Banking tech market updates: JPMorgan Chase, Société Générale and BoA in new tech ventures

Monthly updates on the standout tech developments in banking

by | June 18, 2021 | bobsguide

On June 17, JPMorgan Chase announced that it has agreed to purchase Nutmeg, a UK-based online investment platform with more than $4.9bn in assets under management. The US banking giant said that the acquisition would bolster its presence in the UK and put the customer experience at the heart of its offering.

French investment bank Société Générale, on June 16, announced a partnership with banking software firm Temenos. The bank will leverage Temenos’ cloud-native, API-first technology to update the account management and payment infrastructures for its transaction banking operations in Asia and Europe.

US-based fintech Novo, which focuses on digital banking for SMEs, has secured $40.7m in venture capital. In an announcement on June 16, the company said that the cash will contribute to building out its platform and doubling the size of its team over the next 12 months, allowing it to better support businesses with cashflow, payments, and access to lending products.

UK-based 10x, the financial technology venture of former Barclays CEO Antony Jenkins, has raised $187m in Series C funding. Announced on June 16, the capital raised will support the fintech in its bid to expand into North America, where it will continue in its mission to help banks shift away from legacy systems to cloud-based tech.

On June 15, Capital One announced a strategic partnership with B2B payments firm Melio. Melio’s platform allows credit cards to be accepted anywhere, with the partnership granting Capital One customers more access to accounts payable and accounts receivable cash flow management tools.

On June 10, Bank of America (BoA) announced the expansion of its B2C payments offerings via its ‘Pay to Card’ solution. In a press release, a BoA spokesperson said that the addition would allow users to process payments to 170 countries in 120 currencies.

Finally, on June 2, the European Central Bank (ECB) said that the introduction of a digital euro could improve the currency’s appeal and global standing. Amid claims that a CBDC could create a path for money laundering or runs in weaker currencies, the ECB said that these risks could be controlled through certain design features, such as putting caps on individual holdings.

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