Banking Infrastructure

NatWest to axe 550 jobs and close its London tech hub

UK lender the NatWest Group has announced that it will cut its headcount by roughly 550 people across the country and to close its London tech hub.

Blackhawk Network taps Moneyhub for compliance and open banking solutions

Payment provider Blackhawk Network has picked open finance data and intelligence platform Moneyhub to deliver its compliance with the open banking standards.

Check out the 29 FinTech companies to raise rounds last week

Last week's FinTech funding rounds highlight the fractured neobank scene, show the sector's coronavirus struggles and demonstrate some areas industry stakeholders should be interested in right now.

Thought Machine joins the Banking Industry Architecture Network

Banking technology firm Thought Machine has joined the Banking Industry Architecture Network (BIAN), a non-profit organisation that promotes and provides a common framework for banking.

Shengli Financial Software said to close its Series B round

China-based FinTech company Shengli Financial Software has reportedly raised RMB 100m ($14.3m) in its Series B+ round.

Why banks should double down on innovation during the Covid-19 pandemic

The ripple effects of the coronavirus pandemic could cause companies to de-prioritise their digitalisation, but Nucoro believes that would be a “significant missed opportunity.” Instead of stopping, firms should be doubling down.

Are smaller startups ready for big tech entering the FinTech space?

Big tech firms already control what people watch, buy and find online. Now, some of them are trying the waters of FinTech.

How digital platforms are helping banks compete with challenger banks

Digital banking platforms will help banks to deploy technology quicker and more cost effectively, helping them better compete with challenger banks, according to a new blog post from Nucoro.

Curve hires former PayPal finance director as its first CFO

Having just finished a six-year stint as finance director and head of European pricing at PayPal, Scott Weller has now joined Curve as the FinTech's first CFO and its latest high-profile hire.

Deutsche Bank makes strategic investment into Traxpay

Deutsche Bank AG has made an investment into German FinTech startup Traxpay, in the hopes of improving its own supply chain finance offering.
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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

Liberis 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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