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FutureVault secures $3m to enhance AI-powered digital vault technology
FutureVault, a provider of AI-powered digital vault solutions, has secured $3m in equity financing, bringing its total funding since inception to $31m.
The latest investment round saw participation from founder and executive chairman G. Scott Paterson, CEO Daniel Kenny, and a mix of existing shareholders and select new investors.
FutureVault specialises in digital vault solutions tailored for financial institutions, wealth enterprises, advisors, and their clients. Its platform leverages AI and large language models (LLMs) to automate, aggregate, and centralise documentation and embedded data. This enables seamless bi-directional integrations with WealthTech providers, allowing real-time data extraction and workflow automation.
The new funding will support FutureVault’s continued innovation, including enhancing its AI capabilities, expanding workflow automation, and further strengthening its Client Life Management Vault™ technology.
Scott Paterson, founder and executive chairman, said, “The aggregation of critical documents into a digital vault, when coupled with AI, is changing the face of financial services, advice delivery, and client engagement.”
Paterson added, “Data has been recognized for two decades as the new “gold” while documentation has been overlooked and considered simply as something that you store, redundantly and safely, until purged in due course. And yet, the reality is that data embedded within documentation is considerably more valuable when compared to stand alone data simply due to the context it provides.”
Vital supervisory practices for off-channel and insider communication in finance
In today’s interconnected financial landscape, the oversight of electronic communications between financial advisors and their clients has never been more critical.
According to Saifr, with the emergence of new communication apps and increased regulatory scrutiny, banks and financial institutions must intensify their supervision efforts to safeguard client interests, ensure compliance, and preserve their reputations.
Off-channel communications are one of the most significant challenges for compliance teams. Any business discussions conducted through personal texts, social media chats, or popular messaging platforms that are not approved by the firm.
The importance of controlling these interactions is underscored by recent enforcement actions. Since December 2021, the Securities and Exchange Commission (SEC) has penalized over 100 firms, imposing fines totalling $2bn for off-channel communication breaches. Similarly, the Commodity Futures Trading Commission (CFTC) has levied over $1bn in fines against 18 financial institutions for related violations.
To mitigate these risks, financial firms are advised to establish clear policies prohibiting unauthorised communication channels, regularly train employees on approved communication protocols, adopt technologies to detect off-channel communications, and develop processes for addressing any violations. These steps are crucial in avoiding significant fines and maintaining efficient supervisory practices.
The detection of insider trading is another area where robust electronic communication review mechanisms are vital. Unintentional or deliberate sharing of non-public information can lead to unfair trading advantages, regulatory breaches, and legal issues.
Financial firms should implement advanced monitoring systems capable of identifying suspicious communications, educate reviewers on the subtle signs of insider information sharing, and continually update their monitoring strategies based on new trends and regulatory guidelines. Early detection of such issues can prevent severe legal consequences and protect a firm’s reputation.
In the financial services industry, gifts and entertainment (G&E) policies are crucial for avoiding conflicts of interest and maintaining high ethical standards. These policies typically restrict the value of gifts and require thorough documentation of any such exchanges.
Effective G&E supervision involves monitoring communications for any mention of gifts or hospitality, ensuring alignment with reported expenses, and verifying that all discussions adhere to the firm’s approval processes. Automation tools, including natural language processing (NLP) and sentiment analysis, are instrumental in overseeing compliance with these policies.
Promptly addressing customer complaints is essential for sustaining client relationships and adhering to regulatory standards. By meticulously reviewing electronic communications, firms can often detect issues that may not have been formally reported.
Financial firms should provide comprehensive training for reviewers to recognize signs of dissatisfaction and establish clear procedures for escalating any discovered issues. Automation can aid in identifying common complaint-related phrases, ensuring quick escalation and resolution.
As the volume and complexity of electronic communications continue to grow, adopting advanced technological solutions is crucial for financial firms. AI-powered tools can analyse vast amounts of data to identify potential risks efficiently. Regular training sessions for staff, updating communication monitoring criteria, and maintaining detailed records of supervisory activities are all essential components of a robust compliance program.
By investing in technology and fostering a compliance-focused corporate culture, firms can effectively manage the challenges posed by modern communication methods.
For financial firms, rigorous supervision of electronic communications is integral to compliance. The management of off-channel communications, insider information violations, G&E policy adherence, and customer complaint detection are fundamental areas where technology can play a significant role.
InsurTech platform CoverForce secures $13m Series A to enhance carrier-agency connectivity
CoverForce, an InsurTech platform focused on enhancing infrastructure and connectivity within the commercial insurance sector, has raised $13m in a Series A funding round.
The funding round was led by Insight Partners, a global software investor, with additional participation from Nyca Partners.
Founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce operates a marketplace that facilitates seamless digital interactions between insurance carriers, agencies, and wholesalers. The platform serves as a central hub for quote-and-bind API connections, enabling brokers, wholesalers and agencies to access instant quotes and bind policies with a single click.
CoverForce plans to use the new capital to expand its capabilities, accelerate product innovation, and strengthen relationships with key carriers and distributors. The company is also investing in AI-powered tools to further automate and streamline insurance workflows.
Since its inception, CoverForce has established itself as a key player in the commercial insurance ecosystem, partnering with more than 20 of the largest insurance agency wholesalers and networks across the US. Its platform supports over 9,600 insurance producers and integrates with national carriers including AmTrust, Chubb, Liberty Mutual, and Travelers. CoverForce’s technology supports various lines of commercial insurance, such as workers’ compensation, general liability, business owner’s policies and cyber insurance.
CoverForce CTO and co-founder Kaivan Wadia said, “The insurance market is built on a legacy of paper and PDF a huge issue in a market worth more than $960 billion. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.”
CoverForce CEO and co-founder Cyrus Karai said, “We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we’re seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools essentially those who are making an investment in speed as a key element of winning.”
As part of the investment, Insight Partners vice president Sophie Beshar will join CoverForce’s board of directors.
now including TVG, we are poised to push the boundaries of AI by harnessing the power of trusted data, reinforcing our leadership in this rapidly evolving landscape.”
TVG senior managing director and head of EMEA Avid Larizadeh Duggan said, “Businesses today need to build trusted data foundations to enable AI-enhanced decision making, to drive real world impact. Quantexa is revolutionizing how they do this. At TVG, we invest in high-growth, game-changing companies, led by visionary leaders making a global difference.
“Quantexa’s impressive track record, expanding customer base, and bold approach to data and AI innovation make it a natural fit for our portfolio. We’re excited to support Vishal, and his world-class team scale the company internationally as they continue helping industry-leading organizations embrace AI-driven decision-making with confidence.”
Venn bags $21.5m in Series A to transform Canadian business banking
Venn, the newly rebranded Canadian financial platform formerly known as Vault, has successfully secured $21.5m in Series A funding.
The round was led by Left Lane Capital, featuring contributions from XYZ Venture Capital, Intact Ventures, and Gradient, signalling strong investor confidence in Venn’s mission to transform business banking in Canada.
Founded by former Revolut employees Ahmed Shafik and Saud Aziz, Venn offers a comprehensive suite of financial services, including multi-currency accounts, spend management, transfers, FX services, and accounting automation. This holistic approach aims to replace outdated, rigid banking systems that have long burdened Canadian businesses with high fees and inefficient services.
The newly acquired funds are earmarked for expanding Venn’s product capabilities and broadening their financial services stack, as the company aims to solidify its position as the go-to banking platform for Canadian businesses. Since its launch in 2023, Venn has attracted over 4,000 businesses, demonstrating significant market traction and a clear demand for its innovative solutions.
Additional plans include strategic partnerships with companies such as Sherpa, MedEssist, and Alan, to further penetrate the market and enhance service offerings. This move indicates Venn’s commitment to scaling its operations and adapting to the diverse needs of the Canadian business banking sector.
“Venn can help grow Canadian businesses in a way that legacy banks simply can’t because we’ve built our platform for speed and flexibility to serve all types of businesses from the start,” Co-founder Saud Aziz commented. He further emphasized, “Our product strategy is our core differentiator we’re consolidating financial tools so businesses no longer have to piece together fragmented solutions. We aim to become the default platform for all of Canadian businesses’ banking needs.”
Taktile’s innovative AI decision platform garners $54m from top investors
Taktile, a decision automation platform that is redefining risk management strategies in financial services, has secured $54m in a Series B raise.
The funding was spearheaded by Balderton Capital and saw contributions from existing stakeholders including Index Ventures, Tiger Global, Y Combinator, Prosus Ventures, and Visionaries Club, as well as notable investment from Larry Summers, former US Secretary of the Treasury.
The company, known for its pioneering approach to decision automation, assists fintech companies and financial institutions in optimizing risk management throughout the customer lifecycle. With this new injection of capital, Taktile plans to further empower teams to enhance their risk decision-making capabilities with AI-driven tools.
Taktile’s platform is at the forefront of delivering risk decisions, handling hundreds of millions each month. The fresh funds are earmarked to boost these efforts, equipping business teams with the necessary tools to implement transparent AI-powered risk decisioning systems.
Founded by CEO Maik Taro Wehmeyer and CPTO Maximilian Eber, Taktile has made significant strides in the FinTech industry. In 2024, the company saw its customer base quadruple and achieved a 3.5x increase in ARR, now serving major financial institutions and fintech firms across 24 markets, including Allianz and Rakuten Bank. The platform’s efficiency and impact have not gone unnoticed, as evidenced by its recognition at the 2024 Banking Tech Awards USA and its consistent high ratings on G2.
From AI applications in customer support chatbots to real-time marketing personalization, the use of AI in high-stakes financial services like credit underwriting and fraud prevention is becoming increasingly prevalent. Taktile addresses the critical need for expert guidance in these sectors, where errors can have significant financial repercussions.
“From day one of our journey, we believed that millions of lives could be improved by enabling organizations to make optimal decisions for their customers. By keeping experienced risk experts in control, we make it possible for even the most regulated businesses in financial services to fully adopt AI into high-stakes workflows,” Maik Taro Wehmeyer, CEO & Co-founder of Taktile, explained.
Rob Moffat, General Partner at Balderton Capital, commented on the funding, “The best investments for VCs are when your reaction to the company is ‘of course – why doesn’t this happen already?’. It is crazy that businesses use a plethora of separate tools for different decisions across their business when it is the same customer and data.
“Taktile’s integrated decisioning platform allows businesses to take one consistent view of the customer and easily build, iterate and test complex decision logic. This has won them some of the most sophisticated fintechs as happy clients and is now allowing them to expand into banks and insurers.”
Blockchain payments firm SatoshiPay secures €850k to expand Vortex globally
SatoshiPay, a blockchain payments firm, has successfully closed an €850k fundraising round to accelerate the expansion of its payment solution, Vortex.
Built on the Pendulum network, Vortex aims to streamline global transactions by bridging stablecoins with local fiat currencies.
The round saw participation from several notable investors, including CoinShares chairman Danny Masters, SatoshiPay co-founder Meinhard Benn, and the company’s CEO, Alexander Wilke. Blue Star Capital, a publicly listed investment firm on the London Stock Exchange, also reinforced its ongoing support. Additionally, the Web3 Foundation contributed a grant to support the initiative.
Vortex is designed to enhance decentralised foreign exchange (FX) infrastructure by providing a low-cost, efficient payment system that integrates traditional financial networks with blockchain technology. The solution enables seamless currency conversion between USD stablecoins and local currencies.
The newly raised funds will support the rollout of Vortex in key markets, including Europe, Argentina, and Brazil, as well as facilitate further blockchain integrations across networks such as Ethereum, Polygon, Arbitrum, Binance, and Polkadot. The funding will also be used to drive initial market traction ahead of a planned Series A round in late 2025.
SatoshiPay co-founder Meinhard Benn highlighted the company’s long-term vision, stating, “Vortex represents the pinnacle of years of dedication to SatoshiPay’s vision to connect the world through instant payments. I’m proud to support this next chapter as we take on the challenge of revolutionizing payments in both emerging and established markets.”
CoinShares chairman Danny Masters also praised the project, saying, “Vortex addresses one of the most critical needs in the digital economy: seamless, cost-effective cross-border payments. With its strong technical foundation on Pendulum and a clear vision for scaling globally, Vortex is perfectly positioned to reshape the payments industry.”
The company has positioned Vortex as a solution that integrates with various platforms, including wallet providers such as MetaMask and Trust Wallet, as well as payment service providers and ramping platforms.
FinTech firm Kani Payments secures Series A funding to drive global expansion
Kani Payments, a FinTech firm specialising in payment reconciliation and reporting, has secured a multi-million-pound Series A investment to enhance its platform and expand globally.
The funding round was led by Maven Capital Partners, one of the UK’s leading private equity firms. It also included investment from the Maven VCTs and NPIF II – Maven Equity Finance, which is managed as part of the Northern Powerhouse Investment Fund II (NPIF II). FT Partners acted as the exclusive strategic and financial advisor to Kani.
Kani provides an automated reconciliation platform designed to simplify financial reporting for payment companies and financial institutions. With global payment volumes increasing and regulatory demands intensifying, the platform helps firms streamline complex reconciliation processes, reduce costs, and mitigate compliance risks. To date, Kani has reconciled over €24bn in processed payments across five continents.
The fresh investment will accelerate the development of Kani’s technology, expand its team, and facilitate entry into new international markets, particularly in the US.
Kani Payments CEO Aaron Holmes said, “This investment marks a pivotal moment in Kani’s evolution as we expand our automated reconciliation platform to meet surging global demand. Maven’s backing will accelerate our platform development and global expansion, particularly as we see increasing opportunities in markets where regulatory compliance and payment reconciliation complexity continue to grow.”
Maven Capital Partners investment manager Rebecca MacDermid said, “Kani has developed an innovative, award-winning platform that is addressing a critical challenge in the fast-evolving payments industry. The company’s proprietary technology, coupled with the team’s deep sector expertise, has helped the business achieve year-on-year growth, with annual recurring revenues sharply increasing in the last year, driven by a 70% increase in clients. With the increasing complexity of payment reconciliation and regulatory compliance, demand for Kani’s solution is set to grow further.”
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.”
MEXICAN STARTUP CLARA RECEIVES $150 MILLION IN DEBT FINANCING FROM GOLDMAN SACHS
Clara, the leading Latin American tech startup that offers an end-to-end corporate spend management solution for companies in the region, announced today approved financing from Goldman Sachs for an initial $50 million with the option to upsize to $150 million.
“This financing will fuel our planned regional growth and will also allow us to successfully serve more companies, in more countries throughout the region, with our corporate card and spend management platform, as well as our innovative short-term liquidity solutions,”
“This new credit line will allow us to more than double our coverage in Mexico while focusing additional resources in our product and geographic expansion.”
Gerry Giacomán Colyer, CEO & co-founder, Clara.
Clara will be able to maintain the rapid expansion of its corporate card, accounts payables, and short-term financing solutions for companies in Latin America thanks to the facility. By the end of the year, the company hopes to have doubled the number of businesses it works with in Mexico, Brazil, and Colombia, which presently total over 6,000.
In addition to working with Goldman Sachs, Clara announced the hiring of André Henrique Santoro who will join the team as Chief Risk Officer. Santoro brings over 15 years of risk management experience including stints at CitiBank and RappiBank Brasil.
“This deal gives Clara more capital to grow our operations and consolidate our infrastructure,”
“Goldman Sachs’ loan highlights the capital market’s belief in Clara’s business model while also showcasing our potential for further growth.”
André Henrique Santoro, Global Chief Risk Officer (CRO), Clara.
Also, the company announced that Tina Reich, former Chief Credit Officer at American Express, has been working closely with Clara in an advisory capacity.
“Clara brings a unique combination to the global fintech industry,”
“The ability to recognize underserved LATAM markets and to seamlessly scale existing operations to fulfill the demand in those new regions. Now, by working with Goldman Sachs, Clara is ready to begin an exciting new chapter, while continuing to support the growth and success of Latin American enterprise.”
Tina (Chan) Reich, Advisor, Clara.
Already supported by various well-known worldwide equity investment firms, such as Coatue, General Catalyst DST Global, monashees, and Kaszek. The business began operations in Mexico and Brazil in 2021 and declared its official expansion to Colombia in March of this year. Eight months after operations began, the company received a $70M Series B financing round in December 2021, making it the fastest company in Latin America to achieve unicorn status.
ASTROPAY EXPANDS SERVICES WITH THE LAUNCH OF GLOBAL AFFILIATES PROGRAMME
AstroPay, the preferred online payment solution for millions of customers worldwide, has introduced a flagship global Affiliate Programme to give people and companies who wish to make money online and expand their company prospects. The new programme aims to expand AstroPay’s clientele globally while supplying a reliable partner for individuals who are professionally committed to affiliate marketing.
AstroPay created the programme to give affiliate partners access to exclusive offers where they can earn money continuously for each new customer who signs up for the payment platform. The programme offers dedicated teams, knowledge of sales conversion, and revenue sharing commissions of up to 20%. The AstroPay payment platform/solutions have been tried and tested for cross-border payments, so affiliate partners can rely on multilingual assistance and local expertise for any of their needs.
A wide variety of partners, including platforms, comparison websites, and content producers in the payment sector as well as iGaming, forex trading, and many others, will be welcomed by AstroPay.
The programme will be accessible through hundreds of retailers who use AstroPay as a form of payment in countries around Asia, Africa, Latin America, and Europe.
“I am excited to see our new programme go live today. The Affiliate Programme is a new way of doing business with AstroPay. All those who are professionally dedicated to affiliate marketing will be very welcome and we look forward to working together and rewarding partners with a robust partnership that provides added value through an alternative way to continue growing their business.”
Leonardo Alonso, Head of Affiliates at AstroPay.
No matter what vertical industry affiliate partners are from, the programme is made to offer flexibility and agility and is compatible with any other programmes they may already be enrolled in.
THE BACKBASE ENGAGEMENT BANKING PLATFORM IS NOW AVAILABLE IN THE MICROSOFT AZURE MARKETPLACE
Backbase is proud to announce that the Backbase Engagement Banking Platform is now listed in the Microsoft Azure Marketplace, apps and services are offered online for use with Azure. Customers of Backbase can benefit from the reliable and effective Azure cloud platform, which has simplified setup and maintenance.
This listing is the next exciting step in bringing customer-first banking to more financial institutions and Azure customers after launching a global collaboration with Microsoft in November 2021 to re-architect banking around the customer, integrating its Engagement Banking Platform with Microsoft Cloud for Financial Services.
“This is an exciting next step in Backbase and Microsoft’s collaboration,”
“With Microsoft as the cloud platform of choice, we’re making it easier for banks and credit unions to select the Engagement Banking Platform in the Microsoft Azure Marketplace, enhancing the benefit of all new Backbase and existing Microsoft customers.”
Jouk Pleiter, Backbase Founder and CEO.
The Backbase Engagement Banking Platform serves as the engagement layer and fully utilizes Azure’s underlying capabilities in the Microsoft Cloud for Financial Services, an industry-specific, integrated collection of cloud solutions. Backbase provides pre-built customer journeys as well as a powerhouse of tools to enable banks to create unique services. Through the Backbase Marketplace, banks can additionally take advantage of Backbase’s connectivity with top core banking providers and best-in-class fintech fulfillment partners.
The sophisticated cloud-based infrastructure layer is then added by Microsoft, which also makes security, compliance, and interoperability easier. This enables banks and credit unions to adopt an end-to-end cloud-based operating model quickly.
“Through Microsoft Azure Marketplace, customers around the world can easily find, buy, and deploy partner solutions they can trust, all certified and optimized to run on Azure,”
“We’re happy to welcome the Backbase Engagement Banking Platform to the growing Azure Marketplace ecosystem.”
Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp.
THOMA BRAVO TO ACQUIRE PING IDENTITY FOR $2.8B
A renowned software investment firm, Thoma Bravo, has entered into a definitive agreement to purchase Ping Identity, a supplier of the Intelligent Identity solution for the enterprise, for $28.50 per share in an all-cash deal with an Enterprise Value of almost $2.8 billion. The offer is valued at about 63 percent more than Ping Identity’s closing share price on August 2, 2022, the final day of trading before the announcement of the deal, and at 52 percent more than the volume-weighted average price of the stock for the 60 days preceding.
“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners,”
“Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity are better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”
Andre Durand, Ping Identity’s Chief Executive Officer.
“A tectonic shift is occurring in intelligent identity solutions for the enterprise,”
“Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”
Seth Boro, a Managing Partner at Thoma Bravo.
“Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the$50 billion Enterprise Identity security solutions area,”
“Our shared commitment to growth and innovation, combined with Thoma Bravo’s significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry-leading identity security experiences for the customers, employees and partners of large enterprises worldwide.”
Chip Virnig, a Partner at Thoma Bravo.
The Ping Identity Board of Directors unanimously authorized the deal, and it is anticipated to close in the fourth quarter of 2022, subject to the usual closing requirements, such as shareholder approval and regulatory approvals. The transaction’s closing is not contingent on any financial issues. Following the sale, Ping Identity will become a privately held corporation and its common stock will be delisted from the New York Stock Exchange. The Company’s headquarters will continue to be in Denver, Colorado.
About 9.7 percent of Ping Identity’s outstanding shares are owned by Vista Equity Partners, and the company has agreed to vote its shares in favor of the deal.
“This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders,”
“We wish Andre and the entire Ping Identity team continued success and thank them for their commitment and partnership over the last six years.”
Michael Fosnaugh, Co-Head of Vista’s Flagship Fund & Senior MD, & Ping Identity’s Chairman of the Board.
REVOLUT DEEPENS DIGITAL CURRENCY FOCUS WITH 22 NEW TOKENS
Revolut, the financial super-app with 20 million customers worldwide, today announced another push to the platform’s investment offering with the release of 22 new crypto tokens.
With these latest additions, Revolut’s cryptocurrency service now supports 80+ coins, an increase of x8 when compared to the beginning of 2021.
The newly announced cryptocurrency includes the Metaverse token APE, two DeFi tokens: REQ and ETC, and a wide range of other tokens, such as CLV, FORTH, AVAX, SAND, GALA, AXS, JASMY, ENS, DASH, FLOW, IMX, CRO, IDEX, REN, SPELL, PERP, BICO, COTI, and MLN. It is also available to customers in the UK and EEA.
“This is another big year of crypto, and we’ve given a big boost to our offering while empowering people to take more control of their finances and giving them safe access to new tools and services being built in crypto the space”
Emil Urmanshin, Crypto General Manager at Revolut.
Through its financial super-app, Revolut provides a wide range of financial goods, with cryptocurrency becoming a more and more popular option. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy function to average out volatility. There are many other options to buy and sell cryptocurrency on Revolut. Additionally, customers can collect spare change while out shopping and deposit it in the cryptocurrency of their choice.
Revolut consumers in Britain are becoming more interested in crypto assets, as evidenced by the fact that this year’s number of transactions performed by British clients who bought cryptocurrencies increased by 20% over that of 2021.
Users can access all crypto tokens regardless of their plan, and Standard customers can upgrade to premium plans if they’re interested in receiving cheaper commissions. Customers can invest as little as $1 in crypto tokens. Revolut has unveiled a test program enabling Bitcoin withdrawals for users in the UK who are on the Metal plan. To enable users to transmit their tokens from Revolut to external wallets and exchanges, the company is looking into ways to introduce cryptocurrency withdrawals in Europe.
Customers of Revolut are reminded that cryptocurrencies are not subject to regulation and are not covered by investor protection plans. Cryptocurrency tokens are erratic investments with swift price fluctuations. The value of cryptocurrencies has the potential to fluctuate sharply both up and down, and trading may be taxed. Revolut supports increasing access to cryptocurrencies but recognizes that not everyone is a good fit for it. As a result, the business advises users to do their research before buying or selling cryptocurrencies. When buying or selling cryptocurrency, customers should consult unbiased sources, understand the distinctions between tokens, and take their individual situations into account. Money is at risk.
SAVANA RAISES $45M IN SERIES A FUNDING
Savana, a financial software player that helps banks and fintechs go digital, has raised $45 million in a Series A funding round led by growth-stage investor Georgian.
Fiserv, a major player in the fintech industry and a reseller of Savana, participated in the round.
A bank’s technological ecosystem is supposed to be “orchestrated” by Savana’s API-first, cloud-native digital delivery platform in order to break down silos and automate service for bank teams and requests made by customers.
The company claims that its technology can enable digital distribution by integrating easily with both new Gen3 platforms and conventional core banking systems.
“This funding round will help support the growth of our digital delivery platform to enable any bank, whether new or going through the transformation of existing technology infrastructure, to speed time to market of new products and services, support continuous digital innovation, and drive significant operational efficiency.”
Michael Sanchez, CEO, Savana.
GLOBAL PAYMENTS ENTERS DEFINITIVE AGREEMENT TO ACQUIRE EVO PAYMENTS
Global Payments Inc., a leading worldwide provider of payment technology and software solutions, and EVO Payments, Inc., a leading global provider of payment technology integrations and acquiring solutions, today announced that Global Payments will acquire EVO in an all-cash transaction for $34.00 per share.
The deal will increase Global Payments’ target addressable markets significantly, strengthen its global leadership in integrated payments, increase its market share in existing faster-growing regions as well as new ones, and enhance its B2B software and payment solutions by incorporating accounts receivable software that is widely accepted by third parties.
“The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally,”
“Together with EVO, we are positioned to deliver an unparalleled suite of distinctive software and payment solutions to our combined 4.5 million merchant locations and more than 1,500 financial institutions worldwide.”
Cameron Bready, President and COO, Global Payments.
In addition to enhancing Global Payments’ scale in established markets including the United States, Canada, Mexico, Spain, Ireland, and the United Kingdom, the purchase will increase its global footprint into desirable new geographies like Poland, Germany, Chile, and, following closure, Greece.
Along with enhancing Global Payments’ current B2B and accounts payable products, the acquisition will include industry-leading accounts receivable automation software capabilities. EVO will also introduce a number of important technological partners and proprietary connectors, including those with the most popular makers of ERP software.
“Joining EVO and Global Payments will unite highly complementary portfolios of technology-enabled products and partnerships to create an even stronger organization serving a broader customer base,”
“Over the last decade, the EVO team has worked diligently to advance our innovative solutions, strengthen the service we provide to our bank and technology-enabled partners, and grow our global footprint. This transaction is an achievement for our company, and we believe it delivers compelling value to our shareholders and accelerates our growth opportunities.”
Jim Kelly, Chief Executive Officer, EVO.
GOOGLE AND APPLE ARE BEING SCRUTINISED FOR SUSPECT CRYPTOCURRENCY APPS.
In the world of cryptocurrencies, fraudulent activity is still unchecked. Crypto trading apps are offered by organizations like Apple and Google. As thieves increasingly produce fake apps with names and logos, there has been an increase in fake apps based on these two.
Apple and Google Call for Scrutiny
Who provides this original(the logos, access to these companies, etc) information?
This is the reason why the two companies are being closely examined. The two businesses should respond to inquiries about their efforts to protect investors from fraud. They should also disclose how they keep an eye on cryptocurrency apps. How frequently they examine the procedure is also a cause for concern because it’s time to investigate the companies and see whether they’re the foundation for supporting cyber criminals.
Criminals having access to a company’s logo indicates that the company may have been involved in shady transactions. It is concerning that fraud is becoming more common even while cryptocurrency prices are falling. Cryptocurrency trading apps give users a simple way to transact, yet a lack of confidence may result in withdrawal.
The two have been questioned numerous times about the situation, but they still haven’t responded, despite having until early August to do so. It is concerning how many fraudulent apps there are in the Google and Apple stores, in addition to romance scams and other false medium exchanges. Scammers should be prevented before they cause cryptocurrency to disappear because there is still hope for the future of technology.
What Google and Apple can do?
The two businesses are able to educate investors about safe cryptocurrency app trading. Investors should be informed in some way when there are dubious apps. Reviews of trading apps should be conducted often to protect investors. This is because con artists constantly seek new tactics. The best solutions are consistently delivered by the technology developers for the advancement of crypto. In the meantime, digital currencies won’t have anything to rely on when they start to seem unreliable.
Put under examination, the two will modify their protocols for keeping an eye on crypto programs. In addition, they will outline their prior actions in relation to the situation. Examining the businesses is a significant step in the elimination of crooks since any weak inks will be exposed. The requirement for reviewing the apps has increased because Google and Apple serve as the foundation for crypto operations.