Exits

Accenture acquires NIKE Group to bolster its RegTech and compliance capabilities

Leading professional services firm Accenture has bought NIKE Group, an Italian consulting firm that provides regulatory technology services and solutions to financial services firms. The financial terms of the deal were not disclosed.

Digital identity startup Proxy acquires wearable technology company Motiv

Proxy is planning to make a big leap forward into how connected devices are being used by acquiring Motiv, the startup behind an internet of things (IoT) enabled ring.

FinTech CURO has closed a $100m credit faculty post-IPO to help it through the...

North American credit provider CURO has raised $100m in senior secured revolving credit faculty from Atalaya Capital Management, a private credit and special opportunities alternative investment manager.

SoFi acquires Galileo in $1.2bn deal

Online personal finance company SoFi has acquired financial services API and payments platform Galileo in a deal worth $1.2bn, comprising of cash and stock.

Safaricom, Vodacom acquire African payments company M-PESA in joint venture

Kenyan mobile network Safaricom and Vodacom, the South African division of Vodafone, have acquired phone-based money transfer service M-PESA.

RegTech Signicat acquires Connectis to strengthen its digital identity platform

Digital identity company Signicat has acquired Dutch digital identity specialist Connectis to create a stronger platform.

Acuant acquires former strategic partner IdentityMind

Identity verification solution developer Acuant has acquired its former strategic partner IdentityMind.

How the coronavirus will affect different segments of the FinTech industry

As COVID-19 rages on across the world, the affects on the FinTech segment of the economy is already letting itself be known.

FinTech unicorns and startups to face a coronavirus-created “vicious cycle” that could slash their...

The global COVID-19 outbreak could worsen business and funding conditions as well as changing private FinTechs’ exit options, according to a new report.

HouseCanary acquires an analytics and financial modelling platform

Property valuation platform HouseCanary has acquired Dropmodel, an analytics and financial modelling solution developer, for an undisclosed amount.
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Diverse week for FinTech as $1.1bn raised across 17 deals

Diverse week for FinTech as $1.1bn raised across 17 deals

It was a diverse week for FinTech funding, with deals closing across nine different countries.  There were a total of 17 FinTech funding rounds covered...
Sift enhances fraud insights with new metrics in industry benchmark tool

Sift enhances fraud insights with new metrics in industry benchmark tool

Sift, a leading AI-powered fraud prevention platform, has introduced significant updates to its Fraud Industry Benchmarking Resource (FIBR), a free online tool designed to provide key fraud metrics across various industries, geographies, and timeframes.
Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight acquires Cybersixgill in $115m deal to enhance cyber threat intelligence

Bitsight, a global leader in cyber risk management, has announced its $115m acquisition of Cybersixgill, a prominent cyber threat intelligence (CTI) provider. This strategic move...
FinCEN issues alert on deepfake fraud schemes targeting financial institutions

FinCEN issues alert on deepfake fraud schemes targeting financial institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.
change communication methods during a verification check.Some identity verification solutions may also flag possible attempts to circumvent verification checks, such as the use of third-party webcam plugins, which can let a customer display previously generated video rather than live video. Use of Deepfake Media in Phishing Attacks and Scams Criminals may also target financial institution customers and employees through sophisticated, GenAI-enabled social engineering attempts in support of other scams and fraud typologies, such as business email compromise (BEC) schemes, spear phishing attacks, elder financial exploitation, romance scams, and virtual currency investment scams.24For example, in family emergency schemes, scammers may use deepfake voices or videos to impersonate a victim’s family member, friend, or other trusted individual.25Similarly, criminals have reportedly used GenAI tools to target companies by impersonating an executive or other trusted employee and then instructing victims to transfer large sums or make payments to accounts ultimately under the scammer’s control.26 Financial Red Flag Indicators of Deepfake Media Abuse FinCEN identified the following red flag indicators to help financial institutions detect, prevent, and report potential suspicious activity related to the use of GenAI tools for illicit purposes.As no single red flag is necessarily indicative of illicit or suspicious activity, financial institutions should consider the surrounding facts and circumstances before determining whether a specific transaction is suspicious or associated with illicit use of GenAI tools. A customer’s photo is internally inconsistent (e.g., shows visual tells of being altered) or is inconsistent with their other identifying information (e.g., a customer’s date of birth indicates that they are much older or younger than the photo would suggest). A customer presents multiple identity documents that are inconsistent with each other.

Folks Finance secures $3.2m in Series A to advance crosschain DeFi solutions

Folks Finance, a DeFi platform specialising in lending, borrowing, and managing digital assets across multiple blockchains, has announced it raised $3.2m in an oversubscribed Series A funding round.
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