Pennylane raises €40M from Sequoia Capital and DST Global, reflecting very strong growth over the past two years. The company has multiplied by 40 the number of VSE-SMEs on its platform in 24 months thanks to the adoption of the tool by more than 2,000 accounting firms who have brought their clients on board.

Pennylane stands out for its business model: the fintech charges accounting firms for its accounting production tool, while generating additional revenue when firms equip their clients with the all-in-one management tool including an account. pro.

These funds raised will allow Pennylane to accelerate the development of its various modules, to invest massively in artificial intelligence for accountants and to adopt an external growth strategy with companies with complementary know-how. 

Becoming the driving force behind the evolution of accounting

Since its creation in 2020, Pennylane has established itself as a key player in the evolution of the sector, committed to promoting the role of accountants rather than advocating total automation of accounting. Convinced that business leaders are looking for sound advice and a trusted partner, Pennylane has quickly won the support of accounting professionals thanks to three major advantages:

• First of all, the considerable time savings it offers, from capturing flows and invoices to preparing financial statements, thus freeing accountants from time-consuming tasks.

• Then, the significant increase in visibility over its finances and the peace of mind resulting from the use of Pennylane by the firm's corporate clients.

• Finally, Pennylane allows the accountant to fully play his role as a trusted third party to managers.

Technology is a key factor in the recognition and growth of the chartered accountant profession.

Pennylane already allows accounting professionals to generate significant productivity gains,  but also to ensure the reliability of data collected in real-time. Accounting firms thus save on average 15% of the time per file thanks to automation, from data recovery to tax declarations including lettering automation.

The company now wants to go even further by bringing all the innovations enabled by AI to accounting professionals, to enable them to focus more on the analysis and restitution of high-value-added data. 

A chatbot specific to the accounting field will be set up, allowing rapid and efficient restitution of customer management data. At the same time, an opportunity center is envisaged to proactively detect the specific advice needs of each client, thus promoting more targeted and relevant accounting action. In addition, Pennylane wants to help employees accustomed to data entry move toward support and reporting missions, by “augmenting” them using artificial intelligence. 

“ This fundraising comes at a time when Pennylane is experiencing exceptional growth, multiplying the number of its customers 40-fold in two years. We were not looking for funding, but we wanted to seize the opportunity again to go even faster. It indeed appears essential that accountants be equipped with a complete tool in order to be armed against neobanks and online accounting solutions which claim to purely and simply replace an entire profession. One year after the last round of funding, this fundraising will allow us to further support accounting firms in their transition to automation and the adoption of new technologies. This includes reorienting their missions towards consulting, updating the skills of their employees, and attracting young talents. We also plan to expand the capabilities of our platform by adopting an external growth strategy over the next 5 years,” said Arthur Waller, CEO and co-founder of Pennylane.

Luciana Lixandru, Partner at Sequoia , said: " Pennylane solves an important problem for over 120,000 SMEs and over 2,000 accounting firms, by giving businesses their financial information in real time and their trusted third party, their accountants, a smarter, more productive way of working. We continue to be impressed by Pennylane's outstanding technical team, their drive to innovate and their constant focus on their customers. We look forward to "Many accounting firms and SMEs across Europe will benefit from this financial Operating System as Pennylane expands this year ."

“ Accountants play an important role in the economy, and a strong, effective relationship between businesses and their accountants is a key component of effective business management,” said Tom Stafford, co-founder and managing partner of DST Global . “The Pennylane platform is already making accountants and businesses more efficient – ​​and there is more to come as the product develops, including new artificial intelligence features. We are excited to continue our partnership with the Pennylane team”.

Flywire Corporation, a global payments enablement and software company, today announced that it has partnered with State Bank of India, India’s largest public sector bank, to enable Indian payers to seamlessly and digitally pay international education-related fees in their local currency (Indian Rupees) to higher education institutions all over the world. The integration provides students and families a streamlined and completely digital experience when making high-value education payments, and helps them comply with the Liberalized Remittance Scheme (LRS), which are guidelines to help streamline overseas transactions and investments for residents of India.

Flywire integrates directly into SBI’s banking platform, providing Indian students with a fully digital checkout experience for their transactions, ranging from application fees to tuition payments. The solution is available only to local currency account holders of SBI in India. Students can make the payment in three simple steps from within their SBI net banking platform, all in Indian rupees, and can track the payment through to when the funds are delivered to their university. Likewise, institutions accepting payments through Flywire benefit from receiving payments on time in the local currency, as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies.

Capitalizing on the rise of Indian outbound students

Indian students continue to be a key driver of international education and a boon for the global economy. According to the Open Doors® 2023 Report on International Educational Exchange, India sent a record number of students to the U.S. for the 2022-2023 academic year, representing an increase of 35% over the prior academic year. Another report from University Living forecasts that as many as two million Indian students will study abroad by 2025 and that direct global spending on study abroad by Indian students could reach US USD 70 billion by 2025. The report cites that Indian students are mostly concentrated in the destination countries of the United States, Canada, the United Kingdom and Australia.

Despite these mobility trends, Indian students have traditionally been faced with a lengthy, paper-based experience when it comes to making tuition payments, which can cause unnecessary delays in payment. As a result, Indian students are seeking a simpler, more flexible payment process for their international payments. According to a recent Flywire report, 94% of Indian students surveyed believe that simplified payment processes would improve their education experience.

Creating a fully digital payment experience for students in India

The partnership between Flywire and SBI provides an innovative approach to education payments and offers many benefits to students and institutions alike. First, the integration creates a seamless and digital payment experience for the more than 480 million Indian residents who are customers of SBI, transforming what was formerly a lengthy and complex process to one that is completely online. SBI customers can complete payments from local currency accounts to the thousands of Flywire education clients in a simple, three-step process.

The integration also streamlines the compliance process for the LRS, which are guidelines set by the Reserve Bank of India that enable residents of India to remit up to $250,000 USD overseas, per financial year. Flywire and SBI help Indian residents comply with the LRS requirements quickly from within the payer’s digital payment experience.

The integration also benefits institutions, as they can automatically capture all relevant student information, ensuring payments are accurate and identifiable. Flywire identifies the source of payments delivered to an institution’s bank account and automatically posts each payment to the applicable student record.

“We are thrilled to partner with SBI to combine their comprehensive banking network and Flywire’s payment technology with the goal of transforming how international payments are made,” said Mohit Kansal, SVP of Global Payments, Flywire. “This powerful integration enables students to transform what was typically a cumbersome, multi-day process into a streamlined and seamless digital experience. We take all the complexity away so all they need is a login and a computer or a mobile phone.”

SBI said: “We are pleased to partner with Flywire and offer this unique offering to Indian students and customers of SBI. By partnering with Flywire, we’re expanding the footprint of our payment solutions to benefit the next generation of students.”

MX Technologies, Inc. today announced MX's data enhancement services will be leveraged as part of Trustly's Open Banking product suite. Over 8,300 global merchants rely on Trustly to enable their consumers to pay directly from their bank accounts. With Pay with Bank, consumers enjoy an intuitive, fast, and safe payment method, while merchants can create better experiences and reduce costs with an efficient payment solution.

By leveraging MX Data Enhancement, as part of this solution, consumer-permission transaction data is cleansed and categorized to deliver clear information for merchants to better understand consumer needs and preferences to inform and provide more personalized marketing offers and loyalty programs.

"Data without context is meaningless for organizations and consumers," said Jim Magats, Chief Executive Officer at MX. "With our comprehensive suite of data enhancement services, MX turns raw, and often indecipherable, transaction data into simple, human-readable descriptions, making it easy to identify, organize, and act on financial data."

Consumers expect personalized experiences, streamlined processes, and customized offers to improve their financial lives in exchange for sharing their data. With MX's best-in-class data enhancement services, merchants using Trustly's industry-leading payment solutions can now be better equipped to deliver personalized experiences to consumers at scale.

"We are continually focused on how we can enhance value for our merchants and ultimately, their consumers. With MX, we found a partner that not only delivers world-class data enhancement solutions but shares our commitment to improve consumer experiences," shared Alexandre Gonthier, Chief Executive Officer at Trustly, Inc. "We're excited to work with MX to enhance our tools so our merchants can better understand and support their customers."

Entrust, a global leader in trusted payments, identities, and data security, today announced that it has entered into exclusive discussions to acquire London-based Onfido, a global leader in cloud-based, AI-powered identity verification (IDV) technology.

With this contemplated acquisition, Entrust would add a market-leading, compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions. Additionally, Entrust would have the opportunity to advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events. This potential acquisition would bring industry-leading technology together to provide enhanced identity-based solutions that enable more trusted and secure interactions at scale for people, enterprises, and institutions.

“We chose to enter into discussions to acquire Onfido because we believe they have the best-in-class IDV team, capabilities and tech stack in the world. With the emergence of AI-based attacks, the identity verification game has changed. Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions,” said Todd Wilkinson, president and chief executive officer, Entrust.  “Onfido IDV solutions have proven their value in Europe’s high-compliance environment. With the proposed acquisition of Onfido, Entrust would have the opportunity to provide unmatched identity security solutions at a time when they are needed most among enterprises and institutions.”

Founded in 2012, Onfido makes it easy for people to access services through digital verification. The company has over $130 million in annually recurring revenue (ARR) and more than 500 employees. Onfido’s over 1,200 customers globally include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.

Any agreement remains subject to regulatory approval and other steps required in accordance with applicable laws.

“We’re excited to be entering into early and exclusive discussions with Entrust to potentially expand access to the most advanced and secure digital identity verification solutions worldwide,” said Mike Tuchen, Onfido’s chief executive officer. “Digital identities are enabling new levels of simplicity and access for people across the globe. The potential of Onfido’s powerful AI and machine learning-driven identity verification and Entrust’s proven identity security solutions would make a new world of digital trust possible.”

Onfido helps millions access services every week – from billion-dollar institutions to hyper-growth startups. The company has safely processed more than 200 million identity checks with 2,500+ document types and passports from 195 countries. The Onfido platform allows businesses to tailor verification methods to individual user and market needs in a no-code orchestration layer – combining a mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements. Onfido Atlas™ AI powers the platform’s fully automated, end-to-end identity verification.

Morgan Stanley & Co. LLC served as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as legal counsel to Onfido. Moelis & Company LLC served as exclusive financial advisor and Latham and Watkins LLP served as legal counsel to Entrust.

TransferGo, the global fintech creating a fairer world for millions of hard-working migrants, today announced the addition of three high-calibre professionals to its executive team to spearhead rapid global expansion and consolidate its presence in existing markets. With their extensive experience and expertise, the new leaders are set to drive TransferGo's strategic ambitions across new frontiers.

“Our mission to make financial services fairer and more accessible for migrants guides every decision we make. The addition of Jonny, Sarah, and Simon to our leadership team marks a significant milestone in our journey as we continue to grow rapidly and scale the business in new markets in Asia, Africa and South America,” said Daumantas Dvilinskas, CEO and Co-Founder at TransferGo. “Their collective expertise and vision are perfectly aligned with our aspirations, enabling us to innovate and grow in ways that serve the needs of our customers. Together, we're not just expanding our reach; we're deepening our impact and building a world where financial inclusivity is the norm.”

Revitalising Global Marketing Strategy

Jonny Steel, appointed as Chief Marketing Officer, brings his experience in global marketing strategy and brand development to TransferGo. Having helped steer Payoneer from its startup phase to becoming a public company trusted by millions of businesses worldwide, Jonny is poised to lead TransferGo's global marketing through the next chapter of its journey. Based in Tel Aviv, Jonny is committed to building a brand that is loved by its customers and partners, and a go-to-market strategy fuelled by data-driven insights and creativity.

Empowering Talent and Culture

Sarah Fern has stepped into the role of Chief People Officer, bringing her deep expertise in leading global teams for international brands and high-growth companies. Sarah has been building and nurturing world-class teams for two decades, empowering people's strengths to drive companies’ missions. Based in London, Sarah is passionate about deploying the right strategy to create an inclusive environment where everyone can put their best foot forward to enable business goals whilst being supported by the company to do so. 

Setting an Exemplary Compliance Framework

Simon McFeely joins as Chief Compliance Officer, bringing over a decade of experience in cross-border payment services, coupled with a proven record as an AML Compliance and Risk Management expert. Simon's expertise also lies in scaling compliance operations and expanding into newly licenced jurisdictions. Based in Ireland, Simon aims to make a meaningful impact by working closely with law enforcement, consumer advocacy groups, and regulators around the world. At TransferGo, Simon will focus on ensuring that the compliance and risk management framework is built to scale, and is properly tuned to protect customer’s best interests.  

AU10TIX, a global technology leader in identity verification and management, today announced that it has added seven executives to its growing team over the past year. These appointments are a strategic response to AU10TIX's significant growth and continuing global expansion.

Hanna Schindler has joined as Chief Revenue Officer (CRO). She is responsible for business development, sales, customer retention, loyalty, and customer experience across all facets of the company's operations. Schindler has 25 years of industry experience, including senior management business development roles at Amdocs and Bank Leumi. She also served as the CEO of PEPPER Global.

Erez Hershkovitz has joined as Chief Financial Officer (CFO). He has a demonstrated history of success in the complex financial environment of the high-tech industry, and is highly skilled in business and finance models, financial accounting, corporate finance, FP&A, taxes, due diligence, and M&A. He previously served as CFO for Voyager Labs and has also held senior financial positions with Check Point Software Technologies and EY.

Amazia Keidar has joined as Chief Marketing Officer (CMO). He previously served as the International VP of Field Marketing at Cellebrite, where he led the company's field marketing strategy, programs, and execution for six years. Before that, Keidar held senior sales and marketing positions at Microsoft, AllJobs, CA Technologies, and RISCO Group

Avidan Lamdan has joined as VP Research and Development (R&D). He has over 30 years of technical and agile expertise, with a focus on OTT and security. Lamdan previously served as CTO of nartis.ai, and has also held VP roles with Synamedia, Kaltura, and Tvinci.

Matan Shaham has joined as VP Product. He has over 25 years of industry experience, including 10 years of senior product management roles at Rapid7, BlinkOps and IronSource. Shaham has also served as Senior Director at Cognyte (formerly known as Verint Cyber Intelligence).

Moshe Naftaly has joined as VP Delivery and Operation. He brings 30 years of experience in the software industry, including 14 years with Amdocs as Delivery VP and 12 as programs lead for HP, Amdocs, Tech Mahindra, Vodafone Germany and more.

Chen Hofesh Katz has joined as VP of HR. She has 20 years of experience as VP of HR working with innovative technology companies, including Alcatel Lucent, Time to Know, GOARC and Attenti.

"We are thrilled to have these seven talented leaders on the AU10TIX team as we prepare for another year of extraordinary growth," said Dan Yerushalmi, CEO of AU10TIX. "This strategic expansion underscores AU10TIX's commitment to innovation, excellence, and continued leadership in the digital identity verification landscape."

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today announced that Mechanics and Farmers Bank (M&F), the second-oldest African American-owned bank in the United States, is live on the nCino Cloud Banking Platform. The technology upgrade is helping M&F process loans more quickly and creating increased convenience and connectivity for the underserved markets it intentionally serves.

For 116 years, M&F Bank has been focused on a critical mission; providing access to capital to diverse communities. As a Community Development Financial Institution (CDFI), M&F must serve one or more target markets by designating at least 60 percent of financing activities to one or more low- and moderate-income or underserved communities. Through the partnership with nCino and the implementation of its Commercial Banking and Automated Spreading Solutions, M&F can more quickly complete the loan process, while driving a better experience for its customers and associates via a cloud-based and mobile-enabled single platform.

“Our pursuit at M&F is to reduce the wealth gap by providing access to capital that helps our customers achieve their goals,” said James Sills, President, CEO and Board Member at M&F Bank. “We’re excited to be using nCino, one of the best platforms in the industry, to foster this mission and empower our associates to meet the needs of our customers with excellence. The partnership between M&F and nCino has been terrific, and we look forward to continuing working together to execute on our strategic plan.”

“Working with nCino has been more than implementing software,” added Valerie Scruggs, SVP/CTO on loan from one of M&F’s big bank partners. “nCino worked with us from the beginning, ensuring our people were prepared for the transformation and had all the resources and information they needed to succeed with these new tools. True transformation takes a partnership, and that’s exactly what we have with the team at nCino.”

“The partnership we have with M&F Bank is foundational to the transformation the Bank is driving within their operations,” said Will Cameron, SVP of U.S. Financial Institutions at nCino. “We are proud to provide M&F with the technology platform they need to provide faster and easier access to capital for the communities they serve while strengthening its own performance and becoming more efficient.” 

ID Finance, a leading fintech in Spain and Mexico, has closed a financing of 150 million dollars with i80 Group, this being the largest financing round in the history of the Group. The capital obtained will be used to accelerate the expansion of Plazo, ID Finance's financial well-being app and the cornerstone of its strategic vision.

This operation is among the largest financing rounds closed by a Spanish Fintech in recent years, constituting a relevant milestone that drives the company to continue achieving its ambitious growth goals.

Boris Batine, co-founder of ID Finance , said: “This financing is not only a recognition of our past achievements, but a bridge to our future aspirations. With the support of the i80 Group, we are prepared to reach new heights in financial innovation and inclusion, making Plazo an indispensable tool for financial well-being, not only in Spain but beyond its borders. This agreement represents a turning point in our business trajectory and brings us closer to our goal of becoming the country's favorite financial app. Our journey has only just begun, and we remain committed to enriching lives through technology-driven financial innovation.”

Tamir Saeed, Managing Partner of UK-based asset manager Kingsway Capital and shareholder of ID Finance, said: “We are pleased to welcome i80 Group as a partner and are convinced that with their support ID Finance will will be reinforced in its mission to improve the financial well-being of consumers in Spain and Mexico. “This funding is a crucial milestone on the path to achieving the company’s goals as it immediately offers Plazo the opportunity to scale to the next level, and we are very excited for the next chapter in the company’s journey.”

Peter Frank, CEO of i80 Group, added: “At i80 Group we are delighted to have partnered with ID Finance, the market leader in consumer fintech, to expand its customer base and product offering. The company is in a privileged position to conquer an important space in the financial services market thanks to the combination of access to capital and financial well-being tools and services.”

Strong financial results in 2023

ID Finance continues to demonstrate remarkable financial resilience and growth. The Group recorded consolidated revenues of 180 million euros, with a consolidated net profit of 7.1 million euros, which represents a year-on-year growth of 13%.

The Spanish division of ID Finance continues to be the company's main profit driver, with new loan issuance reaching €266 million, revenue of €124 million, and net profit of €12.5 million. The consumer credit business in Spain continues to consolidate the company's leadership position in the market, continually improving customer quality and generating a return on equity of 56.1%. (*)

(*Unaudited financial data, information provided by the company).

Unlocking the Potential of the Plazo Financial Wellness App

The financing of i80 provides Plazo with unprecedented opportunities to expand its credit capacity and introduce innovative functionalities that provide its users with added value while continuing to refine its offering. Proof of this is the recent strategic alliance with Meeting Pros that exemplifies Plazo's commitment to continue expanding its service offering, providing users with free access to medical, legal, and veterinary consultations through the application.

In 2023, Plazo recorded notable growth, adding more than 190,000 customers since its creation in Spain in 2021. To leverage technology to improve people's financial well-being, Plazo has consistently offered a set of robust and adaptable products designed to meet the diverse financial needs of its users.

Plug and Play, a leading global innovation platform, announces the launch of its fintech startup accelerator program which will take place in both Frisco and McKinney, Texas. In partnership with the Frisco Economic Development Corporation and the McKinney Economic Development Corporation, through this new program, Plug and Play aims to create a collaborative ecosystem for fintech innovation in the North Texas region.

As one of the most influential innovation ecosystems in the world, Plug and Play is dedicated to connecting startups, investors, governments, corporations, and universities to drive innovation and foster collaboration. This program will offer startups the opportunity to work closely with mentors, access corporate partners, and participate in industry-specific events and workshops. Additionally, Plug and Play's global network of over 50 locations will provide startups with international exposure and valuable connections.

"We believe that fintech innovation is crucial in today's rapidly changing digital landscape," said Saeed Amidi, Founder and CEO of Plug and Play. "By launching our fintech program in both Frisco and McKinney, we are committed to fueling growth and adding value to the local economy of the North Texas region."

Frisco and McKinney have emerged as vibrant hubs for technological advancements and entrepreneurial activities. Last month, Plug and Play announced their presence in these locations, launching a Sportstech program in Frisco and an Enterprise & AI program in McKinney. By introducing the fintech program spanning across both locations, Plug and Play aims to provide a platform for local entrepreneurs to connect with industry experts, receive guidance, and secure investment opportunities. Plug and Play currently has over 10 additional locations that are focused on fintech including Paris, Abu Dhabi, Singapore, Tokyo, and others.

"Our partnership with McKinney and Plug and Play will compliment Frisco's position as a major asset to the region's strong financial services industry and catalyze our vibrant ecosystem of 165 plus fintech companies and more than 133 fintech investors in Frisco," said Jason Ford, President, Frisco Economic Development Corporation. "The North Texas Fintech accelerator will support local job growth and fuel recognition of Frisco as a global fintech hub for continued investment from Fortune 500 financial services firms, like Comerica Bank's Business and Innovation Hub and FIS Global's $777 million acquisition of Payrix, a Frisco-based Fintech platform."

"It's an honor to lock arms with our neighbors in Frisco in bringing the Fintech vertical of Plug and Play to Collin County and into our communities. Our partnership will serve to strengthen our region's startup ecosystem, resulting in wins that will accelerate our growing position as an international hub for tech talent and innovation," commented Michael Kowski, President and CEO of the McKinney Economic Development Council.

The fintech industry is experiencing rapid growth globally, transforming the way financial services are delivered and consumed. From digital payments and blockchain technology to artificial intelligence and cybersecurity, fintech innovations are revolutionizing the financial landscape. By attracting and supporting fintech startups, Frisco and McKinney are positioned to become key players in this disruptive industry.

Mastercard collaborates with the Egyptian Banks Company (EBC) the advanced payments network and domestic operator in Egypt. The collaboration marks a significant step towards fostering sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.

Earlier, Mastercard, in collaboration with the Central Bank of Egypt (CBE) and EBC, had supported the implementation of card tokenization regulations by providing infrastructure to issuing banks across the country, expected to launch 2024.

Tarek Raouf, Executive Chairman and CEO, EBC, said: " EBC serves as the technological arm of the Central Bank of Egypt entrusted with developing and operating the national payment scheme and fostering the adoption of electronic payments. The collaboration with Mastercard represents an important juncture in the development of Egypt's payments ecosystem. Mastercard and EBC jointly work towards building digital payments infrastructure, establishing the wallets ecosystem, and pioneering advancements in tokenization. We have always believed that great value created through the successful partnerships between national and global enterprises, and we trust that this collaboration will reflect positively on driving the future of digital payments in Egypt."

Khalid Elgibali, Division President, MENA, Mastercard, said: "Over the past two decades, Mastercard has been actively involved in introducing cutting-edge digital payment solutions into the Egyptian landscape, steadfastly aligning with the government’s vision for a financially and digitally inclusive future. This collaboration is set to play a pivotal role in shaping the digital payments landscape, fostering financial inclusion, and contributing to sustainable economic growth in Egypt.”

Ahmed Rabea, Managing Director, EBC, said: "Our collaboration with Mastercard affirms our long-standing cooperation and aligns with our strategy to further collaboration with global payment leaders. By leveraging expertise and international reach, we look forward to paving the way for a new era of digital payments and services, and creating  innovative solutions for the benefit of millions of customers."

Adam Jones, Country General Manager, MENA Central, Mastercard added: "In this collaboration, Mastercard brings its global expertise to complement the innovative technology infrastructure that EBC has successfully developed. Together, we aim to create new solutions and use cases that capitalize on Egypt's real-time payments infrastructure, ushering in a new era of digital payment services."