Finovate Alumni News

On Finovate.com

  • East vs. East: A Comparison of Regional Fintech Trends.
  • BehavioSec Brings Behavioral Biometrics to Identity Management Specialist Crossmatch.
  • Memento Partners with Islandsbanki to Add Money Pool Feature to Digital Wallet.

Around the web

  • Quid looks at Salesforce Ignite’s implementation of its data visualization technology.
  • NBC News features Ping Identity chief information security officer Robb Reck with tips on being safe on Cyber Monday.
  • Zenmonics’ digital account opening technology wins endorsement from American Bankers Association.
  • BAI Banking Strategies podcast interviews nCino CMO Jonathan Rowe.
  • Business Insider features Pindrop and Ripple in roster of startups that will boom in 2018 – as selected by leading VCs.
  • PYMNTS.com interviews Urban FT co-founder Kasey Kaplan.
  • Kantox boosts currency portfolio from 35 to 92, adding markets in Latin America and Asia.

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

  • 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.

Urban FT Acquires iParse

B2B digital banking platform Urban FT acquired Oregon-based iParse today. Urban FT plans to leverage iParse’s technology and its mobile banking-related patents.

Terms of the deal were not disclosed. Operations will continue as usual for iParse, which will function as a separate division from Urban FT. All staff (except for the founders, who are retiring) will continue as employees of Urban FT’s new unit. The company’s CEO, Richard Steggall, is calling the new deployment a “mobile banking plug-in solution” because it empowers financial institutions of any size to compete in the mobile banking space by plugging directly into their core, simulating integration. Urban FT estimates the mobile plug-in option will be available to clients within the next couple of months.

In the press release, Steggall said:

“The iParse tech strategically complements Urban FT’s suite of white-label mobile banking solutions by providing a proprietary way to bypass core processor integration, while delivering a robust mobile banking service for financial institutions to offer to their customers…. now credit unions and banks of any size can play—and play competitively—in the mobile banking space.”

Founded in 2013, Urban FT expects the number of bank clients it serves to double to more than 150 within the next year. Kasey Kaplan, Urban FT President said, “On the bank side, we size the market at approximately 12,500 potential targets, and we know that almost 42 percent of credit unions have yet to launch any form of mobile banking.”

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 has 40 employees and, in addition to financial institutions, also serves clients in telecommunications, insurance, and travel. Among the New York-based company’s partners are Sprint, Boost Mobile, Yelp, Banc of California, and Sunrise Banks.

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.

Finovate Alumni News

On Finovate.com

  • Where is Banking Prime?
  • Currencycloud Collects $25 Million in New Funding.

Around the web

  • Blackhawk Network launches same-day rebate reward fulfillment.
  • BancVue’s John Waupsh discusses book, Bankruption, on this BankNXT podcast.
  • Idea Bank’s Tax Care accounting network builds bookkeeping app for Uber drivers.
  • Urban FT offers users faster prepaid wireless service top-ups via partnership with T-Cetra.
  • BBVA Compass unveils BBVA Momentum, a seven-month accelerator for socially-minded entrepreneurs.

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

  • Lights! Camera! Action! Demo Videos from FinovateEurope Now Available.
  • BlueVine Lands $75 Million Line of Credit.

Around the web

  • Yoyo marks 10 millionth transaction milestone.
  • Jack Henry & Associates‘ Symitar division unveils its account opening self-service hub, SymApp.
  • New APIs from Citi to help clients access network with existing treasury applications. See Citi at FinDEVr New York in March.
  • Credit Union of Southern California ($1.2 billion) chooses Fiserv’s Architect digital banking platform.
  • SuiteBox introduces multi-signing of document functionality to its digital workspace technology platform.
  • Ledger releases the Nano S firmware 1.3.
  • Stoneham Bank to leverage Insuritas to launch insurance agency platform to drive fee income.
  • Report highlights Urban FT, Misys, Kony, Backbase, Infosys, Cachet Financial Solutions, and Nymbus, as key digital banking players.

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.

FinovateFall Sneak Peek: UrbanFT

UrbanFT_homepage_Aug2016

FF2016-Logo-wdate-largeA look a the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Urban FT will be presenting the Service Integration Director (SID): the first real-time, multi-tier, mobile app-management platform for the financial services industry.

Features

  • Rapidly configure and launch apps without coding
  • Reconfigure apps and change features on the fly
  • Leverage Urban FT’s platform: the richest set of capabilities available

Why it’s great
By eliminating the coding/launching bottleneck, SID ushers in a new era in app development. Users can deploy and manage unlimited apps within the SID UI.

Presenters

UrbanFT_RichardSteggallRichard Steggall, CEO, Co-founder
A successful serial entrepreneur, Steggall co-founded Urban FT, which he leads as CEO. In 17 years in IT&T, he honed skills in global growth strategies and led IPOs on three continents.
LinkedIn

 

Glen Fossella, EVP of Enterprise Growth
UrbanFT_GlenFossellaFossella is responsible for all business-development initiatives, including client and channel partner sales. He has more than 25 years experience building early- and mid-stage technology companies.
LinkedIn

Finovate Alumni News

On Finovate.com

  • PayNearMe Powering Cash Payments for Comcast
  • Lendio by the Numbers: $250 Million in Loans to 10,000+ Small Businesses
  • Azimo Launches Money Transfers on Facebook Messenger
  • Dwolla Launches New Dashboard for White-Label Partners

Around the web

  • Trustly announces new partnership with Nordnet Bank to speed new customer onboarding.
  • Sberbank adds brokerage services to its online system.
  • Wealthfront upgrades its Android app, adding PIN and fingerprint lock and support for IRA contributions.
  • TipRanks launches new feature to allow users to Import their Online Brokerage Portfolio to TipRanks.
  • The International Swaps and Derivatives Association and Markit launch ISDA Amend 2.0.

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.