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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Anthropic launched a Financial Analysis Solution for its LLM Claude.
The Financial Analysis Solution will enable finance professionals to analyze markets, automate workflows, and make investment decisions using integrated data from platforms like Databricks and Snowflake while keeping user data secure and private.
With strategic partnerships spanning data providers and consulting firms, Claude is positioning itself alongside industry-specific LLMs like BloombergGPT to become an indispensable enterprise tool in financial services.
Anthropic announced this week that it is bolstering the resume of its LLM Claude. The California-based AI research company launched a solution for financial analysis that helps finance professionals analyze markets, conduct research, and make investment decisions.
Rather than require users to manually type details in to Claude, the Financial Analysis Solution creates a portal that unifies users’ financial data such as market feeds and internal data stored on third party platforms like Databricks and Snowflake. Analysts can use the new solution to modernize trading systems, develop proprietary models, automate compliance, and run complex analyses. Teams can monitor portfolios and compare performance and do not need to worry about inputting data into the platform, as users’ financial data is kept secure and is not used to train generative AI models.
The move into financial services tools lowers the barrier for mid-sized banks, asset managers, and even fintechs to build sophisticated tools without needing to hire large internal data science teams.
“Our strategic partnership with Anthropic is foundational to our success and our strategy to become a global leader in AI innovation in banking,” said Commonwealth Bank of Australia Chief Technology Officer Rodrigo Castillo. “Claude’s advanced capabilities, combined with Anthropic’s commitment to safety, are central to our purpose of harnessing AI responsibly, as we drive for transformation in critical areas like fraud prevention & customer service enhancement.”
With this launch, Claude is differentiating itself by forming partnerships with data providers that offer users access to the latest financial information via Box, Daloopa, Databricks, FactSet, Morningstar, Palantir, PitchBook, S&P Global, and Snowflake. Additionally, the new tool offers data access and implementation expertise through consultancy partners that provide tailored solutions across compliance, research, and enterprise AI adoption. These partners include Deloitte, KPMG, PwC, Slalom, TribeAI, and Turing.
Claude said that Financial Analysis Solution gives users a leg up on both speed and quality. The partnerships help analysts identify opportunities faster than traditional methods. And, when its client FundamentalLabs deployed it to build an Excel agent, Claude passed five out of seven levels of the Financial Modeling World Cup competition and scored 83% accuracy on complex Excel tasks.
“Claude has fundamentally transformed the way we work at NBIM. With Claude, we estimate that we have achieved ~20% productivity gains, equivalent to 213,000 hours,” said Norwegian sovereign wealth fund (NBIM) CEO Nicolai Tangen. “Our portfolio managers and risk department can now seamlessly query our Snowflake data warehouse and analyze earnings calls with unprecedented efficiency. From automating monitoring of newsflow for 9,000 companies to enabling more efficient voting, Claude has become indispensable.”
Anthropic isn’t the first LLM-owner to create an industry-specific solution. Others have launched AI specialization tools for industry verticals, including OpenAI’s GPTs, Google’s Gemini 1.5 for code and finance, and domain-specific LLMs like BloombergGPT. With its Financial Analysis Solution, Anthropic is making the move to compete more directly with its enterprise use cases.
With the first half of 2025 behind us, it’s a good time to look forward to what the second half of the year will bring. The first two quarters were packed with change: from the stablecoin frenzy and cuts to the CFPB in the US, to new regulatory crackdowns across Europe and the reversal of Section 1033, reshaping the future of open banking. Meanwhile, banks and fintechs are ramping up their use of AI, navigating new regulatory requirements, and adapting to global momentum around real-time payments and digital identity.
With all of this change, it’s hard to imagine the surprises that the next two quarters will bring. And while I can’t predict all of the surprises, there are five trends that banks and fintechs should not ignore as we move into the second half of the year.
The open banking conversation evolves
In the EU, PSD3 and the Financial Data Access (FIDA) framework are being finalized and the UK is moving forward with Open Banking 2.0 under the Joint Regulatory Oversight Committee (JROC). In contrast, the US is in a period of regulatory uncertainty. The CFPB is pulling back from Section 1033 and JPMorgan revealed to data aggregators that it plans to increase the cost for them to pull consumer data. Banks need to keep a close eye on the evolving conversations around open banking as ripple effects take place across the globe.
AI becomes an arms race in financial services
AI is quickly becoming table stakes for financial services organizations. AI-native fintechs are setting new expectations around service, automation, and personalization. And firms are no longer stopping at chatbots and GenAI technologies. Instead, banks across Europe, the US, and Asia are increasingly integrating agentic AI, and even hiring AI agents for tasks like underwriting, compliance, and customer service. Expect the second half of the year to bring a continued rise in AI literacy programs and internal tooling as firms upskill teams and reduce reliance on third-party vendors by turning instead to agentic AI.
Tokenization takes over
In the first half of 2025, we saw major pilots for tokenized deposits, treasuries, and real-world assets (RWAs). In the latter half of the year, we can expect to see real world implementations, particularly in wholesale payments, interbank settlement, and liquidity management. Regulatory clarity is also beginning to transpire. Jurisdictions like the EU, Hong Kong, and Singapore are starting to define legal frameworks for tokenized financial products. This may prompt US regulators to clarify the treatment of tokenized deposits and securities.
Identity verification becomes a battleground
With rising fraud, easy-to-create deepfakes, and an increase in embedded finance, financial institutions are shifting from one-time identity checks to continuous, context-aware identity verification. The second half of this year will bring increased adoption of reusable digital IDs, decentralized identity frameworks (DID), and advanced biometrics tied to behavioral signals. As always, the challenge will be balancing a low-friction user experience with high security.
Real-time payments reshape expectations
FedNow is gaining traction in the US, ISO 20022 began rolling out earlier this week, and stablecoin-powered cross-border projects are on the rise. All of these aspects, plus an increase in stablecoin adoption are making real-time payments the norm and are raising customer expectations. Banks that can’t meet those expectations risk losing ground to more nimble players.
Lithuanian ICT security and compliance automation platform CyberUpgrade has introduced its free DORA self-assessment tool.
The new offering provides two ways for firms to assess their DORA readiness and make the necessary changes in order to comply with the new EU regulations on financial resilience.
CyberUpgrade made its Finovate debut at FinovateEurope 2025 in London.
Lithuania-based regtech CyberUpgrade recently launched a free DORA self-assessment tool designed to help fintechs meet the European Union regulatory requirements of the Digital Operational Resilience Act (DORA). DORA is a new EU-based mandate designed to ensure the security and operational resilience of companies in the financial sector, specifically by focusing on the networks and information systems that financial operations rely on. The regulation impacts not only banks, investment companies, and insurers, but also third-party ICT providers, as well.
“DORA has introduced a complex and urgent set of requirements that many financial institutions and their third-party providers have been struggling with,” CyberUpgrade CEO and Co-Founder Aurimas Bakas said. “Our tool helps organizations get clarity on where they stand and what actions they need to prioritize—without needing prior in-depth DORA knowledge.”
DORA mandates that companies must maintain essential operations even during major disruptions; provide robust defense against fraud and cyber threats; and log, monitor, and report major ICT incidents. Although DORA was enacted in January 2023 and went into effect at the beginning of this year, only 1% of EU companies are fully DORA-compliant. Reasons for this vary from a lack of in-house expertise on regulatory requirements to simple uncertainty and confusion as to how to begin the process.
In response, CyberUpgrade DORA Self-Assessment Tool is free, anonymized, and helps everyone from technical cybersecurity and compliance specialists to executives and managers quickly assess their DORA readiness. The solution is available in two modalities: firms can choose a Fast Track Mode that provides a five-minute, high-level snapshot of their current DORA readiness status, or a Full Scope Mode that includes a 25-minute “deep dive” that spots compliance gaps and produces a detailed readiness score, along with actionable insights.
Using the tool is straightforward. Firms only need to go to the CyberUpgrade DORA Self-Assessment Tool website, select a mode (Fast Track or Full Scope), complete the assessment questionnaire, and download the resulting report that details DORA readiness, any compliance gaps, and recommended next steps. There is no sign-up required and there are no hidden fees or obligations.
“Financial institutions falling short of DORA’s standards face serious regulatory risks, including administrative fines, business restrictions, or even losing operating licenses,” CyberUpgrade General Counsel Nojus Bendoraitis wrote on the company’s blog. “The risks are even sharper for third-party ICT service providers, who are directly supervised by European Supervisory Authorities (ESAs) and face strict oversight and penalties.”
CyberUpgrade made its Finovate debut at FinovateEurope 2025 in London. At the conference, the ICT security and compliance automation platform demonstrated how its AI-driven co-pilot CoreGuardian works with its vendor management solution VendorGuard to provide comprehensive cybersecurity and compliance. CoreGuardian engages workers one-on-one through channels like Slack and Teams to provide real-time education, assessment, and alerts. VendorGuard streamlines vendor management by handling risk assessments, incident planning, and prioritization.
CyberUpgrade’s technology automates up to 80% of compliance tasks, reduces compliance costs by more than €60,000 each year, and keeps companies audit-ready around the clock. Founded in 2023, CyberUpgrade is headquartered in Vilnius, Lithuania.
Artificial intelligence is reshaping every corner of the financial services world, and auditing is no exception. As firms look for smarter ways to manage repetitive, manual processes, AI-powered tools are stepping in to reduce risk, save time, and improve accuracy.
Filmed at FinovateSpring earlier this year, this Streamly video features Aman Kaur, Sales Director at DataSnipper, discussing how DataSnipper transforms how auditors work. Kaur shares how the company is helping audit teams evolve their workflows through embedded automation. By eliminating repetitive tasks like copying data, matching documents, and performing manual verifications, DataSnipper frees up auditors to focus on higher-value analysis, which results in a smarter, faster audit process.
“We’re seeing that finance and audit professionals are spending too much of their valuable time on very repetitive, very menial tasks,” said Kaur. “So our mission at DataSnipper is to resolve that with automation, and we want to meet them where they’re spending that time, which is in Excel. So we’re working in building tools that are going to help eliminate a lot of the repetitive work and give them time back to focus on more strategic work.”
Founded in 2017, DataSnipper is a smart automation platform built directly into Excel that helps auditors, finance teams, and consultants work more efficiently. The company’s AI-powered tools automatically match and extract data from supporting documents such as invoices, contracts, and bank statements to save time and reduce human error. Today, DataSnipper is used by over 500,000 professionals in 125+ countries, including the Big Four and top-tier audit firms around the world.
Aman Kaur brings experience in enterprise SaaS sales, working across industries to introduce transformative technologies. At DataSnipper, she focuses on helping audit and finance teams embrace automation and rethink what their workflows can look like.
San Francisco, California-based embedded finance platform Highnote has launched its Instant Payments capability.
The new addition to its unified product platform will enable businesses to provide near real-time payments from Highnote-issued cards to eligible debit and prepaid cards.
Founded in 2021, Highnote made its Finovate debut at FinovateSpring 2022.
Embedded finance platform Highnote, which began the year with a $90 million Series B funding round led by Adams Street Partners, has announced the latest addition to its unified product platform. The company launched its Instant Payments capability this week to empower businesses to provide near real-time payouts from Highnote-issued cards to eligible external debit and prepaid cards.
Instant Payments enables businesses to push funds to debit and prepaid cards in the US. This not only gives users faster access to their earned wages, but also boosts liquidity and enhances payout operations. By embedding instant payments functionality directly into its product platform, Highnote believes its solution compares favorably to “stitched together” legacy infrastructures by giving users built-in access to seamless, intelligent money movement. Use cases for the technology include gig worker payouts, employee tips, insurance reimbursements, merchant settlements, refunds, and more.
“Instant Payments reflects both where our subscribers are today and where the market is headed,” Highnote CTO Kin Kee said. “By embedding on-demand disbursements directly into our issuing stack, we are helping businesses move money faster and more intelligently, all within a single, unified product experience.”
Highnote’s Instant Payments is supported by Mastercard’s portfolio of money transfer solutions, Mastercard Move, as well as by Visa Direct, and is currently available to all Highnote’s US subscribers.
Visa SVP for Money Movement North America Yanilsa Gonzalez-Ore underscored the ability of the technology to help businesses “leverage Visa’s scale and robust security infrastructure to deliver faster and more reliable payouts.” Stefany Bello, SVP for Digital Partnerships, Fintech & Enablers for Mastercard, North America, highlighted the company’s “longstanding relationship with Highnote” and the importance of the collaboration in ensuring “businesses can securely access critical funds in near real-time to keep their operations up and running.”
Headquartered in San Francisco, Highnote made its Finovate debut at FinovateSpring 2022. The company offers a unified, embedded finance platform, designed for modern card issuance, acquiring, credit, and real-time money movement. The platform features built-in ledgering, integrated payment capabilities and complete program management to help fintechs, vertical SaaS providers, and businesses launch their own embedded payments experiences.
Highnote has raised more than $140 million in funding courtesy of a Seed and Series A round in 2021 and a Series B round at the beginning of 2025. John MacIlwaine is Co-Founder and CEO.
AI debt collection startup Murphy raised $15 million in pre-Seed and Seed funding to scale its autonomous, multilingual AI agents that help organizations recover hard-to-collect debt across sectors like banking, BNPL, utilities, and healthcare.
Murphy differentiates itself with agentic AI that offers human-like, behavioral, and empathetic voice interactions that operate 24/7 in over 30 languages.
Murphy plans to use the new capital to expand into the US, grow its team, and further disrupt the $300 billion global collections industry.
Debt collection startup Murphy announced this week that it closed $15 million in pre-Seed and Seed funds. The investment was led by Northzone, while ElevenLabs, Lakestar, Seedcamp, and existing investors also participated.
Founded in 2024, Murphy seeks to transform debt servicing by leveraging autonomous AI agents to help debt collection agents from utility companies, telcos, banks, BNPL companies, microlenders, healthcare firms, and more recover debt that would have otherwise been untouched or written off. The company uses voice agents and behavioral personalization techniques that work across channels, 24 hours per day and in more than 30 languages.
“We’re building AI-native infrastructure that replaces traditional call centers with a scalable, multilingual solution,” said Murphy Co-founder and CEO Borja Sole. “It helps companies recover more, faster, and more cost-efficiently, while staying compliant and treating debtors with respect.”
Murphy is tackling an often overlooked industry, as there has long been a disconnect between consumers’ digital behavior and how collections are handled. Bringing AI into the equation may help organizations collect previously unrecoverable debt, especially in high-volume, low-value cases. Murphy differentiates its product by taking a unique approach to AI implementation. It doesn’t simply use chatbots and scripted voice technologies, but rather employs agentic AI that is capable of multilingual, empathetic, and behavioral interactions that bring a human-like nuance to conversations that can scale without adding labor costs.
Since launching less than a year ago, Murphy is already managing hundreds of millions of dollars in debt. The company has acquired clients across Europe and plans to use today’s funding to accelerate its expansion across Europe and the US, scale its product, and expand its team.
“Debt servicing is a $300+ billion global industry that is ripe for disruption. After reviewing countless verticals, this stood out as a space where AI can make a major impact,” said Northzone Partner Jeppe Zink. “Given their experience and relentless development speed, Borja and his team are uniquely positioned to transform this space.”
Murphy is part of a larger wave of AI-powered services in the financial services space. Investors are pouring money into these companies in anticipation that AI-native vertical SaaS companies like Murphy will replace legacy systems in high-friction industries such as collections, compliance, and insurance.
“This is the turning point for AI in community finance—we’ve moved beyond experimentation,” Eltropy VP of Product and Head of AI Saahil Kamath said. “Our AI certification program proves that credit unions and community banks can build, deploy, and benefit from AI, not tomorrow but today. In under one hour, participants were able to create real bots on real channels, not just slides and ideas. That’s what practical AI looks like, and that’s how we close the gap between innovation and impact.”
The self-paced, online program will go live later this summer. The course is designed for workers in both the front- and back-office, and will provide foundational knowledge in AI, practical applications for Agentic AI, and how to use the technology in a safe, compliant way in regulated environments like banking and finance. Participants will get hands-on experience building live AI agents for telephony, website, and internal knowledge systems. The course will also provide instruction in AI-based technologies such as Large-Language Models (LLMs), Retrieval-Augmented Generation (RAG), prompt engineering, and Quality Assurance (QA) automation.
The hands-on nature of Eltropy’s program differentiates it from other AI training programs that can be more theoretical, the company noted in a statement. Participants who successfully complete the program will receive an Eltropy AI Practitioner Certificate and advanced learning materials and tools that will enable them to put their practical AI skills to use at their own institutions.
“Our goal is to demystify AI,” Eltropy Head of AI Engineering Rahul Prakash said. “By the end of the course, every participant should have a working solution—whether for voice, web, or internal operations—while gaining clarity on responsible AI usage in regulated environments.”
Eltropy’s announcement follows the successful training the company held at its annual user conference EMERGE 2025, where 130+ credit union and community bank professionals earned their practitioner certificates. The course was completed in less than an hour and was credited for being “insightful and educational” and for “making AI real and doable” by participants.
“We came in curious and walked out certified,” said one participant, who hailed from a Midwest credit union.
The announcement also follows news that the company has fully integrated video banking into its Unified Conversations Platform. Eltropy’s video banking solution enables credit unions and community banks to offer secure, face-to-face banking services to members and customers around the clock. The integration helps promote financial inclusion, providing greater reach into underserved communities where physical branches may be distant or unavailable. The solution also enables institutions to connect members and customers with interpreters during a video banking session to make sure that language differences are not an impediment to accessing financial services.
“What started as a pandemic necessity has become a competitive advantage for community financial institutions,” Eltropy Co-Founder and CEO Ashish Garg said. “Our customers are seeing remarkable results—from 84% growth in booked loans to 70% reduction in lost opportunities. They key is that Video Banking isn’t replacing personal service, it’s extending it. CFIs can now deliver that same high-touch experience whether someone walks into their lobby or connects from their kitchen table.”
Founded in 2014, Eltropy made its most recent Finovate appearance at FinovateFall 2022. At the conference, the company demoed Eltropy One, its all-in-one omni channel solution that enables financial institutions to manage both inbound and outbound communications from a universal console. Eltropy One supports communication via text, secure chat, video, audio, cobrowsing, and conversational bots.
Eltropy’s AI certification course comes weeks after the company unveiled its desktop app, which delivers faster access with less resource usage. The solution provides 20% faster launch times and combines full feature parity with browser-based access. Also this summer, Eltropy launched its Collections 2.0 Suite to help community financial institutions deal with rising delinquency rates while maintaining positive customer and member relationships. Note that Eltropy acquired collections technology company Lexop at the beginning of the year.
Headquartered in Santa Clara, California, Eltropy counts more than 700 credit unions and community banks among its clients, and has powered 200 million conversations since inception.
Late last week, news was released that has the potential to disrupt the trajectory of open banking in the US. JPMorgan Chase has been in discussions with data aggregators, telling them that it plans to charge them to access customer data.
Traditionally, data aggregators like Plaid, Finicity, and MX have been able to access consumer banking data at no cost by using login credentials provided through third-party services. Introducing fees for this access raises important questions around consumer data rights, portability, and the future of financial innovation—and could significantly reshape the economics of open banking in the U.S.
In the US, open banking has largely been shaped by the private sector rather than by government regulation. This means that banks, fintechs, and data aggregators have had to create their own frameworks for sharing consumer financial data, often without clear, standardized rules. Yet consumer demand for data connectivity has grown rapidly. With the rise of third-party fintech apps offering budgeting, investing, and lending services, individuals expect these tools to connect seamlessly to their bank accounts and deliver real-time balances and transaction data. To support this, banks have traditionally allowed data aggregators to access account information either free of charge or for a relatively low cost.
JPMorgan’s rationale
While JPMorgan’s decision to charge for data access may not be unreasonable, it did catch many by surprise. The bank argues that aggregators are profiting from its infrastructure without contributing value in return. Citing rising infrastructure and security costs, as well as a desire for greater control over how consumer data is accessed and used, JPMorgan framed the move as a necessary step toward a more balanced data-sharing ecosystem
“We’ve invested significant resources creating a valuable and secure system that protects customer data,” JPMorgan spokeswoman Emma Eatman told Bloomberg, which broke the news. “We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe.”
Impact on aggregators
For data aggregators, the news is far from welcome. As one spokesperson noted, their cost of goods sold has essentially been zero. They charge fintechs for data access but haven’t had to pay banks to obtain the data itself. If banks like JPMorgan begin charging for that access, aggregators will likely pass the added costs to fintechs, which could ultimately trickle down to consumers.
Implications for open banking
JPMorgan’s announcement comes at an interesting time for open banking in the US. Section 1033 of the Dodd Frank Act was supposed to be finalized this October, and many were looking forward to the clarity that centralized open banking rules would provide the industry. Earlier this year, however, the CFPB announced plans to rescind 1033.
Regardless of whether or not formal rules are in place, however, the argument centralizes around an age-old question in fintech–who owns the customer data? While many banks claim that the consumer data belongs to them, some advocacy groups and aggregators claim that consumers should be able to do what they want with their data freely.
Introducing new costs to access consumer financial data could have several ripple effects on the future of open banking in the US:
It may create barriers for fintechs offering services that consumers can’t get from traditional banks. This could slow innovation and reduce incentives for new entrants to build products that meet unmet financial needs.
Consumers may face higher costs as fintechs pass on the fees associated with data access. Services that were once free or low-cost could become more expensive, prompting some users to reconsider their primary financial institution if their bank can’t match the functionality they previously enjoyed via third-party apps.
It could accelerate the adoption of more secure, standardized data-sharing protocols, such as those developed by the Financial Data Exchange (FDX), which aim to replace legacy methods like screen scraping with tokenized, API-based access.
It might also incentivize more screen scraping, as aggregators seek ways to avoid new costs. While most aggregators treat screen scraping as a last resort, increased financial pressure may push some to lean more heavily on automated tools such as AI agents to extract data through less secure channels.
What’s next?
While JPMorgan was the first to notify aggregators that it plans to begin charging, we can expect more financial institutions to make similar announcements. And while the CFPB seems unwavering in its decision to rescind the open banking rule as it was stipulated in 1033 last October, JPMorgan may shape or pressure new regulatory frameworks moving forward.
If more banks adopt similar policies and create uncertainty for fintechs and aggregators, we may see renewed momentum for a revised version of 1033, especially under a new administration. As consumers, banks, fintechs, and aggregators all begin to seek greater clarity and consistency, the US could shift toward a more structured, regulated model of open banking.
Small business intelligence platform Crux Analytics has forged a strategic partnership with commercial bank Bankwell.
The partnership will integrate Crux Analytics’ automated platform into Bankwell’s business banking services to enable the bank to provide more personalized and proactive solutions.
Based in New York, Crux Analytics made its Finovate debut at FinovateSpring 2025 in San Diego.
A strategic partnership between small business intelligence platform Crux Analytics and commercial bank Bankwell will boost Bankwell’s ability to deliver personalized and proactive solutions and services to its business customers. The integration will enable Bankwell to leverage Crux Analytics’ automated platform that offers enhanced lead targeting and prioritization, as well as active relationship monitoring to spot potential business opportunities as they develop.
“Bankwell’s commitment to digital solutions that support personalized service makes them an ideal partner,” Crux Analytics Co-Founder and CEO Jacob Bennett said. “Our platform enhances the human element of banking by giving bankers tools to be a more effective partner to their business clients while helping to drive institutional growth.”
The partnership between Crux Analytics and Bankwell comes at a time when small businesses are expressing a “disconnect” between their stated level of trust in their bank, the actual services their bank offers, and some of the tools and solutions that small businesses need. In response to this challenge, recently noted in research by American Banker, Crux’s intelligence platform helps financial institutions use data to both recognize what their small business customers might need as well as provide those solutions in a personalized, tailored way.
“In today’s competitive landscape, businesses need a financial partner who understands their specific challenges and opportunities,” Bankwell Chief Innovation Officer Ryan Hildebrand said. “Crux’s technology augments our bankers’ expertise with powerful automation and business-specific intelligence, allowing them to spend more time delivering value to clients.”
Connecticut-based Bankwell is a commercial bank with more than $3 billion in assets. The institution was founded in 2002 and serves communities in Southern Connecticut from its headquarters in New Canaan. The bank’s holding company, Bankwell Financial Group, is a publicly traded firm on the NASDAQ—ticker symbol BWFG—and has a market capitalization of $300 million. Christopher Gruseke is Bankwell’s Chief Executive Officer.
Founded in 2023 and headquartered in New York, Crux Analytics made its Finovate debut earlier this year at FinovateSpring 2025 in San Diego. At the event, the company showed how its flagship platform sources, qualifies, and engages small business leads. The technology uses personalized outreach on behalf of the banker to remove many of the logistical burdens financial institutions face when forming and maintaining small business relationships.
Crux Analytics’ partnership announcement with Bankwell came at the same time that the firm reported that it would be a part of the incoming cohort for credit union collective CURQL’s accelerator program. Crux joins two fellow Finovate alums—Fingoal and Themis—as well as earned wage access specialist Reset and scam defense platform Charm Security.
Signicat has acquired Dutch identity verification provider Inverid for an undisclosed amount.
Inverid’s flagship product, ReadID, uses NFC on smartphones to securely verify ID documents, making it ideal for high-assurance use cases like banking, government, and cross-border compliance.
The acquisition positions Signicat to meet growing regulatory and fraud prevention demands across Europe.
Fraud prevention solutions provider Signicat announced this week that it is bolstering its identity authentication and orchestration tools with the acquisition of the Netherlands-based Inverid.
Signicat is purchasing Inverid from its founders and the company’s majority shareholder, Main Capital, both of which have agreed to reinvest a portion of what they receive back into Signicat. This indicates that they believe in the potential of the combined company and want to retain a financial stake in its future.
Inverid (formerly known as InnoValor) was founded in 2013 and has a team of 75 developers working on solutions that increase digital trust. The company’s flagship solution, ReadID, helps organizations verify identity documents leveraging NFC on users’ smartphones. Inverid counts 50 clients, including Rabobank, the UK and Danish governments, and the European Border and Coast Guard Agency (Frontex).
NFC-based document verification is one of the most accurate and tamper-resistant ways to validate identity documents. This is because it pulls data directly from the chip inside a passport or ID, rather than relying on OCR or a camera scan. This makes ReadID a powerful addition for high-assurance use cases like onboarding for banks, insurers, or government services.
Signicat will integrate the ReadID capabilities into its own set of solutions, which include identity proofing, trust orchestration, authentication, and electronic signing.
“By adding Inverid’s unique NFC-based solution to our platform, we can offer our customers the best possible document verification technology and unmatched identity solutions,” said Signicat CEO Asger Hattel. “This transaction demonstrates our commitment to remaining at the forefront of digital identity innovation, constantly striving to offer our customers still more effective tools to fight fraud while improving digitization journeys for their end users.”
Signicat has been in the identity industry for nearly two decades, having launched its identity verification tools in 2006. Today, the Norway-based company supports 240+ data sources to identify businesses and individuals. Signicat offers national eID and biometric verification, ID document scanning, data verification AML/KYC checks, and more. In 2019, Signicat was acquired by private equity investor Nordic Capital for an undisclosed amount.
“The acquisition of Inverid is an important step to further strengthen Signicat’s offering to deliver even better digital identity solutions to the market,” said Nordic Capital Advisors Managing Director Rolf Torsøe. “Building on a successful partnership between the companies and a strong cultural fit, this transaction will unlock immediate synergies. Nordic Capital is enthusiastic about supporting Signicat’s continued growth journey in Europe.”
This acquisition comes at a time when fraud is evolving rapidly, and governments and financial institutions across Europe are doubling down on strong identity verification. By integrating NFC-based document checks, Signicat is closing a key gap for high-assurance use cases like government onboarding and cross-border compliance. This is especially true in an era when regulations surrounding identity verification are shifting, creating a moving target for organizations.
According to a report in Bloomberg, JP Morgan is going to make fintechs pay up if they want access to customer financial data. Fighting words? Or just signs of what’s to come? Check out this news and more in this week’s edition of Finovate’s Fintech Rundown!
Identity management
Digital identity platform Signicatacquires Dutch NFC-based digital identity verification solutions provider Inverid.
Lending
Digital lending platform Yabxlaunches GenAI-powered voice solution designed to increase financial literacy among its underserved borrowers.
This week’s edition of Finovate Global looks at recent fintech headlines from the South American nation of Peru.
EBANX partners with Peruvian digital wallet Yape
Brazilian payments company EBANX announced a direct integration with Peruvian digital wallet, Yape. Designed for cross-border commerce and relying on an easy user enrollment process, Yape enables users to pay for purchases on international ecommerce websites using either their Yape wallet balance or a linked card. The wallet supports recurring, one-click and on-file payment solutions and, in 2024, was responsible for the largest share of the volume transacted online through a digital wallet in the country. This is according to research from Payments and Commerce Market Intelligence (PCMI).
“With over 14 million active Peruvian users, Yape empowers millions of consumers with reliable daily transactions,” Yape Head of Payments Claudia Silva said. “This direct integration with EBANX marks a significant step in expanding our reach to global merchants, allowing them to tap into the vast potential of the Peruvian market.”
Digital wallets are a major component of Peru’s payment ecosystem. The fourth most commonly used payment in the country, digital wallets represented 10% of all digital commerce transactions in Peru in 2024. PCMI anticipates a digital wallet annual growth rate of 17% by 2027 and much of this growth, according to Silva, can be credited to Yape. According to the firm’s own data, Yape’s digital wallet delivers a 93% approval rate on transactions, an especially valuable achievement as digital wallets are increasingly becoming the preferred payment method for recurring transactions.
“Through its partnership with Yape, EBANX enables merchants to access a seamless, secure, and high-conversion payment solution that drives immediate results for one-time purchases as well as for subscription-based services and recurring payments,” said Juliana Etcheverry, Director of LatAm Country Growth—South Cone at EBANX. “This partnership goes beyond payments; it’s about fostering scalable, long-term growth for merchants in a rapidly evolving market.”
Founded in 2016, Yape is headquartered in Lima, Peru. The company’s payment app has more than 20 million users and more than 2.5 million affiliated businesses. Yape expanded to Bolivia in 2023, reaching two million users (“Yaperos”) a year later.
Paysafe goes live with PagoEfective ewallet in Peru
As if to underscore the rising popularity of digital wallets in Peru, payments platform Paysafe announced that it is expanding its eCash brand, PagoEfectivo, into a digital wallet. As a brand, PagoEfectivo has been a major force in Latin America’s eCash payment ecosystem, supporting the transactions of millions of online consumers. As a digital wallet, the brand will enable users to load funds instantly, make online transactions, receive payouts from participating merchants, transfer funds to others, and more.
“Our recent survey with Peruvian consumers found that 81% would use a digital wallet from PagoEfectivo,” Paysafe Head of Latin America Estaban Sarubbi said. “With that strong sign, we’re launching a solution that meets consumers’ payment needs.” Paysafe CEO Bruce Lowthers added, “Consumers in Peru already trust PagoEfectivo for everything from iGaming and digital goods to travel and ecommerce. With the launch of our new digital wallet, we’re giving them a more convenient way to pay—one that reflects Paysafe’s commitment to powering the experiential economy.”
Headquartered in London, Paysafe processed $152 billion in annualized transactional volume in 2024. A leading payments platform, Paysafe empowers businesses and consumers to connect and transact through its capabilities in payment processing, digital wallets, and online cash solutions. Delivering services across 260 payment types in 48 currencies, Paysafe’s integrated platform is designed for mobile-initiated transactions, real-time analytics, and facilitating the convergence between in-store and online payments.
Do Payment launches pay-in service Do Pay in regional expansion
Peruvian paytech Do Payment has launched its own pay-in service, Do Pay. The new offering is designed bring greater speed, lower costs, and more flexibility to the payments process by enhancing liquidity for clients and reducing reliance on intermediate parties. Do Pay also creates a single provider for both pay-in and pay-out payment solutions thanks to leveraging its own proprietary infrastructure and direct connections with banks, acquirers, and local payment networks.
“In Latin America, companies face a critical challenge: the slowness of fund availability, with delays of 48 to 72 hours and even up to one week, directly impacting their liquidity,” Do Payment Chief Product Officer Valentina Brero said. “Against global solutions poorly adapted to the region, Do Pay emerges as a service specialized in payment collection with the fastest settlement in the market, ideal for operators who need to use the funds for daily operations.”
Do Payment’s new offering enables firms to better manage a range of problems faced by companies in Latin America when it comes to collecting and making payments. These challenges include having to work with multiple partners—often different providers for both collecting and disbursements—as well as multiple technologies, high fees, and long waiting times. Do Pay, in contrast, enables firms to leverage a single platform for both collection and dispersal, which enhances operational liquidity and ensures that funds are credit faster.
Founded in 2022 by CEO Cristian Valderrama, Do Payment is based in Lima, Peru. The company is already active in seven countries—Peru, Mexico, Ecuador, Chile, Colombia, Panama, and the US—with its pay-out service. In addition to Peru, Do Payment will go live with its Do Pay pay-in solution in Mexico and Ecuador, with the goal of expanding to both Chile and Colombia subsequently. Do Payment also noted that it plans to grow its footprint in Brazil in the second half of 2025.
Here is our look at fintech innovation around the world.
Latin America and the Caribbean
Payments platform Paysafe launched its digital wallet, PagoEfectivo, in Peru.
Mexican fintech and edtech Mattilda partnered with payment orchestration platform Gr4vy to power its new white-label payments solution, Mattilda Pay.
Uruguay-based paytech dLocal announced plans to acquire Kenyan cross-border payments solutions provider AZA Finance.
Asia-Pacific
Revolutpartnered with Ant International to enable its customers to send money to China.
Visaunveiled its Security Roadmap for New Zealand, featuring a three-year plan to leverage AI to fight fraud and other cyberthreats against consumers and businesses in the country.
Worldpaywent live with domestic acquiring services in Thailand.
Sub-Saharan Africa
Nigerian cryptocurrency exchange Roqqu acquired Kenyan crypto startup Flitaa as part of its expansion into East Africa.
Daily Investor profiled South African entrepreneur Lungisa Matshoba, co-founder of Yoco.
South African paytech Stitch acquired Efficacy Payments in order to offer card acquiring services directly to merchants.
Central and Eastern Europe
Clarity AI acquired Berlin, Germany-based Sustainability-as-a-Service innovator ecolytiq.
Azerbaijan-based fintech PashaPay inked a Memorandum of Understanding (MoU) with Mastercard.
German online bank N26 announced plans to offer stock trading to customers in Austria and Germany.
Middle East and Northern Africa
Egypt’s Faisal Islamic Bank partnered with Intellect to launch its Shariah-compliant digital transformation.
According to research from Mordor Intelligence, the fintech market in the United Arab Emirates is expected to grow to more than $6.4 billion by 2030.
Egyptian digital investment platform Thndr raised $15.7 million in a round led by Prosus Ventures.
Central and Southern Asia
Pakistan-based ecommerce startup Bazaar Technologies announced that it is nearing profitability following its acquisition of Pakistani paytech Keenu.
Indian cross-border investing and financial management platform Belong is now available to non-resident Indians living in the UAE.
Central Asian digital banking ecosystem TBC Uzbekistan launched a new insurance vertical, TBC Insurance.
