Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Tuesday July 02, 2024
Payments
Lisa Sattler, Director of Policy and Government Relations at Payments Canada, shared that the proposed changes to the Canadian Payments Act in order “to expand Payments Canada’s membership have received Royal Assent, the final step required for a bill to become law.”?| Crowdfund Insider
On Aug. 12, Hawkins will officially assume the role, which has been held by interim co-CEOs Kristina Logue and Jude Pinto since Tracey Black stepped down from the position in April after choosing not to renew her term.?| BetaKit
Gigadat specializing in online payment and security solutions has entered into a strategic partnership with PayDo, a leading Electronic Money Institution (EMI) recognized by the FCA and FINTRAC.?| Finextra
Sezzle Inc. the most popular Buy Now, Pay Later (BNPL) provider in Canada, is delighted to announce that its innovative Payment Streaks feature is now available to Canadian users.?| Finextra
Shopify is using AI for image editing, product creation, customer support, navigation.?| BetaKit
The UAE is a crucial market for Nuvei’s global customers due to its rapidly growing eCommerce sector, which is projected to surpass $10 billion in revenue by 2029 with an annual growth rate (CAGR 2024-2029) of approximately 9%.?| Finextra
The partnership with Shopify extends the breadth of thoughtfully designed and affordable items available to discover and enjoy as part of Target’s distinctive mix of brands shoppers love,” Cara Sylvester, executive vice president and chief guest experience officer at Target, said in the release.?| PYMNTS
The collaboration will contribute to the digital transformation of the Saudi financial services sector, in line with Vision 2030.?| Fintech Finance News
The cash purchase will be the credit card company’s latest foray into the dining sector, following its acquisition of Resy in 2019.?| PaymentsJournal
Once received, cardholders can authenticate and add the new card into their digital wallet, offering a convenient, fast and secure solution that helps enhance travel experiences and boost issuer customer satisfaction.?| Crowdfund Insider
Financial Institutions
TD and MPpower Financing have announced a collaboration to help simplify the banking experience for international students pursuing higher education in Canada.?| Finextra
Temenos, the banking software company, announced that Haventree Bank, a federally regulated Schedule 1 bank in Canada, has selected Temenos to support its digital transformation and business growth.?| Finextra
Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product Financial Technology company for the world’s leading banks, credit unions and insurance companies, announces a pioneering partnership with Vancity, Canada’s largest community credit union.?| Finextra
The two financial institutions are testing a combination of machine learning and blockchain to catch errors and block fraud on international transactions.?| American Banker
The Federal Reserve has developed a tool, called the ScamClassifier model, to help the payments industry improve scam reporting, detection and mitigation.?| Finextra
The company intends to use the funds to accelerate the development of new product features, support the ongoing integration of permitting technology provider Camino, which was acquired by Clariti in 2023, and be reinvested in customer service teams to support its customer base across North America.?| FinSMEs
VersaBank plans to use the one-branch Stearns Bank Holdingford in Minnesota as a platform to expand a lucrative niche business acquiring loan and lease receivables from point-of-sale lenders.?| American Banker
Lloyds Banking Group has revealed 60 new branch closures for the remainder of the year and 2025.?| Finextra
Lending
领英推荐
The combined entity will be both a leader in residential and commercial mortgages, with over 1,000 employees across ten offices and more than $60 billion in mortgages under administration.?| FinSMEs
Asset Management
Northern Trust chosen by CLAM for comprehensive asset servicing, enhancing investment and data solutions.?| Wealth Professional
Insurance
Navacord has reaffirmed its commitment to the Ottawa region, with the expansion of two specialty brokers including Petrela, Winter & Associates, a construction specialist, and Jones DesLauriers, renowned for their expertise in commercial, auto dealerships, and technology segments.?| Insurance-Canada.ca
This new comprehensive coverage plan is tailored to provide extensive protection for primary residences, secondary homes, and other valuable properties.?| Insurance-Canada.ca
This strategic move marks another milestone in Westland’s ongoing expansion efforts across the country.?| Insurance-Canada.ca
This is Acera Insurance’s fourth deal in Ontario so far in 2024, following partnerships with KRS Insurance Brokers Inc., Green Benefits Group and Dominion Group Benefits.?| Insurance-Canada.ca
Capital Markets
The senior management of one of Canada’s leading international asset managers will have greater control following a deal to acquire a $53 million stake from a minority investor.?| Wealth Professional
The technology-forward and compliant operation aims to bridge the worlds of traditional and web-based finance by partnering with both financial institutions and crypto-native firms across synergistic business lines.?| Fintech.ca
Venture Capital
Accelia said that, in his new position, Letartre will be involved in all of the fund’s transactions and operations, as well as supervising a team of analysts.?| BetaKit
AI
Healwell CEO touts access to xAI’s closed developer program as big potential benefit.?| BetaKit
Launched in June 2023, the grant program was created to support cybersecurity projects that use AI to defend against cyberattacks, as well as to quantify the cybersecurity capabilities of AI models.?| BetaKit
The company intends to use the funds to for hiring in engineering, data science, design, and customer success to scale the onboarding of new customers.?| BetaKit
The investment will “accelerate growth in data centre portfolio and provides access to Coatue’s extensive network of companies and relationships,” according to a statement from the company.?| Fintech.ca
Others
E-commerce and logistics tech startup ReturnBear is expanding across the pond as it looks to launch operations in the United Kingdom (UK).?| BetaKit
The financing round was led by new investor Inovia Capital. Other participants included existing investor Y Combinator, and new investors GTMfund, General Advance, as well as Simon De Baene and Manon Brouillette.?| BetaKit