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Qatar’s Rasmal And Deniz Ventures Back TeamSec With $7.6M Investment

Funding for the AI-powered securitization platform will help scale operations and fuel expansion across the wider MENA region.

Published

1 day ago

January 30, 2025

Nour Nasir

qatar's rasmal and deniz ventures back teamsec with $7.6 million investment

Qatar’s Rasmal Ventures and Deniz Ventures — the venture capital arm of DenizBank under Emirates NBD Group — have jointly invested $7.6 million in TeamSec, the world’s first AI-driven securitization platform. TeamSec operates on a “Securitization-as-a-Service” model, using AI and data analytics to make financial markets more efficient and transparent.

The significant investment will fuel TeamSec’s expansion across the MENA region, helping to scale operations, while diversifying the company’s offerings and enhancing existing services.

Esad Erkam Köroğlu, TeamSec’s CEO and founder, sees the cash injection as a key enabler for the company’s growth: “The investment we received from ENBD and Rasmal Ventures demonstrates the trust placed in TeamSec’s vision and technological prowess by these renowned institutions. With this investment, we endeavor to strengthen our position as a global game-changer in the field of securitization”.

Meanwhile, Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures, emphasized the transformative potential of TeamSec’s technology: “TeamSec’s bold vision to revolutionize the securitization industry across the Middle East and beyond resonates strongly with us. Their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are excited to support”.

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Finally, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, added: “Our strategic investment in TeamSec, a fintech innovator specializing in Securitization-as-a-Service, underscores our commitment to shaping this market and enabling its growth. We are the first investor in TeamSec, supporting the founder and team in their growth journey at an early stage”.

The backing of TeamSec by Emirates NBD and Deniz Ventures builds on previous investments in startups such as Erguvan and NewBridge Fintech Solutions and reinforces their commitment to driving digital transformation and reshaping financial markets with cutting-edge technology.

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Fintech Galaxy Gains Approval To Pilot Open Banking In Jordan

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Fintech Galaxy Gains Approval To Pilot Open Banking In Jordan

The Central Bank has given the go-ahead to test fintech services through JoRegBox — Jordan’s regulatory sandbox for fintech innovation.

Published

13 hours ago

January 31, 2025

Nour Nasir

fintech galaxy gains approval to pilot open banking in jordan

Fintech Galaxy has secured approval from the Central Bank of Jordan (CBJ) to join JoRegBox, the country’s regulatory sandbox for fintech innovation. The green light allows the company to test and implement Open Banking services within a controlled, real-world setting, and makes Fintech Galaxy the first Open Banking provider to gain regulatory backing in Jordan.

This move aligns with CBJ’s long term vision for financial innovation, introduced in August 2023 as part of the Economic Modernization Vision (2023–2025). The program’s purpose is to establish Jordan as a fintech hub, attracting investment in high-tech financial solutions. JoRegBox provides a supervised testing environment for fintech firms, in a bid to foster widespread financial inclusion and build more consumer-centric financial services.

Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors, expressed his enthusiasm: “We are proud and honored to receive the Central Bank of Jordan’s approval to test and introduce Open Banking services to the country through the JoRegBox regulatory sandbox. This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan’s economy through Open Banking”.

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Mirna Sleiman, Founder and CEO of Fintech Galaxy, echoed the sentiment: “The Central Bank of Jordan’s approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector. By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan”.

Open Banking services allow banks and payment providers to share customer data securely with third-party providers (with their prior consent). Fintech Galaxy’s FINX Connect platform enables real-time bank account data aggregation and payment initiation, enhancing customer access to personalized financial services and simplifying payment processing.

To support its expansion, Fintech Galaxy has raised $9 million for platform development and market growth. The Jordanian arm, led by Zaid Khatib, will integrate with banks and financial institutions country-wide, focusing on Personal Finance Management (PFM) and Business Finance Management (BFM) applications.