A seasoned entrepreneur and executive with a proven track record in leading and scaling companies in the financial technology sector, Ben-Zvi is currently the general manager and COO of Surety at Tinubu, the global insurance software development firm. Previously, Ben-Zvi was the co-founder and CEO of Haven Life, the groundbreaking life insurance company backed by MassMutual, where he played a pivotal role in transforming the life insurance landscape by leveraging technology to offer a seamless and customer-centric experience.

“Yaron’s deep expertise in financial services and his passion for leveraging technology to deliver experiences that consumers love make him an excellent addition to our board,” said Jim Morgan, president and chief executive officer of SBLI. “We are confident that his insights and leadership will contribute significantly to SBLI’s ongoing efforts to innovate and expand our offerings while maintaining our commitment to providing reliable and affordable life insurance solutions.”

In addition to his entrepreneurial achievements, Ben-Zvi has held leadership positions at several other financial institutions and technology companies, where he has consistently driven growth and innovation. His forward-thinking approach will be invaluable as SBLI continues to navigate the evolving insurance landscape and seeks to better serve its policyholders.

“I am honored to join SBLI’s Board of Directors at such a dynamic time for the company and the industry,” said Ben-Zvi. “I look forward to working with my fellow board members and the executive team to help guide SBLI’s strategic initiatives and to contribute to the company’s continued success.”

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Markel’s FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for UK and international fintech businesses with limits up to USD $20 million. The policy offers enhanced business interruption (BI) coverage, as well as several new cyber extensions, including betterment, crypto jacking, reward coverage and telecom fraud.

UK policyholders taking out FintechRisk+ will also have unlimited access to Markel’s Tax and Legal advisory services, which include a 24/7 help line for business and employment matters, debt recovery support, contract reviews, as well as help with grants, funding and R&D tax relief consultancy, among other benefits. In addition to those services, insureds can access online cyber training and a cyber risk management toolkit via Markel’s eRisk Hub, so they can manage their risk exposures effectively.

Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, commented: “Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago. The pervasive issue of ransomware poses a significant problem for day-to-day cyber security where threat actors have netted millions in ransom payments from businesses who have fallen victim to their attacks.”

He elaborated: “We believe that it’s more important than ever, businesses have insurance providers who not only deploy capacity, but also act as trusted, long-term risk management partners when it comes to the identification and mitigation of risk. That’s why we’ve been actively looking at ways to enhance our offering to fintech companies by providing both enhanced insurance coverage, as well as value-add services for our insureds, backed by Markel’s award-winning claims service and best-in-class underwriting.”

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Hong, who will serve as a member of Cresset’s Management Committee, is an accomplished c-suite executive with 25 years of financial services experience, most recently as Managing Director, Asset & Wealth Management Operations, with JPMorgan Chase & Co, and before that First Republic Bank, where she was responsible for an operations team of approximately 150 employees for a wealth management business with more than $250 billion in assets under management (AUM). Hong has also served as Chief Compliance Officer with Personal Capital Advisors Corporation, and as Vice President, Compliance, with Voya Investment Management LLC.

“Amy brings a proven track record of leading teams through inclusive collaboration and is known for being a highly effective compliance leader who is passionate about operational excellence. We could not be more excited to welcome her to the Cresset team,” said Avy Stein, Co-Founder and Co-Chairman of Cresset.

“I am thrilled to join a firm that shares my values and is committed to always acting in the best interests of its clients,” Hong added.

Hong will be based out of Cresset’s San Francisco office and is a graduate of Rutgers University.

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Martin brings more than 18 years of financial services industry experience to the new role, where he will lead TradingBlock’s marketing, content development and investor education initiatives across the company’s three business lines.

“We are thrilled to welcome Michael to TradingBlock to support our next stage of growth and address the surging demand for customizable trading technology that meets traders – whether they be institutional, individual or RIA – where they’re at,” said TradingBlock Founder, President and CEO Jere Wickert. “Michael’s expertise, diverse background and visionary approach will be instrumental in helping us seize new market opportunities.”

Over the course of his career, Martin has evolved from a licensed options broker to a leader in content strategy. Before joining TradingBlock, he was the Head of Content for tastytrade’s Digital Assets division, where he spearheaded initiatives that boosted brand visibility and engagement on platforms like tastylive, tastycrypto, DailyFX and Luckbox Magazine.

Martin previously worked as an options broker at thinkorswim by TD Ameritrade, where he also wrote the TD Ameritrade Market Newsletter. He holds Series 3, 4, 7 and 63 securities registrations, and his expertise spans the options markets, volatility analysis, equities and digital currencies. Martin’s work has appeared in numerous outlets, including the Financial Times.

“I’m excited to be joining TradingBlock at such a pivotal moment in the company’s history,” Martin said. “The financial services technology landscape is rapidly evolving, which not only presents exciting challenges but myriad opportunities as well. I look forward to creating impactful content that speaks to investors and drives engagement and conversions for TradingBlock’s impressive platform.”

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Intelligence can be securely shared across multiple entities, improving collaboration. This helps enhance AI models for boosting productivity and detecting cross-border financial crimes, while also enabling proactive measures to prevent illegal activities.

This methodology aligns with the latest global regulations, including the EU AI Act and onshoring requirements in countries like Singapore and Australia.

The design of the patented technology was born out of Lucinity’s research and development division, Lucinity Labs, which had been looking for a way to strengthen the financial services ecosystem while complying with data sharing laws.

This innovation was applied during a project with the Bank for International Settlements (BIS) Innovation Hub’s Nordic Centre that explored privacy-enhancing technologies and enhanced cooperation across institutions and borders.

“We believe in bringing connectivity to parts of the world where it wasn’t possible before. The biggest thing holding back adoption of advanced AI systems is the global concern over data security. Now, with our patented technology, algorithms from one market can share essential learnings with another market, and the data remains safe, private, and secure,” says Guðmundur Kristjánsson, CEO and Founder of Lucinity.

This federated learning patent, combined with Lucinity’s Generative AI technology, will unlock unprecedented intelligence in financial services, enabling more precise, efficient, and secure data analysis for combating financial crime.

As well as breaking down barriers in financial crime prevention, there is huge potential for federated learning to be applied in other sectors that handle sensitive data such as healthcare, DNA research, and pharmaceutical practices.

“The possibilities to apply this federated learning patent are endless. It will exponentially increase our capacity to utilize and learn from data like never before,” says Kristjánsson.

Lucinity has been at the forefront of AI technology since its inception. The company also received a patent in 2022 for another piece of AI, their Secure Lockbox, which features pioneering  homomorphic encryption of data. This patent enables Lucinity to encrypt all personally identifiable information (PII) while still using PII as an input into AI in its encrypted form.

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This collaboration unites Bridgeforce’s extensive industry experience with Provana’s operational excellence, offering clients enhanced risk management, strategic alignment and advanced technology integration. The result? Increased efficiency, compliance and measurable performance results.

“By teaming up with Provana, we are bringing together some of the brightest minds in the industry, leveraging best-in-class tools to ensure our clients’ businesses compliantly and efficiently perform better,” said John Sanders, co-founder and CEO of Bridgeforce. “Together, we will continue to underscore our commitment to excellence and innovation in the financial services sector.”

“We are laser-focused on operational excellence and delivering high-performing, ROI-driven results for our clients,” said Sandeep Bhargava, co-founder and CEO of Provana. “Our alliance with Bridgeforce merges top-tier technology and human expertise, delivering unmatched value for our clients.”

The first joint offering, the Contact Center Assessment, leverages Provana’s IPACS Speech Analytics, Bridgeforce’s proprietary collections call model and long-term Bridgeforce guidance on continuous improvement. This service:

• Automatically assesses 100% of collections calls for compliance
• Immediately identifies meaningful calls, providing managers with targeted coaching to agents
• Creates custom dashboards that assess individual agent and overall operational performance
• Provides ongoing support from Bridgeforce for continuous improvement
• Adapts to regulatory changes in collections to ensure customer-centric solutions
• Ensures clients’ customers are treated with empathy and provided solutions that fits their individual needs

Already adopted by one of the largest U.S. credit unions, the Contact Center Assessment is available now.

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Grath currently supports global leaders such as Deutsche Bank, Freetrade, Winterflood Securities, and StepChange. With the new DIFC office, Grath aims to extend its reach and expertise to support more world-class clients in the Middle Eastern region, further strengthening its role as a trusted partner in the financial ecosystem.

The new office at DIFC will serve as a central hub for Grath’s operations in the Middle East, offering enhanced support and localized services to our growing base of customers. By establishing a presence in Dubai, Grath is poised to tap into the vibrant financial ecosystem and leverage the DIFC’s robust infrastructure, strategic location, and regulatory framework to drive growth and foster collaboration.

Matt Povey, CEO of Grath, expressed his enthusiasm for the expansion:

“We are thrilled to establish our presence in Dubai at the DIFC, a global financial center that embodies innovation and progress. This expansion aligns perfectly with our vision of global growth and reinforces our commitment to providing top-tier financial services and regulatory compliance technology to our clients. We look forward to the exciting opportunities this move will bring for both our company and our clients in the Middle East.”

Grath remains dedicated to its mission of delivering cutting-edge financial services and compliance technology, and the new DIFC office is a testament to the company’s ongoing commitment to growth, innovation, and regulatory excellence.

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Simultaneously with this transaction, Hg has bought out prior Ncontracts shareholder Gryphon Investors (“Gryphon”), as well as prior Venminder shareholders. Hg is a leading investor in software and services businesses and is backing Founder and CEO, Michael Berman, to lead the combined business, which promises to deliver more value to customers via these expanded capabilities.

Acquiring Venminder gives Ncontracts more depth and expertise in third-party risk management, further enhancing its position as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader in enterprise risk management. The investment from Hg brings resources and expertise, continuing to strengthen Ncontracts as a leader in governance, risk and compliance (“GRC”) software solutions for banks, credit unions, mortgage companies, fintechs and registered investment advisors, as they grapple with increased risks and regulatory scrutiny.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve. With the investment and support from Hg, we are well positioned to continue our rapid growth. Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

“Uniting Venminder and Ncontracts will bring tremendous value to our customers,” stated James Hyde, Venminder’s CEO. “This strategic partnership extends beyond third-party risk management, propelling Venminder into the broader integrated risk and compliance space. By combining our strengths, we are poised to deliver even more comprehensive and innovative solutions to our clients and the broader market. Our unwavering commitment is to continue to support our clients by guiding them through the complex landscape of third-party risk.”

Ncontracts has been named in the prestigious Inc. 5000 list of fastest growing private companies in America for the sixth consecutive year in 2024. This transaction will grow Ncontracts’ customer base further to over 5,000 customers. The investment and acquisition demonstrate Ncontracts’ commitment to continued growth from both an organic and inorganic perspective.

Alan Cline, Head of North America at Hg, said: “We see Ncontracts swiftly becoming a ‘gold standard’ provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.”

Alexander Johnson, a Director at Hg added: “We’re excited to partner with Michael Berman as he continues to lead and scale the company for its next stage of growth.”

Jon Cheek, Partner & Co-Head of the Software Group at Gryphon, said: “We are delighted to have completed a complex transaction that significantly transforms Ncontracts and positions it to continue to thrive. Through a combination of organic and inorganic growth strategies, Ncontracts has more than quadrupled in size since Gryphon originally invested in 2020. With its comprehensive suite of products meeting the continued demand for sophisticated financial services governance, risk and compliance management tools, the company is poised to continue that aggressive growth going forward.”

Gryphon sees continued attractive opportunity for new platform investments in the GRC sector and retains its investment in separate portfolio company RegEd, a leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms.

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“This transaction aligns with our focus on serving a growing base of wealth management clients, advancing the firm’s footprint in Florida and the regional Southeast, and combining ongoing organic growth with strategic acquisitions in the wealth space,” said Brian Price, CEO of Mesirow Wealth Management.

With the addition of Craig Price, CFP^®, CTFA, and Nancy Zehr, CTFA, Senior Client Relationship Specialist, Mesirow clients and prospects in Southeast Florida gain proximity to an experienced Wealth Advisor with firsthand understanding of planning considerations specific to the Florida region and focus on comprehensive financial planning. Price and his team will gain access to a broader range of investment research resources and the ability to grow their practice backed by Mesirow’s strong resources and reputation.

“We are excited to join Mesirow Wealth Management and know that our business philosophy and personal values are well aligned with the company’s culture,” said Craig Price. “We look forward to deepening Mesirow’s Wealth Management presence in Florida and continuing to advise the families we have long served.”

Over the next 2-3 years, the firm plans to grow its headcount, with an initial focus on Wealth Management and Capital Markets, including corporate and governmental clients, while also expanding its presence along the west coast of Florida. Over the intermediate to longer-term, the goal is to grow across the greater Southeast region, opening offices in locations to best serve clients and expand organically and through opportunistic, complementary lift-ins and bolt-on acquisitions.

Mesirow Wealth Management has more than $11.4 billion in assets under management / assets under advisement, and Mesirow overall has $288.1 billion in assets under supervision.

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First announced at the end of February, Axway’s proposed acquisition of Sopra Banking Software was made possible by the successful execution of several critical operations in recent months. With strong support from its shareholders and the addition of new investors, over the summer the company carried out a share capital increase with preferential subscription rights for a gross amount of c.€131m, which it combined with the securing of new credit facilities (c.€200m) from partner banks, in order to finance the acquisition for an enterprise value of €330m.

The completion of Axway’s acquisition of Sopra Banking Software has received the approval of the relevant regulatory authorities and the integration of the two entities is beginning. The latter part of 2024 and into 2025 will be instrumental in the ramp-up of the new Group and will enable the expected cost optimizations to materialize.

The Group will be headed by Patrick Donovan, as CEO, and Eric Bierry, who will take on the role of Deputy CEO.

Patrick Donovan, Chief Executive Officer, said:

” We are at a pivotal moment in our company’s history. The completion of the tie-up between Axway and Sopra Banking Software embodies a unique development opportunity, and the ambitious industrial project we have been working towards can finally come to life. We will be fully committed to this project and I am convinced that, together, our teams will achieve outstanding success. Our brands are strong, our flagship products are recognized among the best in their markets, and our customer-centric business model, refined over several years of transformation, has proven its effectiveness. The operational work begins now, with the unwavering priority for both Axway and Sopra Banking Software remaining, as always, the success of our customers’ projects.”

Eric Bierry, Deputy Chief Executive Officer, added:

” We are incredibly excited to be part of creating a new global powerhouse in enterprise software. Our industry-leading technology platforms and business software have a long and successful track record of driving the transformation of some of the world’s largest banking and financial institutions, and this alliance significantly strengthens our positions, offerings, technologies and perspectives. This operation provides a major opportunity to accelerate our value creation for all our stakeholders through a new Group of critical size with tenfold capabilities. I am particularly pleased that our 5,000 employees, from 26 countries around the world, are seeing our entrepreneurial culture thrive through a project filled with compelling opportunities.”

Targets and Outlook

The consolidation of Sopra Banking Software is effective today and Axway will therefore integrate the acquired activities for the last 4 months of the 2024 financial year. On this basis, the Group is targeting 2024 revenue of around €460m and an operating margin of between 13% and 17%.

By 2025, pursuing its development at an annual organic growth rate of between 2% and 4%, Axway targets revenue of around €700m and a margin on operating activities of between 14% (around €100m) and 16% which will reflect the full materialization of cost optimizations, of the order of €15m, expected on a full-year 2025 basis.

By 2027, Axway ambitions to achieve revenue above €750m and a margin on operating activities of more than 17%. By 2028, the Group is aiming for a margin on operating activities at around 20% of revenue.

At year-end 2024, Axway expects its net debt to EBITDA ratio to exceed 2.5x. By the end of 2025, this ratio should be below 2.0x, and by 2027 it is expected to be below 1.0x.

Financial Calendar

The Group will detail its medium-term strategic plan at a Capital Markets Meeting to be held in Q1 2025, the date of which has yet to be confirmed.

In the meantime, Q3 2024 revenue will be published on Thursday October 24, 2024, before market opening.

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