The Monday Roundup: what we are watching this week | Oct 14th
By Puja Sharma
The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.
Swift Global Transfers
Citi and Mastercard have announced a collaboration to offer cross-border payments to Mastercard debit cards in 14 receiving markets worldwide, with plans for further expansion.
Leveraging Citi’s WorldLink® Payment Services and Mastercard Move’s money transfer capabilities, Citi clients can make near-instant, full-value payments with near 24/7 availability to consumers using their Mastercard debit card details.
Citi is the first global bank to enable cross-border payments to Mastercard debit cards using Mastercard Move, tapping into the speed, security, and transparency of the Mastercard network.
Worldline and OPP (Online Payment Platform) have announced the launch of their innovative Embedded Payments solution in Europe. This collaboration provides businesses with a suite of payment capabilities that are designed to address the complex needs of platforms and marketplaces.
The new Embedded Payments solution combines OPP’s specialised payment technology, with Worldline’s acquiring, acceptance expertise and POS capabilities. This integrated solution empowers platforms and marketplaces with essential features such as split payments, advanced escrow, and unique mediation handling.
Embedded Payments is designed to meet the diverse needs of these platforms, providing a complete, turnkey solution that not only helps their users sign up, sell, and get paid fast but also manages this across multiple currencies. It supports all relevant payment methods and offers unparalleled local support capabilities, helping businesses navigate the complexities of serving their users across markets.
Empowering wholesale banks
Arta Finance, a digital wealth management platform, has launched globally. It is now open to accredited investors in Singapore and international investors who are open to managing their wealth in Singapore.
The international launch follows Arta’s debut in the US in October 2023. Since then, it has grown to manage hundreds of millions in assets for thousands of clients.
Arta also launched the AI Copilot, purpose-built for wealth management and finance. This patent-pending technology, rolling out progressively to members, will empower them to make smarter investment decisions and ideate, analyse, and monitor their portfolios with the tools and insights that usually require large teams of relationship managers, private bankers, and investment analysts.
Intellect Global Transaction Banking (iGTB) of Intellect Design Arena has announced the global launch of eMACH.ai Cloud for Wholesale Banking.
This platform is designed to empower wholesale banks with a comprehensive suite of integrated services tailored to meet the complex needs of corporate clients across diverse industries while enabling them to modernise and scale their operations efficiently.
Wholesale banks, faced with evolving client demands, competitive pressures, and regulatory challenges, require agile and future-ready solutions. eMACH.ai Cloud for Wholesale Banking responds to these demands by offering a unified end-to-end platform that goes beyond traditional banking. It covers the full spectrum of services across cash management, trade finance, corporate lending, deposits, cards, treasury, brokerage, and foreign exchange, eliminating the need for multiple systems.
What is the Buzz
Farther, a wealth management firm based in New York, has significantly increased its valuation following a recent Series C funding round, which closed at $72 million. This round was co-led by Viewpoint Ventures and CapitalG, the independent growth fund of Alphabet, Google’s parent company. The post-money valuation now stands at $542 million, a substantial rise from the $131 million valuation recorded in September 2023 during their Series B round.
This impressive valuation increase coincides with Farther surpassing $5 billion in assets under management (AUM), managed by over 100 wealth managers for more than 5,000 clients. With this latest funding, Farther has raised a total of over $118 million, with existing investors including Bessemer Venture Partners, Context Ventures, Cota Capital, Khosla Ventures, Lightspeed Venture Partners, MassMutual Ventures, and Moneta Venture Capital.
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