S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. For more fintech news, click here.
Top news
Financial technology company Versana is planning to launch an industry-backed syndicated loan platform that will digitally capture agent banks' reference data directly from the source in real time. The company's founding members are JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Credit Suisse Group AG.
The platform will launch later in 2022 and will target cutting the operational challenges of the corporate loan market, according to a news release.
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Depository Trust & Clearing Corp. launched its improved institutional trade processing service, ITP Data Analytics. The service includes analytical tools allowing broker/dealers and investment managers to measure and compare their operational performances against counterparties, industry standards and peers.
ITP Data Analytics replaces Depository Trust & Clearing's legacy Benchmarks service and consumes underlying daily transaction activity from the company's post-trade central matching service, CTM.
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Aplazo, a Mexico-based buy-now, pay-later service, and Mastercard Inc. partnered to launch a first-of-its-kind virtual card solution in Latin America. The virtual card will allow buy-now pay-later payments and the capacity to shop anywhere.
Banking and lending
Green Dot Corp. is teaming up with Plaid Inc. to offer the customers of GO2bank, Green Dot's flagship digital bank, an application programming interface- and token-based open finance experience enabling data connectivity. The partnership leverages Plaid's open finance API solution, Plaid Exchange, and connects the digital bank's customers with over 6,000 apps and services powered by Plaid.
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Huntingdon Valley Bank is now live on nCino Inc.'s commercial pricing and profitability solution on the nCino Bank Operating System. The solution offers increased efficiency, transparency and real-time data insights for the Doylestown, Pa.-based bank's business banking and commercial lending divisions.
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Advertising technology company Prizeout Corp. integrated with the digital banking platform of Q2 Holdings Inc. Over 450 Q2 banks and credit unions now have the option to deploy Prizeout's integration to their customers, and account holders who utilize Prizeout's platform may convert their online funds into digital gift cards instantly and without transaction fees.
Trading and investing
Gauntlet Networks Inc. raised $23.8 million in a series B financing round, which along with its series A funding in May 2021 brought its total valuation to $1 billion. The company, a financial risk modeling platform for cryptocurrency lending, intends to utilize the funding for hiring and expansion into new client categories, such as gaming, Bloomberg News reported.
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EarnUp Inc., a financial technology company offering payment and data solutions for the mortgage industry, closed a $31.0 million series C financing round. With the latest funding round, the company will expand its reinvention of payment and data flows for the mortgage industry. EarnUp is also partnering with banks to expand its reach and streamline the borrower experience.
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Charles River Development, a State Street Corp. company, launched an offering that affords wealth and asset managers technology capabilities to tailor portfolios. The solution, called Tailored Portfolio Solutions, integrates the Axioma Portfolio Optimizer from index and analytics provider Qontigo GmbH and embeds optimization technology in an end-to-end customization process.
Insurance
Insurance technology company Mile Auto Inc. integrated two mileage-based telematics solutions from data analytics provider Verisk Analytics Inc. to aid low-mileage drivers access mileage-based car insurance. Mile Auto uses DrivingDNA Mileage to access verified odometer readings and Discount Alert to target drivers for whom it will provide a prompt to request a Mile Auto quote.
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Robinhood to launch program allowing users to loan stocks – Bloomberg
