The seven-year-old fintech that has grown into the biggest standalone digital bank of the world, Nu Pagamentos SA, has bought a software consulting firm of the U.S., Cognitect, which is the first acquisition by the fintech outside of Brazil.
Fintech Nubank buys Software Firm Cognitect
David Velez, the Chief Executive Officer stated that Nubank which is backed by Tencent Holdings Ltd., purchased Cognitect Inc., the software firm based out of Durham, North Carolina. David did not disclose any details of the terms. In an interview, he had mentioned Nubank already makes use of services offered by Cognitect.
Edward Wible, the chief technology officer and co-founder of Nubank stated that there is so much at stake at the present scale of the company that the banking service provider realized the need for access to one of its most significant technology partners, at a different level.
In a 2019 fundraising, Nubank was valued at $10.4 billion and has around 26 million clients which are roughly the same number of active customers that Banco Santander SA had in March in Brazil which since then has grown even during the crisis situation of the pandemic. Nubank has managed to bring in as much in deposits as it had done in the last year, over the period of the last three months, claims Velez. Among top contenders are Tinkoff Bank of Russia that has 10 million clients, and Revolut Ltd of the U.K. that has around 12 million clients, as per their websites.
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Tegra118, a top provider of wealth and asset management technology solutions – and a portfolio company of Motive Partners, a specialist private equity firm – announced it will release version 8.5 of its comprehensive, cloud-based billing and revenue management solution Advantage Fee™ that includes new enhancements to further simplify fee billing and invoice operations for financial institutions across the globe.
The enhancements are an addition to significant investment in technology modernization including investments in APIs, state of the art UI/UX and move to the cloud FinTech News.Starting on June 30, 2020, the new release will include:Greater operational, persona-based UI functionality for an enhanced user experience and increased operational efficiencyNew cloud compatibility with Amazon Web Services (AWS) in addition to Microsoft® Azure for comprehensive enterprise-level deploymentEnhanced REST API catalog and additional endpoints for better upstream/downstream integrationGreater process automation with new invoice automation in addition to account onboarding built using Appway technology“Our clients and prospects are looking for a state of the art billing and revenue management solution,” said Tito Singh, Chief Revenue Officer, Tegra118.
“Our investments and enhancements to Advantage Fee provide the solution they are looking for, leading to a stronger pipeline and increased client satisfaction.” The new enterprise enhancements to Tegra118’s Advantage Fee platform help reduce total cost of ownership for financial institutions with simplified cloud-based and API integrations, a more intuitive persona-based user experience, and automated invoice and account onboarding.
The powerful calculation engine in Tegra118’s Advantage Fee is used by leading wealth management, custody and trust firms around the world to aggregate and process high volumes of financial transactions, calculate fees based on fee agreements, and automate invoicing for financial services.“We have been partnering closely with our clients to identify new use cases where we can provide solution enhancements and continue to guide the industry forward with our platform,” said Kashyap Kapasi, Director, Product Management and Strategy, Tegra118.
“Our collaboration has yielded significant enhancements to our offering with each subsequent release, creating a powerfully compelling and holistic package that resonates well with our clients.”
Digital has been a buzzword in the ever-evolving banking industry across the globe.
This evolution focuses on designing a seamless, versatile and collaborative experience for the end consumers.
Technological advancement anchored this transformation by upgrading retail and mobile banking to neobank startups, propelling banking into a digitalized future.The rapid advancement in technology has created many challenges for the traditional brick and mortar branches.
Though they are well equipped with financial resources and consumer relationships with a decent reach, they need to adopt digital ways for banking to stay relevant in the future.Here are some ways how digital can shape the banking landscape:Frictionless banking through utilization of B-a-a-S or API Banking: Legacy institutions are best positioned to succeed if they commit to full-fledged digital transformation by introducing extremely adaptable solutions and can utilize Open APIs to integrate new financial systems and open banking software, allowing faster expansion.
The most common of these solutions is Banking-as-a-Service (B-a-a-S), where digital banks and other third parties can connect with the bank’s system directly via APIs.Emergence of Personalized banking tools — The emerging digital banking solutions focus on providing self-learning digital banking software tools sensitive and intuitive to customer needs by utilizing a range of cutting-edge technologies to increase consumer engagement, including AI-powered chatbots, wearable assistance, personal finance Management, P2P Payments through voice bots, and QR code scanning.Data Analytics for Customized Solutions: — Financial service providers will get a deep insight into customers’ lives owing to Big Data, IoT, Blockchain and Open Banking.
They can better the lives of their customer by employing the following techniques: -The technologies such as IoT tend to track the real lives of customers rather than relying on manual submissions, the customer data will be safe and secure through blockchain technology which would be further authenticated via AI.
Advancing technology has started influencing the BFSI sector, and we witness innovative app solutions in financial services.
These solutions fall under the fintech category and contribute to improving services.
Mobile wallets, banking apps, and cryptocurrency-related apps are some of the most popular examples of fintech apps.
In this blog, we are going to understand the role and benefits of cross-platform app development for a fintech firm
