✅ White Label Fintech Platform Toqio Secures $9.4M Seed
Our first digest goes into the details of a massive seed funding round led by Seaya and Speedinvest on a white label fintech platform. One can say that this is one of the upsides of the Open Banking regulations which have swept jurisdictions like the UK and the EU. As a result, many challenger banks have appeared – their proliferation has proved to be a headache for incumbent banks. As with all gold rushes, however, those who sell the picks and shovels are usually the ones that win. That is why startups like Toqio have turned their focus on full-stack platforms that other people can launch their fintech startups and products upon. With Toqio’s white label digital finance SaaS platform, anyone can launch a new fintech product. Because of its latest funding round led by Seaya Venture and Speedinvest, the London-based startup has now secured $9.4M. The platform was founded in 2019 by Eduardo Martinez and Michael Gavin. According to Martinez, businesses are looking to innovate in the FinTech sector, but they previously needed to create and maintain complex software solutions. This is where Toqio comes into the picture with their pre-build products to create applications that can go to market quickly. These products include digital banking, card, and financing solutions, as well as a marketplace aimed at financial institutions and FinTech startups. The company already has customers across Europe, including the new Spanish bank Crealsa, Wamo in Malta, and Just Cash Flow in the UK.
✅ Lu International Inks BNY Mellon Deal For Robo-Advisor
Our next digest takes a closer look at a robo-advisory platform introduced by Lu International, a subsidiary of New York-listed Lufax Holding. This platform will offer tailor-made asset allocation solutions through its professional AI investment consultant — Lucy. The organization has also entered an agreement with BNY Mellon Investment Management. Under this, the American firm will provide investment advice to Lu Hong Kong based on the risk profiles and investment restrictions defined by Lu Hong Kong. This agreement will be the first Asia-Pacific collaboration for both Lu Hong Kong and BNY Mellon Investment Management, excluding Japan. When the service becomes fully available, Lucy will offer portfolio options taking into consideration the investor’s various metrics. These metrics include income, financial objectives, risk appetites, and investment objectives. It should come as no surprise that the group believes robo-advisory platforms are tapping into rising interest. As a matter of fact, Statista showed that the total number of users of robo-advisory services in Hong Kong is expected to rise by 28% in 2021. The group also argued that the upcoming launch of the “Cross-boundary Wealth management Connect” scheme will raise the demand even further. Robo-advisors are indeed becoming more popular, but getting one for your company is actually easier than you might think; consider using Bambu GO.