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BIS guides central banks on balancing AI innovation with risk management
In its latest report, the BIS addresses the burgeoning role of AI in central banking, underscoring the critical balance between promoting innovation and managing associated risks.
The report outlines key strategies for central banks to safely incorporate AI technologies within their operational frameworks, according to ABA Banking Journal.
Central to BIS’s guidance is the establishment of an interdisciplinary AI committee aimed at overseeing AI integration and ensuring compliance with established ethical standards. Additionally, the report encourages the adoption of responsible AI principles and stresses the importance of conducting thorough risk assessments to identify potential vulnerabilities introduced by AI tools.
A significant part of the report highlights the need for revising current governance and risk management frameworks to accommodate AI’s unique challenges. “The safe and proper usage of AI across the central bank functions may demand changes to existing risk management and governance frameworks,” the BIS report notes. This statement emphasizes the importance of updating traditional models to ensure that AI technologies are implemented effectively and safely, mitigating risks while enhancing efficiency and decision-making processes within central banks.
In response to these recommendations, the BIS suggests that central banks take a proactive approach by reviewing and adapting their governance structures to better align with the evolving technological landscape. This strategic shift will not only safeguard the integrity of financial systems but also leverage AI’s potential to improve service delivery and policy implementation.
Semgrep bags $100m in Series D to elevate AI-driven code security
Semgrep, an application security platform, has successfully secured a substantial $100m in its Series D funding round.
The round was spearheaded by Menlo Ventures, with significant contributions from existing stakeholders including Felicis Ventures, Harpoon Ventures, Lightspeed Venture Partners, Redpoint Ventures, and Sequoia Capital. This latest injection of capital brings the total funds raised by the company to $204m.
Founded with the mission to revolutionize code security, Semgrep offers a robust AppSec Platform designed to meet the modern challenges of securing complex codebases without hindering the speed of development cycles. The platform distinguishes itself through a high signal-to-noise ratio, prioritizing impactful security measures while maintaining developer productivity and a positive security perception.
The newly acquired funds are earmarked for several strategic initiatives. Semgrep plans to attract top-tier AI and program analysis talent to further enhance its technological lead. Additionally, the investment will be used to broaden the reach of its product offerings beyond the traditional security audience and bolster its Go-To-Market team with industry experts from notable organizations such as Hashicorp and Elasticsearch.
Further enriching Semgrep’s strategic direction, the company has welcomed new expertise into its ranks. Recently, Garrett Souza, former SVP Americas at Matillion and Enterprise Sales Leader at Snyk, has been appointed as Vice President of Sales. Additionally, Mark McLaughlin, ex-CEO of Palo Alto Networks, has joined as an Angel Investor and Advisor, underscoring the industry’s confidence in Semgrep’s trajectory.
“AI is having a profound impact on all areas of technology. Semgrep’s approach to autonomous code security is a perfect example and represents the future of application security,” Matt Murphy, Partner at Menlo Ventures and new Board Member of Semgrep, expressed his enthusiasm for the company’s direction.
Previously, the company had announced its Series C funding in April 2023, which had already set the stage for its current expansive growth phase. The continuing investment trend in Semgrep highlights its potential and commitment to leading the charge in AI-powered code security.
Moneyhub and Money Squirrel partner to enhance Open Banking for SMEs
Moneyhub, a leading data, intelligence, and payments company specialising in Open Banking, Open Finance, and Open Data solutions, has partnered with Money Squirrel, an emerging FinTech focused on financial management for small businesses.
The collaboration aims to power Money Squirrel’s recently launched app, designed to help SMEs automate savings and manage VAT payments efficiently.
The partnership addresses a longstanding challenge for SMEs—gaining access to Open Banking technology to optimise financial management. While SMEs form the backbone of the economy, many have struggled to integrate Open Banking due to outdated systems and the lack of standardisation. Money Squirrel’s app demonstrates how Open Banking data and payments can create meaningful financial efficiencies for small businesses.
Moneyhub develops FCA-regulated Open Data platforms that enable businesses to leverage consent-driven data, insights, and payment solutions. The company’s ISO 27001-certified software powers personalised financial experiences, helping businesses across multiple sectors, including finance, media, and retail. Its API technology aggregates data, provides insights, and enables seamless Open Banking payments.
Kim Jenkins, MD of API at Moneyhub, said, “Collaborating with Money Squirrel is a significant step in making Open Banking technology accessible to both SMEs and larger institutions. We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”
Andreea Daly, founder and chief executive officer of Money Squirrel, said, “Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making Open Banking and Open Finance more inclusive. Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”
Trucordia acquires CADA Insurance Services to expand footprint in Louisiana
Trucordia, a leading insurance provider with a team of 5,000 professionals, has announced the acquisition of CADA Insurance Services’ insurance business, further strengthening its presence in Louisiana.
The acquisition is part of Trucordia’s strategy to integrate businesses with strong growth potential in key industries and markets, according to InsurTech Insights.
By bringing CADA Insurance under its umbrella, Trucordia aims to enhance its service offerings and expand its ability to meet the diverse insurance needs of clients. The financial terms of the deal were not disclosed.
CADA Insurance has a strong presence in Louisiana, with multiple offices in Baton Rouge, Chalmette, Gretna, and Kenner. The company provides a variety of insurance solutions, including auto, home, commercial, general liability, and workers’ compensation coverage, catering to a wide range of clients across the state.
Trucordia, known for its client-centric approach, is dedicated to delivering exceptional opportunities and experiences for its clients, employees, and partners.
The company’s expansion strategy focuses on acquiring successful enterprises that align with its vision for long-term growth and enhanced service delivery.
Welcoming CADA Insurance to the Trucordia family, CEO Felix Morgan highlighted the shared commitment to client relationships and service excellence. “The CADA Insurance team is a welcome addition to Trucordia,” Morgan said. “They share our passion for building long-term relationships and partnering with clients to identify and best meet their insurance needs.”
Alta Signa expands insurance capacity with Westfield Specialty International partnership
Alta Signa has added Westfield Specialty International to its insurance capacity panel, enhancing its ability to underwrite Directors & Officers (D&O) and Financial Institutions (FI) risks across the European Economic Area (EEA) and Switzerland.
This partnership introduces an additional €10m capacity, split equally between D&O and FI lines, bolstering Alta Signa’s existing Lloyd’s-backed panel.
The move strengthens Alta Signa’s position as a leading Managing General Agent (MGA) in Europe, ensuring broader insurance capacity and more comprehensive solutions for brokers and policyholders.
Gerard van Loon, CEO of Alta Signa, emphasized, “The addition of Westfield Specialty International to our panel is a significant milestone in Alta Signa’s journey to provide comprehensive and competitive insurance solutions in the specialty market. Westfield Specialty International’s expertise and robust capacity will complement our existing offerings and reinforce our ability to meet the evolving needs of brokers and clients across the EEA region and CH. We look forward to a productive partnership built on shared values of collaboration, integrity, and entrepreneurship.”
This strategic partnership adds €5m in D&O capacity and €5m in FI capacity to Alta Signa’s existing Lloyd’s panel, reinforcing the company’s dedication to expanding its insurance options and providing robust solutions for brokers and policyholders.
Alta Signa’s updated insurance panel now includes:
- Aviva
- Axeria
- Lloyd’s Syndicates, including Aspen, Newline, and Westfield Specialty International
- Markel
- SiriusPoint
- Sompo
James Johnston, Management Liability Class Underwriter from Westfield Specialty International, said, “We are excited to join Alta Signa’s independent capacity panel and bring our expertise to support their D&O and Financial Institutions portfolios across the EEA region and Switzerland. Alta Signa’s reputation for technical underwriting expertise and local market knowledge aligns perfectly with our commitment to delivering high-quality, specialty insurance solutions.”
Sokin lands $15m from BlackRock to fuel global expansion
UK-based payments firm Sokin, which provides international payment solutions for businesses, has secured $15m in debt funding from funds and accounts managed by BlackRock.
This investment follows a $31m strategic investment from Morgan Stanley Expansion Capital.
Sokin has experienced substantial growth in recent months, including a 51% increase in new account openings since the Morgan Stanley investment in July. The company has also expanded its workforce by 130% and recently acquired Norwegian FinTech Settle Group AS, gaining a European EMI license to further its expansion in the region.
The fresh capital will allow Sokin to expand its market presence, develop new products, and scale its team significantly. The company plans to open new offices in London, New York, Toronto, and Dubai, strengthening its global footprint.
Sokin has garnered support from several high-profile investors, including Gary Marino, former chief commercial officer at PayPal, Mark Britto, former chief product officer at PayPal, and Aurum Partners, the investment fund linked to the owners of the San Francisco 49ers. Additionally, former England and Manchester United defender Rio Ferdinand is among its backers.
Founded in 2019, Sokin aims to remove the barriers associated with international payments. The company enables businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, offering a streamlined solution for managing global transactions.
Sokin is currently operating at a transactional volume run-rate of over $4.5bn annually and supports a variety of industries, including freight, logistics, and Premier League football clubs, helping them manage global payments with efficiency and transparency.
Sokin CEO & Founder Vroon Modgill said, “We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage. This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”
Tim Fenwick, director at BlackRock Growth Debt, said, “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
WiseLayer raises $7.2m to enhance AI-powered finance automation
WiseLayer, a New York-based AI FinTech company specialising in digital workers for finance and accounting teams, has raised $7.2m in funding.
The investment round was led by Canaan Partners, with participation from K5 Global, The Fintech Fund, Unpopular Ventures, and several industry angels.
WiseLayer develops AI-powered digital agents designed to automate complex, manual processes within finance and accounting teams. The company’s suite of AI workers includes Angela, an AI agent for accruals and revenue recognition, and Dennis, an AI agent for discrepancies and financial anomalies.
Additional AI agents are being developed to handle bank reconciliations, fixed asset depreciation, lease accounting, and prepaid expenses. More than 100 companies, including mid-sized firms and public corporations, currently use WiseLayer’s AI workforce.
The fresh funding will be used to enhance WiseLayer’s existing AI agents, introduce new automation capabilities, and expand its market presence.
Brendan Dickinson, general partner at Canaan Partners, said, “The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need.
“We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”
Josh Stein, CEO and co-founder of WiseLayer, added, “Finance & accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more.
“WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly-skilled people can focus on strategic financial initiatives that drive company growth.”
Allra FinTech raises $9.1m Series B to expand early payment services
Korean FinTech company Allra FinTech, which operates the early payment service “Allra,” has raised $9.1m in its Series B funding round.
The investment was led by KB Kookmin Card, which contributed $6.8m, making it Allra FinTech’s second-largest shareholder, according to a report from WowTale. Singapore-based Altara Ventures and Vietnam-based Do Ventures jointly invested $2.3m in the round.
Allra FinTech’s flagship service, Allra Early Payment, is designed to alleviate settlement delays faced by sellers on online marketplaces. Since its inception, the platform has processed over $3bn in cumulative settlements, cementing its position as a leader in the early payment sector.
With the new funding, Allra FinTech plans to expand its team and hire talent to support the growth of the business.
Kim Sang-soo, CEO of Allra FinTech, said, “Over the past four years, we have focused on maintaining the strengths of our ultra-simple early payment service. Even during the Timon-Wemakeprice crisis, we upheld our responsibility as a receivables transferee by refraining from demanding repayment from sellers. This commitment has earned us recognition as a reliable service in the industry, and we are truly grateful for this trust.
“With the Series B funding, we aim to expand into traditional wholesale and retail distribution markets, postpaid service markets, and global services starting in 2025. Our mission remains clear: to become a fintech company that solves the financial challenges of business owners everywhere.”
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