options CEO, Simon Cureton, and is now called Tide Partner Credit Services.


Job Moves

Bibby Leasing Announces New Appointments to Drive Growth Strategy

Bibby Financial Services’s (“BFS”) asset finance division, Bibby Leasing, has announced a series of new hires and a refocused growth strategy to increase lending throughout the UK. With over 50 years’ combined experience in asset finance, the new team will support the business’s strategy, led by Managing Director, Sean Neville. The new hires follow the appointment of Brian Cartwright as Director of Strategic Partnerships & Market Expansion last year and the return of Rebekah Middleton as Head of Corporate & Structured Transactions, after almost two years with Time Finance.

John Woods Appointed Chief Revenue Officer at Zenus Bank

John Woods has been appointed Chief Revenue Officer (CRO) at Zenus Bank, the U.S. Bank that allows people and businesses around the world to open a true U.S. bank account without the need to be a U.S. citizen or resident. In the newly created position, John will take responsibility for driving client acquisition and revenue growth for the Retail, Corporate and Banking-as-a-Service business units within the bank.

Corserv Announces Payments Industry Veteran Anil Goyal as New CEO

Corserv, a company that empowers banks and fintechs with payment card issuing programs, announced that Anil Goyal has been appointed as the new CEO of the company. Former CEO, Jerry Craft will now serve as Chairman of Corserv and will continue to be actively involved in strategic decision-making and leadership for the company. Goyal co-founded Corserv in 2009 with Craft and others. He was named President of the company in 2020.

BankiFi Adds Banking Veteran Steve Ellis to Board of Directors

BankiFi, a leading provider of embedded banking solutions, has selected Steve Ellis as the board’s newest member. Ellis’ addition to the team is just the latest in BankiFi’s recent dedication to the North American market. Ellis has over 35 years of experience in banking, leadership and financial services. Ellis was formerly the executive vice president and head of the innovation group at Wells Fargo, having previously spearheaded the group of their wholesale service.

Tuum Appoints New Chief Revenue Officer to Accelerate Global Growth of its Next-generation Banking Technology

Tuum, the next-generation core banking platform, has announced the appointment of Edgardo Torres-Caballero as Chief Revenue Officer (CRO). The company is seeing strong demand for its technology with an Annual Recurring Revenue of almost 400% on last year. The appointment is part of Tuum’s wider strategy to support continued and accelerated growth which also includes setting a strong focus on strategic partnerships as a key strategic pillar for expansion.   

Pipe Names Seasoned Fintech Leader Luke Voiles as New Chief Executive Officer

Pipe, creator of the world's first trading platform for revenues, announced Luke Voiles will become the company’s next Chief Executive Officer and will join its board of directors as of February 20, 2023. The company has also appointed Albert Periu, the CEO of Zilch USA Inc, to its board of directors. 

Drawbridge Continues to Prioritize Software Innovation, Appoints New Chief Product & Technology Officer

Drawbridge, a premier provider of cybersecurity software and solutions to the alternative investment industry, announced the appointment of Nick Pastoressa as Chief Product & Technology Officer. Pastoressa will oversee the company’s technology strategy and platform evolution, product innovation and lead the product and technology teams.  

MAP Welcomes New Members to its Executive Leadership Team

Member Access Processing (MAP), the nation’s leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform to credit unions, announced it has promoted two officers to its Executive Leadership Team. Jeff Sims has been named Chief Financial Officer and Tim Bornemeier has been named Chief Implementation Officer. The two will serve as strategic leaders and provide new insights as part of the company’s eight-member Executive Leadership Team.  

Conferma Pay Announces Appointment of Jason Lalor as Chief Executive Officer

Conferma Pay and Sabre Corporation announced the appointment of Jason Lalor as Chief Executive Officer of Conferma Pay.  The appointment follows Sabre’s acquisition of Conferma Pay in August 2022, and its announcement of a new partnership and minority investment by Mastercard in November 2022 – which was completed on January 31, 2023. 

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