May 2024: Top five new fintech launches of the month
FinTech Futures takes a look back at five of the top new launches during May.
News
Intelligent Money enters administration with key assets sold to digital savings platform Quai
Richard Heis and Edward Boyle of Interpath Advisory were appointed as joint administrators on 28 May.
IPC appoints Kurt Adams as new CEO
Adams will succeed Bob Santella following his six-year tenure in the role.
Business banking start-up GoDutch launches in the Netherlands
The start-up is aiming to “revolutionise business banking by redefining what ‘fair banking’ truly means”.
FinTech Founders Video: start-up journey reflections and key advice for aspiring founders
Four fintech founders reflect on their start-up journeys and give their key takeaways for aspiring entrepreneurs.
US fintech Solutions by Text lands $110m in growth financing
The firm claims to be the world’s first “FinText” company.
May 2024: Top five M&A deals of the month
FinTech Futures takes a look back at five of the top M&A deals in May.
Commonwealth Bank of Australia to pilot NameCheck solution on JP Morgan’s Liink network
The collaboration aims to “help validate bank account details used in international payments to Australia”.
Banque Raiffeisen selects Worldline for cloud-based instant payments solution
Worldline has been a long-standing partner of Banque Raiffeisen, providing it with a number of payment services.
Business banking start-up Relay raises $32.2m in Bain Capital Ventures-led Series B
The Relay platform is designed to “help small businesses take control of their cash flow”.
Stripe’s Paystack leads investor group set to acquire Nigerian fintech start-up Brass
Other members of the investment group include PiggyVest, Ventures Platform and P1 Ventures.
May 2024: Top five funding rounds of the month
FinTech Futures takes a look back at five of the top funding rounds to emerge during May.
Comerica Bank & Trust reaches formal agreement with US OCC over enforcement action
The OCC has ordered the bank to create a compliance committee as part of the action.
Paymentology hires former Superscript exec Tim Joslyn as new CTO
Joslyn brings over 25 years of tech experience to the role and succeeds interim CTO James Letley.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
HSBC launches e-commerce payment solution Omni Collect in UAE in partnership with Geidea
Geidea has been selected to enhance the offering by integrating a merchant acquiring facility.
May 2024: Top five core banking stories of the month
FinTech Futures takes a look back at five of the top core banking stories of the month.
Remittance start-up Félix Pago bags $15.5m Series A funding
The firm enables Latino workers in the US to send money abroad via WhatsApp.
Bank Muscat’s Meethaq goes live with Temenos’ core banking tech
The bank claims to have migrated “over 200,000” customer accounts to the new cloud-based platform.
Germany’s Universal Investment names John Burns as new group CTO
Burns previously served as the global head of technology and operations at DWS Group for over seven years.
Rich Data Co inks first US deal for AI decisioning platform with M&T Bank
North America’s sixth-largest commercial bank has tapped the platform to “detect more early warning signs” in lending.
HPS set to acquire digital banking and payment software provider CR2
The deal will see CR2’s BankWorld platform combined with HPS’ PowerCard suite.
May 2024: Top five fintech partnership stories of the month
FinTech Futures takes a look back at five of the top fintech partnership stories of the month.
ABN Amro acquires Germany’s Hauck Aufhäuser Lampe in €672m deal
The deal is expected to close in Q1 2025 pending regulatory approvals.
N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022
N26 says it has implemented “numerous measures to further improve reporting processes” since 2022.
Climate fintech start-up Cloover secures $114m in seed funding round
The firm says the funding will be used to “enhance our operating system designed for the renewable energy industry”.
Former Stripe exec Gang Wang joins Nuvei as CTO
Wang succeeds Max Attias, who is transitioning to the role of CIO.
Turkey’s Colendi reportedly raises $65m Series B funding led by Citi
According to Bloomberg, the round takes the fintech’s valuation to around $700 million.
Stephen Bird to exit Abrdn after four years as group CEO
Jason Windsor, who joined Abrdn last year as group CFO, is to step in as interim group CEO.
Stanbic Bank Kenya set for Temenos core banking upgrade with Orion Innovation
Stanbic Bank Kenya first went live with Temenos’ core banking tech in 2010.
Spanish paytech PayRetailers acquires Transfeera to drive Brazilian expansion
PayRetailers recently received its Brazilian payment institution (PI) licence last month.
White paper: Bridging the gap between data science and decision-making in financial services
Boost competitiveness in finance with data science. Learn to manage data challenges and drive decision-making with quick insights.
LGT in Liechtenstein taps Finastra for instant payments
Finastra says the move will enable LGT to meet the EU instant payments regulatory timeline.
FinTech Futures: Top five news stories of the week – 24 May 2024
Our pick of the top fintech news stories this week includes JP Morgan Chase, Citi, BBVA, OpenAI and more.
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
FE fundinfo snaps up wealth management fintech Dericon
The deal marks FE fundinfo’s seventh acquisition in three years.
ICYMI fintech funding round-up: Kudos, Teal, WeMoney and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
OUCU Financial Credit Union to migrate to Tyfone’s nFinia digital banking platform
The $483 million-asset credit union is also making use of Tyfone’s Skip-a-Pay and Quick Pay solutions.
Arab National Bank in major upgrade of core banking system with Infosys Finacle
The successful upgrade has launched “a new chapter in banking at Arab National Bank”, says CIO Naif Alharbi.
BBVA partners OpenAI to deploy ChatGPT among its employees
BBVA has begun deploying 3,000 ChatGPT Enterprise licenses among its employees in Spain.
