Delegates at Open Banking Expo Canada heard from speakers at the last panel of the Confex that small businesses are sceptical about data sharing and will need the fintech community to ‘communicate the benefits’.
Atalaya Capital Management led the investment, with Warwick Capital Partners, Allica Bank’s majority shareholder.
The Icelandic bank has chosen Salt Edge’s PSD2 compliance solution and has opened a sandbox, hosted by Salt Edge, for fintechs.
The Open Access move aims to introduce competition to the market, using Open Banking to make its range of finance and admin products on the Tide platform available to businesses, without them having to open a Tide business account.
The deal will see the challenger bank acquire around 2,000 SME borrowers from AIB Group, which is exiting the UK SME market, and brings forward its target profitability date to mid-2022.
The company has bought Arcus FI, an alum of Mastercard’s ‘Start Path’ programme, to bring real-time payment applications to Latin America.
The former finance minister of the Government of Canada delivered the opening keynote on the first day of Open Banking Expo Canada, in which he told banks and fintechs there is ‘room for everyone to do better’.
Cietan Kitney, head of strategy, Asia Pacific at Visa will join the board following the strategic investment.