<div>
  <ul>
    <li>
      <p>
        Monnai, a data access API infrastructure provider, has raised USD 6.5 million in Series A funding led by Tiger Global with participation from Better Tomorrow Ventures, 500 Global, and Emphasis Ventures (EMVC). This round comes less than six months after the company raised 
        <a href="https://sp-edge.com/updates/13447?industryIds=53">
          USD 3.2 million in seed funding
        </a>
        , bringing its total raised funds up to USD 11 million.&nbsp;
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The funds will be invested in business development and further developing its proprietary analytics and data ingestion capabilities.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://finance.yahoo.com/news/monnai-secures-6-5-million-130000739.html">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.finextra.com/newsarticle/41947/monnai-raises-65m-to-help-fintechs-use-consumer-data?utm_medium=rssfinextra&utm_source=finextrafeed">
      Finextra
    </a>
  </p>
  <p>
    <a href="https://venturebeat.com/ai/monnai-bags-6-5m-funding-to-promote-ai-driven-decisioning-to-fintechs/">
      VentureBeat
    </a>
  </p>
  <p>
  </p>
</div>


FinTech Infrastructure

Monnai raises USD 6.5 million in Series A funding

PROMINENT_CATEGORY

<div>

 <p>Plaid, a provider of identity verification and embedded banking services, has teamed up with Ninth Wave, an open finance solutions provider, to launch the Gateway Partner Program. This program is designed to help financial institutions comply with the Section 1033 rule on open banking.</p>
 <p>The Gateway Partner Program enables financial institutions to achieve compliance requirements with all third parties and use cases. Through this partnership, financial institutions are expected to smoothly transition within the changing regulatory framework that governs open banking, and to integrate FDX-aligned APIs.</p>

</div>

Plaid partners with Ninth Wave to launch Gateway Partner Program for open banking compliance

ANALYST_QUICK_TAKE

<div>

<p>Imprint, a company that provides payment and loyalty card infrastructure, has gathered a total of USD 75 million in Series C funding. The funding round was led by Keith Rabois of Khosla Ventures, and saw participation from Thrive Capital, Kleiner Perkins, and Ribbit Capital. This has brought the company’s total funding to USD 202 million.</p> 

<p>The funding will be used by the company to bolster its proprietary cloud-based credit card and risk platforms. It also plans on using machine learning and artificial intelligence across its various platforms. Furthermore, it intends to roll out co-branded programs with a range of new clients that it currently has in its pipeline.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> This is Imprint’s second funding round in less than a year. It raised <a href="https:<br>
//sp-edge.com/updates/23882"> USD 75 million </a> in Series B funding last November, with funds earmarked to strengthen its financial position and accelerate the platform's growth.&nbsp;</p>

Imprint raises USD 75 million in Series C funding to fuel innovation

<div>
 
 <p>Italian FinTech infrastructure platform, Fabrick, has struck a deal with TerraPay, a cross-border payment infrastructure provider from the UK. The goal is to broaden Fabrick's reach and boost its cross-border payment provision across Europe.</p>
 <p>By leveraging Fabrick's banking-as-a-service platform and TerraPay's global payment network, the collaboration hopes to generate an integrated service that simplifies payments, lowers operational expenses, and guarantees regulatory compliance.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Fabrick’s recent expansion efforts in Europe, including the acquisition of <a href="https:<br>
//www.finapi.io/en/fabrick-announces-acquisition-of-finapi/"> finAPI, a German open banking provider, </a> and today’s partnership, are in line with the company’s <a href="https:<br>
//sp-edge.com/updates/18993"> EUR 40 million </a> fundraising in May last year, which was earmarked to support its European expansion plans, product development efforts, and scaling infrastructure.</p>

Fabrick partners with TerraPay to expand product reach and enhance offerings

<div>

<p>WealthKernel, an infrastructure provider for digital investment services, has acquired a license from the Spanish National Securities Market Commission to extend its reach into Europe. With this, it also has entered the Spanish market by opening a new office in Madrid.</p>

<p>As a result of the obtained license, the company has received the status of an authorized securities broker. This allows WealthKernel to receive and transmit orders, offer custody solutions, Euro-based trading and settlement services. Moreover, it gains access to EU securities, money market funds, and fractional ETFs. </p>

</div> <p><b>Analyst QuickTake:<br>
</b> The regulatory approval comes at a crucial moment for the company, following its <a href="https:<br>
//sp-edge.com/updates/25879"> January 2024 </a> funding round and the announcement of its roadmap to expand into Europe and position itself as a leading investment infrastructure provider. In addition, it positions the company to capitalize on the growing interest from international fintechs seeking to establish intermediaries across Europe, driven by the region's tech-savvy population.</p>

WealthKernel secures license to expand into Europe, beginning with Spain

<div>
 <p>Open banking payment network, TrueLayer, garnered USD 50 million in a Series E extension round of fundraising led by Northzone, with participation from Tencent, Tiger Global, Temasek, and Stripe, elevating their total financing to USD 271.5 million.</p>
 <p>It has plans of utilising these funds for expansion of its pay-by-bank network, and to solidify its footprint in the ecommerce industry.</p>
 <p>Available in 21 European nations, TrueLayer's open banking network is currently serving 10 million users and has the capacity of processing over USD 50 billion in total payment volume each year, accounting for 150 million transactions.</p>
</div>

TrueLayer raises USD 50 million in Series E extension to expand pay-by-bank network

INCUMBENTS_PRESENT

<div>
 
 <p>Mastercard has declared its intention to purchase Minna Technologies, a company that specialises in subscription management solutions. The acquisition is designed to improve Mastercard's technology capabilities. However, the financial details of the transaction have not been disclosed, and the acquisition is subject to regulatory inspection.</p>
 <p>Minna Technologies is headquartered in Sweden and its core service is developing solutions that allow retail banks and fintech businesses to offer subscription management services directly within their banking applications and websites. The financial companies that have partnered with Minna Technologies include Lloyds Banking Group, Swedbank, Visa, and ING, among others.</p>
 <p>Mastercard's primary goal with the purchase is to leverage Minna Technologies' payment system-neutral services. This would enable users to have a single view of all their subscriptions directly within the banking app or website.</p>
 
</div>

Mastercard to acquire Minna Technologies to enhance technological offerings

<div>

<p>The Federal Deposit Insurance Corporation (FDIC) Board of Directors has proposed a rule that would enforce stronger recordkeeping for bank deposits received from third-party non-bank companies like <a href="https://sp-edge.com/companies/271739"> Synapse </a>. These companies facilitate deposits on behalf of consumers and businesses.</p>

<p>This proposed rule would mandate FDIC-insured banks that hold certain custodial accounts to maintain accurate records to identify individual fund owners, this would include day-to-day account reconciliation.</p>

<p>The intent of this regulation revision is to mitigate risks associated with third-party banking arrangements. It aims to safeguard depositors and bolster public trust in insured deposits. Another major objective is to fortify compliance with laws pertaining to anti-money laundering and countering terrorism financing.</p>

</div>

FDIC proposes new recordkeeping rules on Banks' third-party accounts

<div>
 
 <p>Form3, a cloud-based payment processing platform, recently raised USD 60 million in a Series C extension funding round. The round was led by British Patient Capital, and saw participation from existing investors like Visa, Goldman Sachs, Mastercard and others. This funding round has raised Form3's post-money valuation to an impressive USD 570 million.</p>
 <p>The company has shared its intentions to utilize this fund to create new products and services. It also plans to aid its growth in key markets such as UK, Europe, and the US, and venture into new territories. </p>
 <p>Interestingly, Form3 is responsible for handling more than half of all non-cash payment volume in the UK. In just the past six to nine months, the company reported a 2x growth in its global processing volume. It expects to double this figure again in the coming 12 months.</p>
 
</div>

Form3 raises USD 60 million in Series C extension to support product development and expansion

<div>
 
 <p>Open banking payments network TrueLayer has broadened its collaboration with Stripe, a platform that offers API-based payment and subscription management. This partnership aims to power Stripe's Pay by Bank feature in the UK.</p>
 <p>Through this partnership, Stripe is able to provide its Pay by Bank feature as a novelty with Stripe Elements. It enables UK-based businesses to receive immediate bank account payments from customers. This not only simplifies the payment process but also minimizes transaction charges.</p>
 <p>Stripe's objective of eliminating obstacles in online buying and checkout procedures is backed by TrueLayer's open banking technology. It offers user-friendly, instantaneous, and SCA account-to-account payments.</p>
 
</div>

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

<div>
 
 <p>Zuora proclaimed non-GAAP EPS (Earnings Per Share) of USD 0.19 for Q2 FY2025, a figure that surpasses analyst consensus-estimated EPS of USD 0.10. In comparison, the company's EPS a year ago was USD 0.07. Furthermore, Q2 FY2025 showed a 7% YoY (Year over Year) increase in total revenue as it reached USD 115.4 million, exceeding analyst consensus estimates by 2.57%. The previous year's Q2 recorded USD 108.0 million.</p>
 <p>Zuora's customers with annual contract value equivalent to or more than USD 250,000 rose to 445, displaying an increase from last year's figure of 444. However, the second quarter of FY2025 saw a drop in the dollar-based retention rate (DBRR) as it went down to 104%, a decrement compared to the 107% in Q2 FY2024. The annual recurring revenue (ARR) in Q2 FY2025 grew by 7%, going up to USD 412.3 million from USD 384.2 million in the same quarter the previous fiscal year.</p>
 <p>The acquisition of <a href="https://sp-edge.com/companies/1751511">Sub(x)</a>, an AI-based digital publishing and media platform, was announced during the quarter. This move is expected to bolster Zuora's existing paywall offerings. The platform also added new customers including Canva, The Economist, and Dark Matter Technologies.</p>
 
</div>

All Updates

Monnai raises USD 6.5 million in Series A funding

Plaid partners with Ninth Wave to launch Gateway Partner Program for open banking compliance

Imprint raises USD 75 million in Series C funding to fuel innovation

Fabrick partners with TerraPay to expand product reach and enhance offerings

WealthKernel secures license to expand into Europe, beginning with Spain

TrueLayer raises USD 50 million in Series E extension to expand pay-by-bank network

Mastercard to acquire Minna Technologies to enhance technological offerings

FDIC proposes new recordkeeping rules on Banks' third-party accounts

Form3 raises USD 60 million in Series C extension to support product development and expansion

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

Zuora Q2 FY2025 earnings beat analyst estimates; acquires Sub(x) to enhance paywall offering

FinTech Infrastructure

Monnai raises USD 6.5 million in Series A funding

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