Finovate Alumni News

On Finovate.com

  • Token Forges Strategic Partnership with Envestnet | Yodlee.

Around the web

  • ACI Worldwide to provide “technology backbone” for real-time payments platform designed by Payments Network Malaysia.
  • NCR partners with Samsung to launch new all-in-one POS commerce station, NCR Silver Quantum.
  • Grab chooses TransferTo to deliver real-time digital payments to its drivers in Southeast Asia.
  • Meniga wins London Design Awards for brand design experience.
  • PayPal’s TIO Networks suspends operations to protect TIO’s customers.
  • Kinecta FCU to Offer Mortgage Harmony’s CU RateReset products.
  • App Informers lists Credit Karma and Credit Sesame in list of top 5 Identity Monitoring Apps for 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.

FinDEVr APIntelligence

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On FinDEVr.com

  • Payoneer Launches Cross-Border, Mass Payment APIs.

Alumni updates

  • FinDEVr veteran Hyperwallet adds former SecureNet Payments EVP, Mark Engels, as Chief Revenue Officer.
  • Best of Show winner AutoGravity forges new partnership with Westlake Financial Services to expand financing options for car shoppers.
  • The Paypers interviews Nicole Mantow, General Manager of EVO Payments, parent company of FinDEVr veteran, EVO Snap.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Bluefin Payment Systems powers payment processing solution for ticketing and ecommerce platform, AudienceView.
  • Mitek to provide AML and KYC compliance technology for European blockchain firm, Nocks.
  • AutoGravity Earns Multi-Million Euro Investment from Daimler.
  • Northern California’s Kaiperm Diablo FCU to deploy core banking technology from NYMBUS.
  • Arxan launches Arxan Application Protection for JavaScript to protect JavaScript-based applications.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

PayPal Acquires TIO Networks in $230 Million Deal

TioNetworks_homepage_February2017

In a cash deal valued at $233 million ($304 million CAD), PayPal Holdings has agreed to acquire Canada’s TIO Networks. PayPal President and CEO Dan Schulman praised the way the company’s combination of digital platform and physical, in person locations made billpay “simpler, faster, and more affordable” – particularly for the underbanked. TIONetworks_HamedShahbaziChairman and CEO of TIO Networks, Hamed Shahbazi (pictured), emphasized this point as well. “We founded TIO to make speed and access part of the bill payment experience for the underserved, and we believe that we have created affordable products to serve the needs of all customers,” Shahbazi said.

TIO Networks will continue to operate as a service within PayPal after the acquisition, which is still pending shareholder approval. The purchase price of the Vancouver, British Columbia-based company, which made its Finovate debut in 2012, represented a premium of more than 25% of its recent share price. PayPal anticipates completing the acquisition in the second half of 2017.

Among the strategic benefits of the acquisition, according to PayPal, is the addition of 14 million consumer bill pay accounts with an estimated 60 million transactions processed as of TIO’s fiscal 2016. In addition, TIO Networks:

  • Processes more than $9 billion in bill payments a year
  • Accepts payments at more than 70,000 locations nationally
  • Provides access to more than 10,000 billers in network
  • Serves a wide variety of verticals including:
    • financial services companies
    • wireless carriers
    • insurance companies
    • app developers
    • national and local retail chains
    • general loan providers

TIO Networks was founded in 1997 and is headquartered in Vancouver, British Columbia, Canada. The company demonstrated TIO MobilePay at FinovateSpring 2012. Five-year revenue growth of 125% helped TIO Networks make Canada’s 2016 PROFIT 500 list last fall, and in May, the company rebranded its consumer-facing acquisition, Chargestmart from 2014, as TIO.com. One of the top two tech companies in the 2016 TSX Venture 50, TIO was named by the Canadian Innovation Exchange as one of Canada’s 20 “hottest most innovative” public tech companies.

Finovate Alumni News

On Finovate.com

  • Spiff Partners with Nordea Liv to Launch Mobile Savings App.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Qumram’s Regtech Offering Lands $1.49 Million

On FinDEVr.com

Around the web

  • TransferWise announces integration with Facebook Messenger.
  • Valiant Bank to deploy new customer engagement platform from Backbase.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Malauzai reports record growth for 2016.
  • Santander’s VC arm invests undisclosed amount in Personetics.
  • Standard Chartered leveraging WeChat’s online payment gateway to launch e-commerce solution for corporates.

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

  • Lleida.net Calls New Patent a Turning Point.

Around the web

  • EVRY launches cloud services with global capacity and secure data storage in Norway.
  • IBM to provide new real-time payments systems for The Clearing House.
  • Prosper Marketplace reports its 2016 portfolio is on pace for its highest estimated return since 2013.
  • Fiserv rings opening bell on Nasdaq to celebrate 30 years on the exchange.
  • Chubb and Nationwide launch several core products on the Insuritas SmartCART platform.
  • Lendio partners with Supplier Success to offer working capital to its clients.
  • Oracle names SuiteBox among platform innovation winners.
  • TIO Networks makes Canada’s 2016 PROFIT 500 list with five-year revenue growth of 125%.
  • Guardian Analytics partners with The Pathfinder Group to streamline real-time wire-fraud prevention for wire-transfer system customers.
  • BBC article names Featurespace one of the notable tech companies headquartered in the city.

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.

TIO Networks Rebrands Consumer-Facing Billpay Site Chargesmart.com to TIO.com

TIONetworksHomepage2016

Cloud-based bill payment processing company TIO Networks this week announced the rebranding of its consumer-facing billpay-site Chargesmart.com to TIO.com.

The new site marks the company’s first TIO-branded web payments site for consumers, enabling them to pay 9,000 U.S. household billers with credit, debit, or prepaid cards without needing to register. Additionally, users have the option to register to store their account information and payment history in the cloud.

chargesmart

TIO acquired Chargesmart in 2014 and Jake Cunningham, VP of consumer payments, describes the rebrand as a “natural progression” to improve the user experience across touchpoints. Since launching in 2008, Chargesmart has processed more than $1.2 billion in online payments. When coupled with TIO’s walk-in billpay service, which processes in excess of $8 billion annually, TIO expects to serve a significant number of people who pay bills outside of mainstream banking channels.

The Vancouver, B.C.-based company’s CEO Hamed Shahbazi highlighted his vision for TIO.com to “evolve into a direct-to-consumer financial leader with bill pay serving as a primary and fundamental service offering.” To further implement that vision, Shahbazi says the plan is “to add incremental and contextually relevant services and to expand to new geographies in the future.”

This news comes on the heels of TIO’s acquisition of Softgate Systems in April which expanded the company’s geographical footprint from 15 U.S. states to 46. The company launched TIO Mobile Pay at FinovateSpring 2012.

Finovate Alumni News

On Finovate.com

  • “TIO Networks Rebrands Consumer-Facing Billpay Site Chargesmart.com to TIO.com”
  • Check out today’s FinDEVr APIntelligence.
  • “Hip Money Launches Kickstarter Campaign”
  • “Finovate Debuts: Scalable Capital Brings Advanced Risk Management to Robo-Advisory.

Around the web

  • PYMNTS breaks down its discussion with PayPal CEO Dan Schulman.
  • Dallas Area Rapid Transit partners with PayNearMe to reduce cash handling by transit operators.
  • CSI globalVCard partners with MacNair Travel Management to bring virtual card payment solution to travel managers and procurement professionals.
  • Bangkok Bank’s mobile P2P service is powered by Mobiliti Edge from Fiserv.
  • FIS earns top honors at 2016 PYMNTS Innovator Awards and 2016 Pay Awards.
  • Credit Karma to deploy Anodot’s automated analytics and anomaly-detection technology.
  • Capriza names Lance Walter as its new chief marketing officer.
  • Payments Journal features Jorgen Nordin, CIO of Fastacash.
  • The Maven’s SME column interviews Ben Geoghegan, Currency Fair co-founder.

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.

TIO Networks Closes Purchase of Softgate Systems

TIOHomepage

Cloud-based bill payment processor TIO Networks today announced it closed on the acquisition of Softgate Systems. The acquisition of the New Jersey-based bill payment services provider makes TIO the largest walk-in bill payment network in North America.

In a press release, TIO CEO Hamed Shahbazi says the deal “provides a unique opportunity for TIO to scale its business substantially and represents an important corporate milestone as we continue to grow and evolve to meet the needs of our customers.” He continues, “TIO has enjoyed an eight-year relationship with Softgate. …We expect to be able to expand and extend services towards our customer base across North America, with a strong focus on servicing the underbanked and unbanked population.”

Along with the news, TIO cited recent metrics about the combined companies:

  • The two generated 12-month historical revenues of more than $83 million (CAD$105 million)
  • In the last year, the two processed  about 80 million consumer transactions worth over $9 billion
  • The addition of Softgate adds $5 million in incremental EBITDA per year (providing TIO with $30 million in net operating losses)
  • TIO’s geographical footprint has expanded from 15 U.S. states to 46 states.

The financial terms of the deal, for which TIO secured a $5.7 million loan, were divided into three aspects:

  1. $4.6 million in cash
  2. 25 million TIO Network shares issued to Softgate shareholders
  3. $4 million issuance in vendor take-back promissory notes

TIO was founded in 1997 under the name Infotouch Technologies. At FinovateSpring 2012, the company launched TIO Mobile Pay, a mobile app that empowers consumers by allowing them to pay telecom, utility, financial services, and insurance bills using their Visa or MasterCard credit cards, or their debit card. Since then, the Vancouver, B.C.-based company garnered $1.7 million through the issuance of a secondary stock offering, and was awarded second place in the top-10 companies on the 2016 TSX Venture 50. It was also named one of Canada’s 20 hottest and most innovative public tech companies.

Finovate Alumni News

On Finovate.com

  • “TIO Networks Closes Purchase of Softgate Systems”
  • “Narrative Science Turns Business Intel into Data-Driven Stories”

Around the web

  • Top Image Systems inks a pair of banking process automation deals worth $700,000.
  • iSignthis brings its KYC technology to Chinese e-payment leader, YeePay.
  • WorkFusion and VirtusaPolaris team up to provide smart automation solutions for companies in banking and financial services.
  • Misys launches FinCloud, a new range of cloud solutions and global cloud environment.
  • Capgemini consulting services adds risk- and fraud-management technology from FICO.
  • Ignite Sales powering Regions Bank’s guided selling tool.
  • Ping Identity releases new Knowledge Center, a customer support and documentation portal

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

  • Spreedly Secures $3 Million Financing Round”
  • Xendpay Brings its Money Transfer Service to Tanzania, Burkina Faso”
  • Cardlytics Takes Advantage of its Massive Amount of Customer Spend Data”

Around the web

  • Encap Security unveils version 3.1 of its Smarter Authentication platform, including support for Android fingerprint API.
  • Canada’s digital-first EQ Bank goes live with RetailSuite from Temenos.
  • TSYS and Ethoca team up to fight CNP fraud with the TSYS Transaction Recovery Network.
  • i-exceed technologies earns recognition in Gartner’s 2016 look at MADP vendors around the world. See i-exceed at FinDEVr 2016 in New York in March.
  • WSJ builds article on Cardlytics data.
  • Pymnts highlights cost savings from using the Ripple network.
  • Payments Source features Linkable Networks.
  • Signifyd extends integration with Shopify Plus.
  • Moven partners with Freelancers Union.
  • Check Point and IBM Security to share threat intelligence, announce product integrations.
  • TIO Networks ranks 2nd in top 10 tech companies on the 2016 TSX Venture 50.
  • Taulia launches global partner community, announces new partnerships.

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.