Wealth Dynamix today announces that they are currently providing fully digitalised Client Lifecycle Management (CLM) solutions for the four companies with the top-performing wealth managers in the world - Rothschild & Co, Mirabaud, Rathbones and Cazenove Capital as reported by Spears in which 5 of the top ten wealth managers work for firms using our CLM systems.

As the ONLY end-to-end CLM provider for Wealth Managers, Wealth Dynamix takes CLM to unchartered territories. The Wealth Dynamix solution adds intelligence to client data. This empowers advisors to make the right recommendations at the right time, identify opportunities to grow revenue and boost operating efficiencies, all while ensuring regulatory adherence.

Gary Linieres, CEO and Co-founder OF Wealth Dynamix said: “Wealth managers have a problem. Clients are demanding cutting-edge technology at breakneck speeds. Hyper-personalisation and assisted forms, real-time recommendations, omnichannel experiences, same-day onboarding and seamless access to a large product ecosystem with e-signatures and secure chat to name just a few capabilities - are not just desired by customers but expected. Yet very few firms can offer this”.

“Our technological innovations are transforming wealth management. They boost balance sheets and improve staff satisfaction while attracting and retaining customers like never before. The proof is in the pudding as we now power four companies with the top-performing wealth managers”.

Wealth Dynamix’s technological innovations are transforming wealth management. They boost balance sheets and improve staff satisfaction while attracting and retaining customers like never before.  Here are just some of the benefits our clients have realised when using Wealth Dynamix:

1. 50% increase in productivity

Our CLM solutions prove that a client-centric approach is truly the best way forward, for the whole firm. We’re proud to reveal that since adopting our solutions, wealth managers have reported a spectacular 50% increase in productivity across front, middle, and back offices.

2. From 30 days to same-day onboarding

One of our most powerful improvements is reducing the onboarding time to a mere fraction of what it was. By combining powerful regtech with our client lifecycle technology, we’ve cut the process from 30 days to less than one. This doesn’t just make things quick and pain-free for customers, it liberates compliance teams too.  Our digital-first CLM removes paper from the process and replaces it with pre-filled online documents ready for e-signature at the click of a button.

3. 95% improvement in the consistency of data

Our innovative technology brings together vast swathes of valuable information. From there, it creates highly accurate insights, forecasts and predictions. Since implementing our innovative technology, wealth managers have enjoyed an incredible 95% improvement in the consistency of data.

4. 25% improvement in opportunity conversion

Convincing affluent and High Net Worth clients to opt for a new investment product or service can be highly beneficial for all parties. However, it can be notoriously difficult too. Since implementing our technology however, wealth managers reported a significant 25% improvement. This is an extraordinary achievement and shows the hard-hitting impact of our innovative solutions.

5. 40% increase in staff satisfaction with technology

Since implementing our technology, wealth managers have noticed a boost in satisfaction in the workplace. Employees have better data, less admin and can solve problems much more efficiently. Across the front, middle and back office, clients report an impressive 40% increase in employee satisfaction. 

Founded in 2012 by wealth management technology experts Gary Linieres and Brent Randall, Wealth Dynamix are the first wealth management technology firm to revolutionise the Client Lifecycle Management (CLM) processes with innovative applications. Wealth Dynamix digitises the entire client lifecycle for private banks and wealth managers, from client acquisition and onboarding through to ongoing relationship management and client servicing. Wealth Dynamix identifies opportunities for boosting operating efficiencies and growing revenue, whilst enabling a significantly higher degree of client insight and due diligence. Wealth Dynamix operates globally with offices in the UK, France, Switzerland, Singapore, United States of America, Lithuania and Vietnam.

Currencycloud, the experts in simplifying business in a multi-currency world, have announced that they have been granted an Australian Financial Services (AFS) licence by the Australian Securities and Investments Commission (ASIC). The granting of the licence means that Currencycloud can now offer its full suite of services to Australian businesses.

The granting of the AFS licence follows the appointment of Nick Briscoe as Country Manager, Australia, in January of this year and gives Currencycloud the springboard to build the team and ramp-up customer support in-country.

Currencycloud has some fast-growing clients in Australia but to date, the services they have been able to use have been limited to international payments only. Now those clients will be able to provide customers with collections, management services and Currencycloud’s multi-currency e-wallet: Currencycloud Spark, which allows clients’ customers to pay, collect and hold more than 30 currencies in one account.

Alex Prater, CEO for FX Corp, a Currencycloud client in Australia, commented: “With the expansion of Currencycloud's offering, FX Corp has been able to augment the range of currency capabilities it provides to clients, particularly in minor and exotic currencies which have traditionally been problematic to deal in. Add to this a user-friendly interface and the ability to easily track cross-border payments, and Currencycloud offers a compelling value proposition which has assisted FX Corp to offer a more complete range of services to its growing client base.”

Nick Briscoe, Australian Country Manager at Currencycloud, said: “The fintech landscape here is incredibly vibrant and highly sophisticated in its approach to both clients, and service providers. . Gaining our Australian licence puts us in a great position to support our existing Australian clients and their ambitions, as well as work with other businesses across the country.”

Currencycloud is now actively recruiting key hires across sales and operations.

Klasha, a San Francisco and Lagos-based technology company transforming cross-border African commerce, announces an additional $2.1 million fundraising - to complete its $4.5 million seed round. 

The funding round included Amex Ventures - its first investment in an African-focused startup.  Klasha’s funding round also included Global Ventures, a leading MEA-focused venture capital firm.

Klasha will use the proceeds to expand into five more African countries in 2022 and re-launch its consumer app - renamed KlashaCart - to allow African consumers to shop from eligible international merchants online. 

Klasha’s core checkout technology benefits consumers and merchants. It allows African consumers to pay international online merchants in African currencies and money methods at checkout and then have their goods shipped to the continent. Merchants receive payouts in G20 currencies and are empowered to expand into Africa by equipping them with the requisite payment tools. 

The latest funding reinforces Klasha’s commitment to improving commerce for Africans and simplifying cross-border payments so that businesses can expand into a market full of energized consumers. 

Launched in May 2021 by a team with combined experience at Amazon, PayPal, Mastercard, Shopify and Net-a-Porter, Klasha’s growth has been rapid. In less than a year, the Company has signed up over 1,700 merchants, processed over 210,000 transactions and is experiencing 15% MoM merchant growth. Klasha’s continued success reflects the substantial market opportunity and readiness of Africans to enjoy the same seamless cross-border transactions experienced internationally, as their economies rapidly develop.

Africa is a vast opportunity for scaling quickly in commerce. It has over 400 million internet users, and the total value of e-commerce is expected to reach $29 billion this year. However, the ability to pay online with African currencies and money methods, including cards, M-Pesa, bank transfers, and mobile money, is challenging for African consumers. Klasha believes they should have the technology to facilitate the same frictionless access to goods regardless of geographic location.

Investors that participated in the round include Amex Ventures, Global Ventures, Greycroft, Seedcamp, Plug and Play, Berrywood Capital and Breega.

Jess Anuna, Founder and CEO of Klasha, said: 

“Given the fragmented cross-border commerce infrastructure on the continent, it is imperative for customers in Africa to access the global e-commerce economy seamlessly and without friction. Our latest funding will allow more businesses to seamlessly tap into the African market through our API, while simultaneously giving African consumers the same access to the global e-commerce economy as experienced internationally.

“We are delighted to have Amex Ventures’ investment and be backed by Global Ventures – one of the leading venture capital firms in the MEA region. It is another significant milestone for Klasha, following the first tranche of our seed round. We are excited by the huge market opportunity in Africa and what lies ahead.”

Matt Sueoka, Global Head of Amex Ventures, said: 

“We look forward to seeing the company’s innovative solutions help open up commerce for African consumers and facilitate cross-border payments. Klasha has the potential to drive spending by making payments simpler in emerging markets and allows merchants to scale within the continent and abroad.”

Sacha Haider, Partner at Global Ventures, said:

“African consumers want the same thing as consumers everywhere else – access to quality products, at a good price, through a seamless shopping experience. Despite impressive growth, e-commerce only makes up 2-5% of total retail on the continent, highlighting the significant opportunity to provide a better experience for the 520 million digital buyers that are anticipated in Africa by 2025. 

“Klasha's end-to-end check-out solution is designed specifically for key friction points faced by the African consumer including payment methods, currency acceptance, and a fragmented logistics landscape. Jess’s global operational experience across e-commerce and logistics uniquely positions her to solve this problem, and we’re so excited to support on her journey.”

Alison Lange Engel, Partner at Greycroft, said:

“Klasha is meeting the rapidly changing need for modern payments and logistics solutions for online commerce, connecting Africa and its global partners. Greycroft is excited to support founders like Jess and her experienced team who are delivering unique, enduring value for merchants and consumers.”

Klasha has built plugin integrations for WooCommerce, OpenCart, BigCommerce, and many others to drive its cross-border commerce goals. Its integration library is rapidly growing to accommodate even more platforms, including Wix, Ecwid, Magneto, and Commerce Cloud. 

Klasha has one API distributed through an ecosystem of B2B and B2C solutions that allows for seamless cross-border commerce:

• KlashaCheckout, a checkout that can be integrated into any e-commerce platform, website, or app that allows international merchants to collect payments from Africa in local currencies, while the merchant receives the equivalent payout in their chosen currency. 

• Payment Links, an easy way for international businesses to collect payments from customers in Africa without needing a website, app, or any coding skills. With just a few clicks, businesses can create a simple custom checkout page directly from their Klasha dashboard and share it with their customers.

• KlashaCart, an in-app shopping cart that allows you to shop all your online favorite stores at once. This simply means that with a funded Klasha wallet, you can visit your favorite brands in one click and with one cart. Users can also create virtual dollar cards and pay for subscriptions and services internationally. 

• KlashaWire makes cross-border B2B transactions seamless and secure. With this feature, small business owners can make large payments to suppliers overseas with ease in African currencies while lowering the cost of the transaction directly on the Klasha dashboard. When payments are made, the supplier generally receives it in their dominant currency in three business days.

ECOMMPAY, a leading international payment service provider and direct bank card acquirer with its own fintech ecosystem for business growth, has appointed Francisco Mainez as its Head of Financial Crimes and Payments Digital Transformation. The appointment comes as ECOMMPAY strengthens its capabilities in combating financial crime through automated and streamlined processes, following industry reports of 5.3 million fraud offences across the payments sector in 2021, an increase of 36% from two years earlier. 

Joining ECOMMPAY’s UK and EMEA division with a remit to transform the company’s approach to financial crime by digitizing processes and introducing automation to reduce reliance on manual processes, Francisco previously spent more than seven years at HSBC in Financial Crime roles. During his last assignment, he led the Data & Analytics, Business Financial Crime Risk, Wealth and Personal Banking. Francisco will bring his wealth of knowledge and experience in accelerating the business transformation to implement effective risk management, data analytics and anti-money laundering systems into the company. 

Prior to joining HSBC, Francisco spent over three years at Standard Chartered Bank, between Singapore and London, as a Senior Manager for the Group Operational Risk Intelligence then later as Senior Manager for Regulatory Operational and Risk. During his tenure at Standard Chartered Bank, Mainez designed developed and implemented an automated knowledge management solution to retrieve, monitor and analyze regulatory data at multiple levels. He also played an instrumental role in building a competitive intelligence training package for Operational Risk Management Information teams. Before joining Standard Chartered Bank, Francisco was Head of Intelligence Collation & Systems Management for several European Union and NATO Operational deployments.  

Paul Marcantonio, Executive Director of ECOMMPAY, commented: “ECOMMPAY prides itself on continuously being ahead of the curve when it comes to risk management and being able to pre-emptively address security concerns. Effective risk management is both a combination of automated anti-fraud systems and manual monitoring of suspicious activity. Francisco brings over a decade of experience in risk intelligence and data & analytics to ensure that ECOMMPAY’s anti-fraud capabilities remain industry-leading.” 

Francisco Mainez, Head of Financial Crimes and Payments, said: “Coming from the world of traditional banking to a fast-growth innovative fintech has already been truly rewarding and I thank ECOMMPAY for the opportunity to bring my knowledge of risk management and Financial Crime threat mitigation to the rapidly evolving e-commerce sector. 

“ECOMMPAY is a very data and tech-driven organization and its commitment to innovation and technology have easily it made one of the most fascinating and exciting positions I’ve had. I look forward to strengthening ECOMMPAY’s already impressive anti-fraud and risk management offering.” 

Allica Bank, the fintech challenger bank for established SMEs in the UK, today announced their successful go-live on the leading cloud banking platform, Mambu. 

The platform supports Allica in bringing bespoke lending products, tailored to the needs of small and medium-sized businesses and reintroduces tech-savvy relationship managers to enhance customer experience. 

Despite representing 30% of the UK’s GDP, the established SME sector has been left behind by traditional banks and overlooked by newer monoline fintech. Allica is positioned to build and deliver products and services to directly address this challenge. 

In November 2021, Allica announced a purchase of Allied Irish Bank’s GB SME customers, which brought with it a complex loan portfolio. Allica needed a technology solution to help them offer the loans to customers in a matter of months and that’s where Mambu’s composable technology foundation came in. 

Richard Morgans, General Manager for the UK and Ireland at Mambu, said: “Left unaddressed, SME demand for digital-age lending represents a huge missed opportunity for banks and lenders. Financial institutions need to do more to tackle challenging application processes for loans, and Allica Bank is playing a key role in doing exactly that.

“Through a combination of in-house expertise and Mambu’s composable technology stack, Allica has been able to expedite the delivery of a complex loan portfolio at impressive speed.” 

Richard Davies, Chief Executive Officer at Allica Bank, said: “As a fintech, technology is at our core. Whilst we’re focused on building a lot of our own technology solutions, we were presented with a unique opportunity after acquiring a £600 million loan portfolio from AIB. We needed the ability to offer customers complex loan products in a matter of months. 

“Being cloud-native, Mambu and its composable architecture gave us the flexibility needed to seamlessly integrate with Allica’s cloud-led tech stack. . Our implementation involved greenfield and migration elements and a very complex loan portfolio, yet it took only three months to complete. The partnership and collaboration between Allica and Mambu teams at every level, has been a key success factor”

As a result of Allica Bank’s go-live on Mambu, Allica were able to support the acquired customers with a complex offering of loans in a matter of months. 

Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, is pleased to announce it has progressed across multiple categories in the Global Banking Platform Deals Survey 2022, published by leading research and advisory firm Forrester.

An overview of the survey’s key findings was provided in Forrester’s recent webinar, ‘How Banks Can Use The Emergence Of New-School Vendors To Ease Transformation’, hosted by Forrester’s Vice President and Principal Analyst, Jost Hoppermann. The survey included digital banking platform vendors’ relative market positions, dynamics in various geographies, and the competition between incumbent digital banking platform vendors and their younger, new-school kins. To conduct the survey, the firm collected and analyzed more than 3,700 deals signed in 2021 by 32 regional and international vendors.

According to the survey, Azentio has made steady progress in the Global Vendor Pyramid, with an increase namely in the ‘New Named Deals’, ‘Extended Business’ and ‘Combined Deals’.

In the ‘New Named Deals’ category, Azentio moved up a level and was identified as a ‘Regional Pursuer’ with more than 10 new named deals in two to three regions. In the ‘Extended Business’ category, the company has been recognized as a ‘Major Cross Seller’ with more than 15 counted deals in two to three regions. While in the ‘Combined Deals’ category, Azentio progressed to the ‘Major Players’ status given to vendors signing more than 25 deals in two to three regions, further improving, in Azentio’s view, its strategic presence and broadening its footprint in these regions.

Tony Kinnear, Chief Executive Officer of Azentio, commented, “Forrester’s recognition of the progress that Azentio has made in the last 12 months is a tribute to the incredible dedication and expertise of our people and the trust that our clients have placed in us. We remain intently focused on investing in our products and people, and continually improving our service delivery in order to help our clients across Asia, Middle East and Africa compete and thrive in an increasingly competitive market.”

Forrester’s unique insights are grounded in annual surveys of more than 675,000 clients worldwide, with rigorous and objective methodologies, creating new market-makers and reshaping industries.

Founded in June 2021 by Jordane Giuly, the former co-founder of Spendesk (the spend management platform recently valued at over €1.5B), Morgan O’hana, and Marc-Henri Gires, Defacto provides seamless and instant financing to small and medium enterprises (SMEs).

The Series A round of €15M, led by new investor Northzone (backer of FinTech Klarna,) includes Defacto’s seed backers Headline and Global Founders Capital, and angel tickets from Thibaud Elzière (founder of eFounders), Rodolphe Ardant (founder and CEO of Spendesk), Didier Valet (former deputy CEO at Societe Generale), and Victoria van lennep (founder of Lendable).

Built with a “Capital by API, not paperwork” mindset

Defacto provides loans and credit to SMEs via its embedded finance platform. Its API-based product enables third parties such as marketplaces, e-commerce platforms and others to embed its products directly in their own products, integrating in a seamless way.

 Its technology-first approach focuses on providing access to working capital to SMEs,  a segment underserved by traditional actors, especially in today’s adverse macro-economic environment.

“Cash flow and access to liquidity are once again reasons for concern due to inflation, repayment of state covid loan and rising interest rates. Traditional banking caters less to SMEs and processes are too slow. An EY study estimates that in France alone, over 40.000 businesses will fail. It was 28.000 in 2021” adds co-founder Morgan O’hana. “We are building a product for builders, not bankers. Access to capital should be fair and instant. Banks rely on data that is at least 18 months old and then take 4 months or longer to process loan applications. We move in real-time.”

Since its launch in France, Defacto built partnerships with over 15 leading B2B marketplaces, FinTech companies, and e-commerce businesses. It distributed over €30m in short-term loans to SMEs through partners such as freelancing platform Malt or fintech such as Agicap or Pennylane. 

Frederic Tan, Product Director at Malt: "We decided to work with Defacto for its flexibility, the quality of its API, and the integration experience. They have been a great ally in our challenge to offer an even more delightful and seamless payment experience for our clients and freelancers. The team is always available and responsive: a pleasure to work with!"

Instant access for SMEs, instead of a wait of 4+ months. 

The digitalization of the SME market is accelerating, with B2B transactions moving online through marketplaces and with increasing penetration of fintech services for SMEs. This trend confirms the embedded lending opportunity, which Defacto is serving with its API-first approach through multiple use cases:

• Fintechs offering invoice financing to their customer base
• B2B marketplaces finance sellers' invoices and offer BNPL to their buyers;
• B2C e-commerce funding their inventories

“Businesses are interacting more and more with digital platforms. Those interactions generate a large amount of data in real-time, which Defacto is leveraging to redefine how underwriting should be done. Banking institutions will never have the right information systems to process this flow of alternative data, to reach real-time and tailored lending offers” says Defacto’s co-founder and CTO Marc-Henri Gires.

"Jordane, Morgan, and Marco are building an incredibly exciting proposition within the B2B space, a category where they are poised to become a leader. B2B commerce is significantly larger than B2C commerce and most of the solutions for buyers and sellers around checkout financing have been lacking technology-led thinking. The explosion of SME platforms will create significant opportunity over the coming years and Defacto we believe has the potential to be at the forefront of these market developments." adds Kilian Pender, a Partner at Northzone joining Defacto's board.

Thanks to a new €400M lending capacity Defacto is now rolling out its solution to Germany, the Netherlands, Belgium and Spain.

Defacto has focused on sustainable growth and carefully built a lean team of 13 of senior and product-focused team members which are soon to include Charlotte Gounot, a veteran of Agence France Trésor (The French Treasury) who formerly ran the front office and market operations at French Debt Management Office.

“Finance needs to shift towards real-time data and processes. Small and medium businesses make for 99% of all European businesses. Yet traditional banking is increasingly shy in supporting them. Defacto’s Capital by API provides entrepreneurs with forms of credit that not only scale with their needs but are also more fair and transparent. It’s an engine for growth. I have rarely met a team so customer-focused and achieving so much in one short year” comments Jonathan Userovici, a Partner at Headline and Defacto’s Seed round lead.

Apple to Launch Buy Now Pay Later Feature

Apple revealed a "buy now, pay later" service for iPhones at  Worldwide Developer Conference. 

Apple's BNPL service will compete with Klarna, ClearPay, and Affirm by offering a four-month interest-free loan on Apple Pay payments. It's also partnering with Shopify to help users track their orders in Apple Wallet. 

When iOS 16 hits in the fall, BNPL will be for the US market only. Apple also unveiled a revised MacBook Air with a new MagSafe charging port and a design similar to the MacBook Pro, ending the line's distinctive tapered shape. 

iPhone and Mac users in the US can pay for products in four installments over six weeks without interest or fees. Using Mastercard's network, the solution will function online and in stores that accept Apple Pay. 

Apple entered the industry after acquiring Credit Kudos earlier this year. It also comes when the coronavirus pandemic's e-commerce boom wanes. 

Regulators in Europe and the US are keeping a careful eye on "buy now pay later" enterprises to ensure responsible short-term financing in a time of rising inflation. Consumers' debt comprehension is another worry. 

Analysts believe increased defaults and decreasing non-discretionary spending would affect fintech profit margins, while rising interest rates will push up operational expenses for some businesses. 

Apple's BNPL system was "built with users' financial wellness in mind," featuring a Wallet app dashboard to monitor payments. It said a customer's card-issuing bank "may assess a fee" for inadequate debit card funds.

BlueSnap, the Payment Orchestration Platform that helps businesses accept and optimize payments around the world, has today announced key leadership appointments to further growth across Europe. It has appointed Avril Mannion as Chairperson of the Board, Brian Gaynor as Executive Director and CEO, and James McGivern as Executive Director and CFO.

These appointments come as part of BlueSnap's commitment to expanding its European presence and establishing a highly specialised EU-based team with a vast amount of industry expertise.

Ralph Dangelmaier, Global CEO at BlueSnap, said: "We couldn't be more excited to welcome these three incredible individuals to BlueSnap's European division and have them join me on the EU Board. Today's announcement is a continuation of our European business expansion and follows the launch of our European headquarters in Dublin last year. We are glad to have Avril, Brian and James on board to help us provide European merchants with a sophisticated payment platform that will allow them to optimise global payments."

As an independent non-executive director and chairperson of BlueSnap's EU business, Avril Mannion will oversee the company's EU Board, drive its European strategy, and set high governance standards within the business.

Avril, an industry veteran with over 25 years of experience, was previously with Soldo Financial Services Ireland DAC, where she acted as the CEO and COO of the company, leading and developing the company's overall business strategy. She also managed the implementation of Soldo's risk and compliance frameworks, policies and procedures, and governance structures.

Avril Mannion, Chairperson of EU Operations at BlueSnap said: "I'm thrilled to be working with the amazing team at BlueSnap, helping to direct its European strategy as the company grows its EU presence. Today, merchants across the continent are demanding better and more efficient all-in-one payment solutions that address their ever-evolving needs.

This makes it an exciting time to be a part of BlueSnap as it continues to bring its innovative solution to merchants across Europe."

New European CEO Brian Gaynor will lead the day-to-day running of the European business, expanding BlueSnap's footprint and product offering, as well as ensuring that the company is compliant with local regulations.

As former CEO of J.P. Morgan Wholesale Payments Europe Limited, Brian has more than 25 years of experience operating and developing business strategies and technical directions for businesses across payment acquiring and issuing, telecoms, and financial services industries.

Moreover, as BlueSnap's new European CFO, James McGivern will manage the business' finances, ensure financial compliance, develop its strategy for growth, and oversee all financial and statutory reporting for the geography. He joins BlueSnap with over 25 years of experience in the financial services and fintech sectors with the likes of Barclays, Bank of Ireland Group and PayPal.

James has strong experience in identifying key target markets, sectors, and clients for businesses. He is also well-versed in developing technology-based propositions to improve the operational efficiency and address the challenge of regulatory change for global financial services organizations.

BlueSnap's Payment Orchestration Platform provides companies with a single account that hosts everything they need to sell globally. It allows software companies to think locally and act globally. It supports over 200 different payment types and shopper currencies, payment acceptance in over 200 regions, with local card acquisition in 47 countries.