DivideBuy, the leading UK Point of Sale (POS) finance pioneer, has today announced a partnership with Salesforce, the world's foremost cloud-based customer relationship management (CRM) platform, to offer instant onboarding for DivideBuy’s merchants and partners.

In yet another disruptive innovation DivideBuy has made in the POS credit space, LendTech’s partnership with Salesforce promises to break records in merchant onboarding times, accelerating the uptake of POS finance among customers in more verticals. Crucially, DivideBuy’s merchants will be able to refer their own partners to DivideBuy and benefit from en-masse instant onboarding, a major competitive advantage that will enable them to offer POS finance solutions to wider customer bases straight away.

With DivideBuy occupying a unique space in the POS finance market by being both a tech solution provider and lender, the partnership will future-proof DivideBuy’s award-winning SaaS technology platform even further. Leveraging artificial intelligence and machine learning to offer intuitive customer relationship management (CRM), DivideBuy will empower merchants to tap into enhanced self-serve capabilities and automated process improvements, including dynamic real-time data insights that can inform peak sales event strategies and performance forecasts for key retail dates like Black Friday and the Golden Quarter period.

Usage of POS finance and interest-free credit is surging worldwide, with the latest research suggesting an expected 157% growth in the number of users in the next five years, growing from 360 million in 2022 to 900 million by 2027. At a time when rising inflation and living costs are putting pressure on consumer budgets, and with merchants wanting to offer affordable and ethical finance methods, DivideBuy’s responsible lending-based POS finance solution is set to become even more commonplace across a growing range of merchant sectors. As an easy and convenient payment option in comparison to credit cards that charge interest and higher fees, POS finance is also a hit with the millennial generation.

Teresa Byrne, Chief Commercial Officer at DivideBuy, commented: “DivideBuy is – by its nature – a disruptive, innovative company and our recent growth is a testament to the number of merchants who have realised the value of our solution. DivideBuy is leading the charge as a dynamic credit provider in the eCommerce space, and so it is critical that the technology we offer our customers upgrades in line with this growth. Our partnership with Salesforce will enable DivideBuy to break onboarding records, with merchants up and running in times never seen before in the industry.

“Previously, DivideBuy relied on its own CRM, so I am excited to see how Salesforce’s agile platform will allow us to execute innovation at pace and add significant value to our partnership interface by driving insights and communications. Salesforce’s end-to-end solution will support DivideBuy’s full offering, ensure real-time feedback for merchants thanks to its machine learning capabilities, and give predictability on performance to help merchants to plan ahead for important days in the retail calendar such as Black Friday. It will also mean that DivideBuy will be able to onboard new merchants at a much faster rate.”

Having announced a milestone £300m funding agreement with global investment management firm Davidson Kempner Capital Management LP in 2021, DivideBuy has chosen Salesforce’s integrated CRM solution to help execute its ambitious plans as it continues to scale its business.

Currently working with more than 500 merchants, DivideBuy’s new partnership will enable it to continue to respond to the increased demand it has experienced across all verticals following a broadening of its consumer base, a major shift in consumer attitudes towards interest-free credit and its fast-growing roster of major merchant partners.

This news is the latest in a series of fintech-focused partnerships for Salesforce, which is aiming to build its support of the merchant sector through a combination of direct outreach, omnichannel strategies and retail industry insights.

Ryan Joyce, Head of FinTech for UK&I at Salesforce, commented: “Salesforce’s mission is to bring companies and customers together through our integrated CRM platform that gives all operations — including marketing, sales, commerce, and service — a single, shared view of every customer. We’re delighted to be working with such a customer-focused company in DivideBuy to provide its merchant customers with smoother journeys and improved experiences, and to help the growing POS finance market and the wider fintech sector.”

DivideBuy’s POS finance eCommerce credit plugin integrates with shopping cart functionalities such as Shopify, Magento, WooCommerce and Craft Commerce to offer interest-free credit through merchant partners. DivideBuy offers a fast 60-second application process and an immediate decision, which means that customers can spread the cost of their purchases with no hidden charges. At a time when record rises in inflation and living costs are putting pressure on household budgets, interest-free credit solutions like those from DivideBuy can help customers make aspirational, hassle-free purchases this golden quarter by spreading the cost over several months – and with no late payment fees.

• 03.11.2022 -- 11:50 am

Agnieszka Noworól, former Head of KYC and Onboarding Solutions at IG, is joining Danish RegTech firm, Muinmos as Customer Success Director and a member of the Management Team.

Agnieszka has extensive experience in KYC and onboarding solutions, strong leadership skills and a passion for innovation and digital transformation. She spent over six years at IG in Poland, initially as Account Opening Manager for EMEA, leading a team of 42 KYC and Onboarding Analysts, before being promoted to Head of Account Opening, with responsibility for EMEA, APAC and RSA.  In July 2020, she became IG’s Head of KYC and Onboarding Solutions, responsible for shaping the department’s strategy, creating more efficient processes, and leading a team of 100 people.  Her impressive career history also includes KYC Team Lead at UBS and Team Lead at business outsourcing services for the UK’s Ministry of Justice and National Health Service at Capita.

At Muinmos, Agnieszka - who will be based at the company’s headquarters in Denmark – will focus on evolving the processes around the induction of new clients and leading the team to continue to deliver world-class client service as the business scales. As a member of the management team, she will also play a role in delivering Muinmos’ strategy to grow the business globally.

Remonda Kirketerp-Møller, Founder and CEO, Muinmos said, “Agnieszka’s in-depth knowledge of customer onboarding in an ever-changing environment, insight from the clients’ perspective, and proven track record in building and managing diverse teams will be a huge asset to Muinmos. She truly understands the space we are in and has first-hand experience of the issues and pain points we are solving.”

“Agnieszka stood out from the outset as the ideal candidate for this newly created role because of her belief that technology can transform our sector, her desire to push boundaries, and her passion for equity, diversity and inclusion. She is not only the expert Muinmos needs but is a true visionary and an incredible female role model.  We are super excited that Agnieszka has chosen to join Muinmos.”

Agnieszka Noworól said, “I have a very clear understanding of the tech vendors in this sector and when I came across Remonda and her team, I was so impressed. Muinmos provides something exceptional and can truly deliver value to clients.”

“Joining Muinmos is an amazing opportunity for me to leverage my knowledge and experience in KYC and client onboarding and play a key role in growing this innovative, truly unique company. Throughout my career, I have always focused on continuous improvement and this is something that I hope to bring to Muinmos, both in relation to technology and client servicing. I believe my background allows me to know what customers need and how we can deliver success to them.”

Founded in 2012, Muinmos has developed the only client onboarding platform to fully automate the entire client onboarding chain from AI-powered client categorization to fully automated KYC/AML checks and client risk assessments. With Muinmos’ technology, financial institutions can onboard any client type in under three minutes and remain fully compliant as regulatory parameters change.

additiv, a leading embedded finance provider, today publishes the results of a recent survey in a new, in-depth report: Understanding the Embedded Finance Opportunity – Consumer study 2022.

For the survey, over 3,500 consumers, across multiple countries and demographics, were interviewed and a list of compelling insights was identified, including:

• Over half of consumers would consider switching from a bank or other traditional financial services provider to a non-financial brand channel if they provided more innovative services.
• Two-thirds of consumers would take investment services from non-financial service providers.
• 70% of consumers would like to use cashback and loyalty points to invest.
• Almost three-quarters of consumers would be prepared to switch payment methods in return for rewards.
• More than half of consumers would like to remove complexity by bundling together services into a single monthly subscription (such as digital subscriptions, tax-free savings and investments schemes, different insurance products etc).
• Over two-thirds of consumers are interested in putting aside money into online savings pots for different goals (from an organization other than a bank).
• Take-up and satisfaction with online trading and investment platforms is already high, at 34% and 63%, respectively.

Focusing on the ‘what, why and how of meeting consumer needs’, the report provides a thorough analysis of identified consumer activity and preferences. It also offers access to over 30 insight charts and statistics from an extensive range of questions including:

• Consumer perception of existing financial service providers and their offerings.
• Current unmet consumer needs, and the forms of financial services to satisfy these.
• Consumer willingness to consume financial services propositions through non-financial channels/brands.

The new report allows any brand to judge and accurately respond to consumers’ financial needs, helping highlight the gap for financial service providers and the opportunity for brands to create new sources of revenue. In effect, now every company has the potential to become a fintech company.

Commenting on the detailed survey report, Christine Schmid, Head of Strategy at additiv, said: “The key takeaways from our survey provide essential data and considerations to enable any brand (financial or non-financial) to improve customer engagement and/ or build an embedded finance business case.

We previously estimated that the embedded wealth market will be worth over $100 billion in new revenues.  Our new survey report looks at consumer needs within wealth management, but also other areas, such as savings and insurance. It underlines the extent of the opportunity for brands willing to go beyond transactional banking and move into relational financial services such as mortgages and wealth management. The survey results indicate that there is an unmet demand for these relational financial services and that consumers have the propensity to take services overall from non-financial services channels.”

iDenfy, the AI-powered identity verification and fraud prevention software provider, announced that it will be joining forces with MGID, a global advertising platform. With iDenfy’s IDV solution, MGID will ensure a secure onboarding process for its growing customer base. 

An excellent first impression is essential when it comes to successful customer onboarding. According to iDenfy, what is crucial is ensuring that the onboarding process is user-friendly and secure. IBM reports that last year the United States topped the list for having the highest average data breach costs, at $9.05 million. The fraud prevention startup claims that identity verification helps maximize security while increasing business value and securing loyal customers.

MGID agrees with iDenfy’s approach, explaining that security and compliance during customer onboarding are essential. The advertising platform searched for Know Your Customer (KYC) service providers and ultimately partnered with iDenfy. MGID helps brands reach unique local audiences at scale. Using privacy-first, AI-based technology, MGID serves clients with high-quality, relevant ad opportunities in brand-safe environments. According to company representatives, iDenfy now helps them ensure that MGID complies with Anti-Money Laundering (AML) regulations.

iDenfy’s platform assists MGID in automating customer due diligence. In addition, MGID has implemented iDenfy's identity verification service to verify individual advertisers. iDenfy’s in-house team reviews each verification check manually in real-time, guaranteeing quick results with an accuracy rate of 98%. The company’s IDV software is also known for its 3D liveness check, which assures that the user is physically present during the verification procedure. According to iDenfy, the startup helps MGID prevent fraudulent accounts from accessing its network.

When asked about the benefits of using iDenfy’s services, MGID highlighted its easy integration and intuitive interface. As claimed by advertising experts, iDenfy was able to offer comprehensive geographic document coverage with the option to personalize the identity verification flow. Currently, iDenfy supports over 2000 documents from over 200 countries and territories. With the added risk assessment from iDenfy, MGID has added an extra layer of security, now offering complete compliance and security for advertisers worldwide.

“KYC practices, once strictly used in financial institutions, are standards now adopted by industries outside the financial sector. At MGID, we’re implementing identity verification to ensure an effective tracking system for suspicious activities and transactions,” said Oleksandr Nazarenko, Head of the Fraud Protection Department at MGID.

Domantas Ciulde, CEO of iDenfy, added: “Our goal is to help platforms like MGID focus on other processes while we handle identity verification applications. When it comes to secure and successful customer onboarding, extensive manual ID verification procedures are a no-go, especially in today’s digital environment. Our team is glad to continue to assist our partners in the ongoing battle against fraud.”

Worldline, a global leader in payment services, has integrated its Fraud Management Suite into the issuing platform of Finnish bank S-Bank. Supported by Worldline technology, S-Bank will deploy extensive real-time fraud detection for debit and credit cards whilst increasing the efficiency of its card fraud and risk management.

Convenience and safety

With counterfeit fraud and face-to-face interactions decreasing, online fraud now represents 94% of overall fraud and has pushed fraudsters towards those channels. Financial institutions need innovative solutions to detect and respond to fraud in real-time. S-Bank has recognized the benefit of using Worldline’s state-of-the-art fraud detection and reaction platform to detect and respond to fraudulent payments before they are even processed.

Worldline Fraud Management Suite (FRAMS) covers all aspects of card fraud detection and prevention, incorporating artificial intelligence and rules modelling management, investigations, and fraud case handling. Three tools developed by Worldline and adapted to S-Bank processing have been implemented:

• Worldline Pay Online Watcher: a real-time rules engine for front-office authorization declines.
• Extended Watcher: providing artificial intelligence and big data analysis including clearing and confirming fraud cases, as well as sending card-blocking instructions to the back office.
• Fraud Case Management tool: for case handling, investigations and call centre for cardholder interactions.

Over 3 million customers in Finland

S-Bank is a Finnish bank which aims to offer banking services that make life easier. As part of the S Group, they cater to 3.1 million customers in Finland. S-Bank wants to reshape the banking industry by offering superior ease and benefits by working with the S Group in developing new services. By implementing the Fraud Management Suite, the bank is able to leverage the existing fraud protection expertise of Worldline and react to payments fraud in real time.

Marketta Lundell, Head of Cards at S-Bank: “During the implementation process, we found common working methods and are pleased with the current co-operation with Worldline. We recognize that by implementing this Worldline FRAMS solution on top of our existing platform, we’re benefiting from the expertise and software that was developed in-house by Worldline, that is also used by financial institutions across the entire continent.”

Michael Steinbach, Managing Director of Financial Services business at Worldline: “The successful integration of the Fraud Management Suite at S-Bank, a major player in the Finnish market, underlines our increasing footprint in the Nordic region. With our solution, S-Bank can scale up without hesitation, at any given time. We’re proud to welcome them as one of our partners in Finland, and this partnership demonstrates an amazing possibility for growth.”

Gate.io attends the 7th Singapore FinTech Festival (SFF) from November 2nd to 4th at the Singapore Expo convention centre. With over 300 booths and 65 sponsors, this 3-day event will attract more than 60,000 attendees and 300 industry guests, making it one of the most distinguished fintech summits in the world.

Gate.io to promote wide adoption of digital assets

During SFF, the Gate.io team will connect with on-site partners and attendees to engage in in-depth interactions. By attending the Singapore Fintech Festival, Gate.io hopes to deepen its understanding of the local crypto industry and market and promote the wide adoption of digital assets worldwide.

Gate.io's representative said "Singapore is an early explorer and leader in the crypto industry. We are glad to participate in the FinTech Festival to engage with the local crypto community and discuss new cooperation ideas for shaping the digital economy with global financial industry leaders and practitioners."

Singapore is an early adopter of crypto regulations and blockchain technology and is recognized as one of the most important global crypto markets due to its crypto policy and ecosystem. This has resulted in an international and focused trend in strategic investment emerging.

The world's most impactful fintech event

Singapore FinTech Festival 2022 is hosted in collaboration with trusted partners around the world. Key attendees include government leaders, regulators, financial services leaders, entrepreneurs, investors and technology leaders, who will assess and discuss revolution-driven factors.

The 7th annual Singapore FinTech Festival (SFF) will be held at the Singapore Expo from November 2-4, 2022. SFF will bring together the global fintech community to connect and collaborate on financial services, public policy and technology development issues. As the world's largest fintech festival, last year's event brought together more than 60,000 participants from 160 countries. SFF is organized by the Monetary Authority of Singapore, Elevandi and Constellar in partnership with the Association of Banks in Singapore.

Ranqx, the leading provider of fully digital lending solutions for small-to-medium-sized businesses (SMB), has become the first non-North American candidate to be shortlisted in the final of the prestigious MyVentureTech Fintech Showcase.

A proud New Zealand-based company, Ranqx is making a significant impression on the SMB lending market in the US since its launch there in August 2022.

As the first platform to fully digitise SMB loan origination, decisioning, and monitoring for banks, Ranqx is set to revolutionise the world of SMB lending. By offering rapid data collection through highly innovative intelligence systems, Ranqx allows banks, credit unions, and lenders to have more control over their lending decisions.

With a faster time to decision-making alongside greater risk analysis, Ranqx is opening up lending possibilities for SMBs who need it most, whilst offering higher levels of security to lenders.

Ranqx was selected from over 50 applicants to make the final 16 of the MyVentureTech Fintech Showcase, which will be held at the VentureTech conference in Frisco, Dallas, from Monday 7^th- Wednesday 9^th November.

Following its success in APAC, including high-profile partnerships with Mambu and Visa, Ranqx’s shortlisting is further proof of the significant impact that the Ranqx solution is set to bring to North America’s SMBs and credit unions alike, driving positive change in the lending space.

Continuing its mission to enable inclusive credit lending for SMBs worldwide, the recognition is a testament to Ranqx’s technology and innovation. As the only non-North American candidate, Ranqx is representing New Zealand on the global fintech stage and encouraging future investment in Australasian start-ups.

Founder and CEO of Ranqx, Dave Lewis, will present to over 7,000 US credit unions ahead of the announcement of the Showcase prize. Speaking of the shortlisting, Dave said: “I’m truly honoured that Ranqx has been selected in the VentureTech Fintech Showcase. Being invited to present our business in front of the entire credit union industry is a huge feat for a growing New Zealand start-up such as Ranqx.

“Our ability to deliver fast deployment for lenders, as well as rapid access to vital capital for SMBs, has been significant in transforming the Australasian lending market. We intend to replicate this in North America.”

He continues: “We’re incredibly proud of the solution we’ve created, and the results we see will always drive our mission forward. It’s also fantastic to be recognised by our peers within the industry.I’d like to take this opportunity to wish everyone participating in the showcase the best of luck, and I’ll see you all in Frisco on the 7^th November!”

Ranqx’s ground-breaking digital lending platform has already become a key tool for innovative lenders and SMBs within the APAC region and is beginning to flourish within North America too. The solution has helped to generate loan-related cost savings of up to 80 per cent, highlighting the impact of digital data intelligence.

Tailwind is teaming up with Nordigen to provide the next-generation cash flow predictions and visualisations tool based on open banking transaction data.  

Tailwind is a cash flow management tool designed to help owners and managers of professional services firms save time and instantly see actionable insights. Simplicity, visualisation and ease of what-if modelling are the main  advantages of Tailwind.

Customer data is protected through the use of Smart ID in combination with the direct account connections through Nordigen's open banking APIs.

“My co-founder and I have been managing several professional services firms and were always frustrated by the amount of time it took us to be in control of our cash flow. We then interviewed 100+ other entrepreneurs in six different countries and understood our experience is far from unique. Owners and managers of such firms have the unfortunate choice between spending several hours a week updating complex spreadsheets or not doing forecasting at all and just hoping for the best. This did not feel right, so we built Tailwind and Nordigen as our open banking provider enabled us to bring our ideas to life,'' says Kārlis Mikoss, Founder & CEO, Tailwind. 

The Tailwind integration with Nordigen allows customers to connect their bank accounts directly to the cash flow planning tool, omitting the use of manual data input and ensuring data within the platform is always up-to-date and accurate. This leads to more precise predictions and analysis. 

"We are excited to see another Baltic company enter the market with a modern, tech-forward tool that will help business owners take control of their finances and predict the future cash flows of their companies. Open banking is immensely helpful when it comes to automating data and creating enhanced processes for SMEs to benefit from," states Rolands Mesters, co-founder and CEO of Nordigen.

Liminal, a digital wallet infrastructure platform, announced a strategic alliance with Metamask Institutional, a global Defi wallet and Web3 gateway for organizations, to drive institutional crypto adoption. As a part of the association, Liminal users can connect their Liminal wallets at the click of a button with Metamask Institutional and use it just like they would use the defacto Ethereum wallet app, i.e. MetaMask with the added security of Multi-Sig and all benefits of Liminal wallets. Liminal institutional users can now access and tap into the liquidity of numerous Defi dApps.

Liminal, the first choice for secure crypto custody solutions, is on a mission to create a secure destination for crypto-led investments by providing impeccable security to crypto holdings across institutional and retail investors. The formal tax regime for crypto assets introduced this year has encouraged a large number of institutions to explore digital assets to achieve their financial/business goals.

Commenting on the development Manan Vora, Senior Vice President- Strategy & Operations at Liminal, said, “We are thrilled to find a like-minded partner in Metamask Institutional. The symbiotic association between Liminal and Metamask Institutional will be a game changer for the booming crypto industry as it will provide an encrypted and highly secure environment to large crypto holdings.”

Commenting on the developments, Liz Mathew, Global Head of Growth and Partnerships for MetaMask Institutional, said, “Onboarding Liminal as a custodian under Metamask Institutional brings additional choice to Metamask Institutional customers and solidifies MMI’s position as the premier institutional wallet for Web3.”

Liminal users simply need to login to the dashboard, click on MetaMask Institutional, set up the browser extension, and link it with their Liminal Ethereum and EVM wallets, once done they can interact with Defi dApps as they would normally with MetaMask extension; however, for all transactions approvals will be required from all users of Multi-Sig Wallets setup in Liminal. Liminal Wallet users will be required to request access to MetaMask Institutional, and once approved, they can access directly from Dashboard.