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 sector. Explore more fintech news.
Top news
ChoiceOne Financial Services Inc. and unit ChoiceOne Bank partnered with DPT Solutions Inc. to offer Metriciti, a commercial lending platform with advanced data analytics, streamlined operations and high standards of data security and compliance. DPT is the exclusive reseller of Metriciti, which is now available to community banks.
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Fidelity National Information Services Inc. unveiled SMB Digital Lending, a solution it created in partnership with Lendio Inc., a small business financial solutions technology platform. The solution automates lending processes for financial institutions and is FIS' first in a portfolio of digital banking solutions to focus specifically on loans for small and medium-sized businesses.
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Slope Inc., a business-to-business payments platform offering order-to-cash workflow automation for enterprise companies, closed an additional financing round that brought its total funding to $252 million. The company will use the funding to scale operations.
JPMorgan Chase & Co.'s payment division, J.P. Morgan Payments, was among the participants in the financing round and will provide a debt facility. Also, it picked Slope to help provide clients with access to a short-term financing solution that gives an extension of payment terms to the clients' business customers.
Banking and lending
LoanDepot Inc. added a new home equity loan to its equityFREEDOM product suite. The equityFREEDOM Home Equity Loan, along with the equityFREEDOM Home Equity Line of Credit, provides homeowners with financial tools to lower their borrowing costs while maintaining their current mortgage rate.
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PrimeLending a PlainsCapital Co. debuted Loan Lift, a mortgage underwriting process that helps borrowers qualify for better loan terms and more lending options. It ensures positive financial behaviors are recorded during credit eligibility assessment.
Payments
Transend Financial Inc., a business-to-business private-label working capital solution, and Midland States Bank, a subsidiary of Midland States Bancorp Inc., partnered to offer payment solutions that enable suppliers to give access to working capital at the point of commerce.
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Cash App integrated with Google Play to provide consumers with an alternative payment option when checking out on their Android smartphones or tablets. Cash App Pay allows customers to pay by using their Cash App balance or linked debit card.
Data and information management
Fintech company Stratyfy Inc. partnered with Prism Data Technologies Inc., a cash flow underwriting and data analytics platform. Stratyfy will utilize Prism Data's cash flow data and scores to help lenders in making decisions if traditional credit data is insufficient.
Investing
Fintech company Lenox Park Solutions Inc. secured an investment from Tikehau Capital, a global asset manager. The investment will speed up Lenox Park's technology development and analytics capabilities and support its expansion into international markets.
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Global fintech platform iCapital announced a relationship with Ashton Thomas Private Wealth LLC, part of Arax Investment Partners, to give financial advisers and their high-net-worth clients data management and access to alternative and structured investment opportunities.
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