Author: hjenkins42

Backbase has raised $130 million in a series A round, the company announced this week. The self-styled “engagement banking” fintech provides a white-labeled platform for banks and credit unions that digitizes retail and business banking and counts $181 billion KeyBank and $153 billion Navy Federal Credit Union as banks that have “embraced” its products. Leading…

Klar, arguably the largest digital bank in Mexico, secured $70 million in equity funding this week. The investment – led by existing investor General Atlantic and featuring participation from Prosus Ventures, Quona Capital, Mouro, IFC, Acrew, and Endeavor Catalyst – gives the company a valuation of $500 million. Klar has raised more than $150 million…

 A crash is coming: Rejoice You might not like what Andrew Orlowski has to say but as he says “ the tech sector is long overdue a correction- Kick back and watch creative destruction do its thing”. Don’t worry. Be happy. But a correction is due and it has already arrived with VC backed projects…

Cincinnati-based Fifth Third Bank recently executed three key automation projects, including the launch of automated lockbox products that deliver check payments to a business or individual’s designated address. “Despite online payment options and [the Automated Clearing House], physical checks remain a very popular form of payment,” Jude Schramm, chief information officer, told Bank Automation News. The…

The Consumer Financial Protection Bureau (CFPB) placed artificial intelligence (AI)- and machine learning (ML)-powered credit decisioning into its crosshairs last week, with documentation likely being key to satisfying the regulator’s inquiries. Under the Equal Credit Opportunity Act (ECOA), creditors are required to send adverse action notices to consumers who are denied credit, explaining why they were not offered…

The years of anticipation surrounding the development and adoption of Federal Reserve instant payment service FedNow is a case of much ado about nothing at the bank level. Although industry experts have wondered what the upcoming adoption of FedNow will look like at financial institutions — especially community banks and credit unions —the onus will…

ICICI Bank is integrating ZestMoney’s EMI (Equated Monthly Installments) BNPL network into its Cardless EMI product. Customers can use ZestMoney’s BNPL capabilities to make purchases of up to $12,900 (Rs. 10 lakh). This BNPL tool is currently live for ICICI clients making purchases online and will be available at physical retail locations “soon.” Another day,…

Backbase raised $128 million (€120 million) in growth equity funding this week. The round was led by private equity firm Motive Partners, and gave the company a valuation of $2.6 billion (€2.5 billion). Backbase’s Engagement Banking Platform enables banks and credit unions to leverage a cloud-based platform to offer bank customers seamless digital experiences. Engagement…

Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week. 1  SEC approves new rules that expand electronic filing requirements On June 2, 2022, the U.S. Securities and Exchange Commission adopted rule and form amendments (the “Amendments”) that mandate the electronic filing…