The Weekly Wrap: all you need to know by Friday COB | November 15th

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

SEB Embedded, the banking-as-a-service (BaaS) platform of Swedish bank SEB, has selected Thought Machine’s cloud-native core banking platform, Vault Core, to power its latest offering. Using Vault Core, SEB Embedded launched a banking service for its first client, Hemköp, a Swedish supermarket chain, in under 10 months.

Leveraging Vault Core’s advanced capabilities as the foundation of its new BaaS offering, SEB Embedded introduces Hemköp Matkonto––a first-of-its-kind product that offers single and joint current accounts designed to help customers manage their food budgets while earning loyalty points at the leading Swedish retailer. This service allows customers to load and spend funds, earn loyalty points and benefit from in-store discounts at Hemköp.

The product, which includes a linked debit card with Apple Pay, features essential self-service options, including card life cycle management such as freeze, block, reorder, setting/viewing PINs, and viewing card details for online purchases. SEB Embedded plans to scale the services to a broader customer base in the near future, with additional product launches and new clients anticipated throughout 2024.

Deals of the week

• India’s Equal raises $10m Series A funding led by Prosus Ventures
• Morgan Stanley Expansion Capital invests $20m in NovoPayment
• Olea bags $100m in warehouse facility from HSBC and Manulife’s arm
• Thunes & Papara team to enable cross-border transfers in Türkiye
• Aryza expands partnership with GoCardless
• IDFC FIRST joins Swift GPI to track real-time cross border payments
• Ecobank taps Nium to power cross-border payments in Africa

Be on the lookout for

FinTech Happy Hour is coming to Mumbai with its 6^th Edition! 🍸 ✨

Our past Happy Hours brought together over 250+ industry leaders, including FinTech & BankTech Founders, Investors, CXO Executives from BFSI, and Cedar-IBSi FinTech Lab Members. These gatherings buzzed with innovation and entrepreneurial spirit, resulting in new FinTech collaborations.

If you are keen on joining in, please register here.

Join us to:

​🤝Connect with Cedar-IBSi Capital’s VC team for fundraising insights

​🧠 Learn about our 7-year-old BankTech Lab and strategies to enhance your GTM strategy.

​🔗 Connect with Financial Services technology buyers and collaborators

​🌐 Explore partnership opportunities with other BankTech and FinTech companies

Please note this is an exclusive invite-only networking event:

🗓️ Wednesday, Dec 11, 2024

🕕 6 PM onwards

📍 Mumbai