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This Week in Fintech: TFT Bi-Weekly News Roundup 13/12

It’s The Fintech Times Bi-Weekly News Roundup on Tuesday 13 December 2022. Bringing you news of funding success for 9fin and Younited. Plus a new role for Innovate Finance chair Louise Smith.

Funding and investments

European fintech Novicap has raised a €200million debt facility from asset manager Fasanara Capital. The capital raise enables Novicap to further accelerate its growth. It will also be used to bolster its credit portfolio and support the development of new market-leading solutions for its customer base.

Consumer credit and payment platform Younited has bagged €60million to expand its offering in Europe and reach unicorn status. Backers include Eurazeo, Crédit Mutuel Arkéa, Bpifrance and Goldman Sachs. The fundraising helps the company continue the deployment of its instant credit and open banking solutions and the development of its partnerships activity in all its geographies.

Pathzero has secured AU$8.6million in a Series A+ round, led by Carthona Capital with participation from Clyde Bank Holdings, Antler Australia as well as individual investors. The Australia-based startup helps measure and manage corporate and financed emissions.

9fin, an analytics platform for debt capital markets, bags a $23million Series A+. Investors including Spark Capital, Redalpine, AI Seed, Seedcamp, 500 Startups and Ilavska Vuillermoz Capital joined the round. Spark Capital general partner Alex Finkelstein also joins 9fin’s board. The new capital will help scale the 9fin team, grow its presence in the US market as well as expand its product into new asset classes.

Moove, the mobility fintech, is raising $30million from a debut sukuk issuance arranged by Franklin Templeton Investments in its mission to build the largest EV ride-hailing fleet in the MENA region. Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year.

Funding roundup

Partnerships

Temenos has revealed that a ‘leading US financial institution’ has extended its relationship with the company to include its international private banking business. The Temenos wealth management platform will support the bank’s strategic transition to a cloud-based core banking system and help drive growth in Europe and APAC.

Blue dot, a tax platform, has forged a strategic alliance with KPMG Germany. Through this alliance, KPMG Germany can offer the Blue dot Taxable Employee Benefits (TEB) solution directly to its clients. The Blue dot tax products suite is unique for its ability to process and read receipt images in combination with other records retrieved from other source systems.

CoinCorner partners with Bitnob to facilitate cross-border transactions from UK and Europe to Africa. Following the partnership, CoinCorner customers can now ‘Send Globally’ using Bitcoin and the Lightning Network. Every year, approximately £12billion is remitted from the UK and Europe to Nigeria, Kenya and Ghana, according to World Bank Open Data.

Bitso, a cryptocurrency platform in Latin America, has teamed up with chat-based remittance provider Félix Pago. The partnership serves up ‘cheap, fast, and intuitive’ remittance payments from the US to Mexico. Through Félix Pago’s WhatsApp integration, users can send funds internationally within 45 seconds. Since launching in June 2022, Félix Pago sends more than $500,000 monthly and also experienced 60 per cent monthly growth.

There’s also a partnership for Paycell, Türkiye’s next-generation digital payment platform, and Nium, the platform for global money movement. The partnership makes life easier for Paycell users to perform international money transfers.

partnerships

Additional partnerships

Fintech Geidea has partnered with Magnati to enable merchants to provide seamless customer experiences in Magnati MetaV – the first metaverse marketplace in the MENA region. The virtual platform gives people  a visual and sensory experience as they shop, learn, play games, attend events and more online.

TOGGLE AI, the intelligent investing dashboard, has unveiled its first direct trading integration in partnership with Interactive Brokers. Interactive Brokers account holders can now execute trades directly on the TOGGLE AI platform, while accessing the entire suite of tools offered by TOGGLE, such as AI news insights.

Mastercard has partnered with My Book Qatar to provide cardholders from across the world access to hundreds of local offers and discounts as part of its Priceless programme when they visit Qatar during December. The additional discounts and offers are provided through My Book’s ‘Discover & Save’ App.

Payit by NatWest, NatWest’s open banking payments solution, has partnered with Teneo to accelerate the digital transformation of its payments. Teneo is the first customer to use Payit by NatWest’s new functionality which incorporates Confirmation of Payee (CoP), providing insolvency creditors with quick and efficient payment process. The new functionality also eliminates the current need for manual verification on an individual’s bank account.

Clearstream has gone live with its Proxymity‘s digital proxy voting service, Vote Connect, across nine European markets. This digital proxy voting service connects issuers, intermediaries, and investors ensuring that investor communications are delivered in real-time.

Regulatory reporting software provider Regnology is selected by Bank of Lithuania as the technology enabler of the Data Management Maturity Programme (DAMAMA), the institution’s innovation initiative. he The bank’s goal is to transform its data management capabilities as well as establish a unified regulatory reporting platform.

Job moves

Louise Smith, chair of Innovate Finance, is also now chair of the board of directors for Stripe‘s UK entity. Smith was the first ever chief digital officer at Lloyd’s of London, and spearheaded efforts to transform Lloyd’s into an advanced digital insurance marketplace underpinned by data.

Xsolla, a video game commerce company, has appointed Berkley Egenes as chief marketing officer. Before his promotion, Egenes also held the position of VP of global marketing at Xsolla. Xsolla helps game developers and publishers fund, market, launch and monetise games globally.

Fintech DKK Partners opens a Ghana operation led by new director Sam Nti. The new operation, including an additional four full time staff, is based in The Atlantic Tower building at Airport City, in Ghana’s capital, Accra. The expansion comes following a record year of trading for DKK, with the company’s revenues rising to £63million.

Pat Brolly has joined J.P. Morgan Payments as EMEA head of acquiring platforms and rails in the payments and commerce solutions franchise. Brolly joined the firm in December and is based in London. Most recently, Pat led product for Visa Europe and the UK.

Blockchain tech unicorn Immutable appoints David Shin as its new head of business development for APAC and EMEA. Shin will focus on on onboarding game studios and developers across APAC and EMEA for the web3 gaming company. He joins from the Klaytn Global Group.

SteelEye, the compliance technology and data analytics firm, appoints Christopher Pennington as chief revenue officer. This new role will strengthen SteelEye’s customer engagement and commercial functions as the firm continues to scale globally.

Jobs roundup

More appointments

RBB Bancorp and its subsidiary Royal Business Bank, appoint Gary Fan as executive VP and chief administrative officer. Fan will oversee marketing and wealth management, and he is expected to manage operations in the New York and Chicago markets. He will also be focused on leading bank-wide initiatives including digital banking, new products and services, fintech and specialty banking.

Netcapital, a digital private capital markets ecosystem, appoints Arnold D. Scott to its board of directors. Scott will also serve on the fintech’s compensation, nominating and audit committees. Netcapital allows private companies to raise capital online and provides private equity investment opportunities to investors.

Archax, the digital securities exchange, has named Harold Duineveld as head of Europe. Based in Amsterdam, he will spearhead Archax’s presence across the EU as the company expands its regulatory applications within the region too.

Fenergo, a compliance solutions provider, hires former SunTrust (Truist) compliance executive Tracy Moore
as director of strategy in the Americas. Moore will oversee the development and execution of business strategy across Fenergo’s operations in North America, including those in the US, Canada and Latin America.

MENAT banking group Emirates NBD has reshuffled its group executive committee. Suvo Sarkar, group head of retail banking and wealth management is retiring and is succeeded by Marwan Hadi. Ahmed Al Qassim, currently group head of corporate and institutional banking, also expands his role to become the group head of wholesale banking. Ammar Al Haj is now group treasurer and head of global markets. Aazar Ali Khwaja and Neeraj Makin also take on new roles.

Company updates

The Saudi Central Bank (SAMA) has licensed Manafa – a finance company specialised in debt-based crowdfunding in the Kingdom. Manafa is a closed joint-stock company with a capital of SAR40million. The license was granted to the company after a successful trial run in SAMA’s Regulatory Sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia.

Banco Santander has opened new tech hubs in Malaga, Spain and in Warsaw, Poland to support business units. Together, they will employ some 1,400 professionals with backgrounds in science, technology, engineering and maths, who will contribute to the bank’s digital and business transformation.

Mastercard brings Apple Pay to its cardholders in Kuwait. Customers can also use Apple Pay on iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web.

mergers

M&As

TreviPay snaps up payment platform Apruve. Following its 30 per cent organic growth in 2022, the acquisition will advance TreviPay’s depth in the manufacturing industry and expand its existing order-to-cash technologies.

US fintech TradeSun has acquired Coriolis Technologies, an ESG data company based in the UK, to accelerate ESG-compliant trade. The acquisition is the first in TradeSun’s expansion plans, acting as a catalyst to fulfill its vision of seamless, digitalised and more sustainable trade flows that allow regions and their people to prosper.

Perwyn, the European private equity investor, has agreed to acquire VIXIO Regulatory Intelligence from Kester Capital. Perwyn will invest behind the VIXIO management team to further expand the depth of the intelligence platforms, increase geographic penetration, widen the product set and move into adjacent markets. As part of the transaction Gehan Talwatte joins VIXIO’s board of directors as independent chair.

 

Author

  • Claire works across print and online as Editor for The Fintech Times.

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