The Monday Roundup: what we are watching this week | September 11th
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.
Self-Regulatory Organisation
RBI Governor Shaktikanta Das’ appeal to financial technology companies to establish a Self-Regulatory Organisation (SRO) has garnered favourable reception from start-ups in the sector. Companies in this burgeoning space feel a self-regulatory framework can enhance ethical standards, bolster protection against systemic risks, and strengthen the global competitiveness of the sector. Additionally, they anticipate that this initiative will improve the adaptability of FinTech entities, while fostering credibility and trust.
Swiss securitisation FinTech GenTwo has raised $15m in a Series A round led by US venture capital firm Point72 Ventures. As part of its investment, Point72 Ventures has appointed Pete Casella, its senior partner and co-head of FinTech investments, to GenTwo’s board of directors.
Founded in 2018, GenTwo delivers investment portfolio diversification and management services to asset managers and their clients through its GenTwo PRO platform solution and AssetRush event series. It currently has over $3bn in assets under service (AUS), and to date, has served more than 250 clients in 26 counties.
The FinTech plans to use the funding to power its international expansion in conjunction with further developing its financial engineering platform.
Smart financial choices
Cloud Finance, a software solution for corporate finance based in Italy, has joined forces with Salt Edge, a provider of open banking solutions.
The companies are working together to create an environment where professionals and businesses can harness the full potential of open banking to make smart financial choices, improve efficiency, and fuel economic progress. Cloud Finance is dedicated to creating, developing, promoting, and selling various cloud software solutions for corporate finance, with a strong focus on artificial intelligence.
It provides various software applications for financial analysis, forecasting, business planning, business valuation, smart accounting, and ERP systems to cater to the needs of Italian-based professionals, financial consultants, analysts, entrepreneurs, and small-medium businesses.
By choosing to join the Open Banking pioneer’s Partner Program for account information services, Cloud Finance gains access to thousands of open banking channels compliantly without having to acquire their own PSD2 license. Salt Edge handles all technical, security, and compliance matters so that Cloud Finance can focus on what they are best at–its core business.
Swiss FinTech yeekatee announced an additional €575k funding milestone, backed by FiveT FinTech and existing investor Ronald Strässler, a successful entrepreneur from the fintech industry.
yeekatee recently launched its mobile app that enables users to track all their assets, including an ultra-secure automatic synchronization feature for actual bank and brokerage accounts. This wealth-tracking capability is seamlessly integrated with social features and comprehensive financial data.
Supported by the capital injection, the company will transition into a fully-fledged social investment platform in the coming months and years, preparing for a broad launch across Europe.
Didier Matthey, CEO and Co-Founder of yeekatee, noted, “yeekatee sets itself apart by offering unparalleled precision and comprehensive coverage of portfolio figures for synchronized real portfolios as for manually entered. This depth of information and the access to the community equips users to manage their wealth more effectively and aids in making informed financial decisions.”
What is the buzz
India’s B2B SaaS FinTech company has announced private equity investor, Kedaara Capital will invest $229 million in its Series-D funding round, through the combination of a primary fund raise and a secondary sale.
Perfios plans to deploy the funds to continue global expansion plans in North America and Europe. The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance, and embedded commerce.
Nishant Sharma, Founder and Managing Partner, Kedaara Capital, said, “Led by one of the strongest teams in the space, Perfios has created truly the best-in-class FinTech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market-leading position, and we are excited to partner with them.”
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