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UK FinTech Tide Secures £100M Investment from Fasanara to Enhance SME Lending Solutions
Tide, a UK-based financial platform, is transforming cash flow management for SMEs globally by securing a £100 million securitisation debt facility from Fasanara Capital. This partnership will allow Tide to distribute over £300 million in working capital loans, addressing the need for flexible funding among SMEs. Founded in 2015, Tide supports around 650,000 SMEs in the UK, offering services like business accounts and access to credit. The company is also expanding internationally, having launched in India and planning to enter Germany in 2024. Tide’s CEO emphasized the importance of flexible financing for SMEs to avoid cash flow issues.
Seraphic Security Secures $29M Series A Funding for Innovative Browser Defense Technology
Seraphic Security, a leading enterprise browser security firm, has raised $29 million in a Series A funding round led by GreatPoint Ventures, with contributions from the CrowdStrike Falcon Fund and other existing investors. This funding aims to enhance product development and expand market presence in North America and EMEA, coinciding with a 300% year-on-year increase in Annual Recurring Revenue. Seraphic’s patented technology improves browser security and is gaining traction among Fortune 500 companies. Industry leaders highlight the urgent need for better browser security, affirming Seraphic’s role as a key player in this growing market.
Turris and Loro Insurtech Partner to Streamline Insurance Compliance Efforts
Turris, a provider of compliance and payment automation solutions for the insurance industry, has partnered with Loro Insurtech to enhance compliance and broker onboarding processes for insurers and Managing General Agents (MGAs). Their unified solution will accelerate onboarding, streamline quoting and binding, and automate compliance checks, providing insurers with faster market access and real-time compliance monitoring. Turris automates crucial back-office tasks like license verification and regulatory reporting, while Loro offers a digital platform for managing the quote-to-bind workflow. Industry leaders highlight this collaboration as a significant advancement in operational efficiency and risk reduction in the insurance sector.
CFPB Faces Backlash for Cancelling Open Banking Rule Crucial to FinTech Competition
The Consumer Financial Protection Bureau (CFPB) faces criticism from the Financial Technology Association (FTA) for planning to revoke the 1033 open banking rule, which allowed consumers to share their financial data with third-party providers. This move is seen as a concession to traditional banks, undermining consumer rights and competition. The FTA’s CEO, Penny Lee, condemned the decision, claiming it benefits Wall Street banks at the expense of consumer control over finances. This rollback is part of a broader trend of the CFPB retreating from consumer protection, raising concerns about the future of open banking and innovation in financial services.
OneVest Raises $20M Series B to Revolutionize Wealth Management in WealthTech Sector
WealthTech company OneVest has raised $20 million in a Series B funding round led by Salesforce Ventures, with participation from Allianz Life Ventures, TIAA Ventures, and returning investors like OMERS Ventures and Deloitte Ventures. The funding will enhance OneVest’s modular wealth management platform, designed for financial institutions to modernize their services. Key features include end-to-end solutions, reduced vendor reliance, and hybrid experiences for investors. The new capital will also focus on improving AI capabilities, expanding alternative investment offerings, and diversifying client portfolios. CEO Amar Ahluwalia highlighted the importance of this funding for tackling industry challenges through innovation.
