Finovate Alumni News

On Finovate.com

  • Responsive Tiles from Geezeo Help Banks Build Personalized Digital Experiences.
  • Accenture Acquires Verax to Boost Canadian Operations.
  • Urban FT Bids to Acquire Digiliti Money [UPDATE: Bid Rejected]

Around the web

  • Let’s Talk Payments interviews David Vélez, founder of Nubank.
  • Visa to encourage Australian banks to embrace biometric authentication in new security roadmap.
  • InComm buys distribution rights to American Express’ prepaid reloadable and gift card business in the U.S.
  • Flywire Simplifies Compliance with New Cross-Border Education Payment Requirements in Ireland.

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.

Urban FT Bids to Acquire Digiliti Money [UPDATE: Bid Rejected]

Update: August 29, 2017

According to a press release issued this morning, Urban FT reports that its bid to acquire Digiliti Money has fallen through after Digitili rejected the offer. This occurred after Digitili proposed alternate terms to the contract, which Urban FT and its lawyers considered “unreasonable and unacceptable under the circumstances.” The rejected bid valued Digitili Money at $10.5 million on a net equity basis.

Kasey Kaplan, Urban FT president said, “We will leave our offer on the table for acceptance by Digiliti until close of business on August 31.” He added, “Placing Digiliti into bankruptcy, if that’s what the Board is considering,” continued Kaplan, “would be a great loss to all of those stakeholders and would truly disrupt so many organizations that rely on Digiliti’s services every day.”


Digital banking platform Urban FT is eyeing its second acquisition this summer. The New York-based company has made an all-cash offer of an undisclosed amount to buy Digiliti Money, which rebranded from Cachet Financial Solutions earlier this year.

It is no secret in the fintech community that Digiliti Money has undergone financial difficulty as of late. The company, which is publicly traded on the NASDAQ with a market cap of $2.2 million, saw its CEO resign earlier this month. Digiliti appointed interim CEO Bryan Meier, who said that the company is “reducing [its] cash burn to improve [its] bottom line performance, which [it is] demonstrating with the implementation of [its] recent cost-cutting initiatives intended to reduce [its] annual operating expenses by nearly $3 million.” In a statement on August 14, Digiliti made it clear that it is “actively reviewing strategic options to restructure the company, including the potential sale of the company or potentially filing for Chapter 11 bankruptcy.”

Despite Digiliti’s struggles, Urban FT believes the acquisition will be beneficial on both sides. Urban FT maintains it can help Digiliti reduce operating costs attributed to data expenditures and offer more value to the company’s client base with its robust mobile features. To Urban FT’s benefit, Digiliti has an appealing roster of client and strategic relationships. “We are looking to grow organically by expanding our base of users on our existing platform, which we think is exceptional, but we also want to grow acquisitively,” says Urban FT CEO Richard Steggall.

The move to buy Digiliti Money comes after Urban FT acquired mobile banking technology provider iParse in July and Wipit in 2015.  Urban FT COO Glen Fossella said the company is able to move quickly toward the acquisition “because of the support of the Urban FT board of directors and investors, and because [it has] a clearly defined acquisition strategy that focuses on businesses with strong client relationships, recurring revenues and technologies that deliver an additional competitive advantage to our core products and services.” He adds, “we hope Digiliti Money will match our speed and commitment to completing this transaction.”

At FinovateFall 2016, Urban FT debuted the Workshop, a real-time, mobile app management platform that enables banks to quickly configure, brand, and launch mobile banking apps without coding. The company was founded in 2013 and has 40 employees.

Digiliti Money demoed its Select Mobile Money prepaid suite at FinovateFall 2014 in New York. The company was founded in 2010 and went public July 18, 2014. It is headquartered in Minneapolis, Minnesota.

Finovate Alumni News

On Finovate.com

  • Urban FT Bids to Acquire Digiliti Money.

Around the web

  • First Tennessee Bank goes live with mobile banking app from D3 Banking.
  • Alpha Payments Cloud partners with Australia Post to launch Alpha Commerce Hub.
  • IBM Singapore inks memorandum of understanding with Pacific International Lines to trial blockchain-based, supply chain solutions for businesses.
  • Trulioo’s Global Gateway earns first place in the Verification/Identity Checks category of Market Fintech Limited’s 2017 RegTech Performance Report.
  • FICO Customer Communications Services helps China Guangfa Bank Credit Card Center lower collection costs.
  • Liferay launches initiative to provide new resources for its open source developer community.
  • Featurespace selected by IATA to provide leading fraud protection solution.
  • Bluefin Payment Systems and ACEware Systems Partner for PCI-Validated P2PE.

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

  • HooYu Brings Identity Confirmation Technology to BCRemit.
  • StreetShares Raises $10.3 Million for “Shark Tank Meets eBay” Approach to P2P Lending.
  • Flywire Expands Operations in Japan, Forms Partnership with Volvo.

Around the web

  • UPS Capital launches cross-border B2B payment service powered by Payoneer.
  • Risk Ident opens new U.S. office at Cambridge Innovation Center, near Boston, Massachusetts.
  • Venmo introduces QR code feature to help users find payee profiles faster.
  • eMoney launches redesigned website with a new UX enhanced navigation and multimedia content.
  • Digiliti Money (formerly Cachet Financial Solutions) appoints interim CEO.
  • Qapital now offers checking account and debit card.
  • BBVA joins Singapore-based trade finance platform Capital and Credit Risk Manager
  • Al Masraf selects Temenos’ digital banking technology
  • Kony announces V8 release of Kony AppPlatform to help developers design, develop and deliver omnichannel apps fast.
  • Shoeboxed launches Fetch, a new expense system
  • Trusona opens new office in Tokyo, Japan.

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

  • 44 Alums Populate CB Insights’ Fintech 250 List.

Around the web

  • ProfitStars named a 2017 Top Workplace by The Tennessean for Third Consecutive Year.
  • Top Image Systems seeing momentum from eFLOW AP solution in 2017.
  • Digiliti Money (formerly Cachet Financial) adds new features to its Select Mobile Deposit and Select Business Merchant Capture solutions.
  • CNBC: Tradeshift hoping to ready initial public offering.
  • CoverHound partners with eHealth to expand insurance ecosystem for consumers and small business owners.
  • Payfone to unveil “One-Time Password-Killer.”

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.

Digiliti Money Celebrates Rebrand by Ringing NASDAQ Closing Bell

Digiliti Money, the company formerly known as Cachet Financial Solutions, rang the closing bell on the NASDAQ this afternoon.

Announced last month, the rebrand for the cloud-based, mobile RDC and prepaid card solutions provider comes at what Digiliti Money CEO and chairman Jeff Mack called “an important inflection point in the company’s development.” Pointing to the company’s recent capital raise and NASDAQ listing, Mack said the rebrand not only better exemplifies the company’s past but also points toward Digiliti’s future “as a mobile money technology leader capitalizing on multi-billion-dollar end markets.” The company’s new NASDAQ stock exchange ticker is “DGLT” and went live on April 10th.

On Friday, the company announced that Fidelity Express, which provides money orders, walk-in billpay, and other point-of-sale financial services, has selected Digiliti’s Mobile Bill Pay solution for use at 5,000 locations in 19 states. Fidelity Express will take advantage of the Mobile Bill Pay’s image recognition technology to make it easier and faster to process payments from customers without the kind of errors that plague manual data entry.

Additionally, Digiliti has inked a deal with New Jersey-based Garden Savings FCU, which will deploy the company’s prepaid mobile banking platform to better serve its 25,000 members. Digiliti has also formed an agreement with Rebar Interactive Partners, who will leverage the company’s mobile prepaid banking technology. The company also bolstered its board of directors last month with the addition of Brittany McKinney, former president and CEO of Analysts International and a technology executive with more than 20 years of experience.

Founded in 2010 as Cachet Financial Solutions, the company demonstrated its Select Mobile Money solution at FinovateFall 2014. Select Mobile Money won Digiliti Money a PayBefore Award last month in the Outstanding White-Label Platform category.

Finovate Alumni News

On Finovate.com

  • Vera Announces $15 Million Strategic Investment from Hasso Plattner.
  • Digiliti Money Celebrates Rebrand by Ringing NASDAQ Closing Bell.

Around the web

  • San Francisco Business Times names Blackhawk Network CEO and President, Talbott Roche, an Inspire Award recipient.
  • Baker Hill NextGen to power business intelligence for iQ Credit Union.
  • CrossFirst Bank to leverage nCino’s cloud banking technology.
  • Geezeo launches digital reputation management solution.
  • Kensho launches open source Python package aims to make app configuration easier.
  • Empyr introduces CPR: Cost-Per-Revenue O2O Performance Marketing.
  • Thomson Reuters and S&P Global enter strategic transcript data agreement.
  • Overbond adds swap pricing calculator to its corporate bond intelligence suite.
  • FinovateSpring Best of Show winner Neener Analytics earns finalist spot in Citi Tech for Integrity Challenge.

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.