GoCardless, the bank payment company, has extended its relationship with JustGiving to become the online donation platform’s exclusive open banking payment provider, replacing American Express. The move will see JustGiving use both the fintech’s Instant Bank Pay feature to collect instant, one-off gifts and its Direct Debit capabilities for recurring donations.

JustGiving estimates that 10% of its donations already go through open banking payments -- a proportion that it wants to grow. JustGiving does not charge a commission fee on donations to charity customers, instead relying on optional tips that donors use to cover its costs. The cost savings with Instant Bank Pay will help to sustain JustGiving’s business model and deliver more money to good causes. 

JustGiving also cites reduced fraud as another benefit of open banking payments, as well as fewer refunds: the immediate nature of these payments means a lower number of accidental transactions and duplicate payments.

Oliver Shaw-Latimer, Senior Director, Payments and Innovation, at JustGiving, said: “We’ve built a suite of products to support amazing causes and it is a privilege to be the payments platform powering fundraising behind the scenes. Fast forward 23 years and over $9 billion has been raised for good causes in almost every single country in the world. We’re constantly looking for ways to make donations go further, and open banking payments play a pivotal role. 

After working with GoCardless for over a year on recurring donations, we were confident that its Instant Bank Pay feature would be perfect for one-off giving. Instant Bank Pay will not only help us to keep costs low but also provide a best-in-class fundraising experience for our customers and their donors.”

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless, said: “As open banking approaches its sixth anniversary in the UK, we’re proud to bring this emerging technology to everyone through Instant Bank Pay on JustGiving -- a household name and one of the largest fundraising platforms in the country. By using our unique combination of Direct Debit and open banking payments, JustGiving can give donors and charities more payment choice whilst lowering costs and reducing fraud. Ultimately, this means more money goes to worthy causes.”

The announcement adds to GoCardless’ list of open banking payment customers, which include credit card provider Yonder; Nude, the savings app for first-time buyers; Pillar, the new fintech platform breaking down credit borders; and ethical lender Plend.

AbbeyCross, the world’s first wholesale FX platform focused on improving the payment market infrastructure for Emerging Market currencies, announced today that it has raised US$6.5M in its seed funding round. The raise follows significant and growing interest in the company’s proposition from major financial services institutions globally. 

Working with banks, their Emerging Market liquidity providers, and other financial services participants, AbbeyCross brings deeper currency liquidity, price transparency, and market data to a fragmented Emerging Market currency payment industry.

The funding round led by Valar Ventures alongside investors including BNY Mellon, Third Prime, and Gaingels follows a pre-seed funding round led by Third Prime last year of US$2.47M. 

The funds raised will be used to further develop and deploy AbbeyCross’ ABX Sync platform. The platform enables banks, payment companies, and NGOs to reduce costs, improve operational efficiency, enhance supervisory processes, and ensure regulatory compliance.

Mike Robertson, CEO and Co-Founder of AbbeyCross said: “We’re thrilled by the seed funding round’s success and grateful for Valar Ventures, BNY Mellon, Gaingels and Third Prime’s confidence in our solution. This is a significant milestone in the evolution of the business and will enable us to continue to refine and build the service, extending our reach and making the costs for Emerging Market payment transfers not only more transparent, but the overall environment more compliant and easier to administer for all market participants.”

James Fitzgerald, Founding Partner of Valar Ventures said: “Some 6 billion people and businesses are negatively impacted by ineffective Emerging Market currency infrastructure. Financial institutions are under huge pressure from regulators and customers to deliver better currency pricing and more transparency, which means enormous potential for AbbeyCross and its solution. We’re proud to have led AbbeyCross’ seed round to give them the fuel to go after this massive market.”  

 Jason Vitale, Head of Global Markets Trading, BNY Mellon said: “We’re proud to support AbbeyCross in their seed funding round. Their mission to improve execution quality and transparency for Emerging Markets is aligned with our desire to continue improving the FX market for our clients. It reflects our commitment to emerging technology partnerships that accelerate market structure enhancements and enable us to better serve our clients. We look forward to working with the AbbeyCross team and other market participants to unlock this potential.” 

e& enterprise today announced its strategic partnership with Fils, a groundbreaking fintech platform, establishing a new standard in the digital payments sector by promoting sustainability.

This alliance signifies a milestone in e& enterprise's continuous pledge to lead the digital transformation regionally and globally, infusing environmental consciousness into every digital transaction.

Through this collaboration, e& enterprise will integrate Fils’s innovative platform into its Digital Payment Platform and ecosystem through a unified Application Programming Interface (API). This will allow businesses in the UAE to provide their customers with clear and precise information on carbon emissions per transaction, as well as the option to offset their carbon footprint using reliable methods.

The new partnership will also offer a variety of emissions calculators and offsetting mechanisms, driving UAE businesses towards transparent carbon calculations and offsetting choices based on transactions.

Alberto Araque, CEO of e& enterprise IoT & AI, said: "Our collaboration with Fils is more than a partnership, it represents a pivotal shift in our operating ethos. We are embarking on a journey that goes beyond enhancing our digital payments platform to fundamentally reshape the way businesses and consumers engage with digital commerce, prioritising environmental responsibility at every step."

This initiative aligns perfectly with the COP28 environmental mission and demonstrates e& enterprise's commitment to promoting green business models. This collaboration aims to create new revenue streams while balancing profitability and sustainable practices, benefiting the entire financial ecosystem and the community. 

Known for its comprehensive B2B2C offering and technological prowess, Fils fits perfectly with e& enterprise's commitment to environmental, social, and corporate governance (ESG) principles. This partnership is poised to revolutionize sectors such as financial services, hospitality, and e-commerce by integrating sustainability into their core operations.

Nameer Khan, CEO and Founder of Fils, said: "By joining forces with e& enterprise, we are setting a precedent for integrating sustainability into financial transactions, enabling businesses and consumers to make a tangible impact on the environment. It also marks an important shift in the business world, where the pursuit of profit and environmental management are no longer mutually exclusive, but inseparably linked.

The e& enterprise Payments Platform, bolstered by this partnership, will be at the forefront of promoting sustainability in digital payments. Together, our combined technologies will enable businesses to strengthen their environmental commitment and enhance their brand reputation, while providing consumers with a valuable tool to track and offset their carbon emissions. This initiative is expected to catalyze a shift towards more sustainable consumption patterns, enriching the social and environmental landscape of the UAE.”

Today, SoFi, the digital personal finance company, received three 2024 Best-Of Awards from NerdWallet, Inc., a platform that provides financial guidance to consumers and small and mid-sized businesses (SMBs). SoFi was recognized by NerdWallet and selected as the Best Checking Account Overall and Best Checking Account for Overdraft Fee Avoidance for SoFi Checking & Savings and Best Personal Loan Overall for SoFi Loans.

A team of trusted Nerds—composed of seasoned journalists and subject-matter experts—used a comprehensive scoring formula to evaluate over 1,000 financial products objectively. Top picks across Credit Cards, Personal Loans, Banking, Investing, Mortgages, Insurance, and Travel Rewards are featured in this year’s awards¹.

“Through our rigorous and objective evaluation process, we have selected SoFi as one of the best in banking and lending products,” said Kevin Yuann, Chief Business Officer at NerdWallet. “Consumers can trust that they’re getting one of the top products on the market to help meet their financial needs.”

ZILO™, the UK-based FinTech specializing in global asset and wealth management software, is pleased to announce a £25 million Series A funding round.

The fundraiser, which was oversubscribed, was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with participation from State Street and Citi signalling strong confidence in ZILO™’s vision and commitment to becoming the leading financial services software innovation company.

“We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using ZILO™ to transform to a modern digital solution supporting existing fund structures, new digital assets, and improving client experiences,” said Philip Goffin, founder, and Chief Executive Officer at ZILO™.

Commenting on Fidelity’s investment, James Devlin, Principal, Fidelity International Strategic Ventures, said: “Fidelity International Strategic Ventures is excited to back the ZILO™ team who collectively have an impressive track record of disruption in the funds industry. ZILO™’s innovative software solutions enable firms to replace legacy transfer agency technology and end-of-life systems, many of which were developed more than 20 years ago, improving client outcomes by delivering a fully digital platform and user experience. We believe ZILO™ will play an important role in transforming the global asset and wealth industry over the coming years.”

The Series A funds will be utilized to accelerate product development further, drive user acquisition, and grow ZILO™’s position in the FinTech sector. Moreover, ZILO™ plans to leverage the investment to expand its reach into new markets and pursue strategic partnerships that will broaden its service offerings.

"Portage is proud to invest in ZILO™. Phil, together with his distinguished teteamsbuilding the leading transfer agency platform for the largest custodians in the world. Legacy solutions are near their end of life, leading to significant business continuity rriskor many. In a short time, we believe ZILO™  will be the global solution of choice,” said Adam Felesky, Co-founder and CEO of Portage.

The significant capital infusion marks the second major milestone this year for the business, following the successful go-live of its first client on its revolutionary global digital transfer agency platform at the end of July.

ZILO™ is continuing to gain traction following the onboarding of its first client—a testament to the platform's robustness and the market's need for innovative financial solutions. The ZILO™ software, known for its user-centric design and state-of-the-art features, provides an unparalleled experience to both clients and end-users.

ZILO™ was advised by Perella Weinberg Partners and Pinsent Masons LLP, solicitors

Andaria, a pioneering fintech company, is delighted to announce its collaboration with Mastercard to empower its Embedded Finance proposition. 

This alliance with Mastercard signifies a major milestone and a pivotal role in Andaria’s mission to enhance the quality of its card and payment solutions under the Principal membership agreement. This compliments Andaria’s existing dedicated IBANs, business accounts and suite of services which form its overall Embedded Finance offering, providing unparalleled financial products and solutions to its valued customers. 

Nirav Patel, CEO of Andaria, expressed his enthusiasm about the partnership, stating: "I am proud to be announcing yet another strategic milestone for Andaria. This collaboration with Mastercard is in line with our intentions to redefine the financial landscape. It solidifies our position as a key player in the Embedded Finance ecosystem and underscores our commitment to delivering innovative, cutting-edge solutions."

This integration will come to fruition early 2024, in line with Andaria’s continued drive for financial empowerment and convenience for businesses and end-users alike.

Oxane Partners ("Oxane"), a leading technology-driven solutions provider to private markets, announced that it has been recognized as a 'Category Leader' for Credit Portfolio Management by Chartis Research ("Chartis"). In addition, Oxane earned the 72nd spot in the Chartis RiskTech100 2024 report, an independent study of risk management technology solution providers globally.

The RiskTech Quadrant® for Credit Portfolio Management Solutions (CPM) evaluates and ranks vendors based on their credit portfolio management technology capabilities. Vendors are assessed on two broad parameters - ‘completeness of offering’ and ‘market potential’. Oxane was positioned in the ‘Category Leader’ quadrant and adjudged best-in-class for its sector coverage and technology, financial strength, customer satisfaction, and focused growth strategy. This recognition underscores the firm’s expanding global client base which is further strengthening its position as the industry standard for private markets.

Each year, Chartis conducts its independent RiskTech100 study of the top 100 players in risk and compliance technology after a rigorous evaluation process. Oxane secured the 72nd position in this year’s RiskTech100® 2024 report, improving its position as a ‘rising star’ in last year’s report.

Mr. Sumit Gupta, Co-Founder and Managing Director of Oxane Partners, highlighted, "Portfolio and risk management have been our core focus areas for nearly a decade. Investment firms today require trusted partners who can support their evolving technology requirements while understanding the domain well. At Oxane, our portfolio management solution is enabled by a team of experts who help clients at every step of the portfolio and risk management process. He further expressed, “These industry recognitions serve as a strong validation of the impact our solutions are creating for clients and the industry at large.”

“As private credit is growing, investment firms are placing increasingly greater emphasis on strategic technology initiatives with a focus on portfolio and risk management functions,” said, Mr. Kanav Kalia, Chief Sales and Marketing Officer of Oxane Partners. Continuing further, Mr. Kalia added, “It's humbling to witness our consistent efforts being recognized by the industry. At Oxane, we are continuously investing in capabilities that allow our clients to have better control over their investment operations as they scale up.”

FintechOS, provider of a fintech enablement platform that enables end-to-end banking and insurance product innovation, has partnered with Microsoft, a global technology powerhouse, to offer FintechOS on the Microsoft Azure Marketplace. This collaboration brings innovative, agile, and scalable fintech solutions to banking and insurance institutions worldwide, empowering them to accelerate their digital transformation journey.

The FintechOS platform allows banks and insurers to design, build, and deploy digital banking and insurance products and customer onboarding experiences at scale, without replacing their core systems. With FintechOS, institutions can accelerate the digitalization of existing and new products, create bundled product offers, access new business opportunities such as embedded channels and Banking-as-a-Service, and automate underwriting decisioning.

FintechOS CEO and Founder, Teo Blidarus, expressed excitement about the collaboration, saying, "This partnership with Microsoft Azure represents a significant milestone for FintechOS. We are committed to democratizing innovation within the financial industry by making our platform readily accessible to financial institutions of all sizes. By combining our expertise with Microsoft's vast cloud infrastructure, we can help our customers accelerate their digital transformation initiatives, drive operational efficiency, and deliver exceptional experiences to their clients."

Microsoft’s Senior Regional Director of EMEA, Myladie Stoumbou, also shared her thoughts on this collaboration, stating, "Microsoft Azure is dedicated to providing a trusted and secure cloud platform for organizations worldwide. By teaming up with FintechOS, we aim to empower financial institutions to leverage the full potential of cloud technology, enabling them to create agile, scalable, and customer-centric solutions. Together, we will drive innovation and foster digital growth within the financial services sector."

Key benefits of FintechOS on Microsoft Azure Marketplace include:

1. Scalability: Banking and insurance institutions can seamlessly scale their operations to meet growing customer demands while ensuring data security and compliance.
2. Rapid Innovation: FintechOS's low-code/no-code platform combined with Microsoft Azure's cloud services empowers organizations to innovate and launch new products and services faster than ever.
3. Cost Efficiency: The cost-effective cloud infrastructure allows institutions to optimize their IT budgets and allocate resources more efficiently.
4. Security and Compliance: Robust security features and compliance certifications provide a secure environment for sensitive financial data.

Salmon, a financial technology company working to improve access to credit, savings and investments for over 500 million underserved customers in Southeast Asia, announces that it has received regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas (“BSP”) to acquire the controlling interest in Rural Bank of Sta. Rosa (Laguna), a well-respected licensed financial institution serving Filipino communities since 1963. 

Salmon will own 59.7% of the bank upon the completion of this transaction, which will conclude in the coming weeks. The bank’s license and its geographic footprint will enable Salmon to offer AI-centric consumer credit and debit products nationwide. Salmon operates both in offline and online settings, differentiating itself by emphasizing stellar customer service with 92% of the company's clients saying they would recommend Salmon to friends and family. 

Becoming a licensed bank in a major market represents a significant milestone for both Salmon and the Philippines, as Salmon joins only a handful of other fintech companies operating licensed banking institutions in Southeast Asia. The deal will bolster access to modern banking services for millions of underserved and underbanked Filipinos in key regions including Metro Manila, Cebu and Davao, where Salmon plans to open new branches, subject to BSP approval. The transaction also supports the Rural Bank Strengthening Program launched by the BSP in 2022 to enhance the country’s rural banking sector and to promote inclusive growth in order to address the changing needs of the dynamic, young and technologically savvy Filipino population.

Raffy Montemayor, Co-Founder and Business Head in the Philippines at Salmon, commented:

“We are excited to undertake this important next step in Salmon’s development and grateful for the continued support of the BSP and its vision of driving financial inclusion in the country. The transaction will help us reach additional underserved communities in the Philippines, bringing modern, customer-centric and easy-to-access financial services to more people, regardless of smartphone ownership or customer location as we combine offline and online settings for providing our services. This transaction aligns seamlessly with our mission and values to expand financial inclusion and offer modern financial products to every Filipino, and we look forward to continuing our productive cooperation with the BSP to help us fulfill this mission. We are proud of the fantastic relationship we have developed with the executive team of the Rural Bank of Sta. Rosa (Laguna), and look forward to building a robust financial institution together to continue serving communities across the Philippines."

Salmon will maintain and enhance the bank's offline presence, injecting significant capital and technology into the bank to upgrade its offering for all customers. Salmon's products and services, strongly appreciated by its existing customers, will extend across all channels, including offline.

Thunes, the global B2B cross-border payment company, is pleased to announce key changes to its executive leadership team.

To further accelerate its growth, Thunes appoints Floris de Kort as its new CEO. Peter De Caluwe has been promoted to Deputy Chairman focusing on strategy, M&A and further expansion into key markets, including China and the Gulf countries.

Thunes has built a unique, in-house network for global, instant and cost-efficient money movement. The company offers Pay and Accept propositions in 133 countries, touching 3+ billion consumers and businesses globally, who can pay and get paid instantly anywhere around the world. 

Floris de Kort brings his highly reputable payment expertise to Thunes and in scaling companies to become world leaders. He served as CEO of Global eCommerce at Worldpay, leading the company to its highly successful IPO in 2015. In 2019, Floris was appointed CEO of TSG, a software and integrated payments leader. Following a burst of acquisitions, Floris led TSG through its merger with US-integrated payment processor Clearent to form Xplor Technologies. 

Floris will be based in Singapore at Thunes' global headquarters.

Floris de Kort, CEO of Thunes: "I'm delighted to join Thunes as CEO to scale and accelerate growth. We are laser-focused on helping our customers create opportunities for cross-border payments across emerging markets and segments. There’s clear potential, and we have the right people, culture and strategy in place to be extremely successful.”

Peter de Caluwe, Deputy Chairman of Thunes: “Many years ago, in different companies, I used to compete with Floris. I am pleased to team up with him now, combining our skills to better position Thunes as the market leader.”

Allan Green, Chairman of Thunes: "I’m thrilled by the recruitment of Floris and with Peter joining me as Deputy Chairman; together, they will form a high-impact leadership team. We will continue to grow Thunes as the global leader in cross-border payments, building on our solid customer base, a multi-trillion dollar target addressable market, top-tier distribution partners and an unrivalled global payment network."