Author: David Penn

SynapseFI Raises $17 Million in New Funding

SynapseFI Raises $17 Million in New Funding
By David Penn Posted on
Categories: Funding, SynapseFi

 

SynapseFI is making public what insiders have known for months: the Bay Area banking platform provider closed a $17 million Series A late last year. Trinity Ventures and Core Innovation Capital led the round.

In a blog post thanking the customers who “build awesome products on top of us and pay our bills,” company CEO and founder Sankaet Pathak explained both what SynapseFI does and what he called “our super secret plan” to democratize banking.

“Our super secret plan is to build a better operating system for banking that is less expensive to maintain and easy to innovate on top of,” he wrote. “Then to change banking from a lending or transactions business to a SaaS business.” In order to do this, SynapseFI focuses on three areas: back office automation to lower per customer costs, vertical integration of all products and services, and behavioral economic research to help firms build consumer-friendly financial solutions.

“I am beyond excited for what lies ahead,” Pathak wrote. “The capital infusion is not just a testament to the team executing well; it is also a testament to the need for democratized financial access for all people – regardless if they hold ten dollars in their bank account, or ten million.”

Founded in 2015, SynapseFI demonstrated its white label loan issuance solution at FinovateSpring 2018. The solution provides origination and servicing of unsecured consumer and business loans, including customizable decisioning, automated compliance, and smart notifications. With a goal of simplifying banking, SynapseFI provides an intuitively-designed bank with more efficient, automated back office and access to key services for all customers.

SynapseFI began the year with news that it would support interchange processing for debit and credit card transactions. Last month the company announced new custodial accounts for escrow, payment, and crowdfunding applications, as well as a new multi-bank savings account offering that enables per user FDIC coverage of up to $16 million.

In May SynapseFI unveiled its first Crypto Wallet for Bitcoin (recently updated). The company began the year with the launch of its Design Lab, which helps developers improve the UX for their financial solutions.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Azimo, Finastra, Finovate Global, Fintech OS, Fiserv, Fortytwo Data, NICE Systems, Standard Chartered Bank, wipro

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Sub-Saharan Africa

  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.
  • WorldRemit unveils new digital money transfer service for Kenya, Rwanda, Tanzania, and Uganda.
  • Forbes looks at the presence of fintech specialists – including representatives from Azimo and Standard Chartered – during UK Prime Minister Theresa May’s recent visit to South Africa, Nigeria, and Kenya.

Central and Eastern Europe

  • Entrepreneur.com features Fintech OS in a discussion on fintech innovation in Romania.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Hungary to go live with instant payments in July of 2019.

Middle East and Northern Africa

  • Finastra joins Bahrain FinTech Bay to promote fintech innovation in the Middle East.
  • FinTech Hive, the biggest accelerator in the Middle East, Africa, and South Asia introduces its incoming startup cohort – 50% of which is fintech.
  • Sarwa, a wealth tech innovator based in the UAE, raises $1.3 million in pre-Series A funding.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.

Central and South Asia

  • India-based IT consultancy Wipro inks agreement with Alight Solutions.
  • Legendary investor Warren Buffett reportedly casts his gaze on India’s fintech market.
  • Tech in Asia features the 20 top-funded fintech companies in India.

Latin America and the Caribbean

  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Fintech Futures publishes a look at neobanks in Latin America.
  • LATAM Tech features Christine Chang of Startupbootcamp on the fintech startup scene in Latin America.

Asia-Pacific

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Bangkok Bank invites fintech startups to apply to its 12-week, InnoHub accelerator program.
  • Standard Chartered appoints Deniz Güven as CEO for its virtual bank in Hong Kong.
  • Visionet Data International and SmartPesa bring mPOS payment service, Mobey, to Indonesia.

Top image designed by Freepik

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Xero Learn Sets Stage for Next Generation of Number Crunchers

Xero Learn Sets Stage for Next Generation of Number Crunchers
By David Penn Posted on
Categories: Xero

Accountants of tomorrow have a new hero in Xero. The cloud-based small business technology provider announced the launch of its Xero Learn solution this week, providing a new tool to improve financial literacy in the workplace and the classroom. Five institutions, including Swinburne University of Technology, University of Southern Queensland, Auckland University of Technology, Macquarie University, and AccountingPod, have already signed on to use the technology with their students.

“Xero Learn will revolutionize and future-proof the way educators teach their financial lessons,” Chief Partner Officer for Xero, Anna Curzon, said. Curzon underscored the number of schools and universities that have already embraced the technology, referring to the partnership as a “joint mission to empower the next generation of accountants, bookkeepers, and business owners with in-demand skills, knowledge, and job opportunities.”

Xero Learn helped the company earn Best Services Innovation honors at the Australian Financial Review (AFR) Innovation Awards this summer. The platform enables educators to establish business scenarios and gives students the ability to solve problems and work through tasks using Xero’s professional cloud accounting technology. Xero Learn can be integrated readily into business or accounting course curricula, and was “fine-tuned” in cooperation with more than 30 educational institutions during an early access program last year.

The company’s success with Xero Learn is only the most recent headline from the New Zealand-based fintech. In addition to opening new Americas headquarters in Denver, Colorado last month, Xero announced an integration with B2B payments platform and fellow Finovate alum, Paystand. The company acquired paperless accounting firm, Hubdoc  in August, as well, and forged a strategic alliance with fellow Finovate alum Gusto in July. Earlier this year, Xero integrated with BBVA’s API Market for small businesses, launched Connected Accounting to give businesses better visibility into their finances, and partnered with IT management solutions provider, Kaseya.

Xero is a publicly traded company, headquartered in Wellington, New Zealand, and trades on the Australian Stock Exchange under the ticker, XRO. Founded in 2006, the company has a market capitalization of $4.6 billion ($7 billion NZD) and 2018 revenues of more than $262 million ($400 million NZD).

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Finovate Alumni News

By David Penn Posted on
Categories: BeSmartee, Experian, Finastra, HooYu, iSignthis, Kasasa, Ripple, Striata, SynapseFi, TIBCO Software, Xero

On Finovate.com

  • Xero Learn Sets Stage for Next Generation of Number Crunchers.
  • SynapseFI Raises $17 Million in New Funding.

Around the web

  • iSignthis acquires core banking platform software business.
  • HooYu teams up with U.K. casino operator, Bear Group.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.
  • Ripple and TransferGo partner on real-time, blockchain-enabled remittances.
  • Striata inks partnership with UK-based customer communications specialist Communisis.
  • Experian to launch comparison service feature that gives consumers the real rate charged when applying for a credit card.
  • Tibco has started a research lab to develop new products and services in emerging areas such as blockchain, machine learning, artificial intelligence (AI) and the internet of things (IoT).
  • BeSmartee integrates with Fannie Mae’s Desktop Underwriter to Accelerate Mortgage Process.
  • Kasasa names Amy Gililland Chief Financial Officer.

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.

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Starling, Anorak Merge Insurtech with Mobile Only Banking

Starling, Anorak Merge Insurtech with Mobile Only Banking
By David Penn Posted on
Categories: Anorak


Starling Bank, the U.K.’s first mobile-only bank, is innovating in another way this week. The challenger bank is teaming up with Anorak to bring personalized, transparent, compliant life insurance advice to its customers. Accessible via Starling’s in-app marketplace, customers will be able to link their accounts to Anorak’s technology, which analyzes the customer’s banking transactions to provide specialized advice on what kind of life insurance would be the best fit for them and why.

“Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalized options,” Anorak CEO David Vanek said. “By using Starling APIs, we’re harnessing the power of Open Banking to enable consumers to make the right choice and help them protect their families financially.”

Anorak’s technology scans major insurers including AIG, Legal & General, Zurich, Scottish Widows, and Royal London and gives consumers the best, personalized insurance options based on their family and finances – including customer-permissioned analysis of banking transactions. Anorak joins fellow Finovate alum Wealthify in Starling’s marketplace, along with firms such as robo advisor Wealthsimple, mortgage broker Habito, and pension provider, PensionBee.

“Starling’s Marketplace is designed to give customers ever greater control of their financial lives,” Megan Caywood, chief platform officer at Starling Bank said. “Our new partner Anorak does just this – bringing impartial life insurance to our customers within a few minutes. Like Starling, Anorak combines industry experience with great tech to provide a disruptive force for good.”

Founded in 2016, Anorak made its Finovate debut earlier this year at FinovateEurope. The company’s technology leverages advanced data science and machine learning to match consumers with the most appropriate, personalized, compliant policy from a major insurer. Anorak’s API integrates readily with apps and websites, enabling PFM solutions, banks, insurance comparison sites, and brokerages to use its smart data service to provide a better and more transparent insurance-buying experience for customers.

Anorak began the year with its first major fundraising, a seed round investment of more than $5 million (£4 million) from France’s Kamet Ventures.

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HooYu Brings its Identity Verification Technology to EasyMoney

HooYu Brings its Identity Verification Technology to EasyMoney
By David Penn Posted on
Categories: HooYu

Identity security firm HooYu is partnering with EasyMoney to verify customer identity and improve user experience for the platform’s investors, reports Henry Villar of Fintech Futures, (Finovate’s sister publication).

EasyMoney has launched a range of “innovative finance” ISAs. These contain peer-to-peer (P2P) loans where lenders are matched online with borrowers, cutting out the banks, which allows them to offer substantially higher interest than currently available via traditional ISAs.

“(EasyMoney) aims to make quality financial products more accessible to everyone,” said Andrew de Candole CEO at EasyMoney. “One part of making these products accessible as possible is by making sure we can onboard customers as easily as possible with minimal friction, HooYu Identify enables us to do this.”

David Pope, marketing director at HooYu, commented: “HooYu Identify combines and blends new identity technologies such as digital footprint analysis, online ID document validation and facial biometrics with traditional database checks and PEPS [politically exposed persons] and sanctions screening.”

EasyMoney has picked HooYu’s tech to be implemented throughout the investors’ account opening process and to ensure AML compliance.

The team behind HooYu has built several database check businesses such as 192.com and 192business.com.

HooYu is also in charge of other firms’ KYC processes, such as challenger bank Countingup and gold-as-currency enabler Glint.

Founded in 2016, HooYu demonstrated its verification technology at FinovateEurope this spring. The company launched its HooYu Investigate data visualization tool to accelerate investigations and create actionable intelligence earlier this year. In August, the company launched its new hooyubusiness.com website, combining its identity verification and investigation services businesses.

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Finovate Alumni News

By David Penn Posted on
Categories: Anorak, BanQu, Digital Onboarding, Fiserv, ieDigital, Mortgage Cadence, MuniRisk, NCR Corporation, Neustar, NICE Systems, SaleMove, Simpler Trading, Thomson Reuters, Tinkoff Credit Systems, Token, WePay

On Finovate.com

  • Starling, Anorak Merge Insurtech with Mobile-Only Banking.

Around the web

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Token.io announced using public bank APIs to conduct end-to-end payments for U.K. banking group, CMA9, the first PISP to do so.
  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

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.

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Australian Challenger Bank Tyro Partners with Alipay

Australian Challenger Bank Tyro Partners with Alipay
By David Penn Posted on
Categories: Tyro

Business-only challenger bank Tyro announced this week that it has teamed up with Alipay. The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.

“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” Tyro CEO Robbie Cooke said. “It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”

A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas, and is recognized as the top payment method in China. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses. This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.

Calling banks “pivotal to Alipay’s expansion in Australia,” ANZ Country Manager for Alipay George Lawson said, “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.”

Founded in 2003 and headquartered in Sydney, Australia, Tyro demonstrated its Tyro Growth Funding lending solution at FinovateSpring 2017. Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.

Tyro has raised more than $103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Check Point, Coinbase, DarcMatter, Finastra, InvestGlass, Klarna, MasterCard, Personal Capital, Tyro

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

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.

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Digital Onboarding to Enhance Customer Experience for Mariner’s Bank

Digital Onboarding to Enhance Customer Experience for Mariner’s Bank
By David Penn Posted on
Categories: Digital Onboarding

Mariner’s Bank, an independent community bank based in Bergen County, New Jersey, has partnered with Digital Onboarding to make the onboarding process easier for new customers. Digital Onboarding’s automated new account activation platform will also help the $390 million bank boost customer engagement by encouraging and motivating its customers to take advantage of a variety of account-related services.

Calling the choice of Digital Onboarding “a no-brainer,” Mariner’s Bank President and CEO Frank Giancola said the new technology would enable the bank’s professionals to spend less time shuffling paper and more time helping people. “Every time we open a checking account, we have the opportunity to build a relationship and it’s critical that we make it as simple as possible for new customers to enroll in online banking, download the mobile app, and sign up for direct deposit,” Giancola explained. “We get one bite at the apple with new customers and, if we rely on welcome letters and onboarding phone calls, we’ll probably never see them again.”

Digital Onboarding CEO Ted Brown underscored the issue of how time-consuming customer acquisition can be. “There is too much emphasis on new account acquisition in the financial services industry,” he said.  “Without a strategy to engage new customers after an account is opened and turn them to profitable relationships, all you’re doing is pouring water into a leaky bucket.

The Digital Onboarding platform helps FIs execute this strategy by using SMS and email reminders, a customized activation webpage, and gamified incentives rather than paper brochures and phone calls. Having customers take broader advantage of their accounts, according to the company, leads to greater customer satisfaction, as well as improved conversions and cross-selling opportunities for FIs. Banks and credit unions can go live with the platform in weeks; no core system integration required.

Founded in 2015 and headquartered in Boston, Massachusetts, Digital Onboarding demonstrated its platform at FinovateSpring 2018. In June, the company announced a partnership with Foothills Credit Union, a California-based community institution with more than $100 million in assets. The previous month, Digital Onboarding teamed up with Massachusetts’ Belmont Savings Bank ($2.75 billion in assets). Additional partnerships forged by the company in 2018 included deals with Somerset Trust Company (more than $1 billion in assets) and Ohio Healthcare FCU ($80 million in assets) in March, and with 700,000-member Digital Federal Credit Union (better known as “DCU”) in February.

Join Digital Onboarding next month as the company demonstrates its latest technology at FinovateFall 2018 in New York.

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, CrediVia, Digital Onboarding, Horizn, Insuritas, Launchfire, NICE Systems, Onfido, Quadient, Roostify, Standard Chartered Bank, Tala Security, Tolerisk

On Finovate.com

  • Standard Chartered Pilots Blockchain-Based Trade Guarantees.
  • Digital Onboarding to Enhance Customer Experience for Mariner’s Bank.

Around the web

  • NICE introduces Proactive Fraudster Exposure functionality to its Real-Time Authentication solution for call centers.
  • The Paypers features Onfido CEO Husayn Kassai on the role of technology in the transformation of UX.
  • Co-founder and CEO of comScore, Dr. Magid Abraham, joins Roostify’s board of directors.
  • AlphaPoint integrates with VerifyInvestor.com to provide clients with a new option for compliant investor onboarding.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Insuritas to launch digital insurance agency platform for Eagle Community CU.
  • Quadient listed as a Top Customer Journey Mapping Vendor in Ovum Report.

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.

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Kony Collaborates with Payveris on Digital Money Movement

Kony Collaborates with Payveris on Digital Money Movement
By David Penn Posted on
Categories: Kony

Cloud enterprise application solutions firm Kony has teamed up with Payveris to enable banks and credit unions to add a range of money movement services, including P2P and A2A payments, billpay, and fraud mitigation. Kony will integrate with Payveris’ open-API, cloud-based money movement technology, adding new functionality to its recently-launched Kony DBX digital banking experience platform and application suite.

Calling on banks to “evolve to meet the rapidly changing expectations of their customers,” SVP and General Manager for Kony DBX, Jeffery Kendall underscored the importance of the new partnership with Payveris. “A key area where banks can make an immediate impact for their customers is by providing a differentiated money movement experience,” he said. “For example, creating experiences that incorporate social media or reinforce the bank’s brand and identity.”

The partnership between the two companies will give FIs the ability to support money movement across channels, lowering costs and boosting efficiency. Banks will also benefit from reduced fraud losses, the elimination of funding risk and inconsistent user experiences, as well as “virtually no downtime,” unlimited scalability, and complete operating redundancy.

Launched earlier this year, Kony DBX gives FIs a digital banking platform with pre-built, native and web applications to deliver  seamless customer experiences across channels and touchpoints. Along with the Kony DBX Retail Banking app, which provides access to a portfolio of more than 125+ solutions, Kony’s technology helps FIs keep pace with fintech innovation and meet the growing expectations of an increasingly digital consumer.

Austin, Texas-based Kony demonstrated its Retail Banking Solution last year at FinovateFall. Accepted as a Gold Partner by the National Association of Credit Union Services Organizations earlier this month, and having joined Jack Henry’s Symitar Vendor Integration program in June, Kony was chosen by Partners Federal Credit Union in February to drive the 150,000-member FI’s digital transformation. Kony has raised more than $115 million in funding, and includes Insight Venture Partners, SoftBank Capital, and Telstra ventures among its investors.

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