Finovate Alumni News

On Finovate.com

  • Avoka Reports Record Growth for Second Consecutive Year.
  • Blackhawk Network Acquires CashStar in $175 Million Deal.
  • Temenos to Power Cloud-Based Lifecycle Management Suite for Baxter Credit Union

Around the web

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • Alaska USA FCU chooses Ignite platform from banking solutions provider Jwaala.
  • Ondot Systems joins Symitar Vendor Integration Program (VIP).
  • Tavant Selected by Newfi Lending To Provide Next-Generation Digital Platform.
  • Plaid delivers bank account integration to enterprise developers.
  • Personal Capital Reaches $5 Billion in Assets Under Management.
  • PayPal launches Mastercard– it’s first cashback credit card offering.

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

  • Behalf Teams Up with FinWise Bank to Boost Small Business Lending Options
  • Samsung to Power Biometric Authentication Pilot for Bank of America
  • ACH Alert’s Fraud Prevention HQ Empowers Account Holders to Stop Suspicious Transactions

Around the web

  • PayPal unveils two new innovation labs in India.
  • Albany, New York-based SEFCU chooses Fiserv as technology partner.
  • FICO selects Amazon Web Services as its cloud provider.
  • SF Chronicle profiles mortgagetech innovator, Unison, in feature on downpayment assistance for Bay Area homebuyers. Join them next month in New York for FinovateFall.
  • GoBankingRates highlights AutoGravity, M1 Finance, Venmo, Mint in list of best personal finance apps
  • ID.me hires Julie Filion as Chief Marketing Officer.
  • eMoney Advisor moving into Rhode Island offices, expects to hire 100 by 2020.
  • Flywire Offers Summertime Deal for International Tuition Payments with Mastercard.
  • StreetShares adds Heather Tuason 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.

PayPal Strengthens Lending Arm with Swift Financial Acquisition

PayPal has apparently not taken vacation this summer. After a surge of partnerships, the payments company announced it will acquire Swift Financial, a U.S.-based small business lending platform. Terms of the deal, which is expected to close later this year, were not disclosed.

Delaware-based Swift Financial has provided working capital to thousands of small businesses since launching in 2006 and has been recognized by J.D. Power for offering an “outstanding customer experience.” PayPal acquired Swift Financial to feed into PayPal Working Capital, the company’s business financing arm that launched in 2013 and has since provided more than $3 billion in funding to more than 115,000 small businesses. PayPal describes its small business financing arm as a “strategic offering” that “drives merchants’ sales growth, increases processing volume, and reduces merchant churn.”

PayPal anticipates the acquisition will help it enhance underwriting capabilities. “While PayPal Working Capital provides access to capital based exclusively on proprietary insights, Swift’s technology will allow us to assess supplemental information to more fully understand the strength of a business and provide access to complementary financing products to meet the needs of small and mid-sized businesses,” Darrell Esch, PayPal VP & Commercial Officer, Global Credit said in a blog post. Furthermore, the acquisition will help PayPal accelerate its goal of democratizing financial services and will enable the company to expand its loan cap from $125,000 to $500,000.

After being acquired by eBay in 2002, PayPal split from the online auction company in 2015, launching on the NASDAQ under the ticker PYPL. So far in 2017, PayPal has been busy expanding partnerships and initiating acquisitions. Here is a flurry of news from just this April to the present:

The company’s market cap currently sits around $70 billion. PayPal’s Braintree recently presented at FinDEVr New York 2016. The company also showcased its Instant Account Creation feature at FinovateFall 2012. The company’s second quarter revenue is up 20% year-over-year to $3.14 billion. Since the second quarter of 2016, PayPal has added 22 million active accounts and increased its mobile payment volume by 50%. Also in the second quarter of this year, Venmo payment volume was up 103% to $8 billion.

Finovate Alumni News

On Finovate.com

  • Fidelity Partners with Coinbase on View Balance Feature
  • PayPal Strengthens Lending Arm with Swift Financial Acquisition.
  • With $100 Million in Fresh Funding, Coinbase Joins Unicorn Club

Around the web

  • Mambu to power lending products of Fuse, the lending arm of Filipino financial technology firm Mynt
  • Central Payment Announces Partnership with CardFlight to Offer SwipeSimple Mobile POS to Merchants.
  • CustomerXPs positioned again as Enterprise Solution in 2017 Chartis RiskTech Quadrant for Enterprise Fraud Technology
  • FutureVault appoints new Chief Revenue Officer, Trevor Marshall.
  • Karmic now powers Lowe’s PreLoad prepaid payment and expense management technology.

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

  • Kabbage Collects $250 Million Investment from SoftBank.
  • Huntington National Bank Chooses PFM, BFM Solutions from Barcelona-based Strands.

Around the web

  • Mastercard and Paypal deepen Asia Pacific partnership.
  • GlobalOnePay teams up with InvoiceASAP to improve electronic invoicing for SMEs.
  • Fidor Bank launches fintech education program in Singapore.

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

  • Vipera Acquires SoftTelecom for $1.5 Million
  • FutureVault Appoints John D. Orr as New CEO.
  • Handle Financial’s PayNearMe Partners with Blackhawk Network.

Around the web

  • CrowdFlower earns Gartner “Cool Vendor” status for Information Innovation and Governance.
  • Braintree surpasses one billion transactions per quarter milestone.
  • Infosys wins three out of seven Catalyst Awards at TM forum Live.
  • Baidu and PayPal announce strategic partnership.
  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Top Image Systems announces eFlow AP 5.2 integration with SAP S/4HANA.
  • Wipro and Compuware partner to launch mainframe center of excellence.
  • Agreement Express ranked among top 100 technology companies in British Columbia by Business in Vancouver.
  • SearchUnifiedCommunications features Bluescape in its look at use cases for digital collaborative whiteboards.
  • Pendo Systems announces trio of new hires to support a “banner year” for the company.
  • Central Bankshares now uses Jack Henry’s Banno for online banking.
  • UN Migration Agency Selects Kony to Accelerate Digital Strategy to Reach More Migrants.

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

  • Aire Pulls in $5 Million, Lands Partnerships with Zopa and Toyota Financial Services.
  • New Investment Boosts Betterment Valuation to $800 Million.
  • Klarna Announces Strategic Investment from Permira.

Around the web

  • PayPal extends partnership with JP Morgan Chase, providing greater payment options for consumers.
  • Taulia joins European E-invoicing Service Providers Association.
  • Persistent Systems agrees to acquires Swiss firm Parx Werk in deal valued at $16 million.
  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • Dwolla adds Multi-User Feature to the Access API Dashboard.
  • Neener Analytics joins Plug&Play fintech accelerator.
  • Tavant selected by Fairway Independent Mortgage To Transform Its Digital Lending Experience.

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

  • Top Five Trends in Customer Engagement Technology.
  • Coder, Broker, Music Producer: Hellenic Bank’s Natasha Kyprianides is Inspired by Constraints.
  • HackerOne Powering Bug Bounty Program for Tor Browser.
  • Truphone Added to List of Carriers for Apple SIM.
  • LendKey Raises $13 Million in Equity and Debt Financing.

Around the web

  • PaySimple and Ping Identity named on list of top ten startups developing in Denver, Colorado
  • Citigroup expands partnership with PayPal to allow card members to use rewards points for purchases at PayPal checkout in the U.S.
  • Darwinex wins spot in South Summit Startup Competition 2017.
  • TD Ameritrade TickerTape blog spotlights social sentiments app, LikeFolio.
  • Dwolla adds multi-user feature to its Access API Dashboard.

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

  • Expensify Announces Five New Receiptburner Partners.
  • Flybits Raises $6.5 Million to Help Banks Put Data to Work

Around the web

  • Jumio introduces eyeball tracking to the “liveness” check of its biometric authentication solution, Netverify.
  • NYMBUS adds executive talent, opens center of strategic excellence in Glastonbury, Connecticut.
  • Co-founder Kristo Käärmann takes the helm at TransferWise.
  • PayPal announces strategic partnership with Samsung Pay.
  • ThreatMetrix named the Leader in The Forrester Wave: Risk-Based Authentication, Q3 2017.

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.

New Partnership Turns PayPal into Apple App Store Payment Option

One small step for consumer choice in e-commerce. One giant leap in PayPal’s quest to be the payment option of choice for shoppers online.

This week the company announced a partnership with Apple to allow shoppers to pay for their purchases at the App Store using PayPal. The feature will be available for users of a variety of Apple devices including iPhone, iPad, Apple TV, Apple Watch, and iPod. In addition to the App Store, PayPal will be a payment option for a variety of Apple services including Apple Music, iTunes, and iBooks. The new partnership is a major coup for PayPal insofar as the App Store previously limited payment options to debit and credit cards. Accepting PayPal also lowers the potential threat the company faced from Apple’s own payment technology, Apple Pay. This week’s deal follows a similar arrangement PayPal forged with Google that launched in April.

“PayPal’s availability across Apple’s services further expands our vision of providing customers a variety of ways to easily make mobile purchases,” PayPal EVP and COO Bill Ready wrote at the company blog. He noted that consumers will be able to ask Apple’s Siri to make a payment via the PayPal app. The agreement between Apple and PayPal is also seen a a big win for consumer choice. MarketWatch quoted industry analyst James Cakmak who noted that the trend toward giving consumers more payment options was strong among the major payment networks and card issuers.

Founded in 1998 and acquired by eBay in 2002, San Jose-based PayPal demonstrated its Instant Account Creation functionality at FinovateEurope 2012. The company is also an alum of our developers conference, teaming up with Braintree to present “The Future of Payment Identity” and host a workshop “Making Payments Fun” at FinDEVr Silicon Valley 2014. PayPal made headlines last month when it made an undisclosed investment in online lender and fellow Finovate alum, LendUp. Also in June, PayPal partnered with Flywire – also a Finovate alum – to facilitate international money transfers. The company began the year with a major acquisition, picking up TIO Networks for $230 million in February.