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NEC Specialty Inc. Adopts Expert Insured to Power Next-Gen Underwriting and Policy Management
NEC Specialty Inc. a leading managing general agency (MGA) serving brokers across the East Coast, has officially gone live on the Expert Insured Policy Management platform an advanced, AI-driven system built specifically for MGAs and wholesale distributors. This strategic move underscores NECS’s commitment to innovation and operational excellence.
NECS operates as an independent MGA, distinct from its former parent company, Northeast Coverages Inc., which was acquired by Acrisure, a global fintech leader, in 2023.
The adoption of Expert Insured reflects NECS’s dedication to staying ahead in a rapidly evolving insurance landscape. With this platform, the NECS team gains powerful tools to streamline submissions, reduce manual processing, and respond to brokers faster—without compromising underwriting discipline.
“We spent months evaluating nearly every platform on the market. Expert Insured was the only one that truly understood how MGAs operate and what we need to succeed,” said Robert Mangi, President of NECS. “We’re excited to be live on a system that reflects our vision for the future faster, smarter, and built for the way business really works.”
Expert Insured offers MGAs a fully integrated solution for policy management, workflow and task management, broker relationships / CRM, and accounting all in one system. For NECS, the platform allows for cleaner handoffs across teams, real-time visibility into submissions and quotes, and fewer delays in responding to agent partners.
“We’re thrilled to have NECS join the Expert Insured platform,” said Spencer McDonald, CEO of Expert Insured. “We’ve built a system for the next generation of MGAs designed to meet the speed and complexity of today’s market while supporting the unique workflows and needs of every team.”
The launch marks a new chapter for NECS as it continues to expand its footprint and product offerings. By adopting Expert Insured, the agency positions itself at the forefront of digital innovation in wholesale insurance, ensuring it can adapt and lead in an increasingly tech-driven environment.
Optalitix launches Model Monitoring to transform insurance pricing oversight
UK-based InsurTech firm Optalitix has launched Model Monitoring, a new feature for its flagship Optalitix Models platform, offering real-time tracking and analysis of insurance pricing models.
The tool allows insurers to monitor model usage, detect anomalies, and optimise performance, resulting in faster quote generation and more accurate pricing.
Model Monitoring supports all major modelling formats, including Excel, Python, and R, and will be available to clients on a self-service basis from July 2025.
The upgrade also delivers a 70% boost in model performance speed, powered by integration with Google Cloud’s system tracking technology.
Optalitix product manager Ricky Jayes said, “This change is groundbreaking for our clients, giving them far deeper insight and awareness of the performance of their entire model estate.”
Optalitix founding director Dani Katz said, “We believe the inclusion of a single source for model monitoring for insurers’ entire model estate, including their Excel, Python, and R models, is a world first. Optalitix is committed to providing groundbreaking technology to help insurers manage their advanced model estates.”
Tietoevry Banking partners with Finance Innovation to boost Norwegian FinTech innovation
Tietoevry Banking has officially joined NCE Finance Innovation, a key Norwegian FinTech cluster, in a move designed to drive innovation, collaboration and digital transformation across the financial sector.
The partnership aims to enhance knowledge-sharing among industry players.
Finance Innovation is a nationally recognised cluster supported by Innovation Norway and focuses on uniting finance and technology stakeholders across the country. The collaboration is expected to strengthen the national role of Finance Innovation as a hub for customer-led transformation, while also advancing the reputation of the financial sector as a dynamic and attractive career destination for tech professionals.
Tietoevry Banking acting managing director Mario Blazevic said, “We want to contribute to strengthening Finance Innovation’s role as a leading national arena for customer-driven innovation and transformation, helping the financial sector enhance its competitiveness and reputation as an attractive workplace for anyone passionate about technology.”
Finance Innovation CEO Rea Parashar welcomed the partnership, highlighting the strategic value that Tietoevry brings to the cluster. Rea Parashar said, “Tietoevry Banking is a valuable addition to the cluster ecosystem at Finance Innovation. With its broad expertise, extensive experience, and international network, this collaboration can unlock significant benefits for both society and the business community which aligns perfectly with our mission as an industry cluster.”
Tietoevry Banking employs around 3,400 FinTech experts globally, with 1,500 based in Norway across key cities including Bergen, Trondheim, Mo i Rana and Oslo. The company plays a central role in accelerating digital innovation in the region and sees this new partnership as a means to both contribute and learn.
Blazevic said, “The pace of digital innovation and transformation in Norway must increase, and the financial sector is a key catalyst in this effort. With our strong presence both in Norway and internationally, we at Tietoevry Banking are committed to sharing our expertise and experience to help Finance Innovation strengthen its national role, says Mario Blazevic, adding that the partnership will also be an important learning platform for employees.
“Those of us working in technology can never claim to be fully trained. We must continuously evolve, stay on top of trends, and find ways to convert them into lasting value for customers and society. The collaboration with Finance Innovation will be crucial for strengthening our regional presence
Client executive Sveinung André Gundersen underlined the importance of Tietoevry’s open, modular platform in enabling innovation within the FinTech ecosystem. Sveinung André Gundersen said, “Because our systems are based on open and modular solutions, this network will allow us to further strengthen the ecosystem of partners driving innovation and development. We believe and hope that this partnership with Finance Innovation will be a catalyst for further growth and innovation for Tietoevry Banking in the Bergen region — and that it will inspire innovation in other regions as well.”
Tietoevry Banking is a major provider of financial SaaS services across the Nordics and globally. Its suite of offerings spans digital banking, payments, card management, lending, wealth management and fraud prevention. With clients in over 60 countries, the company supports banks and financial institutions in adapting to market demands, complying with regulations, and enhancing customer experiences through secure, scalable technologies. It is part of the wider Tietoevry group, which generates annual revenues of around €3bn and is publicly listed in Helsinki, Stockholm and Oslo.
Lokalbank partners with Tietoevry Banking to power digital transformation
Tietoevry Banking has entered into a long-term partnership with Lokalbank, a network of 16 independent Norwegian banks, to deliver a tailored banking platform for the Norwegian market.
The partnership aims to support Lokalbank’s mission of fostering local community growth through the adoption of a future-ready digital platform. The solution is designed to streamline operations, enhance customer experience, and improve operational efficiency through automation and modernised digital workflows.
Tietoevry Banking brings to the table its full-service technology stack, which includes core banking capabilities, online and mobile banking, payment systems, card services, and anti-financial crime solutions. Built on industry-standard architecture, the platform ensures compliance, security, and rapid deployment.
Lokalbank serves approximately 250,000 private and corporate clients across Norway. By adopting Tietoevry’s platform, the collaboration will benefit from reduced complexity and a more cohesive user experience. Employees will be better positioned to focus on advisory services, thanks to the automation of routine processes.
The five-year agreement, with an optional extension of two plus two years, establishes a structured collaboration framework between Lokalbank, Tietoevry Banking, and the Frende Group. The Frende Group, of which Lokalbank and Sparebanken Norge are key members, includes banks that distribute insurance from Frende Forsikring and partner with Brage Finans and Norne Securities. The framework also enables additional banks to join the group under favourable technology terms.
As part of the deal, Tietoevry Banking will oversee the migration of Lokalbank to its modernised core platform using a phased approach. This process will include clearly defined roles and a strong governance structure to ensure a smooth transition and enable the development of next-generation digital banking capabilities.
Frende Group CEO Stine Neteland highlighted the strategic alignment of the group, stating that having all Frende banks unified under one technology provider opens up significant opportunities for future development and seamless user experiences across their shared ecosystem.
Lokalbank CEO Bent R. Eidem said, “The agreement with Tietoevry Banking provides Lokalbank with a unified technology platform that streamlines operations across the collaboration. Digital workflows and user-friendly tools free up employees to focus on advisory services and sales. Combined with a modern digital interface, this enhances the overall customer experience. Altogether, the partnership with Tietoevry Banking strengthens our banks competitive position.”
Tietoevry CEO Endre Rangnes said, “Being chosen by Lokalbank as a strategic partner is a strong vote of confidence. Our end-to-end technology platform, built on industry-standard architecture, enables cost-efficient banking while meeting high demands for quality and security. Through the delivery of a full-service solution, Lokalbank benefits from significantly simplified integration and faster time-to-market.”
Frende Group CEO Stine Neteland added, “This new technology partnership with Tietoevry Banking enables Lokalbank to offer customers a seamless user experience across banking services and product companies within the Frende network. Combined with lower operational complexity and strong digital interfaces, Lokalbank becomes a highly attractive partner in the Norwegian market.”
Tietoevry Banking acting CEO Mario Blazevic said, “Tietoevry Banking will migrate Lokalbank to its modernised core banking platform using a proven framework that emphasizes strong collaboration, clearly defined roles, and effective meeting structures—ensuring a step-by-step, well-managed transition. This partnership also opens up new opportunities for developing next-generation digital banking services.”
Frende Group CEO Stine B. Neteland said, “We have signed an agreement that enables new members to join the Frende Group directly and benefit from a highly competitive technology deal. Our goal is to remain a collaboration that supports independence while accommodating the diverse needs of different banks.”
Neteland concluded, “That’s why it is especially gratifying that all Frende Group banks are now aligned with the same technology provider. This gives us unique opportunities to further develop our banks, product companies, and deliver outstanding user experiences across our shared ecosystem.”
Cork InsurTech Kayna accelerates global growth with embedded insurance model
Kayna, a Cork-based InsurTech, has announced plans to create 13 new jobs as it expands into the US and UK insurance markets.
The news was shared during a visit from Robert Troy, Minister of State for Financial Services, who met with Kayna CEO Paul Prendergast to discuss the company’s international growth strategy and Ireland’s role as a hub for FinTech innovation.
Founded in 2021 by Paul Prendergast and Peter Bermingham, Kayna delivers embedded insurance solutions for small businesses in sectors such as construction, hospitality, and legal services. The platform enables SMEs to access tailored coverage directly through the software tools they already use. In the US alone, 40% of SMEs are uninsured, highlighting a significant market gap Kayna aims to address.
Prendergast said. “The opportunity is huge. Embedded insurance is forecast to account for 15pc of the global insurance market, worth $1.5 trillion, within a decade. Kayna’s goal is to lead from the front, and to do so from Cork.”
The company is backed by €1m in funding and has secured a major partnership with global broker Willis Towers Watson to support its expansion. Recruitment will focus on software engineers and business development staff, with all roles based in Cork.
Parametrix unveils $2m embedded insurance product for EDR system failures
Parametrix, a pioneer in digital business interruption insurance, has launched a new embedded coverage programme aimed at safeguarding businesses from disruptions triggered by endpoint security failures.
The introduction of this new insurance product comes in the wake of rising demand for improved risk mitigation following high-profile outages.
Notably, the global CrowdStrike incident in July 2024 highlighted the vulnerabilities within Endpoint Detection and Response (EDR) platforms.
As these systems become more central to digital operations, the consequences of their failure have grown more severe, prompting calls for better contingency solutions.
Founded to address the gaps in digital continuity, Parametrix offers parametric insurance products that enable rapid, transparent compensation in the event of technology downtime. By focusing on measurable service interruptions, the firm provides a unique and scalable approach to mitigating digital business risk.
The newly launched embedded coverage product is designed to offer up to $2m in financial protection per client when EDR systems experience failures that halt operations. The programme is exclusively available through selected EDR providers, who will offer it as a value-added warranty for their premium customers. To be eligible, businesses must have at least 100 protected endpoints.
This move is intended to build confidence in EDR platforms by ensuring clients are financially covered should their cybersecurity systems unexpectedly malfunction. By embedding coverage directly within the service package, Parametrix simplifies insurance access while reinforcing trust in digital infrastructure.
The product’s launch further strengthens Parametrix’s leadership in the InsurTech space, especially in the niche of parametric insurance. It reflects the company’s commitment to helping businesses navigate the complexities of digital risk with precision and speed.
WealthTech firm Seeds lands $10m Series A to transform personalised investment experience
Seeds, a US-based WealthTech company focused on modernising investment experiences for financial advisors, has raised $10m in a Series A funding round.
The round was led by global FinTech investor Portage, with additional backing from existing investors Social Leverage and Blank Ventures.
Seeds offers an end-to-end platform designed to help registered investment advisors (RIAs) deliver a more human and client-centric investment journey. By aligning portfolios with investors’ personal values and financial goals, Seeds enables advisors to streamline operations while creating a tailored experience for each client.
The new capital will fuel product innovation, team expansion, and go-to-market efforts, including the rollout of a refreshed brand identity. Seeds plans to enhance its core offering across the full investment lifecycle—allowing advisors to gather client preferences, generate tailored proposals, implement strategies, and communicate insights in a unified system.
To support its growth, Seeds has made strategic hires across product, development, sales, marketing, and customer success.
The latest funding brings Seeds’ total capital raised to over $15m since its launch in 2020.
Portage partner Stephanie Choo said, “Seeds’ vision to confront norms that hold advisors back aligns with our desire to drive meaningful change in wealth management.
“Traditional operational complexity, combined with increasing customer demand for portfolio personalization, is a misalignment that starves advisors’ growth. We’re confident Seeds is uniquely positioned to transform the outdated, transactional, and disconnected investment management experience into one that powers advisory firms of the future.”
Seeds CEO Zach Conway said, “Portage’s vision of the future mirrors our own. This investment demonstrates a mutual commitment to build new tech that actually helps advisors deepen relationships rather than keep them entrenched in legacy tech that forces them to stay behind the scenes. We’re thrilled to join Portage’s vast network of like-minded financial services and technology companies working toward a better future.”
Wagestream secures £300m in debt funding to scale financial wellbeing loans
Wagestream, a UK-based FinTech firm specialising in financial wellbeing solutions for employees, has secured a £300m debt financing facility from global banking giant Citi.
The financing will support the expansion of Wagestream’s Workplace Loans product, which was launched in late 2024 through an early access programme. The product has already been adopted by thousands of users, and the funding will allow the company to scale it further across its UK membership base.
Wagestream offers financial tools aimed at improving employee wellbeing by helping them manage their pay, budget in real time, and access coaching and savings support. The firm’s Workplace Loans are uniquely structured to align with varying income schedules rather than traditional monthly cycles, with repayments made directly via payroll deductions. The loans are also designed to be transparent, with no hidden fees, and carry interest rates starting as low as 5.9% APR. The average representative APR is expected to range between 13.9% and 16.9%.
With the new facility, Wagestream plans to invest further in its Workplace Loans offering, making it more widely accessible to UK employees. The firm also aims to continue innovating within its platform to ensure users can build long-term financial resilience.
Currently, Wagestream’s services are available to over three million employees through more than 2,000 organisations. The platform processes over 10 million transactions each month and facilitates more than £2.5bn in payments.
Wagestream co-founder Portman Wills said, “In just a short period, we’ve seen significant uptake and positive feedback from our members benefiting from fair, accessible credit. This credit facility will allow us to scale our offering dramatically, reaching more employees, with an alternative to the high interest loans offered by traditional financial institutions.”
Adobe and Antom Forge Strategic Partnership to Empower Digital Creativity with Seamless Payment Access Across Asia
Adobe and Antom, a leading provider of unified merchant payments and digitisation solutions under Ant International, today announced a strategic partnership to launch an optimized payment experience and tailored digital marketing offerings for Adobe’s customers across Asia.
“At Adobe, we’re always looking to deliver elevated and localized experiences for our customers. As our base of customers in Asia fast expands, we’re excited to announce our partnership with Antom to integrate localized payment options for our customers and unlock new growth opportunities in the various markets we’re expanding with Antom into,” said Matt Wegner, Vice President, Global Payments, at Adobe.
Adobe will integrate localized payment solutions to strengthen its global footprint with its user-centric approach. Leveraging Antom’s comprehensive acquiring network, advanced payment technology and broad local payment method coverage across Asia, this partnership will help Adobe optimize transaction flows, increasing conversion rates, and ensuring fast, secure and cost-effective payment settlement.
In the first phase of the collaboration, 8 new alternative payment options will be rolled out across 8 key Asian markets, including AlipayHK (Hong Kong SAR, China), DANA (Indonesia), GCash (the Philippines), Kakao Pay (South Korea), Momo (Vietnam), PayPay (Japan), Touch ‘n Go (Malaysia) and True Money (Thailand). Moving forward, both companies may explore opportunities to introduce additional payment methods to include credit cards, bank transfers, digital wallets, and more.
“We are excited to collaborate with Adobe, a pioneer in leveraging AI to enhance creativity and productivity for its users. Through this partnership, we aim to make Adobe’s advanced tools more accessible to a broader customer base in high-growth markets. Adobe’s AI strategy aligns closely with our commitment to supporting merchants with unified payment solutions powered by AI, and we look forward to driving greater synergy together,” said Gary Liu, General Manager of Antom, Ant International.
Beyond payments, the two parties will explore opportunities to introduce Adobe into Antom’s A+ Rewards, an in-App digital marketing platform powered by privacy-preserving computing and AI technologies. It connects brands with hundreds of millions of e-wallet users by embedding with leading e-wallets in Asia. This collaboration is expected to help Adobe improve customer acquisition and engagement through targeted campaigns integrated into users’ everyday digital payment experiences.
“We work with global industry leaders to enhance their presence and advance digital innovations in Asia and beyond, and the partnership with Adobe is part of that effort. We look forward to enabling professionals and enterprises, especially small businesses, to adopt cutting-edge technology and fully unlock their potential,” Liu added.
Overall, the Antom-Adobe partnership will enhance accessibility to creative professionals, businesses and educational institutions, helping them leverage Adobe’s products with greater flexibility. Region-specific payment options built on Antom’s robust payment infrastructure will allow Adobe to respond to the evolving needs of customers in the Asia market via an omnichannel marketing approach that will deploy curated offers and content that is supported by their most preferred payment methods.
Orion180 launches FLEX Home Insurance to empower Florida homeowners with customisable coverage
Orion180, a leading provider of flexible, customer-focused homeowners and flood insurance solutions, has launched its new FLEX Home Insurance product across 14 coastal counties in Florida.
The launch comes in response to Florida’s escalating insurance crisis, driven by frequent hurricanes, flooding, and other natural disasters.
Homeowners in the state face some of the highest insurance premiums in the US, with an annual average of $5,340, according to data from Bankrate.
Despite this, 18.1% of homes in Florida remain uninsured, placing it among the top ten states with the highest rates of uninsured properties. Miami-Dade, in particular, stands out as the most at-risk county nationwide.
Orion180 provides innovative, customer-centric insurance solutions that are designed to address gaps in traditional home and flood coverage. Its mission is to offer flexible and transparent insurance products that adapt to homeowners’ individual needs and financial circumstances.
The new FLEX Home Insurance product empowers Florida homeowners to tailor their insurance policies according to their specific risk tolerance and budgets.
FLEX allows users to customise coverages and select from a variety of deductibles and co-payments, giving them greater control over how they manage both upfront and long-term costs.
Beyond basic coverage, FLEX includes several features aimed at rewarding and protecting policyholders. Homeowners with a claims-free history may qualify for a bonus of up to 100% of their first-year premium.
Additionally, the product includes a rate-locking feature, enabling customers to extend their policy terms and protect themselves from rising insurance rates.
FLEX is now available through a network of select insurance agents across 14 coastal counties in Florida, including Miami-Dade, Broward, Palm Beach, Hillsborough, Pinellas, Lee, Sarasota, Manatee, Brevard, St. Lucie, Collier, Martin, Charlotte, and Indian River.
Orion180 CEO Ken Gregg said, “Standard home insurance policies are outdated for today’s consumer, and a lot of time do not align with the individual’s budget and interest. FLEX gives homeowners the power of choice. The policy is flexible and allows consumers to choose coverages that fit their individual needs and budget.”
FinTech Wales welcomes Aviva as new partner to strengthen InsurTech collaboration
Aviva, one of the UK’s leading insurance and financial services firms, has partnered with FinTech Wales to foster innovation, support collaboration, and strengthen the FinTech and InsurTech sectors across the nation.
Aviva joins an impressive roster of partner members including Barclays, The Royal Mint, Go.Compare, Confused.com, Admiral, Starling, Hodge, Principality and Monmouthshire Building Societies, Veeqo and Future Finance, according to FF News.
By becoming a partner of FinTech Wales, Aviva is deepening its involvement in the Welsh FinTech community, fostering innovation, and supporting the development of disruptive financial technologies.
Aviva has long been recognised as a stalwart in the insurance and financial services industry, providing a broad range of products to millions of customers in the UK.
Its operations increasingly focus on innovation through partnerships with emerging technology companies, with a view to accelerating digital transformation and future-proofing services.
FinTech Wales, founded in 2019, supports over 160 businesses both in and outside of Wales.
The organisation is committed to promoting innovation, growth, and cross-sector collaboration across the financial services and technology spectrum. Its core mission is to position Wales as a global leader in FinTech by facilitating connections between startups, established firms, academic institutions, and public sector entities.
Aviva’s collaboration with FinTech Wales predates the formal partnership. In November 2024, the insurer was headline sponsor of the FinTech Wales Investment Conference, underlining its early commitment to supporting local innovation and investment.
This sponsorship served as a catalyst for deeper engagement and has now evolved into an official strategic partnership.
As part of the partnership, Aviva aims to contribute its industry expertise to the FinTech Wales community, while also gaining insights from the Welsh FinTech and InsurTech scene. The relationship is poised to open new doors for startups and entrepreneurs seeking to collaborate with an established market leader.
Sarah Kocianski, CEO of FinTech Wales, said, “Aviva joining FinTech Wales as a partner highlights the strength and potential of our ecosystem. Its presence will not only add to the wealth of expertise within our community but also create new opportunities for collaboration for innovative fintechs. Partnerships like this are key to the continuing growth and evolution of the Welsh fintech industry, and we’re excited to see the impact Aviva will have as we continue to champion Wales as a hub for fintech excellence.”
Arslan Hannani, group innovation director at Aviva, said, “We’re delighted to work with Fintech Wales and strengthen our relationships with businesses in this growing sector. The partnership will allow Aviva to explore innovative ideas and solutions with the Welsh FinTech community and help businesses get ready for the future.”
Temenos reveals GenAI’s transformative impact on the banking sector
In a comprehensive survey conducted by Hanover Research for Temenos, a leading provider of banking technology, it was revealed that a significant majority of banks are actively exploring the deployment of GenAI to enhance their operational efficiencies.
The survey, which polled 420 business and technology leaders within the financial services sector, underscores the growing interest in GenAI’s potential to revolutionise various facets of banking operations.
The findings indicate that 75% of banks are exploring GenAI deployment strategies, with 36% already in the deployment phase or in the process of deploying the technology, and an additional 39% evaluating potential deployment opportunities. The driving force behind this surge in interest is the desire to enhance operational efficiency, improve customer experience, and fuel business growth. Notably, nearly half (43%) of the banks already involved with GenAI plan to increase their investment in the technology over the coming year.
Despite the enthusiasm, there are significant concerns regarding GenAI among the banking community, particularly related to data protection, with 86% of respondents highlighting it as a major issue. Other concerns include compliance with legal requirements, cited by 60% of respondents, and the risk of GenAI generating inaccurate results, known as ‘hallucinations’, which worries 59%.
Isabelle Guis, Chief Marketing Officer at Temenos, commented on the survey’s outcomes: “This survey highlights both the enthusiasm and challenges banks are facing as they explore GenAI. There’s huge potential for GenAI to enhance efficiency, address operational challenges, and elevate the customer experience. However, concerns around data privacy, legal requirements and accuracy remain top of mind. GenAI is not a silver bullet banks also need to balance a human touch in the process to ensure that interactions remain differentiated and build trust with their customers.”
Looking to the future, a substantial 73% of survey participants believe that Agentic AI AI systems capable of making decisions and taking actions independently will be transformative for the banking industry. As part of its commitment to fostering this technological evolution, Temenos has embraced flexible deployment options, enabling banks to implement its GenAI solutions across cloud, SaaS, or on-premises infrastructure. Temenos also announced a significant collaboration with NVIDIA to enhance the performance of on-premises GenAI, ensuring superior speed, precision, and data privacy.
Foliume raises $1m seed round to enhance AI-driven insurance distribution
Foliume, which specialises in automating insurance processes, has secured a $1m seed funding round led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica.
The round also saw participation from key figures in insurance distribution and technology, according to InsurTech Insights.
The fresh capital will be used to enhance product development and support the European expansion of Foliume’s AI assistants.
These tools are designed to improve efficiency for brokers, agents, and bancassurance teams by streamlining processes such as quotes, policy renewals, and customer service.
Foliume is focused on tackling long-standing inefficiencies in the insurance sector. Traditional intermediaries often struggle with cumbersome workflows, from manually comparing quotes to handling slow policy renewals.
The company’s AI-powered automation aims to eliminate these bottlenecks, reducing quoting and renewal times from hours to minutes. By handling repetitive tasks such as form-filling and policy comparisons, the platform allows brokers to concentrate on high-value activities like client advisory and closing deals.
The funding will accelerate Foliume’s European expansion and improve its AI capabilities. The company plans to enhance its AI engine, introduce client-requested features, and establish strategic partnerships in key markets.
The goal is to further optimise insurance distribution by making quoting and policy renewal processes faster and more accurate.
Foliume’s platform is designed to integrate seamlessly into existing brokerage operations. It automates the quote-gathering process by aggregating and comparing offers from multiple insurers, accessible via WhatsApp, email, or API.
Additionally, its AI reduces human errors by auto-filling forms and validating data across documents. The system also streamlines policy renewals by automatically re-rating policies and identifying the best available alternatives.
Unlike general-purpose AI models, Foliume’s technology is tailored specifically for insurance, ensuring precise interpretation of industry terminology, coverage details, and underwriting rules.
This level of specialisation allows the AI to deliver more accurate outputs, such as risk evaluations and quote suggestions, improving efficiency and reliability for brokers.
Foliume CEO Martín Fagioli highlighted the company’s mission, stating, “Insurance intermediaries have been stuck with time-consuming processes for too long. Our AI assistants handle the repetitive work – from filling out forms to comparing policies – so brokers can focus on what really matters: advising clients and delivering a great customer experience.”
Pitchdrive Founder and Managing Partner Koen Christiaens expressed confidence in Foliume’s potential, saying, “We backed Foliume because they’re solving a real and urgent problem in the insurance industry. The team has built an innovative SaaS platform that helps brokers modernise their operations, drive efficiency, and unlock new revenue streams. Their rapid growth, strong customer engagement, and clear expansion roadmap showed us a business with both momentum and long-term potential. It’s exactly the kind of B2B SaaS company we love to support at Pitchdrive.”
Augusto Pérez Arbizu, corporate director of risk and insurance at Telefónica, highlighted the strategic importance of the investment, stating, “The investment in Foliume is part of our commitment to driving digitalisation and innovation in the insurance sector. Through this partnership, we not only support the industry’s digital transformation, but also provide insurance professionals with tools that enhance their productivity and effectiveness.”
With this latest backing, Foliume is poised to revolutionise insurance distribution by making it faster, more accurate, and more seamless.
Tietoevry and Version 1 join forces to transform European banking digitalisation
Tietoevry Banking and Version 1 have announced a strategic partnership aimed at accelerating the digitalisation of European financial institutions.
By combining Tietoevry Banking’s robust SaaS offerings with Version 1’s expertise in modernising banking systems and their specialism in AI compliance, ethics, and risk management, this alliance is poised to transform the digital landscape of banking across Europe.
The collaboration is driven by the need to equip banks with the necessary tools to thrive in a rapidly evolving digital environment. European banks are currently facing a crucial period of transformation, where adapting to changing market demands and customer expectations is vital for survival and growth. This partnership promises to deliver secure, resilient, and agile financial services by leveraging a flexible software ecosystem that can quickly respond to these changes.
Tietoevry Banking brings to the table decades of experience in delivering financial software that has been crucial in the digitalisation of tier-1 banks, especially in the Nordics. The company’s modular SaaS solutions have been instrumental in helping financial institutions enhance customer personalisation, optimise digital channels, and maintain rigorous regulatory compliance.
On the other hand, Version 1 offers a wealth of experience in digital transformation, having engaged in significant projects with banks in key markets like the UK, Ireland, and Spain. Their expertise is expected to complement Tietoevry’s offerings by introducing enhanced AI capabilities and innovative solutions for fraud prevention and financial crime monitoring.
The partnership strategically targets growth in the UK, Ireland, and Spain, aiming to provide European banks with access to top-tier fraud prevention and financial crime solutions. Additionally, it will bolster capabilities in the card value chain, focusing on modular and industrialised card issuing and production solutions.
A key aspect of the partnership is its commitment to fostering a culture of innovation and collaboration. This environment enables banks to not only keep pace with technological advances but to lead in delivering modern, customer-centric experiences. By combining Tietoevry’s leading-edge SaaS solutions with Version 1’s industry-leading expertise, the partnership equips financial institutions to navigate the digital landscape effectively.
Tietoevry Banking managing director Endre Rangnes said, “Our 50 years of experience in financial software has taught us how to help banks thrive in a time of accelerated change. Our modular SaaS solutions empower financial institutions to drive domain transformation while continuing to run their core business effectively. Partnering with Version 1 allows us to extend these capabilities to more European banks, helping them build resilience, amplify efficiency, and deliver superior customer experiences.”
Version 1 head of private sector sales Martin McDonagh added, “We evaluated several partners to find the right strategic fit and identified Tietoevry Banking as an ideal match for our ambitions. We have already engaged in promising discussions with banks in the UK, Ireland and Spain, and we’re excited to see this partnership gain further momentum in these key markets.”
Flagright secures $4.3m to enhance AI-native AML solutions in FinTech
Flagright, an AI-native AML compliance platform, has announced the successful closure of a $4.3m seed funding round.
This financial boost aims to propel the development of Flagright’s solutions and support its international expansion. The funding round was spearheaded by Frontline Ventures and included investments from a group of distinguished angel investors.
The company specializes in utilizing AI to tackle financial crimes, a critical need in today’s tech-driven financial landscape. Historically, financial institutions have faced challenges such as the notorious $25m fraud incident in Hong Kong, involving deepfake technology. Such incidents underscore the growing sophistication of financial fraud, which increasingly involves AI technologies. Reports indicate that in 2023, deepfake usage in FinTech surged by 700%.
Flagright was founded in 2022 by Baran Ozkan and Madhu Nadig after they identified a gap in the market for effective, efficient, and high-quality financial compliance services. The founders aimed to create a solution robust enough to meet their own high standards as consumers. The platform initially focused on real-time transaction monitoring but has since evolved into a comprehensive suite of AML compliance tools, thanks to advancements in AI and machine learning language models (LLMs).
Today, Flagright offers an innovative ecosystem that includes dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening. It boasts integration with top-tier data providers like LSEG and Dow Jones, ensuring its compliance capabilities are second to none. The platform is renowned for its banking-grade reliability, delivering 99.99% uptime and real-time data processing in under 700ms. According to user feedback, Flagright has significantly reduced false positives by 93% and decreased manual monitoring efforts by 87%.
With the new funds, Flagright is set to further accelerate its product innovation and global expansion. The company is also introducing a new product family, AI Forensics, which aims to revolutionize compliance workflows in screening, monitoring, governance, and quality assurance. The AI Forensics for Screening tool has already shown promising results, reducing false positives by 93% and cutting down alert investigation times by 80%.
Flagright CEO Baran Ozkan expressed enthusiasm about the funding, stating, “This investment not only validates our vision but also equips us to scale new heights in AI-powered compliance solutions.”
Previously, Flagright had garnered support from influential investors like Y Combinator, Pioneer Fund, and Moonfire Ventures, who have reaffirmed their confidence in the company’s direction by contributing to the latest funding round.
Vanquis Banking Group teams up with FinScan to boost AML capabilities
Vanquis and FinScan, a leading provider of AML compliance solutions from Innovative Systems, have entered into a partnership.
Vanquis Banking Group is known for its dedicated approach to responsible lending within the financial industry, whereas FinScan specializes in advanced AML compliance technologies that aid in enhancing operational efficiencies and customer transparency.
The driving force behind this collaboration is to further strengthen Vanquis’s AML procedures and overall financial crime risk management strategies. By integrating FinScan’s cutting-edge technology, Vanquis aims to enhance its capabilities in monitoring and managing financial crime risks effectively.
FinScan stands out in the market for its unified platform that supports both real-time and retrospective name screening. This technology allows banks to centralize their AML processes, which is crucial for improving operational efficiency and extending customer visibility. FinScan’s advanced, customizable matching technology not only delivers higher accuracy and scalability but also incorporates diverse data sources to facilitate more comprehensive risk assessments.
The partnership is poised to significantly advance Vanquis’s resilience against financial crimes, reinforcing its commitment to customer-centric innovation. FinScan’s solutions are tailored to meet specific banking needs, such as simplifying simulation matching for KYC onboarding and ongoing monitoring, which are essential for maintaining high standards of compliance and operational efficiency at Vanquis.
Paul Blackmore, head of financial crime at Vanquis Banking Group, emphasised the importance of the partnership, stating: “At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending. Partnering with FinScan allows us to harness advanced technology that aligns with our business goals. Its scalability, configurability, and centralized capabilities make it the ideal solution to optimize our AML processes and support our growth.”
Steve Maul, chief revenue officer at Innovative Systems, Inc., also commented on the collaboration: “Unlike off-the-shelf solutions, FinScan offers tailored AML compliance capabilities designed to meet the bank’s specific needs, including simplifying simulation matching for KYC onboarding and monitoring. This partnership marks a significant step forward in further strengthening the bank’s resilience against financial crime while maintaining its unwavering commitment to customer-centric innovation.”