A staggering $1bn tranche secured by Wiz headlined this week’s FinTech funding rounds, which topped out at a mammoth $1.448.8bn. Wiz cemented itself as a major player in the cyber sector with the deal, which saw the company’s valuation soar to $12bn. But there were other big deals throughout the space, with Monzo landing $190m from notable investors such as Hedosophia and Qonto. In terms of the national spread, USA asserted its authority once more, securing 13 of the total 21 deals. Behind them, the UK cemented its position as the perennial bridesmaid of the FinTech funding world with four dea ..read more

Access Bank Group, a leading multinational bank, has partnered with Mastercard, a global technology company in the payment industry, to facilitate cross-border payments for African businesses and consumers. This collaboration utilizes the robust network and treasury capabilities of Mastercard, alongside Access Bank’s innovative Access Africa platform. The partnership aims to expand opportunities for cross-border payments to and from Africa, improving financial inclusion and connecting the continent more closely with the global economy. This initiative will reduce transaction costs and increase ..read more

Wells Fargo & Company today announced the introduction of the Signify Business Cash World Elite Mastercard, a new business credit card featuring top-tier cash rewards. The Signify Business Cash Mastercard addresses a niche in the current market for cash rewards business credit cards by offering a combination of value and simplicity to business owners. Signify Business Cash by Wells Fargo simplifies the cash rewards system, offering unlimited 2% cash rewards on business purchases without the need to track spending categories or worry about caps, and there is no annual fee. This card not onl ..read more

Tuum, a leader in next-generation core banking services, has teamed up with TransactionLink, which helps automate and orchestrate KYB/KYC processes. The partnership between Tuum and TransactionLink is designed to address key challenges in the financial sector, specifically targeting the enhancement of onboarding processes for banks and FinTech companies. This collaboration seeks to deliver faster time-to-market, scalable solutions, and improved operational efficiency, meeting the dynamic needs of the modern financial landscape. Tuum’s core banking system facilitates rapid replacement of legacy ..read more

Basware, a pioneering entity in AP automation and invoice processing, has recently acquired AP Matching, enhancing its position in the financial technology landscape. Basware leverages advanced technology to streamline invoice management processes. AP Matching specializes in cloud-based solutions for invoice and statement reconciliation, significantly easing the responsibilities of accounts payable teams. The acquisition aims to merge Basware’s comprehensive AP automation with AP Matching’s specialised reconciliation capabilities, offering a unified solution that promises increased accuracy in ..read more

Plenty, a WealthTech platform designed to facilitate investment and financial planning for couples, has successfully raised $5m in seed funding. The round was led by Inovia Capital, with significant contributions from Garage Capital, Otherwise Fund, and Interplay, as well as pre-seed investments from Kevin Durant and Rich Kleiman’s 35 Ventures, Charge Ventures, Phenomenal Ventures, Xtripe Angels, and strategic angels such as Adam Nash and Mark Goines. The company offers a unique “Yours/Mine/Ours” approach, allowing couples to manage their finances with flexibility. Plenty integrates cash flow ..read more

Linnovate Partners, an asset servicing pioneer and a leader in FinTech for the alternative investment sector, has announced a significant funding boost. The company confirmed a $40m funding commitment led by SeaTown Private Capital Master Fund, a prominent Asia-focused alternative investments firm managed by SeaTown Holdings International, part of Seviora, Temasek’s asset management arm. This funding marks a critical juncture in Linnovate’s growth strategy, aiming to expand operations, enhance innovative efforts, and reinforce its market leadership position. Henry Lin, founder and CEO of Linno ..read more

Singapore is taking decisive steps to fortify its legal arsenal against money laundering activities, aiming to empower law enforcement agencies in their pursuit of offenders. According to Business Times, Home Affairs Minister K Shanmugam revealed the government’s intentions, emphasizing the need for stronger measures to combat financial crimes effectively. Proposed amendments to existing laws would not only bolster the authority of regulators but also enhance their access to suspicious transaction reports filed by entities under their supervision. These amendments are vital for detecting and p ..read more

The realm of digital finance has witnessed an uptick in mobile banking malware, with a 32% increase in 2023, contrasting the trends in 2022. According to a recent report by cybersecurity firm Kaspersky, this surge underscores a concerning trajectory in cybercrime, particularly targeting mobile devices. Key findings from the report reveal that Android users bore the brunt of these attacks, with a notable 32% surge in mobile banking Trojans. Among these, the most prevalent was Bian.h, constituting a staggering 22% of all Android attacks. Geographically, Afghanistan, Turkmenistan, and Tajikistan ..read more

In the rapidly evolving realm of FinTech, understanding and adhering to anti-money laundering (AML) regulations is paramount. According to Flagright, as the UK continues to foster innovation in its financial sector, FinTech companies find themselves at the forefront of regulatory challenges. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) serve as a cornerstone of AML compliance in the UK, imposing obligations on businesses operating in sectors susceptible to money laundering risks. Under the MLR 2017, businesses are mandat ..read more