5 FinTech deals of January and February 2022

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.

The following are 5 FinTech deals of January and February 2022:

• Komerční banka and Temenos

Komerční banka part of the Société Générale Group has completed the first phase of its core banking system replacement, going live on Temenos Transact in under 12 months with implementation partner, Syncordis. The modernisation of its core system constitutes the crucial step in Komerční banka’s strategy to become the digital banking leader in the Czech Republic. 

• Tatra banka and Temenos Multifolds

Temenos, the banking software company, announced that Tatra banka in Slovakia, part of the Raiffeisen Bank International Group, has selected Temenos Multifonds to transform its fund accounting and investor servicing capability. Supporting 37 funds and over 400,000 investors, Tatra banka provides the in-house administration for €3.8 billion in AUM, 23 per cent of the entire Slovak mutual funds market and 31 per cent of supplementary pension funds (Slovak 3rd pension pillar). 

• Memo Bank and Enfuce

Memo Bank, the first independent bank to emerge in France in the last 50 years, has chosen Enfuce as its card-issuing provider. With the partnership, Memo Bank wants to expand its business banking services for small and medium-sized businesses (SMEs) across Europe. Memo Bank offers all the tools SMEs need to manage their cash flows, including current accounts, loans, and payment facilities. It is fully licensed by the European (ECB) and French (ACPR) banking authorities.

• Danske Bank and SunTec

SunTec Business Solutions, a pricing and billing company, announced that it had been chosen by Danske Bank, a Danish multinational bank, for their enterprise-wide Fee Management Program. SunTec will deploy its cloud-agnostic solution, Xelerate, in a SaaS model to modernise the bank’s fee and billing management processes. SunTec Xelerate will help the Bank access products and pricing via APIs, ensure faster time-to-market and provide flexible bundling options.

• Magyar Bankholding and Thought Machine

Magyar Bankholding, Hungary’s banking group, established following the three-way merger of state-owned Budapest Bank, MKB Bank and savings group Takarekbank (MTB), announced it had selected Thought Machine, the UK-based core banking technology company, to launch a next-generation digital bank.

ALSO READ: Sales League Table Report 2021