Treasury Prime, a leading embedded banking software company, has announced a strategic partnership with FS Vector, a regulatory advisory firm.

This collaboration will integrate FS Vector’s regulatory compliance training platform, Headmaster, into the Treasury Prime Partner Marketplace.

The partnership aims to bolster the compliance capabilities of fintechs and banks within Treasury Prime’s network. By focusing on compliance, this collaboration will provide valuable training resources and ensure reliable consulting support as needed.

Treasury Prime connects banks and enterprise partners seamlessly, offering embedded banking software and a robust partner marketplace. FS Vector specializes in building, launching, and scaling Banking-as-a-Service (BaaS) platforms, providing compliance support and regulatory training.

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Through this partnership, Treasury Prime will offer FS Vector’s Headmaster platform, which delivers comprehensive regulatory education and tracking for fintech companies. The platform ensures that fintechs are well-prepared for compliance obligations, fostering successful BaaS relationships.

Kyle Costello, Treasury Prime’s head of partnerships, stated, “FS Vector’s team has worked with fintechs and banks in Treasury Prime’s network over the past few years and has played a vital role in ensuring they are ready for their BaaS journey. With sponsor banks more focused on compliance than ever, we’re thrilled to officially partner with FS Vector to bring valuable compliance training resources to our network and peace of mind for our customers that a reliable consulting firm is ready to step in when needed.”

FS Vector Principal Justin Muscolino emphasized the importance of compliance in BaaS relationships. “Successful BaaS relationships hinge on a shared understanding of and respect for the compliance obligations that a bank and their fintech program are subject to. Our Headmaster platform provides fintechs with the education that sets these relationships up for success in a cost-effective way. We believe that compliance and risk management training should be something that employees enjoy taking, and with the Headmaster, fintechs have a user-friendly platform that makes training relevant, accurate, and role-specific.”

Source: fintech.global

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Ali Rathod-Papier has left her position as global head of compliance at the corporate card expense management startup Brex to join venture firm Andreessen Horowitz (a16z) as a partner and compliance officer, TechCrunch exclusively reports.

Both Rathod-Papier and a16z have declined to comment on this transition.

Rathod-Papier’s LinkedIn profile indicates that she now oversees a16z’s foreign expansion and policy efforts, supports the government affairs team, manages financial crime and national security risk, and handles overseas operations. She spent 2 ½ years at Brex in various roles, including head of financial crime compliance, before joining a16z in May.

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Brex CFO Ben Gammell described her departure as “amicable,” highlighting her invaluable contributions to financial management and compliance, which helped position the startup for its next growth phase.

Rathod-Papier informed colleagues of her decision in April via a Slack message, viewed by TechCrunch. A Brex spokesperson confirmed that the company is currently hiring her replacement. In the interim, Bruce Wallace, a long-term advisor to Brex and former COO at Silicon Valley Bank, as well as head of risk and fraud operations at Wells Fargo, has taken on the role of interim head of compliance.

This hiring comes at a notable time for a16z, which had invested in Synapse, a banking-as-a-service startup that filed for bankruptcy in April and has been under scrutiny for an estimated $85 million in missing customer funds. a16z has remained silent on the Synapse controversy. In 2022, TechCrunch interviewed a16z’s fintech leads, general partners Angela Strange and Anish Acharya, about the firm’s strategy in the space. a16z’s prominent non-crypto fintech investments include Wise, Affirm, Deel, and Greenlight.

TechCrunch also learned that Doug Adamic is no longer Brex’s chief revenue officer. Garrett Marker, formerly vice president of global sales at Braze, has taken over as Brex’s new CRO. Adamic had been with Brex since May 2022, following a long tenure at SAP Concur.

These leadership changes follow Brex’s announcement to abandon its co-CEO model, with co-founder Pedro Franchesci becoming the sole CEO and co-founder Henrique Dubugras taking on the role of chairman of the board. They explained to TechCrunch that having two CEOs could slow down decision-making and that a single-CEO model would be more appealing to investors when Brex goes public, anticipated in 2025 or later.

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Interestingly, in June 2023, Jason Mok, a former a16z operating partner, joined Brex as head of startups.

Source: techcrunch.com

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Paris-based compliance automation platform Ondorse has announced its continued expansion into the UK and Ireland, securing three new client deals.

The latest additions to Ondorse’s client roster include UK-based payment processing company PayXpert, controlled by French banking group Société Générale since 2022, insurance portfolio broker Assurdeal, and Dublin-based insurance and retirement platform Kota.

These firms will implement Ondorse’s AI-powered know-your-business (KYB) solution, which automates and accelerates complex compliance processes. This solution helps businesses verify customers more efficiently and reduce compliance operational costs, with a strong focus on mitigating money laundering and financial crime.

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Ondorse’s KYB solution aims to eliminate manual compliance tasks, such as data entry, document retrieval, and activity logging. Previous clients, including insurance unicorn Alan, have reported a 70% reduction in overall compliance costs and a 95% reduction in manual compliance reviews.

Founded in 2021 and supported by $6.63 million in total funding, Ondorse plans to hire new staff and recruit partners as part of its expansion into the UK and Ireland. The company also plans to open a UK office next year following its recent commercial success.

To support these initiatives, Ondorse has appointed senior OpenAI executive Olivier Godement as an independent board member.

“The UK is pivotal for the next stage of our growth within Europe, and we know there’s a significant opportunity to support the financial sector here,” said Ondorse CEO Florent Robert. “We’re looking forward to building on our current client base and securing new opportunities to help companies in this region meet the growing challenge of reducing financial crime.”

Source: fintechfutures.com

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