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Fintech focus: Clearwater, OneUnited launch tool to invest in minority banks

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

Investment and analytics software solution provider Clearwater Analytics LLC partnered with Boston-based OneUnited Bank, a Black-owned internet bank, to launch a new tool to facilitate corporate investments in minority depository institutions.

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Payment processing giant Mastercard Inc. rolled out a new global startup engagement program called Start Path to engage fast-growing digital assets, blockchain and cryptocurrency companies in expanding and accelerating innovation together to help people and institutions buy, spend and hold cryptocurrencies and digital assets safely and easily.

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Blockchain technology company Figure Technologies Inc. completed a $200 million series D funding round at a $3.2 billion valuation. The round was oversubscribed and included new investors including entities and funds managed and/or advised by affiliates of Apollo Global Management Inc., Blockchain.com Ventures, Rockaway Blockchain Fund, HOF Capital, Endeavour Capital, National Bank Holdings Corp., Goldentree Asset Management and L1 Digital.

In July, Apollo and Figure agreed to work together on a series of blockchain-enabled initiatives.

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Cryptocurrency firm Bullish Global on July 27 began a seven-week private pilot of its upcoming trading network, the company announced on its website. Ahead of the project's launch later this year, the pilot, which is set to end Sept. 13, will use simulated crypto assets and paper money to enable the company to get select participants' feedback.

Banking and lending

Fidelity National Information Services Inc., also known as FIS, added new digital lending and commercial onboarding components to its flagship cloud-native core banking platform for advanced digital banking functionality available to banks using the platform, including Fifth Third Bank and BMO Harris.

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Wilmington, Del.-based Bancorp Bank established a banking services tie-up with financial technology company Current to provide the latter's members with an enhanced suite of banking services including basic, premium and teen accounts. Bancorp will provide back-end banking services and card issuing sponsorship, enabling Current members to access their funds through both physical and virtual debit cards.

Payments

Blockchain and cryptocurrency solutions provider Ripple launched its first live, on-demand liquidity service implementation in Japan, in collaboration with Japan's money transfer giant SBI Remit Co. Ltd. and Coins.ph, a mobile wallet service provider in the Philippines and a subsidiary of Indonesia's PT Aplikasi Karya Anak Bangsa. In the partnership, SBI Remit will connect with Coins.ph and Japan-based digital asset exchange platform SBI VC Trade Co. Ltd. on RippleNet for faster and more affordable cross-border payments from Japan to the Philippines.

Data and information management

Data, technology and market infrastructure provider Intercontinental Exchange Inc. is launching its first joint product with subsidiary Ellie Mae Inc., also known as ICE Mortgage Technology, to enhance its mortgage prepayment model. The bourse operator will leverage anonymized transaction data, particularly transaction-based residential mortgage rates, from ICE Mortgage Technology to enhance ICE's mortgage prepayment model.

Trading and investing

State Street Corp. partnered with Lukka Inc., an enterprise crypto asset data and software provider, to expand digital asset fund administration capabilities for its alternative investment clients.

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RBC Wealth Management-US, a division of RBC Capital Markets LLC, will use the wealth management platform of investment and capital markets technology company Broadridge Financial Solutions Inc. to power its growing U.S. business.

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In another development, Broadridge Financial Solutions will work with internet software company Snowflake Inc. to enable Broadridge clients to seamlessly consolidate and analyze trading and portfolio data in the cloud. Snowflake's Data Cloud platform provides customers with data storage, processing and analytics solutions.

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SEI Investments Co. forged a strategic partnership and technology integration with Wealthbox, a provider of client relationship management software services designed specifically for financial advisers.

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Goldman Sachs Asset Management LP, the primary investing arm of The Goldman Sachs Group Inc., tapped financial technology firm Enfusion Ltd. LLC to provide a customized trading workflow for Goldman Sachs Asset Management's alternative investments and manager selection coinvestment business.

Insurance and healthcare

Verisk Analytics Inc.'s claims management solution, XactAnalysis, now has a prebuilt integration with Duck Creek Technologies Inc.'s platform, enabling insurers to simplify and streamline claims workflows. Duck Creek Technologies provides core system solutions for the property/casualty insurance industry.

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