The Fintech Times Bi-Weekly News Roundup on Thursday 28 March 2024 serves up the latest industry movers and partnerships.
M&As
Abrigo, a provider of compliance, credit risk, and lending solutions for financial institutions, has acquired TPG Software, an investment accounting and management solutions company. The acquisition marks the latest in a series of strategic investments by Abrigo to help financial institutions streamline risk and accounting management processes while ensuring internal and regulatory compliance.
Collaborations
Central Bank, a regional bank headquartered in Jefferson City, Missouri, is elevating financial wellness for its consumer franchise by implementing Personetics’ financial data-driven engagement platform. The AI-driven solutions infuse Central Bank’s digital channels with hyper-personalised insights, advice and smart savings tailored to each customer’s financial situation and goals.
MoneyGram has forged a strategic partnership with innovative financial technology app barraq. Through this partnership, consumers in Saudi Arabia can use th barraq mobile app to send funds to family and friends globally. This is made possible through MoneyGram’s cross-border technology platform that enables recipients to access their funds through a suite of digital methods and retail locations around the world.
Supermarket Tesco and UK bank NatWest have launched a new discounted climate and sustainable finance scheme for 1,500 of the retailer’s farmers, providing them with preferential rates on finance to help them switch to sustainable farming methods, including installing renewable energy sources, such as solar panels and wind turbines, and fossil fuel-free heating or cooling systems, such as heat pumps.
Fintech platform blink, a subsidiary of Emtel Ltd, has partnered with WebEngage, a marketing technology company specialising in AI, automation, customer data platform and advanced data analytics. The strategic partnership will see blink leverage WebEngage’s solutions to drive one-on-one customer engagement and deliver app-based experiences to its user base in Mauritius.
Qover, an insurtech specialising in embedded insurance orchestration, announces a partnership with UK-based credit card fintech Yonder, offering its members a seamless and comprehensive travel insurance experience. As a result, customers are covered for travel and accommodation expenses that are paid for with their Yonder card.
Appointments
Chargebacks911, the chargeback technology platform, has welcomed Roger Alexander as advisor to its board and CEO, Monica Eaton. He will assist the company with its expansion initiatives, including the launch of its dispute resolution solution set to address the record spike of authorised push payment (APP) fraud claims.
GFT Technologies has appointed Marco Santos as the new CEO of the digitalisation group. He will initially lead GFT as co-CEO together with Marika Lulay until the end of the year. In addition to his current role, Jochen Ruetz, CFO of GFT Technologies, will become deputy CEO as of 1 January 2025.
Tide, the UK business financial platform, has named George Schmidt as CEO UK/Europe, reporting to Tide CEO Oliver Prill. Schmidt joined Tide in 2017 rising to the role of SVP, acquisition marketing and has played a key role in Tide’s growth in the UK, which now serves over 575,000 small and medium enterprises (SMEs), more than 10 per cent of the market.
Encompass Corporation, a provider of real-time digital know your customer (KYC) profiles, has appointed Neil Acworth as its new chief information security officer. Acworth’s appointment will underline and enhance Encompass’ ability to offer seamless data-focused processes that contribute to safety, compliance and operational efficiency, whether during the onboarding of new customers or within existing relationships.
Montonio, the European payment and ecommerce solutions provider, has welcomed Johan Nord, formerly of Trustly, to its leadership team as chief revenue officer. Since the announcement of its Series A funding in 2022, Montonio has partnered with more than 6,000 online stores in Poland, Germany, Lithuania, Latvia, Estonia, and Finland.
Funding and investments
Security and risk management startup SydeLabs announces a seed funding round of $2.5million to build solutions aimed at securing GenAI systems for enterprises. The funding round was led by RTP Global and also saw participation from Picus Capital and marquee angel investors.
FundGuard, a cloud and AI-driven SaaS platform for investment managers, has closed its Series C funding round at $100million. The funds raised in this round will be strategically deployed by FundGuard for ongoing investment in product innovation and continued onboarding of existing and new customers.
