The Weekly Wrap: all you need to know by Friday COB | October 6th

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

ReconArt, a vendor of automated data reconciliation and period-end accounting solutions, has integrated its offering with Mambu. Mambu is a cloud-native, API-driven banking and financial services platform, and the integration with ReconArt will increase the speed and efficiency of critical account reconciliation processes.

As part of a pilot project delivered for Platcorp Holdings Limited, a joint customer, the automated orchestration of data transfers and scheduled jobs within ReconArt has been introduced.

Transaction data from internal accounts now flows hands-free into ReconArt, with direct GL integration into the Mambu environment established via Mambu’s API for automated item transfer. The transition from file-based integration to system-to-system communication allows for the highest level of automation of daily bank reconciliation processes.

Ivan Popov, Chief Technology Officer at ReconArt, said, “As ReconArt’s CTO, I see a compelling intersection between agile SaaS banking platforms like Mambu and our own enterprise-level reconciliation solutions. This collaboration opens doors for an even larger community to expedite and simplify their critical reconciliation functions.The seamless interplay between ReconArt and Mambu equips our shared customer base with a streamlined, risk-mitigating experience, bypassing the challenges and vulnerabilities of manual reconciliation.”

Deals of the week

• WealthTech Vega exits stealth with over $8m funding
• Indian investment platform Altitude raises $500k in Pre-seed funding
• Clearco secures $60m in Series D funding to empower ecommerce growth
• Uzum to invest $300 million in Uzbekistan’s new digital economy
• DPDzero raises $3.25m in Seed round from Blume & IndiaQuotient
• Pahal bags $12m loan from DFC to support Women-led SMEs
• Lloyds invests €3m in Enigio to accelerate document digitisation
• Collectius secures $581m to boosts Thailand’s loan portfolio
• Sweden’s Brite Payments raises $60m led by Dawn Capital
• Uzum to invest $300 million in Uzbekistan’s new digital economy
• PayPal & Venmo Cards goes live on Apple wallet

Be on the lookout for

India’s longest running fintech event, IFTA, organized  by India FinTech Forum, is back for its 8th edition. IFTA is known for celebrating innovation and recognizing groundbreaking fintech startups. This annual event, which has become synonymous with celebrating fintech excellence from across the world, is set to unveil 24 high potential startups and 6 scaleups that are leading the charge in the financial technology sector. Shortlisted from 1250+ applications from various countries including Australia, Georgia, Hong Kong, Hungary, India, Netherlands, Nigeria, Poland, Portugal, Singapore, Turkey, UK and USA, these companies will be carefully evaluated by a top-notch jury.

The winners will be chosen from the finalists below and announced at IFTA 2023 on 1st November, 2023 at Mumbai. IFTA will be organised as a hybrid event with online sessions on 30th and 31st October, and the grand finale on 1st November at Courtyard by Marriott, Mumbai.

Mr. Sougata Basu, Founder, CashRich and Executive Committee Member, IFF, said, “At IFTA, this year’s shortlisted startups shine with enormous potential. Past winners at IFTA include Razorpay, Open, Simpl, and Pismo (acquired by Visa for $1 billion in 2023), and they exemplify the transformative power of business innovation. With a member base of over 4,000 fintech companies and over 35,000 individuals, India FinTech Forum continues to promote purpose-driven innovation.”