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News on Medial
Digital banking infra provider Signzy acquires Difenz at $5 million valuation
Economic Times
·
1y ago
Medial
Digital banking infrastructure provider, Signzy, has acquired fraud risk management solutions provider, Difenz, in a cash-and-equity deal valued at $5 million. Difenz, founded in 2020, specializes in compliance solutions for financial institutions. With this acquisition, Signzy plans to offer AI-led KYC (know your customer) compliance solutions. The deal also marks an exit for early-stage venture capital fund, 8i Ventures, which had previously invested Rs 4.5 crore in Difenz. Signzy's CEO expressed excitement about integrating Difenz's solutions into their existing KYC onboarding systems.
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Fintech SaaS Startup Signzy Acquires Difenz To Bolster Compliance Solution Offerings
Inc42
·
1y ago
Medial
Fintech startup Signzy has acquired fraud risk management solutions provider Difenz in a cash and equity deal, valuing Difenz at $5 million. The acquisition will strengthen Signzy's AI capabilities and allow it to offer AI-led Know Your Customer (KYC) compliance solutions to financial institutions. The deal also provided an exit to venture capital firm 8i Ventures, which had invested INR 4.5 crore ($600,000) in Difenz's seed funding round. Signzy provides digital onboarding solutions to banks and NBFCs and has raised over $37 million to date.
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Indian online ID verification firm Signzy confirms security incident
TechCrunch
·
8m ago
Medial
Cybersecurity incident at Signzy, an online identity verification service provider, has been confirmed. The Bengaluru-based startup, serving over 600 global financial institutions, experienced a cyberattack last week. Though Signzy acknowledged the incident, they did not provide specific details. Both Signzy's clients and India's computer emergency response team, CERT-In, are aware of the situation. The alleged customer data appeared on a cybercrime forum post, but it remains unclear if any data was exfiltrated. Signzy assured its clients, regulators, and stakeholders that appropriate actions are being taken. The Reserve Bank of India has not commented on the incident.
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Chime IPO raises $864 million in long-awaited Nasdaq debut, cuts valuation nearly in half—here’s what it means for fintech’s big revival
Economic Times
·
1m ago
Medial
Chime's IPO on Nasdaq raised $864 million, debuting shares at $27 each, slightly above the expected range. The digital banking service, now trading under CHYM, saw shares jump to around $42, valuing the company at $11.6 billion, significantly lower than its $25 billion valuation in 2021. Despite decreased valuation, Chime's banking services and strong financial backers attracted investor interest, marking a potential revival for fintech IPOs and signalling strong investor interest.
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Nexthink Acquires AppLearn
Finsmes
·
1y ago
Medial
Nexthink, a digital employee experience management software provider, has acquired AppLearn, a provider of learning and digital adoption guidance for employees. The terms of the deal were not disclosed. With this acquisition, Nexthink aims to provide enterprises with a comprehensive solution for digital workplace management, saving time for both employees and IT departments. AppLearn's expertise in enhancing digital dexterity and empowering IT with insights will complement Nexthink's capabilities in diagnosing and addressing issues impacting employees' digital experiences.
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BitGo Acquires Brassica
Finsmes
·
1y ago
Medial
BitGo, a digital asset company, has acquired Brassica, a provider of investment infrastructure for private securities and alternative investments. The financial terms of the deal were not disclosed. This acquisition positions BitGo to offer comprehensive support for both traditional private securities and blockchain-based assets, expanding its global presence. The move aims to advance the digitization of the alternative asset industry, enabling a borderless and accessible financial services economy. BitGo, which raised $100 million in 2023, plans to develop new products across asset classes to provide integrated platform solutions for its customers.
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Power, infra, clean tech among top FY25 themes for this fund manager
Money Control
·
1y ago
Medial
Ashwini Shami, EVP and portfolio manager at OmniScience Capital, predicts that the Reserve Bank of India (RBI) will follow the lead of the US Federal Reserve and may make a necessary policy decision in response to a potential rate cut by the Fed in May or June. Shami believes that consumer staples are overpriced compared to other sectors like banking, infrastructure, and power, which offer better growth potential at lower valuations. While the rural market may benefit temporarily from higher economic activities during elections, Shami does not expect it to outperform the overall economy. He suggests that investors consider adding gold to their portfolios for stability and protection against inflation, but views equities as a more attractive investment option. Shami also highlights the long-term growth opportunities in the IT sector due to digital transformation and the availability of digital talent in India. As for the RBI repo rate, Shami expects any rate cuts to be driven by the actions of other central banks, particularly the US Fed. He identifies power, banking, infrastructure, NBFCs, and clean tech as top investment themes for FY25.
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Spare raises $3 Mn Investment to lead Open Banking Innovation in the Middle East
Startup News FYI
·
1y ago
Medial
Bahrain-based open banking services provider, Spare, has secured a $3 million funding round led by Vision Ventures. Other participants included Wa’ed Ventures, Seedra Ventures, 500 Global, and angel investors. Spare offers cutting-edge Open Banking solutions in Saudi Arabia, Kuwait, and Bahrain, aiming to streamline financial services innovation in the region. The MENA region shows potential for open banking growth, with evolving regulations, increasing fintech presence, and digital transformation across industries. Spare's funding will be used for talent acquisition, marketing, and operations in Saudi Arabia.
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India’s startups will no longer prefer price perfection
Business Today
·
1y ago
Medial
India's once highly valued startups, Paytm and Byju's, are now facing crushed valuations, which will likely impact the country's future fundraising efforts. Paytm, known for its digital payments revolution, is currently valued at $3 billion, a significant drop from its previous valuation of nearly $19 billion. Byju's, the online education provider, recently raised $200 million, cutting its valuation by 99%. Both companies have faced challenges, including regulatory issues and struggles with creditors and investors. This setback highlights the need for improved oversight and cautious investment in the Indian startup ecosystem.
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Zaggle Acquires 26% Stake In Digital Payments Processor Mobileware
Inc42
·
10m ago
Medial
Fintech SaaS startup Zaggle has purchased a 26% stake in Mobileware Technologies (now called '86400') for INR 15.6 Cr. 86400, founded in 2010, offers digital banking and fintech solutions to enhance digital services in rural and urban areas for banks and financial institutions.
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IndiaMART InterMESH Acquires 10% Stake In Fraud Detection Startup IDfy For INR 90 Cr
Inc42
·
1y ago
Medial
IndiaMART InterMESH has announced its acquisition of IDfy, a provider of products and solutions for KYC, background verification, risk mitigation, digital onboarding, and digital privacy. IDfy, founded in 2011, had earlier raised $27 million in a funding round led by Elev8. The acquisition will allow IndiaMART to enhance its capabilities in these areas and further strengthen its market position in India's business-to-business (B2B) e-commerce industry.
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