Illuma founder and CEO, Milind Borkar, recognized the significance of the latest additions to the list of investors committed to the company’s growth. “While we are excited about the capital infusion to accelerate our development of fraud prevention and deep fake detection tools, we are equally excited about bringing in new partners to fuel Illuma’s continued commercial growth. LiveOak Ventures and Forefront Venture Partners bring invaluable operating expertise and industry connections to help Illuma scale to the next level. And we are deeply appreciative of the continued support from Curql Fund, UsNet, Capital Factory, Connexus, and TDECU.”

With a diverse career that stretches over 27 years, Jeremy Whittington, CTO, has excelled in roles ranging from developer and architect to journalist, advisor, and serial entrepreneur. Under Jeremy’s leadership, the Illuma team has successfully converted innovations in voice biometric authentication into state-of-the-art products that are easy for financial institutions of all sizes to operationalize. “My career started in customer service, and that has been a primary driver for the past 20 years. It’s exciting to work on technology that can reduce fraud and improve the customer experience at the same time. A rare achievement.”

Venu Shamapant, Founding Partner at LiveOak Ventures, offered his perspective on the benefits of partnering with Illuma. “With Illuma’s position in the Fintech sector as a provider that delivers state-of-the-art voice biometrics accessible for financial institutions of all sizes, there is a clear growth path to becoming the preferred provider of voice authentication and fraud prevention solutions in this space.”

TDECU and Connexus Credit Unions were early adopters of Illuma’s Fintech solution. Both are continuing their support in this latest round of funding. Chad Rogers, Executive VP and COO at Connexus, spoke about the long-term benefits of having voice authentication in place. “Too often, adoption of increased security measures results in less convenient, less pleasant member service interactions. That said, our collaborative four-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite. Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their member service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions. With Illuma Shield, we’ve shortened individual call times by one minute on average, significantly reducing our operational expenses, and affording our members and employees a much more engaging, efficient, and secure experience.”

The Illuma team was celebrated in 2024 for Innovations in Fraud, winning the CreditUnions.com award in the fraud category. This accolade was followed by recognition of the company’s leadership in the inaugural list of AI 75 by Dallas Innovates for pioneering work in artificial intelligence.

The latest addition to the Illuma team, Amy Travers, is another significant win for the organization. Travers, formerly Regional VP of Security and Biometrics at Nuance, joined Illuma this year to systemize and scale the sales effort across the U.S. “It’s an exciting move to be embedded with a team that is innovating so rapidly to address emerging threats in fraud, and making voice biometric technology affordable for community banks and credit unions,” said Travers.

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Thomas Vandeville brings over 25 years of experience driving strategic business outcomes, large transformations, operational excellence, and innovation within the banking, insurance, and asset management industries, most recently as Deputy CEO of Groupe CCF and previously of HSBC France, where he successfully led the retail banking, insurance, and wealth management activities in France since 2016. Thomas started his career at Exane, focusing on research in London and Paris. He then worked as an investment banker in the Financial Institutions Group (“FIG”) at Merrill Lynch in New York and London, before working as a consultant at McKinsey in their FIG practice in Europe. Thomas subsequently transitioned to leadership roles at Groupama, as Head of Group Strategy, CEO of various life and P&C insurance companies in France and Italy, and finally as Head of Distribution and Digital Transformation. Thomas Vandeville is a graduate of ESSEC and holds an MBA from INSEAD.

Thomas Vandeville succeeds Guillaume Autier, who is stepping down after having served as CEO for the past four years. During his tenure, Autier has played an instrumental role in the continued growth trajectory and development of Meilleurtaux. He will remain involved with the company as a strategic advisor in support of a smooth transition.

Thomas Vandeville commented: “For many years, I have been impressed by Meilleurtaux’s clear leadership on its markets, historical growth, real spirit of avant-garde and innovation, strategic insight, entrepreneurial spirit and clear value proposition for its customers supported by a very strong brand name. I am thrilled to be joining Meilleurtaux for the next phase of development, as a central player in the French financial services and technology industries, and leverage its exceptional potential across its core verticals (credit, insurance, savings, etc.). I can’t wait to start working with its impressive teams, networks, and all of its partners to help the Company accelerate its next phase of growth.”

Christian Lucas, Meilleurtaux Chairman and Managing Partner at Silver Lake, commented: “We are thrilled to partner with Thomas Vandeville, a dynamic leader and accomplished executive who brings extensive leadership experience to the Company. His proven success in driving growth and transformation in digital financial services businesses makes him the perfect fit as we continue to invest in accelerating our growth. We also extend our gratitude to Guillaume for his significant contributions to Meilleurtaux and for helping establish the strong leadership position we have today.”

Hervé Hatt, Meilleurtaux Board Member and former CEO, commented: “Having led Meilleurtaux from 2011 until Guillaume was appointed CEO in 2020, and having remained involved both as an investor and as Board Member since, I am immensely proud of what we have accomplished together. It has been a remarkable journey under Guillaume’s leadership, and I am confident that Thomas Vandeville will continue and further accelerate this trajectory of success.”

Guillaume Autier, CEO of Meilleurtaux, commented: “Leading Meilleurtaux over the past four years has been a privilege. We achieved strong growth and built a world-class team dedicated to helping our customers make better decisions every day. I warmly thank all the Meilleurtaux teams for their commitment, as well as our clients and partners for their trust. I would also like to thank our majority shareholder, Silver Lake, for their exceptional partnership during my tenure. I wish Thomas Vandeville the best in his new role and Meilleurtaux continued success.”

Thomas Kienzi, Meilleurtaux’s CFO, will also leave his position as of September 15 for a new professional opportunity following five years of strengthening the Company’s financial function to enable its next stage of growth. The Board has already significantly progressed a search to replace him and will be announcing the Company’s new CFO in the near future. The Board wishes Thomas Kienzi success in his new responsibilities.

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This is only one of two licenses for a regulated broker-dealer digital asset security custodian that have been approved in the United States since the rules were introduced by the SEC in 2020, serving as a major milestone in tZERO’s continued journey toward the development and adoption of securities that will unleash the full potential of blockchain technology for a range of assets, including private securities, securitized real estate, art, sports and other Real World Assets and funds.

Prior to this approval, compliant digital security issuers were faced with the choice of greatly limiting or sacrificing blockchain technology features, taking their assets outside of the United States, adopting nuanced or unsupportable regulatory positions or, being unable to enable their investors to securely custody their digital asset securities with a regulated broker-dealer, relying on cumbersome workarounds with non-broker-dealer custodians.

Now, such issuers can fully utilize the power of transformational blockchain infrastructure and engage with tZERO as a one-stop shop for digital asset security issuance and a range of compliant secondary trading modalities, including continuous automated trading, auctions and block trades for a range of private assets. This step further advances tZERO’s long-standing position that many digital assets in the market constitute securities under existing legal frameworks and require fully-developed infrastructure, including broker-dealer led custody, to effectively exist and migrate into a regulated securities environment.

“We have arrived at a monumental and positive inflection point in the tZERO story,” said David Goone, the Chief Executive Officer (CEO) of tZERO. “We have been steadfast in our belief that blockchain technology is the next-generation proponent of powering capital markets. Our special purpose broker-dealer status will enable us to offer safe, secure and regulated broker-dealer digital asset custody and other new and innovative products for issuers, investors and other market participants alike.”

tZERO’s long-standing technology services and SEC-approved transfer agent unit can assist issuers to issue and transfer digitally native securities on a blockchain, and, critically, use smart contract automation to power a range of functions.

After issuance and any relevant regulatory holding periods, investors can enjoy a path to liquidity in one seamless trading environment on the tZERO Securities’ ATS, with custody, clearance and settlement by way of tZERO’s newly approved Special Purpose Broker-Dealer, eliminating the need for third party custodial relationships and balkanized, expensive and inefficient infrastructure.

“tZERO’s greatest differentiators have been its commitment to innovation from within a regulated brokerage ecosystem, advancing change through iterative and incremental regulatory engagement and through our continuous work with the agencies,” said Alan Konevsky, Executive Vice President and Chief Legal & Corporate Affairs Officer of tZERO.

“Now, as a result of this effort and philosophy, we are at the very avant-garde of regulatory innovation in the United States as one of only two broker-dealers entrusted by the regulators to custody digital asset securities. We will leverage this unique opportunity, on behalf of the digital asset industry at large, to illustrate how positive regulatory clarity can produce real-world innovation, novel products and real commercialization across of range of traditional financial and real world assets — as we advance towards an integrated regulated infrastructure layer and connective tissue for compliant digital assets,” added Konevsky.

tZERO and its broker-dealer subsidiaries expect to bring this new service to market in early 2025, starting with the full digitization of tZERO’s Series-A preferred equity security (TZROP) and other potential issuers.

TZROP was issued in a private placement in August 2018 and, in January 2019, it pioneered the way for private securities to trade on the tZERO Securities ATS on a regulated, continuous and automated marketplace. Now tZERO’s flagship trading asset will be the first digital asset security to be traded on the tZERO Securities ATS, demonstrative of how this regulatory approval will positively upgrade the tZERO Securities ATS trading ecosystem.

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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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Ms. Liao brings more than two decades of experience in regulatory engagement, banking supervision, investment banking and private equity consulting. She joins R&T from the Federal Reserve Bank of New York, where she played a significant role in supervising systemically important financial institutions and technology service providers. During her tenure, Ms. Liao held key roles in pioneering initiatives such as the Federal Reserve System’s study on distributed ledger technologies and the launch of the New York Innovation Center, a strategic partnership with their Bank for International Settlements (BIS). Additionally, her leadership and contributions to their technology service provider program were nominated for the William Taylor Award for Excellence in Bank Supervision.

Ms. Liao has also represented the Federal Reserve Bank of New York on two international working groups—BCBS TFFT Open Banking/APIs & CPMI-IOSCO Digital Innovations—under the auspices of the BIS, underscoring her expertise and leadership in the regulatory arena.

“We are thrilled to welcome Kim to R&T’s executive leadership team. Her extensive knowledge and experience working with industry regulators will be instrumental in helping our clients stay ahead of regulatory changes and thrive in the evolving banking landscape,” said Susan Cosgrove, R&T’s Executive Chairperson.

Ms. Liao’s appointment is the latest in a series of strategic hires at R&T over the past year. Since Susan Cosgrove joined as Executive Chairperson in September 2023, she and CEO Joe Jerkovich have focused on expanding and strengthening the company’s senior leadership team. This includes the appointments of Michelle Barone as Chief Revenue Officer, Joe Carroll as Chief Operating Officer, Christopher Gerosa as Chief Financial Officer, Jason Mull as Chief Risk Officer & Chief Information Security Officer and Mieko Shibata as Chief Information Officer.

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This expansion follows the bank’s addition of a specialized mortgage solutions team that provides customized cash and treasury management services to mortgage originators and servicers, as well as title companies, private equity firms, hedge funds, property managers and other types of real-estate companies. Huntington also provides capital markets, fund finance and other products and services to companies that are part of the mortgage ecosystem.

The corporate mortgage finance business will offer tailored funding and liquidity solutions to mortgage originators and servicers. The group will be led by industry veteran Ken Logan, who recently joined Huntington as senior managing director with more than 35 years of experience in mortgage finance, including 12 years at Wells Fargo and most recently at Signature Bank. The bank also is hiring bankers for the team.

“We have built a broad set of best-in-class capabilities to serve mortgage originators and servicers backed by highly experienced leaders who uniquely understand clients’ needs,” said Tizu Menelik, Huntington’s executive managing director of corporate, specialty and government banking.

Scott Kleinman, president of Huntington Commercial Bank, added, “This expansion only strengthens our ability to meet the financial needs of companies that make up the mortgage ecosystem.”

This addition is the latest in a series of recent geographic and vertical growth initiatives for Huntington’s commercial bank, including the expansion of its commercial banking presence in the Carolinas and Texas, and launch of new specialty verticals such as fund finance, healthcare asset-based lending and Native American financial services.

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Cobre allows companies to centralize all their money movement and banking partners, accelerating domestic and cross-border payments while accessing all their bank accounts in real-time for unified management of their financial operations. This investment positions Cobre to accelerate expansion across its key markets and become a household name for finance teams in the region.

In a world where cash is no longer Latin Americans’ preferred way to pay, companies face the challenge of managing their finances across a fast-growing variety of digital payment options. Cobre’s approach to centralization, delivered via in-house payment rails and direct banking integration, has created a flywheel where companies experience exponentially increasing productivity as they bring more of their payments onto the platform.

“B2B payments are on the cusp of major growth in Latin America, creating a real need for region-focused solutions that make it easier for enterprises to control the movement of their money,” said Allen Miller, Principal at Oak HC/FT. “With its novel infrastructure technology, Cobre has proven to be essential to its finance, accounting, treasury and operations customers in the region. We look forward to our partnership with the incredible Cobre team as the company continues its growth.”

Since raising its last round in October 2023, Cobre’s business has grown 6x, achieving profitability with revenue in the tens of millions. The growth has been driven by the synergies between its three products (Cobre Connect, Real-Time Domestic Payments and Real-Time Cross Border Payments) and its expansion to serve global companies doing business in Colombia and Mexico.

“Cobre was founded with the belief that the future of finance lies in embracing technology and simplicity. We are committed to helping businesses navigate the complexities of modern money movement with solutions that speak their language and keep them close to the banking partners they trust. With this investment, and the continued support of our partners, we’re ready to lead the charge in giving power to financial operations,” said Jose V. Gedeon, CEO at Cobre.

According to a McKinsey & Company study entitled ‘Sustaining digital payments growth: Winning models in emerging markets’ published in October 2022: “In Latin America, digital payment adoption is positioned to grow at more than 15% CAGR over the next five years.” As fintechs and incumbents try to balance an understanding of local idiosyncrasies with experience in building infrastructure, Cobre’s experience and success to date puts the company on track to become a key player in the digitalization of business in Latin America.

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Davis recently retired as a managing director after a 35-year career at Goldman Sachs. She co-led one of the industry’s largest small-cap value funds during her tenure at Goldman Sachs Asset Management, while also having specific responsibilities for and expertise in investments across the financial sector, including banking, insurance, capital markets and specialty finance companies. She joined Goldman Sachs in 1989 where she spent her first decade as a sell-side research analyst focused on U.S. regional banking companies.

“Sally brings a wealth of experience and unparalleled expertise in the U.S. banking industry to our board,” said Chairman and CEO Lynn Harton. “Her proven track record of analyzing and investing within the financial industry is exceptional. Her unique combination of knowledge and skills is a rare asset that will undoubtedly be instrumental to our future success.”

“Sally was a highly regarded and successful investor in the banking industry for many years. We are honored and grateful that she has chosen to bring that experience to the United Board,” said Thomas Richlovsky, Lead Director.

Davis started her career in finance at Chase Manhattan Bank in 1981, where she held positions in corporate finance, specializing in financial institutions and was a vice president in capital planning for the corporation. She joined Brown Brothers Harriman in 1987 to cover regional banks as a sell-side analyst.

“I am excited and honored to join the United Board. I look forward to collaborating with the strong team that has created a culture of success and hope to continue their mission,” said Davis.

Additionally, Davis is a board member at First Financial Bankshares , as well as First Financial Bank and First Financial Trust and Asset Management. She also serves on the board of Cincinnati-based Core Specialty Insurance Holdings, Inc. She received an MBA from the University of Chicago and graduated summa cum laude with a bachelor’s degree in finance from the University of Connecticut.

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The deal closed officially on August 1st, positioning Tarabut to lead the way as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect. The integration of Vyne’s advanced technology into Tarabut’s operations will bring cutting-edge A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to go live by the end of the year, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.

Vyne, established in 2019, has quickly become a leading player in the UK, processing billions of dollars through an existing client and partner portfolio with hundreds of businesses in the retail, financial services, and automotive sectors. Using Vyne technology, customers can move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods. This integration will enable instant, bank account-linked payments, offering unparalleled service to businesses in the retail, automotive, and SME sectors.

As the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings. Tarabut’s existing tech stack of data and compliance products coupled with Vyne’s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

Abdulla Almoayed, CEO of Tarabut said: “We are excited to welcome Vyne into the Tarabut family. This acquisition is a pivotal step in our long-term growth strategy, allowing us to bring mature, tried and tested payment products to the region, and providing solutions for the everyday issues that merchants and consumers face when taking or making payments. With Vyne’s technology, we are well-positioned to capitalize on new opportunities for innovation, market penetration, and sustainable growth. This is a significant milestone in Tarabut’s mission to seamlessly connect financial ecosystems in the Middle East.”

Karl MacGregor, CEO and Co-Founder of Vyne, added: “The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience. Merchants and consumers want speedy, secure, and convenient customised payment experiences. Open banking solutions can deliver on this demand. We believe the future of payments is digital and they need to be frictionless, contactless, and fair. Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world.”

The acquisition not only strengthens Tarabut’s technological infrastructure but also extends its operational footprint to the UK, solidifying its position as a global leader in Open Banking. Existing customers will benefit from enhanced services, while new customers, will have access to best-in-class A2A payment solutions as the regulations roll out across the region.

Tarabut’s acquisition of Vyne is the latest in a series of key investments designed to maintain and expand on its market dominance in the MENA region. These moves include the company’s $32 million Series A investment announcement in May 2023, and recent partnership announcements with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.

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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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