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Founders Factory Africa announces Revix, Asaak and Wazi investments

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FintechOS Raises $10 Million to Help Banks Deliver on Financial Inclusion

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London-based financial services technology provider FintechOS secured $10 million in funding from the IFC, a member of the World Bank Group. The investment is part of the company’s $60 million Series B round, announced in April, and will support FintechOS’ goals of promoting financial inclusion by helping FIs expand access to financial services to un- and underbanked communities.

Many fintechs talk the financial inclusion talk. But even those companies committed to serving overlooked individuals and communities, often discover that actually “walking the walk” on financial inclusion can be more difficult than it seems at first. Speaking to this conundrum, FintechOS co-founder and CEO Teodor Blidarus said, “today financial technology is too often an inhibitor rather than an enabler of inclusion. Financial institutions both large and small simply don’t have the right tools at the right price point to meet market demands.” Blidarus highlighted enabling technologies like low-code, but lamented that these solutions remain under-utilized. “And this impacts those at the bottom of the (financial) pyramid most acutely,” he added.

For financial institutions eager to undergo digital transformation, FintechOS offers an alternative to what it calls “painful rip-and-replace” approaches to the transformation journey. Instead, FintechOS provides a low-code, plug and play strategy that enables banks and insurance firms to take advantage of digital end-to-end services, automated processes, and personalized, customer-centric solutions “in weeks, not months.”

FintechOS made its Finovate debut in 2018, demonstrating its platform at FinovateEurope in London. More recently, the company released its Configuration Management update, which boosts FintechOS’ scalability and helps pave the way for full Git integration. Git is a change-tracking software that helps developers collaborate during the source code writing process. The technology enables distributed teams to write code, test new functionalities, and securely deploy new versions.

“Configuration Management will make life easier for developers and streamline the wider operation of the FintechOS platform,” Blidarus explained. He added that full Git integration “will help our clients self-serve and customize their enterprise-grade solutions based on our technology.”

Recognized last month as the 2021 Microsoft Romania Partner of the Year, FintechOS includes Reliance Bank, Raiffeisen Bank, Societe General, and Vienna Insurance Group among its more than 40 partners around the world. This spring, the company’s founders, who hail from Romania, became the first Romanians to join Endeavor’s global community supporting “high-impact entrepreneurs.”

“For the Romanian entrepreneurial ecosystem, the selection of FintechOS in the Endeavor Network is a confirmation of the value and the huge development potential of Romanian companies in a truly global setting,” Endeavor Romania board chair Marius Stefan said. “We are eager to discover together other innovative companies and other entrepreneurs as focused and enthusiastic as (co-founders) Teodor and Sergiu (Negut) and enhance their development with the help of Endeavor.”


Photo by Eduard Balan from Pexels

The post FintechOS Raises $10 Million to Help Banks Deliver on Financial Inclusion appeared first on Finovate.

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Source: https://finovate.com/fintechos-raises-10-million-to-help-banks-deliver-on-financial-inclusion/

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Salesforce to acquire RPA vendor Servicetrace

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Cloud-based software company Salesforce announced this week it will acquire robotic process automation (RPA) provider Servicetrace in a move that will boost Salesforce’s function-specific offerings, especially with regard to finance. The German RPA provider will become part of Salesforce-owned MuleSoft, which offers API management and other integration solutions. While few details on the acquisition were […]
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Source: https://bankautomationnews.com/allposts/infrastructure/salesforce-to-acquire-rpa-vendor-servicetrace/

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Grayscale hires ETF head to convert biggest Bitcoin fund

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The company behind the largest cryptocurrency fund is building out its ETF team, despite dimming odds that U.S. regulators will approve the structure this year. Grayscale Investments LLC has tapped David LaValle, former chief executive officer of custom index provider Alerian, as its global head of exchange-traded funds. He will drive the effort to convert […]
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Source: https://bankautomationnews.com/allposts/wealth/grayscale-hires-etf-head-to-convert-biggest-bitcoin-fund/

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CuneXus Inks Pact with Origence to Streamline Digital Lending

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A strategic partnership between digital lending solution provider CuneXus and lending technology company Origence will give more than 1,100 credit unions the ability to offer their members access to personalized, pre-approved financing offers.

“We are focused on changing the way credit unions interact with their members, and this means tearing down old, and painful banking experiences” CuneXus co-founder and President Dave Buerger said. “We’re empowering people with unrivaled transparency and convenience, and this partnership with Origence makes that easily accessible to many more credit unions and consumers. Together we can provide the modern seamless lending experience that members deserve, one that equips them for financial excellence.”

The partnership allows credit unions to access CuneXus’ digital storefront, which leverages a proactive, “Perpetual Approval” approach that continuously analyzes hundreds of internal and external data points to ensure that qualified borrowers can get personalized loan offers, while simultaneously helping keep the credit union “top of mind” whenever one of its members has expressed an interest in securing financing. The methodology exchanges the typical credit application process for an ongoing automated credit approval that make the financing process less complicated for credit union members.

VP of Strategic Alliances at Origence, Aleks Bogoeski, said that the partnership with CuneXus comes at an opportune moment as consumer behavior and spending begins to rebound in the wake of COVID-19. “Our partnership with CuneXus provides a timely opportunity for credit unions to implement a dynamic digital experience that further simplifies the lending process, as member spending returns to a normal, post-pandemic pace,” Bogoeski said. “We are happy to have partnered with CuneXus to bring this service to our credit unions.”

Founded in 2011 and headquartered in Santa Rosa, California, CuneXus made its Finovate debut at FinovateSpring 2014. In the years since, the company has grown to serve more than 145 of the biggest lenders in the U.S. with its digital storefront, helping these institutions increase wallet share, generate branch revenue, and grow non-interest income. CuneXus clients represent more than $400 billion in combined assets and serve 20 million customers and members.

CuneXus was acquired by CUNA Mutual Group in the fall of last year. Announcing the move, CUNA Mutual president and CEO Robert N. Trunzo highlighted CuneXus’ “growth trajectory” – as well as its expertise and products – as features that would enhance CUNA Mutual Group’s opportunity for growth. “We are continuing our journey into a more diverse, digital-first world,” Trunzo said. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all of our core businesses.”


Photo by Erik Karits from Pexels

The post CuneXus Inks Pact with Origence to Streamline Digital Lending appeared first on Finovate.

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Source: https://finovate.com/cunexus-inks-pact-with-origence-to-streamline-digital-lending/

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