InsurTech

An UBO refers to an individual who, although not always officially recorded, holds significant control or ownership of a business entity, generally marked by owning 25% or more of the company.

On July 19, 2024, cybersecurity giant CrowdStrike issued a routine software update. However, this time things went terribly wrong. The update, which was meant to enhance security, ended up causing major disruptions across industries worldwide. The faulty software quickly wreaked havoc on IT systems reliant on Microsoft's operating system, with insurance firm Parametrix estimating $5.4bn in damages were done to Fortune 500 companies alone. Jeff Heine, Chief Revenue Officer of Novidea delved into why this calamity underscores the need for modern, sophisticated insurance management systems.

Paymob, a trailblazer in the MENA financial services sector, has recently announced a substantial $22m extension to its Series B funding, culminating in a robust $72m total for the round.

Optalitix, a specialist in insurance and finance software, has raised $3m in a follow-on fundraising round led by its existing investor, Calculus Capital.

RegTech firm Flagright has welcomed First Digital Trust, known as First Digital, as its newest customer.