News Briefing - Crowdfunding, SME And Alternative Finance

currency symbols sculpted in metal

1.UK – FinTech


 Altfi reports: 

“On the first day of the AltFi Festival of Finance, regulators and policy leads came together to talk about the future of open finance and the new generation of APIs being developed. 

Moderated by Open Banking Excellence CEO and founder Helen Child, the panel discussed the UK’s position on open finance having “set the blueprint” for open banking, and the need for things to happen now. 

Financial Conducts Authority payments policy manager Helen Oger-Zaher and Open Banking Implementation Entity head of policy Alan Ainsworth joined the stage to represent the regulators, while Plaid’s UK policy lead Kat Cloud and Stripe’s head of public policy for UK and Ireland Sam Hinton-Smith represented the fintechs. 

The UK set the template for open banking, Child said, with a lot of lessons to share with colleagues around the world.” 


2. International – FinTech 


Finextra reports: 

“EBA Clearing, Swift and The Clearing House (TCH) are to run a pilot service for immediate cross-border payments (IXB) with the support of banks from both sides of the Atlantic. 

The pilot, designed with the contribution of 24 financial institutions, is scheduled to begin by the end of this year. The service promises to improve cross-border payments by utilising the fastest domestic payment options.

The IXB project follows proof-of-concept trials conducted in October with the support of seven financial institutions. The PoC demonstrated the ability to synchronise settlement in one instant payment system with settlement in the other and to convert real-time messages between both systems.

Based on the ISO 20022 message standards, Swift Go and the instant payment systems of EBA Clearing and TCH, the service initially will support instant payments in the US dollar and euro currency corridor.” 


3. International – FinTech 

Altfi reports: 

“Argent, a crypto wallet provider, has raised $40m in Series B funding to scale its ambitions for a DeFi and Web3 super app. 

Founded in 2017, Argent allows users to buy, hold, sell and store cryptocurrencies and tokens. Since announcing the launch of its new Layer 2 account last year, Argent has attracted more than 500,000 users.  

The company is building a single app for all things DeFi and Web3 and the new cash will be used for product development, hiring and expansion including a move into the LatAm market. It says it is also actively exploring the addition of virtual real estate, gaming, DAOs and NFTs.  

The round was led by Fabric Ventures and Metaplanet, with existing investors Paradigm, Index Ventures and Creandum, as well as strategic investors including Starkware, Jump and Animoca.” 


4. International – FinTech 


Finextra reports: 

“Cogni, a lifestyle-focused digital banking platform founded in the US in 2018, has closed on a $23 million Series A funding round. 

Built to provide accessible digital banking and lifestyle services on a single platform, Cogni aims to create plug and play access to Web2 and Web3 services across traditional finance, crypto, NFTs, gaming and the metaverse.

In addition to offering free banking services, Cogni is initially providing customers with discounted digital gift cards that can be traded in at more 1500 brand partners and the ability to track carbon emissions based on their transactions.

In the coming months, it plans to roll out a Multichain wallet, as well as a high-yield savings account.” 

5. International – FinTech 


Crowdfundinsider reports: 


“Finbots.AI, an “Artificial Intelligence-envisioned” firm for financial services, has raised $3 million in a Series A round funded by a single investor – Accel. The VC made the investment via its Fund VII and is said to be the first external investment Finbots.AI has raised. 

Finbots.AI, based in Singapore, said it will use the funding to accelerate product enhancement, marketing, and sales. 

Finbots.AI’s  AI-powered credit scorecard system, ZScore, is designed to democratize access to tech capabilities for all financial institutions, enabling them to rapidly develop high accuracy scorecards and process lending applications in real-time. Finbot.AI believes there is an opportunity to address shortcomings in legacy firms’ practices in determining risk and making a loan decision.”