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Fintech focus: Freddie Mac testing artificial intelligence underwriting model

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. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.

Payments

American Express Co. will launch Pay with Bank transfer in the U.K., a real-time payment option available to current account holders at U.K. banks, regardless of whether they are American Express cardmembers. The product will be launched later in 2019.

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Visa Inc. is set to open an online resource portal, Visa Partner, for financial technology firms to help them get access to its technologies and network, Finextra reported.

Funding

Mercury Technologies Inc. received $20 million in a funding round led by Charles River Ventures Inc., Finextra reported.

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Fundbox Inc. raised $176 million in a series C funding round and further secured a $150 million credit facility. The round was oversubscribed.

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Blockchain analytics platform Elementus Inc. raised $3.5 million in a seed round led by Morgan Creek Digital, IBS Intelligence reported.

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Securitize Inc. received $14 million in an extended series A round led by MUFG Innovation Partners Co. Ltd., Nomura Holdings Inc. and Santander Innoventures to further expand its technology platform and help modernize the legacy securities industry. The firm has raised about $30 million to date.

Cryptocurrency

Social Finance Inc. is set to start trading cryptocurrencies Bitcoin, Ethereum and Litecoin in the week of Sept. 30. The service will be made available through the startup's SoFi Invest platform, which launched earlier in 2019. More cryptocurrencies will be added in the coming months.

Artificial intelligence

Freddie Mac and ZestFinance Inc. joined forces to provide the mortgage lender with an underwriting software, which tests alternative data to evaluate borrowers seeking mortgages. The software looks at data beyond the traditional credit score and claims to evaluate it differently. This is expected to provide applicants like first-time home buyers and minorities with greater access to mortgages.