4 FinTech deals in May in the European region
By Joy Dumasia
Financial technology (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 been on the rise. 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 4 FinTech deals in May in the European region:
BPC has been selected by OneFor, a new pan-European FinTech, to help it revolutionise the remittance and payment industries for workers on the move. With its headquarters located in Germany and a presence in many other EU countries, OneFor’s provides financial services to remote workers across the European continent. Its immediate focus is on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy, and Spain, connecting customers to the first receiving countries in North Africa, South-East Europe, and Latin America.
OneFor allows consumers to send funds to individuals inside and outside of the EU through a digital wallet and debit card offering. Customers in the EU gain access to a mobile wallet app connected to an IBAN account and companion debit card. Customers can easily set up, provide, and manage companion cards for family members outside of the EU using the app.
Temenos announced that BforBank, the fully digital bank of the Crédit Agricole Group, has selected Temenos open platform for composable banking to support future expansion. The bank is moving from an on-premise implementation to using Temenos core banking solutions on Google Cloud to tap new growth opportunities and drive efficiencies at scale.
BforBank launched in 2009, offering a new approach to savings, life insurance, mutual funds and e-brokerage to the French mass affluent market. The online bank has since expanded to provide a full suite of retail banking services, with accounts, payments and lending products, including mortgages.
ThinCats, a leading alternative finance provider to mid-sized SMEs, has selected Mambu’s leading cloud banking technology platform to scale at pace and expand its SME lending offering. ThinCats was launched due to the global financial crisis to help SMEs that traditional lenders were underserving. Since then, it has become a leading alternative lender focusing on the funding needs of approximately 450,000 mid-sized businesses across the UK.
With a current loan book of more than GBP650 million and ambitions to surpass the GBP2 billion mark in the next few years, Mambu’s flexible and composable cloud platform will enable ThinCats’ ambitions to support the growth of many more mid-sized businesses.
ERI recently announced that Bank of China Ltd Luxembourg Branch (BOC) has signed for the OLYMPIC Banking System to be deployed as the new platform to support BOC’s custody and clearing business going forward.
ERI is an international company specialising in developing, distributing, and supporting the integrated, real-time banking, securities custody and wealth-management software package: OLYMPIC Banking System. Operating in many major financial centres, ERI is present in Luxembourg, Geneva, Zurich, Lugano, London, Singapore and Paris.
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