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2024 UK RegTech Market Sees 59% Decline in Deal Activity: No Transactions Exceeding $100M
In 2024, the UK RegTech sector faced significant challenges, with a 59% decline in deal activity, resulting in only 27 deals compared to 66 in 2023 and 223 in 2020. Total funding reached $318 million, marking a 48% decrease from the previous year. Notably, there were no deals exceeding $100 million, reflecting a shift towards smaller ventures. However, MirrorWeb secured $63 million, the largest RegTech transaction in the UK for 2024, aimed at enhancing its compliance solutions for financial institutions. This investment is expected to strengthen MirrorWeb’s product development and customer support amid a cautious investment climate.
Visa Unveils Groundbreaking Initiative to Revolutionize AI-Driven Payment Solutions
Visa has launched Visa Intelligent Commerce, an initiative designed to revolutionize AI interaction in commerce by allowing AI agents to perform tasks like browsing products, making purchases, and managing payments. This initiative aims to empower developers and businesses by simplifying integration with Visa’s payment network. Additionally, Visa is expanding its global reach through new partnerships focused on stablecoins and enhancing its Flex Credential platform for flexible payment options. CEO Ryan McInerney emphasized the importance of a reliable and secure payment network, while Chief Product Officer Jack Forestell highlighted AI’s potential to streamline various consumer tasks.
Unlocking Global Payments: RedCompass Labs Unveils Game-Changing AI Tool for Modernisation
RedCompass Labs, a London-based consultancy, has launched AnalystAccelerator v2.5, an AI solution designed for the payments sector. This tool aims to enhance the payments modernization process for banks globally, addressing the need for accurate, domain-specific AI amid the adoption of new standards like ISO 20022 and FedNow. AnalystAccelerator v2.5 improves efficiency by accelerating analysis by 45% and reducing project costs by 25%. It is model-agnostic, continuously updated, and minimizes resource usage. The company has begun a proof of concept with a major North American bank and is in talks with other global institutions to implement the solution.
Ciphr Unveils Innovative Cloud-Based Payroll Solution with Real-Time Calculation Features
Ciphr has launched an advanced cloud-based payroll system aimed at simplifying payroll processes for UK businesses, enhancing efficiency and reducing errors. Key features include real-time calculations, automated backpay adjustments, and rolled-up holiday pay calculations. The system, a refined version of the Shape payroll technology, offers a user-friendly interface, intuitive dashboards, and reduced manual tasks. Its standout real-time payroll engine ensures seamless HR and payroll data integration. Additional benefits include secure single sign-on, centralized data protection, and quick implementation. Managing Director Julie Lally highlights its potential to revolutionize payroll technology, making it available for demonstration to over 1,000 organizations.
