FinTech Futures: Top five stories of the week – 25 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Digital
ICYMI fintech funding round-up: Zanifu, Koverly, Micronotes & more
Our weekly fintech round-up for you to get the latest funding news from around the world.
LemFi bags $33m in Series A funding round to fuel global expansion
LemFi was founded in 2020 to provide immigrants with better access to financial services.
Video: What’s the next big thing in fintech?
We ask three experts what they think could be the next big thing that will completely transform the industry.
Auxmoney buys majority stake in Dutch credit marketplace Lender & Spender
With the stake, Auxmoney plans to build upon its “continuous organic growth” of recent years.
Beyond the single customer view
Even if we have all the data on our finances, we need to be able to understand it.
Video: AI – friend or foe to financial services?
Fintech experts share their views on the impact of AI on financial services.
Thoma Bravo acquires ForgeRock for $2.3bn
Once acquired, ForgeRock will delist its class A common stock from the New York Stock Exchange.
Yahoo Finance builds out investor insights with Commonstock acquisition
Launched in 2020, Commonstock is backed by investors including Coatue, QED and Floodgate.
India’s PhonePe taps Cloudera to streamline data management
PhonePe says the collaboration marks a “significant milestone” in its data journey.
FinTech Founders Video: Lawrence Lin Murata, Slope
Lawrence Lin Murata reflects on what he learnt from starting his first company and the impact on starting Slope.
FinTech Founders Video: Wade Arnold, Moov Financial
Wade Arnold, founder and CEO of paytech Moov, talks about his experience of starting a fintech.
Core banking tech provider Mambu names Fernando Zandona as permanent CEO
Zandona has served as Mambu’s interim CEO since June after Eugene Danilkis stepped down from the role.
White paper: Navigating extreme uncertainty to drive growth – top financial services trends in 2023
This free white paper explores how to leverage technology to drive innovation, cost savings and greater efficiencies.
Silicon Valley Bank makes two senior appointments to lead payment products and digital strategy
Martin Murrell has been named as head of global payments and Milton Santiago as head of global digital solutions.
FinTech Founders Video: Rado Kotorov, Storied Data
Rado Korotov, founder and CEO of Storied Data, shares advice for founders looking for venture capital funding.
FinTech Founders Video: Elizabeth Rossiello, AZA Finance
Elizabeth Rossiello reveals the one person she couldn’t run AZA Finance without!
FinTech Founders Video: Jason Voss, Deception and Truth Analysis
Jason Voss gets candid on why you need to think hard about any VC dollars coming your way.
EIF provides Lithuania’s SME Finance with €40m to fund small business lending
SME Finance CEO says the agreement with EIF allows it to offer financing to businesses “on significantly better terms”.
FinTech Founders Video: Katalin Kauzli, Partnerhub
Katalin Kauzli explains what she would do differently if she could repeat the process of starting Partnerhub.
Morgan Stanley hit with £5.41m fine after energy traders used WhatsApp to discuss market transactions
It is the first-ever electronic communication fine issued in Great Britain relating to trading energy products.
Krakowski Bank Spółdzielczy taps Diebold Nixdorf to modernise ATM network
KBS aims to upgrade its entire ATM network by the end of 2023.
FinTech Founders Video: Deepak Jain, Wink
Deepak Jain shares what entrepreneurs need to have in place to make the whole ride of building a company easier.
FinTech Founders Video: Alex Lempka, Connect Earth
Alex Lempka, founder of climate fintech Connect Earth, describes the hardest thing about running a start-up.
Former Monzo execs launch new fintech start-up Sync Savings
The start-up recently closed its pre-seed funding round, the amount of which has not been disclosed.
Moniepoint gets the go-ahead to acquire Kenyan fintech Kopo Kopo
For Moniepoint, which operates in Nigeria, the acquisition allows it to expand its footprint into Kenya.
US fintech Ramp secures $300m Series D funding at reduced valuation
The firm’s new $5.8bn valuation represents a 28% drop from its $8.1bn valuation back in March 2022.
Video: Which areas of fintech are most at risk in the current economic climate?
We ask three veteran investors which areas of fintech are currently most vulnerable.
Mastercard launches CBDC Partner Programme to boost sector collaboration
Through the Programme, Mastercard aims to bring a “greater understanding” of the pros and cons of CBDCs.
MSUFCU veteran Benjamin Maxim named as Reseda Group’s new COO
Maxim has been a central figure at MSUFCU for over 16 years, having first joined back in 2007.
Brazilian fintech Nomad secures $61m in fresh funding
The funding was led by Tiger Global Management, with participation from existing investors
Colendi lands banking licence to become Turkey’s first digital deposit bank
As Turkey’s first digital bank, ColendiBank is aiming to reach 50 million customers regionally.
Velo Payments to acquire payment processing platform YapStone
The acquisition is subject to regulatory approvals and customary closing conditions.
Standard Chartered global head leaves to found fintech start-up
Manohar Chadalavada is leaving the bank to be the co-founder of a fintech start-up currently in stealth.
FullCircl reinforces compliance suite with W2 Global Data Solutions acquisition
Under the terms of the deal, W2 will now trade as ‘W2 by FullCircl’.
Unpacking the hype: Generative AI in banking and finance
FinTech Futures takes a deep dive into generative AI and how the tech is transforming financial services.
Five credit unions tap MDT to deploy Banno Digital Banking Platform
The credit unions include Great NorthWest FCU, Sentry Credit Union and Peoples FCU.
Cynergy Bank lands £20m funding from British Business Investments
The bank plans to facilitate more than £250m in new-to-bank lending across the SME and property sectors.
AI-powered conversational payments to launch on India’s UPI
The tech will enable users to converse with an AI system to initiate and complete transactions.
Chilean digital bank Tenpo partners Dock for new credit card offering
The offering positions Tenpo as a competitor to traditional financial lenders in the country.
