FinTech Wire: Non-Mainstream News for October 2023

Rnwl is thrilled to announce its selection into the Barclays Rise Growth Academy (RGA) cohort. This ten-week program is a testament to the team’s dedication and vision. Rise, initiated by Barclays, offers an opportunity to refine Rnwl’s unique value proposition. The goal? Transforming banks into robust distribution platforms using Rnwl.

The platform’s insurance wallet is a game-changer, organizing insurance details and sending timely reminders for crucial actions like MOT bookings, road tax payments, and more. With Rnwl, users will never lose sight of their insurance details.

Stoïk, a cybersecurity insurance startup, has successfully raised $10.7 million. The funding saw contributions from existing investors like Alven and Andreessen Horowitz, as well as new backers Munich Re Ventures and Opera Tech Ventures.

Franziska Geier, Stoïk’s Country Manager Germany, expressed excitement about democratizing cyber-insurance in Germany. The company’s rapid growth and innovative approach have garnered significant attention in the insurtech space, positioning it for further expansion and success.

Tembo has unveiled its AI-driven mortgage criteria tool, Tembo AI. Trained on extensive lender data and website content, this tool swiftly answers a broad spectrum of mortgage queries. As Tembo’s inaugural AI product, it signifies the company’s strategy to leverage AI for enhancing customer experiences. The tool has garnered positive media attention, emphasizing Tembo’s innovative approach to assisting the new generation of homebuyers.

HyperJar, the intent company known for its digital wallet, has successfully raised USD$24 million in a Series-A funding round. The round was led by US investment firm Susquehanna International Group and included significant participation from the Healthcare of Ontario Pension Plan (HOOPP). Additional investors from the UK, EU, and US also joined the round.

HyperJar is gearing up for significant announcements related to its B2C app and B2B venture, HyperLayer. The company’s innovative approach to budgeting and spending has positioned it as a game-changer in the FinTech space.

After a year of dedication, Sidekick proudly announces its FCA authorisation. Sidekick’s mission is to democratise wealth-building opportunities, traditionally reserved for high net worth investors.

The company offers actively managed equity portfolios and plans to provide a low-cost credit line, secured against investments. Sidekick’s approach aims to diversify and enhance risk-adjusted returns, ensuring long-term investment benefits.

Mangopay, a modular payment infrastructure, is now the chosen platform for ten of the top thirty e-commerce sites in France. Market leaders like Vinted are scaling rapidly, leveraging Mangopay’s seamless solutions. This dominance is highlighted in a recent report by E-Commerce Nation in collaboration with Similarweb. As Mangopay celebrates this milestone, they hint at an even more exciting Q4 2023.

The company’s commitment to seamless platform solutions is evident in its growing influence in the French online marketplace.

Fume, a 2023-founded company based in Lugano, introduces a fund management platform that aims to streamline traditional fund management processes. By utilizing smart contracts, Fume’s platform automates fund administration, enhancing transparency and efficiency. The platform allows fund managers to set up digital funds swiftly, ensuring a seamless transition from legal registration to fund launch.

Operating under a SaaS model, Fume charges a minimal fee, positioning itself as a game-changer in the investment fund industry.

Nook is excited to introduce its latest feature – Multi-Step Approvals & Payment Run Approvals. This advancement ensures businesses have tighter control over their payments. Users can now add multiple layers of approvals for added security and precision. Additionally, an approval step can be added directly to the payment run.

Nook is the ultimate platform for streamlining accounts payable workflows. It offers a 2-way sync with Xero, QuickBooks, and Sage, allows bulk payments in multiple currencies, and ensures automatic reconciliation.

Currencies Direct, a leading international payments provider, has teamed up with Transact Payments to launch a multi-currency debit card. This collaboration allows customers to spend effortlessly in over 200 countries. With no hidden fees, the card offers competitive exchange rates and instant notifications via the Currencies Direct app.

Hardik Shah, Group Head of Product for Currencies Direct, highlighted the card’s significance, marking a new chapter for the company. The partnership underscores both companies’ commitment to providing seamless and secure overseas payment solutions.

Focalpay, a Sweden, Stockholm-based FinTech startup, introduces an integrated commerce platform that merges payment, checkout, and back-office functionalities.

By focusing on mobile transactions in physical stores, Focalpay offers a seamless checkout experience across various wallets and payment options. Birkir Veigarsson, CEO of Focalpay, emphasizes the platform’s flexibility, allowing merchants to leverage the best fintech solutions without significant upfront costs. With a commitment to openness and innovation, Focalpay is set to revolutionize the retail industry.

CurrencyCloud, experts in multi-currency business solutions, has witnessed a threefold increase in its Chinese customer growth rate across Asia-Pacific since 2021.

With China’s rapid adoption of digital payments and e-commerce, cross-border transactions have surged. Collaborations with local partners, like Shanghai-based XTransfer, have further propelled CurrencyCloud’s growth. The recent launch of Visa Cross-Border Solutions, following Visa’s acquisition of CurrencyCloud, promises to redefine cross-border money movement solutions in the Asia-Pacific region.

Velotix is proud to announce its availability on the Google Cloud Marketplace. As the sole data security platform utilizing AI, Velotix ensures sensitive data remains inaccessible to unauthorized consumers.

This partnership with Google Cloud enables Velotix to safeguard data by understanding and adapting to organizational data policies. Velotix’s unique AI-driven platform mitigates risks, automates policy management, and ensures secure data access. In a world with ever-changing privacy policies, Velotix provides businesses the confidence to grant the right access to the right individuals, ensuring compliance and agility.

Smart Pension, a prominent UK workplace pension scheme, has pledged to eliminate commodity-driven deforestation from its primary investment strategies. This move positions Smart Pension, managing over £4bn in assets, at the forefront of industry sustainability. The company will evaluate its deforestation exposure and associated risks, aiming for deforestation-free investments.

Earlier this year, Smart Pension joined the deforestation-free pension funds guidance working group, further solidifying its commitment to sustainability.

Swoop, a one-stop financial solution for businesses, announces a global partnership with Sage. This collaboration aims to equip Sage accountants and business owners with seamless access to finance. The Sage funding platform will initially be available in the US, Canada, UK, Ireland, South Africa, and Australia.

Swoop’s platform simplifies the financing process, connecting businesses to a vast network of funding providers.

UBS Asset Management has initiated its first live pilot of a tokenized Variable Capital Company (VCC) fund in Singapore. This pilot, part of Project Guardian led by the Monetary Authority of Singapore (MAS), aims to bring “real world assets” on-chain.

Thomas Kaegi, Head of UBS Asset Management in Singapore, sees this as a pivotal step in understanding fund tokenization. The pilot leverages UBS’s in-house tokenization service, UBS Tokenize, marking a significant advancement in UBS’s global distributed ledger technology strategy.