News from FV Bank, Thought Machine, Paya, Jivox, and more, this week in Fintech.Â
FUNDING NEWS
True Link Financial Bags $35M in Series B
Fintech company True Link FinancialOpens a new window has raised $35 million in two series B rounds led by Khosla Ventures and Centana Growth Partners, respectively. The company works to deliver financial assistance to vulnerable older adults, people with disabilities, and those recovering from addiction to meet traditional financial institutions’ needs.
Thought Machine Raises $125M for Asia Pacific Expansion
Thought MachineOpens a new window , the cloud-native core banking technology firm recently raised an additional $42 million in an extension of its series B funding round, bringing the total to $125 million for expansion into the Asia Pacific market. The company enables banks to deploy modern systems and move away from legacy IT platforms.
PARTNERSHIP, MERGER & ACQUISITION NEWS
Openbucks Becomes a Paysafe Company
Specialized payment platform PaysafeOpens a new window , has acquired US based payment technology company Openbucks. Openbucks delivers a payment gateway that enables merchants to accept retail gift cards as an alternative to credit cards. Post-acquisition, the Openbucks team will be a part of Paysafe’s eCash division.
Quadient Acquires YayPay for Accounts Receivables Automation
QuadientOpens a new window expands business process automation with the acquisition of YayPay, a SaaS accounts receivable (AR) automation solution. YayPay delivers a combination of automated invoice delivery paired with collections management, credit assessment, and payment and cash application solutions.
Alyna Wnukowsky, chief solution officer, Business Process Automation, Quadient told Toolbox that the acquisition represents a ‘significant shift in the Accounts Receivables Automation Market’, and would benefit the 500,000 customers that rely on Quadient technology to automate invoices and other customer-related communications.Â
MV Index Solutions Announces BlueStar Acquisition
Index provider MV Index SolutionsOpens a new window announced the acquisition of BlueStar Indexes (BlueStar), a research-driven provider of indices and financial data focused on serving the needs of innovative ETF issuers, index fund sponsors and asset managers around the world. The acquisition will bring together two specialists to deliver cutting-edge indices and data for the global ETF, index fund, and structured products industry.
Paya and Fintech III Merge
Integrated payments and commerce solutions provider PayaOpens a new window , and FinTech Acquisition Corp. III, a special purpose acquisition company, announced their merger, and said that the new entity will operate under the name of Paya, but with a new symbol.
PRODUCT
FV Bank Brings Online-only Services for Individuals and Businesses
Global digital bank FV Bank InternationalOpens a new window launched the online FV Bank, an online-only banking platform for individuals and businesses. FV Bank will deliver reliable online banking solutions to fintech customers, including digital asset service providers seeking access to the US dollar and tailored to eCommerce and international trade. The platform will leverage new age technologies like artificial intelligence and machine learning to deliver solutions that are different from the traditional banking systems.Â
Miles Paschini, CEO of FV Bank, in conversation with Toolbox, explained why this solution was core to banking services. “With FV Bank, we provide the challenger bank experience, served over new technologiesâ€.  He cited the example of digital automated onboarding, which makes it easier for global businesses and individuals to onboard their accounts, as well as a variety of solutions for clients to receive funds and make global payments.
Zycus Launches AI-Driven AP Automation Bots
AI driven source-to-pay software solutions company ZycusOpens a new window has extended its plug-and-play AI capabilities to Accounts Payable (AP) operations. The new bots consist of an AP inbox manager bot, an invoice reader bot, a fraud detection bot, a cost allocation bot, a duplicate detection bot, and an on-cloud eInvoicing solution and supplier portal to achieve end-to-end touchless invoice processing.
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