More than half of European small businesses struggle with accessing financing. In response, the Swedish fintech company Froda expands its partnership with Visa, a world leader in digital payments, to scale embedded SMB lending across Europe. This enables other fintechs, banks, and neobanks to access Froda’s card-based embedded lending product to offer business loans to their customers.

Over 50 percent of European small businesses lack external financing, even though it’s a necessity in order to thrive and grow.* In the face of economic headwinds, access to finance becomes even more challenging. The partnership between Froda and Visa aims to help SMBs access financing in real time through automated credit decisioning and instant Visa Direct payouts.

“The extended partnership marks an important step in evolving the SMB landscape in Europe. Our joint efforts to promote the card-based embedded lending solution underline our commitment to fostering innovation for our clients and partners, so that they in turn can support the growth of small and medium-sized enterprises” says Philip Konopik, Regional Managing Director Nordics & Baltics at Visa.

This partnership focuses on the adoption of a card-based embedded lending solution. Card-based lending operates similarly to a traditional business loan for SMBs, but offers increased speed and convenience. It is widely accessible across markets, thanks to the extensive global network of Visa’s card infrastructure.The product creates opportunities for other fintechs and banks to scale their businesses and expand their offerings.

“This is a milestone for us and for SMBs across Europe. We are excited about what we have achieved so far and are confident that our innovative approach to SMB lending will continue to make a positive impact. The expansion plans across Europe demonstrate our dedication to reaching more SMBs and driving economic empowerment through accessible financing solutions” says Olle Lundin, CEO and co-founder of Froda.

Since the product was launched in June, card-based embedded lending is now available in Denmark via Lunar and in Germany via Kontist, a part of Ageras Group. The plan for the partnership is to embark on an ambitious expansion across Europe. The focus includes identifying new markets and partners. This expansion aligns with the companies’ commitment to providing accessible and innovative financial solutions to SMBs across Europe.

“Since the product´s launch in June, we have successfully gone live with two partners in two markets and have seen a great interest within the industry. We look forward to expanding the product to additional markets, providing more entrepreneurs with access to finance” says Stella Snickare, VP Froda Embedded.

*Eurostat, Statista, Allianz, Froda

Dwolla, a leading U.S.-based account-to-account payment solution, announced the launch of its groundbreaking Open Banking Services today. These built-in open banking integrations extend Dwolla's account-to-account (A2A) offering to include instant account verification, balance checks and fraud mitigation. Dwolla's Open Banking Services empower mid- to enterprise-sized businesses with the functionality they need to offer fast and secure A2A payments through Dwolla's single API.

"Our vision with Dwolla's Open Banking Services is to empower businesses with a seamless, all-in-one solution for A2A payments," said Dave Glaser, CEO at Dwolla. "By consolidating essential A2A payment functionalities under one roof, we aim to simplify the payment landscape for businesses, enabling faster time-to-market and improved operational efficiency."

Traditionally, navigating the complexities of A2A payments has been a challenge for businesses, often requiring multiple vendors, APIs and technical integrations. Dwolla enables enterprises to digitally transform their payments by offering a comprehensive, modern solution encompassing instant account verification, balance checks, fraud mitigation and A2A transfers through a unified integration.

Dwolla's Open Banking Services offer a host of benefits to businesses, including:

• Comprehensive Solution: Dwolla's single API enables enterprises to create rich payment experiences embedded within their applications through access to open banking services, including verification of customer and business records and the secure exchange of account credentials.
• Reduced Time and Effort: Dwolla's single API allows enterprises to enable fast and secure A2A transactions through a single vendor. Dwolla simplifies the integration process by streamlining contract management, technical integration and ongoing maintenance efforts.
• Modular Approach: Dwolla's scalable and customizable solution is built to fit the specific needs of mid-to-enterprise clients.

Dwolla simplifies the A2A payment experience through its Open Banking Services by pre-integrating with leading open banking service providers. This pre-integration ensures a smoother implementation process for businesses, reducing complexity and accelerating time-to-market for A2A payment solutions.

With Dwolla's Open Banking Services, businesses can embark on a journey towards more efficient, secure and streamlined A2A payments.

Kraken, one of the longest-standing and most secure cryptocurrency exchanges, is delighted to announce the launch of Kraken Institutional, a new umbrella brand for a number of Kraken’s existing products and services aimed at institutions, asset managers, hedge funds, and high net-worth individuals. Kraken Institutional intends to provide a one-stop shop for innovative and bespoke solutions for the unique needs of Kraken’s institutional client base.

Kraken Institutional will be the single point of contact for reliable, scalable and easy-to-integrate solutions for institutions seeking exposure to the crypto asset class. It pulls together the Kraken products and services institutions already use, including spot trading, OTC trading and staking.1 Kraken Institutional will be protected by world-leading cybersecurity and supported by an award-winning account management team.

Kraken has a peerless reputation as one of the most reliable and reputable players, with one of the fastest and most liquid marketplaces in the industry. It is already ideally suited to be the primary trading venue for institutions that prize speed above all else, as well as those who prefer the white glove treatment.

“If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience,” said David Ripley, CEO of Kraken. “We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”

Tim Ogilvie, who came to Kraken via the acquisition of Staked, the leading non-custodial staking platform for institutions, will take over as the Global Head of Institutional. He’ll be joined by some of the most experienced engineers, product specialists, and traders in the crypto space today. Institutions need reliable, scalable and easy-to-integrate solutions and the team behind Kraken Institutional will meet the level of quality clients have come to expect.

“Institutional adoption of crypto is growing rapidly, and with the launch of Kraken Institutional we’re poised to grow with this client segment,” said Tim Ogilvie, the new Global Head of Institutional. “The recent ETF approval has spurred broader institutional demand; with Kraken Institutional, Kraken is pulling together products and services to meet the needs of institutional clients. Like crypto itself, Kraken Institutional is moving fast: expect more to come in the near future.”

Klarna today announced its AI assistant powered by OpenAI. Now live globally for 1 month, the numbers speak for themselves:

• The AI assistant has had 2.3 million conversations, two-thirds of Klarna’s customer service chats
• It is doing the equivalent work of 700 full-time agents
• It is on par with human agents regarding customer satisfaction score
• It is more accurate in errand resolution, leading to a 25% drop in repeat inquiries
• Customers now resolve their errands in less than 2 mins compared to 11 mins previously
• It’s available in 23 markets, 24/7, and communicates in more than 35 languages
• It’s estimated to drive a $40 million USD in profit improvement to Klarna in 2024

Klarna has also seen a massive improvement in communication with local immigrant and expat communities across all our markets thanks to the language support. 

Available in the Klarna app, the assistant is designed to enhance the shopping and payment experience for Klarna’s 150 million consumers worldwide, capable of managing a range of tasks from multilingual customer service to managing refunds and returns, and fostering healthy financial habits. This launch marks a significant leap forward in Klarna's vision of a fully AI-powered financial assistant aimed at saving consumers time, worry and money, while making the global retail banking industry more efficient and consumer-focused. Exciting new features are already in the pipeline and will be added to the AI assistant soon. Additionally, customers can still choose to interact with live agents if they’d prefer.

"Klarna is at the very forefront among our partners in AI adoption and practical application,” said Brad Lightcap, COO of OpenAI. “Together we are unlocking the vast potential for AI to boost productivity and improve our day-to-day lives."

“This AI breakthrough in customer interaction means superior experiences for our customers at better prices, more interesting challenges for our employees, and better returns for our investors.” said Sebastian Siemiatkowski, co-founder and CEO of Klarna. “We are incredibly excited about this launch, but it also underscores the profound impact on society that AI will have. We want to reemphasize and encourage society and politicians to consider this carefully and believe a considerate, informed and steady stewardship will be critical to navigate through this transformation of our societies.

The following key features are currently available to consumers worldwide:

• A 24/7 customer service expert: Klarna's AI Assistant is a dependable, always available resource for all customer service needs. It proficiently handles a wide array of queries, including refunds, returns, payment-related issues, cancellations, disputes, and invoice inaccuracies, ensuring swift and effective solutions.
• Your personal financial assistant: Klarna's AI Assistant offers real-time updates on your outstanding balances and upcoming payment schedules, ensuring you never miss a Klarna payment. It also provides a clear understanding of your purchase power, explaining your spending limits and the reasons behind them, empowering you to make informed and confident shopping choices.
• Multilingual chat support: Do you speak Arabic? نعم بالطبع!  And how about French? Oui bien sûr, comment puis-je vous aider? Wherever you're from and whatever you speak, Klarna’s AI Assistant is always ready to chat in your mother tongue – adept at handling inquiries in over 35 languages. 

Yapily, a leading provider of open banking solutions, is delighted to announce its partnership with Uncapped, a pioneering fintech providing working capital funding to scaling brands retailers and merchants across UK, EU and US. This collaboration significantly bolsters progress in the financial lending sector and democratises access to capital for online companies.

Yapily’s open banking platform plays a crucial role in enabling Uncapped to meet and exceed its ambitious goals with accelerated speed and expanded coverage. Alongside Yapily, Uncapped is able to provide funding and offer continued support to growing businesses.

Funding businesses with speed and efficiency

The decision to partner with Yapily was driven by several key factors that align perfectly with Uncapped’s vision and operational needs. Yapily’s exceptional customer support, comprehensive bank coverage, particularly in key markets like the UK, and its ability to facilitate accelerated growth opportunities stood out as pivotal advantages. Furthermore, Yapily’s efficient communication and adaptability have proven instrumental in supporting Uncapped with its 3 core objectives; greater speed, connectivity, and support for businesses as they grow.

Yapily’s query response is faster than Uncapped were previously able to access, regularly receiving thorough and detailed responses within a day. This resulted in response time doubling in speed, which meant a much quicker experience for Uncapped end users.

Stefano Vaccino, CEO and Founder of Yapily, commented “This partnership portrays the power of our open banking platform coming to life to drive better and faster funding to businesses, enabling them to grow globally. Yapily is designed to empower our clients with speed, efficiency, and expansive bank connectivity across Europe. We are excited to see how this partnership evolves and continues to break new ground in the lending sector.”

Extensive coverage and enhancing customer experiences

Yapily’s extensive banking coverage and geographical reach have been crucial in supporting Uncapped’s expansion plans.

“Yapily has enabled us to further our penetration in existing markets. For example, in the UK, we are able to connect with far more banks than our previous provider allowing us greater coverage in our domestic market,” said Piotr Pisarz, Uncapped CEO and Founder. “In addition to existing markets, the outlook is promising for new territories as Uncapped looks to launch new markets in the near future.”

The shift to Yapily was a strategic move by Uncapped to embrace a more advanced technological infrastructure and proactive problem-solving capabilities. “The transition to Yapily reflects our commitment to leveraging the most effective solutions in the market. Their superior technology and responsive support are pivotal in enhancing our operational efficiency and adaptability,” commented Piotr Pisarz.

Since the inception of this partnership, Uncapped customers have experienced a tangible improvement in service quality. “We benefit from having direct access to dedicated support from the Yapily team, meaning that we can resolve any issue with speed and precision. The impact of this is that the connection process and flow for our customers is far smoother creating a better experience for them and allowing us to help them faster than we were able to before” added Piotr Pisarz.

Feedzai, a global leader in fighting financial crime with AI, has partnered with UK Finance, the trade association representing the banking and financial services sector in the UK. 

For the second consecutive year, Feedzai has been selected by UK Finance as the lead sponsor and contributor for its Annual Fraud Report. The 2024 edition will explore key fraud trends and the challenges and opportunities for the UK banking and finance industry as it continues to protect consumers from fraud and financial crime. 

Combining data supplied to UK Finance by several of its largest banking and financial services members with its sector expertise, Feedzai will provide insight into the number of fraud cases and the value of fraud losses in the UK. It will also provide additional analysis of the emerging trends and the incidence of particular types of fraud. 

Commenting on the renewed partnership, Pedro Barata, Chief Product Officer at Feedzai, said: 

“We are pleased to be trusted by UK Finance once again to be their partner in delivering the Annual Fraud Report, which underscores our commitment to working at the forefront of this space alongside the most reputable partners and trade bodies. 

With financial crime evolving every single second, minute, and hour of the day, the report is a valued resource for all professionals in the banking and financial services industry looking to obtain a 360-degree view of the fraud environment.”

Lee Hopley, Director, Economic Insight and Research at UK Finance, added:

“Our Annual Fraud report highlights the ever growing issue of financial fraud and we are looking forward to continuing our partnership with Feedzai for a second year. Our Annual Fraud Report is a key marker in evaluating the ongoing fight against financial crime and Feedzai’s industry knowledge and additional insight will be a valuable asset to the report, making it a valuable resource for the industry.”  

Basware, a global leader in AP automation and invoice processing, has announced the appointments of Anssi Ruokonen as its Director of AI Research and Enablement, and Barrett Schiwitz as its new Chief Information Officer (CIO).  

Ruokonen will further enhance AI technology within Basware’s product and service offering, while Schiwitz will oversee Basware’s digital transformation projects to deliver an ever-improving customer experience.  

Generative AI has the potential to generate upwards of $4.4 trillion across all industries, according to McKinsey. Basware’s AI strategy is centred around expanding its innovation lead within its product offering and doing better with its customer experience. 

The company is already utilising AI through its SmartPDF system which automates the conversion of machine-readable PDFs to e-invoices with over 97 per cent accuracy, removing the need for outdated manual processes. Last year, Basware also teamed up with Microsoft to announce the use of ChatGPT within its customer support function, called AskMary. 

Ruokonen will lead Basware’s AI development, shaping the company’s strategy, research and approach to AI, implementing AI technology to optimise Basware’s product offering and enhance operations across the business. He joins from AI firm Fluentic where he served as Chief Product Officer.  

Ruokonen will be based in Helsinki, Finland and be part of Basware’s Products, Cloud Engineering & Operations (PCE&O) function. 

Anssi Ruokonen, Director of AI Research and Enablement, Basware, said: “Basware’s commitment to leveraging AI in transforming business operations is exciting and I’m fascinated by AI’s potential in revolutionising industries. Basware's position enables us to leverage AI in every aspect of our business, directly translating to increased customer value. By automating routine tasks, AI frees up human intellect to focus on creativity and strategic thinking. The democratisation of AI means not just easing existing work, but empowering every team member with new capabilities.”  

Basware is a world leader in AP automation, developing and integrating AI solutions to deliver benefits across the invoice processing cycle, including invoice capture, data extraction and PO (purchase order) matching. Through SmartCoding, Basware further automates the coding of invoices without a PO. SmartCoding leverages AI and uses the history of a supplier’s invoices to automatically code and send invoices along the workflow by creating rules for non-PO invoices. Basware Insights has further harnessed AI to identify the risk of late invoice payments, capture early payment discounts, and analyse patterns in transaction data to help predict cash flow.  

Meanwhile, as Chief Information Officer (CIO), Barrett Schiwitz will oversee Basware’s digital transformation projects including the technological advancement and management of Basware’s internal digital transformation to allow staff to better serve customers. The project will completely revamp Basware’s systems and data across all functions, starting with customer-facing areas. This initiative will be supported by major investments in new systems and education to empower staff to deliver more value to customers. 

With more than 30 years’ experience in the technology sector as a transformation leader, implementer and software developer, Schiwitz will strengthen Basware’s technology team as part of the company’s overall digital strategy. Prior to Basware, Schiwitz served as SVP of Integration and Business Transformation at tech firm Snap One.  

Based in Atlanta, Georgia, Schiwitz will be a part of the executive team and report to CEO Jason Kurtz. 

Barrett Schiwitz, Chief Information Officer, Basware, said: “Technology plays a central role in any successful business, from finance functions to sales and marketing, and Basware’s emphasis on innovation with products and services that make a difference stood out from the rest. I’m excited to be a part of the team and leverage my experience to make an impact by leading the digital transformation strategy across the business to make technology work better for employees and customers.” 

AU10TIX, a global technology leader in identity verification and management, today launched an innovative Know Your Business (KYB) solution that enables companies to know exactly who they are doing business with and avoid potential financial and reputational losses. By combining KYB with Know Your Customer (KYC) processes, the offering addresses every KYB business need, from sole traders to corporates, including KYC for UBOs and associated entities.

Increasingly rigorous regulatory demands are forcing businesses across all sectors to collect and analyze more data about the identities of their partners and vendors. Companies must also ensure that they are not working with unscrupulous businesses involved in identity theft, fraud, money laundering, terrorist financing or other crimes. However, most available KYB solutions are limited in scope, forcing companies to engage with multiple vendors for KYC, forgery tests, serial fraud detection and other crucial capabilities.

AU10TIX’s unified KYB and KYC solution provides a comprehensive check against 200+ jurisdictions and over 1000 government registries in one automated workflow. It provides thorough and comprehensive checks within seconds, while other vendors require days and rely on unofficial and potentially outdated databases. The new solution also provides full profiling and continuous monitoring, ensuring business integrity for compliance and risk management.

AU10TIX’s KYB solution comes in three packages:

• Business Validation enables a quick and efficient Proof of Business (POB) verification process by confirming essential identification details, including business name and ID, address, country, registration date, and official status.
• Sole Trader Verification extends Business Validation to validate both the company and owner with automated KYB + KYC risk evaluation through one API call.
• Enterprise Verification extends Business Validation with several additional benefits and features, including:
  • Continuous monitoring to ensure compliance, detect changes, and manage risk in real time across all entities
  • In-depth KYC risk assessment of all related entities, Ultimate Beneficial Owners (UBOs), officers, directors and stakeholders linked to the organization in question.
  • Robust AML screening against sanctions and Politically Exposed Persons (PEP) watchlists.
  • Seamless AI-based Proof of Business (POB) collection, extraction, validation, and registry comparison, with added forgery checks.

"Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world,” said Dan Yerushalmi, CEO of AU10TIX. “Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

Key benefits include:

●        Fully automated and unified KYB and KYC process - End-to-end automation in one flow for increased speed and accuracy

●        Advanced document verification - AI-powered tech quickly and accurately verifies various documents to authenticate the legitimacy of the business

●        Case management dashboard - Enables user-friendly management of check results

●        Comprehensive scoring mechanism - Provides scoring based on an advanced algorithm, for informed decision-making and risk measurement

●        Single API call for both business and individual verification - Reduces cost by requiring only one payment for both KYB and KYC record checks

●        Global coverage - Offers insights into ownership structures across 200+ countries

In addition to this new business offering, AU10TIX will also be addressing fraud through a joint webinar on Tuesday, March 5 at 11:00 am EST. AU10TIX and Frost & Sullivan will host an exclusive session on “Disrupting Fraud with AI: Actionable Insights to Effectively Combat Fraud.” Register here to take a deep dive into the world of fraud detection and prevention.

MoneyHash, the first and leading payment orchestration platform in the Middle East and Africa (MEA), has successfully raised $4.5M in a seed funding round. The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators.

Despite the significant slowdown in market activity, this investment illustrates the market’s confidence in MoneyHash and its potential for continued growth and market leadership. MoneyHash's proprietary payment orchestration platform and end-to-end payment operating system have garnered acclaim for their innovative approach to streamlining payment processes, making it the top choice for businesses seeking efficient and scalable payment infrastructure. This funding will enable MoneyHash to further invest in its technology and expand its regional business growth initiatives.

The payment landscape in the MEA is highly fragmented. Each country has tens of payment providers and methods, developing payment regulations, limited economic integration with other markets, and a diverse set of customer preferences and market dynamics.

The complexity of the ecosystem is compounded by the region's susceptibility to payment fraud, low checkout conversion rates, and increased transaction failures. "COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler," says Nader Abdelrazik, co-founder and CEO of MoneyHash.

Abdelrazik adds, "However, the opportunity is enormous. MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in."

MoneyHash offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants. Elena Panchenko, the Chief Product Officer of MoneyHash, emphasizes, “Payment challenges are intertwined. Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”

MoneyHash's product includes a unified API to integrate pay-in and pay-out rails, a fully customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralized transaction reporting hub. This is complemented by tools enabling various use cases such as virtual wallets, subscription management, and payment links.

Elena adds, “An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise.”

MoneyHash product promises a 10-20% increase in revenue generation and a 90% decrease in development cost.