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Thunes Makes Key Hires to Drive Global Expansion Plans

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Singaporean cross-border payments firm Thunes has appointed Irina Chuchkina as Chief Marketing Officer and Babul Balakrishnan as Head of Customer Care to support its global growth strategy.

These appointments follow the announcement of Thunes’ acquisition of Limonetik, a European Payment Methods Platform, which complements existing Thunes’ cross-border payments solutions in 115 countries by enabling businesses to get paid in 70 countries.

Chuchkina is an accomplished Fintech marketing leader with over 15 years of experience building world-class brands on the intersection of payments and technology across Europe and Asia.

She will lead Thunes’ global marketing strategy laying the foundations of competitive brand positioning, looking at supporting top-line revenue growth, and overseeing key marketing initiatives.

Before joining Thunes, Chuchkina led global brand, communications, and social media marketing for Rapyd. She was also part of Southeast Asia super-app giant, Grab, where she helped to launch GrabPay, Grab’s mobile wallet, and GrabRewards, its loyalty platform.

She also spent several years with Visa, where she was part of Visa’s Innovation Centre team and led its Marketing and Communications efforts across APAC. Chuchkina also serves as an Executive Committee Member in the Singapore Fintech Association.

Irina Chuchkina, CMO of Thunes.

Irina Chuchkina

“Thunes is a fast-rising star in the payments industry and I am thrilled to be joining the company at this pivotal time.

I believe that the company has immense potential and I look forward to helping Thunes grow and build a brand synonymous with cross-border payments excellence, and secure the attention and credibility that it deserves,”

said Irina Chuchkina, CMO of Thunes.

Balakrishnan, also known as BK, has over two decades of experience across various industries with a focus on customer service and customer experience. In his most recent role as AVP of Customer Experience Operations at StarHub, Singaporean telco, Balakrishnan was responsible for back-office operations and a team of field service technicians, for the company’s consumer business.

Prior to that, at DHL eCommerce, BK was the founding member of two incubation startups as well as the regional lead for Customer Experience. In his new role, Balakrishnan will work with the various business units to elevate customer care into customer experience across Thunes’ partner network, which currently spans over 115 countries.

Babul Balakrishnan, Head of Customer Care at Thunes.

Babul Balakrishnan

“Thunes is currently at an inflection point of its global growth, and I’m excited to be part of this journey.

My focus will be on building and forging strong network partnerships and enhancing the experience for all our customers,”

said Babul Balakrishnan, Head of Customer Care at Thunes.

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Source: https://fintechnews.sg/55565/payments/thunes-makes-key-hires-to-drive-global-expansion-plans/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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