Top fintech mergers, acquisitions and partnerships of summer 2018

By Edwin Boadu | 14 August 2018

It's been a busy couple of months this summer for the fintech market. Here, we've recorded the top mergers, acquistions and partnerships since July 2018 in fintech, banking and payments.


Tenemos, the banking software company and Venture lab at The American University in Cairo (August 13)

Tenemos, the banking software company, announced its intention to support the financial innovation of the venture lab at The American University in Cairo, a university-based start-up accelerator in Africa and the MENA region. Tenemos’ provision of a sandbox service will benefit various fintech start-ups that use the accelerator. Such a service will warrant start-ups the ability to implement their solutions with banking data and functionality and, simultaneously determine the extent of their scalability and strength.

 

Path Solutions, a global provider in Sharia-based technologies to the Islamic financial services industry and Attijariwafa Bank Group in Morocco (August 13)

The partnership between Path Solutions and Attijariwafa Bank Group seeks to incorporate Path Solutions’ interest-free core banking platform iMAL across Attijariwafa Bank’s 31 branches. In a nutshell, the implementation of such a platform will be to run operations of Attijariwafa Bank Group’s new participative subsidiary Bank Assafa, which will bring benefits to customers.

 

Onfido, identity verification provider and TransferGo, global remittance company (August 9)

Onfido and TransferGo have partnered to provide fast and frictionless money transfers. Thanks to Onfido’s machine learning-based identity verification technology, TransferGo will be able to rapidly and securely on-board new users as it continues its global expansion.

 

Bank of China extends use of AxiomSL's regulatory platform to implement AnaCredit reporting in France (August 7)

AxiomSL, the provider of regulatory reporting and risk management solutions, has announced that Bank of China has decided to extend its use of AxiomSL’s strategic platform to meet AnaCredit reporting requirements in France. AxiomSL will support the bank’s objective to automate the complex process of AnaCredit reporting and ensure submission in a timely and efficient manner. The decision enables the bank to avoid the increased infrastructure costs often associated with the introduction of a new regulatory requirement.

 

Intercontinental Exchange (Ice) and Microsoft, Starbucks and Boston Consulting Group (BCG) (August 3)

Ice's decision to partner up with Microsoft, Starbucks and Boston Consulting Group (BCG) will streamline the launch of a digital asset trading platform. The new venture, Bakkt, will take advantage of Microsoft’s cloud technology, in order to create a digital asset ecosystem that will cover federally regulated markets and warehouse consumer applications.

 

Capgemini and Startupbootcamp (SBC), in collaboration with the Victorian government and YBF Ventures (August 2)

Capgemini and Startupbootcamp - in conjunction with the Victorian government and YBF Ventures - will create a program which provides niche and innovative technologies for the banking, insurance and superannuation sectors from around the world to Australia.

 

Liv, lifestyle digital bank by Emirates NBD and Al Etihad Credit Bureau (AECB) (August 1)

Working with Al Etihad Credit Bureau (AECB), Liv, the lifestyle digital bank by Emirates NBD, provides customers easier and instantaneous access to their AECB Score. Customers are able to access such a functionality with integrated feature CreditCheck, within the Liv app.

 

Entrust Datacard, a leading provider of trusted identity and secure transaction technology solutions and CensorNet, the complete cloud security company (31st July)

The investment of provider of trusted identity and secure transaction technology solutions Entrust Datacard in CensorNet, the complete cloud security company, is one which seeks to stir Entrust Datacard towards the achievement of an advanced risk and threat awareness with an integrated enhancement of pattern analysis for perpetual authentication capabilities. This will be achieved through Entrust Datacard’s access to Copenhagen-based SMS Passcode, CensorNet’s adaptive multi-factor authentication technology solution. Such an accessibility will aid Entrust Datacard in the improvement of its security and of its user experience.

Five Degrees acquires Libra (26th July)

Five Degrees, the Dutch Fintech in banking software, acquires Libra, a leading provider of core banking IT systems in the financial sector in Iceland. The acquisition boosts Five Degrees’ international growth ambitions, enabling the fintech to offer its full-service proposition of digital banking solutions, supporting financials worldwide to meet modern standards.

 

TransferTo and Stellar.org (25th July)

TransferTo announced that it has formed a partnership with Stellar.org to make payments across the world easier and much more efficient. Partners and financial institutions that are associated to both enterprises will have the ability to leverage new technologies to send and receive payments more effectively to more than 70 countries.

 

eBay and Square Capital (24th July)

Square Capital and eBay form a partnership that will seek to help eBay’s sellers within the US to access funding that will support the growth of their business. Square Capital will facilitate the obtainment of funding for small business, through the provision of a straightforward and transparent funding experience.

 

PPRO Group, a cross-border e-payment specialist and YapStone, online marketplace payments provider (13th July)

Cross-border e-payment specialist PPRO Group partners with YapStone, online marketplace payments provider, to offer Alternative Payments Methods (APMs). Thanks to the partnership, YapStone’s customers will now be able to access dozens of APMs from across the world, including SOFORT and iDEAL. While PPRO seeks to the provision of APMs for cross-border e-commerce, YapStone facilitates such a process, collection and settlement for merchants. 

 

Uber and Venmo (12th July)

The partnership between Uber and Venmo seeks to deliver a frictionless, innovative payment experience that will be available for Uber and Uber Eats. With the help of linked bank accounts, credit cards, debit cards or Venmo balance, customers will be able to pay for their food, and even, split the cost with friends and/or family without any additional fees.

 

Thomson Reuters and SAP (10th July)

Thomson Reuters partners with SAP to aid the simplification of conversion of cross-border transaction prices into a single currency irrespectively of the time or location of the transaction. The innovative SAP Cloud Platform-based solution, namely known as SAP Market Rates Management, provides a thorough pricing and data from Thomson Reuters Financial and Risk business and is available to SAP customers worldwide.

 

TrueLayer, a leading provider of financial APIs and Canopy, rental marketplace (5th July)

Provider of financial APIs TrueLayer and Canopy, rental marketplace, forge a partnership to enable Canopy’s customers to update their financial information via its RentTracking tool. In addition, Canopy will aid customers in the boost of their credit history, through the facilitation of the integration of rent payments to be factored into credit scores, improving access to more financial products, such as mortgages.

 

Currencies Direct and Ripple

(2nd July 2018) Currencies Direct, the international money transfer company, collaborates with Ripple to navigate the FX Market. With the aid of xRapid, namely know XRP, Currencies Direct is able to make near immediate payments.

Brian Harris, chief product officer of Currencies Direct, says that for him ‘XRP is a transfer of value and it’s less about the underlying token, currency or asset, and more about speeding up a process and providing transparency’.

 

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