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Finom Secures $105M Investment from General Catalyst: Transforming SMB Banking in Amsterdam
Amsterdam-based Finom, a digital banking platform for small and medium-sized enterprises (SMEs), has raised $105 million in growth funding to expand across Europe. The investment, led by General Catalyst’s Customer Value Fund, is unique as it involves no equity exchange and will be directed solely towards growth initiatives. Finom, which simplifies financial services by integrating banking, accounting, and invoicing, currently serves over 100,000 businesses in more than 10 European countries. With positive unit economics and a subscription-based revenue model, Finom is well-positioned for sustainable growth amid increasing demand for digital banking solutions.
Visa Direct Leverages Banking Circle API for Seamless Global Payment Solutions
Banking Circle S.A. has partnered with Visa to enhance cross-border payment efficiency through Visa Direct, a global digital payments platform. This collaboration allows Visa Direct to utilize Banking Circle’s extensive local clearing rails via a streamlined single API, facilitating seamless transactions across different cards, currencies, and markets. Banking Circle CEO Laust Bertelsen highlighted the partnership as a significant milestone in improving transaction speed and reducing costs. Visa Direct’s global head, Sandeep Gupta, expressed excitement about leveraging Banking Circle’s technology to enhance customer services. The partnership underscores Banking Circle’s commitment to innovative solutions for international businesses.
Samsung Wallet Teams Up with Green Dot’s Arc Platform for Enhanced Digital Payment Experience
Green Dot, a leading U.S. FinTech company, has partnered with Samsung Electronics to enhance digital payments through the Samsung Wallet. This collaboration introduces features like peer-to-peer (P2P) payments and the innovative Tap to Transfer functionality, allowing users to transfer funds quickly and conveniently. Green Dot’s Arc platform supports this initiative with scalable, cloud-based financial solutions, including FDIC-insured products and fraud protection. Samsung Wallet will enable users to manage payment cards and documents securely while facilitating transfers to other digital wallets and debit cards. The partnership aims to improve user experience and redefine digital financial services in the U.S.
IOSCO Launches I-SCAN: A Powerful New Tool to Protect Investors from Global Fraud
The International Organization of Securities Commissions (IOSCO) has launched I-SCAN, a global alerts network designed to enhance investor protection by identifying and reporting suspicious company activities. This platform is part of IOSCO’s Roadmap for Retail Investor Online Safety, aiming to improve awareness of potential investment scams. I-SCAN aggregates alerts from over 150 financial regulators, facilitating swift regulatory actions against fraud. It provides easy access for investors, banks, and online platforms to stay informed about flagged companies. Leaders, including IOSCO Secretary General Rodrigo Buenaventura, emphasize I-SCAN’s crucial role in combating online fraud and fostering market integrity.
HSB and Flume Join Forces to Revolutionize Home Water Leak Detection for Insurers
HSB has teamed up with Flume to enhance water leak detection services, aiming to reduce the risks and costs associated with household water leaks. This partnership merges HSB’s insurance expertise with Flume’s smart home technology, which features easy-to-install sensors, real-time monitoring, and advanced leak detection algorithms. Together, they seek to tackle the over $8 billion in annual claims from non-weather-related water damage. HSB’s Chief Technology Officer highlighted the collaboration’s alignment with their mission to protect properties using cutting-edge technology. This initiative promises cost reduction and better water management for homeowners, ultimately enhancing value and security for clients.