Fintech
SURGE VENTURES LAUNCHES AN INNOVATIVE VENTURE STUDIO STARTING WITH A FOCUS IN THE FINANCIAL SERVICES AND WEALTH MANAGEMENT INDUSTRY
Surge Ventures (Surge), a new SaaS venture studio initially targeting the financial services and wealth management industry, announced its launch today with a significant seed investment from Virgo Capital, a global private equity firm. Surge will work on building the next generation of game-changing SaaS companies to tackle emerging compliance risks such as advisor data governance, client privacy obligations management, user entitlement management and holistic Personally Identifiable Information (PII) posture assessments.
Sid Yenamandra, Co-founder and Managing Partner of Surge Ventures said, “As the wealth tech and financial services industry adopts more technologies based in Data and AI and is dealing with an increase in recent data-related enforcement actions from regulators, we identified a serious product innovation gap in the market and a lack of new technologies coming from established tech providers to pro-actively address data compliance risks unique to this industry.”
“We created Surge Ventures to not just provide investment capital but actually build-up and grow multiple start-ups with hands-on operational support from Day 1. Whether it’s helping to design a high-quality product for the wealth management space on an accelerated ‘go-to-market’ timeframe, or recruiting the co-founders and executive team, or making first client introductions, we believe Surge Ventures is filling a major void in the venture investment and wealth landscape today.”
Mr. Yenamandra has a history of successful exits as a Silicon Valley based entrepreneur. Most recently, he was CEO and Founder of Entreda, acquired by K1 Investment Management and Smarsh in 2020. He was the visionary behind Entreda’s award-winning cybersecurity compliance software and worked closely with regulators for years before unveiling its platform to specifically address SEC and FINRA guidance. Before being acquired by Smarsh, Entreda was the #1 provider of cybersecurity compliance software by market share to financial services and wealth management firms. Clients included industry leaders such as Advisor Group, LPL Financial and Kestra. Prior to Entreda, Mr. Yenamandra served as VP of Product and Marketing at venture-funded, Plato Networks, which was acquired by Netlogic and then Broadcom for $4B in 2012. He also led an NSA-funded project at HIFN to build data security technologies to protect US-critical infrastructure.
Virgo Capital, the well-respected software private equity firm, is the founding investor in Surge Ventures and has provided initial seed capital of $10 million. Beyond the seed capital, by partnering with Virgo capital, Surge benefits from decades of SaaS investment, growth and scale experience as well as access to capital to do targeted add-on acquisitions. Founded in 2005 in Austin, Texas, Virgo Capital is focused on investments in software and technology-enabled services companies. Virgo Capital has made 11 platform investments to date plus several add-on acquisitions made by its portfolio companies. Virgo’s investments include leading software companies like Korbyt in the workplace experience space and Zello in the voice-first communication space. Virgo has successfully exited five investments with cumulative exit value of well over $300 million, including the recapitalization of Sayers Technology by Mosaic Capital Partners and the sale of Accruent to TA Associates.
Hemanth Parasuram, co-founder and Managing Partner of Virgo Capital said, “We are excited to provide seed capital for a venture studio platform like Surge Ventures. We have known Sid for years and have followed his career closely. His track record as an entrepreneur and executive is impressive. We recognized that Surge Ventures was developing a new kind of innovation platform and we needed to be a part of it.”
Surge has established an Advisory Board comprised of seasoned executives and influencers from across the FinTech and wealth management sectors. The Board will serve as strategic counselors to Surge’s leadership, as the firm executes its unique vision and growth plans. The inaugural members of the Board include:
- Jason Lish – Chief Security Officer, Lumen Technologies. Mr. Lish has over 25 years of experience in global IT environments and is a prominent information technology executive with demonstrated success in developing secure business-focused services while adhering to regulatory requirements. In his current role at Lumen Technologies, he provides leadership, strategic direction, and oversight for all corporate security functions, including physical security, fraud management, and corporate cybersecurity. Prior to Lumen Technologies, Mr. Lish served as Chief Security, Privacy, and Data Officer at Advisor Group, Chief Information Officer at Alight Solutions and held senior security-oriented leadership positions at Charles Schwab and Honeywell International. He also proudly served in the United States Air Force as a Systems and Intelligence Analyst.
- Larry Roth, CPA, JD – Managing Partner of RLR Strategic Partners a strategic consultancy and M&A advisory firm affiliated with Berkshire Global Advisors. In addition to leading strategic investments on behalf of the firm in closely held wealth management and wealthtech businesses, he also advises senior management teams and boards of directors across the financial services industry. Additionally, Mr. Roth provides comprehensive mergers & acquisitions solutions, delivered in association with Berkshire Global Advisors. Having previously served as CEO of both Advisor Group and Cetera Financial Group – two of the largest independent wealth management firms in the country – Mr. Roth continues to serve as a Board member for multiple public and private wealth management and wealthtech companies. He has structured dozens of value-creating transactions as an investment banker, and has successfully acquired, grown and sold financial services businesses as an entrepreneur and private investor.
- Neil Daswani, PhD- Chief Information Security Officer, QuantumScape and Co-Director, Stanford Advanced Cybersecurity Program. Mr. Daswani has served in a variety of research, development, teaching, and executive roles at Symantec, LifeLock, Twitter, Dasient, Google, NTT DoCoMo USA Labs, Yodlee, and Bellcore. He has been both a security entrepreneur, having co-founded Dasient, which was acquired by Twitter, and has also served as a Chief Information Security Officer at LifeLock and at Symantec’s Consumer Business Unit. Mr. Daswani has dozens of technical articles published in top academic and industry conferences (ACM, IEEE, USENIX, RSA, BlackHat, and OWASP), and he has been granted over a dozen U.S. patents. Neil is also co-author of two security books including Big Breaches: Cybersecurity Lessons For Everyone and Foundations of Security: What Every Programmer Needs To Know.
- Matthew Martin – Senior Vice President and Deputy Chief Information Security Officer, LPL Financial. In this role, Mr. Martin leads LPL’s Advisor Security program, security M&A, nearshore & offshore security, and the business information security officers. A proven executive leader within information security and risk management, he is focused on enabling the business to grow by proactively discovering, monitoring, assessing, and prioritizing risks. Mr. Martin looks to drive accountability, authority, and responsibility for security within organizations, while balancing the need to take on risk through business growth. He has extensive experience leading and implementing various security functions at Fortune 100 financial services organizations. Mr. Martin also holds several Information Security and Risk Management certifications.
- Geoff Moore – CIO, Valmark Financial Group. Mr. Moore has over 25 years of experience in technology and financial services. In his role, Mr. Moore works with ValMark’s multiple lines of business to drive efficiency and help streamline processes through digital innovation. In 2020, the Valmark tech team was awarded runner up for Tech Team of the Year by the Greater Cleveland Partnership, for their innovative internal MyCase platform. Prior to joining Valmark 13 years ago, he held information technology leadership positions at Cohen & Company and Sequoia Financial Group. He was also a managing partner at CyGem, Ltd. Mr. Moore has spoken at numerous industry conferences on topics ranging from cybersecurity to advisor practice management. He is also a regular contributor on LinkedIn.
- John Rostern – Senior Vice President and Global Lead – Cloud & Infrastructure Security Services at NCC Group. Mr. Rostern has more than 40 years of experience in IT and information security, specializing in areas related to governance, risk and controls (GRC). In his role at NCC, a global provider of cyber security and software resilience services, Mr. Rostern is responsible for the Global Cloud Security and GRC practice areas as a member of the global leadership team. His prior roles include leadership positions at Ernst & Young and KPMG US, as well as Jefferson Wells International, Health Management Systems and Coalfire Systems. Over his career, Mr. Rostern’s technical background and expertise has been successfully applied to clients of all sizes in a variety of industries.
“I am extremely excited to be part of the Surge Ventures team given their unique and efficient model of bringing together investment capital, deep industry knowledge, a strong industry advisory network and a smart operations team to offload start-ups to focus on product and clients. The Financial Services and Wealth Management industry needs innovative, yet usable, data governance and compliance solutions and Surge is positioned to bring multiple innovative companies to market that address various facets of the data compliance conundrum,” said Mr. Lish.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
The Ever-Evolving Landscape of Fintech: Top Stories Today
The fintech world continues to thrive with new developments shaping its future. Today’s highlights cover Revolut’s enhanced crypto fraud protections, Bestow’s recognition as a leading fintech company, Advyzon’s CEO receiving a prestigious award, Tyme Group’s global expansion supported by Nubank, and the rise of Israeli fintech startups. Let’s dive into the details and explore the broader implications.
Revolut Steps Up Crypto Fraud Protection
In a significant move to fortify customer trust, Revolut has announced enhancements to its crypto fraud protection systems. Leveraging advanced security risk scores, the company aims to shield users from the growing menace of crypto-related scams. The platform’s new measures will involve deeper scrutiny of transactions, sophisticated algorithms to flag potential fraud, and proactive alerts for unusual activities.
Revolut’s focus on fraud protection reflects the escalating challenges faced by fintech firms operating in the crypto space. As digital currencies gain traction, fraudsters continue to exploit vulnerabilities, necessitating robust security mechanisms. Revolut’s initiative could set a precedent for the industry, emphasizing that user safety is as critical as innovation. However, the success of these measures will depend on striking the right balance between security and user experience.
Source: Coindesk
Bestow Earns a Spot Among Top 100 Financial Technology Companies of 2024
Bestow, a digital life insurance innovator, has been named one of the Top 100 Financial Technology Companies of 2024. This recognition highlights Bestow’s transformative approach to life insurance, combining cutting-edge technology with customer-centric solutions. By simplifying the traditionally cumbersome insurance process, Bestow has made life insurance more accessible and affordable.
The accolade underscores the growing importance of insurtech in the broader fintech ecosystem. Bestow’s achievements signal a shift in consumer expectations—convenience, transparency, and technology-driven solutions are becoming non-negotiable. As insurtech continues to disrupt traditional insurance models, the emphasis will likely shift from mere digital transformation to delivering personalized and predictive services.
Source: PR Newswire
Advyzon CEO Hailin Li Wins ThinkAdvisor 2024 Luminaries Award
Hailin Li, CEO of Advyzon, has been honored with the ThinkAdvisor 2024 Luminaries Award for Fintech Executive of the Year. This award recognizes his exceptional leadership and Advyzon’s commitment to empowering financial advisors with innovative tools. Under Li’s stewardship, Advyzon has excelled in providing comprehensive technology solutions, enabling advisors to deliver superior client experiences.
Li’s recognition highlights the pivotal role of leadership in driving fintech innovation. Advyzon’s success is a testament to how visionary leadership can redefine financial advisory services. As advisors increasingly rely on technology to navigate complex markets, platforms like Advyzon are becoming indispensable. The award also serves as a reminder that the human element—inspired leadership—remains crucial even in a tech-driven industry.
Source: Business Wire
Nubank Backs Tyme Group’s International Expansion
In a strategic move, Nubank has announced an investment in Tyme Group, a digital bank with operations in South Africa and the Philippines. This partnership aims to accelerate Tyme’s growth in emerging markets, leveraging Nubank’s expertise in scaling digital banking operations. Tyme’s unique business model focuses on financial inclusion, catering to underserved populations in developing economies.
Nubank’s investment signifies a growing trend among fintech leaders to expand their footprint in emerging markets. The collaboration between Nubank and Tyme underscores the potential of digital banking to bridge financial inclusion gaps. However, challenges such as regulatory complexities and technological infrastructure limitations in these regions must be addressed to ensure sustainable growth.
Source: Business Wire
Israeli Fintech Startups Gaining Global Momentum
Israel’s fintech ecosystem is making waves internationally, with startups leveraging the country’s robust tech culture and innovation-driven mindset. From payment solutions to cybersecurity for financial services, Israeli fintech firms are attracting significant investments and partnerships globally. This trend reflects the country’s position as a hub for technological advancement and entrepreneurial spirit.
The rise of Israeli fintech startups is a testament to the country’s ability to harness innovation for global impact. However, scaling these ventures beyond local markets remains a challenge. Strategic partnerships and a focus on addressing global financial challenges will be crucial for these startups to cement their position on the world stage.
Source: Calcalist Tech
Broader Implications for the Fintech Industry
- Enhanced Security in Crypto: Revolut’s initiative highlights the need for continuous advancements in fraud prevention. The increasing complexity of scams calls for adaptive security measures that can evolve with emerging threats.
- Recognition Drives Innovation: Bestow’s accolade and Hailin Li’s award demonstrate the power of recognition in fostering innovation. Industry acknowledgment not only boosts morale but also sets benchmarks for others to emulate.
- Global Collaborations: Nubank’s partnership with Tyme Group underscores the importance of cross-border collaborations in fintech. As markets globalize, such alliances will play a pivotal role in shaping the future of financial services.
- Emerging Market Opportunities: Investments in developing economies highlight the untapped potential of these regions. Fintech companies must focus on understanding local needs and challenges to create impactful solutions.
- Tech Hubs as Catalysts: The success of Israeli fintech startups emphasizes the role of regional tech hubs in driving industry growth. Policymakers and stakeholders must nurture these ecosystems to sustain innovation.
The post Fintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank) appeared first on News, Events, Advertising Options.
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