2024: Top five new launch stories of the year
From new banking apps to stock exchanges, several new fintechs and innovative solutions have been introduced in the fintech space this year.
Here, FinTech Futures looks back through five of the top new launch stories of 2024, featuring TXSE Group, Algebrik AI, Lydia, and more.
French fintech Lydia launches digital banking app Sumeria
French fintech Lydia launches banking app
While splitting its financial services app into two in May, French fintech start-up Lydia confirmed the launch of Sumeria, a new digital banking brand into which it plans to invest over €100 million and hire 400 people over the next three years.
At launch, Sumeria’s offering included an online account incurring 4% interest on cash balances, with Lydia aiming to service five million customers by 2027.
The firm says it is also in pursuit of a credit institution licence from the French Prudential Supervision and Resolution Authority “in order to write the future pages of this new chapter” for Sumeria.
TXSE Group poised to challenge New York exchanges’ dominance with Texas Stock Exchange launch
In June, TXSE Group announced its plans to challenge the dominance of New York-centric exchanges with the launch of the Texas Stock Exchange (TXSE), following an initial capital raise of nearly $120 million.
Headquartered in Dallas, TXSE aims to provide US and international organisations with access to the US equity capital markets.
It will also offer a platform for trading and listing public companies, as well as an expanding “universe of exchange-traded products”, according to a statement.
TXSE, which will be a fully electronic national securities exchange, said at the time that it would submit a registration with the US Securities and Exchange Commission (SEC) this year.
HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core
HD Bank launches Vikki Digital Bank in Vietnam
Vietnamese commercial bank HD Bank leveraged its existing relationship with core banking vendor Thought Machine to launch Vikki Digital Bank this year.
The digital-only bank, which has been developed through a joint venture between HD Bank and Galaxy FinX Joint Stock Company, launched in Vietnam on 31 July.
Its services at launch include current accounts and virtual debit cards supported by e-KYC verification, money transfer services and spend management features, as per a translation of the app spec.
These capabilities are currently powered by Thought Machine’s Vault Core, for which HD Bank previously signed through a deal struck in February 2022.
RBI set to launch United Lending Interface to simplify access to credit for underserved borrowers
In August, the Reserve Bank of India (RBI) announced its preparations to launch a new technology platform called the United Lending Interface (ULI), which aims to simplify access to credit for the country’s underbanked and financially excluded borrowers.
Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies that month, RBI governor Shri Shaktikanta Das confirmed that a nationwide rollout of the ULI will take place “in due course”, with the platform expected to cater to “large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers”.
Supported by standardised APIs and a consent-based approach, the plug-and-play solution seeks to reduce the complexity of multiple technical integrations for lenders while simultaneously streamlining credit appraisal processes.
Scienaptic AI co-founder steps down to launch new venture, Algebrik AI
Scienaptic AI co-founder to launch a new venture
In September, former Scienaptic AI president and co-founder Pankaj Jain announced the launch of his latest venture, Algebrik AI Inc.
In an interview with FinTech Futures, Jain confirmed that his new company will ascend as a “natural extension” of Scienaptic AI, serving as an AI-powered lending technology layer for existing loan origination systems.
The venture, he explains, seeks to overcome the barriers posed to lenders whose antiquated technology stacks are preventing them from facilitating end-to-end digital lending journeys.
Algebrik AI’s website and product demo launched the following month, with client deployments to commence in Spring 2025.
