Three years ago, Collective launched with their mission to empower Businesses-of-One with the technology and team that they need to enable them to focus on their passion, not their paperwork. Today, 39% of the U.S. workforce and growing are solopreneurs and Collective has created the first all-in-one back-office solution to help deliver this rising population financial peace of mind. While their mission remains unwavering, technology continues to improve exponentially. AI technologies, in particular, are at a tipping point. OpenAI’s GPT-4 can now perform at 90% on nearly all standardized tests. AI technologies can not only be leveraged to build tools…
Author: Fintech News America
Alongside Brazil and Mexico, Colombia is among the top three Latin American countries when it comes to fintech innovation. The country was home to 279 fintech companies in 2021, behind only Brazil (771) and Mexico (512). The figure makes Colombia the third largest fintech ecosystem in Latin America (LatAm), accounting for 11% of all fintech companies in the region, a 2022 report by the Inter-American Development Bank (IDB) and Finnovista shows. The rise of the Colombian fintech sector comes on the back of regulatory initiatives and supportive efforts from the government to foster innovation in the banking and financial sector.…
Revolut has launched a Robo-advisor in the US. The new feature manages investment portfolios on behalf of customers to remove the friction from investing with lower fees than traditional companies. Based on responses from customers, the Robo-advisor will provide users the opportunity to invest in one of five diversified portfolios based on their risk tolerance. Once a customer deposits money into their portfolio, the Robo-advisor automatically invests it in the market and then monitors and manages the customer’s portfolio. The Robo-advisor rebalances the portfolio automatically to stay in sync with the customer’s risk tolerance determined at onboarding. Built by Revolut,…
Nuvei announced that it has been selected by inDrive, a global mobility solutions provider available across 47 countries, as its payments provider for payouts to its drivers in Latin America. Nuvei is enabling inDrive to offer a comprehensive range of payout options, including payments to cards and all relevant alternative payment methods (APMs) in the Latin America region through a single integration. With Nuvei’s cutting-edge payments technology and extensive acquiring reach, inDrive is integrated to a robust payments infrastructure for seamlessly processing transactions that will accelerate its growth. Nuvei’s collaboration with inDrive is particularly significant for the Latin American market,…
Amazon Web Services (AWS) is launching its first Global Fintech Accelerator, giving fintech founders the support and mentorship they need to bring smarter financial services solutions to the market by leveraging the power of AI/ML and the cloud. 91 percent of financial services institutions are using artificial intelligence (AI) to drive business transformation and change, with 80 percent of fintechs leveraging machine learning (ML) in particular. As the market evolves, AI and ML are standing out as critical enablers of innovation, driving success across the customer journey from user onboarding and workflow automation, to risk management and customer experience. This…
Canada’s fintech industry is growing at a fast pace and a number of startups are starting to make their marks on the sector. The following list features six fast-growing fintech startups from Canada that are worth keeping an eye on. These companies secured funding over the past year at the Series A or Series B stage and are now working on taking their businesses to the next level. They are poised to reshape the financial landscape in Canada and beyond, and their growth potential makes them worth watching as they continue to expand. Plooto Founded in 2015 and based in…
The US holds a prominent position in the global fintech scene and is considered one of the leading countries in fintech innovation, investment and market size. The country possesses the most mature innovation ecosystem in terms of venture capital (VC) firms, entrepreneurs, talent pools, universities, and access to funding, and is home to the largest financial services industry in the world. The US is expected to remain a critical fintech market and innovation hub this year onwards, with Boston Consulting Group projecting that the country will account for 32% of global fintech revenue growth through 2030. In light of the…
Unit21, an USA based risk and compliance infrastructure company, informed about its $45 million Series C funding led by Tiger Global and South Park Commonn. The funding has supported the growth of the Fintech Fraud DAO consortium, which is experiencing a surge in participation and now covers more than 10% of adult consumer transactions in the U.S. Financial fraud is exploding as a lucrative career for bad actors. Consumer losses due to fraud jumped 4.6 times in four years, from $1.9 billion in 2019 to $8.8 billion in 2022, according to the Federal Trade Commission. With traditional fraud detection methods…
Payment giant Visa announced it has inked a deal to acquire Pismo, a Brazilian cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, for US$1 billion in cash. By acquiring Pismo, Visa will be positioned to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud native APIs. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients. The deal is expected to close by the end of 2023 and Pismo will…
Nvidia reached a market capitalization of more than US$1 trillion early this month, becoming the ninth company in history and the world’s first chipmaker to cross that threshold, according to Bloomberg and the Guardian. The company joined fellow tech companies and household names like Apple, Microsoft, Google parent Alphabet and Amazon in the US$1 trillion club. Shares of the American chipmaker started soaring on May 24 after the company reported its first-quarter earnings for its fiscal 2024 with a stronger-than-expected forecast. Nvidia said it expects sales of about US$11 billion, plus or minus 2%, in the second-quarter, more than 50%…
Thomson Reuters announced it has signed a definitive agreement to acquire Casetext, a California-based provider of technology for legal professionals, for $650 million cash. The proposed transaction will complement Thomson Reuters existing AI roadmap and builds on its recent initiatives, including a commitment to invest more than $100 million annually on AI capabilities, the development of new generative AI experiences across its product suite, as well as a new plugin with Microsoft and Microsoft 365 Copilot for legal professionals. Founded in 2013, Casetext uses advanced AI and machine learning to build technology for legal professionals, creating solutions that help them…
SAP Fioneer, a global provider of financial services software solutions and platforms, has announced the launch of its tailored small and medium-sized enterprise (SME) banking offering. As a unique end-to-end solution, the Fioneer SME Banking Edition covers front-to-back capabilities and seamlessly integrates with any core banking system. It enables banks to offer services that go beyond traditional banking products such as loans and deposits. Banks will be able to broaden their offering with embedded services and stronger financial advice directly for SMEs. The solution can also be easily integrated and connect to ecosystems via pre-configured APIs. The solution connects banks to…
The price of bitcoin crossed the US$30,000 mark last week, driven by investors’ excitement about the prospects of high-profile investment firms jumping deeper into digital assets by launching spot crypto exchange-traded funds (ETFs). Bitcoin, the world’s largest cryptocurrency by market capitalization, rose 15% following news that big name issuers were looking to launch spot bitcoin ETFs. Bitcoin surpassed the US$31,000/BTC mark on June 23, 2023, its highest level over the past 18 months. The crypto has surged by more than 80% since the beginning of the year. The frenzy was fueled by the news that BlackRock, the world’s largest asset…
Expanded Mastercard Engage partner network will help scale digital assets and blockchain technology, and meet continued ecosystem demand As Marstercard continues to embrace new and emerging payments technology such as crypto, Mastercard is introducing a new track as part of its global Engage partner network to allow businesses to quickly launch and scale products that power the Web3 economy. Mastercard Engage makes it simple for partners to collaborate with Mastercard and accelerate time to market for product innovation through access to the company’s global network, expertise, technology, and resources. Last year alone, more than 150 Engage partners helped their customers…
Generative artificial intelligence (AI) is expected to have a significant impact across all industry sectors but banking will be among those the most impacted, a new report by McKinsey and Company says. Estimates by the consultancy show that the technology could potentially generate value from increased productivity of 2.8-4.7% of the industry’s annual revenues, translating to an additional US$200-340 billion in revenues annually, the study found. In the banking industry, generative AI has the potential to improve on efficiencies already delivered by AI by taking on lower-value tasks in risk management, the report says, including required reporting, monitoring regulatory developments,…
2022 was a challenging year for the fintech sector. Funding dried up, stocks plunged and many companies were forced to shut down or sell themselves. But despite a trying environment that was marked by an uncertain economic picture and growing recession fears, Sequoia Capital, one of the most prominent private equity and venture capital (VC) firms in the world, remained optimistic about the prospect of fintech, making the sector its top investment category in 2022, a new analysis by CB Insights, a business analytics platform and global database, found. Fintech represented nearly a quarter of the firm’s deals in 2022, the…
EPAM Systems, a digital transformation services and product engineering company, announced a strategic, global partnership with Google Cloud to develop and deploy Artificial Intelligence (AI)-first Google Cloud solutions to help enterprises overcome operational challenges and drive transformational growth. Through this partnership EPAM will expand its global, cloud-native engineering and integration services and introduce targeted vertical solutions and managed services around Google Cloud AI solutions, including Vertex AI, Generative AI App Builder, Model Garden and more. Learn more about EPAM and Google Cloud’s Partnership “We are excited to expand our partnership with Google Cloud to bring the power of AI to…
NASDAQ will acquire Risk Management company Adenza from US Private Equity company Thoma Bravo in a US$10.5 billion cash and common stock deal. Holden Spaht, a Managing Partner at Thoma Bravo, Adenza’s parent firm, is anticipated to join an expanded NASDAQ board post-acquisition. Adenza was established through the merging of two major global brands – Calypso and AxiomSL. With its end-to-end treasury, risk, and collateral management workflows, Calypso assists capital markets participants, while AxiomSL provides regulatory and compliance software for financial institutions. The integration of Adenza into NASDAQ’s portfolio will augment its Marketplace Technology and Anti-Financial Crime solutions, and significantly broaden…
In spite of a market downturn and a prolonged “crypto winter”, the volume of illicit cryptocurrency transactions continued to rise in 2022, reaching an all-time high of US$20.6 billion, new data released by blockchain analysis firm Chainalysis show. The sum represents a 13.8% increase from the previous all-time high of US$18.1 billion recorded in 2021, and comes despite a market slump that saw total capitalization plummeting by more than 60%. Total market capitalization started off the year 2022 at US$2.2 trillion to hit an annual low of US$810 million in December. The price of bitcoin fell by more than 75%…
The rise of remote work is forcing adjustments within businesses and introducing new challenges. For finance and technology businesses, the number of foreign document verification cases has increased considerably throughout the years, a development which organizations are struggling to deal with. A new research initiated by Regula, a provider of identity verification solutions and forensic devices, found that businesses in the banking and fintech sectors are ill-equipped to address these market changes with many still relying to manual checks when performing identity verification. The findings, shared in a report titled The State of Identity Verification in 2023, draws on primary…