Finovate Alumni News

On Finovate.com

  • Digital Experience Specialist Configo Launches Cloud Environment.

Around the web

  • Spanish bank IberCaja deploys digital banking technology from Meniga.
  • Fiserv to help prepare European banks for transition to real-time payments.
  • BBVA and Samsung partner to bring iris scanning technology to smartphones.
  • VISA announces bank partnerships in preparation for Visa B2B Connect commercial launch in 2018.
  • Everest Group names billpay service specialist doxo to list of Top 40 FinTech Trailblazers.
  • FST Media interviews Avoka Chief Experience Officer Derek Corcoran.
  • RealtyMogul wins Gold Stevie Award for Company of the Year in the Consumer Services category.

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

  • AutoGravity Partners with Global Lending Services.
  • SelfScore Rebrands as Deserve, Closes on $12 Million in Funding.
  • Credit Sesame Raises More than $42 Million, Unveils Robo Advisor for Credit.

Around the web

  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • Commercial loan origination, CRM are among the new features in Baker Hill NextGen solution.
  • OnDeck partners with Ingo Money and Visa to provide loans to SMEs via debit card.
  • Westpac NZ to transition to real-time banking platform from ACI Worldwide.
  • Regions Bank to add P2P payment and account-to-account transfer solutions from Fiserv.
  • iSignthis announces new agreement with Omnislots.com operator, Dialinvest.
  • Payment Ninja to launch in the U.S. in November.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services
  • Russian bank Lipetskcombank implements new mobile banking app built on Tranzware Mobile Banking from Compass Plus.
  • Accenture and nCino expand alliance to accelerate digital transformation within top U.S. banks
  • Symbiont joins Wall Street Blockchain Alliance as corporate member.
  • Envestnet | Yodlee to integrate risk insight solutions with Fannie Mae’s Ddsktop underwriter validation 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

  • Efigence Teams Up with Alior Bank, Telekom Romania to Help Launch Telekom Banking.
  • Mastercard Takes Blockchain Mainstream with API.
  • Zighra Launches Flagship Continuous Authentication Product.
  • Stash Reveals Plans to Launch Mobile-First Banking Service.

Around the web

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO
  • Azimo’s momentum continues with triple-digit growth.
  • Visa to offer ThreatMetrix technologies through its Visa ID Intelligence platform.
  • Lendio joins lending platform association.
  • Dream Payments unveils its point of sale solution for First Data’s Clover merchants.

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

  • BankBazaar Receives $30 Million in Funding Round Led by Experian.
  • Feedzai Secures $50 Million in New Funding.
  • BlueVine Lands $130 Million in Debt Financing.
  • Sensibill Brings Receipt Management to Royal Bank of Scotland’s Business Banking Customers.

Around the web

  • Entersekt hires Sherif Samy as SVP for North American operations.
  • Visa and Billtrust team up to streamline B2B payment reconciliation and support automation of virtual card payments.
  • PayPal announces Vemno is now payment option at more than two million U.S. retailers.
  • Narrative Science wins Microsoft Office 2017 App Award for Best Business Value.
  • TransCard partners with ExpenseAnywhere to Deliver Automated Payment Process Management Solutions.

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.

Klarna Earns Strategic Investment from Visa

“My, what a fine, new banking license you have there, Klarna!”

We don’t know if Klarna’s decision to obtain a banking license played a role in Visa’s decision to invest an undisclosed amount in the Swedish payments innovator. But the announcement today that Visa has bought a small stake in Klarna is a big vote of confidence in the company’s apparent determination to diversify its business into other areas, such as card services.

For Visa, the Klarna investment is part of its strategy to open up its ecosystem and support companies that are innovating to make the payment experience more rewarding for consumers around the world. Visa EVP for Innovation and Strategic Partnerships, Jim McCarthy praised Klarna’s proven “expertise in consumer credit and online purchasing” and said the two companies “share a vision for how today’s online and mobile commerce experiences can be as simple as they are in the real world.” Klarna CEO Sebastian Siemiatkowski called the partnership a “natural fit” and added that it would enable Klarna to bolster its “global presence and product portfolio.”

The funding for Klarna is the third investment in the company this year. Earlier this month, Klarna announced that Brightfolk, a firm held by Anders Holch Povlsen, owner of European fashion giant, BESTSELLER, had acquired a strategic stake in the company. The 10% equity investment was valued at $225 million given Klarna’s valuation of $2.25 billion. And in March, the company raised $5 million (KR46 million) from Nordic early-stage, venture capital firm Creandum. Klarna has raised more than $375 million in total funding.

Founded in 2005 in Stockholm, Sweden and now headquartered in Columbus, Ohio, Klarna demonstrated its technology at FinovateSpring 2012. The company serves more than 60 million customers and 70,000 retailers in Europe and North America. TechCrunch’s coverage of today’s Visa investment notes that as of 2016 Klarna was processing 400,000 transactions daily, and generated revenues of $318 million in 2015. TechCrunch also reports that Klarna’s transaction growth is up 50% year-over-year in 2016, and that 17,000 new merchants were added in the last quarter.

Visa demonstrated its technology at FinovateSpring 2010. In 2014, the company’s Visa Developers Program presented The Future of Commerce, a look at how to connect with Visa’s networking using open APIs and SDKs, and led workshops on API-less web, Android SDK, and Apple Pay integration.

PayPal’s Venmo Goes Head-to-Head with Zelle, Square Cash, and… Amazon

PayPal EVP and COO Bill Ready recently reminisced how, in 1998, the company launched its first product, one that allowed users to beam money from one Palm Pilot to another. While the hardware has changed, the “beaming money” idea remains the same. In this race to real-time payments, the San Jose-based company announced this week that it has leveraged the partnerships it formed last year with Visa and Mastercard to offer users faster payments.

The new service will allow PayPal and Venmo users to send funds in minutes instead of the two-to-three day timeframe that is typical with most ACH transfers. Expediting funds will come at a cost, however. Users can expect to pay $0.25 per transaction if they want to send funds in real-time (or up to 30 minutes in some cases). The functionality is already available for select PayPal users and will be available for all U.S. PayPal users with eligible Visa and Mastercard debit cards “over the coming weeks and months” and available to Venmo users later this summer.

Zelle

When compared to Zelle, which runs on its former namesake, the clearXchange network, PayPal’s instant payment option is certainly more expensive than Zelle’s free option. PayPal’s advantage over Zelle is that it offers a standalone mobile and web app, while Zelle– as a bank-owned payments app– is more confined. While there are rumors Zelle plans to launch a standalone app, for now it must be hosted within a bank’s website or mobile app. It is worth noting, however, that PayPal’s model isn’t the same as Zelle’s, which is strictly a payment rails network among a group of banks.

Square Cash

Because of this, it is more fitting to compare PayPal’s offering to Square cash, which offers P2P money transfers and holds a user’s balance until they “cash out” or transfer it back into their checking account. Square also offers an instant money transfer feature, for which it charges a one percent fee.

Amazon

It is also worth watching Amazon in this space. The online retail giant made a move earlier this month to encourage its Prime members to hold a balance in their prepaid Amazon account by offering 2 percent cash back on purchases using their Amazon account balance. Similar to PayPal and Square Cash, Amazon does not pay interest on users’ balances, and thus stands to profit from the cash (which, by the way, cannot be transferred back to a user’s account– it must be used on an Amazon purchase). Of course, Amazon’s balance option is just a glorified gift card (for now). However, if enough users are compelled by the 2% cash back offer, we can expect to see the online retailer debut more banking features, stepping on banks’ toes and into territory PayPal has held for almost 20 years.

PayPal’s Braintree recently presented at FinDEVr New York 2016. The company also showcased its Instant Account Creation feature at FinovateFall 2012. Mastercard and Visa both presented at the first FinDEVr, held in San Francisco in 2014, where Mastercard showed off its Developer Zone and Visa demonstrated its API-less web integration and SDK web integration.

Finovate Alumni News

On Finovate.com

  • Meniga Scores $8 Million to Help Banks Leverage their Data.

Around the web

  • Visa Checkout achieves 20 million enrolled accounts milestone.
  • Kreditech adds two new independent board members.
  • Tradeshift unveils major platform update, Magellan 1.
  • Kofax launches cloud-based document capture and invoicing solution, ReadSoft Online R9.
  • Mitek announces reaching $1 trillion deposit milestone for its Mobile Deposit solution.
  • OutSystems picks up SOC 2 Type 1 attestation report affirming quality of company’s internal controls and processes. Check out the company’s presentation from FinDEVr  2017 New York.
  • NIBC Direct partners with AdviceRobo to help it pro-actively flag mortgage clients that could fall into default.
  • Blackhawk Network Launches Website for Reward Prepaid Cards in Canada

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

We saw some great stuff at FinDEVr New York last week; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

Alumni updates

  • FinDEVr New York newcomer Fiserv announces enhancements to its real-time, loan servicing solution, LoanServ.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.
  • PYMNTS.com looks at speculation that Kabbage may acquire OnDeck.
  • BBVA among the latest companies to join Hyperledger.
  • MasterCard introduces new fraud detection solution, Decision Intelligence.
  • Credit Donkey lists StockTwitsDriveWealth, and Personal Capital among its Best Investing Apps of 2017.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
  • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.

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

Finovate Alumni News

On Finovate.com

  • A Look at the Savings Tech Horizon: Crowdfunded Savings with Spiff and InSpirAVE.
  • LendingTree Launches Student Loan Comparison Tool.
  • Check out this week’s FinDEVr APIntelligence.
  • A Look at the Savings Tech Horizon: Advice-Only with Hellowallet and  Wealth Wizards.

Around the web

  • Malauzai Software launches Fingerprint Authentication and Touch ID technology for Android 7.0 this year.
  • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
  • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.
  • PurePoint launch leverages Zenmonics’ channelUNITED.
  • Bitpesa partners with Bitbond to financially assist SMEs.

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.