Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

Finovate’s Fintech Rundown is here with a look at some of the top fintech headlines. From startups emerging from stealth flush with capital to the launch of new AI-powered fraud fighting technologies, we’ve got you covered. Be sure to check back all week long for the latest updates.


E-commerce

E-commerce payments solution provider Klarna acquires New Zealand’s Laybuy.

Regtech

Risk and compliance company Unit21 introduces new anti-fraud technology for ACH transactions.

Payments

Uruguay-based cross-border payment platform dLocal forges strategic partnership with Uphold’s onramp service, Topper.

PayPal integrates with payroll provider UKG to offer early wage access.

Payments company D24 forges a strategic partnership with payments orchestration platform Yuno.

Nigeria-based B2B payments and liquidity platform for emerging markets businesses Waza emerges from stealth with $8 million in funding.

Identity management

Biometric authentication solutions company IDEX Biometrics names Catharina Eklof as its new CEO.

Crypto / DeFi

Romania-based AI and blockchain technology provider Humans.ai acquires TensorChain creator Starfish Technologies.

German neobank N26 expands its cryptocurrency trading product, N26 Crypto, to five new European nations: Belgium, Germany, Ireland, Portugal, and Switzerland.

Worldwide Stablecoin Payment Network (WSPN) raises $30 million in seed funding.

Decentralized finance (DeFi) risk management platform Chaos Labs secures $55 million in Series A funding.

Stablecoin-to-fiat money transfer app Sling Money locks in $15 million in funding.

Lending

ABN AMRO forges partnership with nCino to enhance its corporate lending operations.

Embedded finance fintech Amount secures $30 million to fuel its expansion into the credit union industry.

Digital banking

Challenger bank Starling Bank launches its first savings account offering 3.25% interest.

Wealth management

Cloud-based wealth management solution provider FusionIQ partners with wealthtech provider interVal to deliver new technology solutions to financial advisors.

Open banking

Open banking payments company Trustly announces strategic partnership with food delivery service company foodora.

Financial literacy

Northern Trust teams up with Greenlight Financial Technology to give its clients access to Greenlight’s finance app and debit card.

Embedded finance

Regtech Kobalt Labs joins the Treasury Prime Partner Marketplace.

Three Finovate alums – ASA Financial, Eko Investments, and upSWOTearn finalist spots in the 2024 NXTSTAGE Financial Technology Pilot Competition.

Accounting and taxes

Automated accounting and tax solution for “solopreneurs,” Lettuce, raises $15 million in Series A funding.

Fraud and financial crime prevention

Digital identity and fraud prevention innovator Mitek Systems expands its partnership with Alogent.


Photo by Roman Kraft on Unsplash

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

As 2024 works its way toward halftime, we’re seeing an uptick in partnership and collaboration activity from crypto to regtech. Check back all week long for updates on the latest in fintech news.


Payments

Payment orchestration platform Gr4vy extends its partnership with open banking payments company Trustly.

Tyro Payments teams up with StoreConnect to enable integrated payments for a Salesforce-based POS solution.

Intelligent verified payouts solutions provider Verituity closes $18.8 million funding round.

MENA and Africa-based consumer fintech Pyypl to issue prepaid Visa cards from its UAE headquarters as part of a new partnership with Visa.

Clair partners with Check to seamlessly offer on-demand pay. 

Tribe Payments appoints Andrew Hocking as CEO.

Frost Bank taps Finzly to provide FedNow and RTP instant payments to its business clients and consumers.

Digital banking

Mahalo Banking introduces its latest partner: Industrial Credit Union.

Bluevine teams up with Mastercard to launch its new Small Business Cashback Mastercard.

Bank Midwest partners with Finastra to launch its new digital bank, OnePlace.bank.

Tuum expands its partnership with Amazon Web Services (AWS) to deliver its next generation core banking platform through the AWS Marketplace.

Quail Creek Bank chooses Jack Henry to stay competitive and enhance customer experience.

MoneyLion appoints Jon Kaplan as Chief Revenue Officer.

Avidia Bank partners with Q2 and Personetics to modernize its digital banking experience and strengthen engagement.

Eltropy announces key enhancements to unified conversations platform.

Fraud and Identity management

Risk-decisioning software provider Provenir launches onboarding fraud solution.

Email address intelligence firm AtData forges strategic partnership with unified identity platform Dodgeball.

DataVisor enhances multi-tenancy capabilities for scalable, secure, and flexible fraud and AML solutions.

E-Commerce

Klarna divests its Klarna Checkout (KCO) division for $520 million.

Regtech

E-document management platform A-Cube API announces collaboration with Salt Edge to facilitate compliant document digitization.

DeFi

Decentralized finance (DeFi) platform 1inch partners with Web3 security provider Blockaid.

Embedded finance

Cotribute, an embedded fintech platform serving credit unions, partners with APCU and Center Parc Credit Union to launch an automated digital account opening solution.

Embedded finance platform for technology purchases Gynger raises $20 million in a Series A round led by PayPal Ventures.

Banking-as-a-Service

Payments and financial solutions provider Finzly partners with Frost Bank to bring FedNow and RTP Instant Payments to business and retail customers.

Egyptian Banking-as-a-Service startup Connect Money secures $8 million.

Lending

USMI names Enact MI President and CEO Rohit Gupta as Chair of the Board.

Conotoxia makes loan applications and processing available in its mobile app.

Small business finance

Airwallex integrates with Intuit QuickBooks to provide seamless multicurrency reporting.


Photo by Nubia Navarro (nubikini)

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

Investment and innovation are defining the wealth management space as the week begins. LA-based wealth management platform Altruist enters the week with $169 million more in capital, courtesy of a Series E round led by Iconiq Growth. Meanwhile, JP Morgan Chase announced that it has deployed generative AI to enhance its thematic investment offering.

Be sure to check back all week long for more fintech news!

Crypto

Revolut launches its stand-alone crypto exchange for professional crypto traders, Revolut X.

MoonPay announces collaboration with PayPal to enable MoonPay users in the U.S. to buy crypto via their PayPal accounts.

Nayms partners with Coinbase to leverage on-chain technology for insurance transactions.

Community banking

New Peoples Bank turns to Jack Henry for its core processing technology and Banno Digital Platform.

Spend management

Expensify, the financial management super app for expenses and corporate cards, unveiled its new travel platform, Expensify Travel.

Insurtech

CoverTree, an insurtech specializing in manufactured home insurance, secures $13 million in Series A funding.

U.K.-based digital life insurance and income protection product company Eleos raises $4 million in seed funding.

Embedded insurance company CoverGenius inks partnership with Adyen.

Payments

Keybank introduces virtual account management powered by Qolo.

Checkout.com launches its Payments-as-a-Service solution, Flow.

WaFd Bank selects Fiserv’s CashFlow CentralSM to expand payment capabilities for small businesses.

NAB and Banked team up to launch Pay by Bank for Australian merchants.

YES BANK and EBANX partner to empower cross-border commerce in India.

Crowded launches international currency transfers for nonprofits, enabled by Visa Direct and Cross River.

Fraud prevention

AML and fraud risk mitigation company Unit21 launches ACH Risk Scores and Action Event Rules.

Investing / Wealth management

Life insurance and wealth management solutions provider iPipeline introduces its first Chief Product Officer Katie Kahl.

Wealth management platform Altruist raises $169 million in Series E funding.

JP Morgan Chase introduces its IndexGPT thematic investing tool.

Pure Financial Advisors generates more than $1 billion in new AUM through its SmartAsset partnership.

Data and analytics

Bank personalization engine company Moneythor appoints Martin Frick as its new Chief Executive Officer.

AI

AI Squared acquires open-source reverseETL technology company Multiwoven.

Lending

Planet Home Lending appoints Paul Walker as Chief Financial Officer.

Libro Credit Union seeks to enhance its lending operations via a transition to nCino’s cloud banking platform.

Communication & Virtual Assistants

How Eltropy’s AI-powered conversations platform helps 3 FIs reduce delinquencies.

Wipro collaborates with Microsoft to launch a suite of generative AI-powered virtual assistants for financial services.

Digital banking

Velmie and Unlimit partner to accelerate European Fintech growth.

FIS launches Atelio to provide the building blocks for BaaS and embedded finance.

Small business

Mercury launches new software to help businesses simplify financial workflows: billpay, accounting automations and employee reimbursement tools.

Basware acquires AP Matching. 

KeyBank launches KeyVAM, a virtual account management solution powered by Qolo for treasury management clients who have complex demand deposit account structures.

Regtech

Global RegTech consolidator Corlytics acquires Deloitte UK’s RegTech platform.

Embedded finance

Issuer-processor Paymentology teams up with Diamond Trust Bank to bring embedded finace solutions to customers in Kenya.

Accelerators and incubators

Ally Financial launches its Ally Innovation Challenge to promote solutions leveraging Responsible AI.


Photo by Towfiqu barbhuiya on Unsplash

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

Happy Earth Day! Partnerships in payments and fundraising in the international investment/wealth management space are dominating fintech news headlines as the week begins.

Digital banking

Temenos announces appointment of new Chief Executive Officer Jean-Pierre Brulard, effective May 1, 2024.

Caribbean Bank Limited partners with Finastra to modernize its core technology and upgrade its back office operations.

Zafin appoints Charbel Safadi to replace Al Karim as CEO.

Open banking

Open banking firm Fintech Galaxy collaborates with Singapore-based FinbotsAI to launch new credit profiling capabilities.

Bill-sharing app Splitwise teams up with open banking platform Tink to bring Pay by Bank to Splitwise customers.

Banking-as-a-Service

BaaS innovator Finzly partners with EverBank to enhance the firm’s payment processing system.

Crypto

eToro teams up with 21Shares to launch a new, “data-driven,” crypto portfolio, 21Shares-Flows.

Payments

Ad-subsidized payments network (ASPN) Zilch extends its collaboration with Amazon Web Services.

Payments and financial platform for businesses Airwallex launched its payment acceptance solution in the U.S.

Klarna forges global partnership with Uber, bringing its Pay Now option to the company’s ride-sharing and delivery platforms.

Brite Payments goes live in Germany with its Instant Payments solution.

Business payments specialist Bottomline forges strategic partnership with spend management company Coupa.

TabaPay to acquire the assets of BaaS provider Synapse Financial Technologies.

Real-time, cross border payments company Nium introduces new Chief Payments Officer, Alexandra Johnson.

Versapay appoints Ed Neumann as Chief Financial Officer.

UAE-based Careem Pay expands its international remittance services in the U.K. to include its Faster Payments offering.

GoCardless and Intuit QuickBooks integrate to allow U.S. QuickBook users to use ACH-Pull for account-to-account payments.

Thunes agrees to acquire Tilia. Tilia will be rebranded as Thunes and will remain based in San Francisco.

Klarna expands global partnership with Expedia to offer BNPL payment option for flights and hotel stay purchases.

Sopra Banking Software and Paymentology partner to deliver card issuing services within its SBP Digital Core platform.

Visa and Standard Chartered partner on cross-border payments.

Regtech

U.K.-based digital compliance and AML solutions provider SmartSearch appoints Phil Cotter as CEO.

Investing and Wealth Management

Wealth management platform TIFIN introduces new Chief Operating Officer of its TIFIN AG platform Jeannette Kuda.

Goldman Sachs announces deal to sell its Marcus Invest digital investing accounts to Betterment.

Istanbul, Turkey-based investment app Midas secures $45 million in new funding.

Kinsted Wealth partners with software provider Objectway for its investment management platform.

Cairo, Egypt’s Bokra raises $4.6 million in pre-seed funding for its platform that offers investment products via asset backed securities.

Lending and Credit

U.K. property lender Together partners with nCino to enhance its lending operations.

BMO unveils its Greener Future Financing program to help SMEs in the U.S. build climate-resilient operations.

Pomelo lands $20 million in Seed funding and a $50 million warehouse facility for its tool that combines credit and international money transfer.

Figure Technology Solutions appoints Michael Tannenbaum as Chief Executive Officer.

E-commerce

Subscription management and billing platform Recurly introduces new dashboards with built-in benchmarks.

Klarna sells Hero, the virtual shopping platform it acquired in 2021, for $1.3 million (€1.3 million).

Splitit unveils FI-PayLater to empower banks to provide in-checkout installments for existing customers.

Identity verification

Financial crime risk data and fraud detection technology company ComplyAdvantage acquires knowledge graph builder Golden.

AU10TIX announces $18 billion in business fraud prevented since 2021.

Small Business Tools

Basware introduces AP Protect, an AI-powered solution that empowers finance teams to protect their organizations against profit loss, invoice errors, and fraud. 

Marqeta partners with OakNorth to offer commercial cards in the U.K.

Payroll

Rippling raises $200 million in new financing with $13.5 billion valuation.


Photo by Valentin Antonucci

Fintech Rundown: A Rapid Rundown of Weekly News

Fintech Rundown: A Rapid Rundown of Weekly News

The week begins with acquisition news in the digital banking space and confirmation that a major Canadian fintech may be going private.

Fraud Prevention

FIS announces release of card fraud management solution SecurLOCK in collaboration with Stratyfy.

Equifax and commerce platform VTEX partner to enhance fraud prevention capabilities for merchants.

Digital banking

Alkami launches its free, digital maturity assessment survey for banks and credit unions.

Bankjoy wins “Best Digital Banking Platform” at the 8th annual FinTech Breakthrough Awards.

nCino inks agreement to acquire onboarding automation specialist DocFox.

Varo Bank appoints Allen Parker as Chief Financial Officer, promotes Raktim Mitra to Chief Lending Officer.

NWSB selects Apiture digital banking platform to fuel growth.

Pioneer FCU expands partnership with Tyfone, adds business banking and payments solutions.

Credit monitoring

TransUnion goes live with its AI-powered data analytics platform.

Payments

Payments processor Thredd enters U.S. debit and prepaid card market.

Mexican fintech Prometeo launches account-to-account payments.

GoCardless purchases Nuapay from EML Payments.

Canadian fintech Nuvei confirms speculation that it is considering going private.

Cross border payments company Clear Junction earns recognition from the 2024 FT1000, ranking the firm among Europe’s fastest growing company.

Duck Creek Technologies launches Duck Creek Payments to offer a payment experience for insurers.

Shift4 partners with Atlante to provide payments solution for electric vehicle charging.

Cryptocurrency / Blockchain

African-based blockchain payments network Zone raises $8.5 million in seed funding.

Figure Technologies unveils Figure Markets, a single platform where investors can trade a wide range of blockchain-native assets from crypto to stocks to alternative investments.

Financial inclusion

Building society Nationwide introduces new digital service using British Sign Language (BSL) for deaf and hearing-challenged customers.

Insurtech

iPipeline, a digital solutions provider for the insurance industry, launched its OneView solution that tracks the progress and status of annuity orders in real-time.

Taxation / Accounting

Free Agent expands its smart tax calculation functionality to all NatWest Group customers via their business banking app.

Wealth management & Investing

Aegon Asset Management implements Clearwater AnalyticsPRISM to facilitate global client reporting. 

Yieldstreet partners with Wilshire Advisors to deliver a holistic solution for investors seeking diversified, passive exposure to private markets.

Identity management & verification

Truiloo achieves best-in-class match rate performance across 75 countries.


Photo by Suzy Hazelwood

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

The week begins with big news on the payment cards front as Capital One announces plans to acquire Discover Financial Services in an all-stock deal valued at $35 billion. Check out what else is going on in fintech and financial services in our latest fintech weekly news rundown!

Embedded finance

German embedded finance platform Monite raises $6.5 million (€6 million) in funding.

Quaint Oak Bank selects Finzly to modernize payments and enable its embedded banking practice.

Lending

BankiFi teams up with Praetura to enhance lending to SMEs.

U.S.-based Commerce Bank deploys loan origination technology from Temenos.

CCBank selects Lendio Intelligent Lending to fuel small business funding growth.

Mortgage Cadence releases version 4.0 of its Mortgage Cadence Platform (MCP) Loan Origination System (LOS). 

Payments

Payment orchestration provider BR_DGE forges new partnership with PayPal.

Kani Payments announces strategic partnership with Brazilian core banking platform Pismo.

OpenPayd forges partnership with TrueLayer to enhance its instant payment services.Paym

Gorham Savings Bank partners with CorServ to implement modern commercial credit card program.

REPAY enhances accounts payable integration for Sage Intacct.

REPAY partners with Maxyfi to modernize the collection of payments.

FXC Intelligence signs a data and intelligence partnership with dLocal to support its expansion into the remittance segment of the cross-border payments industry.

UNIPaaS launches AI Assist solution.

Regtech / Compliance

AML compliance and fraud prevention solution provider Flagright teams up with digital transaction solution Traxion.

Napier AI lands £45 million backing from Crestline Investors.

Ncontracts and America’s Credit Unions announce alliance.

Silent Eight expands partnership with HSBC to provide transaction screening solutions.

Digital Banking

Singapore-based digital bank Tonik unveils new joint savings account for couples, Luv Stash, with a 4.5% interest rate.

Personetics appoints Udi Ziv as new CEO.

Nigerian digital bank FairMoney is considering acquiring Umba, digital bank with operations in Nigeria and Kenya, in an all stock deal valued at $20 million.

Crypto

Revolut announces plans to open an advanced cryptocurrency exchange.

RockWallet to onboard former Wyre users after acquisition of its customer base.

Mastercard and Swoo partner to offer crypto cashback on everyday purchases.

Helius raises $9.5 million in Series A funding to enhance the developer experience on Solana.

Fraud and security

U.K.-based AML platform Napier AI secures $56.8 million (£45 million) in a round led by Crestline Investors.

Featurespace appoints Dr David Sutton as Chief Innovation Officer (CINO) and Kendra Rogers as Chief Communications & Marketing Officer (CCMO).

Investing and wealth management

Revolut launches new robo-advisor service in Ireland.

Velexa introduces Fractional Bonds, democratizing investment in high-quality bonds.

TIFIN receives $10 million from SEI to power the future of wealth through artificial intelligence.

Open banking

Data intelligence platform Bud Financial is partnering with open banking company Fintech Galaxy to strengthen the open banking scene in the MENA region.

Insurtech

Insurtech Mylo selected by 1-800Accountant as digital insurance partner.


Photo by Markus Spiske

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

We’re already well into the second month of 2024, and while funding has slowed down a bit, news in the decentralized finance world has picked up. Take a look at some of the top headlines in fintech and banking this week.


Digital Banking

Israel-based digital bank oneZero unveils its new GenAI-powered assistant, Ella.

HighRadius acquires Cforia.

Payments

Tuition payments solution for trade and technical school students Mia Share raises $6.5 million in funding.

Fiserv expands in-person bill payment network to NCR Atleos ATMs.

Airbase appoints Mathew Schulz from Forrester as its new Vice President of Procurement Strategy. 

Blackhawk Network launches Select Codes to allow quick distribution of rewards.

NMI launches NMI Payments, a comprehensive embedded payments solution.

Tradeshift appoints Iain Balchin as Chief Financial Officer.

i2c Inc. adds new clients in Brazil, Dominican Republic, Mexico, Peru, and Puerto Rico.

Banking-as-a-Service

Nordic Capital inks agreement to acquire majority stake in SaaS core modernization provider Zafin.

Crypto

Crypto wallet app COCA introduces virtual cards.

Cryptocurrency exchange OKX expands to Argentina.

Crypto custodian BitGo acquires private securities and alternative investment infrastructure provider Brassica.

Open banking / Open finance

Moneyhub named supplier of Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System framework for the U.K. government.

Akoya, Envestnet | Yodlee, MX, and Plaid to integrate into FISOpen Access platform.

FIS and Banked partner to create new pay-by-bank solutions.

Wealth management & Investing

Swedish investment platform Kameo secures $1.3 million (£1.1million) investment from Incore Invest.

Attune Solutions launches Attune WealthData powered by BridgeFT.

Clearwater Analytics launches Clearwater MLx, mortgage loan investment solution.

Blue Ocean Technologies and DriveWealth partner to expand geographic reach and trading services.

Exponential Markets receives strategic investment from Citi.

Card Issuance/Management

Card issuing platform Marqeta inks travel management software company, Internet Travel Solutions (ITS).

ConnexPay launches ConnexPay Flex, a new variable-rate virtual card.

Mastercard and the Bank of Punjab expand their partnership to cover the commercial segment.

Lending

Yardline and AMZ Pathfinder partner on ecommerce funding.

Traditional finance

Barclays to acquire Tesco Bank’s retail banking business.

AtlasClear combines with SPAC and acquires Wilson-Davis & Co.

NCR Atleos to bring surcharge-free cash access to American Express checking customers.

Clearwater Analytics extends support for accounting with fund accounting and pooled participant interaction.

Fraud & security

Signzy launches one-touch KYC for seamless digital onboarding.

TruShield Insurance collaborates with Visa to help address cybersecurity risks facing small businesses.

Tina Stewart joins Utimaco as Chief Marketing Officer.

Data Zoo names former London Stock Exchange Group executive Charlie Minutella as new CEO.

Canada’s EQ Bank partners with Trulioo for identity document and biometric verification.

Armilla AI lands $4.5 million in Seed funding to help de-risk AI adoption for enterprises.

Mortgagetech

Better launches digital VA loans powered by Tinman.


Photo by AbsolutVision on Unsplash

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

This week’s Fintech Rundown features partnership and expansion news from a handful of Finovate alums, as well as some interesting fundings in the cryptocurrency and charitable giving space.


Wealth Management

Digital wealth and payments company Mogo expands its relationship with data cloud company Snowflake.

U.K.-based wealth app Chip launches its first Cash ISA.

WiseAlpha unveils new wealth management portal and white-label solution.

Digital Banking

Segura Bank International (SBI), an FI based in Puerto Rico, launches a new digital bank powered by Temenos’ core banking platform.

North Carolina-based Mechanics & Farmers Bank has gone live on the nCino Cloud Banking Platform.

Indian payment solutions provider PayU migrates its credit service LazyPay to Thought Machine’s core banking platform.

10x Banking announces expansion to Africa, starting in South Africa.

Core banking provider Tuum raises $26.8 million (EUR 25 million) in Series B financing.

HSBC U.K. introduces its Cash Pod to expand customer access to cash in areas without bank branches.

Mortgagetech

Phoebus launches its SaaS-based mortgage servicing platform.

Raymond James Bank deploys ICE Mortgage Technology’s Encompass lending solution.

Payments

Atlantic Money secures authorization to bring its money transfer service to the U.S., Canada, and Australia.

Overflow, a fintech that facilitates charitable giving, raises $20 million in new funding.

Worldpay completes its separation from FIS.

Airwallex forges multi-year partnership with McLaren Formula 1 team to support its treasury management and cross-border payout operations.

MENA-based payment orchestration solution provider PayTabs Group partners with Saudi Arabian payment-infrastructure-as-a-service fintech Nearpay.

Lending

Pagaya secures a five-year, $280 million credit facility led by BlackRock, JPMorgan, and others.

Allica Bank completes more than £2 billion in lending to businesses in the U.K.

Challenger banking

LendingClub moves closer to fulfilling the requirements to launch a new bank.

Open banking / Open finance

MX and Jack Henry announce an expanded agreement to enhance data sharing.

Trustly integrates MX data enhancement as part of its Open Banking product suite.

Norway-based open banking company Neonomics teams up with credit management firm Lowell.

Expense management / BFM

The Boston Celtics name Brex as its corporate card and spend management partner.

Expense management platform Fyle forges new integration with American Express.

Cryptocurrencies / DeFi

Oobit, a cryptocurrency payments app based in Singapore, raised $25 million in Series A funding.

Fnality to bring its blockchain-based payment system to the U.S. following its successful launch in the U.K.

Embedded finance

EY announces an alliance with embedded finance platform MoneyLion.

Identity Verification/Management

Entrust confirms that it is negotiating a potential acquisition of ID verification firm Onfido.


Photo by Markus Winkler on Unsplash

Trust and Identity in the Digital World; PayPal Joins the Crypto-Curious

Trust and Identity in the Digital World; PayPal Joins the Crypto-Curious

IDology on the challenge of faster, safer, easier cybersecurity – When it comes to using digital services, consumers are increasingly concerned about fraud, but still tend to underestimate the severity of cybercrime more broadly. Consumers are also more likely to abandon online account set-up than they have been in recent years. And while they rate security above both ease-of-use and speed when it comes to the onboarding experience, any friction in the security process can be costly.

These are some of the takeaways from the just-released report from real-time identity verification company IDology. The company’s Third Annual Consumer Digital Identity Survey takes a look at consumer attitudes toward cybersecurity, the willingness of consumers to work with companies that have suffered a cyberattack or data breach, and the ability of consumers – and fintech innovators – to balance between security and seamlessness.

“So while consumers overwhelmingly demand security,” the report noted, “there’s only so much friction they are willing to endure to receive it.”

Other insights from the survey, conducted between February 25 and March 7 of this year and including 1,499 online respondents, underscored the fact that consumers increasingly see their mobile devices as both a “component” of their identity as well as a tool for facilitating digital interactions. The report concluded that identity verification “can serve as a strategic differentiator” for organizations competing in the digital environment.


PayPal Letter Confirms Company’s Interest in Crypto – News that PayPal has been developing cryptocurrency capabilities, including reports that PayPal and Venmo would soon enable their users to buy and sell cryptocurrencies directly, have been a welcome sign for innovators in the digital asset space. PayPal’s initiative was revealed in a letter the company sent to the European Commission in June, which expressed PayPal’s views on a “regulatory framework for blockchain, distributed ledger technology, and crypto-assets”.

Interestingly, PayPal emphasized the capacity of cryptocurrencies to play a positive role in improving financial services for underserved communities. “Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services,” the letter read.


Here is the latest news from our Finovate alums.

  • Salt Edge partners with Irish fintech OnlineApplication to help the company improve its mortgage application process.
  • Educational Systems Federal Credit Union to deploy digital banking technology from Finastra.
  • Revolut launches Open Banking features for its customers in France.
  • Open banking platform Tink acquires credit decision solution provider Instantor.
  • Data security specialist ALTR launches Stackable Margins program in bid to broaden its channel community and add new partners.
  • Sitehands reports that its current President and Chief Operating Officer Chris Corrado will become the company’s next Chief Executive Officer.
  • Lendio named one of the 2020 Best Places to Work in New York by Work and Fortune. The company also announced a strategic partnership with Web.com.
  • Altamaha Bank of Georgia partners with Ondot Systems to bring the company’s card management app to its debit cardholders.
  • Orion Advisor Solutions merges with investment management company Brinker Capital.
  • Fenergo wins the Breadth of Functionality category at the xCelent Awards 2020.
  • Finance and Commerce profiles automated account switching specialist, ClickSWITCH.
  • Stockhead features Identitii in its look at Australian fintechs that are embracing collaboration rather than disruption.
  • Biometric Update looks at Illuma Labs and how credit unions are adopting its voice biometric authentication technology.

nCino Soars on IPO; MaxMyInterest Teams Up with Morningstar

nCino Soars on IPO; MaxMyInterest Teams Up with Morningstar

nCino’s Record-Setting IPO – We previewed the initial public offering from cloud banking innovator and Finovate alum nCino a few weeks ago. Yesterday, the Wilmington, North Carolina-based company made its debut on the Nasdaq, climbing more than 150% on its first day of trading.

The one-day gain for nCino, which trades under the ticker “NCNO,” was the biggest for a U.S. tech company IPO since the dot.com days. The “exponentially oversubscribed” offering was priced at $31 on Monday, above two previous, lower price ranges, and nCino sold just over eight million shares to raise $250 million. The pricing gave the company a diluted market capitalization of $3 billion.


MaxMyInterest Integrates with Morningstar – A new partnership between cash management solution provider MaxMyInterest and Morningstar will give financial advisors a broader range of options when it comes to delivering higher yields for their clients’ cash. Head of Morningstar ByAllAccounts David Johnson said the integration would help “solve the problem of zero-interest rates on cash or cash-like balances for investors.”

The initial integration between MaxMyInterest and Morningstar ByAllAcounts data aggregation service will feature the ability to deliver client balance data into 40 platforms used by financial advisors for client reporting. Morningstar ByAllAccounts leverages AI technology to collect, consolidate, and enhance financial data and, regardless of platform, deliver that information to clients for a unified view of their investment holdings.


Currencycloud Readies for EU ExpansionCurrencycloud has been one of our busier alums in recent weeks. The company partnered with fellow alums Ripple and Mambu in June, accessing the former’s RippleNet to better serve SMEs in underserved regions, and teaming up with the latter in an integration that will enable financial services companies to deploy virtual accounts, payments and FX services faster.

This week we learn that the U.K.-based, B2B cross-border technology company has formed a new partnership – this time with Canadian payments and FX platform Shift Connect. The company is seeking Currencycloud’s help as it expands into the U.S., Europe, and the U.K.

Currencycloud also reported this week that it has been granted an e-money license from the Dutch Central Bank. The license, only one of seven the central bank issues to non-banks, will enable the company to store money, operate e-wallets, process payments, and collections. Currencycloud will also be able to “passport” its e-money license to other countries in the E.U., ensuring its ability to continue its expansion throughout Europe. This will remain the case for the company – headquartered in London – after the Brexit transition period is over, according to Currencycloud CEO Mike Laven.

“The Netherlands possess the perfect blend of factors to support our expansion in the E.U.,” Laven said. “It has a strong fintech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.”


Here is the latest news from our Finovate alums.

  • Sezzle announces $60 million fundraising on Australian Stock Exchange, consisting of an institutional placement and a non-underwritten share purchase plan.
  • Backbase expands in the Asia-Pacific, opening offices in Sydney and Melbourne, Australia.
  • D1 Capital Partners invests $200 million for a 4% stake in TransferWise, sending the company’s valuation to $5 billion.
  • United Federal Credit Union to deploy core banking technology from Fiserv.
  • iProov teams up with IDV Pacific to support identity verification in Australia and New Zealand.
  • Nordigen featured in Silicon Canals’ look at top tech startups from Latvia.
  • NYMBUS teams up with Payrailz to enable financial institutions to access enhanced digital payment solutions.
  • Marqeta to power new digital wallet from Swiss fintech YAPEAL.
  • U.S. Secret Service to use blockchain analytics technology from Coinbase.
  • Bankjoy inks a pair of credit union partnerships.
  • ACI Worldwide announces that its Proactive Risk Manager and Model Generator solutions can now be deployed in a private or public cloud environment.
  • Courtesy of a partnership with Paxos, Revolut had enabled cryptocurrency trading for its customers in the U.S.
  • Swiss fintech Numbrs partners with TrueLayer to give its U.K. users access to open banking services.
  • Onfido announces a trio of new identity verification partnerships, teaming up with European alternative lenders Bondora, Voima Gold, and EstateGuru.
  • UAE-based Al Ain Finance to deploy Temenos Infinity and Transact solutions as part of an end-to-end digital transformation.
  • International credit agency CRIF signs strategic partnership with SIA to offer open banking services in Italy and across Europe.
  • Fintech Futures profiles Ukrainian bank, Privatbank.

Photo by Lad Fury from Pexels

NYMBUS Helps Launch Neobank; An Investment Banker Talks Fintech

NYMBUS Helps Launch Neobank; An Investment Banker Talks Fintech

Cloud banking platform provider NYMBUS, which demonstrated its SmartLaunch banking-as-a-service solution at FinovateFall last year, has partnered with Pacific National Bank (PNB) to help the Florida-based company launch a digital-only bank, FACILE.

“We knew we had to act fast to meet the rising consumer demand for digital banking services,” Pacific National Bank CEO Carlos Fernandez-Guzman said. “Only NYMBUS could immediately offer us a proven, unified solution that delivers on-demand access to their wide-range of digital-first technology products combined with a 24/7/365 live call center and remote business process management support.”

The new offering from Pacific National Bank, an institution with more than $656 million in assets, is designed to provide on the kind of online and mobile banking services that young professionals increasingly demand. FACILE will offer both digital checking and savings accounts on a fee-free basis. Accountholders can make mobile transfers and payments, take advantage of personal financial management tools and resources, and access a network of fee-free ATMs. The account also comes with a debit card that features card controls for both better security and keeping spending at a manageable level.

Headquartered in Miami Beach, Florida and founded in 2015 by Scott Killoh, NYMBUS has raised more than $33 million in funding. The company began the year teaming up with PeoplesBank, a Massachusetts-based financial institution with assets of more than $2.9 billion, that deployed both NYMBUS’ SmartMarketing and SmartOnboarding solutions. “NYMBUS will integrate key aspects of our marketing, onboarding, and CRM ecosystems,” PeoplesBank president and CEO Tom Senecal said. “Together with instant end-to-end reporting that crosses business lines, we will ultimately be setup to strategically course correct future spending for even greater outcomes.”


Finovate Podcast Interviews Steve McLaughlin of FT Partners

In the latest edition of the Finovate Podcast, host Greg Palmer catches up with Steve McLaughlin, founder, CEO, and managing partner at Financial Technology Partners. Launched in 2001, FT Partners, as it is known, is the only investment banking firm dedicated solely to fintech. The company has been recognized by the M&A Advisor as “Dealmaker of the Year” and “Investment Banking Firm of the Year.”

Greg and Steve talk about the fintech industry from the perspective of an investment banker. They discuss the issue of capital availability, company valuation, and the idea of a harsher grading rubric for fintech.


Here is the latest news from our Finovate alums:

  • ThetaRay launches FAST START to help banks fight cybercrime during Covid-19.
  • Capita Consulting leverages low-code technology from Outsystems.
  • Minna Technologies launches pilot with Tatra banka in Slovakia.
  • SaltEdge’s new solution helps banks get exempted by the regulator from providing a fallback channel.
  • Token.io’s payments API to power open banking payment services for Upco’s Mobile Messenger.
  • DriveWealth to integrate with Access Softek’s new investing app, EasyVest.
  • ACI Worldwide to provide e-commerce payment processing for retail payments platform, Wundr.
  • Payment processor Trustly teams up with Ecommpay to offer three months of free processing.
  • Finastra launches its Fusion Credit Connect solution on Salesforce AppExchange, FusionFabric.Cloud.
  • Boku powers direct carrier billing and e-wallet payment services for Korean game developer Pearl Abyss Corporation.
  • MX launches Audiences, a new segment builder tool to help banks improve marketing efforts.
  • ID R&D releases IDFraud Contact Center to address subscription fraud in the contact center.
  • DriveWealth to bring U.S. stock investing to India-based INDmoney clients.
  • Coinbase plans to be a “remote-first” company after COVID-19.
  • Fiserv to power P2P payments for Redstone FCU.
  • Ethoca and Mastercard partner to help retailers deal with chargebacks and fraud during the COVID-19 crisis.
  • Kabbage receives SBA approval to fund PPP applications totaling more than $3.5 billion.
  • FIS launches iQ Now, a mobile app for SMEs that enables owners to monitor real-time business performance.
  • WorldRemit teams up with Onfido to enhance the identity verification component of its onboarding processes.
  • iProov to bring its biometric authentication technology to the U.K.’s National Health Service (NHS).
  • Xero partners with online small business bank Relay to offer real-time visibility of cash flow.

Finovate Alum Features and Profiles

Visa Backs GoodData in New Strategic Partnership and Investment – The collaboration includes an investment in the global analytics company and is designed to enable Visa to offer its customers and partners better access to aggregated data and analytics.

Plaid Exchange Offers Open Banking in a Box – The new tool, Plaid Exchange, offers banks a way to provide open banking connectivity to their clients while keeping their clients’ data safe and giving them control of their data.

Counter-intuitive Brilliance: Zafin’s Strategy for Success in Trying Times – How is Zafin helping banks and other financial institutions cope with the current environment?

Alums Assemble! A Look at Finovate Merger and Acquisition Activity in H1 2020 – Here is our quick rundown of some of the biggest M&A action from our Finovate alums so far in 2020.

nCino Drives Digital Banking in Sweden; Access Softek Unveils Roboadvisory Tool

nCino Drives Digital Banking in Sweden; Access Softek Unveils Roboadvisory Tool

Cloud banking innovator nCino has picked up another partner. The Wilmington, North Carolina company – which made its Finovate debut at FinovateEurope in 2017 – has teamed up with Swedish SME lender Yourban. The firm will deploy the nCino Bank Operating System to power its SME lending operations.

“Our vision for Yourban was to create an institution that could be in place for the long-term,” Yourban CEO and founder Marthin Larsson explained. “With this in mind, we wanted to partner with a technology provider that could adapt and scale our operations as we expand firstly across Sweden and then Europe.”

nCino’s Banking Operating System leverages the Salesforce platform to deliver an end-to-end banking solution that enables banks, credit unions, and other financial institutions to grow market share, meet compliance obligations and boost profitability. The cloud-based platform combines CRM, ECM, loan origination, workflow, business intelligence and reporting in a single, digitally-optimized experience, providing greater security, efficiency, as well as time- and cost-savings.

“In a competitive SME lending market, Yourban understands the need to provide customers with an unparalleled digital experience,” nCino VP of Sales, EMEA Edward Lane said. “We’re excited to be helping Yourban achieve its goals at such a critical time in its lifecycle.”

With the company’s SME loan business as a starting point, the partnership between nCino and Yourban is designed to expand to include additional product offerings as the lender’s business grows.


Two years ago, Access Softek demonstrated its white label roboadvisory technology at FinovateFall in New York. Last week, the company announced the launch of its latest roboadvisory solution, EasyVest. The new offering provides investors with an automated personal investment advisor that seamlessly connects with bank, credit union, and mobile banking platforms.

“Over the next decade, America will experience the largest generational transfer of wealth we’ve ever seen as Baby Boomers pass along their assets to their children and grandchildren,” Access Softek founder and CEO Chris Doner said. “Robo-advisors especially appeal to the generations receiving the wealth transfer. Financial institutions that provide the technology recipients want will benefit from the transfer.”

Investors can use EasyVest to build wealth via a variety of low-cast exchange-traded fund portfolios. The technology supports individual and retirement accounts, conducts automatic portfolio rebalancing, and supports fractional share purchases. Investors can open an account with as little as $200.


Finovate Podcast Interviews Jim Bruene

In the latest episode of the Finovate podcast, host Greg Palmer talks with Jim Bruene, founder of the Online Banking Report – the first and longest lasting specialty information publication for the digital banking industry. Bruene is currently a Principal at Fintech Labs UX, a firm that collaborates with banks, credit unions, and fintechs to improve ROI.

Bruene is also the “Father of Finovate,” having founded the fintech conference series in 1994. In this podcast conversation, he talks about the third recession of the fintech era, how to apply lessons learned from the dot.com crash, the Great Recession, and the COVID-19 crisis.


Here is the latest news from our Finovate alums.

  • Overbond introduces live ETF NAV pricing.
  • Jack Henry to automate lending for Kentucky’s Commonwealth Credit Union.
  • Nordea goes live with new account aggregation and #PFM management tools from Tink.
  • NICE Actimize extends its strategic collaboration with Infosys to provide end-to-end financial crime management.
  • Hive selects ID R&D for passive facial liveness.
  • FalconPro Technology selects Redrock Biometrics to co-develop a palm-based biometric identification solution for mass transportation.
  • Trulioo adds new features to its EmbedID developer tool.
  • Daon extends partnership with ForgeRock to bring multi-factor authentication and digital onboarding to ForgeRock authentication trees.
  • Featurespace to grow behavioral analytics with fresh $37.4 million round.
  • nanopay to power self-service international payments for Brazil-based Treviso.
  • Envestnet provides new integrated unified managed account (UMA) platform to Canaccord Genuity Group.
  • Washington Trust Bank deploys digital account opening technology from Terafina.
  • Prolific London interviews Datasine CEO Igor Volzhanin.
  • Eigen Technologies announces new Chief Customer Officer David Brooks.
  • Infosys Finacle inks joint partnership agreement with Traydstream to drive automation in trade finance.
  • Thomson Reuters partners with Path Solutions to add automation and greater efficiency to tax workflows and core banking processes.
  • Fiserv launches new feature of its Clover POS platform, Clover Online Ordering, to help restaurants more easily serve take-out customers during the COVID-19 pandemic.
  • Jumio brings its online identity verification technology to Mobiquity’s digital onboarding service.
  • Salt Edge introduces new feature for third party providers that streamlines PSD2 onboarding with banks.
  • Tradeshift partners with Denmark’s ECA Eksport Kredit Fonden on supply chain finance program for businesses.
  • Caixabank introduces new mentoring program for female entrepreneurs and SME founders.
  • TransUnion announces partnership with Horizon Media to support digital identity initiative.
  • Payoneer partners with banking app ANNA to help SMEs and freelancers receive international payments in U.S. dollars or Euros.
  • Blytzpay forges strategic partnership with AFS Dealers.
  • Yukka Lab earns spot in the F10 Scaleup Program.
  • Avaloq extends contract with First Abu Dhabi Bank Switzerland.
  • ClickSWITCH and Deluxe partner to offer a digital deposit solution for FIs.
  • Tavant launches new machine learning-based conditioning management and decisioning solution for Ellie Mae’s digital lending platform, Encompass.

Finovate Alumni Features and Profiles

Big Bank Meets Big Bitcoin: JPMorgan Partners with Gemini and Coinbase – This week the Wall Street Journal reported that JPMorgan had established an official banking relationship with two cryptocurrency exchanges: Gemini and long-time Finovate alum Coinbase

eToro Reaches 13 Million Users, Spurred by COVID-19 – The U.K.-based company recently announced it has now reached 13 million active users.

Featurespace to Grow Behavioral Analytics with Fresh $37.4 Million Round – Behavioral analytics technology provider Featurespace announced today that it closed a $37.4 million (£30 million) round of funding.

FIS Unveils Portal to Help SMEs Access PPP Loan Forgiveness – This portal, available to FIs and merchants participating in the SBA’s PPP, automates and streamlines the process of applying for loan forgiveness under the provisions of the new program.

Ephesoft Brings Power of Context to Accounts Payable with Semantik Invoice – The new data acquisition solution from Ephesoft will bring 97% accuracy and 30% cost-savings to companies looking for ways to enhance their accounts payable processes.

Eltropy and Prisma Campaigns Help Credit Unions Better Engage Members – Text messaging platform Eltropy and omnichannel marketing innovator Prisma Campaigns have teamed up to help credit unions communicate more effectively with their customers.