It’s eFintech Bi-Weekly News Roundup on Tuesday 29 August 2023.
B2B payments firm Mondu has forged a new partnership with Spryker, a composable commerce platform. Through Spryker’s platform-as-a-service solution, Mondu is available as a payment partner enabling Spryker’s clients to offer flexible payments to their B2B buyers. Mondu’s buy now, pay later solutions available to Spryker customers include payment upon invoice, SEPA direct debit and installments.
Currencycloud has partnered with Australia-based CFD broker GO Markets to streamline and automate client deposits and withdrawals, while benefiting from real-time, API-driven FX rates. With access to a virtual multi-currency account GO Markets can also accept wire payments across a host of local and SWIFT payment rails. Since 2012, Currencycloud has processed more than $200billion to over 180 countries.
TBO.COM, a global travel distribution platform, has partnered with WebEngage, a marketing automation company, for digital transformation. TBO will harness WebEngage’s automation and AI-ML tools, journey designers, and personalisation engines to empower travel agents to serve their customers effectively.
Banking Circle, the tech-led payments bank, has joined forces with the FIFA Clearing House (FCH) to process and streamline the payment of training rewards corresponding to international player transfers. The FCH now has access to direct clearing with central banks and a worldwide banking network, with the ultimate objective of centralising and automating payments between clubs, while promoting financial transparency in the transfer system.
VSoft Corporation, which provides information and technology solutions to financial institutions, says its core processing platform, Wings and its digital banking platform, Arya now support real-time payments through its integration with Pidgin. Wings can facilitate real-time transaction processing via multiple payment rails.
Consumer fintech Salmon has launched repayment channels with five institutions, including MLhuillier and SM Bills Payment Centers (SM Stores), that will provide new brick-and-mortar loan repayment locations, as well as UnionBank, BPI and RCBC, which will expand online payment options for Salmon customers, making loan repayment logistics more convenient.
Maybank Investment Bank Berhad (Maybank IB) has partnered with fintech Broadridge Financial Solutions to grow its securities borrowing and lending (SBL) business. Maybank IB’s newly launched SBL offering for institutional investors utilises proprietary technology for a front-to-back platform that is fast, transparent and Shariah-compliant.
Commercial Bank of Dubai (CBD), one of the largest banks in the UAE, has enhanced its customer service operations with the implementation of Freshdesk, the flagship customer support software by Freshworks. By leveraging Freshworks’ software, CBD has digitised and automated key processes, resulting in a 50 per cent reduction in customer support resolution time.
Backbase has forged a strategic partnership with SavvyMoney. Through this partnership, SavvyMoney’s credit score solution, Credit Score Insights, will be integrated into the Backbase Engagement Banking Platform, enabling community banks and credit unions to provide their customers and members with access to real-time credit scores directly within their banking app.
Global sustainability technology company Clarity AI announces the integration of its data offering into SimCorp’s investment management platform. This partnership provides institutional investors with access to AI-powered datasets allowing them to effectively align with the EU sustainable finance regulations and execute on impact investing strategies.
Funding and investments
Rewaa, a full-stack inventory management platform for the retail industry, has raised $27million in a Series A funding round. The round was led by Wa’ed Ventures, the Saudi-based VC fund owned by Aramco. Other investors also included Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, as well as Abdulrahman Sulaiman Al Rajhi & Sons investment company.
Canadian fintech platform LemFi has bagged $33million in a Series A funding round led by Left Lane Capital. Participants also included Y-Combinator, Zrosk, Global Founders Capital and Olive Tree. The payment app, previously known as Lemonade Finance plans to use the funds to expand its product offering to the US, Europe, the Middle East and Asia, as well as innovate on new product offerings.
Mergers and acquisitions
PandaDoc, a quote-to-cash and contract automation platform, has acquired fintech startup Denario, a B2B SAAS company specialising in payment management. It plans to incorporate Denario’s tech capabilities into its proprietary platform, expanding its documents and payments workflow. PandaDoc and Denario have collaborated since 2022, with the acquisition enabling both companies to combine their complementary product offerings.
Digital transformation service provider Insight Enterprises has acquired Amdaris, a UK-based software development and digital services company. Through this acquisition, Insight will add Amdaris’ software development, application support, managed services as well as consultancy services to its solutions portfolio and IT supply chain capabilities.
Cashfree Payments appoints Chetan Yadav as senior vice president – human resources. Yadav will oversee the comprehensive HR operations as well as HR strategy at Cashfree Payments. His focus will also be on driving transformational efforts through the lens of people and culture, enhancing capabilities, nurturing leadership, and aligning HR processes.
Triple-A, a cryptocurrency payment gateway, based in Singapore, hires Paulo Shargorodsky as general manager. He previously held the role of VP of global merchant success at EBANX as well as a decade-long tenure at Walmart where he led the financial services and payments divisions. Shargorodsky aims to leverage his understanding of the payments landscape to accelerate Triple-A’s growth in the Americas.