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Swoop heads for Australia – Tim Brown appointed CEO

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Swoop, the fast-growing finance platform that enables small and medium sized businesses to access funding, is spreading its wings and coming to Australia after its initial runaway success in the UK and Ireland. The company has appointed Tim Brown as CEO of its new Australian venture, its first international expansion.

Known for his achievements in launching and growing new businesses, Tim who was previously CEO of Ezifin Financial Services Ltd, CEO of Vow Financial and Chair of the Mortgage Finance Association of Australia (2013-15) will be responsible for the company’s growth in the Australian and New Zealand markets.

Tim Brown commented, “I’m excited to be developing a business that has already proved its worth in the UK and Ireland, and I’m certain that Swoop will be invaluable to Australian companies that are looking to raise or save money. I look forward to growing our team with technical and funding specialists.”

Launched in the UK and Ireland in 2018, Swoop provides access to funding across equity, grants and loans as well as identifying how businesses can make savings, in essence operating as a single and integrated hub for financial management and planning. Functioning as a virtual chief financial officer, Swoop helps thousands of businesses achieve better financial health.

Swoop has much to offer across Australia, where small businesses are the backbone of the economy and there is a strong entrepreneurial spirit. Although Australia has a vigorous and growing alternative finance marketplace, it is fragmented and difficult to navigate. Swoop’s platform will provide the cohesion and focus that is lacking, helping businesses to find the best options now that they have more choice thanks to the arrival of open banking in 2020.

Geography is another obstacle that Swoop overcomes. Because Swoop is a fintech platform with a powerful search algorithm, it provides everything in one place. Businesses can receive all the financial resources, information and advice they need right at their front door. No travel, no fruitless searches, no time-wasting: everything is filtered to the precise requirements of the business, whatever its location, whatever the sector.

Tim added, “Another benefit to the Swoop platform is that, until now, there have been few opportunities to introduce Australian businesses to global investors in a smooth and structured way. Swoop eases the path to finance and makes connections that would otherwise go undiscovered”.

Scott Patterson, Senior Fintech Market Advisor for Enterprise Ireland who is supporting Swoop’s entry into Australia commented, “We are delighted that Swoop’s global expansion is commencing in the Australian market, which follows success in the UK and Ireland where they have forged a market-leading reputation for simplifying and supporting SME access to credit. Swoop’s innovative platform is a game-changer for Australian SMEs”.

Source: https://australianfintech.com.au/swoop-heads-for-australia-tim-brown-appointed-ceo/

Fintech

Fintechs eye automation with nearly $1B in funding

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Fintechs MX and Blend secured $300 million funding rounds Wednesday just as both companies top off plans for digital innovations in the coming months. Global payments fintech Rapyd also joined the pack with its own $300 million package, which it will use to expand its engineering teams.  MX focuses on data-driven automation  As the Lehi, Utah-based MX grows its cash influx, the company is looking to enhance its data analytics softwares, giving consumers optimized insights […]

Source: https://bankautomationnews.com/allposts/payments/fintechs-eye-automation-with-nearly-1b-in-funding/

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Fintech

Weekly Wrap: Fintechs score big investments, chatbot developments ramp up

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This week investors funneled nearly $1 billion to fintechs MX, Blend, Rho Technologies and Rapyd, some of which are teeing up automation initiatives with an eye toward data management. Meanwhile, Temenos reported it is exploring the addition of automated responses for its Engage platform, and Kasisto is working with NCR to bring chatbot technology to smaller financial institutions.  Find this and more in […]

Source: https://bankautomationnews.com/allposts/automation/weekly-wrap-fintechs-score-big-investments-chatbot-developments-ramp-up/

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Fintech

Grab Secures $300 Million Investment; A Look at Fintech in Latin America

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One of the greatest “How It Started” vs “How It Going” stories in international fintech these days continues to be the rise of Grab Financial, the spin-off from ride-hailing and food delivery company Grab. The Singapore-based company announced this week that it has secured more than $300 million in a round led by Hanwha Asset Management of South Korea. The investment, which also featured participation from K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures, gives the company an estimated valuation of $3 billion.

“We are at an inflection point in Southeast Asia,” Grab Financial Group senior managing director Reuben Lai said, “as the pandemic has accelerated the need for digital financial services that help us grow and protect our incomes.” The company reported that the new capital will help support the hiring of additional talent, as well as fuel expansion and the introduction of new products.

Among the recent accomplishments of Grab’s fintech division are a 40% gain in 2020 revenues, a 4x increase in users of its insurance distribution offering, and the launch of its first wealth management solution. Grab – as part of its consortium with Singtel – was also among the fortunate few to earn approval from the Monetary Authority of Singapore to launch a digital bank.


This week’s Finovate Global Reports features a fresh look at fintech in Latin America courtesy of EBANX annual Beyond Borders 2020/2021 study. The report looks at the impact of COVID-19 on cross-border e-commerce and payments trends in Latin America.

Among the key insights include the centrality of mobile in driving digital consumption of services as 4G becomes more widespread throughout the region. The report also suggests that Latin America has the potential to rival southeast Asia in terms of the growth of its e-commerce sector.


For our international Finovate Global Alumni Profile this week, here’s a look at ModularBank, a digital banking solution provider based in Estonia that raised €4 million in new funding this week. The company, which demoed its technology at FinovateEurope 2019 in London, offers a modern, API-based, banking-as-a-service solution to help businesses leverage new business models and gain competitive advantage.

“Increasingly, people are demanding more flexible and convenient services that fit around the way they work and live and in response, there is a wave of digitalization and embedded finance on the horizon, beginning to build,” explained Modularbank CEO Vilve Vene upon announcement of the company’s recent funding.

“To harness this momentum there is a real need for lean, yet sophisticated core banking technology … Modularbank was set up to enable banks and other customer-facing businesses to devise and roll out personalized banking services quickly and easily.”


Here is our look at fintech around the world.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe


Photo by Artem Beliaikin from Pexels

Source: https://finovate.com/grab-secures-300-million-investment-a-look-at-fintech-in-latin-america/

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DriveWealth Acquires Institutional Broker Dealer

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Brokerage infrastructure API provider DriveWealth announced this week it acquired Cuttone & Company, a New York-based institutional broker dealer. Terms of the deal were not disclosed.

DriveWealth has purchased Cuttone & Company specifically for its market and regulatory expertise and network of institutional trading partners. The New Jersey-based company will leverage this expertise to offer its own partners access to price discovery on its scalable, configurable, and redundant electronic trading infrastructure.

Ultimately, the acquisition will offer retail investors who trade fractional shares of U.S. equities via DriveWealth’s partners direct access to the point of sale for NYSE securities.

“These added resources, unprecedented transparency, and the ability to trade directly on the NYSE or across all U.S. equity destinations will open up greater opportunities for the retail investors we serve on our platform,” said DriveWealth Founder and CEO Bob Cortright. “Having notional trading technology connected to a flexible brokerage infrastructure allows investors to start small by investing in brands they know and care about. We’re proud to bring this new combination of Cuttone & Company’s institutional knowledge with our retail trading technology to become the most complete brokerage stack available to retail investors today.”

DriveWealth was founded in 2012 by Cortright and his co-founder Julie Coin. The company has raised a total of $100.8 million, including a $56.7 million DriveWealth closed last October.


Photo by Savvas Stavrinos from Pexels

Source: https://finovate.com/drivewealth-acquires-institutional-broker-dealer/

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