Published

  • 07:00 am

Paymentology, the leading global issuer-processor, today announces its partnership with DolarApp, the Mexican startup which provides digital dollar accounts to consumers across Latin America. 

Established in 2021, DolarApp has emerged as a pioneering force in Latin America by introducing its USD-denominated credit card. The card grants consumers the ability to send and receive transfers from multiple countries, dollarise their financial transactions with digital dollars and pay with an international card issued by Mastercard in any currency at the best rates - both when they travel and everyday expenses. DolarApp is the first provider in Mexico to offer this service with no foreign exchange (FX) fees and transparent market rates, opening doors for millions of Mexican travelers to spend freely and economically, at the best rates with full transparency.

Paymentology plays a vital role in providing DolarApp with a fast and scalable card payment program, along with first-class tokenization and security services. The services enabled through Paymentology encompasses virtual & physical Mastercard card processing, 3DSecure technology, Apple Pay, and Google Pay. 

As a result of this partnership, DolarApp is proudly the pioneering organization in Mexico, offering the convenience of both Google Pay and Apple Pay to its customers. This collaboration has revolutionised payment options, ensuring a seamless and secure experience for users in the country, and when travelling, while providing a reliable platform that supports DolarApp’s growth and expansion plans. 

Alvaro Correa, Co-Founder & COO at DolarApp commented: "We are delighted to collaborate with Paymentology as our strategic partner for card issuing and processing in Mexico. Their exceptional expertise and track record in the industry, coupled with their ability to provide tailor-made and agile payment solutions, perfectly align with DolarApp’s vision and requirements. Together, we are committed to launching new and exciting next-generation features that will continue to elevate our customer’s experience, as we continue to grow across Latin America.”

Alejandro Del Rio, Regional Director for Latam at Paymentology, added: “At Paymentology, we take great pride in being at the forefront of innovation, and that’s why we are thrilled to collaborate with DolarApp, a real trailblazer in the financial landscape. As the first international account experience in Mexico, DolarApp has set a new standard of excellence, offering users the best in the market with an incredibly competitive rate outperforming by more than 1% to some of the most established global players in the region. Our partnership is rooted in a shared commitment to empowering people and making a tangible impact on their financial lives, we look forward to making a lasting difference to people across Mexico and beyond.”

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  • 03:00 am

Cloud banking platform Mambu, has been named to the Forbes 2023 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.

Fernando Zandona, Interim CEO at Mambu, said: “We’re honoured to be named on the Forbes 2023 Cloud 100 list alongside industry peers for the third year running. This is a testament to the ongoing strides we’ve made to continue to deliver innovative products and services, while helping our customers on their own journey to the cloud.”

“We've seen firsthand how moving to the cloud allows you to release financial products faster and more cost-effectively than traditional methods. Hence, embracing the cloud is more important than ever given the challenging economic environment and greater focus on efficiency, and we are proud to be part of this transformation with our customers.”

For the eighth consecutive year, the Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%). For market leadership, the Cloud 100 enlists the help of a judging panel of public cloud company CEOs who assist in evaluating and ranking their private company peers.

“The companies of the Cloud 100 list represent the best and brightest private companies in this crucial tech sector,” said Kenrick Cai, the Forbes editor of the Cloud 100. “This year’s companies had to react rapidly to AI’s sweeping impact while contending with a market pullback. Their resilience puts them in elite company. Congratulations to each of the 2023 Cloud 100 honorees and the 20 Rising Stars who are showing early potential to one day join their ranks.”

“This year’s Cloud 100 list is one of the most dynamic in history. While the industry faced macro headwinds, the 2023 Cloud 100 winners displayed the innovation and resilience of the cloud economy and the combination of growth and efficiency that prove the power of the cloud business model. 95% of the honorees are forecasted to reach Centaur status — $100 million of annual recurring revenue — by the end of the year,” said Mary D’Onofrio, partner at Bessemer Venture Partners. “It is further exciting to see so many honorees at the forefront of the AI revolution, which we believe will continue to transform the cloud and propel the next wave of growth for many of this year’s winners.” 

“The past year our industry has seen a generational step forward in innovation and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, managing partner, Salesforce Ventures. "The Cloud 100 list represents the best of the best and we've never been more excited about what the future holds, not only for the cloud but for the entire technology industry. We are proud of what these founders and their communities have already accomplished and look forward to seeing how they continue to transform the industry in the future."

The Forbes 2023 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100. Highlights of the list appear in the August/September 2023 issue of Forbes magazine.

This year, the CEOs of The Cloud 100 and the 20 Rising Stars companies will be honoured with a digital content launch, as well as at the exclusive Cloud 100 Celebration hosted by Bessemer Venture Partners, Salesforce Ventures, and Forbes. A special thank you to the event sponsors, including Amazon Web Services (AWS), Bank of America, Cooley, Deloitte, HSBC, J.P. Morgan, Morgan Stanley, Nasdaq, and Qatalyst Partners.

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  • 06:00 am

Global fintech company SumUp announced today that it has entered into a US$100 million credit facility with Victory Park Capital (“VPC”), a global alternative investment firm specialising in private credit. The credit facility will enable SumUp to provide advance payments to merchants based in the UK in the immediate term and in other European markets in the near future. 

SumUp Cash Advance helps merchants finance their operations and seize growth opportunities for their businesses. The advances (of up to £20,000) are based on merchants’ payment history, and merchants pay back advances through payment acceptance with SumUp card readers, in a flexible and incremental manner. Furthermore, merchants pay a transparent, fixed fee for access to cash advances, and do not have to worry about encountering any hidden fees or monthly interest. 

Marc-Alexander Christ, Co-Founder at SumUp, said, “Since SumUp launched in 2012, we have witnessed a transformative evolution in merchant needs. In response, we have continually invested in new, sector-leading innovations, from pioneering hardware to cutting-edge software solutions. We are thrilled to partner with Victory Park Capital, further enabling our mission of simplifying business operations for our merchants. Our cash advance product can support business growth in a transparent and fair manner, enabling merchants to continue doing what they do best, without having to worry about accessing funds. Feedback has been positive to date; merchants appreciate the simplicity of the product, the speed of payout, and its convenient way of paying back the cash advance via card reader sales.”

Jason Brown, Partner at VPC, said, “We are dedicated to supporting forward-thinking, innovative companies that enable wider access to financing solutions for small businesses. SumUp is a global fintech leader with a data-driven approach and product suite that matches the needs of modern businesses. We are delighted to partner with SumUp as they expand their offering and provide merchants with fair and clear, short-term financing amidst a challenging market climate.”

SumUp’s cash advance product is versatile, with a wide array of applications and potential use cases: it can be used to upgrade machinery and equipment, procure vital inventory in anticipation of busy periods, support transformative renovations to revamp facilities, or capitalise on strategic growth prospects. At a time when businesses are contending with a cost-of-living crisis, the cash advance product can also be used to deal with emergencies, such as unforeseen equipment break-downs, helping to alleviate short-term pressures. 

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  • 09:00 am

Currencycloud, the experts in simplifying business in a multi-currency world, have partnered with Cyprus-based social investment app Goliaths to offer their clients the ability to execute trades instantly while benefiting from market-leading FX rates. 

By partnering with Currencycloud, Goliaths can convert more than 30 currencies for each trade seamlessly and can now offer a choice of in-app deposit methods such as card deposits and open banking through third party providers; with all funds instantly and automatically reconciled. Integrating Currencycloud’s APIs enables Goliaths to offer a comprehensive investment platform to its clients, while making the entire investment process on the user-friendly app fast and efficient.

Says Clark Hassan, Founder and CEO Goliaths, “We integrated with Currencycloud because we needed a reliable player in the currency market, especially as we expanded into the US while operating in Europe. Currencycloud was the key for us to achieve a fast integration, providing us with support all the way. The main advantage is the ease and speed Currencycloud processes our clients’ transactions. This is in contrast to other apps where trade settlement can take some time.”

Nick Cheetham, Chief Revenue Officer at Currencycloud commented, “Wealthtechs and investment apps are an increasingly popular entry point for beginner investors who want to take advantage of global investment opportunities, and by being so user-friendly and beginner-focused Goliaths’ investment app is doing just that. By partnering with Currencycloud, Goliaths is enabling beginner investors to enjoy seamless, instant transactions with the added benefit of low, market rate FX. We are delighted to be part of their vision of opening up investment for all.’ 

Goliaths investment app is available to download from Apple’s App Store and Google Play now. 

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  • 09:00 am

The increasing financial freedom of UK kids is set to put the bank of mum and dad out of business, according to research from the latest Youth Economy Report from GoHenry, the prepaid debit card and financial education app for 6-18-year olds.

With more than half of UK parents (52%) unable to contribute to their kids’ financial future, young people are taking matters into their own hands by putting away more money than ever and saving for major life milestones.

The insights into young people's earning habits - gathered from nearly 750,000 UK children and teenagers - indicate that Gen-Alpha and Gen-Z could be some of the most financially empowered generations in recent history.

Changing expectations of young people generating more savvy savers

While parents may feel pressure to support their kids, young people do not always feel the same. Around 1 in 5 (19%) 16-18-year-olds say they do not expect parents to provide them with any financial help1.

When looking at specific life milestones, almost three-quarters of young people (74%) don’t expect parents to help pay for a wedding, 72% don’t expect parents to help buy a house and 64% don’t expect parents to help foot the bill for the cost of education, such as university, training or an apprenticeship1

In fact, UK kids are saving more than ever before with a 145% uplift year-on-year. Overall, savings hit an average of £61.03 per child, which is a monthly average of £5.09 and a weekly average of £1.17.

Theo, an eight year old from Doncaster, has been saving for a house and has already put away £75: “I watch Homes under the Hammer in the school holidays which has made me want to buy a council house, as it’s a little cheaper, and I could rent it out for good money! I get £2 pocket money per week, plus 50p for tasks like cleaning my room. I started getting serious about money when I could see the amount on screen with my GoHenry app, which made it easier to keep on top of savings. It’s important to start saving now as when I’m older, I will have to look after myself.”

Financially independent kids have their sights set on the future

With their new-found financial independence, more than four in 10 UK kids (42%) are already planning how to fund key life milestones1. The most popular include: 

  • Buying a house (35%)
  • Driving lessons (39%)
  • Going on holiday (34%)
  • Moving out of home (32%)
  • Attending university (30%)

To help cover the costs, entrepreneurial young people are looking to part-time work. 43% of teens aged 16-18 currently have a job and are earning £79 per week on average1

And it’s not just their own futures that kids are planning to save towards. Almost a quarter (24%)of generous youngsters plan to save to help their parents pay to go on holiday, buy a car or buy a house. In fact, an average of £1,872.25 per child has already been put away by kids aged 6-18 for this exact purpose.

Louise Hill, Co-Founder and CEO of GoHenry said: “While the bank of mum and dad will always exist, it’s clear that the younger generations are changing the nature of what parental lending might look like in the future. Our insights show that children as young as six are already saving for live events. Coupled with their increased earning power, Gen Z and Gen Alpha look set to be a financial force to be reckoned with.”

Learn more about the GoHenry Youth Economy Report and The End of The Bank of Mum and Dad, here.

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  • 03:00 am

Frankfurt-listed, German Fintech leader, The NAGA Group A.G., operator of the All-in-One Financial Super App, has announced a ground-breaking partnership with Rezolve AI Limited. The integration of Rezolve's AI platform, 'Brain', into Naga's proprietary technology and its social trading app, 'NAGA Trader’ as well as ‘NAGA Pay’ is set to redefine NAGA current and new users experience, provide real-time personalised and intelligent market analysis, enhance trading proficiency as well as automate payments across multi-languages.

NAGA provides an online social trading platform (both Web and App) for Social Trading, allowing its users to invest in different assets such as currencies, stocks, ETF’s, commodities and crypto all together with its own unique ePayments solution. Rezolve’s 'Brain', with its advanced AI algorithms, machine learning, and its NLP engine (natural language processing) capabilities, will enhance Naga’s ability to offer NAGA users a unique AI experience that is set to revolutionise the traditional way of experiencing online social trading and mobile payments.

NAGA users will be able to converse with Brain in any one of 95 languages, as naturally as communicating in real-time to a human stockbroker over the phone. They can gain a deep understanding and personalise market trends and insights, receive invaluable guidance for making smart investment decisions, and learn how to optimally use Naga's social trading platform. This multilingual capacity not only enhances NAGA user experience but also widens NAGA’s global user base.

Benjamin Bilski, CIO of NAGA commented: “The timing for this partnership is just perfect. We have been preparing our data infrastructure and indexing capabilities to plug it in with advanced AI language models for months and using Brain transforms our vision into reality. Implementing Brain’s AI into NAGA will further automate our client’s journey and lead to the highest degree in personalization. Users will intuitively understand NAGA social trading platform and their own trading performance better than ever before. In addition, NAGA’s unique social graph allows traders to benchmark their performance with other traders automatically. From this day on, our ability to connect real-time market data, economic events, and news intelligently with our users’ portfolios, positions us and gives us a genuine USP over competitors.”

Michael Milonas, CEO of Naga, expressed his enthusiasm about this partnership, stating: "By integrating Rezolve's 'Brain' into NAGA, we are enhancing our platform with unprecedented intelligence and accessibility. This is a significant step towards our mission to build a truly unique, global, tech based and now AI-driven financial All-in-All Super App that is second to none and in doing that, strive to deliver shareholder value. The future is truly, NAGA!"

Dan Wagner, CEO of Rezolve, echoed this sentiment, adding, "Our collaboration with Naga is a testament to our commitment to revolutionising industries with AI. With Brain’s integration, Naga users can engage in intuitive, conversation-based interactions, unlocking insights and making data-driven decisions. We're excited about setting a new standard in the online trading landscape."

The introduction of Rezolve’s 'Brain' into Naga social trading platform marks an exciting development in the fintech sector, as AI and human insights converge to offer superior multilingual trading experiences.

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  • 03:00 am

DHF Capital S.A., one of the leading global asset management and securitization firms, is pleased to announce the appointment of Ali Jaffari who joins as the firm's new Chief Financial Officer (CFO). With over a decade of experience in the financial services industry, Ali brings a wealth of expertise to oversee and enhance all financial aspects of DHF Capital S.A. and its global operations. 

Ali will be reporting directly to Bas Kooijman, Chief Executive Officer (CEO) at DHF Capital S.A.  In his new role Ali will be a key strategic partner to the firm's executive team and will play a vital role in shaping the financial direction of the asset management firm while ensuring financial stability and long-term growth. His primary focus will be to continue building on the firm's momentum across its global operations and develop financial strategies that meet the company's objectives. 

"We are thrilled to welcome Ali Jaffari as the new Chief Financial Officer for DHF Capital’s global operations. Ali will play a critical role in shaping the financial direction of the company, ensuring our financial stability, and contributing to our long-term success. With his impressive track record and extensive experience in the finance and asset management industry, I have full confidence that Ali will bring a unique perspective and innovative ideas to the table. I look forward to working closely with him to sustain our business momentum and achieve outstanding results for our esteemed clients, partners, and stakeholders." said Bas Kooijman, Chief Executive Officer (CEO) at DHF Capital S.A.

Ali Jaffari, the newly appointed Chief Financial Officer, expressed his enthusiasm about joining the leading asset management firm:

"As I step into my role as the new CFO of DHF Capital S.A., an esteemed asset management firm, I am inspired by the tremendous opportunities that lie ahead. With a keen focus on fiscal responsibility, strategic vision, and collaborative excellence, I am eager to contribute my expertise in navigating the financial landscape and driving sustainable growth for the benefit of our clients and stakeholders. I look forward to embarking on this journey and contributing to the organization’s continued success."

Over the past decade, Jaffari has held roles including “Principal and Head of North American Capital Markets”, “Manager of Capital Markets and Corporate Finance” and “Manager, FX and Investments, Treasury”. Ali will foster close cooperation and partnerships with various departments to ensure smooth collaboration with portfolio managers and investment teams to assess investment opportunities, risk profiles, and potential returns.

DHF Capital S.A. is excited to have Ali Jaffari on board and is confident that his expertise and vision will contribute significantly to the firm's continued growth and success in the region.

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  • 09:00 am

The payabl. Group, one of Europe’s leading PayTechs, today announced that it has secured an Electronic Money Institution authorisation (EMI licence) in the UK. This marks a pivotal moment for the payabl. Group and a critical step for the PayTech as it continues its rapid growth trajectory. 

The business has been preparing for its launch as a fully regulated EMI in the UK across recent months. payabl. is now focused on expanding its team, hiring talented payment experts from across the region to support business growth, and expanding its merchant portfolio.  

The granting of the UK EMI authorisation allows the payabl. Group, previously operating under the FCA’s Temporary Permission Regime (TPR), to transfer its UK-based customers onto its UK EMI. Following Brexit, the number of businesses acquiring an EMI licence has significantly slowed, with only seven applications being approved in the first quarter of 2023. In fact, further data from the FCA has revealed that the authorisation rate for EMI applications fell to just 8% in 2022, a significant drop compared to 90% in 2018 and 47% in 2021. As such, acquiring the EMI authorisation has been a lengthy and complex process, but an outstanding achievement for payabl.. 

The process has been spearheaded by Sean Forward, UK CEO of payabl., and his UK team supported by Ugne Buraciene, Group CEO. Forward is a payments industry veteran, with extensive experience and expertise in the payments space. He is also a member of the Project Digital Currencies, The Payment’s Association digital currency group, advising and engaging key stakeholders on a range of topics related to digital assets, from regulatory frameworks to wider ecosystem design. Sean’s wealth of experience was central to enabling payabl. to secure the authorisation. This achievement unlocks significant opportunities for payabl.’s expansion in the UK market, taking the company one step further in its mission to become the financial services partner of choice for merchants across the globe. With the new authorisation, payabl.’s UK offering will include merchant acquiring for Visa, Mastercard and American Express, point-of-sale (POS) systems, payment accounts and linked payment cards. 

Sean Forward, UK CEO at payabl., said: “Becoming an authorised EMI in the UK is a major achievement for payabl. The whole team has worked incredibly hard on this, regularly engaging with the FCA to meet the requirements and we’re extremely proud of our achievement. Being an authorised EMI provides us with a robust regulatory framework that’ll allow us to support UK merchants and allowing them to thrive, as we have been doing for merchants across Europe. The next step for us will be to grow our UK team, increasing our pool of talented payment professionals to support our growth ambitions, as well as guiding our existing customers who already operate in Europe as they expand their presence in the UK.” 

Ugne Buraciene, Group CEO at payabl., said: “We’re thrilled to be expanding our presence in the UK with the acquisition of an EMI authorisation. With this we can continue to focus on reaching new merchants and clients, evolve key partnerships and bolster our overall growth throughout the payments landscape. Sean is the ideal person to be leading payabl. UK on its growth journey - his industry expertise is unparalleled, and I’m delighted to be working alongside him throughout this process.” 

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  • 02:00 am

SWARM Dynamics, an innovative Australian regtech company, is spearheading a risk analysis transformation for banks and financial institutions as the early-stage company embarks on its international expansion.

With a unique fusion of behavioural science and artificial intelligence (AI), SWARM Dynamics enables organisations to accurately predict conduct risk, swiftly resolve regulatory orders, and elevate their risk culture up to seven times faster than usual methods, significantly reducing the cost of risk management. SWARM automatically analyses any communication channel such as Email, Teams, and Symphony, amongst others, whilst ensuring employee privacy and providing evidence of behavioural change.

Cameron Clyne, former Group CEO of NAB and current Advisory Board Member at SWARM Dynamics, emphasises the significance of the software platform to financial institutions.

"When you're subject to an enforceable undertaking or consent order, you desperately need a product like SWARM Dynamics to help navigate your way out of it, and to demonstrate to your board and the regulator that you’ve achieved the required cultural change,” Clyne said.

“In the face of volatile financial markets and increased regulatory scrutiny and pressure from boardrooms, banks are urgently re-evaluating their approach to risk management and a product like SWARM Dynamics can provide a cost-effective and accurate way to measure, predict and report on the most complex and hard to manage areas of risk behaviour.”

A number of financial institutions in Australia and overseas have incorporated SWARM into their everyday risk programs to predict misconduct, resolve enforceable undertakings and improve risk culture.

Unlike typical ways to assess risk behaviour using subjective employee surveys or vast amounts of personal data, SWARM Dynamics provides a quantified and objective approach by simply analysing communications metadata (to/from/cc and date stamp).

International Expansion

SWARM Dynamics is rapidly expanding into overseas markets including the UK, Netherlands and the USA. Harry Toukalas, SWARM Dynamics’ Co-Founder and CEO, is confident the company can make quick inroads on the international stage.

“The much-publicised events to hit Credit Suisse, SVB, and First Republic are a timely reminder that managing conduct and risk culture remains one of the most pressing priorities within the banking and financial sector,” he says.

“Relying on staff surveys to assess risk behaviour is costly, time-consuming and subjective, and mining large amounts of personal data is also problematic because of privacy issues. SWARM addresses this by automatically measuring and predicting risk behaviour with over 80% accuracy by simply analysing metadata. Also, all data is aggregated and anonymised to further protect personal information.”

SWARM Dynamics builds on 20 years of research by MIT. In addition to risk behaviour, it can also be applied to team productivity for remote or in-office work, employee engagement, and predicting employee resignations.

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  • 08:00 am

Freedom Finance, one of the UK’s leading digital borrowing marketplaces and embedded finance providers, is delighted to add personal loans from Reevo Money to its market-leading lending panel. 

Personal loans from Reevo will be available through all of Freedom Finance’s partners and via its direct-to-consumer marketplace. 

Freedom Finance currently operates the widest panel of lenders of any loan platform partner in the market. Its embedded finance partners are many of the UK’s most reputable brands, including the likes of Creation Marketplace, Asda Money and RAC, and their partners’ customers will now benefit from even more choice when they look for loans.

Those eligible for the personal loan, will be able to borrow between £1,000 and £7,000 over a period of 12 to 36 months. 

The market-leading proprietary matching technology that powers Freedom Finance’s platform completes thousands of credit searches each week and eliminates risk to credit scores by undertaking a soft credit check to search multiple UK lenders. The platform’s thorough decision-making capabilities simplifies the process for customers by only showing them credit offers they have a good chance of qualifying for, providing lenders with stronger applicants. 

Freedom Finance is a leading UK digital lending marketplace providing unsecured personal loans, credit cards, mortgages and other financial products. It connects customers with over 100 of the UK’s leading lenders and service providers through the platform. 

Michael Davidson, Chief Revenue Officer at Freedom Finance, said: “We pride ourselves on being able to offer the right loan to the right applicant and adding Reevo’s product helps our marketplace serve even more borrowers.

“We offer the widest range of loans of any marketplace, and by adding the Reevo Money loan to the Freedom Finance marketplace we have further extended the options available.”

Tobias Gruber, from Reevo Money said: “By joining the Freedom Finance marketplace Reevo will be able to offer even more borrowers access to the credit market through our fair, fast and affordable loans.”

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