In today’s FinTech news, SoFi expands its banking services, while U.K. FinTech CEOs ask to overhaul regulations. London embedded finance startup Weavr raised funds, while the London Stock Exchange Group acquired an all-in-one trading management solutions platform. Over in Africa, Osahon Akpata, Ecobank’s head of consumer payments, told PYMNTS that FinTech has a future on the world’s second-largest continent.
SoFi Pays $1.1B For Banking Software Firm Technisys
SoFi started as a student lender in 2011 at a time when digital disruption was just getting out of the starting gate. Today, SoFi has its eye on becoming a one-stop shop for financial services and its $1.1 billion acquisition of banking software firm Technisys brings it another step closer.
The purchase of Technisys is part of a series of acquisition deals SoFi has initiated to reinforce and expand its suite of banking products. With Technisys, SoFi can power mobile banking apps, track deposits, and open accounts.
Open Letter From FinTech CEOs Calls for More Regs
Chief executives from close to six dozen of the U.K.’s biggest FinTech firms submitted an open letter to regulators and the U.K. government calling on them to accelerate financial regulation reform.
The letter reportedly indicated that because of Brexit, this is the perfect time for FinTechs to seize the opportunity to help re-write regulatory and capital requirements that are also proportionate for challenger banks.
London FinTech Startup Weavr Nets $40M Funding Round
Weavr raised $40 million in a Series A funding round that will enable the embedded finance startup to disrupt the banking-as-a-service (BaaS) model with its Plug-and-Play Finance solution. The London FinTech has a global expansion strategy in place and is planning to launch in the U.S. sometime this year.
London Stock Exchange Group Closes $325M Deal for TORA
The London Stock Exchange Group acquired TORA, a single platform for execution, order and portfolio management system (EMS, OMS and PMS). Both companies are aiming to develop a seamless financial infrastructure that works across the whole investment lifecycle as an open ecosystem.
Ecobank Says Africa’s Payment, FinTech Future is Bright
Osahon Akpata, Ecobank’s head of consumer payments, told PYMNTS that FinTech has a future in Africa, where a large portion of the population is digital native and smartphone use is widespread. Improvements in the interoperability between mobile money operators are also helping ensure a smooth transfer, lower fees, and new possibilities.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
