As fintech transforms the global financial landscape, companies are confronting a new set of challenges. It’s no longer enough to innovate – firms must also manage seamless customer service, safeguard against fraud, and adhere to an increasingly complex web of regulatory frameworks. And for many, the solution to this operational puzzle lies over 8,000 miles away in the Philippines. The Southeast Asian nation, long recognized as a leader in business process outsourcing (BPO), is quickly becoming a go-to destination for fintech companies looking to streamline operations and maintain their competitive edge. At the heart of this shift is Cynergy BPO,…
Author: Company Announcement
Mastercard and McLaren Racing have joined forces in a multi-year deal that will see the global payments company become a major sponsor of the McLaren Formula 1 Team. Mastercard Priceless Experiences provide cardholders unparalleled access to some of the most exciting properties in sports and entertainment, and this deal will allow Mastercard to extend that into the world of Formula 1 and the McLaren Racing team. Mastercard branding will appear later in the 2024 season. “We are constantly exploring new ways to bring value to our customers and cardholders. Getting them closer to their passions, what they love most, is…
In the rapidly evolving U.S. financial technology sector, fintech companies constantly face the dual challenges of enhancing customer support and back-office operations while adhering to strict regulatory standards. These dynamics demand a sophisticated approach to outsourcing, especially onshore, where Cynergy BPO stands out as a premier outsourcing advisory firm. Cynergy BPO has carved a niche as a pivotal player in the fintech outsourcing sector. Unlike typical service providers, it acts as a strategic advisor, linking fintech firms with industry-leading contact center and back-office providers specializing in a range of fintech support services—from customer support to complex back-office operations, such as…
As the fintech sector continues its rapid expansion, Mexico is becoming increasingly recognized as a prime destination for outsourcing, thanks to its strategic proximity to major markets and robust technological infrastructure. Leading the way in this movement is Cynergy BPO, a distinguished advisory firm that connects fintech companies with top-tier BPO providers specializing in advanced technology, enhanced customer experiences, and rigorous compliance. John Maczynski, CEO of Cynergy BPO, highlights the firm’s role: “We leverage our extensive experience and deep industry knowledge to connect our clients with BPO providers that transform their operations. Having worked with financial giants such as AmEx,…
In the rapidly evolving fintech landscape, companies are in a constant quest for strategic advantages to enhance their customer experience and operational efficiency. This pursuit frequently leads them to explore global opportunities for fintech outsourcing, with Colombia distinguishing itself as an outstanding destination. Known for its vibrant technology scene and skilled workforce, this South American nation provides fertile ground for firms aiming to elevate both their front-end customer interactions and back-office operations. The trend towards outsourcing in the industry marks a strategic shift, aiming to harness the country’s robust technological infrastructure and deep talent pool to deliver a seamless, omnichannel…
American asset management firm BlackRock and Snowflake, a cloud-based data-warehousing company, announced a strategic partnership to deliver a next-generation solution for the investment management industry. BlackRock will launch Aladdin Data Cloud, a solution for investment managers to expand the utility of data, powered by Snowflake’s platform. The Aladdin Data Cloud will be a strategic part of Snowflake’s Data Cloud and a part of the Aladdin platform, a portfolio management software by BlackRock. The solution allows companies to bring Aladdin and non-Aladdin data together making it easy for users to build on top of it with Aladdin Studio, BlackRock’s platform for…
Stripe, a US-based payment processing platform, announced that Mark Carney, the former Governor of the Bank of England and the Bank of Canada, has joined the company’s board of directors. Regulated in multiple jurisdictions and partnering with several dozen financial institutions around the world, Stripe will benefit from Mark Carney’s extensive experience of global financial systems and governance. As Stripe rolls out its climate efforts globally, enabling millions of businesses to bring more funding to emerging carbon removal technologies, the company will receive guidance from one of the world’s leading experts in sustainable finance. As the UN Special Envoy for…
Payoneer announced that it plans to go public by merging with FTAC Olympus Acquisition Corp. (FTOC), a special purpose acquisition company in a US$ 3.3 billion deal. Payoneer has been backed by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more. The company will be renamed as Payoneer Global Inc. and the combined company will operate as Payoneer, a U.S. publicly listed entity. Payoneer’s management team will continue to lead the company. Over the past 15 years, Payoneer’s secure, regulated platform offers a global, multi-currency account to businesses of any size around the world.…
Visa has announced a partnership with First Boulevard, a digitally native neobank focused on building generational wealth for the black community, to pilot Visa’s new suite of crypto APIs that is anticipated to launch later this year. As part of the initial pilot programme, Visa plans to enable First Boulevard to connect to infrastructure provided by Visa’s partner, Anchorage, a federally chartered digital asset bank, to allow their customers to buy and sell Bitcoin. The pilot will serve as a key first step in supporting API capabilities that help additional Visa clients access and integrate crypto features into their product…
Curve, a London-based banking platform which allows customers to consolidate multiple cards into one smart card and app, announced it has secured $95 million as part of a successful Series C funding round. This fresh funding brings the total investment in Curve to almost $175 million. The funding round was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital (the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen), with participation from OneMain Financial, a US personal finance company, and Novum Capital. Counting IDC Ventures, Curve also attracted many of its investors for a second…
Checkout.com, a London-based payments solutions provider, announced that it closed a $450 million Series C fundraising round giving it a post-money valuation of $15 billion. The Series C was led by Tiger Global Management, LLC, a New York-based technology investor. Greenoaks Capital also joined the round along with participation from existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore’s Sovereign Wealth Fund GIC. While Checkout.com’s profits from current operations will continue to be reinvested to power future growth, the new funding will be used to further grow its balance sheet and drive new innovative opportunities.…
Visa and U.S. fintech firm Plaid announced that they have terminated their $5.3 billion merger agreement and agreed with the Department of Justice (DOJ) to dismiss the litigation related to the proposed transaction. The proposed transaction was first announced in January 2020. In Nov 2020, DOJ had filed a civil antitrust lawsuit in order to halt the merger alleging that Visa was attempting to monopolise the payments market with the Plaid acquisition to put an end to the latter’s competitive threat. “We are confident we would have prevailed in court as Plaid’s capabilities are complementary to Visa’s, not competitive. We…
American multinational retail corporation Walmart has created a new fintech startup designed to develop and offer modern, innovative and affordable financial solutions. The new startup is a strategic partnership with fintech investment firm Ribbit Capital. The venture will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates. The company will be majority-owned by Walmart. Its board will include John Furner, president and CEO of Walmart U.S.; Brett Biggs, executive vice president and chief financial officer of Walmart; and Meyer Malka, managing partner of Ribbit Capital. The company…
Remitly, a mobile-first provider of remittances and financial services for immigrants announced a $85 million funding round to fuel the company’s growth as the global demand for digital remittances continues to surge during the COVID-19 pandemic. The funding will enable Remitly to expand its suite of digital financial services products at a time its customers need them most. Existing investor Prosus’s PayU led the round at a $1.5 billion valuation. They were joined by returning partners Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures. “As the current health crisis continues to devastate…
Credit Suisse and the controlling shareholders of modalmais have signed a strategic long-term agreement that allows Credit Suisse to purchase preferred shares equivalent to up to 35% of the total capital of modalmais. Philipp Wehle, CEO International Wealth Management at Credit Suisse, said: “This announcement underlines our strong commitment to our Brazilian clients and our growth ambitions for this priority market. This transaction further enhances our ability to serve our clients digitally while getting access to additional client segments in a fast growing environment.” modalmais will continue to be controlled by its founder, Diniz Ferreira Baptista, and by its principal executives,…
Samsung Electronics America, unveiled Samsung Money by SoFi, a new mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay, in partnership with innovative fintech company SoFi. The service will be available to U.S. consumers later this summer, but users can register for the waiting list already. The account is secure, with no account fees and rewards users for saving—earning higher interest relative to the national average of transactional accounts.1 At a time when people are turning to their technology to take care of essential tasks without leaving…
The Libra Association, an independent membership organization, announced the appointment of Stuart Levey as its first CEO. Mr. Levey brings to the Association a wealth of leadership experience in the public and private sectors cutting across banking, regulatory policy and national security issues. He is currently serving as Chief Legal Officer of HSBC, one of the world’s leading financial institutions with a presence in 64 countries and territories. Prior to joining HSBC, Mr. Levey served as the first Under Secretary of the Treasury for Terrorism and Financial Intelligence during the Bush and Obama Administrations. During his tenure, Mr. Levey was…
Fintech applications have given people more control over their personal finances in a myriad of ways, whether it’s paying bills, sending money abroad, or growing their savings. One of the earliest forms of “fintech” is a budgeting spreadsheet. For years, people have relied on Microsoft Excel to budget and track expenses for their personal finances or businesses, typically copying data over from multiple sources. Money in Excel features a Plaid integration and the new capabilities essentially turn the spreadsheet software into a fintech app. It allows users to securely connect their financial accounts, import the data within them, sync balances…
Moven has announced a strategic shift to focus solely on promoting their patented wellness technology to enterprise level partners. Plans to spin-off Moven’s consumer-facing business hit a significant snag with major multi-year funding withdrawn as a result of market conditions, whilst the Enterprise business remains funded and growing. As a result of both the recent successes within Enterprise and increasing uncertainty around coronavirus, Moven has decided to wind down the direct to consumer offering and will close all accounts in Q2 of 2020. The founder and chairman of Moven, Brett King announced, “While our Enterprise business continues to see strong…
Revolut launched its Financial App and debit card in the United States. Since hinting at a launch last year, Revolut claims it already attracted tens of thousands of U.S. customers. Revolut launched in 2015 with a vision to build a Financial Super App – a single app where consumers can manage all aspects of their financial life. In just four years, the company has attracted more than 10 million customers, raised over $800 million in funding – and now employs more than 2,000 people globally, including in New York and San Francisco. Starting today, U.S. consumers can set up a…