This week in Fintech: TFT Bi-Weekly News Roundup 31/01
welcome to Fintech Times Bi-Weekly News Roundup Tuesday, January 31
Mergers and acquisitions
Card issuing platform Market has agreed to purchase credit card program management platform Power Finance. The deal is expected to close in the first quarter of 2023. Power’s platform offers program management services for companies creating new credit card programs. As part of the acquisition, Power Finance CEO Randy Fernando will lead product management of Marqeta’s credit card platform.
The job is moving
Supplier of invoice financing Bibby Financial Services has appointed Martin King as head of the company’s sales, strategy and partnerships. King joins from BOOST&Co, where he developed growth and venture debt financing for small and medium-sized businesses. Prior to this he held senior ABL roles Lloyds Bank and NatWest Group.
Arabesque AI have named Dr Carolina Minio Paluello as new managing director and to the group’s executive committee. Dr Minio Paluello will lead the rollout of the company’s AI-powered portfolio management service. The platform is the second release from Arabesque, following the launch of ESG Book in 2021. She comes from Schroders.
Global processing services (GPS) appoints Jim McCarthy as Executive Vice President – Global Sales and Product Manager. While Kevin Fox has been appointed as the company’s new revenue manager. McCarthy will lead GPS’ global commercial and product teams working closely with Fox on sales acceleration.
There is more news for Market as it appoints Simon Khalaf as the new CEO. Khalaf will also join Marqeta’s board. Jason Gardner, Marqeta’s founder, chairman and current CEO, will become executive chairman. Khalaf joined Marqeta in June 2022 as product manager. Alongside Khalaf’s appointment, Todd Pollack joins the company as revenue manager.
Insurtech Send Technology Solutions Ltd has hired its first chief justice Pat Caldwell, following a 2022 Series A funding round. Caldwell oversees all recruiting, talent development and employee experience. He is also non-executive director and board member of social enterprise ImpactEd.
Paymentsologya global issuer-processor, appointer Nadia Benaissa as global marketing manager and member of the management team. She will also spearhead the company’s continued expansion across the UK, Europe, the Middle East and Africa, Asia-Pacific and Latin America.
Additional agreements
Smart Data Foundry has unveiled its constituent board. Joining chair Dame Julia Unwin and managing director Frank Gould is Zachery Andersondata controller at NatWest Groupand Professor Kim Graham, provost, University of Edinburgh. Also join is Stephen Ingledew OBE, chair, FinTech Scotland and Fiona Duncan, independent strategic advisor Promise and Professor Chris Speeddirector, Edinburgh Futures Institute.
Cryptocurrency-based fintech service group SG Veteris appoints Meryem Habibi as tax manager. Habibi will oversee the group’s global revenue generating functions and is also responsible for the growth strategy, performance and alignment of its revenue generating business.
ECOMMPAY hires Moshe Winegarten as tax manager. Winegarten joins to scale the company’s robust and innovative products. Most recently, he was senior vice president of sales at Checkout.com.
ECOMMPAY is currently improving its open banking offering and exploring the latest payment options from BNPL to crypto.
Monica Long has been named president of global crypto and blockchain payment exchange Ripple. Long previously held the position of general manager at the stock exchange. She joined Ripple a decade ago as one of the first 10 employees in the company’s marketing and communications function.
The Wall Street Technology Association (WSTA) has announced Ken DeGiglio, information manager EquiLendas WSTA President in 2023. He has served on the WSTA Board of Directors since 2017, his most recent position as 1st Vice President.
Built technologya real estate software provider in the US, is hiring James Chen as CTO. Under Chen’s leadership, Built will continue to accelerate the development of innovative solutions for construction and real estate stakeholders as they build and manage the world around us.
Partnership
Capital management company Lion Trust has entrusted fintech business Definitely to provide risk profiling for its selection of investment solutions. Defaqto’s investment professionals carry out risk assessments, quantitative and qualitative portfolio reviews and ESG policy analysis across the UK retail funds market and discretionary MPS portfolios.
router protocol, an infrastructure layer that enables communication between blockchains, has collaborated with FXDXa decentralized derivatives exchange in the chain, to start the cross-chain launch Optimism. Going live on Optimism marks a significant step in FXDX’s multi-chain expansion – a growth strategy that will drive trading volumes and bring new users to the dApp.
Grasshopper Bank has joined with MANTLE, a provider of account creation solutions. Through this partnership, Grasshopper Bank will utilize commercial deposit origination from MANTL. The bank will also collaborate with MANTL to build a fully automated solution for starting loans online for businesses from scratch, which is currently under development.
Technical service company SLK software has merged with the AI company V-Labs and the American insurance provider CNA Insurance. Together, they will deploy an enterprise-wide AI and ML-led solution to accelerate CNA’s intake process for new business submissions, claims and other critical business processes.
CellPoint Digitala payment orchestration company, has entered into a partnership with Akwaaba, a multinational retailer of food, groceries and household goods. By exploiting CellPoint Digitalits payment orchestration solution, Akwaaba can optimize existing operations and make its global scaling plans a reality.
FIS is to power real-time payment transactions for Singapore’s first digitally native bank, Trust Bank. This cloud-based solution allows the Trust to scale payment volumes as the bank continues to grow its business. Trust is supported by a partnership between Standard Chartered Bank and FairPrice Group.
Additional partnerships
Banxaa cryptocurrency payment gateway provider, has integrated with Métis, to strengthen the Web3 economy. Banxa’s fiat-to-crypto on-and-off ramp will enable Metis’ user base to benefit from Banxa’s enhanced payment methods and banking options. Through the integration, Metis users can now interact with the 49+ cryptocurrencies supported by Banxa, including BTC, ETH, SOL, DOT and BNB.
ResClub, an investment company from Florida, has chosen Velmie to launch a new investment platform to provide fund management, payments and crypto exchange services for ResClub members. ResClub is looking to build the new platform on top of the Velmie banking software using the available modules and components to quickly go to market with the new product offering.
Start of identity verification iDenfy has revealed a new collaboration with Finora Bank, the Lithuania-based financial services provider. With iDenfy’s IDV and AML solutions, Finora Bank will automate compliance and secure the customer’s onboarding process.
Zorion have chosen WealthOS as its strategic back and middle office technology partner. WealthOS will support Zorion’s expansion plans to push its mobile platform in Malaysia, Bahrain and then expand to the UK.
Regtech startup Amlyze has merged with Ondato, a KYC and AML company. They say the tie-up will streamline KYC and AML procedures, ensuring the highest standards of financial crime prevention. In addition to the collaboration on acquiring new customers, AMLYZE and Ondato’s partnership will also include collaboration on building new AML/CFT and KYC solutions.
Financing and investment
write in, the fraud detection and document automation platform, has raised $25 million in Series B funding to help businesses build digital trust by pioneering risk intelligence. The round was chaired by Threshold Ventures and together with existing investors Crosslink Capital, Foundry and Uncork Capital, as well as angel investors. That brings the total amount raised to $38 million.
Hatchfi, a crypto integration platform, has launched out of funding with $1.2 million in funding. The round was chaired by Golden.com CEO Jude Gomilla, Delta Blockchain Fund, OrangeDAO, as well as other angel investors. The funds were used for the development and launch of early access.
DailyPay has secured $260 million in capital to drive growth domestically, expand internationally and invest further in product innovation. The financing is distributed over revolving credit facility capacity provided by Barclays and Angelo Gordon, and new term loan financing from SVB Capital and a fund managed by Neuberger Berman.
Sunstone Credit, a clean energy financing platform, has announced an oversubscribed $20million Series A funding round. The round was led by an associated fund of Greenbacker Capital Management LLC, which provides flexible capital and best-in-class guidance for clean energy companies in the growth stage.
