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

The first week of April begins with a resolution in the Sam Bankman-Fried saga as the former FTX founder and infamous crypto entrepreneur receives a sentence of 25 years in prison.


Crypto

Sam Bankman-Fried sentenced to 25 years in prison for its role in the FTX scandal.

Web3 payment solution provider Alchemy Pay announces investment in LaPay.

Issuer-processor Paymentology partners with Web3 and digital asset corporate spend management platform Rain.

Lending

Loan origination specialist Baker Hill implements CrowdStrike’s Falcon platform.

Financial wellness

Financial guidance specialist Chimney announces that it now has 30 banks on its client roster.

Payments

BankPro Limited, a subsidiary of FxPro Group, partners with just-in-time payment card provider Arroweye Solutions.

Visa launches Subscription Manager to help consumers track subscriptions and recurring payments.

Canada-based payments company Nuvei agrees to be acquired by Advent for $6.3 billion.

Versapay taps Gaby Kozakov as its new Chief Technology Officer.

All-in-one payments platform ConnexPay introduces new CEO Ben Peters.

Modern Treasury launches new Professional Services offering.

MENA-based fintech Valu partners with noon Payments.

Arab Financial Services teams up with ACI Worldwide to promote payment modernization.

Brim Financial secures $85 million in Series C funding to fuel global expansion.

Trustly and Cross River Bank pioneer FedNow transactions.

Check to power Wave’s expanded payroll offering.

Credit Reporting

FinDoc, a fintech based in Malaysia, announces a strategic collaboration with credit reporting agency CTOS Data Systems.

Wealth Management

Clearwater Analytics acquires risk and performance analytics solutions from global financial services firm Wilshire Advisors.

JPMorgan Chase reports major adoption of its Wealth Plan digital money coach, with a million personalized plans created in the year after launch.

Alternative asset platform Alto appoints CEO Scott Harrigan as President and Beth Bellon as SVP of Operations.

Digital Banking

Bluevine introduces a trio of new business checking plans.

Ally Financial introduces new CEO Michael Rhodes.

Digital banking solutions provider Alkami partners with SWIVEL to give its clients access to new loan payment capabilities.

nCino unveils new upgrades to its Consumer Banking Solution.

Q2 appoints Katharine Briggs as Chief Product Officer.

Swedish-based cloud core banking platform provider Vilja partners with U.K.-based mortgage origination partner Mast.

ieDigital, Connect FSS, and ABAKA announce appointment of Rami Cassis as CEO.

Procure-to-pay software provider PairSoft acquires APRO Software Solutions

First State Bank selects Jack Henry to revamp its banking experience.

Regtech

Risk management solutions provider Abrigo acquires TPG Software.

Identity management

Biometric identity solutions provider iProov appoints Peter James as its Chief Product Officer.

Insurtech

Enterprise insurance management platform Novidea introduces new Chief Revenue Officer Jeff Heine.


Photo by Thought Catalog

Bluevine Integrates Accounts Payable Tool into Small Business Banking Platform

Bluevine Integrates Accounts Payable Tool into Small Business Banking Platform
  • Bluevine launched an accounts payable solution this week.
  • The new offering will be available within Bluevine’s small business banking suite.
  • The accounts payable tool will offer businesses tools such as bill capture and storage, approval workflows, payment scheduling, and automatic accounting reconciliation.

Small business banking innovator Bluevine is enhancing its platform this week by launching a new accounts payable (AP) offering within its small business banking suite.

Including the new AP tool will help business owners manage payments within their Bluevine Business Checking accounts. Tools such as bill capture and storage, approval workflows, payment scheduling, automatic accounting reconciliation, and user provisioning and management will help businesses automate their AP processes.

“As small businesses scale, often they face more complexity in managing their operations,” said Bluevine SVP, GM of Banking Charles Amadon. “Our accounts payable solution is purpose-built to strike a balance between providing a robust set of AP automation tools, with the ease-of-use that our customers have come to expect from Bluevine.”

The AP feature builds out Bluevine’s current small business banking platform, which the company launched in 2019 to help small businesses manage their finances, deposit checks, transfer funds, and pay invoices. Bluevine has unveiled a series of enhancements to its business banking platform in recent years, including the launch of billpay in 2022, and international payments capabilities earlier this year.

“Every decision we make has the SMB at the heart of it, starting with the essential question – will this help them grow and run their business easier? Based on customer feedback we knew AP automation was something they wanted and needed. Putting all that power right into their checking account dashboard is an exciting step forward, and further differentiates Bluevine Business Checking with even more added value,” added Amadon.

Bluevine launched in 2013 to serve as an alternative lending provider for small businesses. Since then, the California-based company’s tools have reached 500,000 entrepreneurs. Bluevine has raised just shy of $770 million from investors including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12. Eyal Lifshitz is CEO.


Photo by Tima Miroshnichenko

Canada’s FundThrough to Acquire Invoice Factoring Business from BlueVine

Canada’s FundThrough to Acquire Invoice Factoring Business from BlueVine

BlueVine, an SME financing company that made its Finovate debut in 2014, announced this week that it is selling its invoice factoring business to Toronto, Canada-based FundThrough.

FundThrough noted that the deal is designed to accelerate both its commitment to embedded finance as well as fuel expansion plans for the U.S. market. Specifically, FundThrough believes the acquisition of its American rival will enable it to increase its U.S. clientele by 2x, boosting the number of customers in the States who use its technology to turn unpaid invoices into access to working capital.

“We are committed to helping small businesses grow and thrive – especially those who sell to large customers where long payment terms and a lack of financing options stand in the way of growing a business,” FundThrough co-founder and CEO Steven Uster said. “BlueVine was one of our biggest competitors in the U.S. market, and through this acquisition we can fulfill our mission on a much larger scale.”

With growth of more than 10x since its founding in 2014 and 3x growth over the past year, FundThrough has scaled to process more than $120 million in funding each month. The company’s AI-powered funding platform, along with its partnerships with companies like Intuit and Enverus, has enabled it to cut the standard amount of time it takes for SMEs to get their invoices paid by as much as 97%.

Invoice factoring was BlueVine’s founding business – and the centerpiece of the company’s 2014 Finovate presentation. The company has grown significantly since then, adding a range of new financing solutions for small businesses and giving the Redwood City, California-based fintech the ability to choose which area of small business financing it will focus on going forward.

“Since launching BlueVine, we’ve been focused on the financial needs of small businesses and are very proud of what we’ve been able to accomplish,” BlueVine co-founder and CEO Eyal Lifshitz said. “As we evolve our products and services, we continuously examine how we can better serve our customers at scale. We determined that FundThrough is perfectly positioned to serve our factoring clients with the care and individual attention they need and deserve. Our factoring clients will be in great hands with FundThrough.”

As part of the acquisition, BlueVine’s invoice funding division employees will join the FundThrough team. The transaction will enable BlueVine to focus on other elements of its business including its BlueVine Business Checking, Payments, and Line of Credit offerings. Since inception in 2014, the Redwood City, California-based fintech has helped SMEs access more than $14 billion in financing.


Photo by Rodolfo Clix from Pexels

BlueVine Unveils Integrated Business Banking Solution for SMEs

BlueVine Unveils Integrated Business Banking Solution for SMEs

Small business banking solution provider BlueVine announced late last week that its BlueVine Business Banking offering is now generally available for small businesses looking for an integrated banking, payments, and lending solution. BlueVine Business Banking gives SMEs online services and tools to help them manage their finances, deposit checks, transfer funds, and make bill and vendor payments. The solution includes BlueVine’s Business Checking product, which the company said had seen “rapid adoption” by its customers during the recently-concluded beta testing period.

“Now more than ever, small businesses need simple, easy-to-use financial solutions, services, and guidance that support – not nickel-and-dime – them on their path to recovery amid the pandemic,” BlueVine CEO and co-founder Eyal Lifshitz said. “Over the last year, we have worked tirelessly behind the scenes to innovate and iterate on our BlueVine Business Checking product based on tremendous beta customer reception and feedback. We are thrilled to provide all small business owners with access to sign up for an account today, to help them achieve a better financial tomorrow.”

BlueVine Business Checking offers 1.0% interest on balances of $1,000 or more. Beginning this month, the company will offer 1.0% interest with no minimum balances – up to $100,000. The accounts include two free checkbooks, and no monthly ATM, NSF, or incoming wire fees. SMEs get unlimited transactions with no minimum balance requirements, and business owners can apply for the accounts in as little as 60 seconds.

BlueVine notes that more than 20,000 small businesses have signed up for the company’s Business Banking Accounts, which will also now feature BlueVine Payments. This enhanced billpay functionality enables businesses to pay vendors and bills from a directory of more than 40,000 common billers and registered payees – as well as setup their own payee. Businesses can pay by bank account or debit card, and the company’s payment is then sent to vendors by ACH, wire, or check. BlueVine added that payment by credit card is currently in beta testing.

The new product launch was also an occasion to announce a new partnership. BlueVine said that it has teamed up with fellow Finovate alum – and Visa acquisition target – Plaid to enable its small business banking customers to access external accounts when making payments or other transactions via the BlueVine dashboard. The partnership will also add BlueVine as a supported bank account on the Plaid Exchange Network.

Founded in 2013 and making its Finovate debut one year later at FinovateFall, BlueVine has raised more than $767 million in equity funding, most recently announcing a $102.5 million investment in November 2019. The company picked up a debt financing with Atalaya Capital Management that enabled them to secure a $75 million revolving credit facility in September. In August, BlueVine teamed up with DoorDash to help restaurant owners apply for Paycheck Protection Program (PPP) loans.

BlueVine’s participation in the PPP this year has been notable. The company said that it processed more than 155,000 emergency government loans for SMEs, valued at more than $4.5 billion, as part of the relief effort.

BlueVine Raises $102.5 Million in New Funding

BlueVine Raises $102.5 Million in New Funding

In a Series F round led by ION Crossover Partners, small business banking and financing firm BlueVine has raised $102.5 million in new funding. The investment takes the company’s total equity financing to more than $692 million, and will help the Redwood, California-based fintech scale its end-to-end banking platform, BlueVine Business Banking.

BlueVine will also use the capital to develop integrations with the company’s financing offerings, such as its line of credit, invoice factoring, and term loan products. The investment will support the hiring of additional talent for the company’s engineering, product, and revenue teams, as well.

“This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long,” BlueVine CEO and co-founder Eyal Lifshitz said. He highlighted the company’s BlueVine Business Checking Account, introducedlast month, which offers small businesses an intuitive financial management dashboard and a debit Mastercard, as well as 1% interest on balances and no monthly fees.

“The recent launch of BlueVine Checking demonstrates our commitment to revolutionize banking for small business owners with a full suite of services designed specifically to meet their unique needs,” Lifshitz said.

This week’s funding featured a sizable number of participants, including all of BlueVine’s current investors, as well as new investors MUFG Innovation Partners, O.G. Tech – Eyal Ofer’s VC, Vintage Investment Partners, ION Group, Maor Investments and other private investors. ION Crossover Partners’ Jonathan Kolodny praised the BlueVine for its “track record of success” and the variety of financing solutions it offers small businesses.

“We’ve been following the company closely since its early days,” Kolodny said, “and have witnessed the demand, and frankly the economic need, for BlueVine’s banking services.” He added that BlueVine was poised to “change the way small businesses manage their financial needs today and in the future.”

BlueVine demonstrated its small business financing solutions at FinovateFall 2014. More recently, the company hired former PayPal executive Brad Brodigan as its Chief Commercial Officer, and appointed former Xero VP Herman Man as Chief Product Officer. Over the course of the year, BlueVine has teamed up with a variety of institutions ranging from its collaboration with GovQuote to its partnership with recruitment industry solution provider Bullhorn.

Founded in 2013, BlueVine earned recognition from Growjo this fall as one of the fastest growing startups in California. Since inception, the company has provided more than 20,000 small business owners with access to more than $2.5 billion in financing.

Finovate Alumni News

On Finovate.com

  • BlueVine Raises $102.5 Million in New Funding
  • Aerospike Raises $32 Million for NoSQL Data Platform
  • ACH Alert Partners with Apiture to Fight Payments Fraud

Around the web

  • ACI Worldwide announces strategic collaboration with Microsoft to deliver Universal Payments technology via Microsoft Azure.
  • Citi extends its existing contract with Temenos to continue using its Multifonds Global Accounting solution.
  • Arkose Labs and Trusona earn spots on CNBC’s 2019 Upstart 100.
  • Quadient awarded gold for sustainable development.
  • Salt Edge crosses the mark of 600+ integrated PSD2 APIs.
  • ACH Alert partners with Apiture to offer ACH Alert’s fraud detection services to Apiture’s 450+ customers.
  • Bank Mandiri selects Avaloq for wealthtech.
  • Askari Bank selects Finastra’s trade finance solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Paper.id lands funding to power digital invoicing for SMEs in Indonesia.

Around the web

  • BlueVine launches BlueVine Business Banking.
  • Salt Edge unveils Salt Edge Authenticator for strong customer authentication and dynamic linking.
  • Jack Henry’s PayCenter helps first 15 bank clients join RTP network.
  • AccountScore and Equifax debut credit risk index to help lenders better understand loan applicants.
  • Personal Capital celebrates 10 years in wealthtech with a brand refresh.
  • MX ships new tool to help consumers manage and cancel recurring subscriptions.
  • Swaper’s three years milestones: 2800 investors have funded over 7 million Euros in loans.
  • Envestnet | Yodlee releases Intelligent APIs to further personalize financial wellness tools.
  • myGini completes PCI Level 1 compliance audit.
  • FinTech Global recognizes Insuritas as InsurTech 100 Member.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Featurespace Partners with Elavon to Fight Payment Fraud
  • Fueling the Fire: How Venture Capital Empowers Fintech Today
  • Plaid Adds Credit Card Details to Liabilities Offering

Around the web

  • Enrichment Federal Credit Union selects Jack Henry’s ProfitStars Commercial Lending Center Suite create efficiencies in commercial lending.
  • PYMNTS: BlueVine hires PayPal exec as CCO.
  • Wisconsin’s First National Bank and Trust Company to deploy core and digital banking technology from Finastra.
  • Revolut announces new CEOs for its businesses in Lithuania and Ireland.
  • Global Payments completes its merger with TSYS.
  • FICO and risk investigation solutions provider Arachnys partner to help FIs improve their client onboarding and record management processes.
  • Bill.com celebrates grand opening of new Houston office.
  • Finicity ships new Verification of Income and Employment (VOIE) solution using TXVerify technology.
  • SecureKey collaborates with Digital Bazaar to streamline organizational identity proofing.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • $468 Million Raised by 20 Alums in Q1 of 2019
  • BanQu Closes Extension on Series A Round
  • Credit Agricole Plans $17 Billion Tech Investment in Four Years
  • Lighter Capital Launches New Financing Options

Around the web

  • Growjo names Coinbase, Plaid, and BlueVine fastest growing startups in California.
  • Ping Identity launches capabilities framework to help clients adopt a Zero Trust security strategy.
  • Sifted looks at Credit Karma’s entry into Europe.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Q2 and ALTR Leverage the Blockchain to Boost Data Security.
  • Neustar Helps TELUS Fight Caller ID Spoofing.
  • Fintech OS Raises $1.2 Million.
  • Personetics Unveils AI-Enabled Small Banking Solution.
  • SparkPost Launches Predictive Email Intelligence Platform.

Around the web

  • Meniga opens an office in Barcelona, Spain.
  • Coinbase extends support for USD Coin (USDC) trading in 85 countries.
  • Finastra hires Mark Miller as new Chief Financial Officer.
  • Fenergo announces API integration with global financial markets data provider Refinitiv.
  • Hastings Direct extends deal with Equifax by signing a multi-year deal.
  • SDC and Tink partner to give 120 Nordic banks access to account aggregation and payment initiation services.
  • Kony Quantum powers Qualifacts’ new CareLogic mobile app.
  • WireBarley partners with Currencycloud to boost its operations in the U.S.
  • Lendio named to Fortune’s Best Workplaces in Financial Services & Insurance.
  • BlueVine taps Herman Man as new Chief Product Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • Kofax closes acquisition of Top Image Systems.
  • Silicon Canals lists Kantox among 10 hottest Barcelona fintech startups to work for in 2019.
  • PYMNTS interviews Entersekt’s country manager of Canada Christian Ali.
  • Tunisian bank selects Temenos to drive digital transformation and future growth.
  • Diebold Nixdorf expands partnership with Belgian-owned Belfius Bank and Insurance to improve the UX for the bank’s 3.5 million consumers.
  • BlueVine and Nationwide partner to launch Pitch to Win small business contest with $100,000 prize.
  • Kabbage partners with the Building Trades Employers’ Association to provide members, specifically women and minority-owned business contractors, access to funding.
  • Micronotes sees triple-digit YOY client growth in Q1 2019

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.