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Gomboc AI raises $13m to revolutionise cloud security with deterministic AI
Gomboc AI, a cybersecurity startup focused on cloud security remediations, has raised $13m in seed funding to accelerate its efforts in automating security fixes.
The round included an $8m investment led by Ballistic Ventures, with continued backing from Glilot Capital Partners and Hetz Ventures, which had co-led the company’s initial $5m seed funding.
The company was founded to address the mounting security backlog that hampers business transformation. Its platform, developed by co-founder and CEO Ian Amit, aims to eliminate inefficiencies in cloud security management by automating the remediation of security vulnerabilities. Amit, a former chief information security officer (CISO), was driven by the overwhelming number of security tickets and vulnerability reports he encountered while overseeing security for 15 businesses under a single corporate entity.
Gomboc AI’s platform differentiates itself by using a deterministic AI engine rather than generative AI or static templates. The technology integrates with cloud infrastructure via Infrastructure as Code (IaC), enabling accurate, repeatable, and context-aware code fixes while maintaining functionality. The solution helps security and DevOps teams reduce the Mean Time to Remediate (MTTR) from months to minutes, significantly cutting down on security backlogs.
Ballistic Ventures co-founder and general partner Roger Thornton said, “Gomboc AI is solving a massive, universal problem that organizations face: transforming the overwhelming security-ticket backlog into an automated, policy-driven remediation process. This company is a game-changer for how security and DevSecOps teams can work together more efficiently and effectively.
“We’re thrilled to have Gomboc AI’s talented team join the portfolio and look forward to their visionary approach changing the way organizations manage cloud security.”
Hetz Ventures general partner Pavel Livshiz said, “The cybersecurity market is at an inflection point threats are evolving faster than companies can hire and train security engineers.
“Gomboc AI is uniquely positioned to solve this bottleneck with AI-driven remediation, turning security from a constant fire drill into a seamless, automated process. This funding reflects their rapid progress, strong market traction, and an outstanding team. We’re excited to double down.”
Momnt and Your Virtual Adjuster partner to enhance roofing contractor financing and claims management
Momnt, a leading FinTech company specialising in real-time lending and payment solutions, has announced a partnership with Your Virtual Adjuster, an innovative claims management platform designed for roofers.
The collaboration aims to provide roofing contractors with a seamless solution for handling insurance claims while offering flexible financing options to homeowners, according to FF News.
The partnership seeks to tackle a significant challenge faced by roofing contractors—reaching a broader customer base through a combined insurance claims and financing solution.
Rising costs of materials and labour mean homeowners often bear high out-of-pocket expenses after their insurance claims are settled.
By integrating insurance claims management with financing options, the partnership allows roofers to offer a more attractive service, ultimately boosting their competitiveness.
Momnt provides real-time lending and payment solutions that enable businesses to offer point-of-need financing to their customers. By integrating lending services into various industries, the company helps businesses enhance their sales and customer experience.
Your Virtual Adjuster is a claims management platform tailored for roofing contractors, streamlining the insurance claims process and helping roofers secure approvals more efficiently. The company’s technology simplifies complex insurance procedures, ensuring smoother and quicker settlements for contractors and homeowners alike.
With this collaboration, roofers can improve deal closure rates, expand their client base, and enhance customer satisfaction by providing a full-service solution that includes both claims management and financing. This integration ensures homeowners can manage unexpected roof repairs without financial strain.
Momnt’s technology integrates seamlessly with Your Virtual Adjuster’s platform, allowing homeowners to access various financing options tailored to their needs. Roofers can now offer flexible payment solutions that include financing deductibles, making roof repairs more affordable and accessible.
“We’re empowering roofers to win more jobs and provide a complete solution to their customers,” Momnt vice president of partnerships Adam Goodman said. “By combining our financing options with Your Virtual Adjuster’s expertise in insurance claims, we’re enabling homeowners to get their roofs repaired quickly and affordably, even when faced with unexpected costs.”
“With this collaboration, homeowners can avoid the disruption and financial strain associated with unexpected roof damage,” Vince said. “They can now quickly get their roofs repaired, choose from a range of financing options to cover the out-of-pocket costs, and even finance their deductibles, making the entire process more manageable.”
Clearcover unveils insurance exchange to boost non-standard auto insurance market
Clearcover, a next-generation auto insurer known for its digital-first approach, has launched a reciprocal insurance exchange designed to strengthen its position in the non-standard auto insurance market.
The product, known as Clearcover Inter-Insurance Exchange (CIX), aligns with Clearcover’s broader strategy to improve profitability, fuel growth, and enhance accessibility within auto insurance, according to InsurTech Insights.
With a focus on serving more diverse customer segments, the company is also expanding into Texas through Clearcover General Agency (CGA), aiming to provide innovative and flexible insurance solutions.
Clearcover specialises in leveraging artificial intelligence and digital automation to streamline the auto insurance process.
By minimising operational inefficiencies, the company delivers cost-effective and customer-friendly insurance policies tailored to modern drivers.
The newly launched CIX is designed to offer expanded coverage to drivers who are often underserved by traditional insurers.
This includes individuals with foreign licenses, those with limited driving experience, or drivers with inconsistent insurance histories. The exchange also features competitive commission structures for agents, incentivising them to connect more drivers to affordable insurance options.
A key component of CIX is its AI-powered technology, which enhances self-service capabilities for customers while improving workflow efficiencies for agents. This ensures a seamless insurance experience that prioritises convenience and affordability.
As a reciprocal exchange, CIX operates on a subscriber-based model, meaning policyholders collectively own a stake in the exchange. This structure helps reduce operational costs, keeping premiums competitive and promoting long-term financial stability for members.
By launching CIX alongside CGA, Clearcover is diversifying its market reach while reinforcing its commitment to innovative, customer-centric insurance solutions. The company aims to continuously adapt to the evolving landscape of auto insurance, ensuring greater accessibility and efficiency.
“Launching CIX marks a turning point as we continue to redefine auto insurance,” Clearcover CEO and Co-founder Kyle Nakatsuji said. “By broadening our market focus and harnessing our tech-driven platform, we’re empowering more customers and agents while delivering unmatched efficiency and competitive pricing.”
Tabby lands $160m funding to accelerate financial services growth in MENA
Tabby, a leading financial services and shopping app in the MENA region, has secured $160m in a Series E funding round, pushing its valuation to $3.3bn.
The round was led by existing investors Blue Pool Capital and Hassana Investment Company, with additional backing from STV and Wellington Management.
Tabby has seen rapid growth since its last funding round in October 2023, nearly doubling its annualised transaction volume to over $10bn. It recently acquired Tweeq, a Saudi-based digital wallet provider, further expanding its suite of financial services. Alongside its core buy now, pay later (BNPL) offerings, Tabby has introduced several new products, including the Tabby Card for flexible payments, a subscription-based service called Tabby Plus, and Tabby Care, a buyer protection programme.
With the fresh capital, Tabby plans to accelerate the expansion of its financial services, including digital spending accounts, payments, cards, and money management tools. The company is also aligning with Saudi Arabia’s Vision 2030 initiative, contributing to the country’s transition towards a cashless economy. The funding also strengthens Tabby’s position as it prepares for an IPO, marking a significant step in its long-term growth strategy.
Hosam Arab, CEO and co-founder of Tabby, said, “This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers. We’re focused on creating tangible impact helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives.”
Christopher Wu, chief investment officer at Blue Pool Capital, said, “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency sets them apart from other fintech companies globally. We are incredibly excited to support the team on their mission.”
Ahmed Al Qahtani, chief investment officer for regional markets at Hassana Investment Company, said, “We are consistently impressed with Tabby’s remarkable ability to execute and build significant momentum in such a short time. Their unwavering dedication to delivering innovative products and solutions to customers reinforces our strong belief in Tabby’s bright future. We are excited to continue our partnership as they redefine the financial services landscape in the region.”
Zeta raises $50m as valuation surges to $2bn in strategic funding
Zeta, a next-generation banking technology provider serving financial institutions worldwide, has secured a $50m strategic investment.
The latest funding values the company at $2bn, marking a 1.7x increase from its previous $1.15bn pre-money valuation.
The funding was contributed by a strategic investor, though their identity has not been disclosed. This follows Zeta’s previous $250m raise in 2021, which was led by SoftBank Vision Fund 2 along with other key investors.
Zeta specialises in providing cloud-native banking solutions, enabling financial institutions to launch and manage digital financial products efficiently. Its SaaS offerings cater to banks and FinTech firms, supporting products such as credit cards, checking and savings accounts, unsecured loans, and commercial banking solutions. The platform is built on a microservices-based, API-first, and headless (MACH) architecture.
Zeta’s Global CEO and co-founder, Bhavin Turakhia, highlighted the company’s rapid growth, stating, “We are incredibly excited at the pace at which clients are embracing our modern stack.
“Over the past few years, we have supported over 25 million accounts on our cloud-native processing platform Tachyon and are on track to add 25 million more with contracts already in flight. Our clients are breaking away from decades of legacy systems to deliver amazing digital experiences thereby increasing their customer satisfaction and accelerating new user acquisition.”
Co-founder Ramki Gaddipati added, “Zeta’s mission to be a trusted partner to financial institutions is possible through the patient efforts of the best team ever assembled in banking technology. While the past few years have been challenging for the banking-tech industry, our organization has delivered multiple winning programs for our clients in record times.”
Zeta’s platform is used by some of the world’s largest financial institutions, including HDFC Bank, India’s leading private bank, where it has launched the Pixel digital-native credit card program. Other key partners include Pluxee, a global corporate benefits provider, and Sparrow Financial, a US-based card issuer focused on non-prime cardholders.
BIS guides central banks on balancing AI innovation with risk management
In its latest report, the BIS addresses the burgeoning role of AI in central banking, underscoring the critical balance between promoting innovation and managing associated risks.
The report outlines key strategies for central banks to safely incorporate AI technologies within their operational frameworks, according to ABA Banking Journal.
Central to BIS’s guidance is the establishment of an interdisciplinary AI committee aimed at overseeing AI integration and ensuring compliance with established ethical standards. Additionally, the report encourages the adoption of responsible AI principles and stresses the importance of conducting thorough risk assessments to identify potential vulnerabilities introduced by AI tools.
A significant part of the report highlights the need for revising current governance and risk management frameworks to accommodate AI’s unique challenges. “The safe and proper usage of AI across the central bank functions may demand changes to existing risk management and governance frameworks,” the BIS report notes. This statement emphasizes the importance of updating traditional models to ensure that AI technologies are implemented effectively and safely, mitigating risks while enhancing efficiency and decision-making processes within central banks.
In response to these recommendations, the BIS suggests that central banks take a proactive approach by reviewing and adapting their governance structures to better align with the evolving technological landscape. This strategic shift will not only safeguard the integrity of financial systems but also leverage AI’s potential to improve service delivery and policy implementation.
Semgrep bags $100m in Series D to elevate AI-driven code security
Semgrep, an application security platform, has successfully secured a substantial $100m in its Series D funding round.
The round was spearheaded by Menlo Ventures, with significant contributions from existing stakeholders including Felicis Ventures, Harpoon Ventures, Lightspeed Venture Partners, Redpoint Ventures, and Sequoia Capital. This latest injection of capital brings the total funds raised by the company to $204m.
Founded with the mission to revolutionize code security, Semgrep offers a robust AppSec Platform designed to meet the modern challenges of securing complex codebases without hindering the speed of development cycles. The platform distinguishes itself through a high signal-to-noise ratio, prioritizing impactful security measures while maintaining developer productivity and a positive security perception.
The newly acquired funds are earmarked for several strategic initiatives. Semgrep plans to attract top-tier AI and program analysis talent to further enhance its technological lead. Additionally, the investment will be used to broaden the reach of its product offerings beyond the traditional security audience and bolster its Go-To-Market team with industry experts from notable organizations such as Hashicorp and Elasticsearch.
Further enriching Semgrep’s strategic direction, the company has welcomed new expertise into its ranks. Recently, Garrett Souza, former SVP Americas at Matillion and Enterprise Sales Leader at Snyk, has been appointed as Vice President of Sales. Additionally, Mark McLaughlin, ex-CEO of Palo Alto Networks, has joined as an Angel Investor and Advisor, underscoring the industry’s confidence in Semgrep’s trajectory.
“AI is having a profound impact on all areas of technology. Semgrep’s approach to autonomous code security is a perfect example and represents the future of application security,” Matt Murphy, Partner at Menlo Ventures and new Board Member of Semgrep, expressed his enthusiasm for the company’s direction.
Previously, the company had announced its Series C funding in April 2023, which had already set the stage for its current expansive growth phase. The continuing investment trend in Semgrep highlights its potential and commitment to leading the charge in AI-powered code security.
Moneyhub and Money Squirrel partner to enhance Open Banking for SMEs
Moneyhub, a leading data, intelligence, and payments company specialising in Open Banking, Open Finance, and Open Data solutions, has partnered with Money Squirrel, an emerging FinTech focused on financial management for small businesses.
The collaboration aims to power Money Squirrel’s recently launched app, designed to help SMEs automate savings and manage VAT payments efficiently.
The partnership addresses a longstanding challenge for SMEs—gaining access to Open Banking technology to optimise financial management. While SMEs form the backbone of the economy, many have struggled to integrate Open Banking due to outdated systems and the lack of standardisation. Money Squirrel’s app demonstrates how Open Banking data and payments can create meaningful financial efficiencies for small businesses.
Moneyhub develops FCA-regulated Open Data platforms that enable businesses to leverage consent-driven data, insights, and payment solutions. The company’s ISO 27001-certified software powers personalised financial experiences, helping businesses across multiple sectors, including finance, media, and retail. Its API technology aggregates data, provides insights, and enables seamless Open Banking payments.
Kim Jenkins, MD of API at Moneyhub, said, “Collaborating with Money Squirrel is a significant step in making Open Banking technology accessible to both SMEs and larger institutions. We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”
Andreea Daly, founder and chief executive officer of Money Squirrel, said, “Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making Open Banking and Open Finance more inclusive. Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”
Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI
Wisedocs, an innovative leader in the InsurTech sector, recently received a significant financial boost. CIBC Innovation Banking has extended $4.5m CAD in growth capital financing.
This move is designed to support Wisedocs in broadening its client base and enhancing its product offerings.
The company, renowned for its artificial intelligence (AI) software platform, offers streamlined solutions for summarizing claim files. Specifically, it serves the insurance industry by enabling rapid and cost-effective medical record reviews.
With the new funds, Wisedocs plans to continue its trajectory as a market leader. The focus will be on further developing its intelligent technology platform to manage claims more efficiently. This strategic enhancement aims to leverage advanced generative AI to revolutionise how medical records are processed.
CIBC’s funding follows Wisedocs’ successful $12.7m oversubscribed Series A financing round in January 2024. This indicates strong confidence in Wisedocs’ ongoing expansion and its role within the InsurTech industry.
Connor Atchison, Chief Executive Officer of Wisedocs, praised the partnership with CIBC Innovation Banking. “The CIBC innovation banking team is phenomenal to work with. They have a deep understanding of our business needs, the requirements of a high growth tech company, and the need for dynamic banking solutions to expand globally. We are excited to continue to accelerate our growth with an amazing partner like CIBC.”
SentinelOne launches Risk Assurance Initiative with AI-powered security for insurers
The program, known as the SentinelOne Risk Assurance Initiative, aims to offer insurers the SentinelOne Singularity™ Platform at preferred rates, enabling them to stop attacks before they occur and reduce both financial losses and insurance premiums.
The move has been driven by the growing need for insurers to provide robust cybersecurity solutions to their clients. As cyber threats become more sophisticated, insurers are seeking advanced technologies to mitigate these risks and enhance their service offerings.
The company’s Singularity Platform is recognised for its superior performance in the MITRE Engenuity ATT&CK Evaluations and has been named a Leader in the Gartner Magic Quadrant for Endpoint Protection Platforms for three consecutive years.
Customers have also rated it highly, with a 95% recommendation rate on Gartner Peer Insights.
The platform provides 100 percent detection and the highest level of real-world protection. This initiative will enhance the efforts of leading carriers and cyber insurance providers, including AXA XL, Coalition, Travelers, At-Bay, and CFC, who are already deploying the Singularity Platform to prevent ransomware and other cyber threats.
One of the key features of the new initiative is the Insurance Posture Report, integrated into the Singularity Platform. This comprehensive report on key telemetry signals, mapped to the CIS18 standard, allows customers to share their cybersecurity status with insurers, enabling quick validation of acceptable risk profiles.
Additionally, SentinelOne backs its platform with a $1m Breach Response Warranty, offering financial relief and added assurance in the event of a breach.
Managed Service Solution Providers (MSSPs) also trust SentinelOne to deliver top-notch cybersecurity for their clients.
The Singularity Platform is included in the portfolios of companies like Optiv, which use it for Incident Response and Managed Services. This integration supports SMB and mid-market companies in containing threats, remediating breaches, and maintaining robust risk profiles.
John Roberts, General Manager, Security, Coalition, stated, “When a client is managed with SentinelOne, we know they have strong protection against sophisticated cyber-attacks. Coalition can generally offer them more favourable insurance pricing based on their use of managed detection and response technology than if they did not have those security measures in place. We not only leverage SentinelOne in our Coalition Managed Detection and Response offering as a trusted solution for our clients, but also lean on SentinelOne for Coalition Incident Response to support more rapid containment and remediation for clients that have experienced a breach.”
Next-gen core banking leader Tuum bags €25m in Series B investment
The round witnessed leadership from CommerzVentures, accompanied by contributions from Speedinvest and several returning investors.
The company, renowned for its groundbreaking approach to banking technology, has been on a rapid growth trajectory since its first client partnership in February 2019. Tuum stands at the forefront of digital transformation in the banking sector, offering flexible, cost-effective systems that liberate banks to innovate, develop new products, and penetrate fresh markets.
Boasting a diverse customer base across 10 countries, with a significant footprint in the UK and the Nordics, Tuum’s financial performance has been stellar, showcasing a compound annual growth rate exceeding 250% over the last three years.
The newly secured funds are earmarked for an ambitious expansion plan. Tuum aims to strengthen its international presence, targeting pivotal markets in the DACH region, Southern Europe, and the Middle East, including the establishment of a new office.
Additionally, the investment will enable Tuum to bolster its direct sales and marketing efforts and fortify its partner channel.
Reflecting on the funding round, Tuum CEO Myles Bertrand shared his vision, stating, “I joined Tuum in the summer of last year because I saw the gap in the market for its proposition. Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking.
“However, no core banking vendor has to date made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners.”
ESG FinTech Watershed raises $100m, hitting $1.8bn valuation
The Series C round brings Watershed’s valuation to $1.8bn. This significant injection of capital comes courtesy of lead investor Greenoaks, with notable contributions from Kleiner Perkins, Sequoia, and several other existing stakeholders.
At its core, Watershed’s mission is to hasten the progression of the climate economy. The firm operates with a heightened sense of urgency and possibility, especially considering the environmental milestones and challenges of 2023.
The year marked not only a peak in global temperatures but also saw unprecedented investments in clean energy sectors. Watershed is strategically positioned to catalyse this momentum into tangible climate action, particularly at a time when Fortune 500 companies and thousands of businesses are mandated to adhere to the EU’s Corporate Sustainability Reporting Directive (CSRD), showcasing their commitment to sustainability.
Within the finance world, Watershed allows clients to analyse, reduce and report on their portfolio’s emissions. Financial institutions can get a complete picture of their financed emissions through a carbon estimation engine, with the information all displayed in a handy dashboard.
The capital infusion is earmarked for several strategic initiatives. Their services are comprehensive and global, catering to a diverse client base that includes industry leaders across sectors. The company is dedicated to assisting these entities in navigating their decarbonisation journey, making informed decisions regarding their supply chains, and achieving their net zero objectives expediently.
Watershed is not resting on its laurels. The firm has been industriously developing and augmenting its suite of tools to meet the escalating standards of climate-related work. Noteworthy milestones include the acquisition of CEDA, the establishment of Watershed Disclosures, and the expansion of the Watershed Marketplace. These advancements are designed to empower companies with precise carbon data and streamlined sustainability reporting. Moreover, Watershed’s collaborations with esteemed organisations like KPMG, Accenture, and ERM, and the guidance from its Policy and Science Advisory Boards, ensure that its approach is both scientifically sound and policy-compliant.
Wisedocs secures $9.5m in Series A to revolutionise InsurTech with AI
The investment was spearheaded by Information Venture Partners, a prominent early-stage B2B FinTech investment firm. They were joined by Thomson Reuters Ventures and ManchesterStory, marking a significant vote of confidence in Wisedocs’ future.
At its core, Wisedocs specialises in the development and provision of machine learning software-as-a-service (SaaS) aimed at medical record review, indexing, and summarisation. This innovative service is transforming the way the insurance industry manages and processes medical claims, setting new standards for efficiency and accuracy.
The recently secured funds are earmarked for several strategic areas of growth. Primarily, the investment will support the expansion of Wisedocs’ team, product offerings, and sales territories. This expansion is part of a broader strategy to capitalise on the company’s rapid growth. Notably, Wisedocs made a significant leap into the American market in 2022, establishing new headquarters in Florida to better serve an expanding US customer base.
Additional developments include the launch of Wisedocs’ state-of-the-art Generative AI product suite. This suite, powered by Large-Language Models (LLMs), is a testament to the company’s commitment to innovation. It is set to revolutionise the entire claims ecosystem by offering an intelligent technology platform that streamlines the claims process for insurers, healthcare providers, legal firms, and third-party administrators.
Wisedocs CEO Connor Atchison commented on the funding, saying, “This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine. With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike.”
Insurity launches AI-powered solution to revolutionise decision-making for P&C insurance carriers
Utilising Insurity’s analytics solutions grants carriers an enhanced level of reliable insights into their portfolios, facilitating heightened segmentation and improved loss ratios.
The flagship offering of the solution, known as Insurity Predict, harnesses the power of AI to elevate predictive analytics and modelling capabilities, delivering a substantial enhancement in loss ratios and instilling credibility in strategic decisions.
This solution goes beyond merely boosting the accuracy of risk assessment; it also streamlines the underwriting process. Insurity’s analytics models employ advanced AI and machine learning techniques, enabling automation and furnishing superior decision support.
The move has come in response to today’s complex P&C insurance market, which is facing insurance organisations with a myriad of challenges which require accurate and timely decision-making.
Conventional approaches employed by insurers frequently suffer delays, resulting in considerable financial losses and operational hurdles. Insurity’s analytics solutions, driven by AI-powered insights, provide sophisticated, real-time, and reliable insights. This empowers insurers to acquire a more profound understanding of their portfolio, facilitating proactive business management.
Kirstin Marr, Chief Analytics Officer at Insurity, said, “Insurity Analytics, with its AI-powered insights, is a game-changing tool in the insurance industry, empowering carriers to proactively tackle diverse challenges, ensuring better protection for their policyholders and assets. Insurity Analytics is not just about predicting risks but about equipping our customers with the foresight and tools necessary to protect and serve their policyholders more effectively. This is a leap forward in how we use technology to make a tangible difference in people’s lives during critical moments.”
CollateralEdge empowers middle market with Phalanx Impact Partners’ significant FinTech funding
Phalanx Impact Partners, a pioneering investment firm with a focus on fostering positive environmental and community change, has recently announced a significant investment in CollateralEdge.
The amount invested, though undisclosed, has been gathered from several investors with Phalanx Impact Partners leading the round. This infusion of capital is set to further propel CollateralEdge’s mission of providing competitive commercial loans to small and middle market businesses, addressing a critical need in the financial landscape.
CollateralEdge operates at the intersection of technology and finance, offering a revolutionary platform that provides hard collateral support instantly. This aids community banks in mitigating short-term underwriting concerns and minimising policy exceptions on commercial loans. The company’s industry-agnostic platform is particularly beneficial to community banks in rural and urban underserved areas, enabling them to close more deals efficiently and bolster local economies through quality lending.
The newly acquired funds are earmarked for enhancing CollateralEdge’s proprietary Portal technology, which automates the entire loan process, delivering high-quality collateral enhancement solutions directly to banks. This innovation allows banks to maintain autonomy over the loan process and customer relationships.
CollateralEdge, co-founded by Joe Beard and Joe Radtke amidst the COVID-19 pandemic in 2020, has since been on an upward trajectory. The company prides itself on being minority and veteran-founded, with leadership bringing over four decades of experience in investment banking, private equity, and entrepreneurship.
John Pantalena, Partner at Phalanx Impact Partners, echoed this sentiment, stating, “CollateralEdge’s vision deeply resonated with our belief that expanded access to credit can transform communities. In a financial landscape where middle-market capital is disproportionally allocated to private equity owned businesses in a narrow range of target industries, CollateralEdge stands out as a unique solution-driven value proposition. We believe that they will be able grow both by being a valued partner to middle-market lending institutions and by expanding the number of participants in the yield products that they are creating through their platform.”
Joe Beard, Co-Founder of CollateralEdge, expressed his vision for the company, saying, “We are not just building a company; we are constructing a bridge to financial inclusion for small businesses, especially those in underserved communities who need it the most.
“Our collaboration with Phalanx Impact Partners is a testament to our shared belief in the economic backbone of the country small businesses. Together, we empower community banks to extend competitive credit offers to small and middle market businesses which are the key drivers of economic development in this country.”
Surfboard Payments partners with Worldline to revolutionise Nordic payment solutions
This strategic partnership aims to combine Surfboard Payments’ innovative payment solutions with Worldline’s comprehensive expertise in acquiring, processing, and fraud prevention. The collaboration is designed to offer a wide range of payment options and services to businesses across the Nordics, enhancing their payment systems and customer experiences.
Surfboard Payments develops an acquiring platform for card present payments, including SoftPOS and API-based payment terminals. Its solution ensures agile development, minimal dependencies, and control over IP. The company’s offerings are directed towards ISVs and payment partners who aim to disrupt in-store experiences with better value for merchants and consumers.
Worldline, on the other hand, is a technology partner for merchants, banks, and acquirers. With a workforce of 18,000, it provides in-store and online card acquiring, secure payment transaction processing, and a variety of digital services.
The partnership initially focuses on Sweden, Norway, Denmark, and Finland, with potential expansion to other markets. It features Surfboard Payments’ suite of payment terminals like SurfPad, SurfTouch, SurfPrint, CheckoutX, and SoftPOS solutions. These will be integrated into Worldline’s merchant and partner offerings. Additionally, all hardware will be delivered by Surfboard Payments’ SurfShip API first platform, including next-day delivery within the Nordics.
The strategic alliance between Surfboard Payments and Worldline signifies a major advancement in the payment sector, aiming to boost business efficiency, security, and customer satisfaction with innovative solutions.
Worldline Head of Strategy & GTM Merchant Services RB Nordics, Filippa Marklund said, “We are thrilled to embark on this transformative partnership with Surfboard Payments. Surfboard Payments’ innovative payment solutions perfectly complement our existing portfolio, enabling us to provide businesses with a competitive range of payment options and services that create real value for the merchants.”
Surfboard Payments CEO, Christopher Lindfeldt said, “We are excited to collaborate with Worldline to expand the reach of our payment solutions across the Nordics. Worldline’s established strong presence, deep understanding of the market and strong sales capabilities will be instrumental in driving our mutual success.”