FinTech Wire: Non-Mainstream News for September 2023

OIB Solutions has officially rolled out its new technology platform, aimed at redefining the way insurance is distributed and managed. Created by a seasoned team of founders, the platform incorporates open architecture through APIs, providing insurers, brokers, and other key players with cutting-edge tech solutions.

One of the standout features of the platform is its Core Insurance system, designed to streamline the issuance of new policies, endorsements, renewals, claims, and terminations. This front-to-back solution allows companies to launch their insurance products quickly and efficiently, eliminating technical constraints while benefiting from modern technological infrastructure.

With an emphasis on ease of use and versatility, the platform serves a wide range of insurance stakeholders:

• Insurtech Companies: Ideal for those launching new products, the platform serves as a turnkey solution to quickly bring innovations to market.
• Delegated Brokers: OIB Solutions provides the technology to effectively distribute insurance products, either directly or through a network of brokers, allowing them to focus exclusively on their core insurance activities.
• Insurers: The platform facilitates the rapid marketing of new products, either directly or via a partner network, supported by an open and efficient management space.
• Wholesale Brokers: The platform enables easy access to a network of broker-distributors, accelerating the distribution of products via digital means.

By combining an open API with a robust management space, OIB Solutions’ platform offers a powerful tool for managing current contracts, renewals, amendments, terminations, and claims. This technological suite promises to redefine how insurance players manage their underwriting processes, product portfolios, and distribution networks, setting a new industry standard for efficiency and innovation.

Bud has introduced its groundbreaking Smart Segments , an AI-driven feature designed to offer a more nuanced and complete understanding of customer portfolios. Powered by Google Cloud’s advanced PaLM 2 large language model, Smart Segments seamlessly integrates into existing technology infrastructures, providing real-time, hyper-personalized offerings and elevating operational efficiency.

In addition to Smart Segments, Bud has also launched Jas, a sophisticated AI chatbot that facilitates a conversational understanding of personal finances. The duo of Smart Segments and Jas represents a major shift in financial services, offering deeply personalized insights tailored to meet unique business and consumer needs.

This technology suite goes far beyond traditional transactional data analysis. By harnessing the capabilities of generative AI, Bud is setting a new standard for customer engagement in the financial sector. The platform’s robust AI learning mechanisms transform basic transactional data into actionable insights at both the customer and portfolio levels. These insights can be further customized through interactions with Jas, making Bud’s new offerings a game-changer in the realm of financial services.

Fipto has secured a remarkable €15 million in seed funding, aimed at transforming international payments using blockchain technology. Having registered as a Digital Asset Service Provider earlier this year, the company is committed to bridging the gap between traditional and digital currencies. This funding round, led by Serena and featuring contributions from other investors like Motier Ventures, is a vote of confidence in Fipto’s vision and potential. It paves the way for faster, more secure, and cost-effective international transactions.

Swallow, founded by Callum Rimmer, has successfully closed a pre-seed funding round of $1 million, co-led by Connect Ventures and Jigsaw VC. The UK-based startup offers a no-code SaaS platform that simplifies the management of pricing models for various industries. This investment will accelerate Swallow’s product development and customer acquisition. The company distinguishes itself by making pricing model changes quick and easy, liberating them from the constraints of back-end systems and developer input, thereby setting a new standard in pricing operations.

Last month, Mesh Payments announced the launch of Mesh Travel Management at Global Business Travel Association Convention in Dallas, receiving positive real-time feedback from industry experts. The new product aims to modernize corporate travel by integrating with corporate cards and automating expenses. With a focus on filling the significant gaps in the current market, Mesh Travel Management provides a more flexible and streamlined approach to business travel.

SpareBank 1 Alliansen recently announced its partnership with Quantfolio, a Norwegian-based fintech leader in digital advisory platforms for financial institutions. The move aims to streamline investor onboarding and enhance regulatory compliance across the alliance’s network of 12 Norwegian banks. With a team composed of experienced data scientists, financial experts, and developers, Quantfolio’s platform is poised to modernize investment management within SpareBank 1 Alliansen.

Lakestar, a prominent European venture capital firm known for early support of fintech unicorn Revolut, recently led a €37 million ($39.6 million) Series B investment in Swan, the French embedded finance startup. This brings Swan’s total capital raised to €58 million, following a Series A round in 2021 led by Accel.

Swan plans to use the funding for expanding its unique embedded financial solutions first in the complex Dutch market, which has its proprietary payments system iDEAL, before targeting the Italian market in 2024. The startup sets itself apart by offering quick integration of embedded financial services for businesses, streamlining regulatory and compliance processes.

Swan CEO Nicolas Benady expressed that it should be as simple to set up banking services as it is to accept payments. This view aligns with Lakestar’s investment ethos, which values the startup’s ability to help clients quickly add new revenue streams without worrying about regulatory hassles.

The funds will also support Swan’s aggressive sales strategy to forge new partnerships and diversify its product offerings. Swan already collaborates with the French retail chain Carrefour on a cashback project and aims to serve new industries such as travel and insurance.

According to industry projections, the embedded finance market is expected to reach $384.8 billion by 2029, and Swan is positioning itself as a major player in this growing space.

Tradeteq, a UK-based technology firm offering a SaaS platform for securitization and bank asset distribution, recently secured $12.5 million in a Series A+ funding round. MS&AD Ventures spearheaded the investment, with additional participation from Interlock Partners.

Under CEO Christoph Gugelmann, Tradeteq has been focused on enabling banks to efficiently securitize and distribute trade finance assets to a variety of investors. Earlier this year, the company broadened its platform to include private credit, facilitating better connectivity and transactions between banks, alternative lenders, and institutional investors like pension funds and insurance companies.

The Series A+ funding will likely bolster Tradeteq’s capabilities and accelerate its growth, as it continues to streamline the asset distribution landscape for banks and investors alike.