The Weekly Wrap: all you need to know by Friday COB | November 10th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

NetGuardians has launched a new Software-as-a-Service (SaaS)-offering, delivering its AI-driven fraud prevention solutions on Google Cloud. NetGuardians’ payment fraud prevention solution will now be available as a seamless and comprehensive SaaS offering on Google Cloud. The key advantages of this cloud-based approach include:

Seamless Application Management: NetGuardians takes charge of application management, alleviating the need for institutions to invest in additional IT overhead.

As the momentum of cloud adoption gains traction within the financial services sector, the company said it is the preferred partner for financial institutions navigating the landscape of evolving fraud threats.

“Our mission has always been to empower financial institutions to stay ahead of financial crime,” said Joël Winteregg, CEO and co-founder of NetGuardians. “With our SaaS offering on Google Cloud, we are not only providing a best-in-class fraud prevention solution but also ensuring that our clients can experience the advantages of a cloud-powered solution that is efficient, secure, and tailored to their needs.”

Deals of the week

• Fawry & MoneyHash team to enhance payment experiences in Egypt
• Fibe Group’s EarlySalary services raises $3.6m via NCD issuance
• LXA raises $10m in Seed funding round led by NEA
• FERO raises $3m Seed Round to enhance online payment journey
• Volante Technologies raises $66m led by Sixth Street Growth
• Qomodo raises €34.5m pre-seed to bring BNPL to physical stores
• IndusInd Bank & NPCI roll out Platinum RuPay Credit Card with UPI
• Plaid and Alkami team to offer FIs with direct access to Plaid
• Qatar Islamic Bank expands direct remit service to the UK
• Kotak Mahindra Bank and Zurich Insurance Group to forge strategic alliance
• Neema & ThetaRay leverage AI-powered technology to enhance AML transactions

Be on the lookout for

India FinTech Forum, a leading platform for Fintech startups in India, has announced the winners of its first ever Fintech Olympiad that was launched during the IFTA 2023. The finalists won from a prize pool of Rs. 5 lakhs.

Backed by industry leaders including Axis Asset Management Company as the Investor Education Partner and Content Partners such as Zerodha, CashRich and Clear, Fintech Olympiad aims to encourage financial literacy and digital fluency in college students. Maharashtra State Innovation Society is supporting the initiative to increase its reach. The first of its kind competition focused on financial literacy, Fintech Olympiad 2023 has received applications from over 2000 colleges. Students from universities not only in India but also from Hong Kong, France, USA, Indonesia, Switzerland, United Kingdom and Vietnam are also participating in the competition. 

Sougata Basu, Founder, CashRich and Executive Committee Member of India FinTech Forum said, “At IFTA 2023, championing financial literacy and inclusion is at the core of our mission. We believe that Indian fintech firms possess the transformative potential to redefine the financial services landscape. By synergizing with the established BFSI and Technology sectors, their collective impact will be monumental. It’s imperative that we, as an industry, proactively engage and educate our digitally-native Gen Z and millennial populations. The Fintech Olympiad exemplifies this commitment. The overwhelming response from 2000+ colleges during the inaugural edition of Fintech Olympiad underscores the pressing need to embed financial literacy within our educational curriculum.”