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Venn Secures $21.5M in Series A Funding to Revolutionize Canadian Business Banking
Venn, a Canadian financial platform previously known as Vault, has raised $21.5 million in Series A funding led by Left Lane Capital, highlighting strong investor confidence in its mission to transform business banking in Canada. Co-founded by former Revolut employees Ahmed Shafik and Saud Aziz, Venn offers services like multi-currency accounts, spend management tools, and accounting automation. The funds will enhance product capabilities and expand its services, aiming to become the leading banking platform for Canadian businesses. Venn plans to form strategic partnerships to improve offerings and address market needs, positioning itself as a game-changer in financial services.
Riverse Secures €5M Funding to Accelerate Engineered Climate Solutions through Innovative Carbon Credit Platform
Riverse, a carbon crediting platform focused on engineered climate solutions, has raised €5 million in a successful seed funding round to enhance its operations in the voluntary carbon market. Co-led by Alven and Racine², the oversubscribed round signifies strong investor interest in sustainability. Founded in 2021, Riverse offers a carbon crediting standard and supports various carbon avoidance and removal projects, utilizing transparent verification processes with auditable industrial data. Endorsed by the International Carbon Reduction and Offset Alliance, Riverse has validated over 60 projects and issued 250,000+ carbon credits. The funding will aid in expanding its offerings and operations.
Open Banking Gains Momentum: 42% of UK Firms Embrace Innovation to Combat Fraud and Boost Efficiency
A report by Payit, NatWest’s Open Banking service, reveals that 42% of UK businesses are considering Open Banking to improve security and reduce fraud. Challenges in managing sensitive customer data lead 22% of businesses to spend over six hours monthly on data management. While Open Banking offers direct and secure payments, 28% of companies hesitate to adopt it due to a lack of understanding. Additional operational challenges include cash flow issues and slow refund processes. Notably, 90% of firms trust traditional banks over FinTech for secure Open Banking solutions. NatWest emphasizes the efficiency and user experience benefits of its services.
New EU Regulations Drive Investment Firms to Enhance Execution Transparency
The European Securities and Markets Authority (ESMA) has introduced significant regulatory updates that will impact investment firms and asset managers. Finalized on April 10, 2025, the new Regulatory Technical Standards (RTS) aim to improve order execution practices, requiring firms to justify their execution venue choices, categorize financial instruments properly, and enhance senior management oversight. Additionally, revisions to the MiFID II research payment framework introduce more flexibility and transparency, allowing joint payments for execution and research services and mandating annual assessments of research value. These reforms are intended to enhance transparency and investor protection, with an 18-month adaptation period for firms.
Enhancing AML Strategies: How Financial Institutions Can Combat Money Mule Operations
Illicit finance has surged, with over $3.1 trillion in dirty money flowing through the global financial system in 2024. A key player in this issue is money mules, who move criminal funds for illicit networks. Financial institutions are urged to enhance detection systems to mitigate risks and regulatory penalties. In the UK, money mule cases rose by 11%, particularly among individuals aged 25-34. Recruitment often targets students via online scams. Consequences for money mules include severe penalties and reputational damage for banks. Advancements in technology, such as AI-driven tools from Symphony AI, are vital for improving detection and compliance.
Regnology Boosts SupTech Solutions with Strategic Acquisition of BR-AG
Regnology has acquired BR-AG, enhancing its regulatory reporting solutions and expanding its international presence in the banking sector. Founded in 2005, BR-AG specializes in consulting for taxonomy and data model development, aiming to improve reporting efficiency and compliance. The acquisition will bolster Regnology’s Regulatory Supervision Hub and integrate BR-AG’s ATOME suite, enhancing supervisory capabilities and digital transformation. This collaboration promises advanced tools for Data Point Model design, improved regulatory data expertise, and modern API technology, benefiting both regulators and banks. Together, they will reach nearly 100 regulatory bodies globally, fostering innovation and efficiency in regulatory processes.