News Briefing - Crowdfunding, SME And Alternative Finance

crowd at an airport, man works on laptop

1. UK – FinTech

AltFi reports: 


“Recurring payment provider GoCardless has raised a whopping $95m Series F funding round, the fintech announced today. 

GoCardless, whose last $75m funding round was in February 2019, secured this new cash today at a near-unicorn valuation of $970m in a round led by Bain Capital Ventures. 

And, while its last funding round was very much focused on international expansion, this funding is firmly aimed at pushing into Open Banking payments for GoCardless. 

“We believe that open banking is set to disrupt the payment landscape by introducing new, simpler and more secure ways of making bank-to-bank payments that will compete with the traditional card networks,” said Hiroki Takeuchi, CEO and co-founder of GoCardless. 

“Our investment in open banking innovation will create a uniquely valuable payment offering—continuing to provide our customers with the best way to collect recurring payments.” 

The announcement that GoCardless will be pushing into the Open Banking payments space will be a shot across the bow for the likes of Plaid, Bud, TrueLayer, Tink and others who’ve been jostling in an already competitive market.” 

2. UK – FinTech 


Finextra reports: 


“Mansfield Building Society have signed for iFinancial’s Anti Money Laundering Software, AMLtrac, as a cornerstone of their compliance strategy and procedures. 

Mansfield have been serving customers since 1870 and their aim is to remain a safe and trusted independent mutual organisation, with a clear passion for the building society model. Signing for AMLtrac, ensures Mansfield continue their commitment to their customer’s financial safety.

AMLtrac is an award-winning counter terrorist financing solution. It is a complete, multi-branch, multi-layered, language independent solution for banks and other financial institutions. AMLtrac is dedicated to identifying and tracking suspicious or illegal activities or the proceeds of crime.” 

 

3. UK – FinTech

Payments technology provider Form3 has signed a partnership with, and secured investment from, payments giant Mastercard, according to AltFi. 

“Mastercard’s investment, the size of which has not been disclosed, means the financial giant will join fellow Form3 shareholders Lloyds Banking Group, Nationwide Building Society and VCs 83North and Draper Esprit. 

As a reminder, Form3 is working on a new domestic payments network for banks that takes advantage of the latest cloud technology and is in line with upcoming payments regulations. 

“Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future,” said Form3 CEO Michael Mueller announcing the partnership with Mastercard today. 

The partnership is firmly positioned as a route to scale up Form3’s work internationally, and Mastercard says Form3’s tech is “complementary” to its own real-time payments system.” 

  

4. US – FinTech 

 

Crowdfundinsider reports: 

“The University of Alabama is teaming up with Chainalysis, a provider of compliance and investigation software of virtual currency transactions. Through the partnership, both organizations will aim to offer “cutting-edge” education and training for students. 

Blockchain analysis firm Chainalysis noted in a blog post that it will provide access to its software and training programs – which have reportedly been developed by instructional design and training experts “for integration into a course offered through the UA Department of Criminology and Criminal Justice.” 

According to Chainalysis, students will be learning about the role of cryptocurrencies in the financial system and criminal transactions. They’ll also develop an understanding of the principles of the underlying blockchain or distributed ledger technologies (DLT) that underpins virtual currencies.” 

 

5. International – FinTech 

Finextra reports: 


“Fiserv has acquired digital card services platform Ondot. 

Founded in 2011, Ondot processes more than 1 billion transactions per month and provides digital capabilities for over 30 million cards issued by 4,500 banks and credit unions.

The company's technology uses transactional data to provide insights into spending habits that are relayed direct to the cardholder. For example, data enrichment from Ondot organises and identifies transaction and merchant data, allowing customers to more easily recognize their purchases and understand their spending patterns, resulting in fewer service chargeback calls and disputes.”