XS.com, the global, multi-asset financial services and FinTech provider, is pleased to announce that Nadine Bautista has joined the brokerage as the Country Manager for the firm's Philippines operations. Bautista brings with her over a decade of experience in the financial services industry and will be reporting directly to Wael Hammad, Chief Commercial Officer (CCO) at XS.com. Her primary responsibilities will include generating revenue growth for the Philippines market through the development and execution of business strategies that align with the Groups' overall goals and objectives in the region. 

"We are thrilled to welcome to the XS Group Nadine Bautista - our new Country Manager for the Philippines. With her extensive experience in the finance and FinTech sectors, along with a proven track record of success, I am confident that Nadine will infuse fresh perspectives and innovative ideas into our Philippines operations. I look forward to working closely with her to drive our business forward, grow our team on the ground and deliver exceptional results for our valued clients in Asia," said Wael Hammad, Chief Commercial Officer (CCO) at XS.com, expressing his excitement about the firm's newest addition. 

Drawing from her extensive background in the finance sector, Nadine Bautista assumes a crucial position, taking charge of managing a team of key account managers whilst driving the company's profit-driving endeavours, sales activities, marketing strategies, and customer engagement. Employing a collaborative approach with various departments, Bautista aims to forge cohesive and smooth trading encounters for the brokerage's valued customers.

"I am delighted to be joining the XS Group, a dynamic and innovative brokerage. Its progressive approach to the financial services sector and steadfast dedication to providing exceptional client care creates enormous potential for growth and success. I am excited to work alongside a skilled and continually expanding team to enhance the firm's already outstanding achievements in the Philippines. I’m looking forward to getting started and growing our market share within the Philippines." expressed Nadine Bautista, Country Manager (Philippines) at XS.com, about her enthusiasm in joining the global brokerage.

Alongside her extensive experience working with and managing teams within the financial services industry Bautista also holds certificates for “Advanced Anti-Money Laundering for Financial Institutions” and “Ethics, Integrity and Fairness in Financial Services” from the European Institute of Management and Finance (EIMF) alongside her BA in Communications and Advance Diploma in Leadership and Management. 

Mediobanca Group, Italy’s largest investment bank, has signed a partnership with  Founders Factory, the London-based global company builder and early-stage investor, to launch a new fintech venture studio and accelerator. This joint venture,  underpinned by an overall €12 million investment from Mediobanca, will facilitate innovation in financial services by supporting international early-stage fintech startups as well as further boost support for Italy’s thriving startup ecosystem. 

The Mediobanca/Founders Factory joint venture will build and invest in 35 fintech businesses over the next five years. The venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and AI,  to innovate the financial services market in synergy with Mediobanca’s strategy and capabilities. In tandem, Founders Factory and Mediobanca will operate a new accelerator programme to invest in and support more established early-stage fintech ventures in Italy and internationally.  

According to this joint venture, selected entrepreneurs will benefit from access to vital startup capital, Founders Factory’s global network, world-class operational support and fintech expertise, together with Mediobanca’s commercial access and knowledge to multiple routes to financial practices - from wealth management to consumer banking. 

The partnership with Founders Factory fits into Mediobanca’s 2023-26 “ONE BRAND – ONE CULTURE” Strategic Plan, which envisages a significant strengthening of the  Group's technology ecosystem. The Group's digital agenda includes, as priorities, i)  the enhancement of digital channels in order to propose a more effective customer experience, ii) the evolution of digital platforms and the adoption of artificial intelligence solutions to support the sales force, iii) a digitalisation and automation path aimed at cost optimisation.  

Founders Factory is a leading global fintech authority, having established a long-term relationship with UK financial services operator, Aviva, and building and investing in nearly 50 financial technology ventures, including Acre, Qumata, and ClearGlass. This new partnership with Mediobanca further cements the organisation’s commitment to the fintech sector as well as establishing itself as a key figure in Italy’s startup ecosystem, which continues to go from strength to strength.  

"In recent years we embraced the opportunities that technology has created in the financial sector. We have done so in Wealth Management with the launch of  CheBanca!, in Consumer Banking with investments in Buy Now Pay Later as well as in  Corporate and Investment Banking with the recent partnership signed with Arma  Partners and we want to continue to serve the talent of our people and the user experience of our customers with the most advanced tech solutions" comments  Alberto Nagel, CEO of Mediobanca. “With this joint venture we will seize new opportunities, further strengthening the Group's technology ecosystem, also through the adoption of innovative models that will allow us to respond effectively to market expectations" - concludes Alberto Nagel. 

"The partnership with Founders Factory is a fundamental step in the three-year roadmap envisaged by the ONE BRAND - ONE CULTURE plan" adds Marco Pozzi,  Group COO of Mediobanca, "and will enable us to accelerate the innovation paths that characterise the Group's industrial strategy. The systematic collaboration with some of the most interesting startups in the international market will allow us, on the one hand, to contribute to the growth of an extremely high-potential market such as fintech, and, on the other, to transform existing systems by developing distinctive and highly innovative solutions," concludes Marco Pozzi.  

Henry Lane Fox, CEO of Founders Factory commented; “Mediobanca is one of Italy’s leading financial institutions with reach extending throughout Europe. It makes them the ideal partner for Founders Factory as they recognise the importance of technology’s role in the future of financial services and the systemic change it can bring. Combining our venture-building capabilities and fintech experience with  Mediobanca’s heritage, financial prowess and global ambition creates a powerful platform to back fintech founders”. 

Fabio Troiani, Chairman of Founders Factory Italy added “Mediobanca stands out as a trailblazer among Italian banks, showcasing a truly innovative management vision.  By collaborating with Founders Factory, they are aligning with a cutting-edge player in the field. Founders Factory's pioneering approach, blending operational support,  venture capital, and innovation design, has consistently delivered transformative innovation and venture capital returns to corporate partners like Mediobanca over the past seven years”. 

The transaction is subject to obtaining the relevant regulatory authorisations.

Tracxn, a leading global SaaS-based market intelligence platform, has released its FinTech - US Semi-Annual Funding Report - H1 2023. The report, which is based on Tracxn’s extensive database, provides insights into the US FinTech space.

Funding into US-based FinTech startups fell in H1 2023 fell 33% when compared with H1 2022, but rose 42% from H2 2022. The US FinTech space attracted investments worth $12.8 billion in H1 2023, which is 58% of the total funds raised by the global FinTech startup ecosystem during the same period. 

Despite facing challenges during H1 2023, the US-based FinTech startups have displayed remarkable perseverance. While funding experienced a 33% dip compared with H1 2022, it rebounded with a 42% surge from H2 2022. During H1 2023, the US FinTech sector managed to attract significant investments amounting to a staggering $12.8 billion, accounting for 58% of the total funds raised by the global FinTech startup ecosystem during the same period.

Late-stage investments played a pivotal role, constituting the bulk (44%) of the total funding in H1 2023. The exceptional growth can be attributed to a remarkable 141% increase in late-stage funding, outperforming the figures from H2 2022.

Both seed-stage and early-stage funding have dipped in the last year-and-a-half. Early-stage funding in H1 2023 dropped by 22% and 57% when compared with H2 2022 and H1 2022 respectively. Seed-stage funding in H1 2023 decreased by 39% and 59% when compared with H2 2022 and H1 2022, respectively. 

About 80.5% of the total funding raised this year was in Q2 2023. Q2 witnessed total funding of $10.3 billion, a growth of 46% from the corresponding quarter last year. Q2 2023 is also the highest funded quarter in the past one year, since Q2 2022. 

In H1 2023, the number of $100 million+ rounds fell to 10, which 38% lower than 16 such rounds in H2 2022. Further, there were only two new entrants to the Unicorn club in H1 2023, a sharp contrast from 29 in the same period last year. 

This space witnessed 98 acquisitions in the first six months of 2023, significantly lower than 165 and 129 in H1 2022 and H2 2022, respectively. On the IPO front, there has been very little activity in the past year-and-a-half, with H1 2022, H2 2022 and H1 2023 witnessing only one IPO each. 

The Payments, Investment Tech, and Cryptocurrencies segments emerged as the top-performing sectors within the FinTech industry during the first half of 2023. Notably, Payments startups raised a total of $7.7 billion during H1 2023, accounting for 60% of the total funding received within this space. This considerable growth in the Payments industry can be attributed to the surging trend of online payments and the advancement of more convenient payment technologies, emphasizing speed and simplicity.

In terms of city-wise funding, San Francisco took the lead in H1 2023, accounting for more than 63% of total funds raised in the US in this sector. FinTech startups in San Francisco attracted investments worth $8.1 billion, followed by companies in New York ($1.4 billion) and Los Angeles ($296 million). 

Y Combinator, Andreessen Horowitz and Techstars, were the most active investors in this space. Y Combinator, Spartan Group, and Susa Ventures were the top seed investors, while Commerce Ventures, Human Capital, and Viola Group were the top early-stage investors. CapitalG, Geodesic Capital, and Cross Creek were the top late-stage investors. 

As the global FinTech market faces challenges associated with the ongoing funding winter, rising interest rates, and economic uncertainties, the US FinTech sector's perseverance and continued growth are indicative of its potential to drive innovation and shape the future of financial technology.

• 21.07.2023 -- 12:36 pm

Prodigy Finance, a social impact-driven FinTech and a leading international student loan lender, is proud to announce a $350 million facility with Citi, Schroders Capital and SCIO Capital. This is the first transaction that Prodigy has closed under their new multi-issuance special purpose vehicle structure.

The joint initiative between Prodigy Finance and their funding partners represents a significant commitment to providing accessible financial support to aspiring masters students from around the world. To date, Prodigy has funded over $1.8 billion in postgraduate education loans to more than 35,000 high-potential students from over 100 different countries.

According to 2022 market intelligence firm HolonIQ, a 'most likely' scenario will see around 8 million internationally mobile students register in foreign institutions by 2030 - and in line with this finding, the $350 million facility will be dedicated to financing international masters students, allowing them to bridge their financial gaps and pursue their educational aspirations with confidence.

As of 2022, 86% of Prodigy Finance's borrowers hail from emerging markets, while 67% are first-generation students. With this facility, Prodigy Finance aims to further democratise access to education, fostering a diverse and inclusive academic environment that celebrates talent from every corner of the globe across a variety of degree programmes. Notably, Prodigy Finance saw a rise of 97% in applications submitted for financing in STEM degrees in 2022, compared to 2021.

By offering competitive interest rates and flexible repayment options, the facility aims to make pursuing a master's degree more financially viable for deserving students, who will be able to apply for finance to fund more than 5,000 courses across the fields of computer science, information systems, analytics, engineering management and more in 19 countries - including Prodigy Finance's recent expansion of approved courses in Australian universities.

"We are thrilled to secure this facility from Citi, Schroders Capital and SCIO Capital, which we will deploy to enable international masters students to unlock their full potential," said Neha Sethi, CFO at Prodigy Finance. "Education is a catalyst for societal progress, and we believe that financial barriers should not hinder anyone's pursuit of knowledge. Through this initiative, we are committed to empowering students to realise their dreams and contribute meaningfully to the world."

"We are pleased to continue our financing relationship with Prodigy," said Michelle Russell-Dowe, Global Head of Securitized Product & Asset-Based Finance at Schroders Capital. "As access to credit globally becomes more scarce we appreciate the opportunity to find attractive investments facilitating education, and we are happy to complete our second financing with Prodigy in this area."

"SCIO is excited to continue to support Prodigy Finance's journey and their important mission of providing equal access to life-changing education around the globe," said Jason Harris, CRO at SCIO Capital.

Wolters Kluwer Corporate Performance & ESG (CP & ESG) has added ESG standards, tailored to support Internal Audit workflow and practices, to its award-winning, cloud-based TeamMate+ global audit expert solution portfolio.

This addition to a core Wolters Kluwer CP & ESG solution comes in a month during which the division celebrates pre-eminent customer recognition and high scores for ESG solutions in both Dresner and Verdantix reports. Meanwhile, ESG considerations are increasingly viewed as key business drivers and strategic imperatives, essential to the work of internal auditors. By enabling access to ESG reporting standards and frameworks, such as the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), EU Taxonomy, and the Task Force on Climate-related Financial Disclosures (TCFD), within the TeamMate+ environment, auditors are now able to accelerate ESG audits to lead assurance efforts for corporate ESG reporting.

“Our nearly 30-year-long relationship with internal audit professionals across industries and regions continues to help us identify the critical needs and capabilities required by our customers,” says Frans Klaassen, Senior Vice President and General Manager, Wolters Kluwer TeamMate. “As businesses invest increasing time and resources on ESG considerations, we can now provide ESG standards in an audit-ready format to drive ESG assurance activities. This is where TeamMate+ ESG significantly enhances capabilities.”

The news follows the company being named a “Top Vendor” in the inaugural “2023 Environmental, Social, and Governance Reporting (ESG) Market Study”, published by Dresner Advisory Services. The report collates data gathered from users in a variety of roles, throughout multiple industries and analyzes the priorities, current usage, and future intentions of end-user organizations.

The findings revealed that all the vendors assessed provide a basic level of ESG features, with only a limited number offering the capacity to support ESG standards. The report rated Wolters Kluwer as the leading ESG vendor based on its available combination of ESG features and support for ESG standards.

“I am delighted that Wolters Kluwer has once again, emerged as a leader in the ESG space, providing essential connectivity between enterprise performance management capabilities and ESG reporting. I thank Dresner for its recognition, and my colleagues for their continuing hard work and success,” says Ralf Gärtner, Senior Vice President and General Manager, CP & ESG, at Wolters Kluwer. “This is in addition to the capacity to support multiple reporting frameworks, linking ESG narrative reporting with financial disclosures. We are pleased to see further hard evidence of customers’ confidence that our solutions are driving up standards of corporate responsibility, workplace safety, global sustainability, and regulatory compliance across multiple industry sectors.”

“ESG considerations are clearly here to stay and, more than that, they are shifting towards the centre of business planning, compliance and risk management,” says Howard Dresner, Founder, and Chief Research Officer of Dresner Advisory Services. “It is essential, therefore, that ESG vendors increasingly factor in the current and future needs of their customers and remain current with demand in the market and the direction of travel of ESG obligations and objectives. We congratulate Wolters Kluwer for their rating at the top of our inaugural ESG market vendor assessment.

The CP & ESG division was created in March 2023 “to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions,” according to Paul Lyon, Wolters Kluwer’s Senior Director, External Communications. “CP & ESG brings together Wolters Kluwer’s global software businesses that focus on corporate performance management, environmental health and safety (EHS), and risk: (CCH Tagetik, Enablon, FRR, and TeamMate). By leveraging the natural synergy that exists across these businesses, the company will be able to better serve its customers and drive accelerated growth by extending and integrating its current product portfolio.”