Spend to Earn

Customer loyalty is the key to any successful business. Loyalty leaders growing their revenue roughly 2.5x as fast as competitors and peers lacking loyalty. A loyal customer is someone who is willing to stick with a product or service through thick and thin. They are also more likely to recommend a product or service to their friends and family.

An essential tool for building customer loyalty is to offer a rewards program. In fact, according to Bond, the average consumer belongs to 14.8 loyalty programs and is engaged in 6.7 of them. Rewards programs engage customers and give them an incentive to keep coming back and refer new business. They also serve as an analytical tool providing businesses a way to track their customers’ behavior and preferences. 

There are many different types of rewards programs, but the best ones share some common features. They are easy to use, offer a variety of rewards, and allow businesses to customize the program to fit their needs. A bold player in the space with a distinguished vision, Numi3, provides a novel rewards platform for modern businesses that understand the importance of customer loyalty and are looking to differentiate themselves.  

Brand loyalty the Numi3 way

Numi3 is a crypto-agnostic Web3 rewards SaaS platform that offers a unique solution for small to medium businesses looking to offer exceptional customer loyalty programs. For businesses, Numi3 boasts a full suite solution that is well thought out and executed using the latest technologies to provide:

• easy onboarding and integration
• secure and reliable infrastructure, and
• the lowest fees on the market.

Businesses can create reward campaigns, referral programs, or giveaways to reward their customers. Numi also provides the ability to validate and process crypto rewards transactions in real-time. So this means you can earn crypto at the checkout of your grocery store. This technology is considered feasible for future use cases to process crypto transactions in real-time. This is where a consumer pays a business for a product in crypto and the payment is validated immediately.

On the customer-end, attractive features of the loyalty program include earning crypto rewards as determined by the offered rewards program. Numi3’s user-centric solution helps businesses cater to the 79% of Americans that say they are more likely to join a rewards program that doesn’t require them to carry a physical card.

The user-friendly and navigable interface offered by Numi3 allows the utilization of crypto rewards to be simple. Apart from providing a seamless experience, the platform adopts a high level of security with several layers of defense. There is also a dedicated team of security professionals who understand the intricacies of keeping digital assets secure. Numi3 provides a simplistic journey for users regardless of previous experience with cryptocurrencies.

With large-scale Web3 adoption, businesses need to grow together with their users and increase their engagement in a maturing market. Seamless implementation will allow businesses to launch an innovative reward program without the headache associated with creating novel solutions from scratch. 

Staked rewards

Another special feature Numi3 will offer to businesses is their state-of-the-art crypto wallet solution, allowing consumers to stake, save, or withdraw their rewards.

Staking their rewards will allow users to earn rewards for holding their tokens over a set period of time, as chosen by the business, giving them even more of an incentive to spend money to add to their compounding pool of points. Additionally, implemented QR code systems prevent connectivity or network service providers from ever being an issue when registering purchases during the point of sale.

The combination of several differentiators could be a game-changer for businesses looking to increase customer engagement and prevent frustrations associated with the previous generation reward programs.

Future of brand loyalty programs

The customer loyalty market is anticipated to increase four-fold by the year 2028, with most growth projected to be led by loyalty management companies implementing and integrating advanced technologies (Fortune Business Insights). Key players are introducing personalized features, demonstrating the opportune moment for Numi3 to build their market. 

Emerging trends in the reward program market include customer willingness to engage with brand loyalty programs. Bond says 95% of consumers prefer loyalty programs using emerging technology like chatbots, AI, VR, and smart devices. Additionally, 75% of consumers say they would engage more with loyalty programs they can easily access from a smartphone. (Source: Code Broker)

Inefficiencies and inconveniences riddle the current state of brand loyalty programs on both, the business and customer end. Considering that over 90% of companies have a loyalty program, there is a major opportunity to improve the reward landscape. (Source: Accenture)

Customers are unable to keep track of and transfer rewards across different platforms. Simultaneously, businesses are not seeing their reward programs benefiting them to the fullest extent. Numi3 offers a refreshing solution for businesses and customers in both revenue and user satisfaction.

There are still a lot of uncharted waters in how cryptocurrency can play a more major role in everyday lives. Consumers are starting to understand this economic landscape better. Incentivizing their participation is a step closer to pushing cryptocurrency to the economic forefront.

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Less than one month ago, Austin hosted for the first time what has been one of the most important conferences in the crypto space since 2015: Consensus 2022. The city is also known for hosting South by Southwest “SXSW”, the Enterprise Digital Asset Summit, DCentral, ETH Austin, BitBlockBoom,  and many more. In addition to this, Austin is also home to companies like Gemini, Core Scientific, Talos Digital, and Scala.

When keeping in mind these events and companies, it is easy to understand the reasons behind Musk’s prediction. Austin is a vibrant city in which disruptive tech is not only welcome but has been encouraged over the past years. Back in 2018, Wanchain’s president Dustin Byington was already telling Crunchbase:

“Austin is a natural—and currently budding—hub for cryptocurrency. It has a strong tech and startup community, a big Libertarian influence which the crypto ethos is built off of, and the macro trend of companies moving to Texas because of the lack of state income tax—which could really benefit this new industry.”

Well, Austin has only gotten more relevant in the tech industry since these comments and now, it seems to be only a matter of sustaining organic growth. While the bay area still is the biggest tech hub in the US after having captivated top talent for years, this might be changing. The region’s inability to deal with spiking housing/living prices meant that, over time, the influx of workers and companies shifted directions, with remote working being a major factor.

But what are the reasons that make Austin so attractive to the FinTech, Crypto, and blockchain industries? This was one of the topics discussed in the “Meet Austin’s FinTech Scene” panel, which took place during Grit Daily House at Consensus 2022. Axios’ Reporter Asher Price sat with Henry Collective’s Founder & General Partner Tyler Knight and Silverton Partners’ Managing Partner Morgan Flager to talk all about the city’s vibrant FinTech scene.

If you missed the chance to attend Grit Daily House in person and to hear what these experts have to say on the future of Austin as a FinTech hub, worry not. You will be able to watch the panel in the video below and find our other panels on Grit Daily’s official YouTube Channel.

The post Meet Austin’s FinTech Scene: Why Texas’ Capital Might Become the Next FinTech Hub appeared first on Grit Daily News.

Miles Paschini is currently the Chief Executive Officer at FV Bank and has more than 20 years of experience in the Fintech industry as a C-level executive. A graduate of San Diego State University, Mile’s list of companies he has helped succeed includes names like Wave Crest Group, Grupo Libertad LLC, B21 Limited, and PayGlobal Limited.

As CEO of FV Bank, Miles will be flying to Austin to attend Consensus 2022 and will be joining us at Grit Daily House. As a global digital bank focused on providing businesses and individuals with accounts all around the world, FV Bank has become one of the biggest names in the Fintech and blockchain industries. This, in addition to his experience, gives Miles a unique opportunity to look into the future of the crypto, blockchain, and Fintech industries.

As its tradition now, Grit Daily House will be opening its doors from June 8th to June 10th as one of the media houses of Consensus. Those attending will not only get to learn and hear insights directly from experts like Miles but will also enjoy the hospitality that only George the Celebrity Doorman, Ozzy the Bartender, and a private chef can provide. All while also growing your professional network and knowledge!

Miles will be taking the stage at 2:30 PM on Friday, June 10th as part of a panel that also includes Stefan Rust, Laguna; Caitlin Long, Custodia Bank; and Roger Dooley, Forbes. The panel, titled “Here’s Where to Find Alpha in 2022”, will offer top-notch insights and tips to anyone looking to beat the market. This panel will prove invaluable to anyone looking to exceed their profit expectations during this bear market.

If you would like to join us in this edition of Grit Daily House for great food, insights, music, and networking, make sure to get your tickets here.

The post Here’s Where to See FV Bank’s Miles Paschini Speak During Consensus appeared first on Grit Daily News.

Interestingly, a positive shift is now taking place that allows fintech companies – and even non-bank lenders of all sizes – to get involved with the student lending marketplace. This trend could be especially impactful since fintechs can now add a student loan or student loan refinance product to their service offering, especially if they have other loan products that may not be performing so well in this current environment.

“This current environment has been tough for many finance organizations which is why it’s a great time for them to explore other options,” said Sara Parrish, President of CampusDoor. “We make it seamless for fintechs and non-bank lenders to enter into the student loan sector because we remove barriers to entry on both the tech and compliance sides.”

Parrish continued by saying, “It takes a BIG investment to develop the level of expertise needed to make a splash in this asset class, but organizations like ours exist to empower lenders of all types and sizes to make the leap into student lending in a more cost-effective way. It’s our job to take care of the hard stuff so lenders can focus on acquiring customers for life.”

CampusDoor is one of the nation’s largest third-party student and specialty loan origination organizations. The company provides innovative, white-label solutions to all types of lenders enabling them to help customers finance a college education, pay off high-interest debt, or cover other unexpected costs.

In fact, CampusDoor’s Student Loan in a Box service provides a unique plug-and-play technology system that enables service providers to meet the student loan needs of their customers without them needing to hold these assets on their books.

“Our solution is perfect for fintechs, and we’ve supported many of them as they took the plunge into the student loan and student loan refinance industry,” Parrish added. “We support the program design, help navigate the compliance landscape, host the application, perform the underwriting, and provide an entire origination operations team. We make it easy.”

There are also a number of benefits that fintech companies can realize by offering student loan solutions, including:

• Relationship building: Fintechs can begin building a relationship with some of their younger potential customers, especially within the GenZ audience. After delivering a positive experience, fintechs can use this goodwill to continue targeting this group for additional financial needs in the future, including mortgages, business loans, and other lending products down the road. 
• Driving revenue during a challenging period: It’s no surprise that the lending industry is being hit hard by a combination of economic factors. The ability to provide alternative services like student loans can provide a stable revenue stream for companies that may be trying to make up for losses they are experiencing in other areas. 
• Playing a role in driving more access: Students and parents need more options. As such, with fintechs becoming a part of this multi-billion-dollar sector, they can be seen as helping to drive more innovation and access as they work to better serve the needs of those seeking funding for higher education.

The bottom line is that private student loans and refinances provide a bridge for other financial entities, like fintechs and non-banks, to step up and meet a need, especially when mortgage originations and refinances are being challenged. If these fintechs can attract students or new graduates now, they have a good chance of participating in the ongoing lifecycle of their future funding needs. Innovative companies like CampusDoor not only play a vital role in helping fintechs to build a strong student lending program, but also in helping to reshape the student loan industry as we know it.

The post Fintechs Are Gaining Momentum In the Student Loan Marketplace appeared first on Grit Daily News.

Here are the movers and shakers of fintech that smashed records in 2021 and are continuing to trend higher on the radar of consumers, companies and investors:

1. Paymerang

Paymerang is one of the dominant players in the AP automation space. The company provides next-gen financial automation and payment solutions. 

Its solutions use a combination of intelligent data capture technologies, artificial intelligence, and an electronic document workflow that is designed to improve organizational efficiency. 

2. Earnest

Earnest’s application is geared toward helping current and soon-to-be college students shoulder the burden of pursuing their education. The platform connects students with low-rate student loans so that they can find the ideal financing solution for their educational needs. 

3. Giddy.co

A relatively new entry to the crypto wallet space, Giddy aims to give users more control over their cryptocurrency assets with one-tap staking. Giddy’s non-custodial wallet puts the power back in the hands of investors while also allowing them to earn interest on current crypto assets. 

4. Array

Array is committed to helping consumers better understand how their daily transactional habits impact their overall financial health. As a B2B company, Array markets its solutions directly to businesses that want to provide their users with more personalized feedback on their credit usage. 

5. Clyde

Clyde offers businesses access to a dynamic insurance platform. The company connects businesses with a network of insurance carriers. They can use this platform to offer their customers extended warranty insurance coverage that provides protection from events such as normal wear-and-tear, defects to theft. 

6. Robinhood

Robinhood remains the most popular investment application for individual investors. The app is simple to use and commission-free. 

The company also allows investors to purchase fractional shares, which is especially appealing to individuals who want to purchase high-value stocks but do not have the resources to buy an entire share at once. 

7. Digit

Our 7^th pick is another fintech solution geared towards improving users’ financial health. Digit will incrementally transfer small amounts of funds into a designated savings account based on individual user specifications. Digit analyzes a user’s spending habits and deposit history to determine when and how much money to transfer. 

8. Western Union

In order to maintain its dominance in the money transfer market, Western Union has made significant investments in the fintech space. It allows customers to initiate transactions using a wide range of mediums, including a mobile app, the company website, or even over the phone. 

9. Flywire

Flywire is a payment platform that is designed specifically for the needs of those making high-priority transactions. The company has a global payment network, which allows users to pay for education, healthcare, travel fees, or other vital services in local currencies. A key feature of Flywire is that it offers locked-in exchange rates. 

10. MANTL

The tenth selection on our list is a solution that was purpose-built for credit unions and banks. MANTL is designed to optimize tedious back-office processes by providing these institutions with an omnichannel account management platform. These entities can use MANTL to manage their brand reputations and provide users with tailored experiences. 

11. Spring Labs

Spring Labs facilitates the secure transfer of information between various companies. The fintech firm accomplishes this by leveraging the power of blockchain and leading-edge data ledger tech. Spring Labs increases transparency between businesses and reduces fraud. 

12. Chime

Chime is a trailblazer in the mobile banking sector that continues to provide its customers with great perks like no-fee membership and early payday deposits. The company is one of the U.S.’s most rapidly growing banks, despite the fact that it has no brick-and-mortar locations. 

13. Coinbase

With over 73 million users, Coinbase is one of the most widely used cryptocurrency purchasing platforms in the world. Coinbase is available in over 30 countries and has facilitated the exchange of tens of billions of dollars in crypto, including Bitcoin and Ethereum. 

14. Optiver

Optiver is a trading firm that facilitates the purchasing and selling of bonds, futures, and stocks. In addition, Optiver builds markets by providing liquidity to various stock exchanges throughout the world. The fintech firm is focused on enhancing market transparency and efficiency. 

15. Varo Money

Due to the surge in popularity that online banking institutions have experienced, we couldn’t include just one on our list. 

While Varo Money and Varo Bank have not quite caught up to Chime, the online financial institution is doing big things in the fintech space. It has a great mobile app, offers plenty of member perks, and provides users with valuable insights into their spending habits. 

16. Credit Karma

In 2022, look for Credit Karma to remain a dominant force in the fintech sector. Credit Karma offers its users free access to credit scores and other vital financial health reports. The company uses this data to connect customers with auto insurance recommendations, loans, and more. 

17. JPMorgan Chase

As one of the largest financial institutions in the world, JPMorgan Chase is also a major player in the fintech industry. The organization offers a suite of digital products that are designed to increase accessibility to its various services. 

18. Affirm

Over the last few years, Affirm has become one of the premier lending platforms in the nation. By using Affirm, consumers can divide the cost of online purchases into small installments. Affirm allows users to select their repayment time frame, with terms ranging from 3 months to 3 years. 

19. SoFi

SoFi offers a range of services, including wealth management, loans, and refinancing options. The company uses advanced algorithms to predict the likelihood that a consumer will repay their loan. This approach allows them to rely less on credit scores when determining loan worthiness. 

20. Circle

Circle is another innovative company that is looking to make its mark in the crypto and blockchain space. The company helps businesses send or accept payments globally. To do so, Circle utilizes a blockchain infrastructure that maintains security while also creating an auditable transactional trail. 

21. Lending Club

The Lending Club marketplace allows investors to purchase fractions of loans or notes. Borrowers can use Lending Club to obtain vital funds via peer-to-peer investing. These funds can be used for home renovations, debt consolidation, vehicle repairs, and more. 

22. Enfusion

Managing investments with traditional management practices can be tedious and time-consuming. Enfusion seeks to change all that by providing users with an integrated investment management solution. Their platform also assists users with risk management, accounting, and compliance. 

23. Wise

Wise is a currency exchange solution that allows users from around the globe to seamlessly send or receive funds internationally. The system can be used by individual users or businesses. Wise’s invoicing tool is especially appealing to businesses that rely on the services of international vendors. 

24. Billtrust

The Billtrust platform is designed to streamline payment cycle management for businesses across all industries. Billtrust facilitates the automation of key invoicing-related tasks so that companies can stabilize their cash flow. 

25. Venmo

Rounding out our list of top 25 fintech companies to watch in 2022 is Venmo. Venmo’s application allows individuals to effortlessly exchange money without the hassle of passing around cash. The app can be used to split bills with friends, pay for services, and more.

The post The Top 25 Fintech Companies to Watch in 2022 appeared first on Grit Daily News.

The survey, which was conducted by Copec Wind Ventures, showed that 17% of investors considered Latin America as the largest growth market for startups outside the United States, more than 120% as much as those surveyed last year. On the other hand, sentiment on China and Europe took a hit with both regions experiencing a decrease of more than 31% each when compared with the last survey. Brian Walsh, Head of WIND Ventures, referred to these results by stating:

“What we have seen over the past year is a sharpened awareness within the venture capital ecosystem about Latin America’s tech-enabled transformation. Venture capitalists have become more aware and more bullish about the opportunities in the region, as indicated by our own research, and they are putting a lot more capital to work there as a result. According to Pitchbook, VCs have invested $12 billion across 500+ deals in Latin America so far this year, which is more than what was invested in the previous three years combined.”

When it comes to investing, VCs overwhelmingly agreed on the relevance of Fintech as the biggest sector for investment in LatAm, with 66% of the respondents choosing it over energy (20%) and Mobility (11%), the second and largest sectors. Walsh said about how the region is poised for growth:

“Historically, we have seen underinvestment in technology in Latin America. The region is poised for explosive growth given the digital transformation in a market of 600 million people. We believe there are opportunities for startups from around the globe to expand to the Latin American market; however, given the complexities of the region, making the right decisions about which markets within Latam to target and navigating political elements and partnerships will be key.”

While 78% of all the respondents answered positively when asked about their optimism toward innovation in Latin America, the survey also showed that there are several perceived challenges for building businesses in the region. Concerns around the political challenges in the region continue to be the major challenges for investors, increasing to 95% from 90% back in 2020.

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The funding round was led by Firework Ventures with participation from Juvo Ventures, Graham Holdings, GSV Ventures, Slow Ventures, and Sinai Ventures. Several angel investors, which include industry and academic leaders, and serial entrepreneurs, also participated in the round. Brigette Lau, Founding Partner at Firework Ventures, referred to the firm’s participation in the round by stating:

“We are pleased to back an extraordinary entrepreneur generating impact by realigning EdTech and FinTech.We view Study Now, Pay Later products as the future of educational funding, as they provide much-needed downside protection to students, while aligning the incentives of schools and investors with student outcomes. Stride is purposefully shaping this space and we’re thrilled to join them in this journey!”

Stride Funding was founded back in 2018 by Tess Michaels, a Harvard Business School student at the time, with the mission to help students pay for school more easily and affordably, improving their economic prospects once they graduate. The startup achieves this by making use of Income Sharing Agreements, income-linked loans, and Deferred Tuition Agreements (DTAs), which bring more flexibility than traditional loans. Michaels said about this mission:

“Stride is powered by the fundamental belief that equitable education financing should be based on students’ potential and opportunity, not their past. We help young adults underserved by the traditional credit markets gain access to educational programs that improve their economic and career outcomes. Closing our Series A is a significant milestone, but we are just getting started on our quest to make the $130 billion private student loan market more equitable, flexible, and above all – a runway for economic mobility.”

According to the Education Data Initiative, 43.2 million American students have accumulated over $1.75 trillion, a value that is growing 6 times faster than the country’s economy. Of all debtors, over 35 million have found themselves in the need to apply for debt relief as they were unable to handle the payments. Stride Funding believes that by offering alternatives to traditional student loans, it can help prevent the collapse of the financial systems while helping students fulfill their higher education dreams without being tied to debt for life.

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The round was led by Addition with participation from Monashees, Kaszek, and Global Founders Capital, according to Crunchbase. The funding brings the total funding raised by the startup to $40.5 million. Pedro Oliveira, CEO and co-founder of TruePay, referred to the round by stating:

“We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. A raise like this is a symbol of the impact TruePay will make in the market by delivering free credit to millions of merchants in Brazil. The largest portion of this round will be used to further attract and develop talent in Brazil and elsewhere”

Founded in 2020, TruePay has built a B2b “Buy Now Pay Later” network that allows buyers to access credit seamlessly at no cost while creditors remove their risk exposure. This is possible by making use of credit card receivables as collateral, which ensures better payment conditions and the guarantee of payment. Lee Fixel, Founder of Addition, said in this regard:

“The strength of TruePay’s solution lies in the convergence of a real and untapped need amongst retailers to unlock credit and free up working capital, a large addressable market and a talented team. We look forward to supporting the company as it continues to develop its innovative, convenient and low-cost payment technology.”

TruePay has achieved an important milestone by closing one of the largest ever funding rounds in Brazil. The startup has seen a growth of more than 100% every month since being founded, which it plans to grow tenfold by the end of 2020 at a time when SMBs in the country are starting to recover from the effects of the COVID19 pandemic and relying on fintech startups to get off the ground.

The post TruePay Raises $32M to Help SMB Retailers Access Credit appeared first on Grit Daily News.

This is especially true for part-time students, young workers, gig employees without a stable nine-to-five job, and immigrants who might have come to the US recently, and  haven’t had enough time to build up their credit score. According to the U.S. Bureau of Labor Statistics, in 2017 16.5 million people in the US were working in “contingent” or “alternative work arrangements”.

Being financially vulnerable, these people often find themselves in a predicament, turning to loan sharks and other predatory services; many end up being trapped in a vicious circle of debts, living from a paycheck-to-paycheck. On average, 19% of households with a family income of less than $30,000 are unbanked. To those people, receiving their paycheck on the exact day is often crucial. Normally, they would not get access to capital due to the lack of comprehensive and reliable data aggregation. As a result, the traditional institutions overlook millions of people, who end up paying millions in overdraft fees to make ends meet.

That’s where B9, an AI-powered fintech solution that helps the unbanked gain access to the vital financial services, came into place. B9 provides an early access to paycheck, peer-to-peer instant payments, interest-free payroll advances, and a VISA debit card. Right now, B9 is in hypergrowth mode, having raised $5 million in seed funding.

How does it work?

To access benefits of B9, one must fill out their basic information and provide Social Security Number or the Individual Taxpayer Identification Number. B9’s AI-powered solution then aggregates and analyzes data, creating a portrait of their customer’s economic behavior including their earning patterns.

To receive their paycheck as early as 15 days in advance, the customers deposit paychecks to their account. They can also make peer-to-peer instant digital payments and use the B9 card to make online and offline purchases. B9 itself is not a bank – it collaborates with  Evolve Bank & Trust, which issues a Visa card. Our customers pay a monthly subscription fee of $9.99 ($4.99 until December) and can carry out as many financial activities as they please without any transaction fees.

B9 factors in heaps of data relating to earning patterns, needs, and wants, – all of which form a BnineScore. The latter enables customers to build up credit and gain access to a wide variety of products and services cheaper than high yield small-dollar services. In the future, B9 is going to serve as a marketplace that connects lenders with potential buyers. The app provides the former with data or credit scores, helping determine the client’s trustworthiness.

Dreaming big and social

The decision to lend a helping hand to the financially vulnerable has been a success.

In 2021, B9 raised $5 million from investors, securing $1,7 million at the pre-seed stage. To date, the solution attracted more than 60,000 users and saw a 3 fold month-over-month growth in customer transactions. The addressable market is around 150 million people, and B9’s customer insights show that the app is on the right track. Most of the app’s clients are between 18-35 years old, working in the gig and freelancing economy.

The workers from mammoth industry players, such as Amazon, Walmart, and Uber, have deposited their paychecks to their B9 accounts, and trust the platform.

With the expanding growth, the team is going to provide services to 200,000 customers in the nearest future. By serving groups of people who have been widely invisible to traditional banks, the team believes that their solution will advance America’s more financially inclusive economy.

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The round was led by StageOne Ventures with participation from James Kong, former Managing Director of BlackRock; Micha Breakstone, co-founder of Chorus.AI; and Alon Shemesh, co-founder of Forter; and Homeward Ventures. The funding will allow the startup to support its global expansion while onboarding new fintech customers. Nate Meir, Principal at StageOne Ventures, referred to the firm’s participation in the round by stating:

“The global fintech industry is expected to reach $190 billion in 2026, and Sedric is designed to assist companies in the fintech industry aiming to protect their customers and brands. With significant increases in regulatory scrutiny around the world, and constantly evolving financial regulation, Sedric gives fintechs an advanced platform to manage changing regulations quickly and easily. We are excited to support Sedric’s global expansion and mission to support fintechs around the world.”

Founded in 2020, Sedric.ai makes it easy for fintech organizations to comply with regulatory requirements while increasing consumer protections. The startup achieves this by providing a platform that monitors all customer engagements, automating the detection of interactions that could represent a risk for its compliance. The result is a reduction in the time and financial costs associated with manual reviews and the continual need for revisions as the regulatory landscape changes. Nir Laznik, Co-founder and CEO at Sedric, said about the role the difficulties the fintech industry have to deal with :

“The cost and reputational damage from non-compliance is a top risk for today’s growing fintech industry. Regulators around the world are racing to add more rules to protect customers, requiring continuous monitoring and real-time implementation for fintechs to navigate and grow. We are thrilled to expand our services globally and provide fintechs with an advanced compliance platform that significantly lowers risks and helps them scale.”

So far, machine learning has proven to be an especially good technology to achieve similar feats that require the analysis of multiple points of data, providing an easy means for organizations to tune up the parameters as conditions change. With compliance being a top priority for members of the fintech industry, Sedric.ai aims to provide an easy solution for organizations to escalate more efficiently and gain a competitive edge in a market expected to be worth $26 trillion by 2022.

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