The Monday Roundup: what we are watching this week | Sept 22nd

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.

Seamlessly uniting compliance and efficiency in real time

SBS has partnered with Mainsys to deliver a unified, intelligent, and cloud-native regulatory reporting framework for Belgium’s financial sector. The partnership represents transforming a traditionally fragmented and resource-intensive process into a seamless, real-time experience that combines compliance with operational efficiency.

At the heart of this initiative lies the integration of the internationally recognised SBP Regulatory Reporting solution from SBS with the deep local expertise of Mainsys. By merging advanced, globally proven technology with tailored insights from the Belgian market, the collaboration creates a powerful synergy designed to meet the unique challenges and requirements of domestic institutions. The result is a platform that not only ensures regulatory rigour but also strengthens operational agility, delivering long-term value for banks and financial organisations navigating an increasingly complex landscape.

The solution is designed to simplify data collection across multiple sources, enhance the accuracy and timeliness of reporting, and ensure continuous compliance and audit readiness. By reducing manual interventions and lowering operational costs, institutions can move away from reactive reporting towards proactive regulatory insight, allowing them to operate with greater confidence and efficiency.

Tide, the UK-based digital business banking and management platform, has raised over $120 million in a funding round led by TPG, valuing the company at $1.5 billion. This underscores Tide’s accelerated growth trajectory, with India emerging as its fastest-growing market. In 2021, the company was valued at approximately $650 million, according to market intelligence platform Tracxn.

Alongside TPG’s The Rise Funds, existing investor Apax Digital Funds participated in the round, reinforcing confidence in Tide’s innovative platform. The funding round also included secondary transactions, with certain existing shareholders selling stakes to new investors.

The new capital will enable Tide to expand its international footprint, enhance product offerings, and invest in agentic artificial intelligence (AI capable of executing autonomous actions), advancing its mission to deliver intelligent, digital-first business management solutions. As part of the investment, TPG partner Yemi Lalude will join Tide’s board, further strengthening the company’s governance and strategic direction.

Founded in 2017, Tide provides digital-first business accounts and an integrated suite of administrative solutions, including invoicing, expense management, accounting, payments, and credit products. The company employs more than 2,500 professionals globally and maintains a 14% share of the UK SME banking market, serving nearly 800,000 members.

End-to-end automated tax compliance

Numeral, a startup specialising in AI-powered sales tax compliance for eCommerce and SaaS firms, has raised $35 million in a Series B funding round led by Mayfield, with support from Benchmark, Uncork Capital, Y Combinator, and Mantis. Founded in 2023 by Sam Ross and Matt DuVall, both former Stripe and Notion employees, Numeral automates the entire tax compliance process—from nexus detection to filing and remittance.

The platform offers an error-free filing guarantee, premium support, and simplified pricing. With this funding, Numeral aims to enhance its automation capabilities, drive product innovation, and expand globally. Currently serving over 2,000 brands across 60+ countries, the company addresses the complexity of managing over 11,000 U.S. tax jurisdictions.

Splash Financial has raised $70 million in Series C funding and launched its new home equity line of credit (HELOC) product.

The funding round was led by Grand Oaks Capital and included participation from First Tech Federal Credit Union, Curql Collective, The O.H.I.O. Fund, and existing investors. With this latest investment, Splash has now raised over $135 million in total equity financing since its inception and has processed more than $6 billion in loans.

Splash connects consumers with an extensive network of credit unions and banks through automated, AI-driven loan processing technology. The platform enables traditional lenders to deliver modern, frictionless borrowing experiences while maintaining competitive rates. Originally focused on student loan refinancing and personal loans, Splash now expands its digital lending ecosystem to include HELOCs, offering homeowners a flexible way to access the equity in their homes.

What is the Buzz

FinTech firm MobiKwik confirmed a technical glitch in its app that led to a loss of ₹40 crore due to unauthorised UPI payouts. The issue occurred earlier this month, when failed transactions were mistakenly marked as successful, allowing specific merchants in Haryana’s Nuh district to exploit the flaw.

The company swiftly resolved the issue within 45 minutes and initiated recovery efforts. Over 2,000 bank accounts were frozen, and six individuals were arrested. MobiKwik clarified that no legitimate users or merchants were financially impacted, and customer data remained secure. The glitch was an internal processing error, not a cybersecurity breach, and did not affect banks or financial institutions. Despite the incident, MobiKwik’s shares traded at ₹295.8, down 2.02% on the BSE. An FIR was filed, and investigations are ongoing to recover the remaining funds and prevent future occurrences.