3 FinTech deals that took place in May in the Americas

By Edlyn Cardoza

FinTech describes new tech that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is utilised to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones. FinTech, the word, is a combination of “financial technology”.

The COVID-19 pandemic has accelerated the process of digitalisation for the financial services industry. Amidst the unprecedented market volatility, the industry’s appetite for digital technology has increased. The new year saw some significant deals being undertaken by FinTech companies. This information was extracted from the June edition of the Monthly IBSi FinTech Journal.

The following are 3 FinTech deals that took place in May in the Americas:

• Mission Lane selects Peach Finance

Peach Finance, a modern and configurable lending technology platform that helps lenders efficiently launch, grow and scale new lending products, recently announced a partnership with Mission Lane, a purpose-driven financial technology company that provides better products and experiences for people trying to build or rebuild their credit and improve their financial lives.

The partnership is designed to power Mission Lane’s Credit Builder Account, a new credit builder loan product aimed at setting consumers on the path to establishing strong credit.

• PMI Américas selects ThetaRay
  

ThetaRay, a leading provider of AI-powered transaction monitoring technology, recently announced that PMI Américas, a leading global payment services provider, has chosen ThetaRay’s AI-based SONAR SaaS solution to monitor global cross-border payments on PMI’s platform.

SONAR’s ability to detect the earliest signs of sophisticated money laundering activity will enable PMI to increase its growth opportunities by providing users with a trustworthy, secure service.

• RFG Advisory turns to InvestorCOM

InvestorCOM, a leading regulatory software provider to the wealth management industry, recently announced that RFG Advisory, a hybrid RIA for independent advisors, will use InvestorCOM’s RolloverAnalyzer application to meet the SEC’s Regulation Best Interest (Reg BI) and the Department of Labor’s (DOL) PTE 2020-02 requirements.

RFG Advisory’s network of independent advisors will leverage InvestorCOM RolloverAnalyzer to complete the rollover assessment process. This includes making a best interest rollover analysis, assessing plan costs, and digitally documenting and disclosing the reasons for the rollover.

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