Miami-based FinTech company FinConecta has just announced its expansion into the Canadian market through a licensing agreement with FICANEX Technology.
FinConecta has developed a platform called 4ward, which makes it easier for financial institutions to leverage a wide range of digital solutions. This includes everything from customer engagement tools like chatbots and loyalty programs to customer onboarding and risk management integrations. A key feature of the platform is its virtual ‘sandbox,’ in which users can securely test different solutions before implementing them.
FICANEX Technology’s tunl. platform will use a whitelabelled version of FinConecta’s 4ward platform to provide the more than 160 banks in its network with access to these digital tools.
“We are honored to join forces with FICANEX Technology to accelerate the move towards Open Banking in Canada,” said Jorge Ruiz (pictured above), founder and CEO of FinConecta. “This unique platform reduces costs and improves time to market which has a positive impact on more and better financial services for Canada.”
“What they found in us is a turnkey solution and a driver for innovation,” said Karina Gibson, FinConecta’s Vice President of Global Strategy.
Why Canada? Ruiz explained that “Canada is going through a process of defining their own regulation around Open Banking.” In his estimation, that makes it “the right moment” for FinConecta to plant its flag in Canada.” He also told Refresh Miami that FinConecta “found the right partner” in FICANEX.
FinConecta is already active in other international geographies, including Latin America and Africa. Ruiz signalled that the startup is looking to further internationalize: “Today we’re in discussions in other geographies as well, and with some other global partners, to launch marketplaces and serve clients in other locations.”
Ruiz started FinConecta in late 2016 after having spent 18 years at Citigroup, where he helped develop the bank’s business transformation strategy and launched various innovation programs such as a global virtual accelerator. The company has 25 employees scattered around the globe, from Argentina, Bolivia, Colombia, and Mexico to New York and Miami. Ruiz was selected to join the global Endeavor network in 2018.
Last March, FinConecta partnered with Amazon Web Services to develop an Open Finance Platform.
Since inception, FinConecta has raised approximately $5 million in early-stage funding from local and regional investors including TheVentureCity and the Inter-American Development Bank. The company is currently raising a Series A round. To learn more about FinConecta, visit their website.
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