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SumUp teams up with FreedomPay to deliver seamless and secure payment solutions
Global FinTech firm SumUp, which provides payment solutions to businesses of all sizes, has partnered with FreedomPay, a leader in Next Level Commerce™ technologies, to enhance payment experiences for retail and hospitality merchants worldwide.
The partnership aims to strengthen the payment infrastructure by offering a robust system with offline capabilities, ensuring seamless transactions even in remote areas, according to FF News.
Additionally, it provides hardware flexibility and enterprise-level functionality to support businesses of all sizes, from small merchants to large-scale enterprises.
SumUp is known for delivering intuitive and accessible payment solutions that help businesses process transactions efficiently.
The company offers a range of financial services, including card readers, invoicing, and business accounts, designed to simplify payments for merchants across various industries. SumUp’s ecosystem integrates seamlessly with business operations, ensuring streamlined financial management.
FreedomPay provides a global commerce platform that merges security, payments, identity management, loyalty, and data-driven insights.
Its technology is designed to support merchants across different sectors, ensuring secure, scalable, and seamless payment processing. The platform’s patented technology enables businesses to integrate payments across different channels, offering a unified commerce experience.
Through this collaboration, SumUp and FreedomPay aim to provide merchants and consumers with an enhanced payment experience that prioritises scalability, simplicity, and security. Businesses will benefit from:
- Scalability and consistency: Merchants can rely on a single provider for all payment needs, ensuring high-quality service across locations and business sizes.
- Simplicity and transparency: With transparent pricing and no hidden fees, businesses can operate without concerns about unexpected costs.
- Security and trust: FreedomPay’s security framework, combined with SumUp’s payment ecosystem, ensures transactions meet the highest industry standards.
SumUp’s commercial lead Joey Oliver said, “At SumUp, we are dedicated to empowering merchants with payment solutions that are as straightforward as they are secure. With FreedomPay as our partner, we’re advancing our commitment to making top-tier payment technology accessible and effective for every business.”
FreedomPay’s SVP of global business development Kevin Carson said, “By working with SumUp, we are now enabling a system that provides best-in-class payments, data, and security functionality to some of the leading brands across the globe. We’re creating a powerful ecosystem that will not only empower merchants with industry leading commerce technology, but also provide a seamless and personalised customer experience.”
The partnership marks a significant step in delivering a unified and innovative commerce solution to merchants worldwide, reinforcing the commitment of both companies to advancing payment technology.
OwlTing Partners with GMO Trust to Expand Multi-Currency Stablecoin Offering
OwlTing Group a global blockchain fintech company, today announced its partnership with GMO-Z.com Trust Company, Inc. (“GMO Trust”) to enhance the accessibility to GYEN[1], the first regulated Japanese Yen (“JPY”) stablecoin. This strategic move aims to provide users with diversified cross-border transaction options in one of the world’s major reserve currencies. By integrating GYEN and ZUSD (USD stablecoin) into the Company’s digital wallet, OwlPay® Wallet Pro, OwlTing will bridge traditional and digital finance, enabling businesses and individuals to leverage stablecoins for fast, low-cost global payments.Morningstar director of market expansion Anastasia Georgiou commented, “Innovation thrives on collaboration and access to the right tools. By providing fintech companies with our Intelligence Engine as part of the Tech Sprint challenge, we aim to empower them to develop reliable and impactful AI solutions that address real challenges within the wealth management sector and enhance user experience.
“We look forward to showcasing the winners at this year’s Morningstar Investment Conference UK, helping to expand access to innovative, tech-driven tools for advisers and fund selectors.”
OwlPay® Wallet Pro will be expanded to support buying, selling, sending, and receiving a robust lineup of regulated stablecoins in the near future, including the widely adopted USDC, EURC (EUR-pegged), GYEN, and ZUSD stablecoins, positioning it as a versatile platform for managing digital assets across multiple currencies. This expansion underscores OwlTing’s commitment to delivering compliant, efficient payment solutions worldwide.
“Our alliance with GMO Trust accelerates our mission to redefine global financial connectivity,” said Darren Wang, Founder and CEO at OwlTing Group. “By amplifying the reach of GYEN and enhancing our stablecoin suite, we’re unlocking Japan’s digital payment potential and building a scalable platform for a borderless economy.”
“Partnering with OwlTing furthers our strategy to lead the stablecoin revolution,” said Ken Nakamura, CEO at GMO-Z.com Trust Company, Inc. “Delivering GYEN and ZUSD via OwlPay® Wallet Pro will expand our global footprint, creating new opportunities in the intersection of traditional and digital markets.”
Edenred launches virtual card solution to accelerate insurance claims payouts
Edenred Payment Solutions, a UK-based e-money institution, has launched a new Virtual Card Number product designed to help insurance companies speed up claims payments.
Insurance claim processing has traditionally been slow, with claimants often waiting weeks for reimbursements, according to Insurtech Digital.
Research from Sollers Consulting and Ipsos reveals that 63% of UK insurance customers prioritise fast claims handling, highlighting a strong market need for improved payout solutions. Edenred’s new product aims to meet this demand by offering instant virtual card payments.
Edenred’s role in financial technology Edenred Payment Solutions provides embedded finance services to major clients such as Tide, Thinkmoney, Oney, PayByPhone, and Sainsbury’s. The company enables businesses to access e-money accounts and digital payment infrastructure without navigating complex regulatory requirements independently.
Edenred’s Virtual Card Number product allows insurance providers to issue digital payment cards immediately upon claim approval. The virtual cards can be integrated with mobile wallets like Google Pay and Apple Pay, enabling policyholders to pay service providers directly without relying on personal funds.
The system ensures security by allowing insurers to pre-set spending limits and restrict transactions to approved merchants, reducing the risk of fraud. The technology also automates invoice reconciliation, simplifying administrative processes for insurers and improving the claimant experience.
Edenred has already deployed this solution for a multinational French insurance company and states that new implementations can be completed within two months. The development aligns with the broader trend of embedded finance, which is transforming industries like insurance, retail, and transport by integrating financial services into non-financial platforms.
Edenred Payment Solutions managing director Rehana Mitha said, “Virtual cards and embedded finance are transforming the insurance industry by streamlining the claim payout process. These technologies enable instant access to funds; eliminating delays and reducing paperwork for policyholders, while also offering insurers better transparency and fraud prevention tools.
“By simplifying reconciliation, improving security, and tailoring card usage to specific claims, virtual cards deliver significant benefits for both insurers and their customers.
“As one of the most widely used financial products, insurance is ripe for innovation, and we’re excited to help drive this change.”
Edenred Payment Solutions product director Rich Logan added, “Our new Virtual Card System represents a major leap forward in how insurers can handle claims payouts. The ability to integrate seamlessly with existing systems means that insurers can adopt this solution quickly, minimising disruption while maximising impact. We’re proud to be leading this shift towards smarter, faster, and more secure claims processes.”
InsurTech leader Peak3 secures $35m to drive European expansion
Peak3, a global InsurTech company specialising in cloud-based insurance solutions, has raised $35m in a Series A funding round to accelerate its expansion across the UK and European markets.
The funding round, which will support Peak3’s ambitious growth plans, was backed by investors keen to drive digital transformation in the insurance sector.
The company has already established its European headquarters in Dublin, Ireland, with a focus on key markets including the UK, DACH (Germany, Austria, Switzerland), France, Spain, Italy, Benelux, Scandinavia, and Turkey.
Peak3 provides an API-driven, cloud-native Software-as-a-Service (SaaS) platform, Graphene, designed to help insurers modernise their operations.
The company’s technology enables insurance firms to update legacy systems without expensive overhauls, improving speed-to-market, scalability, and customer engagement across multiple regions. It also supports greater financial inclusivity by addressing protection gaps for SMEs, freelancers, gig economy workers, and younger demographics.
It to use the newly secured funding to enhance its presence in Europe through local talent acquisition and the further development of its digital-first, embedded insurance solutions.
With a workforce of over 500 professionals across R&D, delivery, sales, and operations in Japan, Southeast Asia, Greater China, and now Europe, Peak3 is well-positioned to drive innovation in the sector.
“Insurers across the UK and Europe face increasing pressure to modernise, reduce operational costs, meet ever-increasing compliance requirements, and improve customer engagement,” Peak3 CEO of EMEA Adrien Lebègue said. “Our Graphene platform provides a flexible, scalable foundation for them to deliver digital-first insurance, harmonising operations across multiple countries and regions while ensuring seamless hybrid human-digital interactions.”
Esben Seyffart Sørensen, chief sales officer for Europe at Peak3, added: “There is a huge opportunity to bring Peak3’s expertise to Europe, where we are seeing a shift in the insurance landscape. While we are building on our significant success in APAC, we recognise that localisation is key. We are not simply replicating an APAC model but leveraging our insights and adapting them to meet local market needs.”
Peak3 has already made strides in the European market, with project wins underway and a vision for a more seamless and integrated insurance ecosystem. The company’s core capabilities include omni-channel engagement, digital and embedded insurance, core modernisation, and AI-driven decision-making to enhance customer retention and engagement.
Novidea upgrades insurance management platform to boost efficiency
Novidea, a provider of cloud-based, data-driven enterprise insurance management solutions, has announced a raft of updates to its insurance management platform designed to boost its effectiveness in policy management, claims administration, billing, accounting, document and file management, and other key areas.
The move will enable the offering to achieve greater efficiency and innovation across all markets it serves.
The latest update reinforces Novidea’s commitment to innovation, ensuring it maintains a competitive edge while continuously improving its offerings for its global customer base.
Among the key updates is an enhanced policy management system that supports vertical placement, allowing policies with different premiums per carrier to be recorded without splitting them into separate policies.
Additionally, the platform now supports automated bordereau file ingestion for policy creation and binder/lineslip management.
Claims management has also been upgraded, enabling brokers to link claims related to the same incident or catastrophe seamlessly.
The system now supports CLASS (Claims Loss Advice and Settlement System) messaging, allowing brokers to upload claim data and supporting documentation for insurers to review, agree upon, or reject claims online.
Enhancements to the Insurance Business Accounting (IBA) module introduce a new ledger view, which enables users to adjust parameters dynamically and perform advanced actions. Additionally, brokerage movement types are now more transparent, allowing better tracking between booked, earned, and realised brokerage.
For line-of-business (LOB) management, the update integrates state-specific sections in line with ACORD standards and improves the submission workflow. This provides better visibility into open quotes, related lines of business, and advanced editing capabilities.
Document and file management improvements now include advanced auto-filing capabilities, along with the ability to associate filed content with a specific Legal Entity (LE) as defined by the user.
“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” Novidea CTO Erez Nissim said. “We are confident that our data-driven insurance management platform will continue to provide organisations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”
Tomo secures $20m in funding as it scales AI-powered mortgage solutions
Tomo, a digital mortgage lender leveraging AI-driven technology, has secured $20m in a Series B funding round.
The latest investment was led by Progressive Insurance, with additional participation from existing investors Ribbit Capital, NFX, and DST Global Partners. This brings Tomo’s total funding to $130m.
Founded by former Zillow executives, Tomo is focused on modernising the mortgage process by reducing interest rates and eliminating hidden fees. The company’s AI-powered platform streamlines underwriting and sales, helping homebuyers secure loans faster and more affordably. Tomo’s technology enables average mortgage rate reductions of 0.50%, which can save buyers approximately $4,000 at closing.
The new funding will support Tomo’s expansion across the United States, including hiring loan officers and mortgage professionals for its offices in Detroit, Seattle, and New York. The company is also preparing to relocate its headquarters from Stamford, Connecticut, to New York City to accommodate its growing team and operations.
Despite challenges in the mortgage industry in 2024, Tomo recorded 3.5x growth and is now operating in 31 states, including Washington, D.C. In December 2024, its purchase unit volume ranked in the top 10% of mortgage lenders nationwide.
Tomo CEO and co-founder Greg Schwartz said, “Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that.
“We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No ‘rate-keeping,’ where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We’re thrilled our investors recognize our unique vision and value.”
NFX general partner Pete Flint added, “While other mortgage lenders tout ‘automation,’ facilitated by way of call centers or outsourced service providers, Tomo is the real deal. They’re taking a radically different approach, using proprietary technology to cut out origination fees and processing delays in a way that we’ve not seen in the industry so far. We’re thrilled to back Tomo as they enter the next phase of their growth.”
Chubb launches new division for small and lower middle market businesses
Chubb, a global provider of insurance products, has launched a new division, North America Small & Lower Midmarket, to consolidate its Lower Middle Market and Digital Small Business divisions.
The new structure aims to enhance service delivery and streamline operations within this growing segment, according to InsurTech Insights.
Operating under Chubb’s North America Middle Market organisation, the new division is designed to create a more cohesive and efficient approach to serving small and lower middle market businesses.
By combining its expertise in these areas, Chubb intends to simplify processes and improve the experience for clients and partners.
Chubb has appointed Rob Poliseno as division president of Small & Lower Midmarket. He will report to Ben Rockwell, division president of Chubb North America Middle Market. Additionally, Jason Ranucci has been named chief operating officer for the division, reporting to Poliseno. Both appointments take effect immediately.
Poliseno brings over 28 years of industry experience, including nearly 17 years with Chubb. He previously served as division president, Small Business and North America Digital, where he played a key role in advancing Chubb’s underwriting and distribution capabilities. His strong operational background positions him well to lead the new division.
Ranucci, in his role as COO, will oversee broad operational functions, including P&L management, underwriting, product development, pricing, portfolio management, and analytics. With more than 17 years of experience in the insurance industry, he most recently served as head of North America Lower Middle Market and was previously global chief underwriting officer for Small Business.
The consolidation of these divisions is expected to leverage Chubb’s strengths in underwriting and digital agility, offering clients a more seamless and efficient service. The company aims to meet growing demands from agents and brokers for fast underwriting, digital solutions, and a simplified distribution process.
Commenting on the launch, Juan Luis Ortega, executive vice president, Chubb Group, and president, Chubb North America, said, “The small business and lower middle market segments present significant growth and expansion opportunities for Chubb. As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences. This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth.”
Middle Market president Ben Rockwell added, “Launching this division represents an important milestone in how we serve the small and lower middle market business segment. Rob and Jason will build on their successes in this space, leveraging our investments in a modern, automated and data-centric digital operating model that differentiates our approach to a wide range of companies across all industry practices and positions this business for robust growth.”
He continued, “This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model.”
Pioneer Insurance partners with Sapiens to drive digital transformation in the Philippines
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines.
The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience.
The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation.
By implementing Sapiens’ advanced technology, Pioneer seeks to optimise core processes and improve responsiveness to evolving market demands.
Sapiens, listed on NASDAQ and TASE under the ticker SPNS, is a leading provider of InsurTech solutions, delivering innovative platforms designed to streamline insurance processes and enhance operational efficiency. Its software supports insurers in automating workflows, accelerating product development, and improving customer engagement.
Pioneer Insurance and Surety Corporation is a top insurance provider in the Philippines, offering a wide range of general and surety insurance products. The company is committed to digital innovation to maintain its market leadership and provide customers with modern, efficient solutions.
As part of the collaboration, Sapiens will provide Pioneer with its end-to-end insurance platform, enabling the company to automate key processes and improve customer journeys. The partnership also includes a mentorship model, ensuring that Pioneer can independently manage and scale its digital transformation efforts over time.
Lorenzo Chan, president and CEO of Pioneer Inc., the holding company of the Pioneer companies, said, “Sapiens’ comprehensive platform will enable us to accelerate product development, automate workflows, and enhance customer journeys. This partnership underscores our commitment to delivering innovative and relevant insurance solutions to our customers while significantly improving operational efficiency. The mentorship model provided by Sapiens will also ensure self-sufficiency as we embrace this transformative journey.”
Roni Al-Dor, president and CEO of Sapiens, added, “We are proud to partner with Pioneer, a market-leading insurer in the Philippines, and to demonstrate our growth in this important region. Our insurance platform will empower Pioneer to meet their ambitious growth goals while delivering superior customer experiences. By automating and digitising operations, Pioneer is positioning itself as a true innovator in the region’s insurance market.”
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.