iDenfy, a globally renowned RegTech company offering ID verification and fraud prevention tools, announced collaborating with Rawcaster, a social media platform designed for influencers and their fans. This partnership will help automatically assess risks related to fraudulent accounts, ensuring that all Rawcaster’s influencers and other social media users are protected against fraudulent attacks. 

Social media platforms not only offer a good experience for the users but also can provide a huge risk due to the popularity of scammers who can easily manufacture a fake persona, for example, by checking into people’s profiles and pretending to be them replicating the age, interests, past purchases costing financial frauds and giving unreliable media experience to its users. The Federal Trade Commission (FTC) found that one in four people who reported losing money to fraud claimed it started on social media. Reported losses to scams on social media during the same period hit $2.7 billion last year.

iDenfy claims that there’s still a high level of anonymity on social platforms, and it fosters criminal behavior when individuals can operate without providing their government-issued identity documents. According to the KYC company’s research throughout the years, users online tend to operate differently when they remain anonymous than when they have to undergo a proper identity verification process. 

Certain industries, such as cryptocurrency or social media, have a stigma regarding KYC. iDenfy further explains that many people online want to remain anonymous because they do not have complete trust in the platform’s security standards or want to remain anonymous due to the platform’s nature, for example, when building a social media profile on a dating site. Rawcaster agrees that encouraging people to share personal information online can be challenging. As a result, the social media company understood that the only way to overcome this challenge was to find a reliable KYC partner with a proven track record. 

To protect social media platforms against internet scammers, Rawcaster decided to partner with the identity solution provider iDenfy. When selecting a partner for identity verification, Rawcaster recognized iDenfy as a credible and secure platform capable of verifying influencers and media users globally. Currently, Rawcaster is best known for its social media platform that provides a comprehensive social media experience, serving as the ultimate hub for influencers and their followers. The platform offers features such as chat, virtual meetings, talk shows, and content posting across video, audio, and text formats. The platform aims to stand out as a unique place catering to diverse social media needs. 

Right now, Rawcaster uses iDenfy's identity verification service as the main solution, ensuring a robust and secure process for verifying the identities of influencers on its platform. This partnership allows Rawcaster to reserve profile information for the correct influencers accurately, thereby enhancing the overall security and reliability of the media platform. iDenfy is committed to actively checking social media registration and including any new system to fight against the global scam snares. As influencers play an increasingly vital role in shaping online conversations, this collaboration aims to create a safer and more positive digital space for users globally.

"Our partnership with iDenfy is rooted in our commitment to providing a secure and trustworthy environment for influencers and their fans. iDenfy's global coverage and robust identity verification solution align perfectly with our vision for Rawcaster," said Edith Viviana Gad, the Co-Founder and President of Rawcaster.

"This partnership shows our commitment to elevating security standards in the social media landscape. At the same time, with our streamlined approach to identity verification, we can help Rawcaster build the simplest onboarding flow for its fast-growing customer base,” added Domantas Ciulde, the CEO of iDenfy.

It’s worth noting that Rawcaster’s future plans consist of creating an even more secure environment for its growing user base, which consists of different types of influencers, including religious leaders, athletes, politicians, actors, activists, and more, helping them connect more closely with their followers. iDenfy’s role in this goal will help the company scale faster in a secure, compliant manner. 

Duetti, a music financing platform democratizing the music business by enabling catalog monetization for independent artists, today announced $90M in new funding. This includes $15M of new equity, alongside a new $75M credit facility. The equity financing is led by Nyca Partners, alongside Viola Ventures, Duetti's lead seed equity investor, and Cohen Circle. The $75M credit facility is provided by Northleaf Capital Partners. The latest funding underscores Duetti's ability to acquire catalog tracks at scale and highlights the increasingly positive long-term financial outlook of the independent music market.

"The music industry has evolved and independent artists are bucking tradition and approaching their careers in new, savvy ways," says Duetti CEO and Co-Founder Lior Tibon. "At Duetti, we are dedicated to making the industry more transparent and unlocking new opportunities for independent artists who are normally overlooked by the investment community and the more traditional label system."

Duetti's model unlocks immediate cash flow for a wide range of artists, allowing them to sell master catalogs, individual tracks, or parts thereof, an opportunity previously only accessible to a small group of A-list artists. The new funding will support accelerated growth of Duetti's catalog acquisitions, development of proprietary advanced prediction and analytics technology, and expansion of unique catalog marketing capabilities. Duetti recently opened offices in New York, Los Angeles, and Miami to support the growing team.

"We are excited to partner with the Duetti team on their creative efforts to provide liquidity to independent artists", says Jeremy Solomon, Partner at Nyca. "The company's data-forward approach combined with its partner-centric model puts Duetti in a position to become a critical and scaled player in the music investment space."

"Northleaf is delighted to partner with Duetti to support the company's continued growth, leveraging our combined expertise to drive industry-transforming opportunities for artists and investors alike," added CJ Wei, Director at Northleaf. "Their innovative systems and operational processes are impressive and we believe they are well-positioned for ongoing success."

Duetti has quickly emerged as an essential business partner and trusted ally for over 250 artists across all genres and career stages - including Olivia O'Brien, Sevyn Streeter, and Łaszewo. Offering a wide range of financial options, Duetti's deals typically start at $10,000, reaching up to $2M per transaction. The independent artist segment has grown exponentially in recent years. According to Luminate, 436,000 total tracks were streamed 1M times or more globally in 2023, a 17% increase versus the prior year.

"I could not ask for much more from Duetti - they bought a number of my tracks and will increase my streaming performance while providing me with upfront cash to help me focus on my next projects," said Brent Morgan, Singer, Songwriter, and Duetti Artist Partner. "Working with Duetti was transparent, fair, and a much needed breath of fresh air in this industry."

Berlin-based Embea has successfully concluded its seed funding round, securing a remarkable €4m.

Embea is among the first companies to extend the emerging trend of Embedded Insurance from covering gadgets to offering life insurance protection. Instead of buying via brokers or from a dedicated website, individuals and families get covered through just a few additional clicks during non-insurance activities, like booking travel or taking out a loan.

With limited access to new venture capital funds, digital platforms, notably digital banks and other fintechs, aim to increase earnings from existing users. Embea enables these players to enhance their platforms by offering life insurance and creating an additional revenue stream. Integration is effortless and completed within days, thanks to Embea’s highly customizable, no-code embedded checkout technology.

This investment comes at a time when the overall InsurTech market is not having the easiest time. A report by FinTech Global revealed a 84% decrease in total investment in European InsurTech companies for 2023.

Co-founder and CEO of Embea, Dr Johannes Becher, stated: “We are delighted to have secured this funding showing that the future of InsurTech is far from dead. By taking life insurance embedded, we enable underserved groups to access existential coverage while helping our partners to generate additional income.”

Embea will use the proceeds to expand its pan-European Embedded Life Insurance platform and add new insurance products to its portfolio. The company seeks to become the go-to B2B platform for digital businesses active in multiple European markets, allowing them to add life insurance without requiring a different insurance partner for each.

Simetrik, a B2B financial solutions platform founded in 2019 in Colombia, announces a $55-million Series B funding round led by Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). Other investors joining this round include FinTech Collective, which led the Series A, and Cometa, who led the seed round, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and the co-founders of Vtex.

“This funding marks a pivotal step for Simetrik in reinforcing its role in the rapidly transforming financial sector and expanding its global reach,” says Alejandro Casas, Co-founder and CEO of Simetrik.

Simetrik has developed intuitive solutions to simplify and automate key financial tasks like record centralization, reconciliations, controls, reporting, and accounting. Its products are based on Simetrik Building Blocks (SBBs), a scalable, adaptable, and intuitive concept based on no-code development and generative AI technologies. Tailored to the dynamic needs of CFOs and their teams, these SBBs are set to further evolve with the Series B funding, enhancing their AI capabilities and reinforcing Simetrik’s dedication to advancing these solutions.

“This funding enables us to elevate our SBBs, integrating more advanced and secure AI to deliver unparalleled financial automation solutions,” Santiago Gómez, Co-founder and COO of Simetrik, said.

Simetrik clients base includes large companies such as PayU, Mercado Libre, Rappi, PagSeguro, Falabella, Oxxo, Itaú, and Nubank, and partnerships with leading firms like Deloitte. 
 

The company’s global footprint spans over 35 countries, monitoring over 200 million records daily, including in key Asian markets such as India and Singapore.  Simetrik intends to use funds from this Series B to help expand its international reach, targeting major payment companies and consumer marketplaces worldwide.

“Financial automation is a thriving industry worldwide, and we were impressed by Simetrik’s solutions. We believe this investment will allow it to expand even further through the Latin American market and beyond. We are thrilled to lead this Series B round,” said Natan Reinig, Vice President in Growth Equity at Goldman Sachs Asset Management .

Current investors have also expressed their confidence in Simetrik’s growth over the recent years and are optimistic about the prospective advancements this new infusion of capital will facilitate.

Carlos Torras, a partner at FinTech Collective, said: “Over the last two years, Simetrik has undergone a remarkable transformation, substantially growing its product offer, sales efficiency, geographic coverage, and strategic sophistication. Armed with a loyal and highly motivated team, it is uniquely positioned to revolutionize enterprise financial operations, arguably at a global level. The plan is both ambitious and complex, but we believe in the company’s ability to continue redefining expectations”.

Additionally, Pepe Bolaños, Managing Partner at Cometa added:

‍“Simetrik's exceptional team is at the forefront of a thrilling trend in Latin American tech, creating top-notch software solutions that streamline global enterprise operations. The support of Goldman Sachs not only validates but also enhances the company's bright future”.

Orion Innovation, a leading digital transformation and product development services firm, is excited to announce it has signed a deal with Africa and Gulf Bank (“AGB”) to modernize the bank’s banking products and services. As part of the agreement, Orion will implement Temenos' cloud-based core banking platform into AGB’s operations, modernizing its product portfolio to bring personalized, digital-first banking solutions to customers.  

AGB is a banking and financial services corporation that prides itself on providing customers with tailored and innovative financial solutions backed by cutting-edge technology. Orion’s suite of digital services and technology solutions empowers banks to modernize legacy systems, design innovative products, and tap into new business opportunities. This deal is significant as Orion expands its global footprint into the Middle East and Africa regions (MEA) and follows its recent deal with Philippines-based Cebuana Lhuillier Bank. 

“We are thrilled to embark on AGB’s core modernization program. Our comprehensive offerings around Temenos, coupled with our regional presence in the MEA, position us well to ensure a successful core banking transformation. This deal strengthens and builds on our core offering along with Temenos and aligns with our strategy to accelerate digital transformation initiatives for our clients,” said Anoop Gala, Orion’s Global Head of Financial Services.

“Africa and Gulf Bank has developed an ambitious roadmap based on innovative retail, digital and wholesale banking products and services which include critical capability enhancements like instant onboarding, automated AI-based approvals, straight-through-processing and digitized workflows. He stated that building up on its ‘Digital and Agency First’ strategy, the introduction of Temenos Transact and Infinity will allow AGB to develop robust banking services for Sudanese people both at home and in the diaspora,” said Nadeem Lodhi, CEO for Africa and Gulf bank.

Silent Eight, a leading Regtech firm specializing in partnering with major financial institutions to drive efficiency, increased accuracy, and adaptability within their financial crime programs, today announced the expansion of its relationship with HSBC to implement Automated Alert Closure for Transactions automated investigation, and resolution of alerts in real-time.

To date, Silent Eight supplied HSBC with name screening and adverse media automation solutions that supported the bank in detecting more financial crime, with less friction.

This expansion will further improve the bank's compliance operations. Silent Eight's solutions underpin HSBC's dedication to advancing automation and digital enablement.

Ben Rayner, Regional Head for UKI & EMEA at Silent Eight said "HSBC has demonstrated its ongoing commitment to operational excellence and innovation within financial crime. We are exceptionally proud of our long-standing relationship with the company and their desire to adopt cutting-edge technology to reach their goals''.

Chris Pratt, Group Head of Transaction Screening, HSBC said "In the realm of financial transactions, precision is paramount. Working with Silent Eight is not only about driving efficiency in screening but ensuring accuracy. Our further investment in Silent Eight technology underscores our strategy to deliver safe automation and improved outcomes for our customers".

Guidewire announced that Guidewire PartnerConnect Consulting and Global Premier partner, Deloitte, have achieved the Migration Acceleration Specialization. Partners who have earned this global specialization have demonstrated the ability to lower customers’ cost of transitioning to Guidewire Cloud, accelerate implementation timeframes, and improve delivery quality and predictability.

Deloitte has worked on Guidewire projects with more than 40 clients globally. The company emphasizes that it can help clients work through high-cost, first-mover risks and business disruption risks via co-investments to help clients reduce their costs for cloud migration, among other advantages.

“Guidewire is deeply committed to working with our customers to get them to our market-leading SaaS platform and application suite,” said Lisa Walsh, global vice president, Consulting Alliances, Guidewire. “Our goal is to offer our customers a choice of excellent partners to enable them to migrate to Guidewire Cloud. We’re very pleased that Deloitte has achieved this new specialization and applaud the investments they have made in helping insurers move to GWCP (Guidewire Cloud Platform) and drive better insurance outcomes.”

“We are proud to be recognized as a leader in Guidewire Cloud migrations," said Missy Goldberg, managing director, Guidewire Global Alliance Leader, Deloitte Consulting LLP. “As a Global Premier partner for Guidewire, and through our 100% referenceable cloud migration experiences, Deloitte has developed a migration factory that combines industrialized processes, proven tools, and specialized practitioners to help our clients achieve business value, speed-to-market, and high-quality, cost-effective delivery with minimal business disruption.”

Specializations are both regionally and globally based and require partners to demonstrate skills, knowledge, and competency in a specific Guidewire product or solution, as validated by Guidewire certification achievements and references. This Migration Acceleration Specialization also extends to services and sales alignment through multiple workshops and documentation. Partners with specializations can better promote their capabilities across Guidewire products and solutions. Guidewire PartnerConnect Consulting partners have now achieved a total of 181 specializations.

Guidewire Education offers multiple certification options for business analysts, quality analysts, and developers including Certified Associate and Certified Ace designations for cloud projects. These cloud certifications, which are required for partners to achieve Guidewire Cloud specializations, help customers identify cloud-ready talent.

Security Bank has entered a new partnership with Avaloq, a leading provider of wealth management technology and software. The bank aims to digitalize its wealth management business with the Avaloq Core Platform and to roll out Avaloq’s Relationship Manager (RM) Workplace solution to strengthen its front office. The new partnership will further streamline the bank’s operations while creating an enhanced client experience.

Security Bank is one of the Philippines’ best-capitalized private universal banks, providing bespoke financing, leasing, foreign exchange, stock brokerage, investment banking, and asset management services. Since launching its Wealth Management business in 2017, the bank has grown its wealth management assets under management by a CAGR of 44% and has expanded its client base by a CAGR of 40%. For these results, Asiamoney has recognized Security Bank as Best for HNWs (high net worth) in the Philippines for three consecutive years in 2023, 2022 and 2021. To address the growing demand for bespoke wealth management services, Security Bank has partnered with Avaloq to drive the digitalization of the bank, optimize its front office, and create a solid operational foundation for its continued growth over the long term.

The bank’s new wealth management platform will automate and standardize workflows and enable Security Bank to offer a full spectrum of bespoke investment advisory services and products for its high-net-worth and affluent clients. Thanks to the native automation capabilities of the Avaloq Core Platform, Security Bank can benefit from high straight-through processing (STP) and service accuracy rates for payments, securities, and fund processing, which will improve operational efficiency. This means that Security Bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments.

Avaloq’s intuitive RM Workplace solution will provide Security Bank’s relationship managers with a complete overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management to boost productivity and foster closer client relationships. This will also enable the bank’s relationship managers to offer tailored investment advisory services to a larger, more diverse client base. The solution can be fully customized based on the bank’s needs and is seamlessly integrated with the Avaloq Core Platform.

Arnold Bengco, Financial Markets Head at Security Bank, said: “The bank’s strategic partnership with Avaloq will strengthen our wealth management capabilities even further. We continue to innovate our financial markets products to meet the evolving needs of our clients. With this acute focus to deliver tailored solutions and distinct BetterBanking service, we’re confident our new platform will attract incremental investment AUM and help deepen customer relationships with our Bank.”

Lucose Eralil, Executive Vice President Head Enterprise Technology & Operations at Security Bank, said: “This new partnership with Avaloq reflects our commitment to digitally transforming our bank to deliver exceptional value to our clients and stakeholders and to become the most customer-centric bank in the Philippines. With Avaloq’s specialized wealth management platform and RM Workplace solution, we can further expand our wealth management business to help individuals and businesses in the region grow and preserve their wealth. I look forward to strengthening our partnership with Avaloq over the years to come.”

Pascal Wengi, Managing Director for Asia Pacific, the Middle East and Africa at Avaloq, said: “We are firmly committed to supporting Security Bank on its digitalization journey across the front, middle and back office. By automating end-to-end processes, from order entry to reporting, the Avaloq Core Platform will provide the operational foundation for the future growth and success of the bank’s wealth management business. At the same time, our RM Workplace solution will empower the bank’s relationship managers, helping them to build lasting relationships with their clients. We are proud to work closely with Security Bank to support the growth of the Philippines’ wealth management sector.”

TerraPay, a leading global cross-border payments network company, and Diamond Trust Bank Uganda (DTBU), a prominent member of the Diamond Trust Bank Group, today, announced a strategic partnership to expand international money transfers and strengthen financial inclusion in Uganda. Together, both firms will deliver unparalleled benefits to customers worldwide. The key attributes of this partnership include the ability to facilitate direct account deposits from any part of the world and leverage DTB's renowned brand name to optimize advantages for customers across the globe.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals. By forging this collaboration with TerraPay, Diamond Trust Bank Uganda will witness an expansion in its customer base for international money transfers, consequently bolstering direct international investments within the nation. Notably, this initiative will greatly benefit customers and expatriates residing in the United Arab Emirates, the United Kingdom, the United States, Kenya, Germany, Qatar, Canada, and Europe, granting them the capability to execute real-time money transfers to their loved ones in Uganda, a pivotal hub within this partnership. Simultaneously, TerraPay will extend its global outreach through this association with DTBU, simplifying digital cross-border money movement for both individual consumers and businesses alike. As a result, individuals will enjoy swifter and more seamless person-to-person remittances, while businesses can anticipate streamlined payouts spanning an extensive network of 140 recipient countries. This strategic partnership is set to fuel the anticipated growth in digital transactions within Uganda, a market projected to surge to a staggering USD 1.3 billion by 2027.

Talking about the partnership, Willie Kanyeki, TerraPay's Vice President, East and South Africa, said, "We are excited to partner with Diamond Trust Bank Uganda to expand our reach in East Africa and make it easier for people to send and receive money across borders. This partnership will help us achieve our goal of providing everyone with access to affordable, reliable financial services. Diamond Trust Bank Uganda is a well-respected bank with a strong track record of providing excellent customer service. We are confident that this partnership will be a success and will help promote financial inclusion in the region, by simplifying global money movement for both individuals and businesses, making it easier than ever to connect with loved ones and also, empower global commerce."

Commenting on the collaboration, Varghese Thambi, Managing Director, Diamond Trust Bank Uganda said, "We are committed to providing our customers with the best possible banking experience. This partnership with TerraPay will allow us to offer our customers faster, more convenient, and more secure money transfers, with lower fees. We are confident that this partnership will be a win-win for both, our organizations and the people of Uganda. TerraPay's agile technology will allow us to reach a wider network of customers, making it easier for them to send and receive money across borders. We are certain that this partnership will have a positive impact on the lives of many people in Uganda."

The rise of fraud in the United States continues apace, costing a huge $159 billion in one year alone, according to new research released today by Feedzai in partnership with the Global Anti-Scam Alliance (GASA). 

The 2023 State of Scams report shows that nearly a quarter (23%) of US citizens parted with their money after falling victim to fraud despite an overwhelming majority (69%) saying they felt confident in their ability to spot a scam before reaching that stage.  

This highlights the sophistication of tactics deployed by scammers and, with further data from the research showing the volume of such scams is also high, there is a great risk to consumers. Nearly three-quarters (73%) of those surveyed encountered a scam at least once a month, with a shocking 15% saying they encountered one every single day.  

Gmail and Facebook were by far the most prominent sources of threat, with 53% and 52% of respondents respectively identifying these platforms as the ones on which most scammers tried to contact them last year. With Instagram (22%), WhatsApp (16%), and Google (17%) following closely behind, it is clear that all related parties – big tech, banks, telcos regulators and consumers themselves – must work together to combat and overcome malicious actors. 

With each victim losing an average of $2,663, amounting to 0.6% of total U.S. GDP, more must be done. Urgency and clarity on approach is key. 

Nuno Sebastião, Co-founder and CEO at Feedzai, said: 

“Scammers are relentlessly targeting consumers and, as much as we need and want all our online services from online banking to social media, they do present more opportunities for fraudsters. There are simply more areas of vulnerability for them to exploit. More should be done to both protect and reimburse victims of fraud, and it’s true that banks and financial institutions play a big role here, but this responsibility cannot solely fall on their shoulders.  

“If we are going to stand a chance in the fight against scams we need a collaborative approach – big tech companies, regulators, software providers and consumers must all work together to put measures in place from all angles.  

“It feels like a big job, but it needn’t be hard. Using technology that can continuously provide customer-centric risk-scoring as well as biometric and behavioral pattern analysis, we can learn each consumer’s unique approach and use it to more effectively identify suspicious activity – we can prevent scams before they even happen, and without the consumer even realizing. We’re proud to be partnered with GASA to highlight such an important issue, and to be at the forefront of the fight.” 

Jorjj Abraham, Managing Director at GASA adds: 

“The findings are an important reminder of the scale of the fraud problem facing us all, and this is not just a problem in the U.S. Consumers are savvy, but fraudsters are increasingly sophisticated in their approach, and that means we need an increasingly sophisticated solution to match. Technology is really the only way forward if we’re going to get ahead of the game. If we combine cutting edge tech that prevents scams before they happen with an approach in which we’re not afraid to work together to share insights and knowledge around scams, we can tackle the alarming statistics revealed in our research. We’re proud of the work we’re doing, and Feedzai is crucial in helping us lead the fight so we’re confident of a brighter future.”