4 FinTech deals that occurred in the Americas in October 2022

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 last month saw some significant deals being undertaken by FinTech companies.

The following are 4 FinTech deals that occurred in the Americas in October 2022:

• BankiFi and Axiom Bank, N.A.

BankiFi and financial institution Axiom Bank, N.A. partnered to make banking better for small-to-medium size businesses (SMBs) across the United States. The new partnership also represents BankiFi’s first North American client since its stateside launch in July.

Moving forward, Axiom Bank’s SMB customers can better track and manage their business finances using BankiFi’s leading embedded banking services. BankiFi’s Open Cash Management platform has been built with speed in mind. The system will help to put Axiom Bank and its associated digital channel back at the heart of relationships with business customers.

• ELGA Credit Union and Scienaptic AI

Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned, and operated for a single purpose: members helping members. ELGA Credit Union had a humble beginning, helping Consumers Energy employees that were paid below the average of other industrial workers in the 1940s and 50s. Today the credit union has $1.25 billion in assets and serves over 85,000 members. The deployment empowers the credit union to streamline its credit decisioning and drive higher approvals and automation.

Scienaptic AI, a global AI-powered credit decision platform provider, announced that Michigan-based ELGA Credit Union has completed implementation and gone live on its platform. Integrating the platform with ELGA Credit Union’s LOS (Symitar ELA) and going live enables the credit union to make automated, AI-driven, smart credit decisions while enhancing credit access to members.

• Farmers State Bank and Teslar Software

Farmers State Bank and Teslar Software announced their partnership to automate the bank’s commercial lending processes. Teslar’s technology will help the bank efficiently manage its loan portfolio as they continue to grow.

The Quinton, Oklahoma-based bank partnered with Teslar Software after being impressed by the sophisticated technology and hearing many positive experiences from peer banks. Farmers State Bank plans to first leverage Teslar to manage exceptions and past-due loans better and then gradually add other modules.

• UT Federal Credit Union and Lumin Digital

Lumin Digital had announced that Tennessee-based UT Federal Credit Union (UTFCU) had signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support UTFCU’s more than $460 million in assets and 26,000 plus members when the platform is launched in May 2023.

A cloud-native digital banking platform, Lumin Digital will provide UTFCU members with an integrated, customised experience that matches larger financial institutions’ offerings. Focusing on service, user experience, safety, and security through sophisticated automation, the digital banking platform helps credit unions and financial institutions drive better user engagement through personalised recommendations. These include everything from spending insights and financial advice to fraud alerts and help with savings goals.

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