FinTech Futures: Top five news stories of the week – 1 November 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring nCino, Citi, Moniepoint and more.
nCino acquires FullCircl in $135m deal
nCino snaps up FullCircl for $135 million
Cloud banking solutions provider nCino has signed a definitive agreement to acquire FullCircl, a UK-based customer lifecycle intelligence (CLI) platform, for $135 million in cash.
nCino says that $15 million of the purchase price will be held by the company for two years as “security for the performance of certain warranties and covenants arising under the purchase agreement”.
Through the acquisition, nCino will look to further integrate FullCircl’s tech to enhance its client lifecycle management and onboarding tools through its advanced business rules engine.
The two companies are no strangers to each other, having entered into a partnership in 2023 which saw nCino embed FullCircl’s data capabilities into its platform.
Citi pens multi-year cloud and AI tech modernisation deal with Google Cloud
Citi has signed a multi-year partnership agreement with Google Cloud to modernise its technology infrastructure with new cloud and AI technologies.
As part of the collaboration, Citi says it is migrating multiple workloads and applications, including digital products and internal workflows, to Google Cloud, with a focus on “enhancing employee and client experiences on cloud-based applications”.
This migration is expected to bolster Citi’s current provision of digital products while also streamlining internal functions with the assistance of high-performance computing (HPC) and analytics platforms.
The bank will also make use of its partner’s machine learning (ML) solution Vertex AI, which will enable Citi to “deliver generative AI capabilities across the company”.
Africa’s “fastest-growing fintech” Moniepoint secures $110m Series C funding
Moniepoint lands $110 million Series C
African business banking and payments fintech Moniepoint (formerly known as TeamApt) has bagged $110 million in a Series C funding round led by Development Partners International’s African Development Partners (ADP) III fund.
Founded in 2015 by Tosin Eniolorunda and Felix Ike and with offices in Nigeria, Kenya, the UK and the US, Moniepoint provides payments, banking, credit, and business management tools for businesses and entrepreneurs.
Moniepoint states that the investment will be put towards creating a single integrated platform for “African businesses of all sizes,” as well as facilitating further expansion throughout the continent.
Founder and CEO Tosin Eniolorunda adds that the new funding “will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential”.
Triodos Bank’s UK CEO Bevis Watts to step down in 2025
The CEO of Triodos Bank UK, Bevis Watts, is to step down from the position next year after five years at the helm.
In a statement, Triodos Bank UK, which operates as a subsidiary of Netherlands-based Triodos Bank and first launched in the UK in 1995, announced: “In what will be his 10th year leading Triodos Bank UK and as part of Board succession planning, Bevis has decided that it is the right time.”
Watts first joined the bank in 2008 as head of business banking for the UK and Ireland, a role he held for five years, before rejoining in 2016 as UK MD following a three-year tenure as chief executive of the Avon Wildlife Trust.
He will continue to lead Triodos Bank UK until June 2025, with the bank confirming a “recruitment process for his successor is underway”.
Western Union acquires Singtel’s mobile wallet Dash
Western Union acquires Singtel’s Dash
Western Union has entered into a conditional agreement to acquire Dash, a mobile wallet operated by Singapore-based communications technology group Singtel, for an undisclosed sum.
Launched in 2014, Dash allows users to pay, remit, save, invest, and insure from within a single app.
Currently serving over 1.4 million customers, the app facilitates money transfers to more than 35 countries.
Western Union says that Dash customers “will continue to have access to all existing services” throughout the transition period, a timeline for which has not been disclosed. The conditional agreement remains subject to regulatory approval.
