FlexTrade Systems, a global leader in multi-asset execution and order management systems, and LSEG have today announced a partnership to deliver FlexTRADER EMS clients seamless access to FXall, LSEG’s leading electronic trading platform for global currency products. The move is designed to support regulated FX flows and further enhance the capabilities of FlexFX as part of FlexTrade’s buy-side multi-asset trading platform.  

LSEG’s FXall business delivers robust “dealer to client” trading and FX workflow solutions, delivering access to liquidity from more than 200+ bank and non-bank market makers. FXall is licensed globally, with teams in place to ensure the solution meets the existing and incoming legal and regulatory requirements of the markets it operates within.

The partnership between LSEG and FlexTrade will enable new mutual clients access to FXall execution services from within the FlexFX EMS. Through the delivery of the highly customizable FlexFX front end, clients trading FX will be able to access FXall’s extensive global liquidity network, including support for spots, forwards, swaps, NDFs, and options, which can be executed on FXall’s regulated environments such as MTF and SEF. Further, FXall’s liquidity can be combined with FlexTrade’s liquidity and automation capabilities, including FlexAlgoWheel, to streamline low-touch FX orders.

FlexTrade and LSEG will offer the option of an integrated solution to new mutual clients while continuing to offer independent FX solutions via FlexFX EMS and FXall, respectively.

Jill Sigelbaum, Head of Strategic Development & Partnerships, FX, at LSEG, noted: “We are delighted to join forces with FlexTrade to provide clients with an enhanced multi-asset offering. Our priority at LSEG is to understand our clients’ FX needs and meet them where they want to trade. By combining FlexTrade’s customizable interface with FXall’s world-class, regulated liquidity pools, the offering provides the strongest end-to-end solution in the market today.”

Uday Chebrolu, Senior Vice President and Head of FlexFX at FlexTrade stated: “Our collaboration with FXall demonstrates our commitment to delivering a comprehensive FX solution, supporting regulated FX flows and providing access to global liquidity. Through seamless integration of FlexFX with FXall, trading teams can have a single interface and technology approach to FX execution. Moreover, the integration of FlexFX into the FlexTRADER EMS will continue to deliver zero-compromise, market-leading capabilities to our multi-asset clients.”

Deloitte, the leading global professional services firm, is partnering with Fintech Saudi to foster the growth of emerging companies in Saudi Arabia’s financial technology sector through the Makken Program. Saudi Fintech is an initiative by the Saudi Central Bank in collaboration with the Capital Market Authority, aiming to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.

Makken, meaning Empower, is a program designed to support entrepreneurs and startups in Saudi Arabia’s fintech industry through financial support and a comprehensive suite of services, including technology, cloud computing, cybersecurity, and more.

The program was officially launched earlier this week in Riyadh, with the distinguished attendance of His Excellency the Governor of the Central Bank of Saudi Arabia (SAMA), Mr. Ayman Mohammed Alsayari, and His Excellency the Chairman of the Board of Directors of the Capital Market Authority, Mr. Mohammed Bin Abdullah El-Kuwaiz.

In attendance was Mutasem Dajani, Deloitte Middle East CEO who said, “I am delighted to have attended the launch of Makken, the Kingdom of Saudi Arabia's game-changing fintech program. We are proud of Deloitte’s partnership with the Saudi Central Bank and Capital Market Authority on this program, fueling the growth of this key sector in the Saudi economy and its ongoing transformation.”

Participating FinTechs in the Makken Program will be hosted on Deloitte’s industry-leading, Cloud Managed Services driven by OpenCloud, providing relentless automation, cloud optimization, and cybersecurity services for multi-cloud workloads.  

Ali Hamid, Deloitte Middle East Partner, and Cloud Leader for the region said, “The Deloitte OpenCloud Platform will provide Saudi FinTechs with cloud infrastructure that enables rapid delivery to support secure, compliant, scalable, and agile operations, allowing these startups to focus on building their innovate products and services, whilst Deloitte provides the managed services and cyber security controls”

Digital identity company Yoti has received £12.5 million in debt funding from HSBC, and a further £7.5 million in convertible debt funding from existing shareholders. The £20 million funding will support the continued growth of the company through to achieving profitability and beyond.

This funding round follows the £10 million Lloyds Banking Group invested in Yoti earlier this year. Yoti’s total funding to date now exceeds £166 million; the majority provided by its founders and angel investors since it was founded in 2014. This funding has enabled Yoti to develop proprietary technologies covering identity verification, age assurance, authentication, and esignatures, including world class in-house facial age estimation, liveness, and facial recognition AI.

Yoti, founded and headquartered in the UK, offers a range of digital identity solutions that make it safer for people to prove who they are. Yoti is completing over 6.5 million age and identity checks every month and continues to announce partnerships around the world across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail, and vaping sectors. 

Yoti is one of the UK’s fastest-growing tech companies. Over the 4 years ending in March 2023, Yoti’s revenues have grown 6,074% from £101,168 to £6,246,230, which would have ranked Yoti in 6th place in the Deloitte 2023 UK Fast 50. Yoti's monthly revenues have grown 150% over the last year from £466,143 in October 2022 to £1,167,735 in October 2023.

Yoti’s clients include Meta, Sony Playstation, Yubo, Aldi, The Government of Jersey, Improvement Service in Scotland, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells, and NSPCC.

This year, Yoti also launched a new Digital ID app with Lloyds Bank and created Digital ID Connect – the UK’s largest digital identity network provided by Yoti, Post Office, and Lloyds Bank. Over four million people in the UK have downloaded one of the Digital ID apps (Yoti ID, Post Office EasyID, and Lloyds Bank Smart ID), and Yoti has over 13 million app installs globally. In 2023 alone, close to one million individuals in the UK downloaded one of the three Digital ID apps, without any consumer marketing spend.

Robin Tombs, CEO at Yoti said, “I’m delighted to announce this funding round, including £12.5 million from HSBC, which follows another exciting and fast-paced year for Yoti. We’re growing quickly and this £20 million funding should comfortably see us through to profitability.”

John Browett, Chair at Yoti added, “It is good to see this last piece of funding in place to see Yoti through to profit. Yoti has world-leading technology that makes great improvements to trust, security, and safety in the digital world. It has been fabulous to work with Yoti as we have gone from start-up to significant and increasing revenues.”

Updraft, a well-known consumer lending FinTech, has raised a substantial £272m.

The financing comprises a £250m forward flow arrangement with Jefferies Financial Group and Santander Corporate and Investment Banking, along with senior financing from Santander CIB. Additionally, the company raised a further £22m in Mezzanine and equity investment led by Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments.

Updraft’s primary focus is to aid UK households in moving away from costly credit cards and overdrafts. The company achieves this through a unique blend of bureau data, open banking data, and behavioral analytics to underwrite credit risks more effectively. This innovative approach has significantly lowered the cost of credit for consumers.

The funds raised will be used to continue Updraft’s mission into 2024, focusing on helping customers achieve ‘debt zero’ with clear payoff routes. The company plans to add more value-added features, explore new channels for reaching different customer segments, and cement its position as a leader in financial support and guidance.

The company has had a strong year, growing its user base to 500,000 and assisting individuals in paying off over £225m in credit card and overdraft debts. Updraft’s advanced risk models have outperformed traditional bureau-based credit risk models.

Updraft CEO, Aseem Munshi, expressed his enthusiasm for the deal. They said, “This agreement helps us serve even more customers to manage their finances. The size and term of the deal give a long window to focus on building our products, processes, and strategy for future growth while we continue to manage risks and build a profitable business. This is another key milestone delivered by the amazing Team Updraft.”

Pradeep Krishnamurthy, MD, Head of ABS Originations at Jefferies, also commented on the deal: “Our review of Updraft’s processes and underwriting gives us confidence in their ability to originate and manage a high-performing loan book.”

NexPay, a rapidly growing fintech company, is revolutionizing international student payments to make studying abroad more accessible and hassle-free. They recognized the need for a comprehensive financial crime prevention and real-time transaction monitoring solution.

Flagright's real-time solutions have allowed NexPay to enhance its security and compliance, reduce false positives, and simplify payment processes. As a result, international students have a seamless and secure payment experience, which helps NexPay maintain its position as an industry leader.

"Flagright's integration enhanced our platform with real-time capabilities, reinforcing security and transparency. Their consistent support has been crucial in advancing our student-focused mission" - Feri Danes, Head of Product and Technology.

NexPay simplifies international student payments by allowing students to pay in their local currency, eliminating credit card surcharges, and offering easy tracking and reconciliation of payments. Their mission is to make the foreign exchange process straightforward and cost-effective for students and educational institutions.

With its focus on simplicity, reliability, and personalized customer service, NexPay is transforming how international students make payments. By streamlining the process and providing top-notch support, NexPay is empowering students to manage their finances with ease and confidence.

Flagright transformed NexPay’s payment security making international transactions seamless

Flagright's partnership with NexPay has yielded substantial impact and value across various dimensions:

1. Faster payment processing
   ‍With real-time transaction monitoring from Flagright, NexPay has significantly accelerated payment processing, ensuring rapid and secure international student payments.
2. Improved compliance
   NexPay has achieved superior compliance by leveraging Flagright's up-to-date sanctions screening capabilities, mitigating regulatory risks effectively.
3. Transparent and secure payments
   NexPay now offers a transparent and secure platform for international student payments, bolstering trust and simplifying financial transactions for students globally. This partnership has revolutionized the payment landscape, underscoring the value of Flagright's innovative solutions.

The partnership between NexPay and Flagright has been a game-changer in the world of international student payments. By leveraging Flagright's transaction monitoring and sanctions screening expertise, NexPay has improved security and compliance and enhanced the overall experience for students and educational institutions.

This collaboration represents a testament to the power of innovative financial crime prevention solutions in transforming businesses and delivering exceptional value.

Trigger Software presents a Neobank Engine solution powered by Mambu, a leading cloud banking platform, to enable the rapid launch of digital neobanks.

By default, Mambu is a cloud-native, API-driven cloud banking platform. Mambu offers composable banking architecture with a single code base, publicly available APIs, and regular releases. Mambu has 260+ customers across the globe, serving 100M end-users in 65 countries.

Nowadays, a lot of companies worldwide are planning to launch a digital neobank. These are banks, retailers, telcos, and greenfield fintech startups. To launch a digital bank, you must choose the key components: core banking platform, middleware, front-end, card processing, CRM, back-office, KYC solution, and other parts. This process takes a lot of time and effort because you need to align with multiple stakeholders.

"We’ve been working with Mambu for a long time. At Trigger Software, we developed 300+ pixel-perfect screens and 150+ ready-made banking business processes, like KYC, onboarding, payments, remittances, loans, deposits, cards, cashback, referral bonuses, and others that can run on top of Mambu. Today we are proud to present all this stuff perfectly pre-configured and packaged into the end-to-end solution that we call Neobank Engine powered by Mambu." - Max Bondar, Founder & CEO at Trigger Software.

Trigger Software’s Neobank Engine powered by Mambu also allows easy integration with the necessary components if the customer banks decide to get them from 3rd parties: KYC and identity verification, credit risk and scoring, AML customer screening and monitoring, regulatory reporting, loan collection and recovery, transactions monitoring, data analytics, CRM, etc.

Finbold research shows over 40 new digital banks emerged in the last year globally despite the economic meltdown. Data indicates that as of October 2022, Europe was home to 97 neobanks, the highest number worldwide, representing a growth of 27.63% from 76 recorded in October 2021.

A report by strategy consultancy Fincog states that digital neobanks are now serving a combined customer base of 1 billion people.

Trigger Software’s Neobank Engine powered by Mambu is a perfect choice for companies who want to launch their digital neobank at a fixed cost and fixed time.

With Mambu, the launch is possible at the unseen speed of 3 months. With other banking platforms, launches are possible in 6 months. Projects that used to take years and millions of dollars of investments can be done 10x faster and 10x less expensive, relying on the Neobank Engine and Trigger Software capabilities.

"The neobanking space is booming. It is easy to get lost among dozens of vendors and hundreds of necessary components. At Trigger Software we solve this problem for our customers. We’re a reliable technology partner that has already tested all the components for a successful digital bank launch." -Max Bondar, Founder & CEO at Trigger Software.

Trigger Neobank Engine ensures that Android and iOS apps are adapted to the bank’s brand book, style guide, and tone of voice. Trigger Software developed an interface constructor that allows one to easily edit the front-end components and play with fonts, colors, images, and other parts of the design system.

"The best financial brands in the world, such as N26, Western Union, and Raiffeisen Bank International are powered by Mambu's cloud banking platform. In partnership with Trigger Software, we enable customers to build great banking experiences with unprecedented speed, quality, and cost-effectiveness."- Miljan Stamenkovic, General Manager Middle East & Africa at Mambu.