FinTech Futures: Top five stories of the week – 27 May 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
News
Payments fintech Bolt announces layoffs
The news follows a string of layoffs in the fintech space in recent weeks.
UK start-up Alpher selects WealthKernel to power its female-first investment platform
WealthKernel will assist Alpher with its core investing infrastructure.
ICYMI fintech funding round-up: Tranch, Quantifeed, Chekk & Crowd Data Systems
A handy round-up of the recent funding endeavours of fintech companies across the globe.
North America fintech funding round-up: equipifi, PayEngine & Moves
A handy round-up of the recent funding endeavours of fintech companies across North America.
iCapital expands its platform with Simon Markets acquisition
The deal is expected to close in the second half of 2022 pending regulatory approvals.
Capital markets fintech Clear Street lands $165m in Series B funding
The new funding takes the company’s valuation up to $1.7 billion.
Cartoon: Untethered
A new cartoon illustrating the potential economic risks surrounding asset-backed stablecoins.
Video: Wells Fargo at FinovateSpring 2022 – How to achieve digital acceleration
FinTech Futures chats with Madhu Narasimhan of Wells Fargo to discuss approaches to digital transformation.
White paper: Intelligence capabilities for AML and CFT regulatory compliance
Enhancing KYC, AML, CFT and due diligence investigations for finance, banking and compliance sectors with digital intelligence.
Babel Finance bags $80m Series B at $2bn valuation
The firm says it limits business to Bitcoin, Ethereum and stablecoins, and serves around 500 “select clientele”.
Card-issuing platform Marqeta partners Evolve Bank & Trust
Evolve will support the full range of Marqeta’s card programme management capabilities.
Payments infrastructure provider Paddle snaps up ProfitWell for $200m
Paddle will integrate ProfitWell’s financial metrics, as well as its pricing and retention software.
Aussie payments regulator sets out QR code guidelines
The voluntary guidelines are directed at financial institutions, payment service providers and merchants.
Swiss fintech ZoodPay acquires Pakistan’s Tez Financial Services
ZoodPay enters Pakistan as a new player in its growing digital lending and fintech space.
NatWest partners Microsoft and Accenture for customer engagement platform
The new platform will integrate all of NatWest’s front office legacy systems.
Taiwan’s Mega Bank selects Avaloq’s core banking platform
Mega Bank will deploy Avaloq’s core platform to digitalise its private banking business.
Moneybase partners Compass Plus Technologies for new app and cards
Moneybase has built its new offering on Compass Plus Technologies’ TranzAxis platform.
Two US banks tap fintech Chimney to boost customer engagement
New York-based Chimney’s financial calculators help customers make “smarter” financial decisions.
YAP expands into Pakistan with EMI licence approval
YAP Pakistan hopes to address the challenges consumers face in the foreign remittance market.
Private market exchange ADDX raises $58m pre-Series B funding
Singapore’s ADDX has now raised approximately $120 million in funding to date.
Canadian Tire Bank taps Temenos for digital-first core banking upgrade
Canadian Tire Bank is looking to replace its legacy systems and modernise its operations.
UK’s Previse raises $18m in Series B round
The round was led by Tencent with participation from existing investors.
US fintech Caribou lands $115m Series C at $1.1bn valuation
Caribou will use the new funding to invest in its platform, expand its team and develop new products.
Finance super-app M1 deploys Thought Machine’s Vault Core
M1 will deploy Thought Machine’s Vault Core to launch products from one unified, coherent “source of truth”.
BNPL giant Klarna to cut 10% of workforce amid “tumultuous year”
Klarna CEO says he remains “relentlessly optimistic” about the firm’s future.
Jack Ma’s Alibaba and Ant Financial leave Paytm Mall
The Indian firm’s valuation fell from $3 billion in 2020 to $13 million now – a drop of almost 99%.
Singapore’s MatchMove acquires Shopmatic for $200m
Post-acquisition, Shopmatic CEO Anurag Avula will continue in his role.
Payments network TransferMate hits unicorn status after $70m funding
TransferMate will use the funding to expand its teams globally and develop its technology and product offering.
Creditspring raises £48m to improve financial stability across UK
The latest funding round takes Creditspring’s total funds raised to date to £70 million.
BaaS fintech Griffin taps Clausematch for banking licence applications
Clausematch simplified the application to the Prudential Regulation Authority and the Financial Conduct Authority.
Payments infrastructure firm Xendit lands $300m Series D round
This latest round brings Xendit’s total funding raised to date to $538 million.
SpotOn bags $300m Series F at $3.6bn valuation
SpotOn has raised $928 million in funding to date.
Solarisbank appoints new CIO, CTO dual leadership team as firm scales
Solarisbank says the close-knit dual leadership will “master the challenges of a growing tech organisation”.
Hong Kong’s Planto partners NZ fintech Cogo to promote sustainability
The new software will enable consumers and small businesses to view their daily carbon footprint.
Allegacy FCU taps enterprise tech provider NCR for data analytics solution
Allegacy FCU says partnership will “make data actionable, unlock predictive insights and drive innovation”.
The Credit Thing goes live with TrueLayer’s recurring payments API
The Credit Thing will now use TrueLayer’s recurring payment API for improved customer experience.
Agri lender SunStream taps Fiserv for lending operations modernisation
The Minnesota-based lender will move to Fiserv to meet the complex loan servicing needs of its shareholders.
Congratulations to the Banking Tech Awards USA 2022 winners!
Take a look at the 2022 Banking Tech Awards winners
FinTech Futures: Top five stories of the week – 20 May 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
