Latest news with #Novobanco
Yahoo
01-07-2025
- Business
- Yahoo
Zango AI Emerges From Stealth, Raising $4.8m to Revolutionise Financial Compliance Systems With AI Agents
LONDON, July 01, 2025--(BUSINESS WIRE)--London-based Zango has raised $4.8m, in a round led by Nexus Venture Partners, a leading global venture capital firm with over $2.6 billion capital under management. Other participants in the latest round include South Park Commons, Richard Davies, CEO of Allica Bank, Alan Morgan, former head of Financial Services at McKinsey (EMEA), Mark Ransford, Notion Capital, No Label Ventures and Start Ventures. Ritesh Singhania, Co-founder of Zango says, "Traditional SaaS stops at KYC and AML, leaving the rest of compliance buried in spreadsheets and manual reviews. Zango changes that. Our regulation-aware AI agents continuously track regulatory updates (horizon scanning), identify compliance gaps in real time, and keep firms audit-ready — no operational drag, no surprises." Zango is actively used by established banks such as Novobanco, the fourth-largest bank in Portugal, and is gaining traction with leading neo banks in the EU and UK, including Monzo and Juni. Today, financial services regulations stretch across tens of thousands of pages, creating slow, manual workflows and significant costs for businesses striving to stay compliant. Zango addresses this critical challenge by transforming regulatory complexity into a clear list of requirements. Its innovative solution is training regulation-specific Large Language Models (LLMs) to make compliance as intuitive as a simple query, enabling businesses to launch new products and expand into new markets with unprecedented speed and confidence, helping compliance be a growth centre rather than just a cost centre. With compliance becomes as simple as a Google query: "I want to launch a lending product in [Y] market — what do I need to do?" Zango's AI agents don't just read and interpret regulations with a high degree of accuracy — they integrate into a company's day-to-day operations. In one example, a workflow with one of the banks involving the regulator was reduced from 48 hours to under 4 hours, showcasing the power of AI in regulated environments. Compliance becomes a continuous, always-on process rather than a one-time checklist. Traditional consultants give you a green light at a moment in time. But fast-growing businesses change quickly. Six months later, that "green light" is irrelevant — and by the time a regulator shows up, you could be out of bounds. "We don't sell a platform — we sell a solution," said Ritesh Singhania, Co-founder of Zango. "Our AI agents are paired with humans-in-the-loop to ensure 100% accuracy. Peace of mind doesn't come from a tool; it comes from a result. That's why we win against consultants — because they don't just sell software, and neither do we." Zango was co-founded by Ritesh Singhania and Shashank Agarwal, both second-time founders with deep experience in regulatory technology. Ritesh previously founded ClearGlass, a pension compliance platform, and served as Head of Technology at Simplitium (acquired by NASDAQ). Shashank co-founded Third Watch, an AI-powered fraud detection startup (acquired by Razorpay, valued at $7.5bn+), and led trust and compliance engineering at PhonePe, which is gearing up for India's largest IPO. "The global regulatory landscape is ripe for disruption," said Anand Datta, Partner at Nexus Venture Partners. "Ritesh and Shashank, with their firsthand, proven expertise, developed Zango's first-principles approach: uniquely marrying cutting-edge AI with human compliance expertise. Their AI-led solution is already augmenting the compliance team and increasing their efficiency at global financial institutions. We're incredibly excited to be part of their journey." "We are thrilled with how Zango AI has transformed our compliance processes, saving us hundreds of hours of manual repetitive work and allowing our team to focus on strategic initiatives," said Lara Reis, Head of regulatory affairs, Novobanco. "For Horizon scanning, Zango is a game-changer. The platform's current and future modules are set to revolutionize the second line of defense work in regulated industries like ours," Sabina Ausfelt, Head of compliance, Juni. The funds raised will be used to expand teams in London & Bengaluru along with building out the other product modules for an AI-native GRC. Zango will expand into other verticals of financial services as well outside of banking to insurance and asset management. About Zango AI Zango is a regulatory compliance solution that leverages AI alongside trusted subject-matter experts to automate horizon scanning, gap analysis, and controls testing for global financial institutions. Founded in 2024 by experts in AI and financial regulation, the company operates globally with offices in London, San Francisco and Bengaluru. Zango is trusted by enterprise customers navigating complex regulatory environments across the UK, EU, and beyond. The platform is SOC 2 Type II and ISO 27001 certified, with security and scalability built in from the ground up. For more information, visit About Nexus Venture Partners Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $2.6 billion under management, Nexus operates as a unified team across the US and India. Nexus's portfolio includes Bolt, Postman, Daloopa, Fingerprint, Zepto, Iambic, Infra Market, MinIO, Pubmatic, Rapido, Rancher, Turtlemint, Uniqus and Delhivery. View source version on Contacts Media Contact: Ben Goldsmithben@ +44(0)7788295321 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Business
- Yahoo
Bpce: BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal's fourth-largest bank
BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal's fourth-largest bank Paris, 06 13 2025 Groupe BPCE, the second-largest bank in France1 and the fourth-largest in Europe2, has signed a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco from the private equity firm Lone Star Funds. The transaction, representing a cash amount of approximately3 €6.4bn (for 100% of the shares) and a multiple of around 9x annual earnings, is the biggest cross-border acquisition in the euro zone for more than 10 years. Following the creation of BPCE Equipment Solutions at the start of the year, this project marks a new key stage in the execution of the 'Vision 2030' strategic plan, geared to developing and diversifying BPCE in France, Europe and the wider world. On completion of the transaction, Portugal would become the Group's second-largest domestic retail market. Novobanco, a solid player in Portugal demonstrating exemplary growth in recent years Novobanco, Portugal's fourth-largest bank4, has built up a solid franchise and holds market shares of c.9% with individual customers and c.14% with corporate clients. It has 1.7 million individual customers and manages a €17bn corporate loan book. With its 4,200 employees, novobanco operates through some 290 branches and an extensive network of external partners, while also offering a rich customer experience through its digital channels. In recent years, novobanco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35% and a return on tangible equity (RoTE) exceeding 20%5. These results have been underpinned by the quality of novobanco's teams, together with the engagement of its shareholders for the last eight years. BPCE, lasting engagement in Portugal, focused on financing the economy BPCE currently employs over 3,000 staff in Portugal, a figure testifying to its lasting engagement with the country. Since 2017, the opening of a multi-business center of expertise in Porto has deepened its local ties. By welcoming novobanco into the Group, alongside the Banque Populaire and Caisse d'Epargne banking networks, which already serve the French economy, BPCE would further strengthen its role as an important development partner for the Portuguese economy, recognized for its solid fundamentals and resilience. Through the transaction, BPCE intends to facilitate financing for local companies and individuals' projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with novobanco. Execution of the 'Vision 2030' strategic plan The acquisition of novobanco would help diversify BPCE in two respects: geographically, via access to a dynamic economy, and in balance sheet terms, by increasing the proportion of variable rate loans on its balance sheet, thus improving its revenue profile. The acquisition would be a growth driver for the whole Group. It is perfectly consistent with BPCE's 'Vision 2030' strategy, underlining the Group's determination to expand in France, Europe and the wider world through strategic investments that create lasting value. The transaction marks a new key stage in the Group's European-scale growth, following the creation of BPCE Equipment Solutions in February 2025 and the ongoing project to create the leading European asset manager in partnership with Generali. On completion of the transaction, Groupe BPCE's CET1 ratio would remain above 15%. Timing of the transaction BPCE is engaging in discussions with the Portuguese government and the Portuguese Banking Resolution Fund with a view to acquiring their equity interests in novobanco (11.5% and 13.5%, respectively), on identical terms. BPCE will proceed with the necessary consultations with employee representative bodies in order to sign the acquisition contract. The project is projected for completion in the first half of 2026. For Nicolas Namias, CEO of BPCE 'BPCE is pleased to announce today the project to acquire novobanco in Portugal. Holding market shares of c.9% with individual customers and c.14% with corporate clients, novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. Major player in local banking in France thanks to the Banque Populaire and Caisse d'Epargne banking networks, BPCE would become a retail banking player in Europe with the acquisition of novobanco and would actively participate in financing the Portuguese economy. A few months after the creation of BPCE Equipment Solutions, the projected transaction marks a new key stage in the execution of our Vision 2030 strategic plan, announced close to a year ago. The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in novobanco's ability to create value over time. BPCE's executive managers and employees are all particularly enthusiastic about the prospect of welcoming novobanco, its management and its 4,200 employees, in order to write a new chapter of growth, innovation and performance in Europe together'. About Groupe BPCE Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d'Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook). Press contact Groupe BPCEChristophe Gilbert : 33(0)1 40 39 66 00 / 33(0)6 73 76 38 - 1 Ranking based on market share of outstanding loans for all non-financial customer segments (Banque de France 3Q24)2 Ranking in terms of capital (€73bn for BPCE) 3 Estimated consideration as of December 2025 4 Ranking in terms of balance-sheet size at end-20245 In first-quarter 2025 Attachment 20250613_PR_BPCE_novobanco_GB
Business Wire
03-06-2025
- Business
- Business Wire
Feedzai IQ Defends Banks Against AI-Driven Fraud With Privacy-Preserving Network Intelligence
NEW YORK & LISBON, Portugal--(BUSINESS WIRE)-- Feedzai, the global leader in AI-native financial crime prevention, today announced the launch of Feedzai IQ, a new family of solutions that enables network fraud intelligence without compromising customer privacy. Leveraging insights from hundreds of financial institutions across four continents and over $8 trillion in annual payment volume encompassing RTP, transfers, cards, and digital activity, among others, Feedzai IQ empowers financial institutions to make more intelligent, rapid, and precise risk assessments. 'We've always believed that the true power of AI is only unlocked through access to meaningful, high-quality data,' said Pedro Barata, Chief Product Officer at Feedzai. As fraudsters increasingly weaponize GenAI tools and stolen data — now driving over 50% of today's most sophisticated attacks — financial institutions remain hamstrung by siloed defenses and strict data-sharing limitations. Traditional data-sharing approaches raise significant concerns around privacy, security, and compliance, but Feedzai IQ eliminates the need for raw data exchange. Using federated learning, Feedzai IQ transforms anonymized, distributed data into real-time fraud intelligence, unlocking the power of collaborative defense without compromising sensitive customer information. Feedzai IQ delivers immediate value through community-driven AI models and network-based insights that enable banks to collaborate safely. Key features include: TrustScore – A real-time, AI-powered fraud risk score based on network-wide intelligence, delivering up to 4x more fraud detection with 50% fewer alerts. TrustSignals – Pre-calculated risk indicators that boost detection accuracy and improve payment acceptance, delivering a 27% increase in fraud detection and a 5% lift in acceptance rates. ' We've always believed that the true power of AI is only unlocked through access to meaningful, high-quality data,' said Pedro Barata, Chief Product Officer at Feedzai. ' While AI is surrounded by hype today, Feedzai has led the way in applying real AI to real problems—and now, with Feedzai IQ, we're combining our AI expertise with secure, network-wide intelligence. It's a breakthrough that takes fraud prevention to an entirely new level.' Customer Results Novobanco used TrustScore to uncover hidden fraud patterns — particularly scams and mule activity—achieving a 43% increase in fraud detection, a 41% higher value detection rate, and maintaining a low 0.66% alert rate. "Feedzai TrustScore helped us uncover and fight new fraud patterns that would either have gone undetected or been much harder to effectively block. We now possess a much broader and more powerful set of tools, analytic capabilities, and enhanced agility that strongly improve our effectiveness without increasing alert fatigue or negatively impacting the user experience," said Duarte Pupo Correia, Head of Direct Sales and Service Department at Novobanco. Jack Henry is equally excited about Feedzai IQ: 'Technology is enabling increasingly sophisticated fraud threats,' said Matt Riley, President of Complementary Solutions at Jack Henry. 'Innovations such as Feedzai IQ contribute significantly to the industry's ability to adapt to emerging threats and enhance operational effectiveness.' By unlocking secure, AI-powered collaboration across institutions, Feedzai IQ represents a paradigm shift in how the financial sector combats fraud. Financial institutions can now match fraudsters' speed and scale — while protecting customer trust and staying fully compliant with global privacy regulations.
Russia Today
02-06-2025
- Business
- Russia Today
Nationalist EU political activist claims bank account shut
Portuguese political activist Afonso Goncalves has said a local bank closed his personal account without warning or explanation. Goncalves, 24, is the founder of Reconquista, a right-wing nationalist movement established in 2023, who describes his association as a 'metapolitical' initiative aimed at reshaping Portugal's cultural and political landscape. The activist said Novobanco, a major Portuguese bank, closed his account without explanation and did not respond to requests for answers. 'I asked them to send me a reason in writing. They simply said 'no',' Goncalves said a video posted to YouTube on Friday. The activist is known for his vocal support of financial transparency and freedom of speech. In his video, he appeared to link the closure to his political views, though he did not provide evidence for this claim. He stated, 'This is what happens when you speak the truth. You get shut down.' Account closures by banks in Portugal are legally allowed under certain conditions, such as suspected fraud or compliance with anti-money laundering laws. However, financial institutions are typically required to provide a reason upon request. Goncalves did not say whether he intends to file a formal complaint. No court proceedings or legal actions related to the closure have been reported so far. Goncalves concluded his video by saying he would continue to 'fight for financial freedom' and encouraged others to be aware of what he described as 'systemic censorship.' Bank account closures have become increasingly common in the West. In Britain, right-wing Reform UK party leader Nigel Farage said in June 2023 that private bank Coutts closed his account. Parent company NatWest first cited financial grounds, but internal documents later reportedly showed his political views influenced the decision. In Canada, authorities froze the bank accounts of Freedom Convoy protesters in 2022 under emergency powers. Then-Deputy Prime Minister Chrystia Freeland said the measure targeted those funding the anti-government protests. The most recent case took place in Germany last month when former Chancellor Gerhard Schroeder faced payment blocks from Sparkasse Hannover over concerns about Russian ties. The bank reportedly blocked nearly €500,000 in annual transfers linked to Schroeder's role on the board of Nord Stream 2, a pipeline project owned by Russian energy giant Gazprom, despite him not being under sanctions.
Yahoo
04-03-2025
- Business
- Yahoo
Nasdaq (NasdaqGS:NDAQ) Appoints Brandis DeSimone As Head Of East Coast Listings Strengthening Client Relationships
Nasdaq recently appointed Brandis DeSimone as Senior Vice President, reflecting its focus on bolstering client relationships, which could be a factor in the company's 2.54% share price increase last week. In contrast, the broader market, including the tech-heavy Nasdaq Composite, experienced a decline during the same period due to concerns over tariffs and their potential inflationary impact. While broader market indices like the Dow Jones and S&P 500 faced sell-offs, largely driven by fears surrounding new tariffs, Nasdaq's stock managed to rise—an indication that company-specific developments may have positively influenced investor sentiment. Additionally, Nasdaq's active role in modernizing regulatory reporting in Europe and its tender offers reflecting strong interest in its debt securities underscore its proactive approach to market challenges and investor engagement. Meanwhile, the overall market was down 2.5%, highlighting Nasdaq's relative strength amid broader market pressures. Unlock comprehensive insights into our analysis of Nasdaq stock here. Over the past five years, Nasdaq (NasdaqGS:NDAQ) has delivered a total shareholder return of 150.02%. During this period, several factors have shaped Nasdaq's strong performance. Partnerships, such as the expanded alliance with Novobanco and the regulatory reporting deal with Austrian Reporting Services, reinforced Nasdaq's foothold in digital technologies and compliance solutions. Additionally, financial results for the year 2024 showed robust revenue of US$7.40 billion and a net income increase to US$1.12 billion, underscoring solid operational execution. The company's strategic dividend announcements and comprehensive earnings growth also contributed to enhancing investor confidence, along with efforts to manage debt via tender offers for outstanding notes. Despite being seen as expensive compared to industry P/E ratios, Nasdaq's initiatives in technology enhancement, exemplified by plans to launch the PureStream trading solution, indicated its commitment to evolving market demands. These actions may have bolstered the company's relative strength, outperforming the US Capital Markets industry over the past year. Analyze Nasdaq's fair value against its market price in our detailed valuation report—access it here. Analyze the downside risks for Nasdaq and understand their potential impact—click to learn more. Hold shares in Nasdaq? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqGS:NDAQ. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
