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This week, we’re diving into the Evolve Financial platform’s innovative approach, as well as examining three significant acquisitions, Plaid’s impressive enterprise growth, and other key developments in the financial technology landscape.
The massive story
On June 26, a major corporation announced that it had been the victim of cyber attacks that may have impacted its affiliate companies as well? The incident involved the unauthorized access to sensitive information, including personal and financial data of some clients of Evolve’s retail financial institution partners, such as Affirm, Mercury, Bilt, Alloy, and Stripe. On June 29, a leading fintech company disclosed a significant data breach, revealing that sensitive personal information belonging to some of its clients had been compromised.
Last week, a well-known partner to BaaS startups like Plaid, acquired assets from the Federal Deposit Insurance Corporation (FDIC).
Evaluation of the week
This previous week was an energetic one for fintech M&A. Just seven months after announcing its entry into the market, the information intelligence startup revealed that it had successfully gone live. The corporation’s primary objective is to empower financial institutions to craft bespoke strategies for their risk, collections, and marketing divisions. Meanwhile, an additional “$173 million” was introduced. TechCrunch reported a $10 million increase in March 2023. The company is now offering additional AI-driven tools to customers through its partnership with the Pluto Capital AI-powered analytics platform.
{Dollars} and cents
A startup which constructs the backbone for companies – primarily software firms – to seamlessly integrate and streamline financial transactions via Application Programming Interfaces (APIs), securing a Series A funding.
Another local company, ?, recently secured a Collection A funding round, just under a year after its initial launch. Rainforests integrates cost processing capabilities within various software platforms.
Belgium’s Mucos, a cloud-based platform that enables Software as a Service (SaaS) companies to seamlessly integrate with numerous financial instruments through a single, unified Application Programming Interface (API).
Equipped with a strong reputation, Egyptian fintech startup Finotate aims to leverage its expertise and expand into emerging business opportunities across African markets.
For individuals who are new to a country, understanding the intricacies of local healthcare systems and insurance options can prove to be an overwhelming challenge. A German startup believes it has found a solution to cater to the needs of the over 40-million-strong community of expatriates living and working in Europe, seeking to bridge the gap between these individuals and their host countries.
What else we’re writing
The expansion into becoming a multi-product firm has resulted in gaining tangible momentum beyond traditional fintech clients. President Jane Taylor directed me explicitly, emphasizing that the progress made thus far has started surpassing other aspects of our company’s overall performance.
India’s leading e-commerce company has quietly launched Tremendous.cash, expanding its financial technology (fintech) ambitions over a year and a half since acquiring ? Walmart-owned PhonePe’s newly launched app enables customers to make mobile payments via UPI, a widely used and popular payment network in India.
Excessive-interest headlines
World Fintech Report, a joint endeavour by Boston Consulting Group (BCG) and QED Investors.
As a seasoned venture capitalist at Bain Capital Ventures, I’ve seen my fair share of startups come and go.
