This week’s edition of Finovate Global examines recent fintech news from Mexico. Earlier this month, ResearchAndMarkets.com published its Mexico Embedded Finance Databook Report for 2025. The 230-page report noted that the embedded finance market in Mexico is expected to reach more than $18 billion this year and top $22 billion by the end of 2030. Among the key takeaways from the report is the increasing traction of embedded credit products such as Buy Now Pay Later (BNPL), and the growth of embedded payments in mobility, food delivery, and social commerce driven by growing smartphone use and government support for digital, real-time payments options. Embedded finance solutions such as lending are enabling non-fintech businesses in Mexico to leverage APIs and BaaS to expand their offerings, the report notes. This is helping bring more financial services to underserved communities in the country. It is also creating greater competition for companies in both the lending and payments spaces. Mexican Fintech Plata Double Valuation on Latest $250 Million Fundraise Mexican digital financial platform Plata has secured $250 million in new equity funding. The round, which includes both a primary equity raise and a secondary equity transaction, was led by Kora and featured participation from Moore Strategic Ventures, Audio Ventures, Spice Expeditions, Hedosophia, as well as several US and European family offices. The funding builds on an earlier investment by Televisa-Univision and boosts Plata’s valuation to $3.1 billion. “The growth we have achieved in such a short time demonstrates a clear strategy and a shared conviction: build a strong institution from its foundations,” Plata CEO and Co-Founder Neri Tollardo said. “This transaction reflects investors’ confidence, the strength of our technological model, and the talent we have assembled. We set out to create a digital bank built on innovation, operational excellence, compliance, and efficiency—and today, we are seeing the results of that effort.” Plata received its banking license in December 2024 and is waiting for authorization to begin banking operations. The company boasts its own technological and operational infrastructure, including a core banking system that enables a fully digital, branchless model with automated risk management and 24/7 personalized customer service. Over the past 30 months, Plata has topped the two million mark in terms of active credit customers, making it one of the fastest-growing digital financial platforms in Latin America. The company’s Plata Card gives users two months to pay without interest and up to 15% of cash back in real money. “We believe Plata represents the new standard for digital banking in emerging markets,” Kora Co-Founder Nitin Saigal said. “In a very short time, the company has demonstrated impressive execution, combining technological innovation with a clear vision for financial inclusion. We are excited to continue strengthening our partnership and to support Plata in this new phase of growth.” Revolut obtains Mexican banking license; SumUp goes live This week we learned that two Finovate alums—Revolut and SumUp—are actively exploring opportunities in Mexico. Revolut announced this week that it has received final regulatory approval to initiate banking operations in Mexico. The authorization came from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico. Now a Multiple Banking Institution in Mexico, Revolut is the first independent digital bank to directly apply for and complete the full licensing and approval process in the country. “We are exceptionally proud of our team and the bank we have built here in Mexico,” Revolut Bank S.A., Institución de Banca Múltiple CEO Juan Miguel Guerra said. “We are very grateful to the authorities for this vote of confidence and their commitment to fostering competition in the industry, and we are confident that our offering will benefit millions of people across the country.” Revolut is a digital banking and financial services platform that offers a wide range of solutions, including multi-currency accounts with real-time exchange rates; stock, cryptocurrency, commodity, and ETF investing and trading; as well as business accounts, corporate cards, and expense management tools. Founded in 2015, Revolut serves as a financial services “super app” for more than 65 million customers around the world. Meanwhile, payments platform SumUp announced its official launch in Mexico this week. The company has introduced its SumUp Go card reader to the Mexican market, enabling merchants to accept payments anytime, anywhere, with no monthly fixed costs. The card reader is compatible with all major credit and debit cards and features both exceptional battery life and unlimited 4G cellular connectivity due to its built-in SIM. “Expanding into Mexico marks a pivotal step in SumUp’s strategic growth across Latin America,” SumUp North America CEO Andrew Helms said. “We see remarkable potential in the region and recognize a strong demand for accessible, user-friendly payment solutions that streamline business operations. At SumUp, our mission is to simplify business for our merchants and we’re delighted to bring this commitment to Mexico.” Founded in 2012, SumUp counts more than four million merchants in 37 markets as users of its payment processing solutions and business management tools. These include mobile card readers and point-of-sale (POS) systems, as well as solutions for sales tracking and inventory management, customer loyalty programs, and financial reporting and analytics. Revolut has been a Finovate alum since its debut at FinovateEurope 2015. SumUp won Best of Show in its Finovate debut at FinovateEurope 2013. Both companies are headquartered in London. Here is our look at fintech innovation around the world. Middle East and Northern Africa Oman’s BankDhofar launched its new braille debit card. The Cooperative Bank of Oromia, a regional bank based in Ethiopia, partnered with digital transformation company JMR Infotech to go live with Oracle Financial Services Crime and Compliance Studio. Saudi National Bank subsidiary Samba Bank unveiled its new fraud detection system powered by BPC’s SmartVista Fraud Management. Central and Southern Asia Mongolian fintech AND Global raised $21.4 million in Series B funding in a round led by the International Finance Corporation and AEON Financial Service. Karandaaz Pakistan and Walee Financial Services forged a strategic partnership to launch Pakistan’s first Shariah-compliant, digital asset financing solution for female entrepreneurs. Did India ban discussion of cryptocurrencies at the world’s largest fintech conference in Mumbai? Latin America and the Caribbean Mexican digital financial platform Plata doubled its valuation to $3.1 billion upon securing a $250 million Series B funding round. Uruguay-based cross-border payments platform dLocal teamed up with Alchemy Pay to streamline crypto-to-fiat payments throughout Latin America. Payments platform SumUp announced its launch in Mexico this week. Asia-Pacific Three of Japan’s largest banks—MUFG Bank, Sumitomo Mitsuio Banking Corp, and Mizuho Bank—announced plans to collaborate on the launch of a unified stablemcoin. Tracxn’s recently released Southeast Asia FinTech Report noted that fintech startups in the region raised $839 million in the first nine months of 2025, a decline from previous years. Fintech innovation in Pyongyang? A look at the growth in popularity of e-payments in North Korea. Sub-Saharan Africa African all-in-one financial platform Moniepoint secured more than $200 million in Series C funding. Sanlam teamed up with TymeBank to build a co-branded fintech super app for consumers in South Africa. Capitec Bank partnered with accounting software company Stub to provide South African small and micro-sized businesses with direct access to their transactional data. Central and Eastern Europe German fintech Aifinyo AG announced that it was converting its balance sheet to bitcoin, becoming the first German firm to adopt a full bitcoin treasury model. SoftPOS solutions company MineSec inked a Memorandum of Understanding (MoU with Turkish digital payments company Paymore. Latvian fintech Eleving Group raised €275 million ($319.5 million) via a public bond issue. Photo by Pyro Jenka on Unsplash The post Finovate Global Mexico: Plata Doubles Valuation; Revolut, SumUp Announce Expansion; and More! appeared first on Finovate.       

Splitit and DXC Technology are partnering to bring AI-powered, card-linked installment payments to banks using DXC’s Hogan core banking platform, enabling personalized BNPL functionality directly from existing cards and accounts. The collaboration will help banks reclaim BNPL market share by eliminating friction while giving institutions the flexibility to originate installment loans on their own books or through Splitit. DXC’s bank clients will be able to embed installment capabilities within their own traditional banking infrastructure, helping them modernize, retain customer relationships, and compete on flexibility and user experience. Georgia-based BNPL solutions provider Splitit announced it is collaborating with DXC Technology (DXC) to help banks compete on BNPL. DXC Technology and Splitit have joined forces to bring card-linked installment payments to banks using DXC’s Hogan core banking platform. The integration enables banks to offer personalized, AI-powered installment plans at checkout or post-purchase, both online and in person, using cards and accounts customers already trust. Hogan supports more than 300 million accounts across 40+ major banks with $5 trillion in deposits. By partnering with Splitit, banks can compete directly with BNPL providers while avoiding the friction of new account openings and serving customers who prefer to pay with debit. The collaboration aims to help banks reclaim market share lost to traditional BNPL players and deliver the flexibility today’s consumers expect. “For decades, Hogan has been the backbone of the world’s largest banks. This partnership with Splitit shows how that foundation can now be used to create new revenue streams at the point of sale,” said DXC Global Head and General Manager of Financial Services Sandeep Bhanote. “By normalizing installment capabilities across existing accounts, we’re enabling issuers to modernize their offerings without replacing their core—and empowering consumers with flexible payments that use the cards they already trust.” The benefits of the partnership extend beyond simply providing more payment options for end users. Banks will be able to deploy branded installment offers that appear natively at checkout or within the bank’s online banking portal. Additionally, partnering with Splitit will help DXC offer its bank clients the choice to originate the installments directly on their books or to have Splitit originate the installments. “BNPL players have disintermediated banks by offering transactional lending at the merchant checkout. This partnership resets the playing field,” said Splitit CEO Nandan Sheth. “Together with DXC, we’re empowering banks to compete head-on with BNPL providers by bringing installments directly into existing bank accounts or issued debit cards. With DXC’s access to over 300 million bank accounts through its core banking platform, our joint technology gives financial institutions a seamless, low-lift way to automatically deliver installment functionality to existing customers. This innovation enables banks to maintain greater control of their customer relationships and attract new younger customers.” Splitit was founded in 2012, went public in 2019, and went private again in 2023 after it was acquired by Motive Partners. The company seeks to simplify flexible payments, launching a partner program called the Agentic Commerce Partner Program earlier this month. The new initiative will allow autonomous shopping agents to make payments using card-linked installments. While BNPL has fallen off the list of top trends in the past few years, its use has not dropped. The installment payment solution market is set to grow from $2.23 billion in 2024 to $3.44 billion by 2031, with 72% of merchants saying that they prefer card-linked installments for their simplicity and reach. By embedding installment functionality into existing cards and core systems, DXC can help banks compete on flexibility without sacrificing customer relationships to third-party fintechs. As BNPL grows, the next wave of BNPL innovation isn’t about new entrants, but about how legacy infrastructure adapts to meet changing consumer expectations. Photo by Nataliya Vaitkevich The post Splitit’s New Partnership Helps Banks Compete on BNPL appeared first on Finovate.       

Deepfake detection company Neural Defend and India’s Zee News have teamed up to launch the country’s first AI-powered, deepfake verification system for news media. The partnership will enable Zee News consumers to upload suspicious videos, audio clips, or images and have Neural Defend’s technology determine within seconds whether or not the material has been artificially manipulated. Founded in 2024 and headquartered in San Francisco, California, Neural Defend made its Finovate debut at FinovateEurope 2025 in London. Piyush Verma is CEO. Deepfake detection specialist Neural Defend has teamed up with Mumbai-based Zee News to launch India’s first deepfake verification system for news media—powered by AI. The new solution empowers individuals with direct access to advanced verification technology, enabling them to authenticate videos, images, and audio files in real time. “Our goal was to ensure deepfake detection is fast, accurate, and simple for every citizen,” ZMCL Chief Technology Officer Vijayant Kumar said. “By integrating Neural Defend’s advanced AI with Zee News’ platforms, we’ve created a solution that can detect even the most sophisticated manipulations within seconds. This is not only an innovation for today, but a future-proof safeguard for tomorrow’s information ecosystem.” The partnership will enable individuals to upload suspicious videos, images, or audio clips and have Neural Defend’s technology analyze the files and confirm their authenticity—or identify the files as artificially manipulated—within seconds. At a time when the average viewer is struggling to differentiate increasingly sophisticated manipulated content, including video, from non-manipulated content, the collaboration between Neural Defend and Zee News gives media consumers new tools to help them “separate fact from fiction in an age where misinformation spreads fast,” said ZMCL Marketing Head Anindya Khare. “While Gen Z and younger viewers are particularly vulnerable to being misled by fake videos and audio, this initiative ensures a safe and credible space for everyone,” Khare added. “For advertisers and partners, it creates the most reliable environment to engage with audiences—where advanced technology and authenticity come together. This is the future of brand-safe and responsible media.” Mumbai-based Zee News is one of the leading Hindi news channels in India with more than 52 million viewers. The company is owned by Indian media conglomerate Essel Group and is the flagship channel of Zee Media Corporation. Zee News is publicly traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), and has a market capitalization of $75 million. Founded in 2024 and headquartered in San Francisco, California, Neural Defend made its Finovate debut at FinovateEurope 2025 in London. At the conference, the company demonstrated its agentic AI-powered deepfake detection solution that can be integrated into any video, audio, or image verification platform to offer real-time identity verification to EKYC firms, verification companies, banks, payments service providers, fintechs, and more. Neural Defend’s technology leverages proprietary, multi-layered AI to spot even subtle alterations and manipulations with precision. The solution also boosts security for video and audio calls by instantly detecting and mitigating deepfakes in real time. Photo by Mika Baumeister on Unsplash The post Neural Defend and Zee News Launch Deepfake Verification System for News Media appeared first on Finovate.       

What is supplier enablement and why does it offer businesses a way to optimize vendor payments to maximize cash flow or another business outcome? How does the revolution in data management help businesses deal with the challenge of important data that is sequestered in accounting systems? And, finally, what role do automation and AI have in opening up access to that data? Last month at FinovateFall, I interviewed Peter Zhou, Co-Founder and CEO of Rutter. Founded in 2021 and headquartered in New York City, the company offers a unified API to help companies add accounting, commerce, and payment integrations into their B2B product workflows. A trusted integration partner for companies such as Airwallex, Mercury, and Ramp, Rutter empowers businesses to build and launch products in lending, expense management, AP/AR automation, and more. “In the same way that companies like Plaid offer a unified API for banking data, Rutter aims to be the unified API for small business financial data. Our core systems of record that we are unifying for companies are commerce, payments, accounting, and ads data … We basically help them provide customer-facing integrations into those systems of record that their customers use.” Rutter introduced its Supplier Enablement solution earlier this year. The new offering leverages unified ERP and payment intelligence to help businesses unlock card revenue. Supplier Enablement allows Rutter to provide support for fetching vendor data from 30+ additional mid-market and enterprise ERPs, a new intelligent file import workflow, advanced OCR enrichment that uses bill attachments to improve vendor match, and integration of Visa card acceptance data to enhance vendor scoring. Peter Zhou is a graduate of Yale University, with both Bachelor’s and Master of Science degrees in Computer Science. Before co-founding Rutter, Zhou was a software engineer with San Francisco, California-based professional services company Atrium. Photo by Vardan Papikyan on Unsplash The post Revolutionizing B2B Payments: Unified API and AI-Powered Supplier Enablement with Rutter appeared first on Finovate.       

Finzly launched Agentic Galaxy, a new addition to its Galaxy suite that embeds deployable AI agents into the core of payments and operations. The platform’s built-in AI modules automate payment processing, enhance compliance through human-in-the-loop oversight, and reduce complexity by integrating intelligence natively rather than bolting it on. Finzly’s move reflects the broader rise of agentic and generative AI, as financial institutions adopt the same kind of intelligent automation and personalization transforming consumer shopping experiences. Banking-as-a-Service provider Finzly announced it is adding to its Galaxy suite. The North Carolina-based company is launching Agentic Galaxy to offer deployable AI agents that help banks bring ideas to market faster, simplify their operations, and deliver seamless customer experiences. The new tool will leverage Finzly’s suite of specialized AI modules that offer payment processing intelligence, automate workflows, and enhance user experiences. Agentic Galaxy’s AI-powered agents help streamline operations and enable financial institutions to offer new services that integrate human-in-the-loop oversight, ensuring compliance. And because the AI agents are integrated into the product instead of being bolted on, there is less complexity and it is easier for firms to measure efficiency gains. “Finzly’s approach to agentic AI goes beyond surface-level automation—it focuses on how intelligence can live deep within the core of payments and operations and enable new forms of modernization,” said Datos Insights Strategic Advisor, Commercial Banking & Payments Practice Gilles Ubaghs. “These are the kind of capabilities that help banks move from a defensive and reactive positioning to a more proactive form of continuous evolution.” The AI agents can help complete tasks, resolve exceptions, and make informed decisions faster. “With agentic AI built into payments and operations,” explained Finzly Founder and CEO Booshan Rengachari, “banks can operate at speed with confidence, maintain strong governance, and focus on delivering exceptional customer experiences.” The new tool is designed for firms looking to replace legacy systems. Agentic Galaxy offers an intelligent payment-processing core that supports multiple rails. The platform can also help non-banks in search of smarter, faster payment operations and virtual accounts. Finzly’s flagship offering, Finzly OS, enables clients to launch a modern bank from scratch. The company’s API connects to all US payment rails, including Fed ACH, Fedwire, RTP, SWIFT, and FedNow. Founded in 2012 under the name SwapsTech, Finzly is a two-time Best of Show winner and has built its reputation on unifying payment systems and digital banking capabilities into a single, intelligent operating system for financial institutions. This launch comes at a time when generative and agentic AI are reshaping how value is created across financial services. A recent report from Adobe for Business highlighted that traffic from Gen AI-powered tools to retail sites spiked by 4,700% year-over-year by July 2025, and that AI-driven visits are now far more engaged than traditional ones. Finzly’s new tool in its Agentic Galaxy suite aligns with this shift because it embeds AI agents into the payments and operations core, which enables banks and fintechs to act with the same agility and intention that consumer brands are exercising when they plug AI into discovery, recommendation, and checkout flows. Photo by Pixabay The post Finzly’s Agentic Galaxy Offers Deployable AI Agents for Payments appeared first on Finovate.       

Generative AI-powered shopping has been gaining steam in the latter half of this year and is shaping up to be one of the top trends as we move into 2026. The availability and convenience of Gen AI tools are shifting consumers’ shopping habits away from traditional browser-based shopping as these new tools become more deeply embedded in the shopping experience. Adobe for Business published a report earlier this year that shows momentum in the use of generative AI-powered chat services. The report, which surveyed more than 5,000 US individuals, aimed to complement a study conducted during the 2024 holiday shopping season that examined consumers’ usage of Gen AI-powered chat services and browsers. There are six standout findings from the report that exemplify the shift in consumers’ habits. Generative AI traffic to retail sites exploded Adobe found that the first surge during the 2024 holiday season reached a growth of 1,300% year-over-year. Following this, the recent data shows that traffic from Gen AI-powered chat tools and browsers has continued to accelerate, reaching a 4,700% year-over-year increase as of July 2025. AI-driven visits now represent a meaningful and fast-growing share of retail shopping and research activity. Over one-third of US consumers have used AI for shopping According to Adobe’s 5,000-person survey, 38% of consumers have used generative AI at some point during their shopping process, while 52% plan to do so this year. Shoppers are most commonly using it for product research (53%), recommendations (40%), finding deals (36%), creating shopping lists (30%), and gift ideas (30%). AI shoppers are more engaged and informed Consumers that arrive at a website from AI-powered sources spend 32% more time per visit, view 10% more pages, and have a 27% lower bounce rate than those coming from traditional sources such as search, social media, and email. Shoppers using Gen AI also report an increase in satisfaction, with 85% of users saying that AI improved their shopping experience and 73% now rely on it as their primary product research tool. Overall, shoppers using Gen AI tools are more engaged than shoppers using traditional ecommerce methods. Conversions still lag While consumers are increasingly using Gen AI tools for browsing, many stop there and fail to actually make the purchase. In fact, Adobe’s study showed that AI-driven traffic is still 23% less likely to convert than traditional traffic. This figure has actually shown a bit of improvement over the past few months. The study showed that conversion rates were 49% lower in January 2025 and 38% lower in April 2025. This suggests that consumers increasingly trust AI-powered recommendations enough to complete purchases directly. Revenue-per-visit from AI sources is catching up to non-AI visits When it comes down to dollar figures, it turns out that Gen AI-powered shopping isn’t as valuable, though that is quickly changing. Adobe’s study found that AI-driven revenue-per-visit rose 84% from January 2025 to July 2025. While AI-driven visits were worth 97% less than non-AI visits in July 2024, they were only 27% less than a non-AI visit a year later. This indicates shoppers are moving from using AI purely for research to actually buying through AI-driven paths. Mobile is fueling AI-driven shopping growth According to the study, in July 2025, 26% of AI-driven retail traffic came from mobile. This is up by 8 percentage points from 18% six months earlier. Adobe expects mobile AI use to further close the conversion gap, given consumers’ tendency toward more impulse-driven shopping on phones. All of these statistics paint a picture of what we can expect to happen to ecommerce in the next few years. As consumers increasingly turn to their preferred Gen AI tool when they start their shopping journey, we’re witnessing the early stages of a new kind of marketplace. In ecommerce 2.0, we’ll see discovery, recommendation, and payment converge within a single interface. Competition in this new frontier will no longer be about who owns the checkout. Rather, it will centralize around who owns the conversation that leads there. As the 2025 holiday shopping season picks up, expect to see fintechs, retailers, and payment providers racing to claim their spot in the Gen AI shopping ecosystem. Photo by Ivan Samkov The post 6 Stats Pointing to the Rise of Gen AI-Powered Shopping appeared first on Finovate.       

Netherlands-based digital banking experience platform Plumery introduced its Cashback Management capability this week. The solution will help financial institutions build and launch their own cashback programs in weeks, providing real-time, personalized rewards that boost customer engagement and loyalty. Founded in 2016, Plumery made its Finovate debut at FinovateEurope 2025 in London. Ben Goldin is Founder and CEO. Digital banking experience platform Plumery launched its Cashback Management capability this week. The new offering will empower institutions to build and run personalized, real-time rewards in weeks. The cashback management capability helps firms boost engagement, NPS, and revenue. Many financial institutions would like to offer cashback—insofar as cashback is one of the most universally recognized and appreciated loyalty schemes. Yet many legacy core systems are unable to provide it, leaving some institutions stuck with outdated rewards programs that lack both personalization and real-time responsiveness. To help institutions manage this challenge, Plumery’s Cashback Management enables them to launch modern cashback programs—from instant or scheduled credits to AI-driven reward groups—while maintaining control of compliance, costs, and the customer experience. The new Cashback Management offering features ready-to-use cashback journeys for transaction processing, rules engine, settlement, customer user experience, and analytics. The technology’s AI module reviews purchase history and category preferences to create monthly cashback groups based on spending habits—all fully configurable to ensure regulatory compliance. And as a SaaS-first, API-driven solution, Plumery’s Cashback Management integrates with core infrastructures, card processors, and KYC/AML providers to ensure that institutions can modernize and enhance their rewards offerings over time. “Financial institutions tell us they want to increase engagement with cashback and rewards but are blocked by legacy infrastructure,” Plumery Founder and CEO Ben Goldin said. “Our Cashback Management capability changes this. With pre-built APIs, configurable rules, and an AI personalization module all designed to be transparent, compliant, and under the institution’s full control, banks and other financial institutions can move from design to live cashback in weeks. That means stronger retention, higher spend per customer, and new revenue opportunities from merchant-funded offers—and without the vendor lock-in.” Plumery’s Cashback Management news comes days after the company reported that it had been included as a Sample Vendor in the 2025 Gartner Market Guide for Digital Banking Platforms. Plumery also announced earlier this month that it was expanding its digital banking platform to support credit unions in Canada. The company partnered with Aequilibrium, a digital transformation consultancy and implementation services firm based in Vancouver, British Columbia, to help ensure that its platform meets the specific needs of Canadian credit union members. “Canadian institutions have a rare opportunity to modernize on their own terms, rather than being tied to outdated systems,” Goldin said. “Our platform provides an immediate, future-ready option that puts control back in the hands of credit unions.” Founded in 2016 and headquartered in the Netherlands, Plumery made its Finovate debut at FinovateEurope 2025 in London. At the conference, the company demonstrated its Super App Accelerator, which enables financial institutions to build and launch their own comprehensive Super App in weeks rather than years. To learn more about Plumery, check out my interview with Ben Goldin from earlier this year. Photo by Ethan Hu on Unsplash The post Plumery Unveils Cashback Management Capability to Help Banks Boost Engagement appeared first on Finovate.       

SaaS cloud banking platform Mambu announced the launch of its composable banking approach for credit unions in North America. The initiative will help credit unions move beyond monolithic, legacy systems and embrace a modern composable banking infrastructure that supports innovation. Mambu also announced that it has extended its partnership with Indonesian digital bank Krom for five years. SaaS cloud banking platform Mambu finds itself in the fintech headlines twice in a week’s time. The Europe-based fintech announced today the launch of its composable banking approach for North American-based credit unions. The initiative is designed to enable credit unions to evolve beyond legacy core systems, modernize their infrastructures, and provide their members with a more compelling digital experience. The launch news comes just days after Mambu announced that it was extending its partnership with Indonesian digital bank Krom (PT Krom Bank Indonesia). An innovator in the field of composable banking—which relies on modular, interchangeable components rather than singular, monolithic systems—Mambu is looking to help credit unions transition from legacy systems and embrace a more modern infrastructure that promotes speed, offers flexibility, and supports innovation. In a statement, the company noted that its composable banking approach also facilitates new options when it comes to deployment, including speedboat deployment, dual core, and staged migrations. These deployment strategies enable credit unions to continue to innovate while maintaining control over the pace of the institution’s transformation. “Credit unions are under immense pressure to keep pace with member expectations, all while operating on legacy systems that many feel hold them back,” Mambu VP of Credit Unions Amber Harsin said. “Composability is not a strategy of patching or layering complexity onto legacy systems to force integration; it’s about forging a clean, digital-first foundation that allows credit unions to scale, innovate, and serve their communities better.” Mambu also recently announced that it has extended its partnership with Indonesian digital bank Krom (PT Krom Bank Indonesia) for five years. The collaboration between Mambu and Krom enabled the latter to launch its digital banking app in 2024. “Mambu has proven to be a powerful partner from day one,” Krom Bank President Director Anton Hermawan said. “Our renewed partnership is a key step in Krom’s long-term strategy to build a scalable, innovative, and inclusive digital bank for Indonesians. With Mambu’s cloud-native core and the flexibility it provides, we’ve been able to launch high-impact products faster, stay compliant, and deliver a seamless experience to our customers.” Krom’s relationship with Mambu goes back to the spring of 2022, when the digital bank selected the company as its core banking partner. Today, Krom Bank is one of the fastest-growing digital banks in Indonesia and has targeted both profitability and more than 20 million accounts on its books by 2030. “Krom Bank is a standout example of what’s possible when bold vision meets modern technology,” Mambu Managing Director, Head of APAC Sales, David Becker said. “Its rapid growth and strong financial performance are a testament to how a cloud-native, composable core like Mambu can support scale and agility in even the most complex markets.” Founded in 2011, Mambu most recently demoed its technology at FinovateEurope 2022 (in partnership with Persistent Systems). The European fintech has more than 260 customers around the world, 114 million end users, and its technology handles 200 million API calls per day. Fernando Zandona is CEO. Photo by Mourizal Zativa on Unsplash The post Mambu Launches Composable Banking; Extends Partnership with Krom Bank appeared first on Finovate.       

TrueLayer plans to acquire Sweden-based Zimpler, expanding its footprint in the Nordics and strengthening its position in Europe’s growing pay-by-bank sector. The deal combines TrueLayer’s European network with Zimpler’s Nordic expertise and Swish integration, creating a strong alternative to traditional card payments. The acquisition highlights the rise of account-to-account payments in the debt-averse Nordic region, where pay-by-bank adoption already leads the world. UK open banking platform TrueLayer unveiled today that it will acquire Sweden-based pay-by-bank company Zimpler. The financial terms of the deal were undisclosed. TrueLayer will leverage Zimpler’s strong standing in the Nordic market to expand its network and expertise. The purchase will support TrueLayer’s mission to build a payments alternative in Europe, which will in turn create competition and increase value for customers. “We’re not just expanding our footprint in the Nordics—we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent,” said TrueLayer Co-Founder and CEO Francesco Simoneschi. Zimpler was founded in 2012 with a mission to democratize payments and enable growth for businesses across industries and markets. The company connects businesses with over 350 million customer bank accounts across more than 25 markets. “Joining forces with TrueLayer is a fantastic opportunity to build the leading Pay by Bank provider in Europe,” said Zimpler CEO Johan Strand. “TrueLayer has a proven track record of innovation and a powerful network. Our combined strengths will allow us to offer an even more compelling proposition to the market. Joining TrueLayer will enable us to reach new heights and drive the next wave of growth in the industry. At the same time, we remain firmly anchored in Sweden, with our local license and expertise ensuring continuity for our customers.” Europe, specifically the Nordic region, has some of the highest adoption rates of account-to-account payments in the world. The debt-averse culture of the Nordics leads to low credit card usage. Only around 35% to 45% of Swedish adults have an active credit card. Because of this, pay-by-bank is widely adopted and accepted. By acquiring Zimpler, TrueLayer will strengthen its pan-European network to more than 20 million users and will add coverage across key markets such as Sweden, Finland, and will add A2A capabilities through the Swish payment rail integration. This significantly strengthens TrueLayer’s pan-European network, accelerating the shift to smarter, safer, and more cost-effective payments. TrueLayer’s acquisition of Zimpler consolidates pay-by-bank in Europe. As open banking matures, scale and network coverage are two key differentiators. Combining TrueLayer’s European reach with Zimpler’s Nordic expertise, plus its connectivity to Swedish mobile banking app Swish, the partnership creates a strong alternative to traditional card networks. “I am excited to welcome the Zimpler team to TrueLayer,” said Simoneschi. “We’ve long admired their progress, and we’re excited to add such an incredible group of builders and payment experts to the TrueLayer team. We’re not just expanding our footprint in the Nordics—we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent, and further strengthening Pay by Bank as a force of disruption that is changing how the world pays.” Photo by Robert Bye on Unsplash The post TrueLayer to Acquire Pay-by-Bank Fintech Zimpler appeared first on Finovate.       

Fintech solutions provider Tavant unveiled its TOUCHLESS AI Mortgage Origination Suite this week. The technology enables the end-to-end, AI transformation of the mortgage origination process from initial lead to funded loan. TOUCHLESS offers a full suite of modules to upgrade existing LOS and POS via Agentic AI assistants, AI-powered document analysis, AI-assisted underwriting, and an Agentic AI architecture that dynamically personalizes workflows, loan products, and programs. The result is a solution that enhances the borrower experience, boosts lead conversion, reduces origination costs, and compresses cycle times. “TOUCHLESS now allows any lender to rapidly transition into the era of AI,” Tavant Head of TOUCHLESS Mohammad Rashid said. “The industry’s promise of seamless borrower experience and lower origination cost has often fallen short. The TOUCHLESS AI suite allows lenders to rapidly wrap their LOS and POS to unlock higher borrower satisfaction, increased loan volumes, and dramatically lower origination costs. It’s time for the industry to truly move forward and bring the full power of AI to borrowers and employees.” TOUCHLESS leverages Tavant’s MAYA, an intelligent AI assistant that provides borrowers, loan officers, and underwriters with personalized, real-time support and feedback through the entire application process. MAYA helps guide borrowers through complicated questions, and notes when applicants hesitate in the process in order to step in and assist. MAYA explains the differences between mortgage products and programs and responds around the clock to leads from digital sources. Combined with TOUCHLESS AI-powered document analysis, data consistency checks, automated conditions clearing, and Policy-as-Code underwriting, MAYA also helps boost underwriter productivity. Mortgage originators that have piloted the product have reported 12x gains in underwriter productivity, and reductions in overall operational costs of 60%. “With the introduction of our Intelligent AI Assistant, MAYA is redefining the mortgage origination experience,” Rashid added. “MAYA is human-like and can address any questions and concerns borrowers have and deliver real-time personalized guidance throughout the application process, helping them navigate each step with clarity and confidence. This reduces application errors and abandonment rates, accelerates loan processing, and empowers borrowers and lenders alike with seamless, hyper-personalized support—ultimately saving time and lowering costs for everyone involved.” Founded in 2000 and headquartered in Santa Clara, California, Tavant demoed its AI-powered loan origination technology at FinovateSpring 2025 in San Diego. At the conference, the company showed how generative AI, voice-enabled conversational AI, and advanced data security enable Tavant’s LO.ai to lower sales costs, increase lead conversion, and ensure regulatory compliance. Tavant’s new product news comes just days after the company announced that it had earned a place in the top 100 of the 2025 IDC FinTech Rankings. This year marked the seventh consecutive time that Tavant has been highlighted by the IDC. “Being recognized for the 7th consecutive year is humbling and reaffirms our relentless drive to push AI boundaries and deliver measurable outcomes for our clients,” Tavant President Hassan Rashid said. Tavant’s technology powers one in three US mortgage loans, and enables 3.5 million lending applications and 33 million lending transactions. More broadly, the company offers technology solutions in a wide variety of industries beyond fintech, including manufacturing, agtech, and media. With customers in North America, Europe, and Asia, Tavant has users of its technology in more than 150 countries. Sarvesh Mahesh is CEO. Photo by Tierra Mallorca on Unsplash The post Tavant Unveils AI-Powered Mortgage Origination Suite TOUCHLESS appeared first on Finovate.       

If you’ve been paying attention to the open banking conversation in the US, you are aware that it is currently on the cusp of a major shift. In July, the Consumer Financial Protection Bureau (CFPB) filed a surprise motion to pause the legal battle over its Section 1033 data access rule. The Bureau then announced its plans to rewrite the rule altogether, and initiated a call for public comments. The purpose of Section 1033 is to align principles on how consumers access and share their financial data. The rule essentially stands as the legal backbone of open banking in the US. For its part, the CFPB’s role is to define the technical and legal framework behind the mechanics of consumer data access. The Bureau is tasked with creating standards for data access, consent, and security. The public comment period ends tomorrow, October 21, but writing a new rule will likely be anything but smooth. Aside from the various viewpoints from opposing stakeholders, which complicates the CFPB’s effort to write a fair ruling for all parties, there is now another wrinkle in the story. Last week, White House budget director Russell Vought said on a podcast that he wants to close down the CFPB. If the CFPB were indeed dismantled, would open banking stall or survive? When the public comments period ends tomorrow, the CFPB will begin drafting the new open banking proposal. Further complicating the matter, the rewrite is unfolding alongside ongoing litigation over the original rule. The Financial Technology Association (FTA) is defending the rule in court after the Trump administration moved to overturn it back in May. In September it argued against an effort by the Bank Policy Institute to keep the rule on hold indefinitely, saying that big banks are trying to limit how much authority the CFPB has over open banking in hopes of shaping what the new version of the rule will look like. Between the drafting of the new rule and all of the litigation, the next six-to-twelve months are pivotal in steering the open banking conversation. And yet, even as the rule is being rewritten and argued over in court, a much bigger question looms: what happens if the CFPB itself disappears? If Vought’s comments are correct and the CFPB is indeed completely dismantled there are a few likely scenarios of what may happen moving forward: Regulatory limbo With no agency to finalize or enforce 1033, the rule could be delayed or stalled indefinitely. This delay would slow technological adoption and would make open banking once again driven by the market, instead of regulation. In fact, for years, banks and fintechs have been building API-based data-sharing frameworks and forming independent networks such as FDX, which unifies the financial industry around a common standard for the secure and convenient access of permissioned consumer and business data. In the absence of regulatory guardrails, however, big banks could set the terms of data access and possibly introduce unreasonable fees or restrictive policies. Additionally, smaller fintechs could be squeezed out, which would ultimately reduce consumer choice. As a result, the US would have a more industry-controlled version of open banking instead of a consumer-centric model. Reassignment The authority to shape, finalize, and enforce 1033 could shift to other agencies such as the FCC or OCC. Swapping agencies, however, may create jurisdictional confusion since neither agency has a direct consumer-data mandate. This confusion may lead to slower adoption and reduced technological innovation. If federal leadership falters, however, individual states may step in to organize their own regulations. States like California or New York may end up writing their own data-sharing laws. This would result in a patchwork of regulations, increasing compliance costs and complexity, especially for new fintechs seeking to compete. In theory, Congress could pass national open banking legislation, but bipartisan agreement on financial regulation (or any regulation) is rare. Wiping out the CFPB will not wipe out the underlying law, Section 1033 of the Dodd-Frank Act of 2010. However, even though the law would continue to stand on its own two feet, the rulemaking, enforcement, and coordination around the law could be thrown into disarray. If the rulemaking is stalled for too long, it is likely that we will see individual states take matters into their own hands. Photo by Bernd Dittrich on Unsplash The post What Will Happen to Open Banking Regulation if the CFPB is Torn Down? appeared first on Finovate.       

Revolut is rumored to be raising capital and selling previously repurchased shares at a higher valuation in a creative alternative to going public. Staying private gives Revolut more flexibility as it expands into new markets and adds roughly one million customers every 17 days, without the scrutiny of quarterly earnings reports. The company is likely delaying its IPO until it secures a full UK banking license, but strong investor demand and ample private funding mean Revolut can continue scaling without listing on public markets. Global banking fintech Revolut is nearing the threshold of two major milestones. The UK-based company is currently seeking to close a $3 billion funding round, marking a $75 billion valuation. According to Bloomberg, which broke the news, Revolut has spent months putting the round together and has been informing investors about the allocation of shares they’ll receive as part of the oversubscribed round. The investment will bring in cash and offer early backers and employees liquidity. Revolut declined to comment, but according to people familiar with the matter, Revolut will use the funds as fuel to enter dozens of new markets across the globe in the coming years. Revolut already operates in the European Economic Area (EEA), Australia, Brazil, Japan, New Zealand, Singapore, Switzerland, the UK, and the US, as well as a handful of small territories. Expanding its geographical reach will allow Revolut to deepen its customer base, diversify revenue streams, and strengthen its position as a global financial “super app.” In August, Revolut bought back some of its own shares from existing investors in a tender offer deal that paid investors for their shares based on the company valuation of $45 billion. Revolut is now considering selling some of the same shares it just bought back to new investors. Notably, this sale would be conducted at a much higher valuation of $75 billion, meaning Revolut could profit significantly from the difference. In addition to selling these existing shares, Revolut may also issue new shares to raise new funding which would bring additional cash into the company as opposed to simply transferring ownership of existing shares. Sources noted that Revolut CEO Nik Storonsky encouraged early employees to sell some of their stock in order to allow the company to offer more shares to eager new investors. Despite this effort, demand was far greater than supply, so many investors could only buy a small amount. This strong demand showcases Revolut’s rising valuation and positions it well for raising more capital. This complicated song and dance around share shifting may sound more complicated than simply going public. But many analysts argue that an IPO isn’t ideal for Revolut at the moment. The company is expanding rapidly, adding around one million customers every 17 days, and staying private offers it more flexibility to pivot, experiment, and grow without the quarterly pressure and scrutiny that come with being a public company. Perhaps the biggest aspect holding the company back is that it has not received its full UK banking license. While the UK Prudential Regulation Authority (PRA) awarded Revolut a banking license in 2024, it did so with restrictions. Regulators have been reviewing the company’s application for years, and not having a banking license significantly decreases both revenue potential and investor confidence. In fact, going public before securing the license could lower Revolut’s valuation or limit interest from institutional investors. Fortunately for Revolut, private funding is still plentiful. Since the company was founded in 2015, it has been able to raise a large amount of capital privately, and at valuations similar to or higher than what it may get in public markets. Photo by cottonbro studio The post An IPO Alternative: Revolut’s $75 Billion Valuation and $3 Billion Funding Round appeared first on Finovate.       

The business of helping small businesses secure the capital they need in order to grow is one of the areas in finance where fintech innovation has been most constructive. In this Women in Fintech interview, conducted in partnership with William Mills Agency, we hear from Adlon Adams, Chief Operating Officer and Chief Revenue Officer at business lending innovator Casca. Adams talks about the importance of making financing easier to access for small businesses, and why developing real relationships with customers is key to understanding how to best help them solve their problems and overcome pain points. Adams also talks about being a woman in leadership in a male-dominated industry and shares her advice for women who are building their careers in similar spaces. Founded in 2023 and headquartered in San Francisco, California, Casca won Best of Show in its Finovate debut at FinovateSpring 2024 in San Francisco, and returned to the Finovate stage the following year for FinovateSpring 2025 in San Diego. The company’s loan origination platform is used by leading SBA lenders and FDIC-insured banks across the US, including institutions like Live Oak Bank and Huntington Bank. In August, Casca secured $29 million in Series A funding in a round led by Canapi Ventures. The investment raised the company’s total capital to $33 million. Tell us about your role at Casca. What drew you to the fintech space, and what excites you about this industry? Adlon Adams: I serve as both COO and CRO at Casca, which means I support operations, sales, and strategy. It’s the vision of the founders and potential of this company that drew me into fintech. The U.S. has seen a 45% jump in small business formation over the last decade, but capital access hasn’t kept pace. Casca’s mission is to help fix a broken system—to make business lending faster, fairer, and more accessible. Thanks to the work we’ve done with some of the nation’s leading SBA lenders, small businesses can access capital in a matter of days instead of months. This means businesses can go to their local bank and get what they need from a trusted source and avoid predatory rates and daily payments. I’m motivated by work that makes a tangible difference.  On a personal note, I’m also proud to work alongside a team of fellow alumni and Stanford graduates. Our AI engineers and banking technology experts have built the first AI-native loan origination system that automates more than 100 manual steps out of old, dated processes.  We get to reimagine financial services in ways that change lives and build dreams. What has it been like joining a startup in a new industry as one of the first executive hires, especially as a female now holding two leadership roles? What advice would you give to others stepping into executive roles at early-stage startups or in unfamiliar industries? Adams: As one of Casca’s founding executive members, I’ve worn many hats, and have been stretched in ways I never expected. I’ve felt the weight of being one of the few female voices in leadership conversations. That can be daunting, but it’s also an opportunity to set an example for others and contribute fresh perspectives. I constantly prioritize and reprioritize business needs, and must be comfortable making decisions with incomplete information. My advice: focus on what truly moves the needle each day, lean into curiosity, and trust that you deserve to be in the room—even if you’re new to an industry. Ask the right questions, surround yourself with people who help you learn, and stay focused on making an impact. It’s both a challenging and incredibly rewarding experience. Pushing myself outside of my comfort zone is exhilarating; it ensures growth both for me personally and the company. I understand you’ve spent a lot of time working on-site with banks, seeing their processes and challenges up close. As someone new to fintech, has that hands-on experience helped you learn the space more quickly? Would you recommend that approach to others entering the space? Adams: That’s a resounding “yes!” I recommend anyone entering fintech get as close as possible to their end users on all levels, including those in the weeds of the day-to-day processes. Immerse yourself in their world, listen, and ask questions. Understanding their processes will enhance your technical knowledge and instill empathy for the people who use your product. The best solutions are built with close partnerships and collaborations like this. For me, that means working alongside bankers, underwriters, credit analysts, and small business owners. It is invaluable to sit alongside loan officers, watching their workflows, and hearing their frustrations. Working hand-in-hand with banks like Live Oak Bank, the nation’s #1 SBA lender, gave me a front-row seat to how SBA lending works in practice. The experience also shaped Casca’s approach. By sharing in the frustrations of bankers, we designed a system that directly addresses their challenges. When you see how legacy systems force long timelines and delays to capital access, you understand the urgency of enabling same-week approvals and faster closings. Why did Casca choose to focus on SBA lending? What gaps are you aiming to fill, and where do you see the greatest opportunities and challenges for financial institutions in this space? Adams: SBA lending is a lifeline for small businesses, but it’s also one of the most complex and underserved segments of financial services. Traditional loan origination systems weren’t designed for SBA programs, leaving banks with slow, manual processes that limit their ability to serve this market. Alternative lenders saw this and built faster options, but often at the cost of predatory interest rates, burdening entrepreneurs with unsustainable debt. It is time to disrupt this market. Our AI-driven platform automates the hundreds of manual steps in SBA workflows and enables banks to serve entrepreneurs with fair, community-based rates at fintech-level speed. The opportunity for financial institutions is enormous—commercial lending demand has grown 65% in the past decade. By streamlining SBA lending for traditional institutions, entrepreneurs can rely on their trusted financial partners for long-term success. Strengthening these local businesses helps the banks and their local communities in the process. In your conversations with small business owners and entrepreneurs, what pain points or unmet needs are coming up most often? Adams: The themes I hear most often are speed and simplicity. Business owners frequently feel forced into high-interest loans because they can’t wait months for a traditional bank process to finish. Start-ups often win new business because of their agility and grit, and they need access to capital to execute at the speed with which they do business. Others describe the SBA application process as overwhelming, with documentation and compliance requirements that take focus away from running their business. They simply don’t have the capacity to tackle such a challenging process. Thankfully, we can alleviate these pain points, providing small business owners a sustainable path to growth. The impact is evident—banks using Casca are closing loans in days, which simply wasn’t possible with legacy systems. How do you see small business lending evolving over the next few years, especially as AI continues to advance and gain traction? Adams: We’re at a pivotal moment. AI is shifting small business lending from being manual and reactive to intelligent and proactive. In the coming years, I expect banks to use AI not just for faster loan processing, but also to better assess risk, personalize offerings, and expand access to credit for underserved groups. Casca is already showing what’s possible: analyzing thousands of pages of financials in minutes and enabling banks to launch new products in weeks instead of years. With a pace of change this fast, we’ll soon begin to see a growing divide between institutions that embrace modern, AI-driven infrastructure and those still tied to legacy systems. The winners will be the ones who use AI thoughtfully—enhancing transparency and fairness rather than replacing human judgment. My hope is that this evolution will give small business owners the fast, reliable access to capital they need to focus on building their businesses, rather than financing them. This has the potential to bring a new wave of innovation to the world. Looking ahead, what’s next for Casca? Are there plans to expand beyond SBA lending? How do verticals like nonprofits and other underserved markets factor into the broader vision? Adams: Looking ahead, Casca is focused on significant expansion across multiple dimensions. On the product side, the company plans to extend well beyond small business and commercial lending into additional loan categories and products. This expansion will be supported by continued platform enhancements, particularly around automation capabilities with deeper integrations into banking core systems. To support this growth, Casca is scaling its engineering, product, and customer success teams to accelerate product development and improve onboarding capabilities for financial institutions. Any final advice for women entering fintech or stepping into leadership roles in male-dominated industries? Adams: Trust your expertise and speak up confidently. You earned your seat at the table—own it. Don’t diminish your contributions or wait for permission to share your insights. Your perspective is valuable precisely because it may differ from the majority voice in the room. Build genuine relationships, not just networks. Focus on creating authentic connections. The best advocates for change are often those who actively use their influence to amplify others. Don’t do it alone. Seek out other women in fintech and adjacent industries. These relationships provide not just support, but strategic insight into navigating challenges that may be unique to your experience. Lead with your values, but be strategic. You can push for change while being pragmatic about how you do it. Pick your battles, but don’t compromise on what matters most to you and your team. Celebrate your wins—and help others celebrate theirs. In male-dominated spaces, women’s achievements are often overlooked. Make it a point to recognize your own successes and spotlight other women rising in the industry. Finally, bring others up with you. As you advance, actively mentor, sponsor, and advocate for the next generation of women in fintech. Real change happens when we create pathways for those who follow. Photo by Kampus Production The post Making Small Business Lending Faster and Fairer: Our Q&A with Adlon Adams of Casca appeared first on Finovate.       

The week begins as platforms, websites, and applications around the world are reeling from a major Amazon Web Services (AWS) outage. The impact, which affected more than 500 companies and generated millions of outage reports according to Downdetector, is among the most significant Internet disruptions since the Crowdstrike incident in 2024. Meanwhile, here on Finovate’s Fintech Rundown, we’re looking at a handful of newly announced partnerships in payments and a pair of announcements in the crypto commerce space. Be sure to check back all week long for the latest in fintech headlines! Payments Payment orchestration platform Gr4vy announces collaboration with Mastercard. Worldpay inks deal to provide payment processing services for food retailer Kroger. Emerging markets payment orchestration platform MoneyHash teams up with Saudi Arabia-based financial services app Tabby. Coinbase launches the Coinbase One credit card. CellPoint Digital launches One Source Orchestration, a payment optimization platform that meets the demand of OOSD retailing models. Salt Edge and Sola partner to power instant payments across Europe. Digital identity IDenfy unveils new email and SMS verification tools. Open banking Bill sharing and expense app Splitwise expands its partnership with Tink to bring Pay by Bank to more markets in Europe. Insurtech Insurtech bolt launches boltAI for Agencies, a conversational and workflow AI agent that brings automation to property and casualty (P&C) insurance firms. Crypto and DeFi Coinbase introduces new business payment tools. Crypto payments company MoonPay launches crypto commerce platform. Lending First Internet Bank goes live with Parlay Finance’s Loan Intelligence System. Digital banking Financial intelligence platform Monit announces expanded integration and partnership with digital banking solutions provider Q2 Holdings. YouTube star MrBeast files trademark indicating a planned move to expand into finance. Photo by Alice Kotlyarenko on Unsplash The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

FIS launches Smart Basket, a checkout solution that uses real-time, item-level intelligence to optimize payment methods, rewards, and savings for each purchase. The platform blends FIS’ payments, loyalty, and spend technologies to give shoppers granular payment choices, including HSAs, and help merchants reduce costs while boosting loyalty. The launch positions FIS in the agentic AI payments race, turning checkout into a proactive decision engine that anticipates consumer needs and personalizes outcomes. Fintech giant FIS announced its latest planned launch, Smart Basket, this week. The new tool aims to enhance the payment experience at checkout with real-time, item-level adjudication. The new transaction gateway analyzes an individual’s shopping behavior and applies optimal rewards and payment methods at checkout. The proactive, automated approach helps shoppers save money and earn rewards while increasing brand loyalty for the merchant. The solution combines FIS’ real-time payments gateway, its loyalty platform, and its filtered spend technologies to differentiate its payment network. Notably, Smart Basket will allow shoppers to select which payment method to use for each individual item they are purchasing. In addition to using traditional debit, credit, and prepaid cards, Smart Basket will allow flexible healthcare spending accounts to be used as payment methods. FIS anticipates that this will lower payment costs while enabling customized loyalty and rewards programs at highly targeted levels. “Smart Basket represents a significant leap forward in how money can be moved and put to work during the search and shopping experience,” said FIS President Jim Johnson. “By leveraging real-time, item-level intelligence, Smart Basket is seeking to deliver personalized value and frictionless savings to consumers while providing retailers and brands with increased sales and insights they need to optimize their strategies. This will be a game-changer for the industry, and we are excited to bring more value to buyers, sellers, and brands wherever money flows.” Launching Smart Basket positions FIS within the emerging agentic AI payments landscape. In the past few months we’ve seen a handful of big tech and fintech companies, including Walmart, OpenAI, Google, and Splitit, launch payments capabilities that transform payments into an embedded capability rather than a separate checkout destination. By leveraging real-time, item-level data to make proactive decisions about payment methods, loyalty redemptions, and savings opportunities, Smart Basket will optimize the checkout experience from a passive endpoint into a dynamic, automated decision engine. This shift aligns with growing consumer expectations around seamless, smart payments that anticipate needs, maximize value, and personalize outcomes. Photo by Content Pixie The post FIS Launches Smart Basket to Keep Pace with Agentic Payments appeared first on Finovate.       

Many businesses approach fintech in a fragmented way. They are forced to stitch together multiple payment systems, APIs, banking partners, and integrations just to achieve basic functionality. Patricia Montesi, Founder and CEO of Qolo, explains in a FinovateFall video interview how her platform is solving that complexity for banks, fintechs, and enterprises. Qolo offers a unified payments stack through a single API that enables institutions to modernize their payments infrastructure without expensive and risky rip-and-replace of legacy systems. In the video, Montesi delves into embedded ledgers, real-time rails, and how Qolo can overlay existing cores in under nine months while positioning clients for the next generation of payments, such as stablecoins and novel rails. “We set out to build an entire, comprehensive payments stack that includes ledger, card, payments, virtual account management—everything all available through a single API served up to you so that you can then focus on your customers.” Patricia Montesi is a seasoned payments veteran with over 20 years of experience across banking and fintech. Prior to Qolo, she held leadership roles driving innovation in payments and scaling complex platforms. Her deep domain expertise across card processing, FX, bank partnerships, and regulatory environments gives her insight into the pain points that banking partners face when retrofitting modern payments capabilities. Qolo was founded in 2018 with the aim to simplify payments by offering a comprehensive payment stack, including an embedded ledger, card issuing, money movement, real-time reconciliation, and cross-rail connectivity on a single API. Rather than forcing banks to rip out their core, Qolo overlays its platform directly atop existing systems, enabling deployment in under nine months. This sidecar-oriented architecture lets institutions adopt new payment rails without disrupting core banking operations. Photo by Tim Samuel The post Breaking Past Fragmentation: How Qolo Simplifies Payments for Banks and Businesses appeared first on Finovate.       

Lithuanian cybersecurity platform Copla has teamed up with Baltic-based bug bounty platform Buck4Bug. The partnership will enable Copla clients to leverage Buck4Bug’s team of ethical hackers to identify cybersecurity vulnerabilities before attackers have the chance to exploit them. Rebranding from CyberUpgrade earlier this year, Copla made its Finovate debut at FinovateEurope 2025 in London. ICT security and compliance automation platform Copla announced a partnership with Baltic-based bug bounty platform Buck4Bug. The partnership will enable Copla customers to request and manage offensive testing directly inside the platform, launching scoped engagements for web, mobile, API, and cloud, or running continuous bounty programs. “Real security isn’t just about controls, it’s about continuous proof,” Copla noted on its LinkedIn page announcing the partnership. “That’s why we’re partnering with Buck4Bug to bring together two powerful forces: automated compliance and monitoring from Copla and crowdsourced testing from a trusted network of ethical hackers. Together, we’re making it easier for companies to move beyond checklists and into real resilience.” Buck4Bug combines deep manual expertise with focused tooling to discover security vulnerabilities that scanners often miss. The company connects organizations with ethical, “white hat” hackers to find and fix cybersecurity vulnerabilities before attackers do, validating and documenting each issue to ensure reproducible remediation. Courtesy of the newly announced partnership, Copla will convert Buck4Bug’s findings into action: prioritizing tasks, tracking fixes, scheduling retests, and providing evidence that enables teams to seamlessly move from discovery to demonstrable risk reduction. “Modern security isn’t about snapshots, it’s about feedback loops,” Buck4Bug founder Paulius Šliavas said. “Together with Copla, we’re turning every pentest into actionable risk reduction and measurable compliance outcomes. Our hackers surface the hard-to-find issues; Copla makes sure fixes stick, risks trend down, and auditors see the story.” Based in Vilnius, Lithuania, and founded in 2024, Buck4Bug offers bug bounty programs, penetration testing, and auction-based IT audits—all via a single platform. The company’s partnership news with Copla comes in the wake of Buck4Bug’s announcement that it has joined the Startup Lithuania Accelerator, powered by Plug and Play Tech Center, and launched its first public bug bounty program in collaboration with Fjord Bank. Founded in 2023 and headquartered in Vilnius, Lithuania, Copla made its Finovate debut at FinovateEurope 2025. At the conference, the company demonstrated its ICT security and compliance automation platform that provides a full cybersecurity and compliance department at a subscription cost. The platform combines CoreGuardian, which ensures compliance with frameworks such as DORA; an AI-powered co-pilot to provide real-time education, assessments, and alerts to boost accountability; and VendorGuard, which simplifies vendor management by handling risk assessments, incident planning, and prioritization. Formerly known as CyberUpgrade, the company rebranded earlier this year in a move designed to reflect its evolution beyond cybersecurity. “After years of growing, evolving, and helping organizations secure their digital environment, we’re stepping into an exciting new phase,” the company noted on its LinkedIn page. “We are now Copla—our new name, our new vision, and our next stage of evolution. Why Copla? Because we’re no longer just about cybersecurity. COmpliance PLAtform reflects everything we do today: empowering organizations to manage compliance, risk, and security with one intelligent platform. Same team. Bigger vision. A name that matches our mission.” Photo by David Clode on Unsplash The post Copla Partners and Buck4Bug Combine Automated Compliance with Ethical Hacking appeared first on Finovate.       

Upgrade has raised $165 million in a Series G round, boosting its total funding to $750 million and valuing the fintech at $7.3 billion. Founded by Lending Club pioneer Renaud Laplanche, Upgrade has served 7.5 million customers, facilitated $42 billion in credit, and continues to grow profitably with a multi-product strategy spanning loans, cards, BNPL, and savings tools. The late-stage round positions Upgrade near a potential IPO inflection point, signaling strong investor confidence in alternative lending models and the company’s ability to compete with both challenger and traditional banks. It’s time for mobile banking and lending fintech Upgrade to get an upgrade of its own. The California-based fintech announced today that it landed a $165 million equity investment to enhance its credit and banking products aimed at retail customers. The round boosts the company’s total funding to $750 million since inception. The Series G Preferred Round, which was led by Neuberger, indicates that this is a late-stage financing event, given that Upgrade has matured significantly in revenue, consumer adoption, and market presence. LuminArx Capital Management also contributed, and existing shareholders, including DST Global, Ribbit Capital and others, also increased their investment. While this stage and type of round could indicate that Upgrade is preparing for an IPO, it could also signal that the company is planning to delay its IPO, offering liquidity to prepare for a later exit. According to Upgrade CEO and Co-Founder Renaud Laplanche—who previously founded and led early fintech pioneer Lending Club—Upgrade’s valuation now sits at $7.3 billion. Founded in 2017, Upgrade is a digital banking platform headquartered in California. The company offers checking and savings accounts, personal loans, credit cards, and rewards programs that focus on low fees and responsible credit usage to help consumers improve their financial lives. Upgrade has served 7.5 million customers and has facilitated over $42 billion in credit with tools such as its Upgrade Card, which encourages customers to pay off balances quickly and avoid revolving debt and build credit responsibly. In 2024, Upgrade launched the Flex Pay brand, which it rebranded from Uplift. The BNPL tool serves 750 travel and retail brands, helping them to increase their customer engagement, loyalty, and consumer spending by offering more flexible payment options. Upgrade also offers cashback rewards, competitive savings rates, and credit monitoring tools, positioning itself as a customer-friendly alternative to traditional banks. As part of today’s deal, Neuberger Head of Specialty Finance Peter Sterling is joining Upgrade’s Board of Directors. “Upgrade presents an unmatched opportunity in fintech,” said Sterling. “As many companies in the space struggle with acquisition costs and monetization strategy, Upgrade has sustained profitable growth through a multi-product, multi-channel strategy that relies on low-cost, proprietary distribution channels to acquire new customers and its ability to monetize users through multiple products. We have known Renaud and the Upgrade founding team for over a decade and are very excited to expand our partnership.” Upgrade’s growth momentum has continued to build, reflected in several major milestones. The company has surpassed $2 billion in cumulative home improvement financing just three years after launching the product, and has already exceeded $1 billion in auto financing within two years of that product’s debut. “We are thrilled to expand our relationship with Neuberger and welcome Peter as a new board member,” said Laplanche. “We are planning to use the new equity capital to keep developing new products and expand distribution to achieve our goal of helping more mainstream consumers get the banking and credit products they need today, while improving their financial and credit standing in the long run.” Upgrade’s raise is a great indication that there is still consumer and investor appetite for alternative consumer lending options. Upgrade has managed to sustain profitable growth while scaling to millions of users. The company’s diversified product lineup positions it to compete with both challenger banks as well as traditional banks. Upgrade’s $7.3 billion valuation, combined with leadership from a seasoned founder who helped define the early fintech era places Upgrade at an IPO inflection point. Photo by Jungwoo Hong on Unsplash The post Upgrade Raises $165 Million, Sees Valuation Rise to $7.3 Billion appeared first on Finovate.       

This week I’m looking at a trio of stories from the wealthtech beat: SS&C’s completed acquisition of Calastone, the emergence of a new UK-based wealthtech, and a look at two, not-quite-contrasting interpretations of funding for wealthtechs in Q3 2025. SS&C Technologies completes $1 billion acquisition of Calastone Initially reported in July, SS&C Technologies announced this week that it has completed its acquisition of Calastone. The company purchased Calastone, a London-based, international funds network and provider of technology solutions to wealth and asset managers, from global investment firm Carlyle for a price of £766 million ($1.03 billion). The transaction was funded via a combination of debt and cash. “Calastone’s network and technology further strengthen SS&C’s leadership across global fund operations,” Chairman and CEO of SS&C Technologies Bill Stone said. “Together, we will accelerate innovation for our clients, expand our reach, and continue to simplify the way the industry operates.” The acquisition will bolster SS&C’s solutions for fund administration, transfer agency, AI, and intelligent automation. The union will also facilitate the launch of a unified, real-time operating platform to lower costs, complexity, and operational risk for fund industry participants while providing enhanced distribution, investor servicing, and operational scalability. Founded in 1986 and headquartered in Windsor, Connecticut, SS&C Technologies provides mission-critical, cloud-based solutions to more than 22,000 companies in financial services and healthcare. A member of the Fortune 1000 and a publicly traded firm on the NASDAQ under the ticker SSNC, SS&C Technologies is the largest independent hedge fund and private equity administrator, and the largest mutual fund transfer agency, in the world. Calastone runs the largest global funds network, linking more than 4,500 financial organizations worldwide across 57 markets. The company processes more than £250 billion ($334 billion) of investment value each month, and maintains offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, and Sydney. With the completed acquisition, Calastone’s 250 employees will join SS&C Global Investor & Distribution Solutions, effective immediately. “This is an exciting new chapter for Calastone,” company CEO Julien Hammerson said. “Joining SS&C gives our clients and employees access to greater scale, investment, and opportunity. We’re proud of what we’ve built and look forward to contributing to SS&C’s continued growth and global success.” UK wealthtech Clove emerges from stealth London-based wealthtech Clove has emerged from stealth with €12 million ($14 million) in pre-seed funding in its coffers. The round, which was led by Accel, is regarded as one of the largest early-stage financings for a European startup this year. Kindred Capital VC and Air Street Capital also participated in the investment, along with a handful of angel investors. “With Clove, we are seeking to break the traditional economics of financial advice by combining the expertise of human advisers with the efficiency of AI,” Co-Founder Alex Loizou said. “Our goal is to make financial planning more accessible, affordable, and effective than ever before, for everyone from young professionals and aspiring entrepreneurs, to growing families and those starting to think about retirement.” Clove was launched by Loizou and fellow founder Christian Owens at a time when the UK’s Financial Conduct Authority has determined that professional financial advice can make a significant difference—as much as 10%—in financial outcomes compared to those who do not have access to this advice. Loizou and Owens see an opportunity to provide this advice via a combination of human insight and AI intelligence. “Our aim is to make it possible to deliver high-quality, personalized advice at an unprecedented scale,” Owens wrote on the Clove blog. “As we started exploring this problem we discovered that most of what financial advisers do isn’t actually advice, it’s admin. By using AI to reduce that burden, we hope to give advisers more time to do what they are trained to do: help people make better decisions.” Clove will use the funding to hire additional talent ahead of a full launch in 2026, subject to FCA authorization. Smaller, but busier? Wealthtech deal activity up, total funding down in Q3 YoY According to FinTech Global Research, wealthtech investments in the US dropped significantly year over year in Q3 2025. Deal activity was robust by comparison, with 71 deals in Q3 2025 compared to 62 deals in Q3 2024, but total funding dropped to $861 million this year in the third quarter compared to $1.8 billion raised in Q3 2024. The average deal value also declined, falling to $12.1 million this year from an average of $28.8 million in Q3 2024. The analysts cited “persistent macroeconomic uncertainty” and, interestingly, “evolving wealth management technologies” for what it said was a cautious, “lower-risk” approach by investors. To that final point, there may be reason for optimism. Looking out over a longer time frame, the CB Insights State of Fintech Q3’25 Report noted that wealthtech funding was “maintaining momentum” and on track to double 2024 totals, having already topped 2024 levels. In fact, CB Insights highlighted “strong confidence in digital-first wealth management solutions” and vigorous hiring as positive signs. The report noted that financial advisor productivity tools, wealth management banking and lending platforms, and AI investment intelligence platforms were among the top sectors in fintech in terms of headcount growth year-over-year. Photo by Morgan Housel on Unsplash The post Wealthtech at Work: SS&C Acquires Calastone, Clover Emerges from Stealth, and More! appeared first on Finovate.       

Data management and payments infrastructure company Basis Theory has raised $33 million in Series B funding in a round led by Costanoa Ventures, along with Stage 2 Capital and Moneta VC. The investment, which takes the company’s total capital raised to $50 million, will be used to help expand its payment vault for merchants, as well as fuel the company’s innovations in agentic commerce. Founded in 2020, Basis Theory made its Finovate debut at FinovateSpring 2022 in San Francisco. Colin Luce is CEO. Data management innovator Basis Theory has secured $33 million in Series B funding. The round was led by Costanoa Ventures alongside Stage 2 Capital and Moneta VC. The investment also featured participation from existing investors including Bessemer Venture Partners, Kindred Ventures, Box Group, and Offline Ventures. The Series B takes Basis Theory’s total capital raised to $50 million, according to Crunchbase. “This funding represents more than capital,” company Co-Founder and CEO Colin Luce wrote on the Basis Theory blog this week. “It validates our mission of giving merchants control over their payments data and the flexibility to innovate on their own terms.” Basis Theory lives at the intersection of technology and commerce. The company’s PCI Level 1, SOC2 type II, and ISO 27001-compliant vault offers fintechs and merchants broad flexibility and customization as they build their payment infrastructures and create payment stacks that suit their individual needs. As merchants look for superior ways to manage payment data across a growing number of payment service providers, Basis Theory offers a technology that enables them to tokenize and manage sensitive payment data while maintaining complete control over how that data is accessed both within their own systems as well as when it is shared with third parties. This week’s funding will help Basis Theory expand its enterprise-grade payment vault for merchants around the world, as well as power the company’s work in agentic commerce. “The payments ecosystem is changing rapidly, and merchants no longer want to be locked into rigid platforms,” Luce said. “We’re giving control back by making payments data as accessible and programmable as any other data type so it can fuel growth, intelligence, and automation across the entire business.” Basis Theory’s payment vault, which is independent of any payment processor or orchestration layer, also serves as a foundation for agentic commerce and the Agentic Commerce Consortium. Launched last month by Basis Theory, the consortium is a network of more than 20 companies that are collaborating to define the standards and infrastructure that will enable AI agents to become trusted buyers. This will empower merchants to embrace agentic commerce safely and at scale. In a statement introducing the consortium, Luce acknowledged that other entities have also articulated agentic AI standards, such as Google with its Agent Payments Protocol (AP2). At the same time, Luce suggested that the underlying infrastructure must be improved first. “Our view is that we must start by modernizing the existing underlying foundational infrastructure via APIs, but done in a way where AP2 or MCP or KYA or any other protocol can be built on top of or wrapped around it,” Luce wrote. “It’s too early to know which protocols will gain adoption or whether who is behind the protocol will dictate said adoption.” Founded in 2020, Basis Theory made its Finovate debut at FinovateSpring 2022. At the conference, the company introduced its tokenization platform and showed how its data tokenization API offers a developer-first approach to ingesting and managing high-risk data such as credit cards or personally identifiable information (PII). The technology’s use cases extend from fintech, e-commerce, and the creator economy, to subscription platforms, vertical SaaS, and digital health. Photo by Mark König on Unsplash The post Data Privacy Management Software Provider Basis Theory Secures $33 Million appeared first on Finovate.