S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. For more fintech news, click here.
Top news
Exchanges and investment platforms supporting digital assets, including BAM Trading Services Inc., doing business as Binance.US, Gemini Trust Co. LLC, Robinhood Markets Inc. and SoFi Technologies Inc., are now supported on the network of Plaid Inc. Plaid allows cryptocurrency investors to share their cryptocurrency account information with other services they use.
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Under a five-year partnership, Fayetteville, Ark.-based Arvest Bank will overhaul its IT architecture and systems, including migrating data centers, to Google LLC's Google Cloud for a full-scale digital transformation. The bank will also utilize Google Cloud's AI and machine learning tools.
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Fiserv Inc. partnered with risk and performance technology solution and risk consulting services company Strategic Risk Associates LLC and financial intelligence and analytical tool provider Moody's Analytics Inc. to expand its existing data-driven offerings. Through the new partnerships and an existing partnership with Syntellis Performance Solutions LLC, Fiserv is forming integrations and connections that let clients move to predictive analysis from simple measurement of enterprise performance.
Banking and lending
New Hampshire-based Service CU and Zest AI Inc. teamed up to deploy a custom credit model that will allow the credit union to increase automation and the number of approved loans for members.
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Los Alamitos, Calif.-based Southland CU partnered with bitcoin company NYDIG to provide cryptocurrency buying and selling services. The members of the credit union are now able to buy, sell and hold bitcoin in a digital asset account through a fully integrated digital banking mobile app feature.
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Borrowell Inc. launched Borrowell Rent Advantage, a first-of-its-kind Canadian program that helps renters build credit history with their monthly home rent payments. Through the program, Canadian tenants will be able to report monthly rent payments to data, analytics and technology company Equifax Canada.
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Ottawa, Ill.-based OSB Community Bank implemented Nexus Closing by nCino Inc. company SimpleNexus LLC to support hybrid closings. The Ottawa Bancorp Inc. subsidiary will utilize Nexus Closing together with Nexus Engagement and Nexus Origination to facilitate a "from anywhere" end-to-end borrower experience.
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Downey, Calif.-based Financial Partners CU partnered with AI lending marketplace Upstart Holdings Inc. to extend its AI-powered personal loan offering to more borrowers.
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AvidXchange Holdings Inc. and credit union service organization Member Driven Technologies announced a referral partnership that will aid in promoting AvidAscend, an invoice-to-pay software solution by AvidXchange, to over 100 credit union clients of Member Driven Technologies. AvidAscend integrates with the Member Driven Technologies-hosted Symitar Episys platform, providing for the transition from paper-based systems to streamlining the accounts payable process via one automated, cloud-based solution.
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BMO launched a new digital banking feature on the BMO mobile banking app. The new pre-authorized payments manager gives users an improved view of preauthorized payments, including subscriptions attached to a BMO credit card.
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Data analytics and digital operations and solutions company ExlService Holdings Inc., decision workflow automation platform Corridor Platforms Inc. and global management consultancy Oliver Wyman Inc. revealed a joint venture to create a risk decisioning-as-a-service solution for financial institutions. The solution uses advanced analytics, AI and the cloud to provide instant credit decisions needed to support digital lending initiatives like point-of-sale financing, digital loans, mortgage approvals and real-time credit limit changes.
Payments
X1 Card by X1 Inc. raised $25 million in a series B funding round led by new venture firm FPV Ventures, bringing X1 Card's total funding to over $45 million. The company will use the new funding to invest in product innovation and scale as it opens applications to the general public in the U.S. in the coming weeks.
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Business-to-business payments platform Melio Payments Inc. introduced an accounts payable solution with Capital One Financial Corp.'s Capital One Business. The team-up will allow Capital One small business cardholders to pay their vendors and suppliers with a card, regardless of whether or not they accept credit cards, directly from their Capital One Business accounts.
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AppTech Payments Corp. unveiled a partnership that will enable transactions across international borders in several retail industries in Canada. The advanced payment processing capabilities will support Clover products, next-day settlement, multiple pricing strategies, cross-border remittance, omnichannel capabilities, payment card industry compliance and acceptance across multiple types of cards.
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TreviPay, a business-to-business payments and invoicing network, will launch specialized networks that will cater to the specific needs of each business size. Those networks are the Private Network for large enterprises, the TreviPay Network for midmarket businesses and the forthcoming Small Business Supplier Network for small businesses.
Trading and investing
Alt Platform Inc. obtained $200 million in new debt financing led by Atalaya Capital Management LP. The new funding closely followed Alt's launch of ALT Advance, a lending product allowing investors to borrow cash against their vaulted assets without having to sell them.
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