Sector Updates

Pleo unveils next-generation spend management tools for businesses

Pleo unveils next-generation spend management tools for businesses

Pleo, recognised as Europe's premier spend management platform, has rolled out significant product updates today. These enhancements promise to deliver a more robust set of tools to businesses, propelling mid-market growth and streamlining expenditure.
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WeConvene scoops up $12.5m to facilitate corporate access

Corporate access platform for the investment community WeConvene has raised $12.5m in a Series B round. CreditEase's Fintech Investment Fund led the round.

FinTech companies launch Fintech Equality Coalition to fight racial inequality

FinTech leaders have joined forces to launch the Fintech Equality Coalition to actively fight inequality within the industry and society in large.

Insurity to support global cargo market

Insurity, a provider of cloud-based software for insurance carriers, brokers and MGAs, is to launch a solution for property & casualty (P&C) carriers in the global cargo market.
Caffeinated-Capital-backs-insurtech-pathpoint-in-$12.5m-raise

Caffeinated Capital backs InsurTech Pathpoint in $12.5m raise

Pathpoint, a modern wholesaler where insurance agents can get bindable small commercial Excess and Surplus (E&S) quotes, has raised $12.5m in funding.

London-based StepEx lands €1.2m to offer alternative student finance

StepEx, an FCA-regulated FinTech startup that provides affordable student finance based on future earnings rather than debt, has raised €1.2m in pre-seed funding.

ESMA publishes advice to EU on ICOs

The European Securities and Markets Authority (ESMA) has released its advice to the European Union Institutions on initial coin offerings.

Brazilian healthcare firm Grupo Fleury suffers significant ransomware attack

Sao Paulo-based medical diagnostics company Grupo Fleury has revealed it has suffered a ransomware attack that has led to it taking its systems offline.
MSCI

MSCI enhances carbon market solutions with Trove Research acquisition

MSCI has declared its intention to buy Trove Research, a firm specialising in data, analysis, and advisory within the carbon market domain.
fintech insurtech wealthtech regtech ai cybertech esg news

Spend management software Ivalue nabs $70m for KKR

Spend management software company Ivalua has secured $70m in a growth equity investment from KKR.

News Stories

National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq (NBI), a significant component of the Capital Bank Group, has partnered with Temenos, a Swiss-based software company that specializes in banking and finance software, serving a global clientele with innovative FinTech solutions.
Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”

Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK

Flutterwave, Africa’s leading payments technology company, and Acquired.com, a specialist in payment processing, have entered into a strategic partnership.
Sublime Security secures $20m in Series A funding to enhance AI-powered email security

Sublime Security secures $20m in Series A funding to enhance AI-powered email security

Sublime Security, an AI-powered, programmable email security platform, has successfully raised $20m in a Series A funding round.
Canadian FinTech firm Qohash secures $17.4m for AI data security expansion

Canadian FinTech firm Qohash secures $17.4m for AI data security expansion

Qohash, a leader in data security software, today announced it has secured $17.4m in Series B funding.
Northern Arc secures $80m boost from IFC, enhancing financial inclusion in India

Northern Arc secures $80m boost from IFC, enhancing financial inclusion in India

Northern Arc, a diversified non-banking financial company (NBFC), proudly announces securing an investment of $80m from the International Finance Corporation (IFC), a member of the World Bank Group.

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