In The Fintech Times Bi-Weekly News Roundup on Thursday 22 December 2022, UAE-based open finance platform Fintech Galaxy expands into Egypt with acquisition of Underlie.
Appointments
CLS Money welcomes Lauren Alter as head of operations. In her new role, she will support the company’s specialist advisor, admin and protection teams. She has previously worked at banks including Countrywide and Nationwide. CLS Money says the appointment supports its growth plans for 2023.
Fintech Bitt has added Ambassador J. Peter Pham to its advisory board. He served as the first-ever US Special Envoy for the Sahel Region of Africa, with the personal rank of Ambassador from 2020 to 2021. He will provide Bitt with strategic guidance based on his extensive knowledge of African business, finance and government affairs.
Network International, a digital commerce firm across the MEA region, has appointed Sandeep Chouhan as group chief business transformation and technology officer. He will drive Network’s group-wide strategic transformation to accelerate business growth, operating efficiency and innovation in processing and acquiring products, as well as reducing time-to-market for banks, merchants and fintechs.
Julie Patterson has joined MJ Hudson, the end-to-end solutions provider to the asset management industry, as an independent non-executive director. Patterson also currently sits on the board of a UK subsidiary of Capital Group and chairs the Investment Association’s Sectors Committee.
Fintech provider Larky has appointed Bret Taylor as sales executive. Taylor has previously worked at SMA Technologies and digital banking provider Bankjoy. Taylor identifies potential prospects for new business growth, builds and maintains new client relationships.
More appointments
MANGOPAY, the platform-specific payment infrastructure provider, names Carlos Sanchez Arruti as chief financial officer. He joins from his prior role at Amazon as CFO of LATAM. As MANGOPAY’s reach expands across the globe, Carlos will help enable “aggressive growth while operating with the highest standards in discipline and fiscal responsibility”.
Nikkl, a minority business enterprise, appoints Cathy Siciliano as chief marketing officer. Siciliano joins Nikkl at a time when the firm is primed to launch its investment fund in early 2023. As CMO, Siciliano is responsible for creating and executing an integrated marketing strategy and rapidly scaling awareness of Nikkl’s technology platform and investment fund.
The Bank of London has hired Gavin Hewitt as group chief financial officer (CFO). He leads on all accounting, finance, and corporate treasury for the Group, and will also contribute to the development of the Group strategy, supporting the delivery of its commercial agenda. Hewitt joins from Silicon Valley Bank, where he held the role of CFO for the UK and Europe, as well as the Middle East and Africa.
Medius, a provider of AP automation, appoints Daniel Ball as EVP of product, the latest move to further accelerate the company’s growth. In his new role, Ball will be responsible for setting and delivering the product strategy for the Medius platform, encompassing multiple product areas and charting the direction for a global research & development team.
Acquisitions
UAE-based Fintech Galaxy, the Central Bank-regulated open finance platform in the Middle East, has announced the acquisition of Underlie. Underlie is an Egypt-based open banking platform offering APIs to banks and businesses. The deal will help Fintech Galaxy develop and launch new digital solutions and push financial inclusion forward.
Lumera, a software company dedicated to the digital transformation of the European Life and Pensions industry, has acquired AxyWare. Based in Utrecht, AxyWare is a systems provider to Dutch pension funds, pension fund administrators, and life insurers. AxyWare will be “carefully integrated” with Lumera’s organisation in the local subsidiary Lumera BV.
Funding and investments
Manchester-based fintech solution provider Nivo has secured a £1million investment from NPIF – Maven Equity Finance, part of the Northern Powerhouse Investment Fund. The investment comes alongside Barclays Bank, who supported the round with additional investment. The investment will aid Nivo in building its product, marketing, customer success and sales team, including the addition of a sales director to accelerate the business’ growth.
Partnerships
Opn and JCB Partner to add JCB’s acquiring and processing capabilities to Opn’s payments offering in Thailand. This collaboration enables Opn to further streamline payments for its merchants while also expanding its product offering beyond merchant services into the acquiring-as-a-service vertical.
Trade finance software platform Surecomp is to offer customers across its global banking and corporate portfolios added levels of data integration following a partnership with finance connectivity firm Finecta. It gives Surecomp’s RIVO corporate customers greater centralised transparency of their liquidity. While lenders can gain confidence in serving a broader market including SMEs.
SavvyMoney and Alkami recently signed their 100th shared customer following a partnership. Since its launch in 2019, the number of Alkami digital banking clients choosing SavvyMoney as their credit score solution has grown steadily. They say a shared commitment to promoting consumer financial wellness has powered the partnership’s growth and success.
Wealthtech B2B platform Allfunds has forged a service agreement with BB Asset, the asset management entity of Banco do Brasil. The agreement further increases Allfunds’ footprint in Brazil. With this commercial partnership, BB Asset also “reinforces its value proposal” in international open architecture.
Independent broker network Compass Network has partnered with finance provider PremFina to provide flexible insurance payment options to its members’ clients. It’s the first time Compass Network has teamed up with PremFina.
Company updates
Fibank (First Investment Bank) has successfully implemented voice menus in some of its ATMs to help blind people withdraw money from them. The service is available on 60 devices of the bank located in key locations in major cities. The innovation is in line with the best global banking practices to facilitate the use of everyday banking by the visually impaired.
b-ilty, the illimity Group’s digital bank that provides financial services and credit for small and medium-sized businesses, announces the launch of its green package with favourable terms, loans to support the energy and environmental projects of SMEs
