Article: Today In Digital-First Banking: TrueLayer Lands $70 Million In Series D; Envestnet Acquires Harvest Savings

Money, Open Governance

Today In Digital-First Banking: TrueLayer Lands $70 Million In Series D; Envestnet Acquires Harvest Savings

In today’s top news in digital-first banking, TrueLayer landed $70 million in a funding round headed up by Addition, while Envestnet had acquired Harvest Savings & Wealth Technologies. Plus, Avant has purchased Zero Financial along with its neobank, Level.

TrueLayer notched $70 million in an Addition-led Series D funding round. The investment will assist the company in furthering the global growth of its open banking-based network and debut new products. TrueLayer is aiming to build out an open banking network that streamlines identity, financial data and payments.

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Article: The future of money is open banking

Money, Open Governance

The future of money is open banking

Banks have been transforming for years, and the black swan events of the financial crisis and now the pandemic have only accelerated that transformation. Fifty-three percent of bank CIOs assess that their business performance is ahead or far ahead of where it otherwise would have been had Covid-19 not become a global pandemic.

Sixty-nine percent of banking survey respondents report that business leaders are asking IT to implement higher-value and more-strategic initiatives. Banks that have increased their use of digital channels to reach customers are 3.5 times more likely to be a top performer than a trailing performer.

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Article: How Railsbank can provide new financial opportunities in Australia

Money, Open Governance

How Railsbank can provide new financial opportunities in Australia

London-based Railsbank has partnered with Australian neobank Volt and the former plans to improve and provide fintech opportunities in the country. Railsbank wants to use Volt’s banking-as-a-service platform to distribute various products, such as cards and payments. This is a partnership that will contribute to Railsbank’s expansion in the Asian region.

Open banking got a slow start in Australia, but by adding cards in summer 2020, the country also contemplates adding more financial services this year. The concept of online banking has been rising in recent years, and Australia is no exception.

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