Sector Updates

The coronavirus has not only wreaked havoc on the global economy, but also increased the risk of money laundering, fraud and cybercrime.

Proliferation Financing (PF) is becoming an increasingly important aspect of the compliance landscape, akin to well-known areas like anti-money laundering (AML) and counter-terrorism financing (CTF). Recently, regulators, particularly in the UK, have begun implementing stricter measures to help businesses identify and mitigate PF risks.

GeoX, which supplies geospatial data to insurers, has partnered with P&C insurer Sompo Holdings to develop AI-based automated underwriting platforms.

NOW Insurance, an AI-powered platform that matches small business owners with affordable insurance, has scored $1.25m in its seed extension round.

Online investing platform LendingClub Asset Management (LCA) and its former president Renaud Laplanche have been charged with fraud by the US SEC.

UK car finance FinTech Carmoola has raised £8.5m in its Series A round, alongside a new £95m debt facility.

Philippine neobank Zed introduces pioneering "no-fee" credit card, securing $6m in funding

Menlo Ventures is upping the stakes for its second tilt at a "special opportunity" fund raise by eyeing up to $450m for the vehicle.

Insight Risk, a technology-driven MGA, has deployed a next-generation policy administration platform Beyond Policy Administration (BPA) from software-as-a-service platform ChainThat.

Israel-based Rezonate is a new identity protection that has launched from stealth following the close of an $8.7m funding round.