KYC

Massive amounts of capital have been injected into the FinTech industry in 2020, but ten companies raised bigger rounds than the rest.

Last week’s 32 FinTech rounds highlight how Latin America is exploding with new activity, how open banking has nudged closer to being fully adopted across Europe and the rising popularity of teen-focused ventures.

The total volume of fines levied against firms for breaking money laundering, data privacy, MiFID and know your customer rules jumped by 141% and amounted to $10.4bn in total so far this year.

While open banking is still to be fully realised in Europe and the US, Singaporean authorities have joined forced to launch a digital infrastructure that offers something similar.

Last week week saw 28 FinTechs close investment deals. Three sectors in particular proved especially successful.

India-based Signzy has added another $3m to its coffers just months after the startup raised $5.4m in a previous round.

Payment processing provider TRAXX Payments has tapped identity verification business Acuant to create a seamless digital know your customer (KYC) process for its clients.

Out of the 29 FinTech funding rounds we reported on last week, cybersecurity companies, InsurTechs and challenger banks were among the clear winners.

Business verification platform Detected has secured £600,000 in a funding round led by EmergeVest alongside a smattering of angel investors.

RegTech IDnow has unveiled its new identity verification product AutoIdent Substantial.