Author: Fintech News America

Volante Technologies Raises $66 Million in Strategic Investment Round Led by Sixth Street Growth

Volante Technologies, a global leader in cloud payments modernization, announced that it has secured $66 million in debt and equity financing in an investment round led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated in the round. This latest round follows earlier funding milestones, including repeat participation from Wavecrest and Wells Fargo Strategic Capital and investment from BNY Mellon, Citi, Poste Italiane, and Visa Ventures, bringing the total outside investment in the company to $116 million. Vijay Oddiraju, CEO, Volante Technologies, commented, “We welcome Sixth Street Growth and its deep expertise supporting the growth…

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Nuvei and American Express Join Forces to Facilitate Seamless Account-To-Account Payments Between Merchants and Their Customers

Pay with Bank transfer, powered by American Express (“PwBt”), announces it has selected Nuvei, the Canadian fintech company, as its first acquirer authorised to promote and sell PwBt’s Open Banking-enabled payment method. The innovative payment method enables consumers to complete transactions seamlessly from their bank accounts, without having to enter card details or complete additional authentication checks. For merchants, PwBt delivers a frictionless payment where funds are reconciled instantly, with attractive processing fees. Nuvei will be promoting PwBt to both existing and prospective UK merchants, supporting them with the integration of the Open Banking payment method into their ecommerce platforms.…

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QI Tech, the first Direct Credit Company (SCD) approved by the Brazilian Central Bank, announced an investment of US$200 million (R$1 billion) in a Series B round led by General Atlantic, with participation from existing investor Across Capital, which is doubling its initial investment in the company. QI Tech plans to leverage the new capital to further expand its leading product position and explore strategic M&A opportunities. Founded in 2018 by Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, QI Tech is transforming the credit market by simplifying the loan process, with a mission to decentralize credit away from major…

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J.P. Morgan Payments Selects Trulioo to Power Global Identity Verification Services

Trulioo, a global identity verification platform, announced that J.P. Morgan Payments has selected the Trulioo global identity platform to help J.P. Morgan Payments clients combat fraud and other financial crimes. As part of the agreement, J.P. Morgan Payments will use Trulioo services for global person and business verification to support a simplified, frictionless payments experience. “Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond” said Ryan Schmiedl, Managing Director – Global Head of Trust & Safety for J.P. Morgan Payments. As a leading…

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Curve Selects Nuvei to Boost Customer Experience and Facilitate International Expansion

Nuvei Corporation, the Canadian fintech company, announces that it has been selected by Curve, the fast-growing financial super app that consolidates your cards into one smart card, to provide card acquiring and alternative payment methods (APMs) for consumer transfer of funds to and from their Curve digital wallet. Nuvei’s agile, customizable, full stack payments technology enables the fintech app and card issuer to accept VISA and Mastercard transactions. Card payments are optimized through Nuvei’s smart routing engine to maximize card payment acceptance and reduce operating costs. All the relevant APMs in each market Curve operates will be available to Curve…

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J.P. Morgan and Mastercard Take Pay-By-Bank Live

J.P. Morgan Payments’ Pay-by-bank solution, which provides billers with the ability to allow their customers to pay bills directly from their bank account, is now live. Leveraging Mastercard’s open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, Pay-by-bank offers payment choice and provides a simple, secure and frictionless experience for billers to offer to their customers. Verizon is planning to pilot J.P. Morgan Payments’ Pay-by-bank offering with U.S. customers in the coming months. “This innovative payment option aligns with our commitment to providing our customers with convenient and secure payment choices. We believe that Pay-by-bank will enhance the overall…

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Fintech Unicorn Airwallex Signs Definitive Agreement to Acquire Mexico Payments Company MexPago

Hong Kong based Airwallex, announced it has signed a definitive agreement to acquire MexPago, a Mexico-based payment service provider and an Institution of Electronic Payment Funds (IFPE) license-holder. The transaction is subject to regulatory approvals and customary closing conditions. This acquisition will enable Airwallex to expand its financial infrastructure into Latin America and advance its mission to empower and support businesses to grow and operate across borders. It is an important part of Airwallex’s broader growth strategy in the Americas, where the company has seen more than 460% YOY revenue growth. Luis Castillejos Ordaz, CEO of MexPago, said, “Airwallex’s ability…

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Prove Identity Secures $40 Million in Funding Led By Massmutual Ventures and Capital One Ventures

Prove Identity, a digital identity solutions provider, has announced a $40 million funding round led by MassMutual Ventures and Capital One Ventures. The new funding, supported by over 40% new international customer growth year to date, reinforces Prove’s position as the global leader in the digital identity verification and authentication market. The funds will be used to launch new commerce enablement and fraud-fighting use cases, continue Prove’s global expansion, and address the evolving threats faced by all public and private institutions operating in the digital economy.‍ “As our daily lives become increasingly digital, Prove’s mission is to be the global…

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Fintech Dominates Colombia Startup Ecosystem

Fintech has emerged into the dominant segment in the Colombian startup ecosystem, making up more than 15% of all startups in the country, a new report by StartupBlink, KPMG Colombia and other industry stakeholders, show. The Colombia Tech Report 2022-2023, released on September 28, explores the country’s booming tech sector, ­­startup funding activity and emerging trends. In particular, the report highlights the rise to prominence of fintech in the Colombian startup ecosystem. The sector is now the biggest startup category in the Latin American country, recording 203 startups in early 2023. Not only is fintech the most prevalent startup category,…

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7 Fintech Companies from Panama to Know

Panama, a key financial hub in the Americas, has witnessed a growth in fintech development over the past years. Although the ecosystem remains limited compared with regional leaders such as Brazil and Mexico, Panama has nevertheless seen several local players rise to prominence, with segments including digital payments, remittances and neobanking currently standing as the most developed categories. Of the reported 16 fintech ventures in the country, we’ve made a selection of seven of Panama’s most renowned and fastest-growing fintech companies to watch closely. For this list, we’ve selected startups headquartered in the country, showcasing their latest achievements and growth.…

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Albo Secures US$40 Million in Series C Investment Round, Paving the Way to Become Mexico’s First Profitable Neobank

Albo, a neobank in Mexico, announced the successful closure of its recent US$40 million growth funding round. This follows closely on the heels of albo’s strategic acquisition of the technology firm delt.ai for US$20 million. Despite the challenges posed by the global financial landscape, albo’s exceptional performance positions the company for profitability in 2024. United States-based Morpheus Ventures led the financing, which included significant participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures. The fund raise marks a pivotal milestone in albo’s journey. “We are very impressed with albo’s performance in a challenging environment. albo delivered…

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Top 18 Fintech Events Taking Place in USA and Canada in Q4 2023

North America is home to one of the world’s largest and most developed fintech ecosystems. The US, with its dynamics hubs of New York City and Silicon Valley, is a driving force in the sector. Canada, meanwhile, is witnessing its city of Toronto emerging as a prominent tech powerhouse. The growth of fintech in North America is being enabled by the region’s ability to attract vast amounts of investment, a feature that has allowed it to consistently account for the largest share of fintech investment globally. The region also boasts a rich environment for tech-driven innovation that’s enabled for the…

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US VC Investments Show Signs of Stabilization

After 18 months of decline, the US venture capital (VC) investment landscape is showing signs of stabilization and returning to 2019-2020 levels, new data released by Silicon Valley Bank (SVB) show. In H2 2022 and H1 2023, VC investments in US companies totaled US$182 billion, the H2 2023 State of the Markets report says, reaching sums witnessed in 2019 and 2020. Although SVB notes that there have been predictions of drops in fundraising based on key indicators such as inverted yield curve, falling corporate profits, increased down rounds and declining revenue growth among startups, the bank is confident in the…

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Jumio Recognized as Representative Vendor for Identity Verification by Gartner

Jumio, a provider of identity verification solutions, has been recognized as a Representative Vendor in the latest Gartner Market Guide for Identity Verification. This is the fifth consecutive year that Jumio has received this recognition. Vendors are selected for the Market Guide based on a number of criteria, including their capabilities and their representation of particular market segments or geographic regions among others. The Market Guide notes, “The purpose of identity verification is to establish confidence in the identity of a user during a digital interaction. As a result, across all geographies and industries, the use cases in which identity…

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PayPal Introduces On and Off Ramps for Web3 Payments

Paypal is increasing access to digital currencies by simplifying how wallets, dApps, and NFT marketplaces can enable their customers to buy and sell supported crypto in the U.S. (subject to applicable state law) through an integration with PayPal On and Off Ramps. Once integrated, web3 merchants can help grow their user base by connecting to PayPal’s fast and seamless payments experience trusted by millions, while leveraging PayPal’s robust security controls and tools for fraud management, chargebacks and disputes. PayPal previously launched On Ramps to enable U.S. consumers to directly buy crypto with PayPal through integrations with Metamask and Ledger – with more coming soon.…

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PayPal Giving Fund is expanding its partnership with Meta to exclusively enable charitable giving on Facebook and Instagram in the US, UK, Australia and Canada.

Paypal announced that PayPal Giving Fund is expanding its partnership with Meta to exclusively enable charitable giving on Facebook and Instagram in the US, UK, Australia and Canada. As an IRS-registered charity, PayPal Giving Fund’s mission is to support charities by enabling them to benefit from new forms of giving. Charities will be able to raise money through fundraisers and donation buttons on Facebook and Instagram, and donations will be received by PayPal Giving Fund and granted to benefiting charities in accordance with its policies. PayPal Giving Fund’s partnership with Meta makes it easier for donors to support their favorite causes…

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Share of Financially Excluded Consumers in LatAm Cut in Half Since Advent of COVID-19

The number of cash-only consumers, or those without a financial account, has decreased substantially in Latin America (LatAm) over the past couple of years, plummeting from 45% in 2020 to only 21% in 2023, a new study by Mastercard and research firm Americas Market Intelligence (AMI) found. The research, which is based on in-depth interviews with 25 financial service providers operating in LatAm and online surveys of 2,815 individuals within seven major markets in the region, found that most LatAm consumers gained access to basic financial products between 2020 and 2023. Delving deeper into the types of products used, results…

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 Eric Glyman, CEO, Ramp

Ramp, the finance automation platform announced a $300 million Series D on the back of strong revenue growth, rapidly increasing market share among small and mid-sized businesses, and successful expansion into the enterprise segment over the past year. The company will use this capital to further fuel its industry-leading pace of product development and accelerate its expansion into adjacent categories. In an uncertain macroeconomic environment, companies of all sizes and across all industries are more focused than ever on their bottom line. As businesses look for modern finance tools that help them operate more efficiently and profitably, Ramp has seen increasing…

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LemFi Raises $33 Million To Transform Financial Services For Immigrants Everywhere

LemFi (formerly Lemonada Finance), a Canadian fintech platform transforming financial services for immigrants, has raised a $33 million Series A round led by Left Lane Capital. Other investors included Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree. Each year, millions of immigrants move abroad to start new lives, and the biggest hurdle they face is access to financial services. In 2020, Founders Ridwan Olalere and Rian Cochran joined forces to solve these challenges with a vision to build a platform that empowers the next generation of immigrants. Olalere and Cochran first met while building OPay – one of Africa’s most…

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Thoma Bravo Completes Acquisition of ForgeRock- Combines ForgeRock into Ping Identity

Thoma Bravo and ForgeRock announced the completion of Thoma Bravo’s acquisition of ForgeRock in an all-cash transaction valued at approximately $2.3 billion. The acquisition agreement was previously announced on October 11, 2022, and approved by ForgeRock stockholders at ForgeRock’s Special Meeting of Stockholders held on January 12, 2023. Upon completion of the acquisition, ForgeRock stockholders are entitled to receive $23.25 in cash for each share of ForgeRock class A common stock and class B common stock they owned. ForgeRock’s class A common stock will no longer trade and will be delisted from the New York Stock Exchange. Thoma Bravo also announced that it has combined ForgeRock into…

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