Fintech weekly deals and partnerships round-up

Bridgepoint to take majority stake in Kyriba for $160mn

Kyriba, a cloud treasury and finance software provider, announced that it is in advanced talks with Bridgepoint, an international private equity group, to receive a $160 million investment round to grow its enterprise platform. The deal, once closed, would give Bridgepoint a majority stake in the business, and value Kyriba at $1.2 billion. Daher Capital, Iris Capital and Kyriba chair and CEO Jean-Luc Robert will remain as investors in the company.

The firm’s cloud platform connects siloed financial systems – banks, ERPs, and other systems – so that global organizations can improve cash and risk management, payments and working capital optimization. In 2018, the fintech had $110+ million in revenue and netted 229 new clients. In January, Kyriba announced its plans to acquire FiREapps, an enterprise currency management company, which will create an end-to-end solution for managing FX risk.

Kyriba expects to use the funds for product development, customer support and ecosystem expansion. It will specifically invest $60 million into product innovation over the next two years. Bridgepoint has partnered with similar software businesses, including eFront, an alternative investment management software that BlackRock is set to acquire for $1.3 billion, and Calypso, a provider capital markets software for financial institutions.

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Linedata taps ICE Data Services for data and analytics

Linedata, a global provider of credit and asset management technology, announced an agreement with ICE Data Services to provide a broad set of high-quality data and analytics, including fixed income evaluations, reference data, OTC derivatives data, global listed equity pricing, corporate actions/dividends, and suite of analytics, directly through cloud-based solutions.

ICE Data Services has evaluated pricing on nearly three million securities and reference data on over 13 million instruments for pre-trade, trade and post-trade workflows.

ClearBank will provide Banking-as-a-Service for UK fintech TigerWit

ClearBank announced it’s been selected by TigerWit, a UK-headquartered global financial technology company, for its BaaS offering. The partnership brings together two innovative fintech businesses that are changing the way their industries operate by bringing new technological solutions to their customers.

TigerWit’s clients will get ClearBank’s real-time agency banking services with real-time payments when depositing and withdrawing funds. ClearBank ensures the protection of funds by holding them at the Bank of England and TigerWit’s retail client funds will be segregated in line with the Financial Conduct Authority’s (FCA) client money rules.

Binance partners with IdentityMind for compliance and data security

IdentityMind, a risk management and regtech compliance platform with Know Your Customer (KYC) and Anti-Money Laundering (AML) services announced its partnership with Binance. The companies have begun undertaking steps to improve existing data protection and compliance measures for the cryptocurrency exchange’s global operations. IdentityMind’s risk and compliance platform is a real-time onboarding, transaction monitoring, and case management solution built for digital currency exchanges.

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Standard Bank moving to AWS cloud for automation, AI and ML

Standard Bank has selected AWS as its preferred cloud provider with the intention of migrating its production workloads, including customer-facing platforms and strategic core banking applications to the cloud. The South African banking group will leverage AWS services, including data analytics and machine learning, to automate financial operations and enhance customer facing web and mobile applications.

The migration to AWS will take place across all business units, subject to approvals from local regulators, including Personal Banking, Wealth, Corporate Investment Banking, and Insurance, driving a more personalized banking and investment experience for customers.

South Africa’s central bank confirmed that Standard Bank can make the move to AWS while still meeting all current compliance requirements. The bank said in a statement it expects to take advantage of advanced analytics and machine learning services, including Amazon SageMaker, to advance fraud detection and launch new business initiatives, such as machine learning-based advisor capabilities that will help customers make more informed financial decisions.

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Dozen US banks join big brokers as members and investors in KY3P

A group of 12 regional and digital financial institutions have joined together as investors and members in KY3P, a company dedicated to working with the financial industry to standardize best practices for managing third-party risk and optimizing the processes by which financial institutions assess and monitor inherent risk in engaging suppliers and entering into third-party relationships.

Ally Bank, BBVA Compass, Citizens Bank, Comerica Bank, Fifth Third Bank, The Huntington National Bank, KeyBank, M&T Bank, Regions Bank, Santander US, SunTrust Bank and U.S. Bank, through their holding companies, are the newest equity owners and design partners in KY3P. They join existing bank design partners, Barclays, Goldman Sachs, HSBC, Morgan Stanley and UBS.

Launched in October 2015 by IHS Markit, KY3P was created in partnership with financial institutions, buyside firms and third parties. The company offers the first central, cloud-based platform for vendor onboarding, collection and verification of due diligence data and vendor risk monitoring covering a range of third parties, including vendors, affiliates, sub-advisors, distributors, clearinghouses and other service providers in the financial industry. For suppliers, KY3P provides a mechanism that minimizes the burden of responding to duplicative due diligence requests from financial institutions.

“Collaboration with our peers is key to achieving a proactive posture in managing third party risk,” said Greg Carmichael, chairman, president and CEO of Fifth Third, in a statement. “Joining KY3P allows our institutions to leverage established, innovative and industry-leading technology and provides a platform through which we can continue to advance our management and oversight of third-party risk.”

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