4 FinTech deals that took place in America in October 2022

By Edlyn Cardoza

FinTech describes new technology that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is used to help businesses, business owners and consumers better manage their financial operations, processes and lives using specialized software and algorithms used on computers and increasingly smartphones. FinTech, the word, is a combination of “financial technology.”

The COVID-19 pandemic has accelerated the digitization process for the financial services industry. Amid unprecedented market volatility, the industry’s appetite for digital technology has increased. In the past month, some significant deals were completed by FinTech companies.

The following are 4 FinTech deals that took place in America in October 2022:

BankiFi and financial institution Axiom Bank, NA have partnered to make banking better for small and medium-sized businesses (SMBs) across the United States. The new partnership also represents BankiFi’s first North American client since launching in the state in July.

Going forward, Axiom Bank’s SME customers can better track and manage their business finances using BankiFi’s leading embedded banking services. BankiFi’s Open Cash Management platform is built with speed in mind. The system will help put Axiom Bank and its associated digital channel back at the heart of relationships with corporate customers.

Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned and operated for a single purpose: members helping members. ELGA Credit Union had humble beginnings, helping Consumers Energy employees who were paid below the average for other industrial workers in the 1940s and 50s. Today, the credit union has $1.25 billion in assets and serves over 85,000 members. The implementation gives the credit union the opportunity to streamline the credit decision and drive higher approvals and automation.

Scienaptic AI, a global AI-powered credit decision platform provider, announced that Michigan-based ELGA Credit Union has completed implementation and gone live on its platform. Integrating the platform with ELGA Credit Union’s LOS (Symitar ELA) and going live allows the credit union to make automated, AI-driven, smart credit decisions while improving access to credit for members.

Farmers State Bank and Teslar Software announced their partnership to automate the bank’s commercial lending processes. Teslar’s technology will help the bank manage their loan portfolio efficiently as they continue to grow.

The Quinton, Oklahoma-based bank partnered with Teslar Software after being impressed by the sophisticated technology and hearing many positive experiences from peer banks. Farmers State Bank plans to first leverage Teslar to better manage exceptions and delinquent loans and then gradually add other modules.

Lumin Digital had announced that Tennessee-based UT Federal Credit Union (UTFCU) had signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support UTFCU’s more than $460 million in assets and 26,000-plus members when the platform launches in May 2023.

Lumin Digital is a cloud-based digital banking platform, and will provide UTFCU members with an integrated, customized experience that matches the offerings of major financial institutions. With a focus on service, user experience, safety and security through sophisticated automation, the digital banking platform helps credit unions and financial institutions drive better user engagement through personalized recommendations. These include everything from consumer insight and financial advice to fraud alerts and help with savings targets.

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