In The Fintech Times Bi-Weekly News Roundup on Thursday sees OCR Labs celebrate UK certification and Plenitude unveil a new Asia practice lead.
CWallet, a Qatar-based payment processing fintech startup, has partnered with M2P Fintech, the API infrastructure company, to enable prepaid and multi-currency cards in Qatar. This partnership is aimed at promoting financial technology intelligence, financial inclusion and services not only to the unbanked majority but also to Qatar residents, citizens and businesses.
Ondato will introduce its automated onboarding tool to customers of Radix Compliance following a partnership. The automated solutions from Ondato will be made available by Radix as part of their work with clients in order to raise the mitigation levels for businesses subject to specific AML regulatory requirements.
Know Your Customer and Hawk AI have also unveiled a partnership. By combining Know Your Customer’s digital onboarding and business KYC solutions with Hawk AI’s transaction monitoring capabilities, clients will have access to an integrated offering to centralise and harmonise the multiple and often complex elements of their AML programmes.
Meanwhile, Mastercard and Ravelin, a machine learning fraud platform, have joined forces to deliver an enhanced fraud solution. Incorporating digital identity verification capabilities from Ekata and real-time fraud insights from Ethoca, Ravelin will help merchants validate a consumer’s identity without adding friction to the process.
HSBC has launched a free fraud and cyber awareness app to help customers and non-customers protect themselves against cyberattacks. The app provides real-time warnings about emerging scams worldwide and can be downloaded from the Google Play and Apple App stores in Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Turkey and the UAE.
Sage, the accounting, financial, HR and payroll technology firm for SMEs has launched Sage Intacct in Namibia, Botswana and Mauritius. The cloud financial management solution provides finance teams with the insights and automation they need to keep pace with the demands of running a business in an ever-expanding digital environment.
Funding and investment
Smart money app Plum has kicked off its third crowdfunding round. Since its last crowdfund, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card. Plum has also grown its customer base to 1.4 million. It plans to use the new funding to accelerate its European expansion, refine its products and build an even faster, more cohesive app.
Zvilo, the credit-led digital bank for the Balkans, has secured a debt facility of €50million from Fasanara Capital. This debt facility helps Zvilo to rapidly scale and expand its provision of working capital for SMEs situated in the Balkans.
Axyon AI has completed a €1.6million funding round. The round, led by the Fondo Rilancio Startup, will support its international growth. Funds will also evolve Axyon IRIS, its flagship product that empowers asset managers with AI-powered market insights and investment strategies.
Hub71, Abu Dhabi’s global tech ecosystem powered by Mubadala, has appointed Ahmad Ali Alwan as deputy CEO. He was previously responsible for various functions at Hub71, including strategy, stakeholder management, finance, investor engagement and operations.
Investment bank Bryan Garnier appoints Jean-Malo Dupart as MD in the software investment banking team. He joins from Societe Generale. Bryan Garnier has advised on a number of fintech deals, including a private placement in Sweden’s Qred.
BlueSnap, the payment orchestration platform, appoints Anthony Carey to its EU board to further growth across Europe. BlueSnap plans to establish a highly-specialised EU based team, with a vast amount of industry expertise. Carey was previously board member and chairperson of the Dublin Funds Industry Association.
Meanwhile, cybersecurity consultancy S-RM names Kelly Rogers-Davison as its new CFO. She will ensure that the company’s financial strategy continues to support S-RM’s growing partnerships and clients. Kelly will also lend her expertise to expand S-RM’s operations internationally.
Plenitude, the risk and compliance firm, has appointed Mike Coates as its Asia practice lead and senior executive. His responsibilities include delivering Plenitude’s ambitious growth plans across Asia. Plenitude also recently announced a strategic investment from Growth Capital Partners (GCP) to accelerate global expansion.
Mergers and acquisitions
Stubben Edge acquires credit brokering intermediary Finpoint to broaden financial services offering. The deal, following approval by the Financial Conduct Authority (FCA), expands the UK fintech can provide brokers and IFAs to help them build a comprehensive proposition across insurance, loans, and cash for SMEs.
Singapore-based international insurtech bolttech has snapped up a majority shareholding in PT Axle Asia, an insurance broker in Indonesia. Axle Asia becomes a subsidiary of bolttech and will rebrand. Srinath Narasimhan, general manager for bolttech in Indonesia, oversees the growth of bolttech in Indonesia.
OCR Labs Global, the digital ID verification firm, has received official UK Government accreditation as a certified digital identity service provider. In addition to the UK accreditation, OCR Labs Global was the first private entity to be accredited under Australia’s digital identity trust framework and plans to achieve the Canadian ID certification by the end of 2022.