EverBank has recently inked two significant deals with industry vendors, signaling a major step towards comprehensive digital transformation across its commercial banking and payment processing systems.

The first deal involves partnering with Dutch digital banking solutions provider Backbase to implement its Engagement Banking platform. EverBank plans to leverage this platform to launch a new online platform catering to its commercial and treasury banking sectors. Through this platform, EverBank aims to offer its commercial clients a wide range of digital payment and treasury services, including domestic and international wire transfers, Automated Clearing House (ACH) transactions, online banking, and foreign exchange (FX) trades and rate monitoring. Additionally, the platform will facilitate deposit management processes across both traditional and global commercial banking sectors, as well as streamline the distribution of waterfall payments made through various loan payment systems. Notably, other prominent adopters of the Backbase Engagement Banking platform include Judo Bank in Australia, Danske Bank in Denmark, and Orient Commercial Joint Stock Bank in Vietnam.

In the second development, EverBank has entered into a strategic partnership with banking and payments fintech Finzly to consolidate its payment processing systems into a single unified platform. As part of this collaboration, EverBank will leverage Finzly’s cloud-based Payments Galaxy platform, which provides centralized processing capabilities across multiple transaction types through a single API. This platform will enable EverBank to efficiently handle large volume payments for investment firms, including domestic, instant, and international payments. Notably, Quaint Oak Bank, based in the US, also recently selected Finzly’s Payments Galaxy platform to enhance the speed and breadth of its payment operations.

These strategic partnerships underscore EverBank’s commitment to embracing digital innovation to enhance customer experience and operational efficiency across its commercial banking and payment processing operations.

Source: fintechfutures.com

“Fintech Innovation Surges in Austria: Spotlight on Top Startups of 2024”

Austria’s fintech sector is emerging as a potent force in the nation’s economic landscape. The Fintech Technology Report from the Vienna Business Agency illuminates the key factors propelling sectoral growth. Vienna’s robust IT sector, underpinned by strong infrastructure and skilled talent, coupled with a culture of innovation and research, are driving forces behind fintech’s ascent.

This environment has fostered the growth of a vibrant fintech ecosystem, now home to over 400 companies, as per Tracxn data. Digital payments, digital investment, and digital assets are among the notable trends shaping this landscape.

Amidst this milieu, several ventures have risen as leaders, experiencing significant growth and investor interest. Let’s delve into some of Austria’s most successful and rapidly expanding fintech startups in 2024, exploring their unique offerings and recent achievements.

1. Bitpanda

   Bitpanda, founded in 2014 and headquartered in Vienna, is a standout among Austria’s fintech startups. It provides an intuitive platform for investors, enabling them to trade a wide array of assets, from stocks to cryptocurrencies. With nearly a decade of experience, Bitpanda holds multiple licenses across Europe, recently expanding into the UK market and achieving unicorn status in 2021.

2. Wikifolio

   Wikifolio, established in 2012 in Vienna, is revolutionizing investment by democratizing social trading. The platform empowers users to explore and replicate trading ideas from a diverse community of traders. With strong partnerships and listings on reputable stock exchanges, Wikifolio is a trusted platform for investors across Europe.

3. Blockpit

   Blockpit, founded in 2017, specializes in crypto tax regulation, offering solutions for navigating the complexities of the crypto landscape. Its software automates tax calculations, ensuring compliance and accuracy. Following strategic expansions, Blockpit solidifies its position in the crypto tax software domain.

4. Morpher

   Morpher, founded in 2018 in Vienna, pioneers decentralized finance (DeFi) by democratizing trading globally. Leveraging blockchain technology, Morpher enables users to trade virtual replicas of real-world financial markets seamlessly. With backing from notable investors, Morpher aims to make financial markets universally accessible.

5. Finmatics

   Finmatics, established in Vienna in 2016, transforms accounting processes through AI-driven automation. Its cloud-based platform streamlines document processing, significantly reducing time spent on accounting tasks. With a growing client base and recent funding rounds, Finmatics expands its presence in Europe.

6. Monkee

   Monkee, founded in 2018 in Innsbruck, offers a novel approach to personal finance management. The app encourages purposeful saving through a gamified experience and cashback opportunities. With significant user traction and strategic partnerships, Monkee aims to revolutionize financial management.

These startups epitomize Austria’s vibrant fintech ecosystem, driving innovation and reshaping the future of finance within the nation and beyond.

Source: fintechnews.ch

India’s housing loan market faced challenges amid the Covid-19 pandemic but is now showing signs of recovery. With a valuation of US$300 billion, the sector is projected to grow at a compound annual growth rate of 22.5% over the next five years.

However, lower-income groups continue to be underserved, lacking access to long-term credit, including housing mortgages, from established financial institutions.

Addressing this gap is Altum Credo, a housing finance firm based in India. The company recently secured US$40 million in a Series C equity round led by Z3Partners and Oikocredit, with participation from British International Investment, Aavishkaar Capital, and Amicus Capital. Of this amount, US$27 million was raised through equity funding, while the remaining US$13 million facilitated a partial exit for its Series A investors.

Founded in June 2017, Altum Credo leverages technology across its entire loan lifecycle, allowing applicants to apply for loans online. The majority of Altum Credo’s customers, comprising 93%, are first-time homeowners from economically weaker sections and low-income groups.

The fresh funds will enable Altum Credo to boost its assets, currently worth US$100 million, enhance distribution channels, and expand operations. The company aims to extend its footprint into central and northern India in the future.

Beyond India, where the housing loan market is fragmented, startups in Indonesia are also venturing into the mortgage fintech space. Additionally, Singapore-based LXA, focusing on streamlining the mortgage lifecycle, recently raised a US$10 million seed round in late 2023.

Source: techinasia.com