10x Banking raises $45m to fuel expansion efforts
The raise marks 10x’s first funding round since its Series C in June 2021, when it bagged $187 million.
News
Citigroup to cut 20,000 jobs over two years after Q4 downturn
The bank is anticipating run rate savings of $2 billion as a result of the cuts.
Subscription billing fintech Recurly names Joe Rohrlich as CEO
Rohrlich previously served as CEO of Top Hat, a US-based higher education engagement platform.
Canada’s Vancity names Wellington Holbrook as president and CEO
Holbrook takes over from Nez Aquino, who has served as interim CEO since July 2023.
Singapore’s GXS Bank reportedly receives $109m investment from parent company Grab
The capital injection follows a $104m investment in July and a $56.8m investment in April last year.
Aeon Bank given the go-ahead to commence digital banking operations in Malaysia
The bank expects to roll out a Sharia-complaint banking app within the next six months.
Commerzbank forms joint venture with Global Payments for SME payment solutions
The new joint venture, Commerz Globalpay, is expected to launch in H1 2024 and will be based in Frankfurt.
Brazil’s Conta Simples plots product expansion following $41.5m Series B
The company last raised $24 million during a Series A round in December 2021.
JP Morgan Chase-owned WePay reportedly offboards a number of business clients
JP Morgan Chase bought WePay back in 2017 in a $400 million deal in a push to compete with Stripe.
US-based Citizens State Bank taps Revio to fuel customer growth
The bank will adopt the Revio platform to tap customer expansion opportunities.
ClearBank names Paul Staples as new group head of embedded banking
Staples has previously served as global head of HSBC’s BaaS and embedded finance proposition.
Circle gears up for second attempt at IPO with new SEC filing
The stablecoin company has confidentially submitted a draft registration statement with the US regulator.
FinTech Futures: Top five news stories of the week – 12 January 2024
Our pick of the top fintech news stories this week includes Zilo, Ant Group, FirstOntario and more.
European fintech funding round-up: Unbox, Rivero, ProjectPay & Ryft
Our weekly fintech round-up for you to get the latest funding news from across Europe.
ICYMI fintech funding round-up: KlariVis, Komunal, Maalexi, Cleva & CSI
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Danske Bank looks to improve digital customer experience with Backbase
Backbase’s tech will be implemented across the bank’s digital channels “progressively” over the next few years.
Tobias Unger joins Sopra Banking Software as new chief operating officer
Unger brings more than two decades of financial services and fintech experience to his new role.
Social media platform X aims to deliver P2P payments this year
The social media platform has obtained a money transmitter licence in 14 US states so far.
Cartoon: Pyrrhic victory
A new cartoon illustrating what’s next for Bitcoin following the approval of spot Bitcoin ETFs in the US.
InvestCloud names Motive Partners’ Jeff Yabuki as new CEO and chairman
Yabuki also currently serves as chairman and founding partner of Motive Partners.
Real estate fintech start-up Downpayments launches in Florida with $32.8m in debt and equity funding
The start-up seeks to provide property investors with interest-free down payments on their next home purchase.
UK digital identity firm Yoti secures £20m in debt funding
The latest funding follows a £10 million investment by Lloyds Banking Group in March 2023.
Redwood Capital Bank selects Apiture to power online and mobile banking
The bank will deploy Apiture’s digital platform to expand beyond branch and telephone-based banking.
Global fintech investment plummeted 48% in 2023, according to new data by Innovate Finance
The total global investment flowing into fintech reached $51.2 billion in 2023 across 3,973 deals.
2023 Mobile Banking Heists Report
29 malware families targeting 1,800 mobile banking apps – an essential read for those at the forefront of combating threats on the mobile platform.
Zimbabwe’s Success Microfinance Bank taps FinOS for core banking
The bank has partnered with FinOS to access its composable banking capabilities and increase operating ability.
WealthCo Asset Management taps Duco to automate manual data tasks
WealthCo says the Duco platform has helped it build “volume-agnostic” automated processes.
Bill Crager to step down as CEO of Envestnet
Crager is due to transition into the role of senior advisor upon his departure from the company’s leadership.
Former Barclays managing director Simon Bladon joins PayPal as UK CEO
Bladon will also serve as vice president of global entity management for the payments giant.
National Bank of Oman partners PayMate to modernise B2B payments
Using PayMate’s tech, NBO plans to digitise, streamline and automate its B2B payment processes.
Credit union FirstOntario readies for Canada’s open banking push with Flinks and Everlink
The partnership is in anticipation of Canada’s 2025 rollout of open banking.
Thunes makes leadership changes, appoints Floris de Kort as new CEO
Thunes’ current CEO Peter De Caluwe has been promoted to deputy chairman.
UK fintech funding fell 63% in 2023, new Tracxn report finds
It is the second year fintech funding has fallen in the UK, down 70% on 2021 figures.
UK fintech Chetwood Financial appoints Julian Hynd as new COO
Hynd previously spearheaded the commercial transformation of UK-based Redwood Bank.
Ant Group reportedly nearing deal to acquire Dutch payments firm MultiSafepay
The potential acquisition would value the Dutch payments firm at $200 million, Reuters reports.
Southeast Asian fintech Salmon acquires controlling stake in Filipino bank
Once the deal is completed, Salmon will own 59.7% of the Rural Bank of Sta. Rosa (Laguna).
Amethis buys majority stake in Capital Banking Solutions
Amethis plans to help CBS to “accelerate its organic growth, especially internationally”.
Barclays’ bid to cut costs saw 5,000 jobs axed in 2023
A Barclays spokesperson confirms the cuts were part of the bank’s “ongoing efficiency programme”.
Boost Bank secures regulatory approval to begin operations in Malaysia
The new digital bank has been formed through a partnership between Malaysian fintech Boost and RHB Banking Group.
National Bank of Iraq and Capital Bank of Jordan overhaul core banking with Temenos
The two institutions have gone live with the vendor’s Temenos Transact core banking solution.
