This Week in Fintech: TFT Bi-Weekly News Roundup 26/09

The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Thursday 26 September 2024.

Industry movers

Creditinfo, a global service provider for credit information and risk management solutions, appoints Charles De Winnaar as its global head of sales strategy and sales operations. He will lead Creditinfo’s global sales strategy and operations across its network of 30 credit bureaus. He joins the company from Marsh Africa, where he held the position of sales and distribution leader.

Global professional services firm Alvarez & Marsal (A&M) continues the expansion of its digital practice in EMEA with the appointment of Amir Malik as managing director. Prior to joining A&M, Amir has held leadership roles in large consulting firms and his experience also includes positions at Google, Microsoft, and DMG Media, a subsidiary of the Daily Mail General Trust.

Loyalty company Reward has welcomed James House as chief commercial officer to spearhead value creation across products and services for its banking and retail customers. The appointment coincides with a period of strong growth for Reward, propelled by Experian’s investment, which has enhanced the company’s insights products and services, elevating its proposition for banks and retailers.

Redpin, the embedded software solutions and international payments company, has unveiled a new leadership team. At the helm is CEO Arnaud Loiseau, Nathan Gill is named chief product officer, while Joseph Smith joins as chief revenue officer. Redpin’s new team also includes chief technology officer Yoav Flam, chief people officer Erin Rieger Zas, VP of growth Pia Hauch, and VP of product engineering Daniel Dvorkin, all bringing experience from companies including WorldRemit, Bumble, Uber and Checkout.com.

More appointments

Andy Mielczarek is stepping down as CEO of Wrexham-based digital bank Chetwood Financial almost 10 years on from having co-founded the company, with Paul Noble announced as his replacement. Noble joins Chetwood Financial from JN Bank UK, where he was CEO of the banking outfit. Mielczarek will leave the company at the end of this month, taking some time out before deciding on his next move.

UK digital MGA Ripe appoints Jason Stockwood as a non-executive director.  Stockwood has previously held senior roles at lastminute.com, match.com, Skyscanner, Travelocity and most recently served as group CEO and vice chairman of Simply Business.  His appointment comes less than a month after new Ripe CEO, Alan Thomas, also joined the insurtech from Simply Business.

Monex Canada, a subsidiary of global financial services group Monex S.A.P.I. de C.V., has appointed David Ohana as senior corporate dealer as well as Olivier Bellemare as senior options dealer for its Quebec office. Specialising in foreign exchange, Monex Canada helps businesses manage currency risk. Both new hires bring 30 years of combined experience to support tailored risk strategies in the region.

Funding and investments

Challenger credit reference agency Infact has bagged a £4million seed funding round after securing FCA authorisation to establish the first real-time credit bureau for the digital financial services market. The funding was led by AlbionVC, with participation from 13books Capital, Outward VC, Form Ventures as well as Portfolio Ventures. This investment will be used to accelerate building the richer bureau database and to extend the product suite to help challenger lenders and banks reset the scales when it comes to credit.

The European Investment Bank (EIB) is providing €220million to Nexi Group to support innovation in digital payments across Europe. Nexi will use the funds to modernise digital payments and finance projects developed by Nexi Digital, its technological innovation hub. This is the first EIB loan granted to a publicly listed company in the digital payments sector.

PayMate, a B2B payments firm, has unveiled plans to acquire Indonesian fintech-as-a-service company DigiAsia in a $400million deal. The acquisition marks PayMate’s entry into Indonesia, with plans to go public in India following the transaction. PayMate simplifies and digitises B2B payments, processing $10.5billion in transactions during the 2024 fiscal year. DigiAsia provides embedded finance APIs for SMEs in emerging markets.

KOIOS, a financial intelligence solutions provider, has completed its seed funding round, raising $5million from private investors. Founded by Ella Tkach-Dreazen and Ory Segev, KOIOS uses AI to detect online financial threats and manipulation campaigns targeting publicly traded companies. The funds will accelerate innovation and scale the AI-driven platform, already used by US-based companies and investor relations firms.

Partnerships

Trulioo has expanded its partnership with global payments platform Airwallex to enhance compliance and fraud prevention across 181 countries. Airwallex, which processes over $100billion annually, uses Trulioo’s identity and business verification services to meet regulatory requirements and prevent fraud. Trulioo, an identity verification platform operating in 195 countries, helps verify over 14,000 ID documents and 700 million businesses worldwide.

Justt, an AI-powered chargeback mitigation provider, unveils a partnership with Ravelin, a fraud detection company, to enhance fraud prevention and chargeback management for merchants in high-risk industries like food delivery, transportation and ticketing. The collaboration integrates Justt’s automated chargeback response with Ravelin’s fraud detection tools, helping merchants reduce losses and improve chargeback win rates. This AI-driven solution is now live on Ravelin’s platform.

Fintech FIS has partnered with Commerce Bank to provide a loyalty programme management platform. This collaboration will enable Commerce Bank to offer faster innovation, allowing customers to redeem loyalty points at the point of sale. FIS will support Commerce Bank’s transition from a traditional loyalty program to one that fosters long-term customer engagement, streamlining processes such as fulfilment and reporting while enhancing customer experiences.

Multitude Bank has joined forces with open banking platform Salt Edge to enable instant loan repayments for its customers. Leveraging Salt Edge’s Pay-by-Link and Payment Initiation solutions, Multitude Bank aims to streamline the repayment process, offering faster, more convenient payments while reducing costs. This collaboration enables Multitude Bank to connect with over 2,300 banks across Europe and provide payment services to other EMI-licensed providers.

More partnerships

AtoB, the fintech payments platform for the trucking industry, has teamed up with Sunoco, adding 5,000 locations to its fuel card network across over 40 states. This partnership offers trucking fleets access to exclusive discounts, including at 100 truck diesel locations and 12 key Sunoco stations on the New Jersey Turnpike.

Marqeta, a global modern card issuing platform, has partnered with Found, a business banking platform for small businesses and the self-employed, to power its commercial card solution. Found’s users can now access tailored physical, virtual or tokenised cards, enabling streamlined expense management and improved cash flow. This collaboration enhances financial tools for small business owners, who can set spending limits and track transactions in real-time through Found’s platform.

Sunbit, a fintech for everyday expenses, has partnered with Stripe, a financial infrastructure platform for businesses, to bring Sunbit’s pay-over-time options to a wider range of in-person service industries. Merchants using Stripe, including those in automotive, healthcare and home services, can now offer flexible payment solutions to customers, helping them access essential services while increasing merchant sales.

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