27/06 – Weekly Fintech Recap

  • Payments , Data , FinTech StartUps , IT Innovations , M&A Deals , People Moves
  • 27.06.2022 09:00 am


Phundex Limited and Gibson Strategy Formed a Strategic Alliance

Phundex and Gibson Strategy announced a strategic alliance to leverage our combined expertise within the global private wealth sector. The Phundex Management team has helped clients across the financial services sector leverage technology to improve efficiencies, meet regulatory requirements, and reduce costs and operational risk. Gibson Strategy has expertise in experience-led research, business development, and growth in the private wealth sector. 

G2G Partners with TripleA for Cryptocurrency Payments

G2G, one of the world’s leading digital marketplaces, has partnered with TripleA to enable customers to make purchases on their website with cryptocurrency. Now, over 2.7 million G2G users can shop for in-game items and services, as well as various digital goods using Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). G2G has supported more than 200 payment options across the globe prior to the partnership, and accepting digital assets will make the marketplace even more flexible for customers, especially those who own and transact regularly with crypto.

TransUnion Helps Millions Check Credit Health With Lloyds Bank

TransUnion, a global information and insights company, is empowering customers of Lloyds Bank to look after their credit health with free access to their TransUnion credit score via an interactive dashboard. The Lloyds Bank ‘Your Credit Score’ service, which uses TransUnion’s Consumer Platform, is filling a clear demand – with almost one million of the bank’s customers checking their credit score for the first time in April.

SentinelOne Expands Singularity Marketplace with New Integrations for SIEM, SOAR, and Malware Analysis

SentinelOne, an autonomous cybersecurity platform company, has announced integrations with IBM, Swimlane, and Intezer, increasing use case offerings available via SentinelOne’s Singularity Marketplace. The new integrations cover security information and event management (SIEM), security orchestration, automation and response (SOAR), and malware analysis.

APEXX Partners with Scott Dunn, Streamlining Payments Across Global Travel Markets

APEXX Global, the multi-award-winning global payments platform, has partnered with Scott Dunn, the luxury tour operator, to increase transaction efficiency and boost conversion rates across the United States and Singapore. This follows APEXX’s successful integration with Scott Dunn in the United Kingdom in January 2022. APEXX combines acquirers, gateways, shopping carts and Alternative Payments Methods into one API connection. 

TS Imagine Connects to Coinbase Prime and Provides Clients with Another Venue for Regulated Cryptocurrency Trading

TS Imagine, a global leader in trading, portfolio and risk management solutions for capital markets, has successfully connected with Coinbase Prime, the prime broker for digital assets, to offer institutional clients a fully regulated path to trade cryptocurrencies. TS Imagine clients can now connect to Coinbase Prime with TradeSmart, the all-asset execution and order management system, and use the full range of crypto-trading functionality native to the TradeSmart platform.

China Construction Bank, ADDX To Partner On China Offshore Investments

China Construction Bank (Chongqing and Singapore branches) and ADDX have entered a partnership to help domestic investors in China participate in the country’s official offshore investment scheme. The financial institutions announced today the signing of a memorandum of understanding (MOU) that paves the way for them to work together on the custody and distribution of a US$200 million quota allocation under the QDLP scheme.

Tillful Announces Partnership With Experian to Help Small Businesses Get the Credit They Deserve

Small business credit platform Tillful, backed by ING Ventures, Experian Ventures, Bitrock Capital, and Katalyst Ventures, announced that it's partnering with Experian® to help establish credit profiles for businesses that are new to credit or otherwise credit invisible and thereby potentially expand the range of credit options that can be made available to them. According to the U.S. Census Bureau, the creation of new businesses is booming with over 5.4 million new business applications filed in 2021.

Finastra and ITC Infotech Extend European Partnership to Deliver Treasury Automation in the Cloud

Finastra announced a strategic partnership with ITC Infotech to deliver Finastra’s Fusion Kondor cloud-based Treasury as a Service solution to its growing customer base in Europe. Customers will benefit from increased automation of treasury services, an evergreen system that keeps pace with regulatory change, and rapid time to go live for new features and functionalities. The partnership strengthens Finastra’s long-standing relationship with ITC Infotech.

Interswitch and Compass Plus Technologies Partner to Ease Payments Across Africa

Interswitch, Africa’s leading integrated payments and digital commerce company, and Compass Plus Technologies, an international provider of retail banking and electronic payments software, have announced a partnership to further strengthen Interswitch’s payment card processing capacity in Africa. The strategic partnership will see Interswitch utilise TranzAxis, an award-winning, token-based, cloud-native and API first open development payments platform developed by Compass Plus Technologies with innovation at its core, for Verve, Visa and Mastercard credit card processing.

Citi Partners with METACO to Develop Institutional Digital Asset Custody Capabilities

Citi announced that it has selected METACO to develop and pilot digital asset custody capabilities. This collaboration brings together METACO’s technology and digital solutions with Citi’s expansive custody network to develop a platform to enable clients to store and settle digital assets seamlessly and securely. Citi intends to fully integrate METACO's bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities.

Embedded Finance Startup Kernolab Partners with Ondato for KYC and Compliance Boost

Kernolab, the Vilnius-based fintech startup that focuses on helping businesses drive value through embedded finance solutions, is partnering with Ondato for all KYC compliance capabilities. The partnership comes as Kernolab prepares to make inroads in the booming marketplaces vertical, where merchant onboarding is heavily reliant on smooth KYC and compliance checks.

IXOPAY partners with Concardis

Leading payment orchestration platform IXOPAY has partnered with Concardis / Nets Group, a payment service provider that provides a complete service for cashless and digital payments. Together they give businesses access to state-of-the-art infrastructure and payment processing. IXOPAY’s intuitive architecture and three solutions give merchants complete control of their payment setup no matter their size.

SEON Announces Partnership with Provenir to Help Customers Fight Fraud

Global fraud fighters, SEON announced a new partnership with Provenir, a global leader in AI-powered risk decisioning software for the fintech industry. The exciting partnership will help organizations to build powerful new fraud prevention solutions. With its innovative technology, Provenir provides an AI-powered decisioning platform that can assess risk in areas like identity, credit, and fraud. 

ChainUp Inks Strategic Partnership with Asset and Wealth Management Firm Bedrock

ChainUp Group, a blockchain technology solutions provider, announced a strategic partnership with Singapore-based asset and wealth management firm Bedrock Trust Pte Ltd (“Bedrock”). This marks a significant first step in the collaboration between both firms to strengthen their core competencies and provide clients with comprehensive digital asset management solutions.

Bitbns Collaborates with Tradetron to Facilitate Automated Trading

Bitbns, a leading Indian cryptocurrency exchange, has partnered with Tradetron, the country's most widely used algorithm automation platform, to facilitate automated crypto trading for its traders and investors. With this strategic partnership, Bitbns aims to empower its users to automate their investment strategies while facilitating seamless trading and investment in the digital asset class.



Muse Finance Launches Combined Supply and Invoice Finance Solution

Muse Finance, the business finance startup, announced that it has launched a new solution combining supply finance and invoice finance, to help businesses pay overseas suppliers while unlocking cash tied up in their pending invoices. Muse developed the new business finance product after recognising a rising demand for an extension to working capital in the UK. With Supply Finance, Muse pays suppliers on its customers’ behalf for goods they are bringing into the UK from overseas for their business.

Revolut to Launch its "Responsible" BNPL Product Across all of Europe

Pay Later will be the first BNPL product in Ireland with an approved credit limit and affordability. Customers won't be limited to select merchant agreements while using Pay Later. In Ireland, where Pay Later will launch first, 1.9 million adults hold a Revolut account. The challenger bank will sell the product in Poland and Romania by 2022.

Mastercard Spearheads New Web3 and Crypto Community to Make Emerging Tech more Accessible 

Mastercard, alongside leading industry influencers, announces the launch of The Belle Block™, a new community focused on educating and empowering women and non-binary individuals to benefit from Web3 technology and crypto. Mastercard believes in the power of technology and its ability to build a better future that includes everyone. The technology company is creating a platform that prioritizes education, listening and learning from a diverse community - bringing more people into the digital ecosystem safely and securely.

Fintech Wirex Launches Services for New and Existing Customers in the UK

Wirex, a leading digital payments platform, revealed a variety of features for new and existing customers in the UK. Following constructive dialogue with UK regulators, the Financial Conduct Authority, the company has announced that they will be resuming services in the UK. Founded with the goal to help users make the most out of their money, Wirex is an innovative payments platform that gives customers the ability to buy, hold, exchange and sell multiple different currencies from a centralised, intuitive app.

Wealth Dynamix Launches First Simplified Client Lifecycle Management Benefit Calculator for Wealth Managers

Wealth Dynamix today announces that they have launched the first CLM benefit calculator for Wealth Managers. Using a handful of typical use cases throughout the client lifecycle, the benefits calculator gamifies business case generation by allowing firms to generate the likely benefits of mitigating to a digital-first CLM platform - all reflected in terms of revenue in, or costs out of the firm.

AstroPay Launches VISA Debit Card

AstroPay, the online payment solution of choice for over six million users worldwide, has launched its new product in Europe, a VISA debit card. This move expands the reach of AstroPay’s user base while simultaneously providing existing customers with more benefits. The product will be available in Europe with the launch in other markets expected in the next few months.

Impel Launches Next-Gen Alternative to SWIFT, SEPA on the XDC Network

Impel and the XDC Network (XinFin) announced the official launch of Impel, an alternative solutions platform for quickly and securely sending ISO 20022-compliant financial messages. It includes the option to add $XDC as collateral for instant settlement and a bridge to the R3 Corda platform for future-facing banks and fintechs.Impel was created as a cost-effective alternative to legacy financial messaging solutions, like SWIFT and SEPA, providing an interoperable standard for financial data exchange while also streamlining settlement and reconciliation.

ION Launches FI EMS to Simplify Fixed Income Trading

ION, a global leader in trading, analytics, treasury, and risk management solutions for capital markets, commodities, and treasury management announces the launch of a new product for both buy and sell-side fixed income traders. ION’s new FI EMS will ease challenges around selecting counterparties and sourcing liquidity by digitalizing the entire dealer-to-customer (D2C) trading process.

Klarna Hits the High Street with New Loyalty and In-store Payment Features in the UK

Klarna, a leading global retail bank, payments, and shopping service announced the launch of its new Loyalty Card feature in the Klarna App. This allows app users to store and access their physical loyalty cards as digital versions, removing the need to carry plastic equivalents while shopping in-store. In addition, Klarna today launched its new in-store payment feature “Digital Cards”, empowering UK consumers to pay for any purchase in three, interest-free instalments in the physical stores of participating retailers.

PPRO Adds Gojek’s GoPay to its Comprehensive Indonesian Payment Method Offering

PPRO, the leading provider of digital payments infrastructure, has integrated Gojek’s GoPay e-wallet onto its platform, taking PPRO a step closer to offering complete Indonesian market coverage. According to the World Economic Forum, the Indonesian market is expected to be the fourth-largest consumer market in the world by the end of the decade, with close to 76 million Indonesians joining the consumer class by 2030. 

Following 3AC Insolvency Crisis, OKX Launches Custody Trading Sub-Account to “Solve Trust Issue”

OKX, the world-leading cryptocurrency platform, announced the launch of its Custody Trading Sub-Account product for customers looking to benefit from trading team strategies and institutional and high-net-worth investors. Custody Trading Sub-Account involves OKX acting as a trusted third party between the investor and their money manager or trading team. The product mitigates the risks investors face by granting them greater control over their investments and delivering multi-layered risk management.

The World's First Hybrid DEX is Launched by Delta.Theta and Just2trade, Opening Crypto Trading to Major Financial Institutions

Fintech company Delta.Theta has launched the world's first decentralized and regulated P2P options exchange. Through partnering with regulated broker Just2trade, the platform is able to ensure KYC/AML processes, followed by gaining access to the P2P crypto trading platform provided by Delta.Theta. 

ComplyAdvantage Launches a Free Tool to Verify Customers Using PEPs, Adverse Media & Additional Data Insights

ComplyAdvantage, a global data technology company transforming financial crime detection, announced the release of  a new tool called ComplyTry, enabling anyone to verify prospective customers using live sanctions, politically exposed people (PEPs) and adverse media data for free. The cornerstone of a successful anti-money laundering (AML) program is not only thorough and accurate identity verification, but also the context that surrounds an identity and whether this context signals any form of illegal behavior, intent, history or association.


Merger & Acquisition

Marygold acquires the UK's Tiger Financial & Asset Management

Marygold & Co.  Limited has announced the completion of its acquisition of Tiger Financial & Asset Management Limited, (“Tiger”) a UK-based investment adviser. Based in Boughton, Northampton, England, Tiger has approximately £42 million in assets under advice. The firm’s core business is managing clients’ financial wealth across a diverse product range.

Payroll Company Papaya Global Acquires a Payment Transfer App

Leading global payroll provider Papaya Global is expanding the range of products and services it provides to its business customers worldwide as a result of its acquisition of the digital money transfer platform Azimo.This follows the announcement that Papaya Global’s valuation has soared to $3.7 billion, which comes on the back of raising an additional $250 million through its latest Series D funding round. 

Raisin Bank Enters the Payments Market by Acquiring Bankhaus August Lenz

German BaaS provider Raisin Bank is entering the payments industry after agreeing to acquire a Bankhaus August Lenz division. No financial details were given. By acquiring the payments business of the German private Bank, Raisin will be able to offer electronic payment transactions and cash solutions to its partners and their clients. Specifically, the company will have access to over 4,500 ATMs in Germany through partnerships with large bank-independent operators, merchants, restaurants, and gas station chains.


Job Moves

Cion Digital Announces Sundar Nagarathnam as New Chief Operating Officer

Cion Digital, developers of the first enterprise SaaS blockchain orchestration platform, announced the appointment of senior executive Sundar Nagarathnam as Chief Operating Officer (COO). Sundar will play a dynamic role in accelerating execution and innovation as the company executes on its growth and expansion goals. Cion Digital, which provides businesses with the infrastructure required to rapidly deploy new compliant crypto-backed payments, finance, and lending systems, has expanded rapidly since launching in 2021.

Matt Parker Joins Closed Loop Partners as CFO & Managing Director

Matt Parker, former Partner & Chief Financial Officer of New  York-based venture capital firm Greycroft, has joined circular economy-focused investment and innovation firm Closed Loop Partners as Chief Financial Officer & Managing Director. Matt will manage the financial operations of Closed Loop Partners’ asset management business as well as the firm’s innovation hub, the Center for the Circular Economy. 

PayFuture Hires ex-Barclays Payments Sales Lead James Scrivens as Direct Global Sales Director as it Enters Nigerian Market

PayFuture, the payment gateway connector allowing merchants the ability to offer multiple local payment methods in global emerging markets, has announced the appointment of James Scrivens as its Global Sales Director. The news comes as PayFuture successfully goes live with its unique technology in the Nigerian market, building on its existing presence in emerging markets including India, Brazil and Pakistan.

Confluence Appoints Sanjoy Chatterjee as Chief Strategy Officer

Confluence Technologies, Inc. (Confluence), the global technology solutions provider helping the investment management industry solve complex investment data challenges, announced the appointment of Sanjoy Chatterjee as Chief Strategy Officer. Chatterjee is also the Managing Director of Confluence’s Investment Insights & Research product division and will be responsible for defining the strategic direction of Confluence to meet the growing demands of the investment management industry across analytics, regulation, and data solutions.

Financial Risk Solutions Appoints Thomas Patterson as Vice President Sales North America

Financial Risk Solutions (FRS), provider of the award-winning investment administration software Invest|ProTM to asset owners, life insurance and investment management companies worldwide, announcedthe appointment of Thomas Patterson to the role of Vice President Sales North America. Thomas joins FRS with 30 years of commercial experience in marketing, communication and sales. 

Marie Luchet Joins ACA Group to Head up ESG Advisory for Europe

ACA Group (ACA), the leading governance, risk, and compliance (GRC) advisor in financial services, announced that Marie Luchet has joined the firm as Managing Director of ESG, heading up the practice’s strategy and vision for Europe. Marie brings 20+ years of experience in sustainable finance, ESG research, and corporate sustainability. She was previously the Director of Continental Europe with Principles for Responsible Investment (UN-PRI), the leading global association in sustainable finance.

AutoRek Appoints New CTO Andrew Elmore

Andrew Elmore has been appointed as Chief Technology Officer at AutoRek. Elmore comes with significant experience as CTO of PagoFX and in C24 Technologies during its sale to Gresham in 2016. He has extensive financial services knowledge gained from previous roles including Head of Technical Architecture at PagoNxt, VP Engineering at Velo Payments and heading up development at SmartStream.

Zumo Appoints Digital Visionary Clark Povey as Operations Director

Zumo, the Edinburgh-based crypto wallet and payments platform, has appointed Clark Povey as its new Operations Director to shape the moments that matter in people's crypto experience. Clark has over 20 years of experience leading global operations at financial services and technology companies. He will oversee Zumo’s operations and customer service strategy, and implement digital-first solutions to help the company to scale and expand geographically. 

Mambu Appoints New Suite of Leaders to Support Future Growth

Mambu, the leading SaaS cloud banking platform, has welcomed four new senior hires as it embarks on the next stage of its ambitious growth. Fintech has appointed Werner Knoblich as Chief Revenue Officer (CRO), Fernando Zandona as Chief Technology Officer (CTO), Tripp Faix as Chief Financial Officer (CFO) and Sabrina Dar as Chief of Staff to the CEO. Knoblich and Zandona both join from global hypergrowth, customer-centric environments - a key element to Mambu’s value proposition.

GTreasury Names Victoria Blake as Chief Product Officer and Ashley Pater as General Manager, Hedge Trackers

GTreasury, a treasury and risk management platform provider,  announced that it has named Victoria Blake as GTreasury’s Chief Product Officer, and Ashley Pater as General Manager at Hedge Trackers. Recently acquired by GTreasury, Hedge Trackers is the global leader in accounting, consulting, and software services that protect clients against financial risk.

Moneyhub CEO Samantha Seaton Joins FDATA Global Board as a Non-Executive Director

Moneyhub CEO Samantha Seaton has joined the Financial Data and Technology Association’s (FDATA’s) Global Board as a Non-Executive Director (NED). As FDATA continues to expand its international reach, the global organisation is completing an initiative to modernise its governance framework; the appointment of four new NEDs is part of this process. Each jurisdiction of operation has appointed a NED from amongst its membership, proposed and selected by the Regional Members Council and Region Director.

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