Finovate Alumni News

On Finovate.com

  • IdentityMind Global Raises $10 Million to Fuel Global Growth.
  • Coinbase Launches Crypto eCommerce Acceptance.
  • Roostify Lands $25 Million to Disrupt the Mortgage Industry.

Around the web

  • Revolut partners with payment issuer processor GPS ahead of APAC launch.
  • Ripple teams up with Saudi Arabian Monetary Authority (SAMA) to begin cross-border payments pilot program using xCurrent.
  • NICE Actimize brings financial crime, risk and compliance technology to global provider of core banking systems technology.
  • South Africa’s Absa Bank goes live with Finastra’s CLS platform, PAYplus.
  • CASHOFF wins finalist spot in PFM & Robo Advice category of Innovate Finance’s 2018 Pitch360 competition.
  • Microsoft features Onfido. Come see Onfido at FinovateEurope next month!
  • Softtek and Mambu launch banking platform as a service.

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

  • TSYS Tech Backs J.P. Morgan’s Commercial Virtual Card Issuance.
  • Finovate Alums Larsen, Garlinghouse, Armstrong Among Crypto’s Richest.
  • NCR Overhauls Self Service Network for Oman’s Bank Dhofar; Expands ATM Access in India.

Around the web

  • Revolut partners with Visa to issue prepaid cards to new customers.
  • Call Centre Helper interviews Mike Iacobucci, Interactions CEO.
  • SMArtX (formerly HedgeCoVest) expands Direct Indexing Platform.
  • doxo surpasses 3 million users and 45,000 payable billers.
  • Army Aviation Center FCU ($1.2 billion in assets) launches member owned full service insurance agency courtesy of Insuritas.

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

  • Moven Enterprise Launches in Japan, Lands $23 Million from SBI Holdings.
  • nCino Reels in Investment from SalesForce Ventures.
  • London-based lender EZBOB Raises $21 Million in New Funding.
  • Bitbond Launches Alternative Investment Fund in Partnership with 1741 Fund Management.

Around the web

  • TIBCO appoints Matt Quinn as COO, Nelson Petracek as CTO.
  • Revolut launches ability to buy, hold, & sell Bitcoin, Litecoin, & Ethereum in just 30 seconds directly from the app.
  • Savedroid launches feature that lets you fulfill your wishes at Amazon and Co. with a discount.
  • KIVA Group team with MX to offer AFCU members mobile banking app.
  • UK technology retailer Maplin integrates Klarna’s pay later option.
  • Ephesoft appoints Russ Hubbard as Chief Revenue Officer.
  • PayNearMe partners with Ria to make paying for international money transfers easier.

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.

Revolut Adds Travel Insurance to its Insurtech Offerings

Global banking company Revolut is further integrating itself into the insurtech industry today. The U.K.-based company launched a pay-per-day travel insurance offering for its users.

The new, flexible policy uses geolocation, automatically turning coverage on and off when users leave and return to their home country. When they sign up for the service, users receive medical and dental coverage, paying as little as $1.38 (£1.00) per day. To protect travelers from overpaying, the coverage is capped at 40 days. For frequent travelers, Revolut offers annual coverage of $41.50 (£30) per year.

With the Revolut app, users can select insurance options, such as adding coverage for a companion or adding winter sports coverage, to tailor it to their needs. In the event a user experiences a serious illness or bodily injury on their trip, Revolut will cover up to £15,000,000 (or emergency dental treatment up to £300) after the traveler pays the first £75.

The travel insurance currently covers all Revolut users in the European Economic Area, with the exception of Swiss residents. To qualify, travelers must be younger than 84 years of age, be registered under their country’s healthcare system, and not be traveling against medical advice.

This isn’t Revolut’s first foray into insurance offerings. Last September, the startup began offering device insurance coverage for cell phones. Users can insure their device for $1.38 (£1) per week or $58 (£42) per year.

This expansion of services is indicative of an industry trend many analysts predicted would spread in 2018– the “rebundling of fintech.” In an attempt to compete with banks, some startups are becoming more “bank-like” by acting as a one-stop shop for many of consumers’ financial needs. SoFi is a great example of this– what started out as a very specific student lending startup, has evolved into a larger company that now offers a range of seven borrowing options, wealth management, and life insurance.

Founded in 2013, Revolut debuted at FinovateEurope 2015 in London. The company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank.

Over the past two years, Revolut has processed 42 million transactions for 1 million users in Europe, tallying up $160 million in savings on foreign transaction fees. Last month, the company launched cryptocurrency trading and in November revealed plans to expand to Singapore.

Finovate Alumni News

On Finovate.com

  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

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.

Revolut Launches Cryptocurrency Trading

Consumer interest in digital currency is at an all-time high. Much of this is thanks to Bitcoin which, as of this morning, is valued at over $11,800. So this week is the perfect time for global banking company Revolut to launch cryptocurrency trading on its platform.

Starting Thursday, Revolut account holders will be able to buy, sell, and hold Bitcoin, Litecoin, and Ether. The mobile banking company, which also supports 25 fiat currencies, aims to “erase the divide between old and new money,” according to TechCrunch. The article notes that during Revolut’s one week beta test, 10,000 users traded $1 million in cryptocurrencies.

In line with its transparent pricing strategy that allows users to send more than $5,900 per month in 16 currencies with no fee, U.K.-based Revolut will offer low rates on cryptocurrency trading. The company will charge a flat fee of 1.5% and, thanks to its global currency platform, does not charge additional foreign exchange fees for purchases made with most fiat currencies.

Revolut debuted at FinovateEurope 2015 in London. The company’s CEO and founder Nikolay Storonsky began working on the idea after his bank charged him $2,000 in fees after spending $12,000 while traveling abroad. “That is why we built Revolut,” Storonsky said during the demo. “It allows you to exchange, send, and spend your money, completely avoiding all your banking fees without actually using a bank.”

Founded in 2013, the company has experienced sharp growth recently. Over the past two years, Revolut has processed 42 million transactions for 1 million users in Europe, tallying up $160 million in savings on foreign transaction fees. According to TechCrunch, Revolut is “doubling the rate of new customer sign-ups versus three months ago.”

Revolut has been busy lately. Here’s a quick timeline overview of the company’s progress over the past three months:

  • November 2017
    • Reached 1 million customer milestone
    • Applied for a European banking license
    • Announced plans to bring processing in-house
  • October 2017:
  • September 2017
    • Expanded its offerings with cell phone insurance
    • Earned a spot on the European Fintech 100 list

Finovate Alumni News

On Finovate.com

  • Revolut Launches Cryptocurrency Trading.
  • CRMNEXT to Enhance Customer Journeys for $4.4 Billion First Bank.
  • Payoneer Lands Funding from China Broadband Capital

Around the web

  • TechCrunch examines IBM’s new chip for AI.
  • Bill.com and CPA.com expand Accountant Partner Program.
  • Baker Hill integrates LenderLink into its NextGen solution as part of strategic partnership with Lowenstein and Associates.
  • Roostify announces integration with Black Knight’s LoanSphere Empower loan origination system (LOS).

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

Around the web

  • Revolut reaches one million customer milestone.
  • Starling Bank partners with Yoyo Wallet, enabling cardholders to earn loyalty points when paying with the challenger bank.
  • African Bank to deploy new technology from FICO to centralize credit decision management.

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

Around the web

  • ACI Worldwide supports cross-border e-commerce in Brazil with integration of payment processor and gateway, PagBrasil.
  • Revolut is the latest fintech to apply for a European banking license.
  • Fenergo teams up with Opus to improve integration of risk-relevant information in the KYC process.
  • KAMCO Investment Company chooses Fusion Invest from Finastra to accelerate growth.
  • Bluefin Payment Systems unveils PCI P2PE sub-listing option for users of its Decryptions as a Service (DaaS) offering, Decryptx.
  • Ping Identity adds support for companies seeking PSD2, open banking compliance.
  • Trustly tops €10 billion in total payment processing volume since inception.
  • Q2 Holdings named to Deloitte Technology Fast 500 for second consecutive year.
  • Stratumn completes a blockchain experimentation connecting 14 insurance companies in France.
  • nCino debuts in top half of Deloitte’s 2017 Technology Fast 500.
  • Scalable Capital hits €500 million in assets.
  • Checkbook.io disrupts class action payments.
  • Compass Plus assists Almazergienbank to support the issuing and acquiring of JCB cards.
  • NetGuardians and Swisscom launch fraud prevention service.

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

Around the web

  • Leondrino Exchange launches its own digital currency, XLEO.
  • BBVA forges global strategic agreement with Telefónica.
  • Revolut announces plans to build its own in-house processor.
  • Cybersecurity specialist DefenseStorm hires Terrie O’Hanlon as Chief Marketing Officer.
  • Expensify and Wells Fargo ink data exchange agreement.

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.