5 FinTech deals that occurred in Europe in May 2023

By Gloria Methri

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 5 FinTech deals that occurred in Europe in May 2023:

• Paymentology and Nomo

Paymentology, a global issuer-processor, announced a strategic partnership with Nomo Bank (Nomo), a fully digital Sharia-compliant cross-border bank. Through this partnership, Nomo would leverage Paymentology’s advanced cloud-based digital payment platform to deliver a seamless payment experience to its customers.

• Finastra and Loughborough Building Society

Global FinTech provider Finastra has announced that Loughborough Building Society has selected Essence, deployed on Microsoft Azure cloud, to increase its operational efficiency and future-proof its offering. With Finastra’s SaaS solution and Retail Analytics module, the Society can innovate and scale at speed, seamlessly integrate third-party applications and reach new customers through digital channels.

• Frost and Kani Payments

Kani Payments has been selected by UK-based green neobank Frost as its preferred platform for settlement reconciliations and payment scheme reporting. Kani’s advanced reconciliation engine and intuitive reporting tools will enable Frost to streamline its settlement processes, reduce errors, and improve accuracy.

• OTP Bank and iGCB

Intellect Global Consumer Banking (iGCB) has announced that Hungary-based OTP Bank has chosen iGCB’s Intellect Digital Core (IDC) to offer quality financial services to its customers in Central and Eastern Europe.  The bank selected iGCB’s core banking platform as a preferred solution to help launch curated solutions rapidly in the market for a superlative customer experience.

• Swissquote and NetGuardians

Swiss digital bank Swissquote has chosen NetGuardians to enhance fraud mitigation and comply with the AML requirements. The NetGuardians AI-based financial crime solutions will monitor all transactions at the bank and on the digital finance app ‘Yuh’. The software will help reinforce the bank’s protection to catch scams such as Authorized Push Payment (APP) and other types of payment fraud.