The Weekly Wrap: all you need to know by Friday COB | May 24th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Intellect Design Arena has announced the launch of the Intellect Digital Core (IDC) for Cooperative Banks in the Indian market.

Cooperative banks play a crucial role in the Indian financial system. Over the years, they have encountered several obstacles: limited access to modern financial services, competition, and regulatory constraints. However, advanced technology can help them compete in the rapidly evolving digital banking landscape.

Ramanan SV, CEO-India & South Asia, Intellect Design Arena, said, “We are excited to bring Intellect Digital Core to revolutionise the way Cooperative Banks operate in India. Being made in India, we understand the patterns of the Indian market and the evolving demands and expectations of customers in Tier 2 & 3 cities. The technology is composed of the ‘First Principles’ Technology Suite eMACH.ai, enabling banks to become digital enterprises, thereby driving exponential growth. With a legacy spanning three decades and guided by an institutionalised design thinking approach, Intellect continues to reinforce its technology leadership in the financial technology space. This product specifically designed for cooperative banks, is testimony to that.

Deals of the week

• Vitesse secures $93m in Series C Funding to fuel US expansion
• Raqami Islamic digital banking & 1LINK to drive digital financial services
• Data Zoo bags $22.7m in Series A from Ellerston JAADE to fuel global expansion
• Capchase secures €105m to support financing for SaaS firms in Europe
• American Express & Emburse bring integrated expense management solutions to SMEs
• Osome raises $17m in Series B to expand its finance admin platform for SMBs
• United Arab Bank partners with Network International for omnichannel payment solutions

Be on the lookout for

The Global Fintech Fest (GFF) is one of the largest FinTech conferences, organized annually by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the FinTech Convergence Council (FCC). GFF has evolved over the past four years to become a preeminent platform for global policymakers, regulators, central bankers, industry captains, thought leaders, academics, and senior industry professionals to discuss and debate issues related to the fintech ecosystem 360 degrees. GFF 2024, the fifth edition of the conference, has been scaled up manifold from its previous editions, and has been designed around the theme ‘Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient.’