Numeral, the leading bank orchestration platform, published new research conducted in partnership with research company OpinionWay, showing that 97% of European finance executives experience pain points in their companies’ payment operations. As companies grow, decision-makers encounter challenges, including ensuring that payments initiated are correctly executed, managing payment errors, and managing payment returns.

As a result, 90% of decision-makers share that their company plans to invest in upgrading their payment operations in the next 18 months, with 55% of companies planning to invest €100,000 or more, this number going up to 88% for decision-makers describing their payment operations as primarily manual. 18% of them plan to invest more than €1,000,000.

Finance and treasury executives have significant hopes for these investments, with 88% expecting to capture very or extremely important benefits from improving their payment operations.

In addition, the more payments companies manage, the more payments become an IT topic, with involvement from engineering teams growing from 9% for companies managing less than 100,000 payments per year to 43% for companies managing more than 100 million payments per year.

“When the volume of payments grows, manual or semi-automated systems fall short. They introduce too many manual errors that are harder to identify and fix as volumes grow, require more resources for low added-value tasks, and make straight-through processing, instant payments, or timely reconciliation impossible. As few solutions enabling end-to-end automation are available on the market, companies turn to their product and engineering teams to bridge the gap, which might, in turn, deviate these resources for technical projects more core to companies’ businesses,” adds Édouard Mandon.

Full report: https://go.numeral.io/payops-report

In the increasingly competitive InsurTech market, Qover, a pioneering firm specialising in the orchestration of embedded insurance, stands out as it successfully wraps up a $30m Series C funding round.

Qover’s mission, to craft a comprehensive safety net that safeguards everyone, globally, underscores its commitment to innovative solutions in the InsurTech space.

A dynamic array of investors, namely Alven, Anthemis, Kreos Capital, and Zurich Global Ventures, participated in this funding round. Their investment underscores Qover’s potential for sustainable growth and its capability to empower brands to orchestrate insurance through technology. This new funding is expected to turbocharge Qover’s expansion efforts, catalyse technological development, and facilitate strategic partnerships.

Qover’s key offering lies in its embedded insurance orchestration. Through a platform that smoothly integrates with any insurer or broker, Qover facilitates essential collaborations with major brands. Numerous leading companies, including Revolut, Qonto, Monzo, ING, Monese, Fisker, Nio, Volta Trucks, Niu, and Lucid, have chosen Qover as their go-to platform for embedded insurance orchestration.

Qover’s CEO & Co-founder Quentin Colmant said, “We are thrilled to announce the completion of our Series C funding round, which brings us one step closer to achieving our growth and profitability goals. Our commitment to transforming insurance experiences has been unwavering. Our ability to navigate and quickly adapt to the changing tech landscape has been instrumental in attracting top-tier clients and investors. We are incredibly proud of what our team has accomplished. With their resilience as our driving force, we’re excited about the opportunities that lie ahead as we continue to push boundaries and shape the future of insurance.”

This new funding follows a series of successful partnerships, further cementing Qover’s status as a leading embedded insurance orchestrator.

Sumsub, the global verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions for the whole customer journey, is pleased to announce its collaboration with Gate.io, one of the world’s pioneering cryptocurrency exchanges that offers services related to the trading of multiple leading digital assets.

Gate.io has chosen Sumsub for AML screening, KYC and Travel Rule solutions based on the high-quality standard upheld by both companies. This collaboration will allow Gate.io to enhance user onboarding processes while ensuring AML compliance with crypto regulatory requirements in all parts of the world the company operates.

As the demand for cryptocurrencies continues to grow, so does the need for robust KYC, AML, and anti-fraud measures. By combining Sumsub's cutting-edge verification technologies with Gate.io's innovative blockchain solutions, this collaboration will provide a secure and seamless onboarding experience for cryptocurrency enthusiasts worldwide.

"We are thrilled to start working with Sumsub, a global leader in identity verification, anti-fraud and compliance. Gate.io always prioritizes asset security as well as meeting regulatory requirements to best safeguard users’ assets.  With Sumsub, we’re confident that our crypto exchange platform will stay fully compliant in the evolving AML regulatory landscape. By implementing Sumsub’s KYC, AML screening as well as Travel Rule solutions across Gate Group, we make sure to provide the best user experience possible to our global customers," adds Dr. Han Lin, Founder and CEO of Gate Group.

"We are deeply grateful for our collaboration with Gate.io, a leading digital asset trading platform," says Peter Sever, co-founder and Chief Strategy Officer of Sumsub. "At Sumsub, our mission is to provide cutting-edge verification solutions, and we are proud to support Gate.io in their commitment to creating a secure and seamless experience for crypto users all over the world."

Zelig is delighted to announce that it acted as sole financial advisor to Papara on its acquisition of Rebellion, a leading Spanish neobank. This acquisition marks the first step in Papara’s plan to expand to Europe from its home market of Turkey, where it is already the leading FinTech and payment app with over 16 million individual and 1,500 business users (including e-commerce giants such as Uber and Yandex).

As a leading neobanking platform in Spain, Rebellion has gained a strong following among the tech-savvy Y and Z generation. Via its cutting-edge app, Rebellion offers a range of financial products, including money transfers, prepaid cards and a cashback proposition.

“With this acquisition, the talented Rebellion team joins us on our journey, bringing extremely valuable expertise and knowledge for our European expansion. Together, we will embark on a path of growth, leveraging new recruits, a fresh brand identity, and the visionary outlook of Papara.

We are confident that our products, services, and vision can compete on a global scale, and Spain serves as our first milestone in this exciting adventure.

Zelig is acting as our trusted M&A advisor supporting our inorganic expansion strategy with their extensive FinTech knowledge and deep execution expertise. We have been delighted with the team’s work to date and look forward to continuing our partnership." - Ahmed F. Karsli, Founder and Chairman, Papara.

“I strongly believe Papara is the ideal partner to synergistically blend resources, business vision and passion, given the absence of a dominant player in the Spanish sector and the prevailing economic landscape. As we continue to stay on the adventure, our expertise and knowledge in the sector will grow with new recruits and Papara's vision." - Sergio Cerro, Co-Founder, Rebellion.

Leading A2A payment infrastructure provider, Token.io, and award-winning payment processor, Total Processing, have teamed up to offer account-to-account (A2A) payments to European customers. 

Facilitated by open banking, A2A payments ('Pay by Bank') offer a fast and secure way to transfer money between bank accounts. Users authenticate directly with their bank, ensuring high success rates and a frictionless experience, whereas merchants save costs and enjoy instant settlement for improved cash flow. 

With a focus on delivering the latest technology to its merchants, Total Processing is thrilled to leverage Token.io's extensive connectivity network and powerful platform, which provides the fastest and most efficient way for payment providers to launch Pay by Bank as a core payment method. 

Token.io’s A2A payment infrastructure will enable Total Processing to swiftly launch its own A2A payment capabilities to its merchants across various industries through its gateway. With coverage of over 567 million bank accounts in Europe (80%+ of bank accounts in each of its 16 supported markets), Token.io boasts the highest-performing connectivity for A2A payments, ensuring seamless integration of this payment method across all channels and devices. 

Total Processing is a leading provider of seamless payment solutions, enabling businesses to streamline their payment workflows, reduce costs and boost revenue. The company offers a range of payment processing services, including e-commerce, recurring payments and alternative payment methods, like pay by link. 

Open banking-enabled payments are rapidly gaining popularity due to their speed and convenience. Globally, volumes are projected to grow from $53 million in 2023 to $334 billion in 2027, with Europe accounting for 86% of that.

Alex Leigh, Co-founder at Total Processing said, “Integrating A2A payments into the Total Processing platform was an important move to stay up to date with the market and our customers’ needs. As a trusted provider, Token.io was the ideal partner. We’re excited to say that Travis Perkins has already shown an interest and will be an early adopter of the solution.” 

Chief Executive Officer at Token.io, Todd Clyde said: "We’re thrilled to partner with Total Processing and to support its mission of delivering frictionless payment experiences. By harnessing the power of open banking, we will empower Total Processing's customers across Europe with secure, instant A2A payment capabilities."

The collaboration between Total Processing and Token.io marks an important milestone in the payment industry, where open banking-enabled payment capabilities are increasingly sought after for their speed, security, and convenience. By combining Total Processing's expertise in payment solutions with Token.io's robust open banking platform, merchants can expect enhanced payment experiences that drive business growth.

Global fintech SumUp has today announced the appointment of Anna Kuriakose as Chief Product Officer. She joined SumUp in mid-June 2023 and will be based in London.

Anna was formerly at Meta, where she was the product director for Messenger on Windows and Mac and web-based video calling. Prior to Meta, Anna held CPO roles at companies including JustGiving and TotallyMoney, and was an early product manager at Skype. She is a graduate of Mahatma Gandhi University and Durham University.

Commenting on joining SumUp, Anna Kuriakose said: “I am thrilled to join SumUp’s global team in building products that make small businesses even more successful. SumUp has already established an impressive portfolio of products, ranging from payments to banking and loyalty, and is set to become the ultimate ‘Super App’ for merchants. As SumUp continues to challenge conventional thinking, I am eager to further refine our product culture and customer focus to help drive our continued growth trajectory”. 

At SumUp, Anna will focus on strengthening the product team, drive clarity and implementation of SumUp’s product strategy and lead cross-team initiatives. Kuriakose's approach is to align and develop SumUp’s multiple products in such a way that they meet the needs of small businesses and all the activities and challenges of everyday business.

Marc-Alexander Christ, Co-Founder of SumUp, welcoming Kuriakose to SumUp: "I am very happy that Anna has joined the SumUp leadership team. She has years of expertise and the necessary intuition to know what our customers need, as well as the knowledge of how to develop and bring exciting products to multiple markets at scale. I am convinced that together with Anna we will be able to take our products to a new level and offer even better tools to merchants in the future. After all, fintechs are now among the big drivers in the European ecosystem, and Anna will propel our work as a pioneer of global innovation.”

SumUp was founded in 2012 to help small merchants start, run and grow their business through a fair, easy, and reliable payment solution. Today, its financial services Super App provides merchants with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments seamlessly integrated with SumUp’s proprietary card terminals and point-of-sale registers. More than 4 million businesses ‒ from taxi drivers and coffee shop owners to large sports stadiums ‒ trust SumUp to deliver when it matters. 

SumUp’s team of over 3,000 people supports merchants in 35 countries worldwide. In recent years, SumUp has also expanded into point-of-sale solutions, and with the acquisitions of Goodtill, Tiller, and Fivestars, the company is rapidly expanding its footprint within the restaurant and retail sectors.

Australian Payments Plus (AP+) today announced global financial services technology leader Worldpay from FIS®, has joined Australia’s domestic debit network eftpos as a Member, enabling Worldpay’s customers to benefit from eftpos secure online payments capabilities and features, designed to keep Australians safe in the Digital Economy.

AP+ brings together Australia’s three domestic payment organisations, BPAY Group, eftpos and NPP Australia into one entity.

The implementation is now live and Worldpay has started to process eftpos transactions. AP+ CEO, Lynn Kraus congratulated Worldpay for joining the eftpos membership.

“We are very pleased that Worldpay has joined eftpos as an Acquirer, further strengthening the diversity of our membership and bringing more competition to the market,” Ms Kraus said. “They’re a global player with local, regional and global interests, whose customers will all benefit from our formalised relationship.”

“Worldpay customers can now benefit from the processing strength of eftpos’ infrastructure, directly accessing Australia’s domestic debit network, adding to the 2 billion transactions already being made every year through eftpos.^”

“Worldpay is delighted to become a Member of eftpos and looks forward to working with the AP+ team over the coming years. eftpos provides a fast, simple and secure payment system that will benefit our customers and help expand our offerings in the Australian market. Merchants and businesses that want to grow must offer consumers the payment experiences they want. Together with AP+, we can help merchants tap into significant growth opportunities in the e-commerce space which is continuing to expand in all regions and markets,” Phil Pomford, General Manager for Global eCommerce, APAC, Worldpay from FIS.

Oxane Partners ("Oxane"), a leading technology-driven solutions provider to private markets, announced that it has been recognised as ‘Best-Of-Breed’ by Chartis Research ("Chartis") in its Chartis RiskTech Quadrant® for Credit Risk Reporting Solutions 2023.

The report, published by Chartis, evaluates and ranks vendors based on their credit risk reporting capabilities in the RiskTech Quadrant®. Participants are evaluated on two broad categories: ‘completeness of offering’, which encompasses solution capabilities, data management and technology infrastructure, risk analytics, reporting, and presentation; and ‘market potential’, which covers business model, existing market penetration, and future growth potential, financials, customer satisfaction, and growth strategy.

Oxane achieved high rankings across multiple categories, recognizing the firm's robust portfolio monitoring and risk management platforms. The solution stood out on several parameters such as platform and product capabilities, workflow management & integration capabilities, advanced analytics, and technological innovation. Chartis also highlighted key strengths of Oxane, under the ‘Best-of-Breed’ quadrant, recognizing its focused growth strategy that has contributed to an expanding client base, further solidifying its position as a key player in the risk management space for private markets.

“Amid the current market landscape, risk management needs of investment firms have become pertinent. We’re more focused than ever to meet their portfolio and risk management needs and this ‘Best-of-Breed’ ranking is a testament to our focus and innovation in the space. By aligning with market needs, we are reinventing portfolio management operations with our digital-first solutions, as we continue to grow partnerships with our clients and remain a trusted name in the private markets industry,” said Sumit Gupta, Cofounder, and Managing Director at Oxane Partners.

This recognition in Chartis RiskTech Quadrant® comes on the heels of Oxane being named in the Chartis RiskTech100® 2023 report, where the firm was recognised as the ‘Rising Star’ and winner of a category award for innovation in private credit operations and technology. These distinctions underscore Oxane's dedication to pushing the boundaries of technology in the private credit sector while providing innovative solutions that enable clients to have better control over their investment operations.

To access Chartis RiskTech Quadrant® for Credit Risk Reporting Solutions 2023 and learn more about Market and Vendor Landscape Report, click here.