FinTech Wire: Episode #63 – Non-Mainstream News, February 2024

Revenir, led by founders Shawn Du and Miles Covers, introduces an AI-powered mobile app that simplifies VAT reclaim for UK travelers on purchases made abroad. The FinTech firm has developed a white-label app enabling banks to refund VAT to customers’ debit or credit cards within 48 hours, disrupting the traditional, cumbersome process.

With £2.5m in funding, Revenir aims to expand its platform globally, promising a more rewarding travel experience for users.

Northern Trust, a leading asset servicer, partners with FINBOURNE Technology to overhaul its valuations and reporting infrastructure. By integrating FINBOURNE’s LUSID and Luminesce into its Matrix Data Platform, Northern Trust aims to enhance its global technology capabilities, offering superior service delivery. This collaboration enables scalable, efficient data processing and management, aligning with Northern Trust’s digital transformation goals.

Nadia Ivanova, Executive Vice President at Northern Trust, and Thomas McHugh, CEO of FINBOURNE Technology, both highlight the strategic importance of this partnership in advancing client-centric services and future-proofing data strategies.

Permira Credit has entered a financing agreement with Viewture, under the leadership of CEO David Page. Founded in 2020, Viewture leverages data analytics to offer custom financing solutions for YouTube content creators. This strategic move aligns with the growing digital advertising trend and the expanding influencer market.

Permira’s Technology sector team provided invaluable insights during the due diligence process, marking an exciting phase for Viewture’s innovative financing solutions.

WealthOS announces a strategic partnership with Quai Digital, aiming to transform the wealth management industry. Tony Webb, CEO of Quai Digital, praised WealthOS for its innovative software solutions that promise to scale business operations and fuel growth.

Led by Anton Padmasiri and Chamat Arambewela, and supported by a dedicated team, WealthOS is set to offer advanced wealth management platforms featuring automation, integration, and a modular architecture designed to reduce time to market and ownership costs.

Tembo Money, co-founded by Eddie Ross and Richard Dana, announces the acquisition of Lifetime ISA provider Nude Finance. This strategic move enhances Tembo’s mission to facilitate homeownership, combining its innovative mortgage solutions with Nude’s savings product to address the growing challenges faced by first-time buyers in the UK.

In April 2024, iDEAL, managed by Currence and chaired by Amos Kater, is set to transform the Dutch payment landscape with the launch of a Buy-Now-Pay-Later (BNPL) option and the ability to save banking details. This enhancement aims to streamline online payments, offering users unparalleled convenience while maintaining robust security standards.

Currence, founded by eight Dutch banks in 2005, champions a competitive, transparent, and efficient payment system in the Netherlands. The organization’s commitment to innovation and security is reflected in iDEAL’s new features, promising a seamless shopping experience for Dutch consumers.

The upcoming BNPL option, following a successful pilot with in3 and Buckaroo, is a testament to iDEAL’s dedication to user-centric advancements. As iDEAL gears up for this significant update, users can anticipate a more flexible and secure online payment process, embodying Currence’s vision for a modern and efficient payment ecosystem.

Rubean AG, with Jochen Pielage at the helm as CTO & COO, announces a strategic alliance with Discover Financial Services, enabling the acceptance of Discover® Global Network Cards on its PhonePOS platform across Europe.

This collaboration with CCV marks a significant expansion for Rubean’s software-based payment solution, enhancing merchant capabilities to accept a broader range of card brands via mobile devices.

The FinTech Innovation Lab, curated by Accenture, proudly introduces its 2024 cohort, selected from over 300 applicants. The program, now in its 12th year, aims to accelerate the growth of early-stage FinTechs through a 12-week intensive that includes mentorship from industry leaders and exposure to Accenture clients. This year’s cohort, divided into four streams — Together.AI, Risk Radar, Sust.Earth, and Money Pulse — features companies like TitanML, Photocert, 7Analytics, and kinherit (just to name a few), showcasing a diverse range of solutions from AI-driven efficiency to sustainable financial practices.

Related topic: 8 Hottest FinTech Accelerators in London.

Sidekick, co-founded by CEO Matthew Ford and CTO Peter Townsend, is thrilled to unveil its latest innovation: the Portfolio Line of Credit product. Traditionally available only to high-net-worth individuals through private banks, this product offers Sidekick investors the ability to access cash while remaining invested for the long term. This groundbreaking service allows clients to secure credit, backed by their investment portfolio, providing larger loan amounts, lower fees, and increased flexibility.

Sidekick, the FCA-authorised platform, offers actively managed equity portfolios and innovative financial solutions, including a low-cost line of credit secured against investments.

General Catalyst has confirmed a €50M Series B investment in Finom, a digital banking platform designed for SMEs and entrepreneurs in Europe. Co-founded by Andrew Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov, Finom aims to address the financial needs of over 20 million small businesses across the continent. With a customer base of approximately 85,000 SMEs in key European markets, Finom’s mission is to offer a full suite of financial services, supported by a robust regulatory and product roadmap.

Adam Valkin of General Catalyst expressed enthusiasm for the continued partnership and the team’s vision to strengthen the European economy.