Weekly Alumni News

Core Banking, Data Security Startups Join Mastercard’s Start Path Virtual Accelerator

Core Banking, Data Security Startups Join Mastercard’s Start Path Virtual Accelerator
By David Penn Posted on
Categories: Weekly Alumni News
Photo by Mateusz Dach from Pexels

Two Finovate alums will be among the 12 startups selected to participate in Mastercard’s Start Path program. Thought Machine, a core banking technology provider, and Enveil, a data security firm specializing in protecting Data-in-Use, will join 10 fellow tech startups for the six-month virtual accelerator program.

Amy Neal, SVP, Start Path and Fintech, Mastercard, suggested that the current public health crisis will have an impact on the environment in which these startups compete. “This global pandemic has strengthened collaboration between corporates and startups,” Neal said, “and we look forward to co-creating with our newest Start Path members and providing them access to a powerful network and tailored programming on their mission to scale.”

Joining Thought Machine and Enveil are:

  • Hoolah
  • mx51
  • ryd
  • SmartPesa
  • Ukheshe
  • Worldcoo
  • Goalsetteris
  • Zinobe
  • ConnexPay
  • Mylo

The goal of the program is to help companies scale their business with the support of a Mastercard sponsor. Startups are able to develop relationships with a curated, global network of established financial services and e-commerce firms, as well as with technology and marketing professionals within Mastercard’s network. Since its inception in 2014, the program has worked with 230 startups.

“We’re delighted to announce we’ve joined @MAstartpath! An industry-wide collaboration of banks, merchants and startups building the future of commerce,” Thought Machine’s Twitter feed read when the news was announced. The company demonstrated its core banking solution, Vault, and FinovateEurope 2018. The U.K.-based company made fintech headlines this spring when it announced receiving an investment of $83 million to fuel the company’s growth in the Asia-Pacific region.

Enveil made its Finovate debut one year earlier, demonstrating its point-to-point, Data-in-Use security solution at FinovateFall. Picking up $10 million in funding in February, Enveil was highlighted in an Alumni Profile in March.

“Proud to be selected to join Mastercard Start Path!” the company’s Twitter feed read late last week. “Of the more than 1,500 applications evaluated per year, Start Path selects about 40 companies that offer the most promising technologies and demonstrate a readiness to scale.”

Finovate Podcast Interviews Amber Labs’ Aleks Svetski

This week on the Finovate Podcast, host Greg Palmer talks with writer, researcher, and keynote speaker Aleks Svetski on Bitcoin in 2020, the halving event, and the importance of understanding the root of money’s functionality.

Svetski is the founder of Amber, an app designed to make it easier for individuals to invest in Bitcoin. He also launched one of the world’s premier publications on Bitcoin, The Bitcoin Times.

Amber Labs demonstrated its technology at FinovateMiddleEast in Dubai last year. The company won Best of Show for its all-in-one Bitcoin exchange, wallet, and micro-investment app.

Here is our weekly roundup of news from our Finovate alums.

  • Fiserv details CEO succession plan, electing Frank Bisignano to succeed Jeffery Yabuki as Chief Executive Officer effective July 1.
  • Samsung to launch new Samsung Pay debit card courtesy of new partnership with SoFi.
  • linked2pay launches CustomerConnect to help businesses eliminate late B2B invoice payments.
  • Tradeshift teams up with the Danish Export Credit Agency to launch a program to free up liquidity for businesses.
  • Taulia now offering customers 3 cash analytics solutions for free.
  • Addition Financial partners with Backbase.
  • Citizens Bank partners with Teslar Software.
  • Truist selects TSYS for credit card processing.
  • Blackhawk Network creates digital version of its One4all gift cards with Dejamobile.
  • Microblink offers free access to its BlinkID solution to organizations fighting the coronavius pandemic.
  • BHD Leon, a bank based in the Dominican Republic, partners with Temenos to power its digital banking.
  • PostFinance goes live with its new digital investment platform powered by Additiv.
  • Finantix’s latest Digital Collaboration Hub helps banks drive advisor-client collaboration.
  • Visions FCU taps Zogo Finance to promote financial literacy.
  • Winvesta teams up with DriveWealth to offer investors in India access to U.S. securities.
  • The Financial Times ranks Payfone among America’s fastest growing companies.
  • FIS adds GooglePay to its Hosted Payment Page product for online merchants.
  • Avaloq’s SaaS solution to help Bank of the Philippine Islands boost business.
  • Wyndham Capital Mortgage puts AI Foundry’s Agile Mortgages solution to work.
  • PointCheckout takes top prize in hackathon for its app that helps deliver funds quickly amid the global health pandemic.
  • Regtech innovator Keepabl launches its Privacy Kitchen to help businesses learn about GDPR, the role of a data protection officer, and all things privacy-related.
  • Persistent Systems earns recognition as a “Top 15 Sourcing Standout” from IT advisory firm ISG.
  • Orion Advisor Technology launches automated marketing platform Market*r. automated marketing platform Market*r.
  • Wise Banking announces rebranding: “our look evolves, but our mission remains the same.”
  • BlueRush’s IndiVideo platform approved for 2020 USPS postage rebate program.
  • CollegeBacker introduces Backer Bucks program to help parents save for college while shopping with major online retailers.
  • Norway’s Boost.ai launches self-learning system for conversational AI.
  • Adlumin integrates automated cybersecurity examination tool (ACET) into its SIEM (security information and event management) platform for financial institutions.
  • FIS unveils simplified pricing and contracts model

Finovate Alumni Features and Profiles

Post-Compromise Fraud Specialist Breach Clarity Partners with Xtensifi – A collaboration between fraud prevention and detection company Breach Clarity and digital consulting firm Xtensifi will bring additional machine learning technology to bear in the battle against cybercrime in financial services.

Bento for Business Names New CEO; Partners with San Francisco Achievers – Small business expense management platform Bento for Business has a new man at the top. 

TransUnion Launches Fraud and Identity Unit – The new unit, Global Fraud & Identity Solutions Group, will tie together TransUnion’s identity verification and authentication tools that help businesses do everything from fight originations fraud to target consumers in their risk profile. 

How Skiptracers Can Help Solve a Key Challenge in the COVID-19 Crisis – If auto manufacturers can make ventilators, and whiskey distilleries churn out hand sanitizer, then why can’t skiptracers be deployed to help put the “trace” in “contact tracing”?

Emailage Acquired by LexisNexis – Fraud prevention solutions provider Emailage recently announced it has been acquired. LexisNexis Risk Solutions, owned by parent company RELX, closed the deal for $480 million.

Currencycloud and Carta Worldwide Power Real-Time FX at the Point of Sale – B2B cross-border solutions provider Currencycloud is teaming up with Canadian transaction processor Carta Worldwide to bring transparency, accuracy, and cost-competitiveness to international transactions.

Samsung and SoFi Team Up to Offer Debit Card – Alternative finance solutions provider SoFi and Samsung’s Samsung Pay joined forces this week to launch a debit card.

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Envestnet, EVERFI Drive Financial Literacy; Lessons in Digital Transformation

Envestnet, EVERFI Drive Financial Literacy; Lessons in Digital Transformation
By David Penn Posted on
Categories: Weekly Alumni News

The 2019-2020 school year has been one of the many casualties in the fight against the coronavirus. While there have been some areas where student life has been relatively unchanged, for thousands of students around the world – from the youngest grades through collegiate ranks – learning has been disrupted significantly.

Financial education has suffered as well – which makes the newly-announced partnership between fellow Finovate alums Envestnet and EVERFI good news for the cause of financial literacy. The two companies have teamed up to provide clients and families of advisor customers with complimentary access to digital financial literacy courses.

“At a time when schools around the nation are closed, we are providing students and their parents with fun, interactive digital resources that can bring them closer together as families, while making progress toward financial wellness,” SVP and Head of Envestnet Wealth Marketing Kimberly Beck said. “We are there to provide advisors, clients, and their families with financial insights and learning at every point in their schooling, and their careers.”

Envestnet unveiled its first two digital financial literacy courses: Marketplaces and Vault, and noted that 20 additional courses from EVERFI also will be made available for a limited time. Marketplaces is directed toward high school students and helps them understand the global and real-world forces that can impact an investment portfolio. Vault enables elementary school age students to develop responsible decision-making skills using real-life financial scenarios such as creating a budget and goal-setting.

Envestnet most recently demonstrated its financial data management technology at FinovateFall last year. EVERFI made its Finovate debut a year ago at FinovateSpring, presenting its financial wellness solution, EVERFI Achieve.

Fintech in Extraordinary Times: Finovate Podcast and Learning Lessons from Leaders

In his latest Fintech in Extraordinary Times podcast, host Greg Palmer talks with fintech expert and author of the new book, Doing Digital: Lessons from Leaders, Chris Skinner.

Chair of the European networking forum, The Financial Services Club and Nordic Finance Innovation, Skinner is a well-known, independent voice on fintech and the financial markets. He maintains a blog, the Finanser.com, where he shares his insights and observations.

What are the challenges that financial institutions face in pursing digital transformation at a time of renewed uncertainty? How will fintech respond the new needs of small businesses, savers, and consumers in the current environment? Join the Finovate podcast and hear where the industry’s best analysts see fintech headed next.

Here is our weekly roundup of news from our Finovate alums.

  • Realrates goes live with RealCheck, a free credit affordability checking service, courtesy of a partnership with AccountScore.
  • Fenergo introduces remote access opening solution in the EMEA.
  • SecuredTouch takes home Best Product award at Loyal Security Association conference.
  • BlueRush launches COVID-19 personalized video library microsite featuring best safety practices for dealing with the coronavirus pandemic.
  • RedRock Biometrics partners with HYPR to provide palm-based authentication.
  • YUKKA Lab joins accelerator F10’s incoming class.
  • Jack Henry & Associates has helped banks process 38k+ in PPP Loans, totaling $4+ billion in potential funding.
  • ThetaRay selected as winner of the “Best Fraud Prevention Company” in FinTech Breakthrough Awards program.
  • Revolut partners with Adzooma to boost benefits for business customers.
  • Plinqit has helped users save more than $1 million since launch.
  • Azimo announces free money transfers to Nigeria to help support remittance flows during the global pandemic.
  • FIS to power core banking tech for Bambu’s U.S. launch.
  • ndgit and Neonomics partner to enhance access to payments and account data.
  • Transferwise relaunches transfers to Colombia.
  • Meniga sees fivefold increase in new installs of its PFM app.
  • Payfone launches mobile authentication in U.K.
  • Lendio to help Mindbody’s fitness, wellness, and beauty business customers access SBA’s PPP funds.
  • Brattleboro Savings & Loan selects NCR for digital banking.
  • DeutscheBank extends contract with Avaloq to 2028.
  • Finovate Best of Show winner Sonect earns spot in Fintech Europe’s incoming incubator class.

Finovate Alumni Features and Profiles

Taulia Teams Up with J.P. Morgan on Trade Finance – The collaboration will enable J.P. Morgan to build a “unique and differentiated” trade finance solution for its clients, giving them the ability to onboard a wide range of supplier types and sizes. 

FIS’ New Venture Arm Unveils Plan to Invest $150 Million in Fintechs – The Florida-based company is targeting a goal to invest $150 million in fintechs over the course of the next three years.

Finovate Alums Earn Top Honors in Wealthtech 100 –  The collection of companies is meant to represent the most innovative businesses operating in the wealth and asset space worldwide.

How One Bank-Fintech Partnership is Working for Small Businesses – After seeing how both banks and businesses were grappling with the application process, digital transformation expert and multiple-time Finovate Best of Show winner MX stepped in to help. 

Motif Investing to Close its Doors – The company notified users via email on April 17 in a message saying, “At this time, we’ve made the decision to cease operations and transfer your account to Folio Investments.”

Micro Investment Platform Stash Secures $112 Million – The round, which also involved existing investors Union Square Ventures, Breyer Capital, Goodwater Capital, and Greenspring Associates, gives the company $300+ million in total capital and boosts the firm’s valuation to more than $800 million.

Personalization and One-to-One Communication – Gregg Hammerman has seen first hand what works when it comes to personalization. In fact, in 2012, he launched a company built around the entire premise of personalization.

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Does COVID-19 Spell the End of Globalization? Trust in a Time of Crisis

Does COVID-19 Spell the End of Globalization? Trust in a Time of Crisis
By David Penn Posted on
Categories: Alumni News, Weekly Alumni News
Photo by Aksonsat Uanthoeng from Pexels

As parts of the world inch toward a new normal in the face of the COVID-19 pandemic, fintech companies – including our Finovate alums – are increasingly finding their footing in an environment of health and financial insecurity. Companies are developing solutions to make it easier for small businesses, for example, to access relief funding. Others are helping consumers secure health care benefits and rewards, or giving SMEs and micro-entrepreneurs no-fee access to their services and solutions.

And while some fear that this global public health crisis heralds the end of globalization, alums like TransferWise and SoFi are busy setting up shop in places like the UAE, and making acquisitions that enable them to launch new solutions in markets like Hong Kong. Other Finovate alums are busy making friends and influencing innovation by combining data extraction technology with mortgage servicing, or leveraging digital identity technology to support eKYC for e-commerce and gaming.

COVID-19 remains a serious threat. As the number of cases worldwide nears three million and the number of deaths rise above 207,000 (985,000 cases and 55,000+ deaths in the U.S. alone), we are still likely closer to the beginning of this challenge than we are to its conclusion. But as Forrester Research analyst Alyson Clarke suggested in a recent Finovate podcast, the time to prepare for life after the crisis – as odd and uncomfortable as it may be – is often when the crisis seems at its worst.

Fintech in Extraordinary Times: Codes of Trust in the Age of Crisis

Finovate podcast host Greg Palmer sat down with Dr. Louise Beaumont to discuss in the impact of the global COVID-19 pandemic on the economy and the fintech ecosystem. Co-Chair of the Chair Open Banking & Payments Working Group at Tech UK, Beaumont works with lawmakers and regulators to drive positive disruption: helping corporates cope with it and enabling startups to exploit it.

A frequent speaker and lecturer, Beaumont has delivered keynote addresses to Finovate audiences on topics ranging from platformification in banking to the role of emerging codes of trust in financial services.

Finovate Newsletter Goes Bi-Weekly

Coming soon to an inbox near you, our Finovate newsletter soon will switch from a daily offering to a new, twice-weekly delivery. Whether you read us for the latest news on our Finovate alums or for a look at top trends in fintech, stay tuned as our new format helps you keep track of your favorite fintech upstarts, as well as gain new insights from some of our industry’s most perceptive analysts and observers.

Here is our weekly roundup of news from our Finovate alums.

  • Lending-as-a-Service innovator ezbob introduces CBILS (Coronavirus Business Interruption Loan Scheme) eligibility and credit assessment engine.
  • Fenergo launches cloud-based, digital remote account opening solution to help SMEs in the U.S. secure PPP (Paycheck Protection Program) funding faster.
  • TransferWise goes live in the UAE.
  • The Logic looks at Cinchy’s plan to develop a “data collaboration command center” to help Canadian health organizations manage the COVID crisis.
  • Ocrolus brings its data extraction and analysis technology to mortgage servicing platform Brace.
  • Voleo announces pilot project to optimize data for tax reporting for independent broker dealer Haywood Securities.
  • StrategyCorps launches In This Together campaign to extend health-related benefit to the customers and members of banks and credit unions free of charge.
  • Fenergo inks OEM agreement with IBM to combat financial crime.
  • SoFi acquires parent of Hong Kong-based online brokerage firm 8 Securities, bringing SoFi Invest to the Hong Kong market.
  • Diamond Credit Union partners with financial literacy specialist Zogo Finance.
  • Blackhawk Network teams up with Rybbon to provide digital prepaid rewards.
  • CRIF Realtime launches COVID-19 Credit Passport to help SMEs present an accurate portrait of their finances to potential lenders.
  • Ocrolus to support income verification for credit decisioning services provider FormFree.
  • U.K. online investment manager Nutmeg integrates with Yolt in an embrace of open banking.
  • Trustly teams up with Swedish insurance firm Folksam to make it easier for students to make insurance payments and get their insurance claim payouts.
  • Digital asset security platform Curv Air debuts its Curv Air Gap signing solution with eToro.
  • Currencycloud launches pilot program to provide SWIFT gpi tracking capabilities to clients via API.
  • ETRONIKA’s BANKTRON to power digital banking for Baltic International Bank.
  • Jumio teams up with Playtech to provide remote onboarding and eKYC for gaming operators.
  • Kofax and ImageTech Systems collaborate on loan processing solution to help financial institutions process COVID-19 related assistance faster.
  • Fiserv teams up with Deluxe to bring merchant services – such as access to the CloverPOS platform – to SMEs.
  • Experian and Funding Xchange team up to offer eligibility portal for borrowers seeking to access COVID-19 related relief funds.
  • Bankjoy partners with a trio of credit unions – Estacado FCU, Prospectors CU, and Discovery CU – with a combined $293 million in assets and 22,000 members.
  • Insuritas announces strategic partnership with Salesforce and Veruna as it unveils its iInsure insurance agency management ecosystem.

Finovate Alumni Features and Profiles

Empyr Acquired by Augeo, Becomes Figg – Under the agreement, Empyr will rebrand as Figg, combining Augeo’s card-linking technology with Empyr’s publisher experience. Figg will benefit from Augeo’s existing 60 million users and $300 billion in transaction volume for loyalty offers.

TransferWise Brings its Money Transfer Innovations for Banks to Mambu – Mambu will leverage TransferWise’s TransferWise for Banks solution via API, giving its clients an out-of-the-box solution that allows them to focus on building a quality user experience and expanding their offerings.

Email Specialist SparkPost Celebrates Fifth Anniversary – SparkPost, which celebrated the fifth anniversary of the launch of its cloud-based solution earlier this month, is one of the companies innovating in the email delivery and analytics space.

CuneXus Strikes Strategic Partnership with TransUnion – The collaboration matches CuneXus’ Perpetual Loan Approval platform with TransUnion’s vast data assets to deliver relevant brand experiences to consumers quickly, securely, and via the digital channels they increasingly prefer.

Varo Gets Moven: Transition to Enterprise Sends Customers to Digital Banking Upstart – Moven will transition its customers to San Francisco, California-based Varo Money, which is in the process of securing its status as a challenger bank in the U.S.

How the West Was Won: A Salute to the Innovators of FinovateSpring – What have the companies that demonstrated their latest technologies at our west coast fintech conference last spring been up to in the months since then?

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Fintech in the Age of COVID-19; Mid-Year Review Delivers Industry Heat Check

Fintech in the Age of COVID-19; Mid-Year Review Delivers Industry Heat Check
By David Penn Posted on
Categories: Alumni News, Weekly Alumni News
Photo by Krivec Ales from Pexels

A Mid-Year Heat Check on Fintech

What is the state of fintech as we move toward the second half of 2020? As expectations struggle to catch up with the worldwide public health challenge of the coronavirus pandemic, Finovate will dedicate a week to examining where fintech is right now and where it’s going over the balance of this historic year.

With a focus on the latest trends in payments, fraud and cybercrime prevention technology, bankingtech, and wealthtech, Finovate Fintech Halftime Review will kick off on June 22 and run through June 26. The digital-exclusive, five-day event will feature webinars, videos, white papers, eMagazines, and more – with each day dedicated to a key theme driving fintech today. Login and join us from the comfort of your home – or your home/office. The Finovate Fintech Halftime Review is a great opportunity to get a deep dive into the content that matters to you most.

Finovate Podcast Examines Fintech in the Age of COVID-19

Feeling isolated and anxious while sheltering-in-place? Listen in on some of the most insightful conversations about fintech and the economic challenge of the coronavirus pandemic on the Finovate Podcast.

In his most recent episodes, host Greg Palmer continues his Fintech in Extraordinary Times series, examining the impact of the public health crisis on technology and financial services. Check out his interview with Brett King, founder of Moven, and host of the Breaking Banks podcast; as well as his conversation with fintech expert and former Special Assistant to President Obama, Adrienne Harris.

Here is our weekly roundup of news from our Finovate alums.

  • Ethoca announces extension of its partnership with Microsoft to give the company’s customers access to their digital purchase receipts.
  • ACI Worldwide partners with High Payment Solutions (Hi-Pay) to build the first payments gateway service in Mongolia.
  • Salt Edge brings PSD2 and open banking solutions to Roundups’ donation platform.
  • Avaloq integrates the ACTICO Compliance Suite to help clients prevent financial crime.
  • Worldline partners with Meniga to boost digital customer engagement with Meniga’s personalized banking features.
  • Lendio and TouchBistro partner to help restaurants access PPP loan funds faster.
  • Glance Networks launches Glance for Financial Services, a co-browse, screenshare, and video tool.
  • Zogo Finance signs another three credit unions.
  • Finantix closes acquisition of Swiss data analytics company InCube Group.
  • Minna Technologies launches subscription management pilot for RBI’s Tatra banka.
  • Bankjoy inks partnerships with four credit unions in Minnesota, Oklahoma, and Nebraska with a combined $724 million in assets and more than 65,000 members.
  • Hong Kong Jockey Club customers look to Daon’s IdentityX platform for mobile login services.
  • Tink partners with Kivra to facilitate payment of bills and invoices.
  • Hyundai Card partners with Personetics to deliver financial insights and advice to credit card users.
  • BlueRush appoints Andrew Osmak as new Chief Revenue Officer.
  • Enveil releases ZeroReveal Machine Learning, an encrypted machine learning product.
  • 4Front Credit Union to offer Plinqit to help members save money and stay engaged.

Finovate Alumni Features and Profiles

Arxan Joins Two Firms to Form New Company – Application security company Arxan Technologies announced yesterday that it has joined forces with two other industry firms, CollabNet VersionOne and XebiaLabs, to form a new entity, Digital.ai.

Behavioral Biometrics Specialist BioCatch Scores $145 Million in New Funding – The Series C round featured participation from new and existing investors including Industry Ventures and American Express Ventures, and boosts the company’s total capital to more than $186 million.

SmartAsset Launches New Client Acquisition Solution – Live Connections enables financial advisors to connect directly with prospective clients by phone via SmartAsset’s SmartAdvisor platform.

Apiax on Why 2020 is Turning Out to Be the Year for Regtech – News from regtech companies has been flowing in 2020. Not only that, we saw significantly more regtech companies at FinovateEurope earlier this year than we have at previous events.

iProov Unveils New Web-Based Biometric Authentication Solution – Three-time Finovate Best of Show winner iProov is bringing its innovations in biometric authentication to the web browser. 

Onfido Raises $100 Million Because “Identity is Broken” – Digital identity verification platform Onfido reeled in $100 million in a round led by TPG Growth this week. The London-based company’s total investment now sits at just over $182 million.

How to Underwrite Loans When Everyone is a Higher Risk – COVID-19 has rewritten so many rules about the economy. It is now more difficult than ever to underwrite risk and ultimately understand if a consumer will pay back their loan.

Currencycloud and Derivative Path to Bring FX to Community Banks – A new strategic partnership between Currencycloud and cloud-based FX trading platform Derivative Path will make it easier for community and regional banks to offer a variety of FX and interest rate derivative trading options to their customers.

Kyckr Deepens Relationship with Citi – Regtech company Kyckr, which first partnered with its client Citigroup in 2016, has extended its relationship with the bank.

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Xignite Secures Patent for Market Data Driven Alerts; eXate Earns Accelerator Spot

Xignite Secures Patent for Market Data Driven Alerts; eXate Earns Accelerator Spot
By David Penn Posted on
Categories: Alumni News, Ellie Mae, Exate, Onfido, Weekly Alumni News, Xignite

Market data distribution and management solutions provide Xignite has scored a patent for the technology behind its CloudAlerts REST API. The patent recognizes the company’s innovation in developing real-time alerts based on pre-defined stock market conditions. This technology can be added to website or mobile apps by developers to provide users with real-time, automatic notifications on everything from price breakouts to volume surges via SMS, email or onscreen.

What’s unique about Xignite’s approach is the way it is able to deliver market data-driven user alerts at scale, incorporating both the wide variety of user preferences as well as processing a sizable volume of exception conditions in real-time. Fellow Finovate alum SoFi leverages Xignite CloudAlerts in its SoFi Invest service, using the technology to warn investors when a portfolio holding drops below critical levels.

“SoFi saw record investing activity last week during the coronavirus outbreak and that really tested our alerts system,” SoFi Trading and Investment Manager Samuel Nofzinger said. “Our customers value the alerts because they help them invest and protect their money better, especially in today’s volatile market.”

Congratulations to eXate Technologies. The U.K.-based cybersecurity firm – and FinovateEurope 2018 alum – earned a spot in Tech Nation’s Cyber 2.0 growth program. This year’s class marks the second cohort for the program, which is geared toward early-stage cybersecurity startups. Companies participating in the six-month accelerator get peer-to-peer learning with program mentors, masterclasses led by expert scale coaches, as well as meetups and networking with peers, investors, and potential clients.

Add Onfido to the list of Finovate alums that are pitching in to help organizations manage the COVID-19 pandemic. The company announced late last week that it is offering six free months’ use of its biometric identity solution to nonprofit organizations that are fighting the coronavirus. Nonprofits in healthcare, home care, and education are among those to benefit from the program, including a company that uses Onfido’s technology to verify completion of COVID-19 testing.

The Finovate Podcast is on fire! If you’ve not been able to keep up, here are links to the latest conversations with host Greg Palmer.

Here is our weekly roundup of news from our Finovate alums.

  • FreeAgent partners with NatWest to offer its customers online cloud accounting software.
  • Zogo Finance drops app set-up fees for its credit union customers in Louisiana.
  • Ellie Mae announces general availability of peer benchmarking comparison analysis solution, Ellie Mae Insights.
  • Baker Hill launches NextGen SBA Fast Track to help SMBs access CARES Act and Paycheck Protection Program (PPP) funds.
  • Temenos wins Google Cloud Technology Partner of the Year award.
  • NYMBUS teams up with NCR Corporation to help SMBs impacted by COVID-19.
  • University First FCU brings on Insuritas to launch a digital insurance agency.
  • Artegence and Efigence become Magnolia Platinum Partners.
  • Kabbage partners with an undisclosed bank to deliver Paycheck Protection Program (PPP) loans to U.S. small businesses.
  • Moven founder Brett King hints at partnership with Varo Money, encourages users to open an account.
  • ShopKeep and Lendio partner to help small businesses access COVID-19 funds.
  • ATFX now accepting payments via Trustly.
  • ACI Worldwide unveils new “Delay My Payment” feature of its ACI Speedpay solution to help billers and consumers during the COVID crisis.
  • DriveWealth launches DriveHSA, a new tool for Health Savings Account platform providers.
  • Kasasa sees a 288% increase in borrowers using its Take-Back feature.
  • Stash now counts one million banking customers.
  • MX launches portal for banks navigating the Small Business Administration’s new Payment Protection Program.
  • Credit Hero leverages Salt Edge to access borrower’s bank data.
  • Finanteq introduces new initiative to provide free digital banking tools – Pocket Branch and Extentum – to banks during the coronavirus pandemic.
  • Bankjoy hosts online summit to address how credit unions and fintechs can partner to respond to the economic challenges of COVID-19.

Finovate Alumni Features and Profiles

The Importance of Financial Literacy During Uncertain Economic Times – A growing number of fintechs – many of them Finovate alums you’ll meet below – have devised innovative ways to help young people in particular, become better earners, savers, spenders, and investors.

Kabbage Collaborates with Facebook to Back Retailers During the COVID Crisis – Together, the two companies will help merchants continue to generate revenue at a time when their customers – for sound reasons based on public health – are largely staying away.

SoFi Inks Agreement to Acquire Galileo Financial Technologies – In a cash and stock deal valued at $1.2 billion, online lender and personal finance innovator SoFi has agreed to acquire financial services API and payments platform, Galileo Financial Technologies.

Building a Financial Advisor for Main Street America – We recently chatted with SuperMoney founder and CEO Miron Lulic to give us an update on the company’s platform that helps consumers reach their financial goals.

BankBazaar Adds $3.8 Million to Series D – The capital comes from Amazon and Walden SKT Venture Fund, who have joined Sequoia, GUS Holdings, and Eight Roads Investments in the round. 

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Tink’s $100 Million Monday; Azimo’s C-Suite Shakeup Promotes Experience and Diversity

Tink’s $100 Million Monday; Azimo’s C-Suite Shakeup Promotes Experience and Diversity
By David Penn Posted on
Categories: ACI Worldwide, ayondo, Azimo, CUneXus, Currency Cloud, Daily news, FIS, Kasasa, Klarna, NYMBUS, Ohpen, PayPal, Plaid, Segmint, Sezzle, Tink, TransUnion, VISA, Weekly Alumni News, Worldline, YellowDog

It is hard to imagine having a better start to your week than Plaid had seven days ago when the innovative fintech (and Finovate alum) announced that it had agreed to be acquired by Visa for $5.3 billion.

But the €90 million ($100 million) raised by Swedish open banking platform Tink on Monday is nothing to sneeze at. In fact, the funding, which is the company’s largest to date, is a reminder that investment interest in (and funding for) companies dedicated to developing the infrastructure that connects consumers, banks, and the financial technologies is very much in abundance.

“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to successfully develop financial services in the future,” Tink co-founder and CEO Daniel Kjellén said in a statement.

Tink demonstrated its platform most recently at FinovateEurope 2019. For more on this year’s Finovate event in Europe kicking off next month, visit our FinovateEurope 2020 page.

Azimo, one of our earliest FinovateEurope alums, announced a pair of big changes at the top to begin the new week.

The London-based money transfer firm, founded in 2012, promoted its COO Richard Ambrose to CEO back in August, as Azimo founder Michael Kent took what TechCrunch referred to as a lateral move to become executive chairman. Today, Fintech Futures, Finovate’s sister publication, reports that the company has appointed Dora Ziambra to the post of Chief Operating Officer. Azimo also promoted its head of finance Tatiana Okhotina to the post of Chief Financial Officer.

“We’re fortunate to have the depth of talent to fill these top roles internally,” Ambrose said in a statement. “We’re lucky too that Azimo will continue to benefit from the experience and leadership of these two outstanding women.”

Here’s our weekly roundup of the latest news from our Finovate alumni:

  • Union Bank to leverage technology from FIS for core banking.
  • Italy-based CREDEM leveraging Worldline’s Payment and Liquidity Hub software CRISTAL to process Target2 payments
  • POS software Vend partners with Klarna to offer retailers more flexible payment options.
  • U.K. food retailer The Co-operative to deploy ACI Worldwide’s fraud management solution, ReD Shield.
  • A partnership between TransferGo and Currencycloud will enable the money transfer company to enter 14 new markets.
  • YellowDog forges reseller agreement with Annex Pro.
  • Bankable cozies up with Plaid to allow its bank customers to connect with their users’ bank accounts.
  • Ohpen appoints former Tesla marketing leader Corinne Aaron as new head of marketing.
  • Segmint to acquire WAND’s Product and Service Taxonomy division.
  • CuneXus celebrates 2019 success with a 40% year-over-year increase in consumer reach.
  • TransUnion expands partnership with Payfone.
  • PayPal reaches $10 billion in charitable donations processed.
  • California approves Sezzle’s lending license.
  • People’s Bank selects NYMBUS’s SmartMarketing and SmartOnboarding solutions.
  • Ayondo ends its European social trading business.

Alumni Features and Profiles

Three Key Lessons We Learned from Plaid – Unless you’ve been living under a rock, you’ve probably heard that Visa is acquiring Plaid for a deal that’s worth $5.3 billion. The fact that they were so widely used at such an early stage is a testament to the quality of their code, but there are also a few key lessons to take away from their success.

ITSCREDIT’s Joao Pinto on the Digital Lending Opportunity –  ITSCREDIT is a spinoff from ITSECTOR and is a fairly new player in the digital lending space. In this interview, Pinto talks to us about the digital lending opportunity, how his company fits into the current state of this fintech subsector, and what we can expect to see next.

Kasasa Enhances its Take-Back Loan – Community bank marketing expert Kasasa announced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan.

Our latest FinovateEurope Sneak Peeks Are Up! Meet Dorsum, CASHOFF, Tensorflight, Trulioo, W.UP, Horizn, Glia, and BLECKWEN.

Plinqit Brings Rewards-Powered Financial Literacy to First Community Bank – One day in the distant future, children will be educated in basic financial literacy as readily as they are taught algebra. Until then, solutions like Plinqit from HT Mobile Apps will be valuable tools for credit unions and community banks looking for novel ways to engage and educate their members and customers.

Credit, Data, and Cryptocurrencies: Graychain Rebrands as Credmark – The company that is bringing credit data clarity to the cryptocurrency industry is entering 2020 with a new name.

Tradeshift Lands $240 Million as it Inches Toward Profitability – The San Francisco-based company will use the investment to boost expansion efforts and gear toward a “direct path to profitability in the near future.”

Fintech, Financial Services, and the Case for 5G – Calling 5G “something banks aren’t even thinking about,” Celent SVP Dan Latimore said, “we believe the effects of 5G are going to be subtle and profound over time.”

Backbase-as-a-Service Helps Banks Leverage the Cloud to Innovate and Scale – The solution makes the company’s broad portfolio of digital banking offerings available to FIs looking to accelerate their ability to develop and offer new technologies to customers.

Also on Finovate.com

Visa to Acquire Plaid in $5.3 Billion Deal – “Today marks an important milestone for our company and for fintech,” company co-founder and CEO Zach Perret wrote on the Plaid blog earlier today. “What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.”

Not Another 2020 Trends Prediction Post (Seriously, It’s Not!) – We’re taking a look at the trends you can expect to see on stage next month at FinovateEurope. To keep things simple this year, we assessed the themes at a very high level and broke them down into three categories: the big, the little, and the trends in-between.

Singapore’s Digital Banking License Space Race Accelerates – Is there anyone out there who is NOT trying to secure a digital banking license in Singapore? The Monetary Authority of Singapore announced last week that has received 21 applications for digital bank licenses. 

MogoSpend Offers Credit, Cashback, and Help Reducing Your Carbon Footprint – The new digital spending account from Canadian fintech Mogo does more than help Canadians get control of their finances. The solution also offers cardholders generous cashback rewards and a way to make a positive impact on the environment by reducing their carbon footprint.

Getsafe Expands its Insurtech to the U.K. – If your insurance company is offering you drone insurance, you know it’s not your grandmother’s insurance agency. Germany-based insurtech Getsafe does just that– and the company announced today it is expanding its home contents insurance offering (though, sadly, not its drone insurance offering) to users in the U.K.

Raisin’s New Acquisition Gives Company Access to the U.S. Market – European deposit marketplace Raisin announced today it acquired New York-based Choice Financial Solutions. 

French Fintech Lydia Locks in $45 Million – TechCrunch reported this morning that French mobile payment app Lydia has raised $45 million (€40 million) in a round led by Tencent.

Visa’s Tap to Phone Brings Contactless Payments to mPOS – With Visa’s Tap to Phone app arriving pre-installed on the new, enterprise grade smartphone from Samsung, a broad range of merchants will have access to yet another way to accept payments from customers. 

INTL FCStone Acquires International Bank Transfer Firm – Headquartered in Germany, GIROXX offers international bank transfers and currency hedging. INTL FCStone plans to leverage this technology to expand its current client base to small-and-medium-sized enterprises (SMEs).

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