Finovate Alumni News

On Finovate.com

  • NF Innova | NFG and Mambu Team Up to Deliver New Digital Banking Solution.
  • Thinking Capital and Equifax Launch ‘Cash Flow Revolution’ for Canadian SMEs.
  • PayPal’s Pledge: CEO Commits to $3 Billion a Year in M&A Spending.

Around the web

  • AI Foundry forges integration partnership with MTS Software Solutions.
  • PaySend joins Astana International Finance Centre (AIFC), a central Asian fintech hub based in Kazakhstan.
  • Thomson Reuters expands strategic partnership with SAP to simplify costs of cross-border transactions.
  • GreatHorn welcomes Vijay Malik as its new Vice President of Engineering.
  • Nanopay plans for B2B cross border and domestic transfer service.
  • Multiple Best of Show winner Trusona launches partner program.
  • Kinetica taps Gary West as Vice President of Sales, EMEA.

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.

Paysend Seals Deal on $20 Million Financing

 

In a round led by MARCorp Financial, global money transfer platform Paysend has raised $20 million in new funding. The company said that the capital, which takes the company’s total to $23 million, will help it launch new services and expand globally.

“Paysend has created the first integrated B2B and B2C global payments business which is already disrupting the market,” said MARCorp Financial Chairman Michael Fazio. “Their three businesses – Global Transfers, Global Account, and Global Processing – are leaders in their respective fields. We look forward to being a part of the next stage of Paysend’s growth.”

Paysend CEO Europe Ronald Millar demonstrating the Paysend Global Account at FinovateSpring 2018.

Via its Global Transfers service, Paysend enables card-to-card money transfers from customers in more than 60 countries. With the recipient’s name and a 16-digit card number, cardholders can make fast, secure, low-cost money transfers 24/7. Paysend charges a fixed rate for international transactions regardless of the amount transferred. Recipients can withdraw cash from millions of ATMs around the world, and pay by card at any merchant that accepts Visa or Mastercard. The service is accessible via both an iOS and Android app as well as online.

Global Account, demonstrated live at FinovateSpring 2018 in May, provides a digital wallet for both fiat and crypto currencies. The solution enables fund transfer between currencies as well as sending money to other Global Accounts or crypto wallets, and making online and in-person payments. The account comes with a prepaid card, physical and virtual, that can be linked to any of the currencies in the account, enabling the user to pay with both fiat and crypto currencies. Cardholders can also withdraw cash from the account in 125 different currencies.

Paysend’s Global Processing division processes credit and debit cards, and helps boost revenue for merchants by taking what the company calls a “data-driven approach to customer shopping.”

“I am proud of what we have achieved to date, and what we have planned for the future,” Paysend CEO Europe Ronald Millar said. “We are the only global card-to-card platform, and the technological and operational expertise required to create that could only have come from an executive team with special knowledge, creativity and ambition – our team.”

London, U.K.-based Paysend announced a number of major service expansions this year including launches in Turkey in June, in Israel in May, and in both Canada and the UAE in April. Nigeria was added in February. Paysend’s partnership with China UnionPay, announced back in December, enabled card-to-card transfers to China.

Finovate Alumni News

On Finovate.com

  • Paysend Seals Deal on $20 Million Financing.
  • ezbob Lands Undisclosed Investment from Honeycomb Investment Trust.
  • New Investment Takes ThetaRay’s Total Capital to More than $60 Million.

Around the web

  • Cryptocurrency trading platform DXE chooses Mobile Verify from Mitek for automated ID verification.
  • Delano.lu profiles developer platform Hydrogen, recognized last month as the 2018 fintech startup of the year by KPMG Luxembourg and Luxembourg House of Financial Technology.
  • Benzinga interviews Unison CEO Thomas Sponholtz in the wake of the company’s $40 million Series B round.
  • Hypepotamus features Cardlytics post-IPO, interviews CEO Scott Grimes.
  • Bluefin and NCR expand POS payment security to provide PCI-Validated Point-to-Point Encryption (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

  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • AI Foundry Overhauls Agile Mortgages Solution.

Around the web

  •  Klarna partners with EMaC, a U.K. automotive service plan provider, for a drive now, pay later service.
  •  Paysend triples its customer base over the last 6 months.
  • eToro announces that clients can now invest directly in shares on the platform.
  • MX appoints Ben Holzman, a former managing director of Bain Capital Ventures, as new COO.
  • TechCrunch: Coinbase opens its crypto index fund to accredited U.S. investors.
  • Langley FCU to deploy Symitar Episys core processing platform from Jack Henry & Associates.
  • Mambu announces new board member, former SAP CEO, Henning Kagermann.
  • Revolut partners with Cyprus-based telecommunications company, PrimeTel.
  • First Data and Mastercard collaborate on a digital disbursement platform for business customers.
  • Entersekt opens new office in Atlanta, Georgia to support the company’s growth in North America.
  • The Open Bank Project collaborates with Citizens Bank on innovation event.
  • First National Bank Texas ($1.8B Assets) selects Insuritas to power turnkey insurance agency.
  • Prosper resumes operations for Montana residents

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.

PaySend Adds KYC and Risk Management Tech from 4Stop

Moving money with international money transfer platform PaySend just got a lot more secure. German KYC and anti-fraud technology solutions provider 4Stop has integrated its KYC, compliance and risk management technology with the company’s platform.

“We have always been focused on solving and removing the complexities for businesses’ KYC, regulatory obligations and fraud prevention obstacles in a manner that truly performed on a global scale,” 4Stop CEO Ingo Ernst said. “We are thrilled to see our technology integrated with PaySend and to further support their KYC, compliance and anti-fraud requirements with a fail-safe accuracy, and in the most streamlined and efficient manner possible.”

4Stop leverages hundreds of global KYC data sources, as well as a multi-faceted rules engine, real-time monitoring, rich database management, and data science to provide maximum, real-time KYC coverage. The company’s platform also enables businesses to future-proof their technology by activating any required KYC for compliance as regulations are updated.

Headquartered in Malta and founded in 2015, PaySend demonstrated its international payments and money remittance platform at FinovateEurope 2016. The company leverages a global banking network – as well as partnerships with Visa, MasterCard, and UnionPay – to enable FIs to participate in a network that simplifies remittances, tokenizes card data in demand for social-based transfers, and decreases the cost of sending money.

Earlier this month, PaySend was shortlisted in the Best Consumer Payments category of the PayTech 2018 awards. In 2018 alone, the company has launched its service in the UAE, Canada, Mexico, and Israel – with more than 50 countries now able to receive PaySend transfers. More than 100,000 people currently use its service.

Finovate Alumni News

On Finovate.com

  • Mitek Acquires A2iA for $49.7 Million.
  • WeInvest Raises $12.3 Million for its WealthTech Platform.
  • Finovate Alums Take Top Honors at FinTech Breakthrough Awards.
  • PaySend Adds KYC and Risk Management Technology from 4Stop..

Around the web

  • Deutsche Bank Luxembourg to deploy Avaloq Banking Suite.
  • Temenos unveils new digital onboarding and origination platform, Temenos Origination.
  • Revolut announces support for XRP and Bitcoin Cash.
  • Moneyhub integrates with Intelliflo to enable real-time, two-way sharing between financial advisors and clients.
  • Klarna acquires e-commerce shopping cart, Shop.co.
  • Sberbank to test ICO technology issued by Level One.
  • Tinkoff Bank to launch a new Development Hub in Sochi.
  • ID.me teams with LinkedIn to provide one year of LinkedIn Premium for free to U.S. service members and veterans.

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.

FinovateEurope Sneak Peek: PaySend

PaySendHomepage

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Get your tickets to join us in London!

PaySendLogo

PaySend is leveraging Visa and MasterCard networks to help banks and schemes facilitate an efficient remittance network, all important for meeting global financial inclusion goals.

Features:

  • Simplifies remittances by using payment cards
  • Tokenizes card data in demand for social-based transfers
  • Leverages global partnership network for decreased cost of sending money

Why it’s great
PaySend offers fast international money transfers using global Visa and MasterCard networks—all for
 1% + 1 Euro available through a dedicated app or your favorite instant messenger.

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Presenter: Daniel Gusev, Co-founder, User Experience and Product Engineering
Gusev is an ex-banker in charge of successful innovation programs at leading banks in Russia. He is a reformed international fintech entrepreneur in payments and contextual finance, blogger, tinkerer and amateur father.
LinkedIn

Finovate Alumni News

On Finovate.com

  • “Mark Shifke Named Green Dot CFO After Interim Term”
  • “PaySwag Helps Cloud Lending Solutions Go Mobile”
  • “Finovate Debuts: DAVO Automates Sales Tax”

Around the web

  • Utah Community Credit Union chooses DNA(R) account platform from Fiserv.
  • TechEU interviews Sebastian Siemiatkowski, Klarna CEO.
  • Tactile Finance CEO Nicole Hamilton earns spot in The Inman Group’s Top 101 innovators.
  • VentureBeat names Twilio as 1 of 36 tech companies that could go public in 2016.
  • Bankless Times: Pindrop can tell you who is really on the phone.

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