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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.”
Momnt and Your Virtual Adjuster partner to enhance roofing contractor financing and claims management
Momnt, a leading FinTech company specialising in real-time lending and payment solutions, has announced a partnership with Your Virtual Adjuster, an innovative claims management platform designed for roofers.
The collaboration aims to provide roofing contractors with a seamless solution for handling insurance claims while offering flexible financing options to homeowners, according to FF News.
The partnership seeks to tackle a significant challenge faced by roofing contractors—reaching a broader customer base through a combined insurance claims and financing solution.
Rising costs of materials and labour mean homeowners often bear high out-of-pocket expenses after their insurance claims are settled.
By integrating insurance claims management with financing options, the partnership allows roofers to offer a more attractive service, ultimately boosting their competitiveness.
Momnt provides real-time lending and payment solutions that enable businesses to offer point-of-need financing to their customers. By integrating lending services into various industries, the company helps businesses enhance their sales and customer experience.
Your Virtual Adjuster is a claims management platform tailored for roofing contractors, streamlining the insurance claims process and helping roofers secure approvals more efficiently. The company’s technology simplifies complex insurance procedures, ensuring smoother and quicker settlements for contractors and homeowners alike.
With this collaboration, roofers can improve deal closure rates, expand their client base, and enhance customer satisfaction by providing a full-service solution that includes both claims management and financing. This integration ensures homeowners can manage unexpected roof repairs without financial strain.
Momnt’s technology integrates seamlessly with Your Virtual Adjuster’s platform, allowing homeowners to access various financing options tailored to their needs. Roofers can now offer flexible payment solutions that include financing deductibles, making roof repairs more affordable and accessible.
“We’re empowering roofers to win more jobs and provide a complete solution to their customers,” Momnt vice president of partnerships Adam Goodman said. “By combining our financing options with Your Virtual Adjuster’s expertise in insurance claims, we’re enabling homeowners to get their roofs repaired quickly and affordably, even when faced with unexpected costs.”
“With this collaboration, homeowners can avoid the disruption and financial strain associated with unexpected roof damage,” Vince said. “They can now quickly get their roofs repaired, choose from a range of financing options to cover the out-of-pocket costs, and even finance their deductibles, making the entire process more manageable.”
Digital wallet firm Curve secures £37m to accelerate growth and launch Curve Pay
Curve, a digital wallet provider known for its innovative approach to payment management, has raised £37m in a funding round led by Hanaco Ventures.
Existing investors, including Fuel Ventures, IDC, Outward VC, and Lord Stanley Fink, also participated in the round.
The fresh capital injection is set to support Curve’s strategic growth, with a strong emphasis on achieving profitability and launching new products in 2025. Among its key developments, the company is preparing to introduce Curve Pay, a digital wallet alternative for both Android and iOS users. The investment will also bolster Curve’s market expansion, infrastructure improvements, and customer experience enhancements.
Curve offers a digital wallet solution that consolidates multiple payment cards into a single platform, allowing users to manage their spending more efficiently. The wallet integrates features such as cashback rewards, real-time spending insights, and fee-free foreign transactions. Additionally, its unique ‘Go Back in Time®’ function enables customers to move past transactions between cards, aiding in cash flow management.
Curve founder and CEO Shachar Bialick said, “This latest investment reflects the confidence in Curve’s vision to redefine the digital wallet space. The Wallet Wars are here, and the only available solutions for customers to date are simple wallets which do nothing more than let you pay with your card.
“Curve is the only wallet that adds superpowers to your money; avoid Fx fees from any linked card, split old purchases into installments, earn cashback on top of any card and more. We see issuers looking to enter the market, and networks introducing innovative products such as Visa Flex and MasterCard One Credentials. This investment would allow us to invest further in our customer experience, bring new partnerships, and accelerate our path to profitability.”
Tomer Jacob of Hanaco Ventures praised Curve’s innovation, stating, “Curve reimagined the digital wallet delivering a one-of-a-kind financial experience that simplifies and supercharges how you pay and manage your money – all without changing your bank. The Curve team has proven to be resilient and innovative, and we are excited to support Curve as it continues to grow, bringing more choice and flexibility to the digital wallet market, and to its millions of users.”
FinScan enhances payment screening for faster, safer transactions
FinScan, an anti-money laundering (AML) compliance solution from Innovative Systems, has enhanced its payment screening solution, FinScan Payments, to accelerate transaction workflows while strengthening financial crime prevention.
According to recent research from Datos Insights, 91% of surveyed financial institutions (FIs) are investing significantly in payment modernisation. Despite this, many firms still operate with legacy AML compliance systems that were not designed for today’s real-time payment rails, making them ill-equipped to handle instant settlement workflows.
With digital payments surging and financial crime risks rising, FinScan Payments enables FIs, FinTech firms, and other organisations to navigate evolving payment infrastructures efficiently. The latest enhancements introduce an improved system architecture capable of high-volume transaction screening, expanded integration support for new payment messages, and a redesigned user interface.
Becki LaPorte, strategic advisor in the fraud and AML practice at Datos Insights, said: “Today’s payment arena requires real-time AML compliance as evolving regulations demand deeper scrutiny of transactions. In a fast-changing geopolitical and tech landscape, compliance teams must screen payments against the latest sanctions, PEP, and dual-use goods lists to stay ahead of illicit activity. FinScan Payments is well equipped to support faster payments while effectively controlling risk across domestic and cross-border ecosystems.”
Deborah Overdeput, chief marketing officer of Innovative Systems, said: “To keep pace with evolving payments, organizations must streamline workflows, update their screening solutions, customize watchlists, and execute compliance checks in milliseconds with accurate results for instant payments.
“FinScan Payments empowers FIs, neobanks, PayFacs, FinTechs, and other organizations to block high-risk transactions in real time, facilitating compliance without delays. With configurable alerts and seamless integration into payment workflows, it keeps transactions secure while meeting time-sensitive review thresholds.”
FinTech startup SparkReceipt secures investment from Trind Ventures for global expansion
SparkReceipt, a pre-accounting software provider based in Finland, has secured investment from Trind Ventures.
The funding round, which remains undisclosed, also received support from the European Union under the InvestEU Fund and Business Finland.
The company provides AI-powered pre-accounting software designed to simplify bookkeeping for micro-businesses, with operations spanning nearly 100 countries. The platform automates receipt and invoice processing, eliminating the need for manual data entry.
The new funding will be used to accelerate SparkReceipt’s international expansion.
Trind Ventures partner Reima Linnanvirta highlighted the significance of the investment, stating, “With my own background in the most boring industries like accounting, legal, and tax, I am always excited to see BoringTech startups transforming these industries. Knowing the team from the past and what they can deliver and seeing the strong early customer traction, I trust SparkReceipt will change the way millions of entrepreneurs handle their accounting, freeing their time for building their businesses.”
SparkReceipt co-founder Joel Ojala said, “It was crazy to see the appetite toward SparkReceipt from VCs. So many reached out, begging to invest. But it makes sense there is momentum in AI accounting for micro-businesses, or maybe it was the rockstar team.”
InsureVision raises $2.7m to transform insurance risk pricing with contextual driving data
InsureVision, an InsurTech company specialising in AI-powered contextual driving risk assessment technology, has successfully raised $2.7m in a seed funding round.
The investment round was led by Rethink Ventures, with participation from Twin Path Ventures and State Farm Ventures, the venture arm of State Farm, the largest vehicle insurer in the world.
InsureVision focuses on enhancing vehicle risk assessment by leveraging its proprietary “enviromatics” technology. This platform uses advanced vision transformer technology to analyse video footage from standard forward-facing vehicle cameras. Unlike conventional telematics systems or basic AI dashcams, which often rely solely on mechanical data or object detection, InsureVision’s solution takes a more holistic approach. It considers the full driving environment, including the behaviour and intent of other road users, to generate more accurate risk assessments.
With the fresh capital, InsureVision plans to accelerate product development and broaden its presence across international markets. The company is already conducting trials with major insurance providers in the US, with further pilots scheduled for Japan. Proof of value data from these trials is expected by mid-2025.
InsureVision was founded by serial entrepreneur Mark Miller, whose previous company, Dictate IT, was the largest supplier of medical speech recognition technology to the NHS before being acquired by Clanwilliam Group in a multi-million-pound deal in 2018.
The platform offers insurance companies a more accurate way to underwrite policies, enabling more precise pricing and fewer claims. Fleet operators benefit from real-time risk monitoring and enhanced driver safety insights, while automotive manufacturers can integrate the technology into software-defined vehicles to comply with upcoming Automatic Emergency Braking regulations.
Rethink Ventures general partner Matthias Schanze said, “We have followed Mark and his team for some time, and they have continuously shown exceptional entrepreneurial vigour and deep tech expertise paired with an unconventional approach. Their vision for transforming road safety through AI-powered contextual understanding sets a new standard for the industry.”
Twin Path Ventures partner Nick Slater added, “InsureTech is an exciting space because the numbers are huge and even a micro improvement can make a macro impact. InsureVision has one of the most unconventional but potentially groundbreaking ways of disrupting the sector for the better of insurance companies, fleet operators and drivers alike”.
UK AI FinTech Quantexa secures $175m Series F, hitting $2.6bn valuation
Quantexa, a global provider of AI-driven decision intelligence solutions, has successfully closed a $175m Series F funding round.
The funding round was led by Teachers’ Venture Growth (TVG), part of the Ontario Teachers’ Pension Plan, with ongoing support from existing investors such as British Patient Capital.
Other backers in Quantexa include Warburg Pincus, Dawn Capital, BNY, Evolution Equity Partners, AlbionVC, and HSBC.
The fresh investment values the London-based company at $2.6bn.
Founded in 2016, Quantexa specialises in decision intelligence technology, which helps both public and private sector organisations make data-driven operational decisions with greater confidence. Its platform applies advanced AI to connect, unify, and analyse vast amounts of siloed data, providing insights into customer intelligence, risk management, financial crime, and fraud detection. The company’s solutions are used across financial services, insurance, telecoms, media, technology, and the public sector.
The newly raised capital will support Quantexa’s platform innovation, accelerating the development of new AI-powered products, expanding strategic partnerships, and boosting its footprint in North America.
The company also plans to pursue selected mergers and acquisitions to strengthen its capabilities.
Following the funding, Ara Yeromian, managing director at TVG, is expected to join Quantexa’s board, subject to regulatory approval.
The Series F funding arrives shortly after Quantexa achieved ‘Centaur’ status, a milestone reserved for SaaS firms surpassing $100m in annual recurring revenue.
The company’s strong performance in 2024 saw nearly 40% growth in licence revenue and the addition of 23 new clients, helping to expand its footprint into new sectors, including insurance and telecoms.
Quantexa founder and CEO Vishal Marria said, “AI is a once-in-a-generation technology transforming industries, redefining operations, and creating entirely new processes. From day one, Quantexa has been at the forefront of this revolution, helping enterprises create trusted, curated data to unlock AI’s full potential.
“This latest investment reflects investors’ embracing our vision and committing to join our journey as we accelerate innovation, platform deployments, and amplify the value we deliver to clients and the broader ecosystem. With the continued support of our investors,
BriteCore unveils new vendor integrations to transform P&C insurance operations
BriteCore, a provider of cloud-native core insurance platforms for property and casualty insurers, has expanded its Solution Partner Marketplace.
This enhancement introduces five new vendor integrations, marking a significant stride in BriteCore’s ongoing effort to equip insurers with cutting-edge technology solutions and increased flexibility in underwriting accuracy, claims processing, and overall operational efficiency.
BriteCore’s core function is to offer property and casualty insurers advanced technology solutions that streamline and enhance their insurance processes. The BriteCore Solution Partner Marketplace is crafted to provide seamless access to innovative tools and services that augment insurers’ core operational capabilities.
The reason behind this new product initiative is to further BriteCore’s mission to deliver a flexible and comprehensive ecosystem that supports insurers in optimizing key business processes such as underwriting, claims handling, and risk assessment.
The newly integrated vendors in the BriteCore Solution Partner Marketplace include Acrisure AcrisureIQ, which provides real-time risk scores and tools for catastrophe risk modeling, and Bees360, which offers drone-enabled claims and underwriting inspection services. Also included are DataCrest AppEase, enhancing submission workflows and commercial insurers’ efficiency; Howden Re TigerCQ, which supplies advanced analytics for risk management; and Verisk XactAnalysis, improving the claims process with precise, professional estimates.
These integrations reflect BriteCore’s commitment to innovation and excellence in the InsurTech sector, offering solutions that enhance insurers’ operational efficiency and elevate policyholder experiences.
BriteCore’s CEO, Ray Villeneuve, emphasized the benefits of the expansion, stating, “These new solution integrations reinforce BriteCore’s mission to deliver a flexible and comprehensive ecosystem that empowers insurers with best-in-class solutions. By teaming with these industry leaders and innovators, we continue to provide our customers with the solutions they need to optimize underwriting, claims handling, and risk assessment.”
Tom Young, CEO of DataCrest, also shared his enthusiasm about the collaboration: “Collaborating with BriteCore allows us to bring AppEase’s efficiency-driven submission management capabilities to more insurers, helping them navigate complex and time-intensive workflows with ease and accuracy. We are excited to join BriteCore’s growing ecosystem of innovative solutions.”
Unique AI secures $30m in Series A to transform FinTech with agentic AI
Unique AI, a vertical AI company, announced that it has successfully closed a $30m Series A funding round.
Since its inception in 2021, the company has now amassed a total of $53m in investment. The latest funding round was spearheaded by CommerzVentures and DN Capital, with continued backing from early seed investors, including VI Partners and Pictet Group.
Unique AI operates in the FinTech sector, developing an advanced agentic AI platform tailored for financial firms. The platform offers 25 specialized ‘off the shelf’ use cases, along with customisable agents, to enhance back and middle-office operations. This integration allows for improved data processing and accuracy, making significant impacts on efficiency and regulatory compliance.
The company plans to use this new influx of capital to fuel its global expansion and refine its ability to deploy cutting-edge solutions. With a solid base of deployment among blue-chip companies managing over $2.3 trillion in assets, including names like Pictet Group and LGT Private Banking, Unique AI is setting a new standard in financial services technology.
One of Unique AI’s prominent clients, Pictet Group, utilizes the platform extensively, providing it to 6,000 employees and reporting efficiency gains of approximately two hours per week per person. Despite the platform’s ability to streamline investment product filtering and related tasks, human relationship managers remain central to client interactions.
In addition to funding news, Unique AI announced the appointment of Dana Ritter as Chief Product Officer, effective April 2025. Ritter, a former Group Product Manager at Google Deepmind, brings a wealth of experience from his time leading projects like Gemini on Android and Google’s agentic web capability, Duplex on the Web.
Several quotes from the investing partners highlight the enthusiasm for Unique AI’s potential. “We are excited to announce this Series A investment,” Unique CEO Manuel Grenacher said. “This funding will significantly boost our global expansion efforts and enhance our ability to deploy agentic solutions for our clients.”
“We are thrilled to support Unique in this next phase of growth,” CommerzVentures Managing Partner Patrick Meisberger commented. Similarly, DN Capital Partner Guy Ward Thomas added, “Unique’s offering is serving a pressing need for banks and asset managers to deploy compliant and accurate agentic AI solutions.”
Lastly, VI Partners Managing Partner Olivier Laplace noted, “Our partnership with Manuel and his team goes back a decade when we backed his previous venture. Seeing once again their bold vision and outstanding execution, we are excited to support them in this next stage.”
Bourn raises £1.5m seed funding to revolutionise SME cash flow management
Bourn, a UK-based FinTech startup focused on SME finance, has secured £1.5m in seed funding to support the expansion of its AI-powered Flexible Trade Account (FTA).
The funding round was led by Haatch, with participation from fintech investors Love Ventures, Portfolio Ventures, and Aperture, alongside private backers.
Founded by Roger Vincent, Nick Tracey, and Paul Gambrell, the company has also appointed former banker and FinTech executive Leda Glyptis as a non-executive board member.
Bourn aims to address the cash flow challenges faced by SMEs by offering a modern alternative to traditional business overdrafts. Its flagship solution, the Flexible Trade Account, integrates AI-driven risk assessment, Open Banking, and accounting software connectivity to provide an automated revolving credit facility.
By partnering with banks and lenders, Bourn offers a white-label solution that enables financial institutions to expand their SME portfolios while minimising risk and maximising returns.
The newly raised funds will be used to further develop Bourn’s product, enhance its technology, and accelerate market entry.
Bourn’s CEO, Nick Tracey, highlighted the company’s mission, stating: “At Bourn, we understand the vital role SMEs play in the UK economy. Our mission is to simplify cash flow management through innovative financial solutions, giving businesses the confidence to grow. This funding propels us closer to our vision of transforming SME finance across the UK.”
Marcus Love, general partner at Love Ventures, reinforced the importance of Bourn’s solution, saying: “Access to working capital remains one of the biggest barriers to SME growth. Bourn’s solution offers a scalable, efficient funding option for UK businesses, and we’re thrilled to support their journey.”
Newly appointed non-executive board member Leda Glyptis added: “Bourn brings together a group of industry-leading seasoned professionals solving a very real problem that they understand deeply. I am honoured and excited to be joining this team bringing tangible value to businesses and driving financial accessibility.”