Boring Money, a financial data and insights business, has collaborated with global Fintech leader Broadridge Financial Solutions, Inc. to provide a single source of data and insights for asset managers that combines product analysis with consumer perspective to holistically address the requirements of the UK’s Consumer Duty regulation.

“The Broadridge and Boring Money collaboration is exactly what’s needed in the market to help asset managers meet the requirements of the Consumer Duty regulation and is aligned with Broadridge’s strategy to provide data-driven solutions for their regulatory needs,” said Devin McCune, vice president of governance, risk and compliance services for Broadridge’s Distribution Insights business. “The combined offering will provide insights into end investors’ product awareness, usage and sentiment, coupled with quantitative metrics, creating the most comprehensive solution possible for asset managers and fund boards.”

“Asset managers are struggling to find the information they need today, relying on distributors for incomplete data sets. The goal of this collaboration is to provide a clear picture of both the end customer and the products, and to benchmark the information against peers, enabling asset managers to provide independently sourced data to boards while also focusing on actionable improvements,” said Holly Mackay, CEO of Boring Money. “We are thrilled to be working with Broadridge to combine our respective insights and to deliver a solution that helps asset managers meet their requirements while protecting UK retail investors.”

The collaboration brings together Broadridge’s value reporting, fee and performance data, and consulting services with Boring Money’s end investor demographic and perception data, which enables asset managers to better understand and service the retail investors who purchase their funds through intermediaries. The resulting solution provides an unparalleled, holistic view to asset managers and fund boards that correlates quantitative and qualitative information regarding fund distribution and regulatory compliance in the UK.

Broadridge is a leading provider of distribution-focused data and insights for the global asset management community, helping them grow revenue, manage expenses, and adhere to fast-changing regulations. Broadridge’s regulatory solutions range from the long-established 15c requirement in the US to the Assessment of Value in the UK and will support upcoming Irish and European requirements. Broadridge’s comprehensive capabilities include services to mutual fund boards who are required to assess their fund’s reasonableness related to cost and performance and include support for data sharing via the Distributor Feedback Template (DFT), which helps support asset managers with their Consumer Understanding and Consumer Support obligations.

Boring Money helps asset managers to understand their end customers, how well their products are serving them, and to evidence whether they are delivering fair value and supporting the outcomes that retail investors say they want. Boring Money has been capturing consumer data for asset management clients since 2019 and can provide insights on customer demographics, wealth, timeframes, risk appetite, and more.

Rivero, a European Fintech specializing in digitalization and automation of payment processes, announced today that it has raised $7 million in a Series A round. The round was led by 6 Degrees Capital and Inference Partners, with participation from PostFinance's Venture Arm, Kraken Ventures, Seed X Liechtenstein, and angel investor and former COO of Adyen, Robert Kraal, together with a long list of payment executives.

The investment will help Rivero accelerate its growth across new markets and boost its product development and workforce.

Founded in 2019, Rivero is a fast-growing European fintech. Headquartered in Switzerland, Rivero is aimed at simplifying payment operations for the highly regulated payments industry, filling a gap in the market for fraud recovery, dispute management, and payment scheme compliance solutions. Leveraging the benefits of SaaS, Rivero’s products cater to all players in the payment ecosystem, but in particular to issuing banks.

The fintech’s competitive edge is reflected in its two unique SaaS product offerings, which are focused on making costly and manual payment operations seamless. Kajo, the first product, is the only solution on the market for payment scheme compliance and enables all licensees of payment networks to minimize the effort and the risks involved in this process.

Its second product, Amiko, is the only SaaS solution that digitalizes the entire fraud recovery and dispute process. This helps issuing banks efficiently manage this process while offering a unique self-service experience to their customers. Amiko empowers banks to promote consumer protection of card payments to their customers without being concerned with increasing volume or costs.

In just three years since its go-to-market, Rivero has secured partnerships with over 20 well-established financial institutions, ranging from issuing banks to acquiring banks and payment processors. In 2022, Rivero became the first Swiss Fintech to be selected for the Visa Fintech Partner Connect program, a prestigious, game-changing initiative that provides the company with access to a selection of best-in-class and trusted technology partners. 

Commenting on the Series A round, Thomas Müller, co-founder and CEO of Rivero, said: “We're thrilled to share the news of our Series A round. Especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products.” Fatemeh Nikayin, co-founder, added, “This funding represents more than financial support; it's a partnership with investors who understand and resonate with our vision and global ambitions.”

Thibault D'hondt, Partner at 6 Degrees Capital, said: “Globally, banks spend billions of dollars on scheme compliance and payment dispute management. Rivero is the first of its kind to offer a suite of SaaS solutions to help banks and processors address the challenge. We have been truly impressed with the exceptional vision of the management and believe this investment will allow Rivero to become a global market leader for payment operations.”

Endre Sagi, General Partner of Inference Partners, said: “The value chain of payments is highly fragmented, and while there are initiatives to address this challenge on the acquiring side, the issuing side has seen much less innovation. With its suite of payment solutions, Rivero enables card-issuing financial institutions to vertically integrate their fragmented payment value chain. By addressing this largely untapped opportunity, we believe Rivero is perfectly positioned to become an essential part of modern payment infrastructure.”

VoPay, a leading provider of embedded financial technology solutions, has launched VoPay Verify, an Instant Bank Account Verification solution via microtransactions - pioneering the first-of-its-kind service in Canada and the United States. Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s innovative solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalize.

Micro-transactions, a stalwart tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account. They offer several advantages for businesses, encompassing heightened security, improved user experience, regulatory compliance, and reduced chargebacks. However, the current process is notoriously slow and disruptive to users' experience, with transactions typically spanning at least a day to complete. By leveraging VoPay's real-time transaction capabilities, companies will reduce the risk of reversals, NSFs, and transaction failures, ultimately improving their bottom line. VoPay Verify offers a fully managed account verification experience by providing a pre-built user experience and intellectual logic that determines the transaction amount considering many different risk criteria.

“This initiative gives our clients an out-of-the-box method for account verification. It means that they don't have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” says Hamed Arbabi, VoPay Founder & CEO. “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay's new Instant Micro-Transaction Verification tool does just that.”

VoPay's latest offering further strengthens the company's position as the leading provider of Fintech-as-a-Service tools and a go-to provider for businesses looking to integrate embedded financial services into their offerings.

Maine Savings, one of Maine’s largest credit unions with over 35,000 members, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans across the communities it serves.

“Maine Savings is committed to improving the financial well-being of our members and offering loan products that meet the needs of our community,” said Rick Moore, Chief Loan Officer of Maine Savings. "By partnering with Upstart, we are able to offer a modern, digital-first personal lending experience that helps and brings in new members wherever they are in their financial journey.”

Maine Savings became an Upstart Referral Network lending partner in September 2022. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Maine Savings' credit policies will receive tailored offers as they seamlessly transition into a Maine Savings-branded experience to complete the online member application and closing process.

“We are proud to have Maine Savings in the Upstart family of lending partners,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the Upstart Referral Network, Maine Savings is able to lend to more creditworthy borrowers across their community while expanding their membership.”

PortX, the leading financial infrastructure and integration technology company that provides open access to data and drives innovation for financial institutions with its Integration-Platform-as-a-Service (IPaaS), announced a strategic partnership with Plaid, the data network powering the digital financial ecosystem. This collaboration combines the power of PortX's digital core banking integration experience with Plaid’s industry-leading capabilities for connecting data between applications and bank accounts.

Seamless Banking and Enhanced Data Analysis

The alliance between Plaid and PortX marks a pivotal moment in the financial technology sector, combining the expertise of two industry leaders to revolutionize how financial institutions harness data for innovative products and services. For customers of PortX, which operates as both a systems integrator and middleware provider, the partnership significantly enhances their ability to scale up secure and efficient financial data sharing by minimizing the technical effort and resource allocation typically required for such an expansive task. This leads to a more comprehensive and holistic view of customer data, enabling these institutions to offer highly personalized services and gain deeper financial insights with greater ease.

“Digital finance is here to stay, in fact, 85% of consumers say they have benefited from using technology to manage their finances. It’s imperative that financial institutions embrace technology the same way their customers have - to maintain account primacy and prepare for the codification of open banking in the US,” said Tamara Romanek, Head of Partnerships at Plaid. “Partners like PortX transform banking infrastructure for financial institutions, aiding them in digital transformation and enabling rapid innovation. Together we are enhancing the digital infrastructure and optionality for financial institutions and their customers.”

Expanding API Capabilities and Facilitating Open Banking

The partnership is poised to expand the horizons of API capabilities in financial services significantly. It sets the stage for more active participation in open banking initiatives, where financial data is shared securely through APIs. PortX’s command over API orchestration and financial services integration, alongside Plaid’s storied expertise in secure data connectivity and Core Exchange, its FDX-aligned API, empowers financial institutions to be at the forefront of the open banking revolution. This capability is critical for offering advanced and personalized digital banking and embedded banking services.

“Our partnership with Plaid is the type of innovative collaboration that can propel the financial services industry into a new era of digital transformation and customer-centric solutions,“ said David Wexler, CEO of PortX. “This partnership represents a significant stride towards a future where financial management is more accessible, efficient, and aligned with the evolving needs of both FIs and their customers.”

Rainbow, a digitally-enabled managing general underwriter building tailored small business insurance products, has announced raising $12 million in seed funding with participation from Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners, and Arch Capital Group Ltd.

Led by an experienced team of repeat entrepreneurs, the company brings a fresh perspective to small business insurance by launching programs in specific verticals where Rainbow's approach to data and technology delivers an underwriting advantage. The company's flagship program, an admitted business owner's policy (BOP) product specifically tailored to the restaurant industry, is currently live in 8 states and is expected to be available in over 25 states in 2024. Exclusively distributed through independent insurance agents and digital partners, Rainbow's restaurant program offers producers a specialized appetite at a time when many name-brand carriers are exiting the restaurant class of business. 

"Coming out of the pandemic, we saw a gap in the process of other underwriting companies and carriers focused on small commercial, and this was super clear with restaurants and their ever-evolving nature," said Rainbow's CEO and co-founder Bobby Touran. "Restaurants are a massive category where every operator requires insurance, and it has proven to be a challenging class for many capacity providers. We felt that building deep domain expertise in the verticals we focus on would allow us to use technology to tailor our underwriting and prioritize loss ratio, all while maintaining the critically important customer-centric approach to small business."

Rainbow's engineering team has developed a proprietary and scalable platform for underwriting and transacting every submitted risk. The company's interwoven approach to utilizing data and technology in its underwriting creates differentiated value for both agents and insureds — rewarding policyholders that demonstrate prudent operations, and streamlining the placement of accounts for agents, all while ensuring that the company is growing its book with a focus on loss performance.

"We are deeply invested in Rainbow and its world-class founding team, which has accomplished so much in such a short time since inception and despite market headwinds," said Ray Tonsing, Managing Partner of Caffeinated Capital. "We are extremely encouraged by the early traction of their flagship program, and their exceptional platform capabilities have them poised to scale rapidly".

The company's vision extends beyond the food service class, with plans to launch specialized programs in additional business verticals that align with Rainbow's underwriting approach and vision.

"We have always observed that customer centricity and vertical depth allows MGAs and carriers to generate outsized underwriting returns, all while being a valuable partner to the end insured. It's one of the ways to create a clear win-win scenario in the insurance industry. We believe that Rainbow is creating differentiated infrastructure to enable this type of approach to work with technology and data." said Oleg Ilichev, Managing Partner of Altai Ventures, a leading insurtech and fintech specialist venture capital firm.

Agents are encouraged to visit userainbow.com/restaurant-insurance-agents or email appointments@userainbow.com to learn more about Rainbow's insurance products and appetite, and to apply to become an appointed producer.  Rainbow is available today in the states of Texas, Michigan, Arizona, Indiana, Utah, Pennsylvania, Ohio, and Tennessee with plans to be live in 18 additional states in early 2024.

Trustly, a pioneer in open banking solutions, announces the successful completion of its acquisition of SlimPay, a leader in the European recurring payments sector. Following the initial statement on August 29, 2023, and subsequent receipt of regulatory approvals from the French banking supervision authority, ACPR, this strategic move marks a major step toward redefining the recurring payment landscape in Europe.

By joining forces with SlimPay, Trustly reinforces its commitment to providing a comprehensive Open Banking-enabled, pan-European recurring payments service. The Stockholm-based group’s well-established client network includes international brands like eBay, Booking.com, and AirFrance-KLM. In the UK specifically, the business has seen growth across major sectors like wealth and tax collection through Hargreaves Lansdown and HMRC.

SlimPay, a Paris-based company, brings to the table strong relationships with renowned brands in utilities, insurance, transportation, media, and fitness. The unified synergies of Trustly’s proprietary and frictionless payment experience with SlimPay's expertise in SEPA direct-debit capabilities set a new standard in the industry for merchants and consumers across Europe and the UK. 

Johan Tjärnberg, Group CEO of Trustly, states: “SlimPay's unique product capabilities, fused with Trustly's innovative technology, are a game-changer for recurring payments in Europe. Our alliance synergizes Trustly's expansive reach and SlimPay's specialized expertise, creating a comprehensive, pan-European offering that already has attracted top-tier global brands.”

The acquisition follows the successful introduction of Trustly Azura, a revolutionary payments engine that enhances user experiences through personalization and data optimization. The addition of SlimPay's capabilities is expected to further augment the network effect of Azura, providing an easier and more efficient payment process for an expanding customer base. 

With this merger, consumers will experience faster and more convenient payments, as Trustly's presence at checkouts means no more manual detail entry. This streamlined process not only enhances the consumer experience but also significantly boosts business conversion rates by simplifying transactions.

Jerome Traisnel, CEO of SlimPay, comments: "Merging with Trustly is a milestone in innovating recurring payment systems. Our combined capabilities will significantly enhance billing and subscription services, offering customers unparalleled efficiency. This collaboration paves the way for supporting more global brands and leading innovations in the industry."

With regulatory approval now secured, SlimPay's integration into Trustly Group marks a transformative chapter in advancing recurring payments throughout Europe. This consolidates Trustly’s position in the market on a path to pioneering more innovative solutions, aiming to reshape the payment landscape for businesses and consumers alike.

Edenred Payment Solutions, an Edenred company and one of Europe’s market-leading payments service providers, has been selected by UK e-money provider, thinkmoney, to upgrade its card and account platform capabilities.

Established in the UK in 2003, thinkmoney’s mission has always been to provide access, equality, and inclusion to best-in-class financial products, services, and experiences to those who need them most. They are passionate about making a positive difference in the lives of everyday people and building trusted relationships that bring added value and improved financial mobility.

The majority of thinkmoney’s customers use their current accounts as a primary bank account enjoying features such as the smart budgeting tool which automatically holds the amount they need to pay their bills and an innovative App providing an easy-to-use digital banking experience.

Under the partnership, Edenred Payment Solutions will provide a full platform of payment services, including card processing and settlement, banking processing including screening of transactions, enhanced mobile wallet functionality, connectivity to various payment schemes, and other complementary services and support.

By tapping Edenred Payment Solutions’ technical capabilities and processing strengths, thinkmoney can enhance customer experience through all channels and innovate at pace to grow its product range. 

Michael Aldred, CEO at thinkmoney, comments: “Edenred Payment Solutions are providing a key element of our component architected technology stack. The team has wide-ranging experience and expertise across products and project management, and being part of the wider Edenred group ensures that we have a stable and reliable platform – that has 99.99% uptime. We need this dependability as we look to scale our existing offerings and expand into new product and market segments. It has never been a more exciting time to be a thinker!”

Edenred Payment Solutions will execute multiple highly complex platform integrations with thinkmoney’s existing banking relationships and to the UK’s Faster Payments scheme. This will ensure that thinkmoney’s customers see no interruption or disruption to their service as the platform evolves. With access to Edenred Payment Solutions’ cutting-edge API and tech stack, thinkmoney can offer the real-time connectivity and modern digital services that customers expect.

Edouard Billion, General Manager at Edenred Payment Solutions, says: “We want to support companies who are making a positive difference, and thinkmoney is doing just that. Over its 20+ years in operation, thinkmoney has grown its customer base and brand largely organically.  That’s a huge testament to its ability to help consumers manage their money and the clear need for its services. It’s great to be supporting a business with a passion for enabling greater financial mobility, helping to upgrade thinkmoney’s platform to deliver a better experience for its customers. This partnership also acts as further evidence of how we can support large scale-ups, to help them grow steadily in the market and provide them with enhanced product functionalities.”

Thanks to the stability, reliability, and scalability of Edenred Payment Solutions’ platform, thinkmoney can provide its customers with a more convenient, secure, and better-connected account service while it looks to expand into more European markets and explore the potential of a new B2B product offering.

Scotland’s fintech cluster has seen a 24% increase in jobs within fintech enterprises as FinTech Scotland, the cluster management organization, celebrates its sixth anniversary.

Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.

FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, in creating the environments that enable product development to thrive and support partnerships to develop. 

These innovation labs, launched with institutions such as Lloyds Banking Group, TSB, and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.

The thriving fintech SME community and the vibrant fintech cluster have made Scotland a major destination for companies worldwide and continue to position Scotland as a global opportunity for innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.

FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.

Nicola Anderson, CEO of FinTech Scotland, said:

"As we mark Fintech Scotland's sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realize its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as a global fintech leader."

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:

“The 24% increase in jobs in the fintech cluster reflects Scotland's commitment to nurturing an environment where technological and financial innovation can thrive. The employment growth is a clear indicator of our country's attractiveness to global fintech companies, driven by our rich talent pool, academic excellence, and well-established strengths of our financial services sector. We look forward to working with Fintech Scotland and the wider sector to see even more companies coming through, achieving scale, and creating new jobs over the years to come.”

Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:

"Over the past three years through our Launch Innovation Lab, we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients, and colleagues whilst tackling some very important challenges around climate, cost-of-living, and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for businesses and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024."

Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:

“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland's economy. It echoes what we are experiencing within our organization. In the past three years, we've grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”

Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said: 

“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”    

Robin Peters, Co-founder and CEO at Snugg, said:

“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”