Relay, an online business banking and money management platform based in Toronto, Canada, has raised around $32.2 million in a Series B funding round led by Bain Capital Ventures. Relay raises $32.2m Series B led by Bain Capital Ventures Supported by existing investors BTV, Garage and Tapestry, with new participation from Industry Ventures, the start-up says it will utilise the fresh financing to spur product development in areas of spend management, a financial API marketplace and “smart credit products”. Additionally, it says the raise is “the next step toward Relay’s overarching goal of d ..read more

Canadian payments processor Nuvei has hired Stripe’s former head of payment methods, Gang Wang, as its new CTO. Nuvei appoints Stripe’s Gang Wang as CTO Wang has been tasked with leading the fintech’s global technology team with Max Attias, who transitions to the role of CIO at Nuvei after almost six years as CTO. The company says the pair will combine the efforts of their respective teams to “further scale Nuvei’s technology offering and build a strong foundation for future growth”. Wang is expected to leverage his “deep knowledge of the payments and software sectors” in supporting Nuv ..read more

In a continuation of its acquisition streak, UK-based regtech firm Cube has purchased the Regulatory Intelligence and Oden products and businesses of Thomson Reuters. Cube acquires Thomson Reuters’ regtech units for undisclosed sum The transaction, the terms of which have not been undisclosed, is described as a “major step forward” in the firm’s “growth plans”. Through this acquisition, Cube claims that it will deliver an “expanded and comprehensive” array of “specialised regulatory intelligence and regulatory change services”, aiming to “set a new bar for the industry in regulatory automati ..read more

President’s Choice Financial (PC Financial), the financial division of Loblaw Companies Limited, a Canadian food and pharmacy retailer, has partnered with Temenos as it looks to grow its banking business and offer more financial products for consumers. PC Financial to adopt Temenos’ retail core banking solution PC Financial is set to integrate Temenos’ retail core banking solution as Software-as-a-Service (SaaS) on Microsoft Azure, which Temenos says will enable the firm to “scale products faster and expand its banking proposition” on a “secure, continuously updated service”. Furthermore, th ..read more

CIBC Mellon has partnered with UK-based Duco to implement AI-powered data automation technology into its asset servicing platform. CIBC Mellon partners Duco for AI data automation Founded in 1996 as part of a joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon, CIBC Mellon provides asset servicing solutions for banks, pension funds, foreign insurance trusts and other institutional asset managers. It claims to manage CAD 2.8 trillion worth of assets as of the last quarter. CIBC Mellon will now adopt Duco’s no-code data automation capabilities to help the firm “manag ..read more

Brunswick Credit Union is transitioning to the Mambu cloud banking platform ahead of its legacy core’s end of life next year, among other industry developments involving the Dutch banking technology vendor. Mambu to power Brunswick Credit Union and MV Solar The Software-as-a-Service (SaaS) offering is set to power the credit union’s checking and savings accounts, mortgages and other lending functions for its retail and business members. Serving the Canadian province of New Brunswick, the credit union was formed in 2022 via a merger between Advance Savings Credit Union, Bayview Credit Union a ..read more

Beem Credit Union, a Canadian credit union launched this year, has partnered with UK-based software developer VeriPark to upgrade its digital capabilities. Beem Credit Union partners VeriPark for digital transformation Based in British Columbia, Beem Credit Union projects that the collaboration will enable it to become the foremost “people-first, digital-first credit union in the province”. Brian Harris, president and CEO of Beem Credit Union, states that the move is part of a “responsibility” to deliver a digital experience that enables its members to continue their “personal definition of ..read more

Libro Credit Union in Canada is to transition its multiple legacy systems and lending operations onto nCino’s cloud banking platform. Libro Credit Union transitions to the nCino platform The partnership will provide Libro – one of the largest credit unions in Ontario with 117,000 “owners”, 800 staff and 34 branches across the province – with “an integrated system that acts as a single source of truth and delivers transparency across the loan process”. Alongside its loan origination function, the Software-as-a-Service (SaaS) platform also supports features for customer onboarding and deposit ..read more

Navy Federal Credit Union (NFCU) in the US is continuing its technology-first agenda by partnering with the Canadian Software-as-a-Service (SaaS) core modernisation and transformation solutions provider Zafin. NFCU partners Zafin Zafin says that the credit union, which claims $171 billion in assets, has partnered with the firm “to accelerate and de-risk a large core modernisation and business transformation program that moves Navy Federal from a legacy mainframe core to a deconstructed, slim, cloud native, real-time banking core working in harmony with externalised product and pricing capabi ..read more

Zafin, a Canada-based provider of Software-as-a-Service (SaaS) core modernisation and transformation solutions for banks and credit unions, has announced a strategic leadership transition which will see Al Karim Somji step down as company CEO after more than two decades in the role. New Zafin CEO Charbel Safadi (Image: LinkedIn) Somji, who also founded the company in 2002, will remain as a member of Zafin’s board of directors, offering support to the company’s new CEO, Charbel Safadi, who assumes the role with immediate effect. Having served as group president of Zafin for the last five mont ..read more