Ante Spittler, CEO at Moss, said: “At Moss, our mission is to automate spend management to make month end as seamless as possible for modern finance teams. That’s why we’re excited to offer GoCardless for repayments. It removes one more point of friction for our customer, and helps fulfil our ethos of using automation to help SMBs save time and money.”

Alexandra Chiaramonti, VP and General Manager, EMEA at GoCardless, said: “Moss is a dynamic European start-up and we’re excited to play a pivotal role in its expansion plans. By combining the best of bank payments to get paid on time, every time with a relentless focus on saving businesses time and money, GoCardless and Moss can help millions of SMBs across the continent and beyond.”

CFIT, the Centre for Finance, Innovation and Technology, today announced that its initial ‘Open Finance Coalition’ will demonstrate the power of leveraging financial data to deliver better financial outcomes to consumers and SMEs. It also announced the first coalition partners who have committed to progressing Open Finance in the UK, alongside the FCA regulatory support.

CFIT’s mission, as mandated in the Kalifa Review of UK FinTech, is to unblock barriers to growth for financial technology and positioning the United Kingdom as a global leader in financial innovation.
Acting as a central convening force, CFIT brings together time-limited coalitions of experts from finance, technology, academia and policy-making to identify and remove obstacles to FinTech sector growth, support the creation of high-income tech-based employment across the UK, and enable firms to achieve global scale.

Based on the Kalifa Review recommendation that Open Finance adoption will create substantial opportunities for better consumer and SME financial outcomes in the UK, CFIT announced Open Finance as the focus of its first coalition in April 2023. Over recent weeks, CFIT has carried out an extensive programme of work to validate the key areas within Open Finance that the initial coalition will work on. 

Through a series of in-depth conversations, surveys and research, virtual workshops and interviews, national events and regional showcases that have taken place throughout the UK, CFIT has now prioritised work on demonstrating the power of financial data to deliver better financial awareness for consumers and SMEs. These represent the largest opportunities to showcase the power of Open Finance, giving both individuals and SMEs the ability to better manage their savings, cashflow, investments, pensions and insurance, leading to a positive outcome for the nation’s financial health.

Ezechi Britton MBE, CEO of CFIT, said: “Over recent weeks we have engaged, listened and prioritised the areas where the effective development of Open Finance and a modernised ecosystem will provide better financial health for all UK citizens. FinTech is an industry that cares about the end user, and the ecosystem has told us they want us to focus on delivering better consumer financial outcomes and SME financing. 

“This Open Finance coalition is the first time that such a cross section of the ecosystem has come together to solve complex challenges in this way and on this scale, and we thank everyone who has already committed to working with us. We look forward to working with these and additional partners, as they will play a critical role in providing the solutions needed to ensure the coalition is successful in  delivering tangible results that benefit society as a whole.”

The initial organisations committing to the Open Finance coalition include:

The Association of British Insurers, Allen and Overy, Amazon Web Services, the City of London Corporation, Experian, EY, HSBC, IBM, Innovate Finance, iwoca, KPMG, Leeds City Council, Lloyds Banking Group, Mastercard, MBN Solutions, Monzo, Open Banking Limited, The Open Finance Association, Revolut, the Smart Data Foundry and  Zopa Bank; with the support of the FCA. 

The Open Finance coalition will kick off their programme of work this summer to identify and unlock access to data sources that have the potential to improve consumer financial outcomes and access to financial services for SMEs. From September, working groups will then accelerate the ideation and create specific outputs, such as new proofs of concept, products or data partnerships between incumbents and FinTechs that will make a real difference to businesses and consumers across the UK. 

Charlotte Crosswell OBE, Chair of CFIT, said: “We have the foundations and all the ingredients to drive Open Finance forward. Given the current challenges related to the cost of living, we firmly believe that by leveraging existing data and unlocking new datasets, we can have the biggest impact in the shortest time on the wellbeing of UK SMEs and consumers.

“We will be able to show the impact that an ambitious Open Finance roadmap can have. The time for action is now, to ensure that we continue to lead the world in financial innovation whilst maximising economic growth across all regions of the UK.”

Ezechi Britton MBE, CEO of CFIT, concluded: “The work of the Open Finance and all future coalitions is enabled by industry associations and the regional FinTech bodies. We’d like to thank Innovate Finance, FinTech North, FinTech Scotland, FinTech Northern Ireland, FinTech Wales, FinTech West and SuperTech, for their unwavering support.”

Andrew Griffith, MP, Economic Secretary to the Treasury said: "The UK pioneered the adoption of Open Banking, which today is used by over 7 million consumers and businesses. Our vision is to build on this success, to forge a dynamic and inclusive financial data sharing market that is fit for the future.

“I am thrilled that CFIT will be doing just that, as it launches its initial Open Finance coalition. This first coalition unites industry leaders and will harness the transformative potential of financial data to deliver better outcomes for consumers and SMEs in the UK.”

Jessica Rusu, Executive Director of Data, Technology, & Innovation, and Sheldon Mills, Executive Director, Consumers and Competition of the FCA, said:
“Supporting competition and innovation to benefit consumers and businesses is a priority for the FCA. Open Banking and Open Finance have the potential to bring transformative benefits to UK financial services and will help the UK become more competitive and innovative. As such, we are delighted to support CFIT’s first coalition. We will assist the coalition through the sharing of our regulatory knowledge and expertise and our ongoing open banking work that is being delivered through the Joint Regulatory Oversight Committee.”

Responses from partners

Janine Hirt, CEO of Innovate Finance said:
“As the voice of UK FinTech, Innovate Finance is delighted to be part of CFIT’s first coalition and represent the innovators and entrepreneurs transforming financial services for the better. It is crucial that we advance Open Finance and financial awareness in the UK, both for the benefit of consumers and to cement the UK’s position as a global leader in FinTech. We look forward to working with CFIT and the other coalition partners to deliver on this front.”

Andy Sacre, Head of Payments, Monzo said:
“We are excited to join the Coalition and partner with CFIT in an effort to unleash the potential of Open Finance. Open Banking-powered features are central to our mission to make money work for everyone and are loved by Monzo customers who benefit from visibility over every penny they spend, save and borrow across multiple accounts in one place. Initiatives such as these are critical for the UK to establish a regime that encourages innovation and empowers customers to take control of their financial lives.”

Ian Stuart, Chief Executive Officer, HSBC UK said:
“By collaborating across the most pioneering companies and organisations in the world today, the UK is poised to play a leading role in shaping the future of financial innovation on the global stage. As a world-class bank, HSBC UK has innovation at its heart and an unparalleled global network to ensure businesses and consumers are set up for success. We are proud to join the Centre for Finance, Innovation and Technology (CFIT) and help realise this ambition." 

Hannah Gurga, Director General, Association of British Insurers said:
“We strongly believe in the power of working together as a sector to innovate and deliver better outcomes for customers. Data will always be at the heart of our work. We welcome the CFIT Open Finance Coalition. This is an important initiative to help support businesses and customers at a time when many of them will need it more than ever.”

Chris Hayward, Policy Chairman, The City of London Corporation said:
“I am pleased to announce the City of London Corporation as a member of the Centre for Finance, Innovation and Technology’s (CFIT) first coalition. First as a seed investor, and now as a member of this coalition, the Corporation is delighted to be a new part of the next phase of CFIT’s mission to unblock barriers to FinTech growth in the UK.  Open finance is an area of tremendous opportunity – particularly around better SME and consumer financial outcomes. The strong group represented through this coalition represents the very best of the UK’s finance, innovation, and technology ecosystem, and I know it will deliver even further on the recommendations from the Kalifa Review.”

Sigga Sigurdardottir, Managing Director, Experian Consumer Services said:
“Delivering better financial health for consumers and businesses is a major driving force for our business. We are excited about the potential of the Open Finance coalition to create a collaborative network that deploys the latest financial, technology and data innovations to both improve financial inclusion and deliver better outcomes for people across the UK.”

Nick Levy, Partner, Financial Services IBM said:
"IBM is delighted to be joining the CFIT coalition. The UK is already a global leader in technology and IBM is excited about the vision CFIT has set out to utilise a ‘coalition’ of experts to position the United Kingdom as a global leader in financial innovation by accelerating opportunities and unblocking barriers to growth.”

Kelly Devine, President, UK&I at Mastercard said:
“There’s never been a better time to support SMEs and help people improve their financial awareness. If we can solve these challenges through innovation, we can bring millions of people into the financial fold and grow the economy. No organisation can do this alone, so by pooling the data, expertise and technology of this coalition, we can grow the UK FinTech industry, supercharge innovation, and improve financial inclusion in the UK.”

Alan Ainsworth, Strategy and Policy Director, Open Banking Limited said:
“As policymakers define the future of open banking, we look to future possibilities that this technology can unleash with huge optimism. Open Banking Limited is delighted to engage with initiatives such as the CFIT Open Finance coalition, taking the foundations of open banking and applying it to other smart data initiatives. We’re looking forward to seeing the development and delivery of new propositions and innovation that will bring further benefits to our small businesses, citizens, and UK plc as a whole."

Nilixa Devlukia Chair, Open Finance Association said:
“The OFA is delighted to partner with CFIT and the other coalition participants to progress Open Finance and to showcase how access to financial data can support better outcomes for consumers and SMEs.  As the voice of Open Banking and Open Finance in the UK we welcome the advancement of the Kalifa Review to ensure that the UK continues to be a global leader in innovation for financial services.”

Adam Gagen, Global Head of Government Affairs, Revolut said:
"Revolut is proud to be contributing to the CFIT initiative. We're excited to work with industry peers to prove what is possible if the UK embraces Open Finance, and to build tools that will help British consumers and businesses do more with their money."

Bryn Coulthard, Chief Product and Technology Officer, Smart Data Foundry said:
“Working with CFIT and the coalition partners to accelerate innovation in Open Finance is a natural alignment with Smart Data Foundry’s purpose to unlock the power of financial data to help improve people’s lives.  We’re excited to work in coalition with so many fantastic organisations to create real impact in this area driving positive change for consumers and SMEs alike.”

Orderfaz, an Indonesian fintech startup for social commerce sellers, today announced the completion of a pre-seed round of financing led by 1982 Ventures. 

Launched in March 2023, Orderfaz is a payment and commerce enablement platform designed to help brands and sellers improve online sales conversion rates in Indonesia’s booming social commerce market. The Indonesian social commerce market is expected to reach nearly US$90 billion by 2028. In Indonesia, 80% of online merchants are selling through social commerce and around 86% of Indonesian shoppers have used social media for online shopping. The most popular channels are TikTok, Instagram, and Facebook. Orderfaz optimizes digital sales and operations while providing sellers increased sales through social commerce channels, lower transaction fees, and empowering brands to gain greater control over their digital businesses.

Geared towards social commerce, Orderfaz offers targeted solutions to improve sales conversion. Based on the unique characteristics of the Indonesian market where many online transactions are completed via WhatsApp, Orderfaz has developed a Smart WhatsApp Keyboard feature, which allows sellers to close deals with WhatsApp at ease, helping sellers review order lists, send invoices, and share product checkout links to buyers all on the WhatsApp interface. Orderfaz’s unified One-Click Checkout simplifies the purchasing process through the Orderfaz browser plug-in, while sellers are able to track buyer purchase history, reducing fraud risk by tracking the history for each authenticated buyer. Orderfaz also offers community and training for brand owners to network and connect, share best practices, and improve their digital sales and marketing skills. Orderfaz has signed up over 600 sellers in the first two months after launch and expects to double its user base over the next month. 

Orderfaz is led by seasoned entrepreneurs, including co-founders Reynaldi Gandawidjaja (Chief Executive Officer), Mohamad Iqbal (Chief Commercial Officer), and Jessica Alvina (Chief Product Officer), former senior executives at social commerce site Evermos. The management team previously founded companies Popaket (digital logistics platform, acquired by Evermos) and Bandros (SME dropshipping services), and founded Orderfaz recognizing that the needs of the massive Indonesian digital marketing segment were not being met by existing solutions.

“Indonesia’s social commerce segment has demonstrated remarkable growth, but has experienced bottlenecks with a limited number of sales channels available in the country, which are primarily retail and e-commerce. We set out to create Orderfaz to provide new avenues for sellers and act as a one-stop shop for social commerce businesses to boost revenue, improve operations, and achieve efficient conversion rates,” said Reynaldi Gandwidjaja, CEO, Orderfaz.

“Building off one of the world’s most digitally-connected populations, social commerce adoption has exploded in Indonesia, with sellers setting up shop across all major social media channels and using WhatsApp as a primary tool to make transactions. While we’ve seen others trying to tackle Indonesia’s social commerce space, Orderfaz is doing something different in the market. We are excited to work with the Orderfaz team as they build new and innovative solutions for Indonesia’s booming social commerce sector,” said Scott Krivokopich, Managing Partner, 1982 Ventures.

With this round of financing, Orderfaz plans to bring on new hires across all functions to drive platform development and market expansion. The company plans to develop an omnichannel marketplace to manage orders across Orderfaz and third-party e-commerce platforms such as Shopee, Tokopedia, and TikTok. Orderfaz will also develop a customer loyalty program to reward reliable buyers.

GoLogiq, Inc., a U.S.-based global provider of fintech and consumer data analytics, has appointed company director, Granger Whitelaw, as chief executive officer. He succeeds interim CEO Brent Suen who will remain chairman of the board. Whitelaw will continue to serve as a member of the company’s board of directors as well as chairman of GoLogiq’s Asia Pacific Committee.

As CEO, Whitelaw will oversee GoLogiq’s recently acquired GammaRey subsidiary and help lead the company’s global expansion through further strategic acquisitions and product development. GammaRey brought to GoLogiq a financial assets management business with approximately $800 million under advisement, as well as a pipeline of prospective acquisitions.

Whitelaw brings to GoLogiq over 30 years of executive experience in finance, operations, sales, marketing, M&A, corporate governance and business development. He has successfully built and advised multiple businesses across several industries, including media, aviation, racing, entertainment, software, technology, consumer products and real estate, both in the U.S. and internationally. He has raised over $3.4 billion for business projects, and has helped lead numerous mergers, acquisitions, public offerings and private equity financings.

"Granger is an extraordinary innovator and visionary leader who has guided many companies to their highest potential," noted Suen. "His skills and experience in capital raising, M&A, and technology-driven innovations align perfectly with GoLogiq's new growth strategy. We’re excited that Granger has assumed the responsibilities of this important CEO position and look forward to an exciting future under his new leadership."

GoLogiq’s recently announced a sale of its fintech assets to Recruiter.com Group, a recruiting solutions provider. Given GoLogiq’s new focus on asset management that was created by the GammaRey acquisition, the board of GoLogiq believes the transaction with Recuiter.com will create greater shareholder value versus maintaining the Fintech assets itself. It enables GoLogiq to become a pure-play wealth management company with a more clearly definable market valuation, and has helped attract key new management to senior executive positions.

"This is no doubt a very exciting time for GoLogiq as it completes these transformative M&A transactions that add tremendous value to shareholders and a renewed focus," commented Whitelaw. "I believe in the power of technology to transform industries, and this will be the future for GoLogiq as we work to take its strong base of financial services to a whole new level.”

Granger Whitelaw Bio
Over the last several years, Whitelaw has worked for The Vietnam Group, a business advisory and consulting firm based in Ho Chi Minh City that provides supply chain, financial, governmental and digital services.

Whitelaw is the founder and CEO of the Raybar Group, a global management consulting agency that includes subsidiary companies such as The Vietnam Group, Transpacific Media, Pharmacy Advisors Limited, ParaStem Health, as well as the Lotus Talks podcast.

He is a founding benefactor of the XPrize Foundation and the co-founder and CEO of the Rocket Racing League, where he led the development of software, gaming platforms, and aeronautic technology development. Investors and partners have included Elon Musk, Jeff Bezos, Dr. Bob Hariri, Peter Diamandis, Bill Koch, The Thyssen Family and others.

He founded EBS Ltd in Bermuda, an early SaaS software company where he authored the world's first law for e-commerce digital signatures and settlement. This law has helped establish the legal framework for online commerce used worldwide today.

He also served as EVP of CoreCommerce, a leading SaaS eCommerce platform acquired in 2016 by a group of entrepreneurs and business executives. He is a founding partner of TrendSphere, a Think Tank for CIOs. Whitelaw also earlier served as banker at a leading investment bank, Cowan Financial Group, in New York City.

Whitelaw serves on the board of directors for BZani Animation. He served on the board of directors of Coffee Masters, Vemics, 360 Global Wine Co, and TRG International. He also served as chairman of the board for Benfe Motors, an electric motorcycle manufacturer and distributor in Southeast Asia.

As an avid philanthropist, Whitelaw has founded several organizations aimed at making a difference in the world. This includes the Amber Development Group for the Amber Alert program, a technology platform that helps to locate missing children.

“Signifyd is built on its relationships with its customers,” Signifyd Chief Customer Officer J. Bennett said in announcing the advisory board. “We are constantly developing more and more meaningful ways to work together to solve their challenges, grow their enterprises and make them more valuable in the eyes of their customers. The Product Advisory Board is not just another way to hear from our customers. It is a way to hold a conversation about the best ways to make their businesses more effective, efficient and profitable.” 

• Blaise Peters, Samsung U.S. Senior Manager of Risk
• Carlos Madrona, Mango Internal Control & Compliance, Payment Methods and Fraud
• Edgar Estrada, Lenovo, Senior Web Product Manager Global Ecommerce
• Jim Collins, Lowe’s Director of Fraud and ORC 
• John Fasline, Abercrombie & Fitch Senior Manager, Digitalization & Automation
• Marc Desormeau, Lenovo Senior Manager Web Products
• Neill Mac Carthaigh, eShopworld Fraud Manager
• Sharon Lopez, Walmart Mexico Senior Director, Ecommerce Anti-Fraud & Payments
• Shelby Vignes, Arbonne Director, Internal Control and Fraud Prevention

Alan Stephenson-Brown, CEO at Evolve Business Group, said: “We are always looking for new ways to support our customers, and with the scale to transport billions of credit and debit card payments and cash machine transactions per annum, BT Cardway is a great way to provide a wide range of connectivity options.

 

“Previously, if our merchants encountered a problem with their data centre and were unable to route transactions, it would be a single point of failure. Now we’ve interfaced the Evolve core SD-Wan into BT Cardway’s structure, we can route customer credit and debit card transactions to processors and acquirers more effectively.

 

“All the connectivity is now live and operational ready for our customers to use, and I’m excited about how this can support their growth.”

Marie Boycott, Head of Payments, BT added: “It’s great to onboard Evolve as a new customer, giving access to the banks and processors we support. The BT Cardway service is used by banks, card schemes, financial institutions, payment services providers, retailers and specialist transaction processors. Now we can also enable Evolve to offer card transaction routing to its global customer base via BT Cardway, and are confident they will benefit from reduced operational costs and risk.”  

iDenfy, a Lithuania-based RegTech company offering full-stack identity verification and fraud prevention tools, announced a new partnership with CoinSniper, a digital asset platform for discovering the latest cryptocurrency projects, coins, and tokens. CoinSniper integrated iDenfy’s verification software, enhancing the KYC onboarding experience for all crypto users on the platform. 

The cryptocurrency landscape constantly evolves with a wide range of blockchain projects, digital currencies, and innovative applications. Despite the industry’s success,  the rapid crypto market growth has also attracted malicious fraudsters, highlighting the need for robust security measures to safeguard users and their assets. iDenfy claims that identity verification is one of the primary measures for building an effective security ecosystem. 

In the first quarter of 2023, crypto hackers and scammers managed to steal a staggering $452 million, as reported by DeFi security. According to iDenfy, it’s essential to prioritize and implement thorough Know Your Customer (KYC) measures to ensure the utmost protection for both businesses and customers in the crypto space. CoinSniper agreed with this approach, explaining that the new partnership's goal was to safeguard against potential risks, enhance customer trust, and solidify its reputation in the industry.

To guarantee compliance with Anti-Money Laundering (AML) regulations and foster transparency in the digital asset landscape, CoinSniper has created a user-first onboarding process. New users are required to provide personal information and undergo a quick identity verification procedure, now facilitated by the assistance of iDenfy. This fraud prevention measure enables the cryptocurrency platform to minimize the risk of fraudulent activities by closely monitoring transactions and identifying suspicious behavior.

According to iDenfy, implementing KYC measures requires investments in technology, personnel, and training, which can be resource-intensive. However, the RegTech startup suggests that integrating a strong automated ID verification solution from a third-party provider can address these challenges effectively. With that in mind as the key factor that facilitated the partnership, CoinSniper successfully integrated iDenfy's solution easily, thanks to their new partnership. The integration process was straightforward, without encountering any technical difficulties. Currently, users can conveniently complete the verification process on mobile and desktop devices.

iDenfy's algorithm extracts and verifies data from 3000+ identity documents across 200+ countries. To ensure accuracy, the software is supported by in-house KYC experts who review each verification in real-time. This comprehensive approach guarantees the complete accuracy of the verification process. Through this partnership, CoinSniper now accepts a wider range of documents from multiple countries. Simultaneously, the company ensures compliance across all operational countries and efficiently onboard a larger number of users within a shorter time frame. 

Using iDenfy’s verification solution, the CoinSniper team is assured of verifying customers with the desired level of trust. This enables CoinSniper to provide a more secure experience for customers while mitigating regulatory risks to their business. Moreover, the entire identity verification process now takes under 3 minutes, meaning crypto users can begin their journey on the platform sooner.

By partnering with iDenfy, CoinSniper implemented an improved risk-based approach, which aims to decrease the manual burden on its internal team. iDenfy's integration streamlines the KYC administrative tasks, making the process more efficient for CoinSniper. According to the digital asset platform, this helps maintain the balance between security and user experience. 

“In the realm of crypto, ensuring scrutiny while prioritizing user experience is crucial. We ensure that our partners at CoinSniper can build a user-friendly KYC system and uphold regulatory compliance while efficiently organizing, updating, and securely storing user information.” — added Domantas Ciulde, the CEO of iDenfy.

Linedata, a global provider of asset management and credit technology, data, and services, announces today its strategic partnership with Qualtik, a US-based provider of stress testing tools for commercial loans. This collaboration marks a significant step towards empowering banks to effectively manage risk and gain valuable insights, enabling them to optimize resources and navigate challenging times successfully.

By combining Qualtik's cutting-edge stress testing tools with Linedata's robust portfolio analysis solutions, this partnership aims to revolutionize the way banks manage their portfolios. This integration eliminates the need for cumbersome spreadsheets and outdated methods that have been prevalent in the industry. As the market evolves, it is crucial for financial institutions to adopt automated tools that offer increased control and transparency. With this strategic partnership, banks gain the ability to proactively identify loans at risk, assess loan security, and use real-time data insights to make informed choices. 

"We are thrilled to collaborate with Linedata on this partnership." commented Mark Prior, Founder and CEO at Qualtik. "At Qualtik, our mission has always been to equip financial institutions with technology that empowers data-driven decisions. By marrying Qualtik's stress testing expertise with Linedata's portfolio analysis tools and global customer base, we are providing banks with a comprehensive solution that empowers them to navigate these challenging times successfully."

"This partnership between Linedata and Qualtik represents a transformative milestone for the banking industry, as it offers an innovative, automated and proactive approach to risk management" stated Gary Brackenridge, Head of Business Development, North America, at Linedata. "We recognize the urgent need for banks to adapt to the evolving market dynamics and effectively manage risks. This timely alliance with Qualtik addresses a critical issue that is currently dominating both the banking sector and news cycles. Together, we are providing banks with the tools they need to not only survive but thrive in today's challenging environment."

Qualtik’s stress testing tools are integrated with Linedata’s lending and leasing solutions, Linedata Capitalstream and Linedata Ekip³⁶⁰, dedicated to banks and credit unions, ranging from community banks to regional and national institutions. Financial institutions with asset sizes of 500 million and up will now have access to real-time insights, instant transparency on evolving risks, and full control over their commercial loan portfolios.

The integrated solution, which is available today, delivers a streamlined and efficient approach to risk management. It enables banks to optimize data-driven decision-making and fortify their position in the face of economic uncertainties.

French startup Defacto has closed a new securitization fund that will be used to provide short-term loans to small and medium enterprises via an embedded, API-first approach. This is a new fund of up to €167 million ($183 million) with Citi and Viola Credit acting as the lenders.

This is significant news for the startup as it means that it will have more capital to deploy, which will eventually generate more revenue.

As a reminder, Defacto wants to offer credit products using an API in the fintech products that you already use. With this embedded finance strategy, Defacto can leverage the customer base of these existing products.

In particular, Defacto wants to help you get paid more quickly so that you can pay your employees or your suppliers and move faster. For instance, you can submit your receivables to Defacto and unlock some capital right away. You can then repay your loan with a direct debit whenever your clients paid some pending invoices.

Similarly, if you’re moving a lot of goods, you might be restricted by the cost of your stock. Even though you have no issue selling everything you manufacture or resell, you might not have enough capital to pay your suppliers right away.

Defacto can pay your suppliers for you. Your company will then repay Defacto when you have generated enough sales. The startup specializes on short-term loans like that.

The company has rolled out integrations with popular fintech startups and marketplaces, such as Malt, Qonto, Pennylane and Libeo. By integrating Defacto as their financing partner, those companies can provide another service without becoming a credit institution. Defacto can also leverage customer data from these partners as well, which should improve the credit-decisioning engine.

Companies can repay Defacto loans after just one day or can wait up to 120 days. On average, companies repay their loans after 60 days. With a credit fund of up to €167 million, it means that Defacto will be able to lend as much as €1 billion per year.

“We are delighted to secure this facility with Citi, one of the largest banks in the world, and having Viola Credit renewing its trust in Defacto’s team, strategy and product,” co-founder and CEO Jordane Giuly said in a statement. “In the current macro environment, this is an important milestone for enabling our growth with both existing and new partners and answering the financing needs of thousands of SME.”

This is a big step up as the company has financed €200 million in credit for 7,000 companies. The startup charges some interests on a daily basis.

Silvr, another French startup that offers extra working capital, has recently closed a securitized facility with Channel Capital and Citi as well — Smart Lenders AM is also one of Silvr’s existing debt capital partners. It doesn’t have the same positioning as Silvr focuses on revenue-based financing and can offer 12-month financing plans with fixed repayments or revenue-based repayment plans. Silvr competes with Karmen and Unlimitd.

It’s an exciting day at Jirav.  Today we’re officially announcing that we have raised $20 million in our Series B funding round led by Cota Capital and powered by many of our ongoing investors. Jirav has experienced record growth over the past few quarters, with hundreds of new companies joining our platform every month. This positive momentum affirms the value and trust our customers place in us. Thank you!

This new round of funding will enable us to continue revolutionizing financial planning and analysis (FP&A) for accounting and finance teams around the world, building resilience in challenging economic conditions. To propel our customers and Jirav forward, we will focus on fueling product development, expanding our customer base, and attracting exceptional talent to join our team.  

Fueling Growth and Product Development

Our goal has always been to make FP&A delightful, easy, and fast for finance professionals. The Series B funding will act as a catalyst for Jirav's growth trajectory, enabling us to further accelerate product development and innovation. Companies need robust FP&A tools both in a hot market as well as a down economy. In fact, they may need them even more to navigate uncertainties and optimize resources. With this funding, we are further strengthening our platform's capabilities to make it blazing fast, leverage artificial intelligence (AI) to deliver future-facing insights, add capacity-building features, and enhanced reporting. These will empower companies to optimize resources, make informed decisions, and streamline their operations efficiently.

Building an unparalleled customer community

We are determined to bring the benefits of Jirav to more customers worldwide. We will accelerate our customer acquisition efforts, reaching out to businesses that can truly benefit from our comprehensive FP&A solution. By expanding our customer base, we create a thriving community that can share best practices, industry insights, and success stories, further enhancing the value Jirav brings to finance teams and to accounting firms who are scaling their FP&A advisory offerings.

Investing in long-term success

Our customers are at the heart of everything we do at Jirav and exceptional team members ensure our customers are getting a product and services that drive their success. We are going to continue investing in hiring top talent that will develop innovative products, enable seamless integrations and deliver exceptional customer experiences. 

The $20M Series B funding is a testament to Jirav's commitment and success in transforming the FP&A landscape and empowering finance professionals and accounting firms. With this funding, we will continue to grow as the finance professional's productivity partner, enabling them to achieve more with less time and make data-driven judgment calls.