Navro – the pioneering fintech firm formerly known as Paytrix that simplifies global payments for international businesses – today confirms that it has been authorised by the Central Bank of Ireland as an Electronic Money Institution (EMI). Under the terms of the licence, fast-growth businesses with international ambitions can benefit from Navro’s global payments curation services under the protection of European Union regulation. 

Securing an EMI licence from the Central Bank of Ireland confirms the importance Navro places on building a strong and effective governance structure as the foundation for its global payments network and infrastructure. In addition to the Irish licence, Navro also recently secured an EMI licence from the UK’s regulator, the FCA. 

Founded in May 2022, Navro launched its curated payments solution to fill a gap in the market for an efficient, cost-effective, and streamlined international payment solution. Up to now, businesses of all sizes aspiring to expand into new international markets have been faced with managing a diverse, complex and demanding range of service providers, payment gateways and regulatory authorities. 

In response, Navro has developed the world’s first payments curation platform — a new infrastructure approach that provides access to the best payment services in every region of the world through one platform, one API, and one contract. 

Aran Brown, CEO and Co-Founder of Navro, said: “International payments are a pain point across a range of industries including e-commerce, marketplaces, and online platforms such as payroll and pensions to name just a few. These are sectors that need to cater for complex layers of incoming and outgoing payments, to and from large volumes of businesses and individuals, and across multiple jurisdictions. Getting the licences in Ireland and the UK sets us up wonderfully for 2024 and means that international businesses can now use our solution to remove these headaches in a regulated environment.” 

Welcoming the authorisation, Ireland’s Minister for Finance, Michael McGrath, said, “I would like to congratulate the team at Navro on securing their EMI licence from the Central Bank of Ireland, which marks an important milestone for this fast-growing company. Ireland has a strong track record of attracting and retaining innovative firms like Navro and their Irish operations will give them a strong platform to develop their regulated business in the EU, the US and beyond.”

Following the successful licence applications in two of Europe’s major financial jurisdictions, Navro has also completed a new funding round to increase its reserves and satisfy the capital requirements of tier-one regulators, clients and banks. Existing investors, led by Bain Capital and Unusual Ventures, including Motive Partners, contributed a total of USD 14 million in an internal investment round with participation from prior investors Fin Capital. That sum, combined with the majority of funds retained from its Series-A investment round, means that Navro is well capitalised for growth.. 

As the company looks ahead and executes its expansion plans, it has also rebranded from Paytrix to Navro. The new brand comes off the back of rapid growth and recognises that the business is evolving to offer more than just payments. The new name, Navro, represents the business’ mission to help customers navigate their growth into new markets, with speed and efficiency. 

NatWest has become the first UK bank to be named as a supplier of the Crown Commercial Service’s (CCS) new Dynamic Purchasing System (DPS) for Open Banking services. This DPS will be accessible by all public sector entities in the UK including central government, local authorities, NHS, police, education providers, devolved administrations, and charities.

The announcement means buyers will be able to access Payit by NatWest open banking solutions as well as Confirmation of Payee (CoP) API to support fraud prevention.

NatWest is already well integrated with the public sector as the largest supplier of Commercial Cards under CCS’ Payment Solutions 2 framework, as well as one of two House Banks on the Government Banking contract.

Mike Elliff, CEO at Payit by NatWest said:

“After becoming the first country in the world to accept tax payments via Open Banking, this DPS will give the public sector access to a pool of pre-qualified suppliers. NatWest is delighted to be the first UK bank appointed to the DPS. Open banking is a key part of the UK financial ecosystem and seeing it integrated into the public sector is encouraging.

“With the continued adoption of Open Banking in the UK we are uniquely positioned to support the public sector with our award-winning Open Banking solutions.

“Individuals and businesses rely on NatWest to pay and get paid, which is why as a group we’re entrusted with 1 in 4 UK transactions. Our proven and secure infrastructure enables billions of payments every day. We combine the scale and resilience of a bank with the speed and innovation of a fintech to bring new payment services to our customers quickly and safely.”

Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, CCS helped the public sector to achieve commercial benefits equal to £2.8 billion - supporting world-class public services that offer the best value for taxpayers.

Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announces that VakifBank International AG, part of Türkiye Vakiflar Bankasi T.A.O has selected iGCB’s platforms Intellect Digital Core (IDC) and Digital lending to transform its overall banking. This is the second strategic core banking transformation deal announcement for iGCB in Europe in close succession to the partnership with a leading European Bank on December 8.

VakifBank International AG headquartered in Austria and present in Hungary will leverage eMACH.ai based Digital Core and Lending platform to:

• Launch innovative products and features through the composable architecture-based platform, giving access to ready microservices, packaged business components, and events.
• Bank will be able to go to market faster with a country-ready marketplace leveraging APIs.
• Improve business visibility through CXO cockpit with enhanced real-time 360° customer insights and reporting
• Manage and reduce inactive customers through churn analysis
• Increase asset book with end-to-end digital lending
• Start banking operations in Hungary

Bahrain Commercial Facilities Company (BCFC), in a strategic partnership with Mastercard, is set to transform Bahrain’s commercial payments landscape with the introduction of its Commercial Cards Program for companies, corporations, and small and medium-sized businesses.

Through this partnership, Mastercard and BCFC will offer solutions to effectively manage company expenses, payables, and overall cash flow. From day-to-day expenses, supplier payments, utility bills, to managing travel expenses, governmental, and business-to-business payments, Commercial Cards Program promises better visibility and efficiency in commercial B2B payment flows. In addition the credit card carries a unique value proposition including but not limited to a rebate system to complement the existing benefits of the commercial credit card.

“Our collaboration with Mastercard is a strategic move to provide businesses in Bahrain with innovative payment solutions that cater to their diverse financial needs. With the introduction of the Commercial Cards program, we are not only enhancing our product portfolio but also driving innovation, automation, and digitization in the commercial payments sector,” said Abdulla Bukhowa, CEO of BCFC.

“Mastercard’s partnership with BCFC underscores our pledge to fostering digital payment flows and enhancing the commercial B2B space through trusted payment solutions. Together, we aim to empower businesses with tools that offer unparalleled efficiency and control over their financial operations. Our recent endeavors in the region, in partnership with the BCFC, have been pivotal in driving the adoption of digital payment solutions, reflecting our vision for a world beyond cash and our commitment to financial growth in the region,” stated Maria Medvedeva, Country Manager, Saudi Arabia and Bahrain, Mastercard.

This collaboration between BCFC and Mastercard is poised to redefine the way businesses oversee their expenses and payments, marking a significant step towards a more digitized and efficient commercial ecosystem in the Kingdom of Bahrain.

Global financial technology leader FIS® has today announced another milestone in its drive to make secure open banking more accessible to its clients and their customers. Agreements are in place with leading data networks including Akoya, Envestnet | Yodlee, MX, and Plaid to integrate into FIS’ Open Access platform, an innovative new open banking solution, that enables consumers to securely and seamlessly share their financial information with a greater number of third-party financial apps and services of their choice.

The shift to Open Banking is accelerating, and last year the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights rule establishing consistent industry standards for consumer data access and protection.

FIS’ Open Access platform provides consumers with the ability to access and share their financial data in a secure, streamlined, and controlled manner. This solution gives consumers the flexibility of working with third-party financial services app providers, controlling what information is shared and who it is shared with while providing them with the ability to revoke access at any time. The solution also provides banks with visibility and reporting on where their customers are sharing financial data, which fintechs they are interacting with, and how frequently.

The solution allows for secure and reliable data sharing through Financial Data Exchange Standardized (FDX) APIs. By collaborating with leading industry providers, the enhanced solution has the broadest depth of coverage across the market, meaning FIs using FIS’ Open Access platform can support their customers to access a broad range of capabilities and experiences using an unmatched number of apps and services.

Hashim Toussaint, GM, Digital Solutions at FIS said: “Consumers of all ages are increasingly using third-party apps to manage their finances when they want, and creating a seamless experience for them to do this is crucial for traditional banks and credit unions as they look to retain and grow their customer base. Enabling the world’s adoption of Open Banking is foundational to our mission to advance how the world pays, banks, and invests.”

Bitso —the leading financial services company powered by crypto in Latin America— released the first edition of its Crypto Landscape in Latin America: Report H2 2023, in which it reveals the importance that the use of blockchain and crypto assets have gained, both in the region and locally.

This x-ray on crypto adoption in Latin America presents demographic data and comparisons of use that reveal the interests of people in the region regarding the adoption of this technology, as well as specific preferences and utilities according to the needs of each country in which the company operates (Argentina, Brazil, Colombia, and Mexico).

Bitso turns 10 in 2024 and celebrates with the presentation of the first edition of the document that will be issued semiannually. Among the findings of the report, it stands out that bitcoin remains the most popular cryptocurrency, with a presence of 53% in the average Bitso portfolio compared to the global average of 50.4%, although there are exceptions, such as the case of Argentina.

Regarding the purchase behavior during the second half of 2023 in the region, 38% corresponded to bitcoin and 30% to stablecoins anchored to the US dollar. Some of the relevant data for each country are:

• Argentina: It is the country that stands out the most in the acquisition of digital dollars compared to the purchase of bitcoin as a response to the political and economic context, which has promoted the acquisition of stablecoins as an alternative to inflation and devaluation. For this reason, 60% of crypto asset purchases through Bitso correspond to USD (digital dollars) and only 13% to bitcoin.
• Brazil: Ranks first in Latin America with the highest adoption of crypto and ninth worldwide. This territory has been characterized by a highly diversified cryptocurrency portfolio, where altcoins and meme coins are added to the most common currencies, although bitcoin has a large presence in the portfolios and represents 58% of the total holding.
• Colombia: Bitso had a 60% year-on-year growth in people who registered on the platform, there is great interest in the use of stable currencies, which represent 31% of total digital currency purchases. It is also the country with the highest number of women using the platform, who represent 33% of the total.
• Mexico: During 2023 it entered the top 20 countries with the highest adoption of crypto, and showed an 18% year-on-year growth in use of the platform. For clients in Mexico, the importance of bitcoin stands out, which represents 53% of the average portfolio in 2023 and 40% of the purchase preference, 2 percentage points above the regional average. It is also the only country where cryptocurrency XRP has a representative presence due to the transfers enabled by cryptocurrencies between the US-Mexico corridor, it is also the territory with the lowest presence of digital dollars in portfolios, with a presence of only 5%.

Daniel Vogel, Bitso's Cofounder and CEO, highlights In the introduction of the report: “Ten years ago, the market cap of the crypto industry was less than US$10B, today we stand at over US$1.5T. Ten years ago our journey began with a vision to harness the power of Bitcoin to create more inclusive and efficient financial systems. Today, Bitso stands at the forefront of this financial revolution, not just as a platform but as a catalyst for change.”

This report seeks to contribute to a better understanding of the use cases of cryptocurrencies in Latin America, as well as to highlight the behavior and growth in a year of great challenges for the industry, which will undoubtedly help the creation of products based on blockchain. and crypto that continue to solve the specific needs of people in each territory.

iDenfy, a Lithuania-based RegTech company best known for its full-stack ID verification service, announced a new partnership with RaiseFX, a prominent player in the online CFD broker sector. This partnership will help RaiseFX create a user-friendly ID verification workflow, enabling users to access trading and investment opportunities in seconds. 

RaiseFX is a player in the highly competitive online CFD trading market. CFDs (i.e., Contracts for Difference) are financial instruments that enable speculation on upward or downward fluctuations in an underlying asset without assuming ownership. When engaging in CFD transactions, in essence, you are investing in a financial derivative as well. The company offers to trade CFDs with a competent license and advantageous conditions.

RaiseFX stands out from other competitors because of its unwavering commitment to customer success. It comprises a team of passionate traders who ensure that the trading conditions play in client satisfaction and success side. To create an unparalleled experience, RaiseFX has introduced a unique offer, currently regarded as the best on the market. The platform utilizes MetaTrader 5 all-in-one trading platform with over 500+ product assets on the catalog. The platform is renowned for having an easy-to-use interface with many customization options. 

However, with the increasing rate and cost of data breaches, RaiseFX recognizes the need for robust cybersecurity measures. In 2021, 323,972 internet users reported falling victim to phishing attacks, and during the height of the pandemic, phishing incidents rose by 220%. Additionally, in a recent survey, 3% of small and medium-sized enterprises agree that cybersecurity concerns need immediate action, with 78% stating they will increase investment in cybersecurity in the next 12 months.

To address these challenges, RaiseFX has decided to proactively protect itself from cyber attacks, prioritizing the safety of the customer onboarding experience. Seeking a reliable partner for business security and improved operational efficiency, RaiseFX carefully selected iDenfy over other potential collaborators. iDenfy's exceptional industry reputation and comprehensive suite of security solutions made it the ideal choice. RaiseFX has seamlessly integrated iDenfy's identity verification and Anti-Money Laundering (AML) screening solutions, ensuring a secure and compliant trading environment for users.

The collaboration with iDenfy has proven to be highly needed in overcoming significant challenges faced by RaiseFX. Key issues related to fraud prevention, streamlined onboarding processes, and compliance with regulations have been effectively addressed, thereby fostering a more secure and efficient trading platform. At the core of RaiseFX's priorities lies an unwavering commitment to customer satisfaction, security, and providing the best trading conditions in the industry. 

David Bottin, CEO of RaiseFX, declares, "Our commitment is to create an environment where our clients can thrive. By ensuring customer satisfaction, robust security, and the best trading conditions, we are setting new standards in the industry. Our collaboration with iDenfy is a strategic move towards enhancing the security and efficiency of our platform. Together, we aim to set new standards in the realm of financial technology."

The collaboration between RaiseFX and iDenfy is not just a one-time venture. According to iDenfy, it will mark the beginning of a dynamic partnership committed to continuous innovation and growth. Both companies are dedicated to staying at the forefront of industry advancements, consistently exploring new technologies and strategies that will further enhance the online CFD trading experience for users.

"Teaming up with RaiseFX is an opportunity to empower a business that takes confident steps towards success. Our solution plays a crucial role in verifying and preventing fraud, ensuring the seamless execution of global solutions. We are committed to enhancing efficiency and compliance for RaiseFX's innovative platform." — said Domantas Ciulde, the CEO of iDenfy. 

As RaiseFX and iDenfy embark on this transformative journey together, both companies are committed to delivering innovative solutions that empower traders and contribute to the evolution of the online CFD trading sector. The partnership signifies a substantial step forward in shaping a more secure, efficient, and customer-centric trading experience.

Global payment orchestration platform FinMont has announced a new partnership with leading B2B payments platform ConnexPay. Through this new alliance, FinMont is adding ConnexPay’s innovative all-in-one payments solution to its travel orchestration platform.

Purpose-built for the travel industry, ConnexPay’s unified payments solution aligns incoming customer payments with outgoing supplier payments, all in real-time, with one contract and one reconciliation. With ConnexPay, clients get real-time access to incoming customer funds that they can use to pay suppliers, which drives significant cash flow for travel businesses. 

Suby Valluri, CEO of FinMont, commented, ‘We are delighted to announce our partnership with ConnexPay and incorporate their payment platform into our global ecosystem. This partnership will strengthen and expand the FinMont proposition for Travel Merchants, allowing our clients to issue virtual cards in real-time.”

Bob Kaufman, Founder and CEO at ConnexPay added, “ConnexPay is excited to partner with FinMont and incorporate our global payment offering into FinMont’s payment ecosystem for the travel industry. Our solution will allow FinMont's clients use one system to both accept and make payments, unifying the entire payments process with one contract and one reconciliation for ease and convenience.”

The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from competitors.

The FinMont platform aims to revolutionize payments by seamlessly connecting multiple banks and providers through one simple gateway. The partnership with ConnexPay will allow the global payment platform to incorporate the market-leading and innovative solution into its eco-system allowing travel merchants to issue virtual cards in real-time to one or more suppliers using incoming funds from a customer.

IDEX Biometrics and KONA I are partnering to deploy biometric payment and access cards in Japan. With credit card fraud reported by Japanese companies increasing by 30% year over year to USD 294 million, banks in the market are showing interest in biometric smartcard solutions, especially metal cards. KONA I expects banks to begin offering high-technology biometric cards to consumers in the second half of 2024. 

In response to the growing demand for cybersecurity solutions by governments, and public and private sector entities KONA I and IDEX Biometrics will bring state-of-the-art secure ID and biometric payment card solutions to market.  KONA I and IDEX Biometrics smart card platform provides the cybersecurity market with an end-to-end authentication platform focused on digital security, and compatible with standard protocols such as FIDO2, as well as biometric payment cards. Both solutions are delivered with optimal customer experiences and security by design. 

KONA I is a global smart card and technology platform leader, headquartered in South Korea, manufacturing smart card products with an annual production capacity of more than 60 million cards. The fast-growing market in Japan is set to reach 30% of KONA I’s business by 2025.

Asia, including Japan, is leading the way for fingerprint biometric innovation in the payments industry, with a high penetration rate of contactless payments. Credit cards are the leading cashless payment method in Japan, and the market growing at a CAGR of 8%, is expected to reach $870 billion by 2028.

“The partnership with IDEX Biometrics enables us to react to the fast-growing demand for biometric smart cards in Japan,” said Koichiro Sasai, Head of KONA Japan LLC as a subsidiary of KONA I. “We are proud to offer bank customers in Japan the most innovative access and payment solutions. There is a very strong demand from affluent customer who seek the highest security and unparalleled value and user experiences, as offered by biometric metal cards.”

“We are excited to enter Japan with technology innovations that meets the needs for increased cyber security together with KONA I,” said Catharina Eklof, Chief Commercial Officer at IDEX Biometrics.

“Through this partnership with KONA I, we are bringing relevant solutions to the growing demand for frictionless payments and smart card solutions, enabling banks in Japan to differentiate and support loyalty and trust with their customers.”

finally, the fintech startup helping businesses automate their accounting and finance functions, announced it raised $10 million in new capital to continue hiring and expand its suite of solutions to SMBs. The round was led by PeakSpan Capital with participation from Active Capital.

finally incorporates essential business processes, such as bookkeeping, expense management, bill payment, and payroll, into one automated solution for SMBs. The raise comes after two years of significant momentum for finally; last year the company announced it’s building an AI ledger, offering business banking, and building a new version of its bookkeeping app. finally previously raised a $95 million Series A in 2022.

finally plans to scale its GTM motion further and grow its product offerings with the new capital, including plans to release mobile versions of its bookkeeping, expense management, and business banking apps. finally will also expand headcount on the bookkeeping and expense management sales teams to reach new customers and continue its high-growth journey to becoming the one-stop-shop for SMB finance.

Businesses across sectors rely on finally to give them better visibility and management over their finance and accounting activities. finally currently partners with some of the largest and most innovative companies in fintech, including Visa, Bancorp, and Threadbank.

“When vendor tools are scattered, business owners are too,” said Felix Rodriguez, founder and CEO of finally. “We’re energized by this injection of capital and know it will supercharge our efforts to give SMB owners the best tools to grow their businesses.”

“There aren’t many solution providers that also give you access to capital,” says Chris Marin, CEO of Convert.AI. “finally does both — free of interest rates while making the lives of customers easier. As a business owner, selecting finally is a no-brainer.”

“PeakSpan is thrilled to double down on Felix and the finally team,” said Jack Freeman, Partner at PeakSpan Capital. “In our two years since partnering, we’ve seen the business meaningfully scale revenue, recruit top talent, launch three new products, and build a repeatable sales engine. finally enters 2024 as a fully-fledged fintech with a portfolio of products supporting SMBs. We are psyched to see what the finally squad can do with more growth capital and resources this coming year.”