Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Monday September 16, 2024
Top FinTech News Headlines this Week
?? TD Bank introduced an eCommerce solution
???Toronto and Montreal-based Beacon has launched its first financial product, a remittance tool designed to help newcomers to Canada receive money from India
?? Toronto-based trade credit management platform, Netnow has raised $1.8M in funding
???Vancouver-based payments services provider Vopay has announced partnership with Calgary-based engagement solutions provider Symend
?? Vancouver-based seed-stage embedded accounting platform Teal has been acquired by US-based SME challenger bank Mercury
???Raymond James and Conquest Planning join forces to empower Canadian investors with personalized advice
?? Google Wallet debuts digital IDs and enhances commuter features
???ATB Ventures and Credivera partner to enhance identity verification and workforce credential management across Alberta
Payments
The acquisition comes mere months after the accounting tech startup announced it had raised an $11 million CAD seed round. Teal was founded last year by CEO Ian Crosby and design lead Adam Saint, both of which also co-founded Bench Accounting and later worked at e-commerce giant Shopify.?| BetaKit
The new remittance product, called Beacon Remit, allows users to remit money for their education from India to any Canadian bank. The goal of the service is to ensure newcomers to the country from India, such as students, immigrants, and work permit holders are prepared to settle in Canada.?| BetaKit
The collaboration with Stripe enhances Shoplazza Payments, allowing it to support a broad range of payment methods, including major credit cards, Apple Pay, and Google Pay, across key markets such as the U.S., Hong Kong, and Canada.?| Fintech Finance News
However, details about the partnership are yet to be revealed.?| LinkedIn
PayPal will become an additional online credit and debit card processor for Shopify Payments through PayPal Complete Payments, a solution for marketplaces and platforms comprised of flexible and powerful developer tools.?| Fintech Finance News
Google Wallet unveiled enhanced features to improve the travel and commuting experience. Starting soon, U.S. users can create digital IDs from their passports for use at select TSA checkpoints, making domestic travel more convenient. The service also expands support for state-issued IDs and prepaid commuter benefit cards, with plans to integrate more transit options globally.?| PYMNTS
Mastercard expanded its cybersecurity services with an agreement to acquire global threat intelligence company Recorded Future from Insight Partners for $2.65B. The acquisition bolsters the insights and intelligence used to secure today’s digital economy in the payments ecosystem and beyond.?| Fintech Finance News
Companies using Mastercard Business cards in the Eastern Europe, Middle East and Africa (EEMEA) region are set to benefit from a new value-added service – a business subscription management tool powered by technology partner Nuclei. The innovative feature will help small businesses streamline processes and reduce costs.?| Fintech Finance News
Financial Institutions
TD Bank Group (TD) announced the launch of TD eCommerce Solutions, a turnkey, highly customizable eCommerce platform, that enables Canadian small businesses to quickly begin selling their products and services online and accept payments with ease. Offering a comprehensive set of flexible features including intuitive webstore design tools from leading open SaaS ecommerce platform BigCommerce, inventory and order management, and a full suite of payment solutions from TD, the TD eCommerce platform delivers a customizable and easy-to-use storefront, providing trusted solutions that scale without compromising performance.?| TD
To help small business customers make informed financial decisions, TD Bank partnered with Monit to launch the dashboard. It has been piloted with TD customers since the Spring and is now slated to fully launch in October. The TD Small Business Dashboard enables business owners to connect their accounting system (like Quickbooks) to access a suite of “digital CFO” tools at no-cost to TD’s customers.?| Monit
Meridian Credit Union announced Maryam Al-Sabawi of London, Ontario, as the recipient of the 2024 Sean Jackson Scholarship Award. At just 17 years old and in her senior year at Saint André Bessette Catholic Secondary School, Maryam has already established herself as a passionate and resilient leader. She is dedicated to combating Islamophobia through education and advocacy. | Meridian Credit Union
This proposed merger would form an incredible team serving the financial needs of members with a network of 66+ branches across the province, spanning the Sea-to-Sky corridor, into the Lower Mainland, Interior, Cariboo and Northern BC.?| LinkedIn
Banking giant HSBC is reportedly considering a merger of its commercial and investment bank operations. The plan is part of new CEO Georges Elhedery’s effort to eliminate overlapping roles across the company and reduce expenses.?| PYMNTS
The groundbreaking offering has been granted a licence by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC) following the memorandum of understanding (MoU) signed in May 2023. The service, which enables clients to safekeep their digital assets, has launched in the UAE due to its well-balanced approach to digital asset adoption and financial regulation.?| Fintech Finance News
Since 2021, J.P. Morgan Payments and Oracle have been partnering to provide mutual corporate clients enhanced functionality and easier connectivity. These new integrations build on the success of J.P. Morgan Payments’ Banking Services integration into Oracle Fusion Cloud Enterprise Resource Planning (ERP), which was announced at Oracle CloudWorld 2022 and delivers a first-of- its-kind solution with turnkey connectivity for reporting and payments.?| Fintech Finance News
领英推荐
Goldman Sachs?and?Barclays?are seeking a deal on Goldman’s $2 billion portfolio of loans made to?General Motors?customers. The deal, if it goes through, will see Goldman Sachs sell the portfolio of loans to Barclays at a discount to the value of the outstanding balances.?| PYMNTS
Goldman Sachs CEO David Solomon reportedly said that the bank’s exit from its credit partnership with General Motors is no “messier” than it expected. It was reported Tuesday (Sept. 10) that Goldman Sachs is facing an approximately $400 million pre-tax from the sale of its GM credit card business and a smaller, unrelated unit.?| PYMNTS
Lending
The round was led by investors Ripple Ventures, Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures. | LinkedIn
Wealth Management
Raymond James Ltd. and Conquest Planning Inc. (“Conquest”) announced a partnership to improve the client planning experience for Raymond James-affiliated advisors. This partnership will help advisors personalize the advice experience in alignment with Raymond James’ aim to deliver a holistic approach to managing wealth, addressing various aspects of clients’ financial lives through a combination of strategic planning, investment strategies and tailored solutions.?| Financial Post
Burkett manages over $300 million in institutional and private client assets and plans to use the d1g1t platform to elevate client engagement with a modern client portal and engaging native mobile iOS and Android apps.?| Fintech.ca
Fund’s first closing attracted over $50 million in subscriptions. The evergreen credit investment fund will invest in a diversified portfolio of private credit investments, primarily private loans originated by Sagard with adjustable interest rates and first repayment priority, together with more liquid credit investments.?| Wealth Professional
Insurance
ClaimsPro announced the launch of SRD Distinction, a unique claims handling service for high-net-worth personal claims. This new program will support insureds across Canada with a bespoke service focused on delivering the highest level of customer service excellence and professionalism.?| Insurance-Canada.ca
Western Associated Insurance Brokers, a distinguished family-owned and operated brokerage spanning two generations, brings a strong clientele and deep-rooted community connections to AMC. This acquisition highlights AMC’s unwavering commitment to excellence and strategic growth.?| Insurance-Canada.ca
FI Tech & Software
ATB Ventures announced a strategic partnership between Oliu? and Credivera. The collaboration between two Alberta-based technology leaders aims to scale up deployment of digital credential and ID verification solutions to advance digital privacy, security, and trust in Alberta and across Canada. By combining their expertise and leveraging existing partnerships with public and private sector entities, ATB Ventures and Credivera will expand market reach, enabling more organizations to benefit from state-of-the-art employee verification while enhancing data protection and privacy for Albertans.?| Newswire
The Latest Update Dashboard is a brand-new advisor landing page, providing users with quick and easy access to the most important tools and resources.?| Fintech Finance News
Fintech Hub is now available as a pre-integrated app on AppMarket, a marketplace that gives Fiserv clients rapid access to top fintech solutions, helping them attract new customers, boost efficiency, and increase competitiveness. Additionally, PortX will play a key role in facilitating new FinTech onboarding to Fiserv’s AppMarket, providing FIs with an increasing number of options for innovative partnerships.?| PortX
Venture Capital
The Montreal and Toronto-based venture capital (VC) firm ultimately came in just shy of its $100-million target for Fund II, which has a list of limited partners (LPs) ranging from large banks to insurance carriers, pension funds, funds-of-funds, family offices, and angel investors. This brings Luge’s total assets under management to more than $180 million. The VC firm plans to keep backing seed and Series A-stage FinTech startups across Canada and the United States (US), building a portfolio of 20 to 25 companies.?| BetaKit
The projects receiving the largest amount of backing come from companies such as Ideon, Calabrio, and Agi3.?| BetaKit
The Government of British Columbia is investing $4 million into tech training charity NPower Canada to expand the Canadian Tech Talent Accelerator (CTTA), a program aimed at upskilling youth who are underrepresented in the tech sector. The project is led by NPower, and is supported by Microsoft Canada, CIBC, as well as the federal government and the government of BC.?| BetaKit
Crypto & DeFi
Coincover announces partnerships with two of Canada’s leading crypto trading platforms, VirgoCX and Netcoins. The partnerships will aim to provide the best-in-class security for customer assets. VirgoCX and Netcoins will benefit from Coincover’s industry-leading protection technology designed specifically for the crypto market. It will protect customers of VirgoCX and Netcoins against both malicious activity and the loss of cryptocurrency, meaning users are safe from hackers and human error. Coincover provides a complete defence.?| Fintech Finance News