Lucinity today announced the closing of a $17 million Series B investment round, led by Keen Venture Partners and joined by Experian and its major existing investors, Crowberry Capital, Karma Ventures, and byFounders.

Lucinity's mission is to Make Money Good™ through Human AI. By delivering user-centric compliance systems augmented by artificial intelligence (AI), Lucinity has helped various banks and FinTechs increase their compliance productivity by over 50%. This results in thousands of hours now spent on actually fighting financial crime instead of making sense of complex and noisy data.

Recent customers of Lucinity that join a range of banks and FinTechs include Pleo, a $4.7B FinTech used by 20,000 companies that chose Lucinity as its central hub for financial crime prevention, and Visa's Currencycloud, a part of the world's largest global payment platform.

Lucinity also recently announced partnerships with Experian and Seon. With Experian, Lucinity is delivering next-generation ongoing Know Your Business (KYB) and risk assessments, while its collaboration with Seon is centred around a joint anti-money laundering and fraud prevention solution.

"It's exciting to see Lucinity's ground-breaking change ripple through the compliance and risk spaces. Our Human AI is transforming our clients' productivity, and our partnerships are creating incredible productivity innovations for customers to leverage," says Guðmundur Kristjánsson (GK), founder and CEO of Lucinity. "This successful funding round will help fuel our rapid growth as we expand our customer base, partner network, global team of experts, and product offering."

"We quickly jumped on a plane to Iceland when we heard about Lucinity's Series B funding round" comments Robert Verwaayen, General Partner at Keen Venture Partners. "Banks and FinTechs are stuck between a rock and a hard place where compliance is a big headache for them, and they are trying to wrap their heads around how to approach it in a truly risk-based fashion. We are extremely excited about Lucinity’s platform and its promise to address the global issue of financial crime."

This funding round illustrates a strong belief in Lucinity's success and potential to provide banks and FinTechs with productive compliance tools to fight financial crime.

Mobileware Technologies, a market leader offering UPI interoperability and scalable payment solutions for businesses that need to make digital payments, has partnered with Appnit Technologies Private Limited - a subsidiary of DMI Finance, to offer interoperable UPI solutions for seamless access to the payments ecosystem.

Appnit’s customer-facing brand Oxymoney - a Prepaid Payment Instruments (“PPI”) license holder provides wallet & prepaid card services to its customers, who are primarily retailers. Mobileware will provide Oxymoney with a hosted UPI switch with connectivity to NPCI and facilitate the customers with personal Virtual Payment Address (VPA) to participate in the interoperable UPI ecosystem.

Early last year, RBI announced an interoperability mandate whereby they increased the permissible account limit to ₹2 lakh (up from ₹1 lakh) and allowed cash withdrawals from full-KYC non-bank wallets. This technically makes wallets similar to bank accounts in terms of services. The volume of PPI transactions has also jumped from 30.6 million in 2011-12 to 4775 million in 2021-22 (as of December 2021) and there has been a corresponding increase in the value of PPI transactions from Rs. 62 billion in 2011-12 to Rs. 2150 billion in 2021-22 (as of December 2021).

Given the market opportunity, Mobileware is leading the way with hosted UPI wallet interoperability services. Commenting on their association with Oxymoney, Satyajit Kanekar, Co-Founder & CEO of Mobileware, says, “Oxymoney has made m-wallets easy for retailers and we are happy to be their solution partners for interoperable UPI payment solutions. Through our hosted services, Oxymoney can offer VPA generation, QR Code generation, customer management, PSP application, and a lot of other benefits to their customers.” He further adds, “Mobileware is a vertical agnostic and borderless payment marketplace for customers who require easy and instant access to digital payment methods, using banks as a channel of service. We are adept at integrating our solutions with the rapidly changing digital payments requirements of banks, NBFCs, fintech companies, merchants, and consumers.”

Nitin Kapoor Co-Founder & CEO of Oxymoney says, “UPI has been the key driver of digital payments in the country. Our association with Mobileware will further strengthen our offerings with both consumers and merchants and will help us reach and serve a larger customer base.”

Archax, a global, regulated, digital asset exchange, brokerage and custodian based in London, has selected METACO, the market-leading provider of digital asset custody and orchestration technology to global financial institutions, to underpin and expand its institutional custody solutions for digital assets. Archax is deploying its technology on IBM Cloud in order to leverage the confidential computing capabilities of IBM’s digital asset infrastructure.

Archax is the UK’s first digital securities exchange, brokerage and custodian licensed by the Financial Conduct Authority (FCA), supporting institutional investors to trade in a variety of digital assets such as digital securities and cryptocurrencies, as well as traditional securities too. 

To expand and enrich its offering, Archax will fully integrate METACO’s bank-grade digital asset custody, issuance and orchestration platform, Harmonize, enabling clients to securely store, trade, issue and settle cryptocurrencies and digital securities. Harmonize was built in partnership with the largest Tier 1 custodian banks globally and is trusted by leading institutions such as Citigroup, Societe Generale – FORGE and BBVA Switzerland, offering the highest standards of security and compliance for Archax to operate in the digital asset sector.

Archax will deploy Harmonize which utilizes IBM Cloud Hyper Protect Services. This setup will allow Archax to scale to billions of wallets while maintaining control over their private keys for risk management. IBM Cloud Hyper Protect Crypto Services is designed to enable METACO Vaults to store encrypted keys externally in a database while affording the protections of IBM’s FIPS 140-2 Level 4 rated hardware security modules (HSM). Irrespective of how Harmonize is consumed, custodians retain physical control of the root of trust in the assets and the policies that govern the management of the assets, through the IBM HSM Smartcards.

Graham Rodford, CEO and Co-Founder of Archax, commented, “We see the digital asset market as a long-term investment opportunity, and at Archax we make investments in technology and processes to reflect that vision. We provide regulated, institutional-grade services and through working with METACO and IBM Cloud, we further establish our commitment to bring the highest levels of security and compliance to our clients and ecosystem.”

Led by capital markets experts, Archax offers a credible bridge between traditional finance and the blockchain-enabled digital asset economy. Its solutions are built using existing, proven, resilient, scalable, high-performance infrastructure, integrated into the existing institutional trading workflow. As well as listing global digital issuances, Archax is also developing its own range of liquid digital structured products that will trade on its exchange. 

Seamus Donoghue, VP of Strategic Alliances at METACO, commented: “As one of the world’s leading traditional financial centres, the UK has a key role to play in bridging traditional finance and digital assets–recently outlined by the UK Treasury. The first FCA-regulated digital securities brokerage, exchange and custodian, Archax is at the vanguard of this transition, enabling seamless institutional access to the sector. 

Donoghue added:

“We’re thrilled to partner with Archax, and provide a platform that offers bank-grade security and compliance for the custody, issuance and management of digital assets, as well as a flexible governance policy framework that can be applied to any type of digital asset transaction, a no-single-point-of-failure model, and the optionality to expand and offer any type of digital asset services.”  

A leading technology provider to top-tier, regulated financial institutions in the digital asset ecosystem, METACO’s infrastructure is supporting key live implementations, in various regulatory jurisdictions, including Switzerland, Germany, the United Kingdom, and Singapore, with other notable projects in progress in jurisdictions such as the United States, France, Australia and Hong Kong.

RSwitch, the national e-payment switch of Rwanda, has announced a new partnership with African fintech giant EFT Corporation to enable Rwandans to access their money across all technological platforms.

The deal will see RSwitch benefit from EFT’s extensive suite of end-to-end payment solutions, enabling faster transactions between banks, mobile operators and ATMs. The new capabilities will allow Rwandan citizens to access their money seamlessly and accelerate the local economy.

RSwitch, which was established in 2003 with a vision to run Rwanda’s electronic payment system has seen rapid growth in recent years and has expanded its remit to serving as a financial interoperable solution company. The company’s online payment gateway facilitates merchants to collect their payments from different channels, namely: Visa cards, MasterCard, Union pay, Amex, Smartcash as well as mobile wallets.

The deal will support the Government of Rwanda’s Vision 2050 to accelerate to an upper-middle-income country by 2035, supported by a robust and inclusive financial sector, including a safe, reliable, and efficient payment system.

Mathieu Rwiyereka, CEO, RSwitch comments:

“These are incredibly exciting times for RSwitch and this partnership will enable us rapidly increase our payments capabilities by benefiting from EFT’s powerful technology solutions. Our mission is to extend full financial inclusivity to every citizen in Rwanda, and we will continue to innovate and bring new products and services to enable this to happen.”

Grant Flanagan, Chief Operating Officer of EFT Corporation added,

“The RSwitch team have a proven track record of designing and delivering world-class payments services to citizens across Rwanda and we are proud to be working alongside such an innovative organisation. Our combined expertise and technology will further accelerate financial solutions to millions of people in Africa and is another landmark moment in EFT’s continued expansion.”

Starling Bank is introducing a Bills Manager for small businesses to help business and sole trader account customers streamline their finances. 

The new feature gives small businesses the ability to have a Direct Debit or standing order taken from money set aside in any of their ‘Savings Spaces’ rather than their main account balance. 

When customers use this feature and payment is due (for example, for subscriptions, business utilities or commercial property leasing), the money required to make the payment will be taken from the Space, making budget forecasting and managing business running costs much easier.

Payments automatically sync up with accounting tools Xero and FreeAgent, which are provided through the Starling Marketplace, as well as Starling's own bookkeeping Toolkit. This means that businesses can keep track of incomings, outgoings and VAT all in one place.

To get started with Bills Manager, customers can go to their Savings Space, tap ‘Manage Space’, then ‘Pay bills from this Space’. They can then choose which Direct Debits or standing orders they would like to pay from each Space.

Customers receive a notification when their bills have been paid and can view the transactions by going into the Space and clicking “View transaction history”. If there are insufficient funds in their Bills Manager Space to make a scheduled payment, Starling will send the customer a notification the day before payment is due, and on the payment due date itself. Customers are also alerted when a Direct Debit is due for payment in the same way.

Bills Manager is available to all small business and sole trader customers with immediate effect and is free to use. The tool was launched to personal current and joint account customers in October 2021. 

Helen Bierton, Chief Banking Officer at Starling Bank commented: “Our small business customers requested this feature, so we’ve delivered. Uptake of Bills Manager has been strong among our personal current account customers and we’re confident it will help hundreds of thousands of small businesses better manage their money too.”

Niyo, India’s leading consumer neo-banking platform, has appointed Jagadish B as its Head of Human Resources. Jagadish brings with him 25+ years of leadership experience in people processes. Prior to joining Niyo, he was associated with Thinksynq Solutions Pvt. Ltd as a partner. In the past, he has held HR leadership positions for India’s two leading telecom companies - Vodafone and Bharti Airtel.

At Niyo, Jagadish will play a pivotal role in taking forward Niyo’s endeavour of building a comprehensive digital banking solution for Niyo’s 4 million+ strong retail and SME customer base. Jagadish will also be responsible for spearheading employee engagement, talent management and development, stakeholder engagement, internal communication, compliance, and a health & safety environment.

Niyo’s Co-founder and CEO Vinay Bagri said, “I am delighted and excited to welcome Jagadish to our Niyo family. I am confident that his vast experience and track record of delivering on business imperatives and people’s agenda will help us further strengthen our employee-first endeavour. On-boarding the right talent and experience are the necessary multiplier for us to further tap the market potential, create value for our stakeholders and work towards becoming one of India’s leading financial services institutions. I wish Jagadish every success in his new position.”

Jagadish B, Head of Human Resources, Niyo said, “Niyo’s vision to build a strong financial services institution with a clear strategic direction gained my interest. I am heartened by their core ideology of keeping people and teams at the centre of every business decision. They have brought several industry-first innovations since its inception. I am passionate about building a thriving company culture at Niyo and look forward to beginning working in this new capacity and contributing to the company’s growth journey.”

As an HR professional, Jagadish’s work spans the areas of organisational design, talent acquisition & management, capability building and building a strong performance culture. Over the past few years, he has continuously and consistently acquired and honed skills through various interventions. His appointment is yet another step in strengthening Niyo’s core team.

Niyo currently has a strength of 500 employees and plans to hire selective talent across key functions - technology, product and design.

UK retail investors are standing their ground amid global market sell-offs with more than nine in ten (95%) either holding onto their investments or ‘buying the dip’, according to the latest ‘Retail Investor Beat’, a quarterly survey of 10,000 retail investors across 14 countries, from social investment network, eToro.
 
Of the 1,000 UK investors who were surveyed as part of the study, only one in 20 (5%) have sold their investments in response to recent turmoil, whilst seven in ten (71%) have held firm and one in four (24%) have bought the dip. The data suggests that those who started investing during the pandemic have also held their nerve and avoided knee-jerk reactions. Among investors with up to two years’ experience, 29% have bought the dip, while 64% have held onto investments and just 7% sold when markets went south.

Ben Laidler, eToro’s Global Market Strategist, says: “The golden rule of investing is that ‘time in the markets beats timing the markets, so it’s encouraging to see investors, particularly those who are relatively new to investing, refraining from making any knee jerk decisions when things became choppy.

“Those who only started investing since the pandemic has been on a rollercoaster ride over the past two years. However, the message to these people is the same as it is to all investors: if you back firms you believe in and you have a long-term investment horizon, you significantly increase your chances of making a good return on your money.”
 

Commodities have been a particular favourite with UK investors looking to fortify their positions, with the proportion of people holding the asset class up 40% since Q1, as investors battle the twin demons of rocketing inflation and rising interest rates. Investors largely turned to defensive sectors to help weather the storm, with energy (18%) and utilities (16%) up but also snapped up tech stocks (16%) - the new defensives in some circles - to help navigate market volatility. Healthcare and real estate (both 14% up) also proved popular.
 
The data also highlighted that UK retail investors are feeling bullish in their approach - a third (33%) plan to increase their holdings over the coming 12 months, with 47% planning to invest roughly the same. Just 20% plan to invest less.
 
However, they also recognise a number of risks to their portfolio - the biggest concern being inflation (50%), followed by international conflict (43%) and the state of the UK economy (40%). That being said, only one in three (34%) had repositioned to help protect their portfolios.

Laidler adds: “Despite a barrage of setbacks across global financial markets, our latest Retail Investor Beat shows that UK investors have found the strength to look past the short-term volatility and use these drops in prices to bolster their portfolios for the long term.
 
“For many, this is their first experience of a pullback in markets. Managing risk, mastering emotions and maintaining a focus on long-term goals is something that even the most established investors struggle with. With bull markets ultimately built on the shoulders of bear markets and near four times the length and magnitude, staying the course should serve these investors well.”

Leading Australian payments automation provider Monoova today announced its merger with foreign exchange organisation Moneytech FX to deliver a  single platform that enables businesses to consolidate domestic and international payment processes and take advantage of faster cross-border transactions.  

The businesses merged under the Monoova brand will be ideally placed to fulfil their mission of automating and streamlining payment processes, with clients able to access a  toolkit for domestic and global payment flows through a single API gateway. 

“With the new Monoova platform, clients can automate the receipt, payment and management of domestic and cross-border funds – reducing costs and resource requirements and allowing teams to focus on growth and innovation,” says Christian  Westerlind Wigstrom, Co-Founder and CEO, Monoova. 

The business – recently named FinTech Organisation of the Year at Fintech Australia’s prestigious Finnie awards – aims to reduce the processing time for cross-border transactions involving G10 currencies – the Australian dollar, the Canadian dollar, the Euro,  the Japanese yen, the New Zealand dollar, Norwegian krone, Pound sterling, Swedish krona, Swiss franc and the United States dollar - from up to three working days to near real-time. 

“Our ultimate aim is to make the experience of moving money from Perth to Berlin as easy as moving money from Sydney to Brisbane,” says Christian.  

Monoova and Moneytech FX are proven performers in the fast-growing financial technology sector. Over the past five years, Monoova has moved about $50 billion through its pioneering domestic-automation platform, serving a growing number of technology-enabled businesses such as Jacaranda, Hnry and Wise. 

Moneytech FX has grown rapidly over the last two years and has expanded the features of its platform through multiple integrations, providing a self-managed and fully compliant service to clients. The business has moved about $12 billion in cross-border transactions over the last 18 months. 

The merged business will be headquartered in Sydney, with 70 team members dedicated to enhancing the client experience by continuing to add features and functionality to the  Monoova platform. 

Andrew Kilroe, Chief Vision Officer and leader of the FX business, says, “Moving money seamlessly and securely across borders helps clients provide a high-quality experience to their customers and partners in overseas markets and brings financial inclusion to underserved markets. We’re very excited at the opportunity to deliver this capability to  the Australian market.” 

BHMI, a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite^®, and Payshop, a subsidiary of Banco CTT and part of the CTT Group, received the “Editor’s Choice Award” at the recent PayTech Awards 2022 ceremony in London on July 1.

Produced and hosted by FinTech Futures, the awards program recognizes innovation in the finance and payment industries worldwide, celebrating the leaders and solutions that help drive it.

The two companies were recently named finalists for the program’s “PayTech Team of the Year” category, which lauds teams whose efforts have stood out for their exceptional teamwork and collaborative spirit in producing outstanding results. Payshop selected BHMI’s Concourse Financial Software Suite^® to power its transformative business initiative to create a single unified back-office solution for all payment services, expanding its omnichannel capabilities to adapt to the needs of e-commerce, digital payment gateways and the ever-growing demand for digital payment solutions.

“We are excited to be selected for this prestigious award,” said Tiago Mota, CEO of Payshop. “Selecting BHMI and its Concourse platform as our partner in this critical technology transformation journey has proven a tremendous value. The implementation team displayed its dedication, industry knowledge and professionalism throughout the entire project, and we look forward to many more chapters to come in our partnership.”

“It is an honour to be chosen as this year’s ‘Editor’s Choice Award’ winner alongside our partners at Payshop and I would like to thank the judges and Fintech Futures for their recognition,” said Jack Baldwin, CEO of BHMI. “I am proud of the collaboration between the BHMI and Payshop teams and the return on investment that this project has generated for both organizations. This recognition highlights our commitment to providing our clients with the adaptable and scalable back-office solutions they need to meet the demands of today and tomorrow.”