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KASISTO RAISES ADDITIONAL $15.5 MILLION FROM FIS AND WESTPAC IN OVERSUBSCRIBED SERIES C ROUND
Kasisto, creators of KAI, the leading digital experience platform for the financial services industry, today announced a $15.5 million Series C extension, led in the United States by Fidelity Information Services, LLC and internationally by Westpac Banking Corporation, with participation from BankSouth. This brings the total Series C funding to $31 million.
Kasisto is the market leader in conversational AI (AI), and its KAI platform powers the most intelligent and financially aware digital assistants in the financial services industry. Kasisto intends to use the additional funds to continue investing in product development, strategic go-to-market strategies, and the expansion of alliances with leading financial services providers.
The financial services industry is focused on digital channel transformation and consumer interaction. Since the beginning of the pandemic, digital use has accelerated at an astounding rate. Digital assistants and an amazing conversational AI platform are critical to successfully transforming customer experience and service paradigms, according to global fintech businesses and financial institutions of all sizes.
FIS is a global leader in financial technology solutions for merchants, banks, and capital markets organizations. Kasisto is being invested in as part of FIS’ commitment to advance how the world pays, banks, and invests.
“We believe the future of banking experiences will become ever more contextual and will be powered by leading AI technologies that create more engaging interactions for every customer,”
“We are excited to be investing in Kasisto and exploring opportunities to leverage their KAI technology across our digital banking capabilities to more humanize digital consumer interactions.”
Stephane Wyper, SVP of FIS Impact Ventures.
Westpac, an Australian multinational banking institution with over 12 million customers, has partnered with Kasisto to implement world-leading AI orchestration technology that seamlessly delivers customer requests to the most knowledgeable digital assistant. As a result, both customers and employees have a more seamless experience.
“The cycles of innovation are getting faster, and so are the needs and expectations of our customers who want quick, intuitive, and personalized service,”
“Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform. This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”
Scott Collary, Westpac Group Executive, Customer Services and Technology.
BankSouth, a US Community Bank in Georgia and a successful early adopter of Kasisto’s multi-tenant KAI platform, also participated in the round. BankSouth’s use of the KAI Consumer Banking solution demonstrates how a digital assistant can not only service clients but also help the business thrive.
“We have seen the successful adoption of conversational AI from our online banking customer base, and both our customers and bankers have found Kasisto’s technology to be effective and easy to use,”
“The more we work with this robust platform, the deeper and richer the experience has become for our customers. We fully expect that our highly personalized, digital assistant provided by KAI will be an increasingly integral component of our customer’s banking experience, and this investment in Kasisto demonstrates our commitment to making that happen.”
Harold Reynolds, BankSouth Chairman, and CEO.
“The expansion of our Series C is a resounding vote of confidence in our vision,”
“The funding will allow us to continue to lead and innovate in the conversational AI space. This year, we have seen our strongest growth to date and expansion in our global and US community banking businesses. I am proud of what we have accomplished and deeply grateful to our talented team that is working tirelessly, with customers and partners, to shape the future of banking.”
Zor Gorelov, Co-Founder and CEO of Kasisto.
WEBBANK COLLABORATES WITH AMERICAN EXPRESS TO EXPAND CREDIT CARD ISSUING
WebBank announced an agreement with American Express to become a card issuer and participant in the American Express network. WebBank will be able to issue credit cards and payment solutions with American Express perks as a result of the agreement. WebBank was chosen by American Express as one of its primary issuing banks focused on the fintech industry.
“WebBank is pleased to have a strategic alliance with American Express that broadens the product offerings that we’re able to make available through our strategic partner platforms,”
“It’s a great example of two industry leading organizations creating value for and through the broader fintech community.”
Jason Lloyd, President & CEO of WebBank.
“Integrating WebBank into the American Express ecosystem is another step toward empowering fintechs to offer payment innovations on the Amex network,”
“We look forward to working closely with WebBank to continue expanding the reach of the brand and bringing new benefits to fintechs and consumers.”
William Stredwick, Senior VP and GM, Global Network Services NA, American Express.
WebBank intends to start issuing Amex cards through fintechs later this year.
CRYPTO.COM RECEIVES REGISTRATION APPROVAL AS CRYPTOASSET BUSINESS FROM UK FINANCIAL CONDUCT AUTHORITY (FCA)
Crypto.com, the world’s fastest-growing cryptocurrency platform, announced today it has received regulatory approval from the Financial Conduct Authority (FCA) in the United Kingdom (UK) as a crypto asset business. This registration will enable Crypto.com to offer a suite of products and services to customers in the UK, compliant with local regulations.
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,”
“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers while continuing to work with regulators.”
Kris Marszalek, Co-Founder & CEO of Crypto.com.
In March, Crypto.com announced the addition of a UK General Manager and a Global Head of Sustainability and ESG, among other senior hires in the UK. According to study by BanklessTimes, the UK is viewed as a high-potential market for cryptocurrencies due to a 650% growth in adoption from 2018 to 2021.
With more than 50 million users globally, Crypto.com actively expands and grows its ecosystem. With today’s announcement, Crypto.com continues to gain regulatory licenses after receiving in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, registration under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in South Korea, registration in Italy from the Organismo Agenti e Mediatori (OAM), reg.
SCALABLE CAPITAL SURPASSES €10 BILLION IN CLIENT ASSETS
Scalable Capital has exceeded the ten-billion-euro mark in client assets. Within one year, the company has more than doubled client assets. With more than 600,000 clients on its platform, Scalable Capital is one of the leading digital investment platforms in Europe and one of the fastest-growing European FinTechs.
‘In just a few years, our assets went from zero to ten billion euros. We’re delighted about this milestone, especially in view of the current challenging market environment. It shows that investors remain focused on their long-term wealth accumulation’,
‘This achievement further motivates us to enhance our offering and expand our investment platform across Europe. The entire team continues to deliver outstanding work. Together, we want to make Europe a continent of investors – and we are just getting started!’
Erik Podzuweit, co-founder and co-CEO of Scalable Capital.
Scalable Capital has worked to enable everyone to become an investor since it was founded in 2014. It has constantly used ETFs and other affordable financial instruments to achieve this goal, first with its digital wealth management system and later with its online broker. Exchange-traded funds (ETFs) are by far the most popular investment category in the Scalable Broker, according to a recent analysis: two-thirds of the clients participate in ETFs that, for example, reflect stock market indices like the MSCI World. In this context, the popularity of ETFs increases with investor age, with over three-quarters of investors between the ages of 18 and 26 investing in ETFs compared to only 60% of investors over the age of 65. The information demonstrates how Scalable Capital’s straightforward and reasonably priced brokerage solution has exposed young investors to long-term and diversified investing.
Scalable Capital has consistently improved its product over the past few years. The company began a cryptocurrency offering at the conclusion of the previous year, following the debut of the neo broker in 2020. Customers can invest in cryptocurrencies with “Scalable Crypto” simply and intuitively thanks to secure access to regulated exchanges in Germany. Since the cryptocurrency securities are kept in the clients’ current brokerage accounts, a separate wallet is not necessary.
A wider range of people can now invest in the capital market thanks in part to the company’s ongoing efforts to remove entry barriers. For instance, the initial 10,000 euro minimum investment requirement for Scalable’s digital wealth management has been greatly decreased. By the end of 2021, any client will be able to start investing through a savings plan with just 20 euros per month. Without a savings plan, one-time deposits can be made for as low as 1,000 euros. Customers of Scalable Broker can use savings plans to invest in stocks, ETFs, and cryptocurrencies starting at just one euro, with no order fees. Scalable Capital has unveiled “Wealth Select,” a digital wealth management platform that includes eight more ETF-based investing strategies. This enables asset management that is even more specifically suited to the preferences of investors.
In addition, Scalable Capital is working to establish itself as Europe’s top digital investment platform. Now, investors may easily and affordably access trading and savings programs in stocks, ETFs, and cryptocurrencies in France, Spain, Italy, and Austria. Thus, the company has already made contact with 60% of the EU’s population.
BANKIFI SECURES $4.8 MILLION INVESTMENT FOR NORTH AMERICAN EXPANSION
BankiFi, a leading provider of embedded banking solutions for small and medium businesses (SMBs), has secured $4.8 million for global expansion into North America. This strategic growth investment gives BankiFi the capital to provide its industry-leading embedded banking platform to more than two million SMBs across four continents by 2024.
BankiFi provides an open cash management platform and architecture that financial institutions embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio. The investment is unique as all investors are existing shareholders, proving their confidence in BankiFi’s ability to help North American financial institutions benefit from its technology.
Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi’s direction and growth, Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”
– Keith Riddle, CEO of BankiFi Americas.
This funding is led by Praetura Ventures, whose mission is to help companies reach their potential with both monetary and operational support.
BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand, and other countries, Now that they have launched in North America, BankiFi has an opportunity for dramatic growth. We’re looking forward to continuing our partnership and seeing their solutions continue to transform bank channels, to support SMBs around the world.”
– David Foreman, managing director of Praetura Ventures.
MOTIVE PARTNERS COMPLETES SALE OF GLOBAL SHARES TO J.P. MORGAN
Motive Partners, a specialist private equity firm focused on growth equity and buyout investments in software and information services companies that serve the financial services industry has received the necessary regulatory approvals and completed the sale of Global Shares to J.P. Morgan. Motive invested in Global Shares in August 2018, acquiring a ~40% stake in the business.
Global Shares will now undertake its next chapter of expansion under new ownership as part of J.P. Morgan, having expanded to approximately $200 billion in assets under administration spanning over 800,000 corporate employee participants. As stated while signing the agreement,
J.P. Morgan, which will maintain its Clonakilty, Ireland headquarters following the acquisition, will attempt to integrate Global Shares into its Asset & Wealth Management line of business. Both Motive Industry Partner Andy Stewart and Motive Industry Partner Neil Cochrane will leave their positions on the board of directors as part of the closing.
“We are delighted with the growth and expansion of Global Shares, and the impact this business has had for its clients in recent years. I believe this to be a great example of Ireland’s exceptional financial technology talent and environment, and we’re grateful to Tim and the whole Global Shares team for their partnership. It has been a privilege to work with them and we look forward to the many future successes that lie ahead for the Global Shares team as part of J.P. Morgan”.
Andy Stewart, Industry Partner at Motive Partners and former Executive Chairman of Global Shares.
“I welcome the completion of the acquisition of Global Shares by J.P. Morgan. This is a stellar example of the Ireland Strategic Investment Fund, through its investment in Motive, helping to develop and grow an Irish business to secure this investment from a global player such as J.P. Morgan. I also welcome the fact that the company will retain its headquarters in Clonakilty during the next phase of its growth agenda, thereby providing future employment in financial technology in the region”.
Paschal Donohoe, Minister for Finance for Ireland.
WISE AND PLAID LAUNCH OPEN FINANCE AGREEMENT TO ENABLE SECURE FINANCIAL CONNECTIVITY
Plaid, the API-first data network powering the digital financial ecosystem, and Wise, the global technology business developing the easiest way to move money around the world, today announced an open finance agreement to give clients a frictionless way to move money between various financial institutions.
According to a 2021 survey by Plaid and The Harris Poll, fintech has become so integral to daily life that the majority of American consumers (69%) would think about switching institutions if their primary account could not connect to their preferred fintech apps and services. Wise and Plaid have joined up to provide millions of customers with the safe data access they require to lead financially healthy lifestyles in order to satisfy this growing demand.
The integration, which is built on Plaid’s sector-aligned open finance solution Core Exchange, enables Wise’s 13 million global clients to transfer money easily and securely between their own accounts. Customers can utilize Wise with thousands of Plaid-powered apps and services by simply connecting their Wise USD local account details to the app of their choice. As of May 2022, the Plaid network supported more than 6,000 apps, including 9 of the top 10 most popular finance apps available on the Android + App Store, including Venmo, Truebill, Chime, and others.
Early findings indicate that Wise customers are already utilizing a range of use cases, including peer-to-peer payments and investing platforms, with the Core Exchange integration being live for these customers. Business users utilize it for a variety of purposes, including paying credit card bills, paying tax in several states, connecting to other banks internationally, and sending money to payroll firms in the United States.
“We know being able to conveniently use Wise to manage their global finances is vital to our customers, especially for those who are using Wise as their primary account,”
“By working with Plaid, we’re giving customers the ability to connect their accounts to the apps and services they know and love in the US instantly and without hidden fees. As we build money without borders, our customers will continue to see deeper integrations in the market to ensure the Wise account meets the local functionality needed for American consumers.”
Sharon Ann Kean, Senior Director of Global Expansion at Wise.
The partnership with Wise is a shining example of Plaid’s support for universal data access, which would give users more access and insights across all of their accounts while giving them choice over where and how their data is used and permissioned.
“Delivering secure data connectivity solutions to consumers is central to our mission of unlocking financial freedom for everyone,”
“Our Wise partnership ensures access, transparency, and control for millions of consumers to securely connect their accounts to the apps and services they choose. We are excited to deliver on our joint commitment to universal data access and enable even more ways for Wise customers to seamlessly move and manage their money to lead healthier financial lives.”
Raja Chakravorti, Universal Data Access Lead for Plaid.
All data partners, from the biggest financial institutions and regional banks to fintechs, neobanks, and digital banking platforms, receive safe, simple-to-implement API products from Plaid’s data connectivity solutions, including Core Exchange and Plaid Exchange. For the benefit of their clients, they assist businesses in promptly and securely facilitating data connectivity. Core Exchange, Plaid’s newest product, was introduced in May and offers data partners an easy, cost-free solution to implement the Financial Data Exchange (FDX) API protocol.
LENDING VERIFICATION FINTECH TRUEWORK RAISES $50 MILLION
Truework, a fintech company that provides income and employment verification for the nation’s largest mortgage, auto, and consumer lenders to approve more borrowers in a fraction of the time, today announced it raised $50 million in Series C funding.
Sequoia Capital, Activant Capital, and Khosla Ventures returned investors joined G Squared in leading the Series C investment. Indeed, Human Capital and Four Rivers Group are some recent investors. The closing of this round will enable the company to continue expanding as a reliable, secure, and user-friendly platform for income and employment verification, as well as support future product development and increased hiring.
Truework streamlines the loan process for both the lender and the borrower by digitizing and making it easier for banks, lenders, payroll providers, and HR departments to verify income and employment. Truework checks income for major credit extensions like mortgages and auto loans using customer permission as a foundation.
“Automation and efficiency are at the heart of what we do at Truework, and building the future with a consumer-first mindset goes into every decision we make,”
“With access to over 35 million (and counting) US employee records, Truework enables lenders to convert more borrowers and make faster credit decisions with verified income. Series C funding will help us further empower both sides of the verification equation and help build a more efficient, secure, and stable credit system.”
Ryan Sandler, CEO, Truework.
Truework links customers to more than 17,000 lenders nationwide, from small banks to local credit unions, frequently enabling income verification within seconds, increasing applicant conversion by up to 14%, and lowering verification cost per loan by 60%.
In 2022, more than 20,000 small businesses and 100 corporations will use Truework to fulfill more than 12 million requests for income and employment. Twenty of the top 25 lenders, including Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot, are among its mortgage clients. Customers like Carvana, Octane, and Figure have benefited from its recent entry into the consumer loan market.
“Truework’s vision, leadership, and technology are skillfully-calibrated to the current landscape,”
“Rising rates and market uncertainty are catalyzing lenders to optimize their approval process. People applying for loans expect decisions to be made quickly, they seek options that offer control over personal data and insight into how it’s used. Truework has delivered that solution to some of the nation’s largest banks and most future-forward investors. We are excited about Truework’s future vision to empower consumers and are proud to support their expansion.”
Spencer McLeod, Partner, G Squared.