Banking Infrastructure

ECB warns that big tech entering the FinTech space could lead to security risks

The European Central Bank has warned that Europe's failure to produce big tech companies of its own to compete with American ones could leave the EU exposed and reliant on foreign providers as big tech moves into the FinTech sector.

Stratify closes $4.9m seed round led by Madrona Venture Group

Stratify, which aims to bring collaboration and communication to strategic finance, has closed its seed round on $4.9m.

Finix extends its Series B to reach a total of $75m

Payments infrastructure company Finix has extended its Series B round to reach $75m, after closing an additional $30m to the round.

MagicCube scores new strategic investment from Visa

MagicCube, which claims to have the world’s only software trusted execution environment platform, has secured a strategic investment from Visa.

Open Payments secures €3m in seed funding round backed by Industrifonden

Swedish FinTech Open Payments has added €3m in a seed round and will use the cash injection to grow its team and its reach across the European market.

29 FinTech funding rounds from the last week that you can’t afford to miss

While Robinhood's massive Series G round may have secured the most headlines last week, InsurTech and PropTech ventures bagged the most capital injections.

Parpera launches crowdfunding campaign with $574,800 target

Australian banking FinTech Parpera is looking to raise AUD$800,000 ($574,800) on crowdfunding portal Equitise.

Banking and payment software startup Moov nets $5.5m in its seed round

Moov, a designer of banking and payment software, has secured $5.5m for its seed round as it looks to increase its user base and product roadmap.

Traditional banks to lose market share to neobanks according to new research

Challenger banks are about to grow the transactions conducted between businesses by 42% by 2022 and will take market shares from traditional vendors, according to new research from Juniper Research.

Pollinate teams up with Mastercard to enhance its software capabilities

Pollinate, a software developer helping digitise merchant acquiring for banks, has partnered with Mastercard to improve data insights for banks serving SMEs around the world.
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Monzo revolutionizes retirement planning with new all-in-one pension product

Monzo revolutionizes retirement planning with new all-in-one pension product

Monzo, the leading digital bank in the UK, has introduced a groundbreaking pension product aimed at simplifying the retirement savings process.
Ushur, a leading provider of AI-powered Customer Experience Automation™ (CXA), has announced that Mike Price has joined its executive leadership team as Chief Revenue Officer (CRO).

Ushur hires former Oracle and ForgeRock executive as new CRO

Ushur, a leading provider of AI-powered Customer Experience Automation™ (CXA), has announced that Mike Price has joined its executive leadership team as Chief Revenue...
Lberis and Nexi launch innovative revenue-based financing in Germany to empower SMEs

Lberis and Nexi launch innovative revenue-based financing in Germany to empower SMEs

Liberis Group, a global leader in embedded finance, has partnered with Nexi, Europe's top PayTech company, to mark its entry into the German market.
Investment funds managed by Morgan Stanley Expansion Capital have acquired a stake in UK headquartered payments business Sokin, marking an exciting new chapter for the fast-expanding fintech firm. The acquisition will provide significant capital and accelerate its product growth plans and further global expansion. The transaction is constructed to provide investment to the company to support the speed and breadth of its growth. Sokin will continue operating as an independent unit and brand, and the current management team will remain to lead its expansion, with CEO Vroon Modgill maintaining a material shareholding. Whilst Morgan Stanley Expansion Capital has led the transaction, it also includes investment from prominent US investors including Gary Marino, former Chief Commercial Officer at PayPal who will join the Board, Mark Britto, former Chief Product Officer at PayPal, and Aurum Partners, the investment fund affiliated with the owners of the San Francisco 49ers and other strategic LPs. Existing investors in Sokin include former England and Manchester United defender Rio Ferdinand. Sokin was founded in 2019 with a simple vision to remove the borders, barriers, and burdens associated with international payments. Today it enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one comprehensive platform. Sokin enables more than $2.5bn in transactional volume per year, with further rapid growth anticipated. It supports businesses across a wide range of verticals, from freight and logistics - to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency. Vroon Modgill, CEO & Founder of Sokin, said: “This investment represents an exciting new chapter for Sokin - one filled with immense opportunities for growth and innovation. By joining forces with the Morgan Stanley Expansion Capital team, we gain access to unparalleled resources and expertise which we believe will enable us to accelerate our growth trajectory and better serve our customers.” Lincoln Isetta, Managing Director at Morgan Stanley Expansion Capital, said: “Sokin demonstrated outlier growth and capital efficiency that was powered by a great product and a high achieving team. We are pleased to partner with Vroon and the Sokin team to leverage our experience working with high-performing companies raising their first significant institutional capital. We believe Sokin has built a modern, comprehensive technology platform that is well suited to help enterprises simplify payments across geographies. Many of the world’s largest and most sophisticated companies and sports clubs already trust Sokin to execute strategic payments and we believe Sokin is at the forefront of technology leadership in those markets.” Gary Marino, tech investor and former Chief Commercial Officer at PayPal, said: “Sokin has developed an impressive platform powered by tactical licensing and partnerships ripe for further product and market expansion. We’re excited about how Sokin’s products will shape a new future for global payments.” Brano Perkovich, Founding Partner at Aurum Partners, said: "Sokin's innovative approach and talented team have laid a strong foundation for success. We're thrilled to join forces with Vroon and the Sokin team to revolutionize the global payments landscape." Rio Ferdinand, said: “This is a huge moment for the team at Sokin and a testament to the product and business they’ve built up. I’m excited to see the business go from strength to strength.” Ends About Sokin Sokin was founded in 2019 with a simple vision to remove borders, barriers, and burdens associated with international payments. Today it enables global businesses to transfer, hold and exchange over 100 currencies with its multi-currency IBAN and local currency accounts – all through one comprehensive platform. It supports businesses across a wide range of verticals, from freight and logistics through to Premier League football clubs, enabling them to manage global payments and financials with speed, efficiency, and transparency. Sokin’s dedication to improving financial efficiencies for global businesses has already led to more than $2.5bn in transactional payment volume per year.

TotallyMoney launches revolutionary tool to aid financially under-served UK adults

TotallyMoney has recently launched an innovative open banking tool. This tool is designed to provide customers with live, actionable insights into their affordability, enabling them to enhance their chances of securing better financial offers.
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The headlines set to dominate RegTech in H2

As the regulatory landscape continues to evolve at a breakneck pace, the RegTech industry finds itself at the epicentre of unprecedented change and disruption. FinTech Global had the chance to catch up with Michael J Stanton, CEO at COMPLY, following May's Global RegTech Summit to discuss the key headlines which are set to dominate the space as we look ahead to the rest of the year.
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