The Fintech Times Bi-Weekly News Roundup sees DeFinity partner with market infrastructure provider Cobalt to facilitate real-time clearing, settlement and dynamic risk and credit management.
Fintech firm DeFinity has partnered with market infrastructure provider Cobalt to enable real-time FX clearing and dynamic credit management of digital asset trades. DeFinity will allow institutional investors to retain independent custody pre-trade while providing a consolidated view of fiat and digital asset positions. DeFinity and Cobalt will also jointly collaborate on further products and services.
Social payment service VibePay has completed its integration with web development firm Wix. Through account to account payments at checkout, users can get paid on their websites directly into their bank, avoiding payment processing fees and delays. It will also introduce multiple account switching for users.
Meanwhile, SoftServe, the digital authority and consulting company, has partnered with SingularityDAO to build enterprise-grade computing solutions for blockchain and decentralised finance. SingularityDAO provides AI-powered portfolio management for the crypto space. SoftServe will also help protect multi-million-dollar transaction assets handled by SingularityDAO.
Crypto exchange Binance has signed an agreement with the Dubai World Trade Centre Authority. Binance will help advance Dubai’s commitment to establishing a new international virtual asset ecosystem that will generate long-term economic growth through digital innovation.
GlobalBlock UK has joined CryptoUK to help strengthen dialogue with UK regulators and policy makers. The UK trade association has legal, accounting and financial services firms among its members, including Crypto.com, CryptoCompare, BCB Group, Electroneum, eToro, Ripple and Simmons & Simmons.
Finally, MoneyGram, a digital P2P payments firm, has forged a new partnership with Paytm Payments Bank, India’s payments bank and a driver of financial inclusion in the country. Through this partnership, MoneyGram customers around the globe can send money in real-time directly to Paytm Wallets in India.
Investment and funding news
Ant Money, the embedded finance platform, has raised $20million in a Series A financing led by Franklin Venture Partners, Walter Cruttenden, RX3 Ventures, SteelBridge Laboratories and Steelpoint Capital Partners. In conjunction with the merger, Ant Money also finalised the acquisition of Blast via a stock-for-stock merger.
Micro-investing platform Wombat has added a new ETF to its platform that offers investors access to luxury brands. The High Ender is the 28th thematic ETF added to the platform providing exposure to companies including Ferrari, Louis Vuitton and Moet Hennessy.
TGV4 Plus Fund is investing $25million into the equity of five Web3 and blockchain companies. It takes the TGV4 Plus fund to a total of 13 portfolio companies. Leveraging on the success of early investments into Animoca Brands and The Sandbox the fund has also invested in Forza Ikonia, Pinktada and PictureThis.
Fintech startup LiveFlow has raised a $3.5million seed round led by Moonfire Ventures. Other investors include Y Combinator, Seedcamp and WndrCo. LiveFlow lets companies sync real-time data from their accounting services, banks and payment platforms into custom reports.
Meanwhile, fintech software firm Novea has closed $50million in equity and $5million debt financing. The equity proceeds will go towards wholly-owned subsidiaries of Novea, Jacana Warranty and Jacana Insurance. The debt proceeds will support general corporate overhead expenses. The investment is provided by Swiss-based Newpoint Financial Group.
Spanish fintech platform Ibancar raises credit facility of up to €10million led by Knuru Capital. It plans to expand its activity to Mexico as well as launch other auto related credit products. Ibancar also plans an additional institutional debt facility of up to €50million in 2022. It is currently working on a €3million equity raise to fund the development of new products and expansion into new markets.
Research and insights
More than a quarter of people with dependents say they’ll need to borrow to survive the winter, according to research from subscription loan provider Creditspring. The research also reveals that almost half of families with children under 18 are almost three times more likely to say they’re unable to financially survive another lockdown this winter than those without children.
Mergers and acquisitions
Mastercard has acquired McDonald’s personalisation platform and decision engine company Dynamic Yield. The software-as-a-service platform uses advanced AI and other technologies. Its technology has been deployed to McDonald’s drive-thrus and ordering kiosks in several markets around the world. Mastercard says the acquisition will help its customers and partners meet growing demand for personalised experiences.
Caye International Bank has appointed Luigi Wewege as the bank’s new president. Wewege succeeds Peter Zipper who has retired. His experience includes digital banking, fintech leadership, strategic planning, product development and innovation.
Car Capital, an automotive fintech firm that enables dealer partners to make 24/7 instant auto loan decisions, has named Steve Kline as chief risk officer. Prior to joining Car Capital, Kline was SVP and group manager, credit risk at Bank of the West.
Meanwhile, Nayya, the benefits experience platform, has added two new additions to its leadership team. Bryan Caplin joins as chief revenue officer, while Dan Murdoch is named chief marketing officer. Nayya also recently announced a $37million Series B funding round aimed at supporting the rapid scale-up of the company’s operations.
Finally, Fintainium – the API-driven and modular platform – adds Mark Ripplinger to its board. He is president and CEO of Everlink Payment Services. Ripplinger also serves as a board member of PayTechs of Canada and Cooperative Development Foundation of Canada.