Cartoon: Augustus Gloop
A new cartoon illustrating the predicament of many fintech and blockchain firms that entered the VC business.
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UK challenger Monzo reportedly in talks to sell £300m stake at £3.5bn valuation
According to Sky News, Monzo is in discussions with a number of blue-chip investment funds over a share sale.
Saudi fintech Hala names former Revolut exec Saleem Arshad as CTO
Hala says Arshad’s experience will be “pivotal” to its expansion efforts in the UK and Europe.
Spain’s Twinco Capital secures €50m debt facility from BBVA Spark
The facility will be used to support the company’s portfolio growth and geographical expansion plans.
ICYMI fintech funding round-up: UnaFinancial, Multifi, Triple-A and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FinTech Futures: Top five stories of the week – 27 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Sudan’s Africa and Gulf Bank selects Temenos to power digital transformation
The bank previously signed up for Path Solutions’ iMAL Islamic core banking system back in 2020.
Singapore’s YouTrip eyes international expansion following $50m Series B raise
The latest cash injection brings YouTrip’s total funding to date to over $100 million.
Morgan Stanley appoints Ted Pick as new CEO
James Gorman will transition to the role of executive chairman after serving as CEO for the last 14 years.
French paytech Worldline’s shares tumble after company revises guidance
Worldline says it now expects 6% to 7% in organic revenue growth, as opposed to its previous forecast of 8% to 10%.
Arteria AI bags $30m to help financial institutions extract data from documentation
The Series B round was led by GGV Capital and takes the start-up’s total funding to date to $50 million.
JP Morgan Payments taps Trulioo for personal and business ID verification
JP Morgan Payments will leverage Trulioo’s person match and identity document verification services.
German funds servicer Universal Investment names Francesca McDonagh as group CEO
McDonagh is to assume the position from 1 January 2024, taking over from interim group CEO David Blumer.
Blackbullion taps Bud to streamline higher education student finance applications
Blackbullion will deploy Bud’s Assess solution and its open banking and transactional AI tech.
MAS orders DBS Bank and Citibank to investigate banking services disruption
The banks were unable to recover their systems within the allotted time following a service outage in Singapore.
US fintech start-up Aleph emerges from stealth with $16.7m funding
The round was led by Bain Capital Ventures, with participation from existing backers, angel investors and customers.
Liberum Wealth goes live with Profile’s Axia Custody solution
Liberum will utilise the tech to improve the management and personalisation of its custody and execution operations.
US Bank subsidiary Elavon lands UK banking authorisation
With the licence, Elavon intends to offer authorisation, settlement, card machines, and banking services in the UK.
Colombia’s Nequi taps TerraPay for international remittances
The partnership will extend the app’s remittance network to over 200 countries worldwide.
National Australia Bank partners Greener to reduce small business climate emissions
Greener’s business solution was launched earlier this month following its seed funding round.
NET Credit Union selects Bankjoy for digital onboarding solution
Bankjoy says its solution enables new customers to open an account in just 90 seconds.
Coop taps Additiv to launch new financial services app Coop Finance+
Coop says its “super-app” will provide banking services, payments and pension solutions to its customers.
Brookfield appoints Ron Kalifa as vice chair and head of financial infrastructure
Brookfield says Kalifa’s appointment allows it to “increase our footprint” in the payments arena.
BNP Paribas and 321founded partner to launch marketplace payment management fintech Panto
The solution is set to launch commercially in H1 2024 and will be led by CEO Guillaume Massis.
Scottish challenger Alba Bank taps ClearBank for SME payment management
With the ClearBank partnership, Alba Bank aims to offer “near real-time payments” to its customers.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
UK paytech Thredd appoints Jim McCarthy as new CEO
McCarthy joined Thredd in January this year as executive vice president – global head of product and sales.
Íkualo to launch next month as neobank for Europe’s financially excluded immigrant community
The licensed electronic money institution will be able to onboard new customers with just a passport.
US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank
The Board alleges that the bank violated customer identification rules.
UK’s FCA places partner onboarding restrictions on embedded payments platform Modulr
Modulr is working to ensure it meets evolving regulatory requirements following a period of growth.
ClearBank designates Jonny Fry as digital assets strategy lead
In his new role, Fry will be tasked with developing the bank’s position within the digital assets market.
Former JP Morgan exec Jeremy Balkin’s new venture TodayPay launches from stealth
TodayPay’s solution aims to help merchants provide “instant” refunds to their customers.
India’s Kotak Mahindra Bank appoints Ashok Vaswani as CEO and managing director
Vaswani currently serves as president of Pagaya and as non-executive director at LSEG.
JP Morgan and Mastercard’s new Pay-by-Bank solution goes live in the US
Verizon has revealed it will pilot the solution with its US customers “in the coming months”.
BBVA merges its three tech subsidiaries to form BBVA Technology
The bank says the new company will have “a more strategic focus” on software development transformation.
Turkish fintech Figopara taps Provenir to automate risk decisioning
The partnership comes as Figopara gears up for a “significant” international expansion push.
Cartoon: Parallel processing
A new cartoon illustrating the different use cases for some of the more popular AI chatbots.
Brian Cole joins ClearScore as group chief financial officer
Cole has previously served as CEO of Barclaycard UK and CEO of Capital One’s UK division.
Citi taps Navan to launch travel and expense system for commercial clients
The new system will initially only be available to US-based commercial clients.
ICYMI fintech funding round-up: Statement, iink, Finzly and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
