Fintech Funding Roundup: RegTek.Solutions, Finaeo, Now Money
In the latest round of fintech funding news from Paybefore sister publication Banking Technology, the focus is on regtech, artificial intelligence, insurtech and remittances.
Deutsche Börse and Illuminate Financial Management have co-led in a $5 million Series A funding round in RegTek.Solutions, a regulatory reporting solutions provider. As reported last month, the Regulatory Reporting Hub of Deutsche Börse launched a partnership with Risk Focus and its software subsidiary, RegTek.Solutions, to use its key system components for the hub’s OTC trade reporting solution.
Based in New York, RegTek.Solutions was launched earlier this year. The firm says it counts ten of the G15 banks among its client base. For Deutsche Börse this investment will be managed by DB1 Ventures. The investment in exchange for a minority stake will be used to scale RegTek.Solutions’ operations.
Canadian insurtech platform Finaeo has closed its seed round, “oversubscribed” at $2.25 million, and led by Impression Ventures with participation from Toronto-based angel investors, 500 Startups, Robo Ventures and iGan Partners. Finaeo says it helps financial advisors by digitizing the administrative process from prospect-to-purchase with its front-end platform, delivered on an outsourced, software-as-a-service basis.
“We believe the future of advisors is the hybrid ‘bionic’ advisor: blending robo-advice, artificial intelligence (AI) capabilities and the necessary human touch,” says Aly Dhalla, CEO and co-founder of Finaeo. “Advisors are here to stay, but they will need to evolve to stay relevant.” The funds will be used to recruit engineers and continue the development of its core platform and marketplace.
Dubai-based Now Money, an app-only account and remittance service, has closed its bridge funding round with $1.46 million. On top of U.S. venture capital investment, this round includes $700,000 from Myrisoph Capital. The money will be used to unveil its service across the UAE and expand into other GCC countries.
Now Money says it is “the first fintech in the Gulf region to use mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income migrant workers.” In May, it was one of five firms approved by Abu Dhabi Global Market for its Regulatory Laboratory. While last month, it was one of two companies that the Central Bank of Bahrain welcomed to its new regulatory sandbox.