It’s time to delve into The Fintech Times Bi-Weekly News Roundup on Tuesday 29 August 2023.
Spendesk, the spend management solution for SMBs, has appointed Sarah Whipp as chief marketing officer.
She is the former CMO at AI-based digital identity software company Callsign. Her career highlights also include senior marketing roles at S&P Global Ratings, Symantec and McAfee.
Third Financial, the investment platform, has named David Lewis as chairman of its regulated entity, Third Platform Services. Most recently, he was MD at BNY Mellon in London. He also served as European head of operations at Pershing for eight years as a member of the UK Exco. He joined the Third Platform Services board in 2021 and has now been elevated to chairman.
Provenir, an AI-powered risk decisioning software company, hires Andres Elizondo as its new chief financial officer. Previously, Elizondo was the group CFO at software development platform Builder.ai and served as CFO of the EMEA region at Rackspace Technology. Elizondo will work with Provenir’s global finance team in New Jersey, the UK and India.
Mashreq has appointed Norman Tambach as its new group chief financial officer. In this pivotal role, he will play a crucial part in supporting the future vision of the bank in terms of developing and executing financial strategies that support the bank’s strategic objectives, driving innovative and technology adoption, as well as process improvements within the finance and corporate affairs functions across the group.
JLL, a professional services firm specialised in real estate, investment management and development consultancy services, has appointed James Allan as CEO, Middle East and Africa (MEA). Allan takes over the role from Thierry Delvaux, who stepped down after nearly five years. Allan has been with JLL for 15 years. He plans to enhance JLL’s service offering in the MEA region.
More job updates
Clark UK, a UK insurance and protection business, appoints Joshua Sargent as its new CEO. Sargent, Clark UK’s current chief operating officer, takes the reins from Matt Edwards who is returning to New Zealand. Edwards originally founded the company as E-finity Leads in 2012, led the company’s repositioning to Candid in 2019, as well as the strategic move to join Clark Group in June this year to trade as Clark UK.
GELLIFY Middle East has unveiled Enrique Ortega as its new CEO. Previously, he helmed the business innovation consulting practice of GELLIFY in the Middle East where he increased the company’s market share as well as brand awareness. Prior to that, he was part of Accenture‘s technology strategy leadership team in the Middle East.
Finverity, the trade and supply chain finance digital ecosystem, has repositioned its brand and product offering, together with the appointment of Adam Ryan as chief marketing officer. Finverity has refocused its brand message on creating trade and supply chain finance ‘that works’ and repositioned its trade and supply finance offering.
Cloud and services solutions provider Vortex 6 appoints Andy Macleod as VP of customer experience, EMEAR. Macleod spent 18 years at Cisco building business, sales, growth and channel strategies. Last year the company launched V6 ProFusion to help businesses manage their employees’ certifications in one platform.
Wings Global Travel is expanding its London based financial services team to meet rising demand for international business travel from the sector. It has hired former TAG Travel head of sales Kim Parker to lead the expansion of the financial services division.
Qover, an embedded insurance orchestration company, has achieved Financial Conduct Authority (FCA) full authorisation. The granted licence marks empowers Qover to operate under a fully regulated framework, in alignment with the highest industry standards and stringent requirements set by regulatory authorities.
Fintech DKK Partners has gained the CONSUMAF licence to accelerate its financial services operations in Africa. The CONSUMAF licence helps to future proof businesses operating in the Central West Africa region, ensuring the company is compliant with future regulatory and licensing changes by the governor.
Royal & Sun Alliance Insurance (Middle East) and National Life & General Insurance Company SAOG (NLGIC) have come together to form a new brand – Liva – with the aim of revolutionising the insurance landscape. The companies started their integration journey in July 2022 with an ambition to build the region’s leading multi-line insurer that delivers value to its customers while generating sustainable and profitable earnings for its shareholders.
Funding and investments
Nuventura, a provider of sustainable switchgear tech, has completed a €25million Series A investment round. It was led by Mirova, alongside new investors Forward.one and EIC Fund, as well as existing investors IBB Ventures, ADB Ventures, Cycle Group and Future Energy Ventures. The capital will be used to expand Nuventura’s product portfolio as well as the further development of its manufacturing capabilities.
myZoi, a fintech focused on financial inclusion and financial literacy for the underbanked, has raised $14million from SC Ventures and SBI Holdings. It also obtained two regulatory licences from the Central Bank of the UAE. myZoi aims to use the funds to expand its inclusive and differentiated proposition for the underbanked and their families. It also plans a full commercial launch by the end of 2023.
ThetaRay, a specialist in next-generation AI-powered secure global payments, bags significant investment in a growth round led by Portage. It also enjoyed investments from existing investors JVP and OurCrowd. The investment, totaling $57million enables ThetaRay to accelerate global growth plans and capitalise on significant market demand.
OneID, a UK provider of bank-verified digital identification services, has secured £1million in new funding from ACF Investors. The investment will be used to further develop its product and bolster its mission to make the world a safer place by helping people prove who they are online easily and securely.
More funding updates
GenTwo, a Swiss-based B2B fintech platform specialised in securitisation of bankable and non-bankable assets, has raised a $15million Series A. The round was led by US-based Point72 Ventures with Pete Casella, co-head of fintech investments at Point72, also joining the GenTwo’s board. Funding will be used to support international expansion as well as invest further in the GenTwo financial engineering platform.
Nigerian banking-as-a-service platform Anchor has raised $2.4million in seed funding from investors, including Goat Capital, FoundersX and Rebel Fund, as well as existing backers Y Combinator and Byld Ventures. The company emerged from stealth a year ago with over $1million in pre-seed funding.
Aurora, the digital commercial insurance platform for micro, small and medium-sized businesses, has secured an additional £2.5million in funding to accelerate its Algorithmic Trading proposition. The sum is made up of seven-digit support from Innovate UK, the UK’s national innovation agency, as well as an equity raise.
The Saudi Esports Federation (SEF) and Kentucky Fried Chicken (KFC) have unveiled a three-year partnership dedicated to advancing local talent onto the global esports stage, including an initiative for women gamers. The collaboration will introduce a series of events and challenge-based initiatives, especially designed to nurture fresh Saudi esports talent.
Network International has forged a partnership with J.P. Morgan Payments to strengthen the bank’s acquiring offering. Access to Network International’s acceptance solutions and expertise in card processing in the region enables J.P. Morgan Payments to expand and complement its existing payments proposition in the region to its customers.
wamo, a digital business account provider for SMEs, is partnering with Modulr as its new banking-as-a-service provider. Following the integration, the company intends to reignite its EU and UK presence with additional features and services to strengthen its business account offering for SMEs. Future plans also include providing wamo business account holders with access to credit, credit cards and a USD account.
European fintech Inpay, and Cambodia Post Bank, one of Cambodia’s leading commercial banks, have entered into a partnership to introduce international money transfer services in Cambodia. Through the partnership, CPBank’s customers in Cambodia and abroad can benefit from the postal services that Inpay’s Eurogiro network provides.
Hyperpay, the online payment service provider in the MENAP region, unveils a strategic partnership with Paymentology, the global issuer-processor. The collaboration marks a significant milestone in Hyperpay’s mission to become a one-stop payment solution for businesses, governments, and SMEs across the Middle East.
German bank NORD/LB partners with Murex on leveraging continuous integration for MX.3 upgrade. NORD/LB capital markets activity relies on the MX.3 platform for front office – enterprise risk management, limit control, credit risk and stress testing – and back office, including collateral and accounting.
Finally, Arendt Services announces a partnership with Fenergo to deliver its investment management clients a ‘best-in-class, investor lifecycle experience’. Arendt Services will leverage Fenergo’s software-as-a-service client lifecycle management solution for a frictionless onboarding and maintenance experience.