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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Face-to-face conversational AI innovator eSelf has raised $4.5 million in seed funding.
The round was led by Explorer Investments, and featured participation from Ridge Ventures, as well as strategic angel investors.
Based in Israel, eSelf won Best of Show in its Finovate debut at FinovateFall 2023 in New York.
Here’s some alumni funding news that slipped beneath our radar: eSelf, which offers a platform that enables businesses to build face-to-face conversational AI agents, has secured $4.5 million in seed funding. eSelf won Best of Show in its Finovate debut at FinovateFall 2023. The company announced its successful seed round in December.
The funding was led by Explorer Investments with participation from Ridge Ventures and strategic angel investors, including Eyal Manor, former VP of Engineering at YouTube and current Chief Product & Engineering Officer at Twilio.
Along with its funding announcement, eSelf unveiled its platform for building conversational AI agents. These customized AI agents can have face-to-face video conversations with customers, and seamlessly integrate with existing business systems and processes. eSelf provides a self-service studio in which businesses can configure their virtual agents’ personality, knowledge base, and capabilities — without needing any specialized skills or technical expertise.
“We’ve developed a unified engine that processes speech, understanding, and visual elements simultaneously, allowing us to achieve response times of under one second which is crucial for natural conversation,” eSelf Co-Founder and CEO Alan Bekker explained. “Unlike other solutions that simply animate faces for voice responses, our platform is a complete visual comprehension engine. This means (that) our AI agents can actively engage with visuals in real-time — showcasing property tours, educational content, or presentation slides during conversations. By enabling businesses to create sophisticated, customized agents through our self-service studio, we aim to transform how they engage with customers at scale.”
Use cases for eSelf’s virtual agents have been diverse. Christie’s uses the agents as a first point of contact for potential buyers at its real estate brokerage firm in Portugal. Brazilian digital bank, AGI Bank, deploys the agents to help its 10 million customers access the institution’s digital banking services. Hong Kong-based financial services company DL Holdings leverages eSelf’s technology to provide financial advice to its customers in both English and Mandarin. eSelf reports that its technology currently powers “millions of real-time conversations.”
eSelf made its Finovate debut at FinovateFall 2023. At the conference, the company won Best of Show for a demonstration of its virtual agent technology that serves as an additional workforce for sales and customer success teams. eSelf’s virtual agents bring face-to-face communications to large language models, providing a human-like experience and a positive user journey that enhances the sales process and minimizes human involvement.
eSelf recently announced that its face-to-face conversational engine produces responses faster than ChatGPT Voice as well as other conversational AI technologies. “Shorter latency means smoother, more natural interactions — no awkward pauses, just real-time conversations that feel human,” Bekker wrote on the eSelf LinkedIn page last month. “This is just the beginning. We’re building toward instant replies with immersive, visually rich outputs that redefine human-machine interaction.”
Headquartered in Israel, eSelf was founded in 2022.
This year, FinovateEurope will host a trio of quick-fire keynote addresses covering topics in fintech that have been gaining traction in recent years. Presented on Day Two of the conference, these three speeches will help inform attendees about recent developments — and future opportunities — for banks and financial services companies in fields such as quantum computing, wealth management, and B2B fintech.
How quantum computing could transform banking; it can process data 10 million times faster than supercomputers — what are the use cases for banks? Could quantum computing break the encryption keys used in current security protocols and leave sensitive data vulnerable to attack?
Syed Hasan Jafar, Associate Dean at the School of Business, Woxsen University
Jafar is the Area Chair/HOD of Finance at Woxsen University. He has 14 years of experience in finance and worked as a Deputy Research Head and corporate trainer before joining academia. Jafar’s areas of expertise include security analysis, equity and derivative research, technical analysis, and valuation.
Disruption in the direct to consumer wealth market. The great wealth transfer has started and new heirs are demanding faster digitization and more personalized offerings. Will AI be the catalyst to transform wealth management?
Vandenbroucke is Managing Director at everyoneINVESTED, the wealthtech spin-off of KBC Group. He is also expert general manager at KBC and former head of innovation at KBC Asset Managment, Belgium. Further, Vandenbroucke is a lecturer in financial engineering at University of Antwerp, digital household finance at KU Leuven, and financial securities at Ehsal Management School.
Moving beyond B2C fintech to B2B fintech — is this a bright new future for the fintech industry & will it be transformative for the banking industry?
Michael Salmony, CEO of Payments Innovation
Salmony is an internationally recognized leader on the strategy of business innovation in digital and financial services with a focus on payments, open finance, fintech, digital identity, e-invoicing/SCF, fraud/cybercrime, AI for financial services, and electronic money/CBDC. Salmony is also a board-level advisor to major international banks, industry associations, regulators, and finance bodies across the world.
FinovateEurope is only a month away — 25 and 26 February! Visit our FinovateEurope hub today and take advantage of early-bird savings of up to £400.00 on your ticket price if you register by 24 January.
Customer verification specialist Sikoia announced a strategic partnership with Tandem Bank.
The partnership will enable the digital bank to automate key parts of its income verification and document handling processes for mortgage brokers.
Founded in 2021, Sikoia made its Finovate debut last year at FinovateEurope 2024.
London-based customer verification specialist Sikoia has sealed a strategic partnership deal with Tandem Bank. The partnership will enable the financial institution to automate specific parts of its income verification and document handling processes to boost efficiency for mortgage brokers.
“Our partnership with Tandem Bank marks a key milestone in transforming income verification and document processing for the mortgage industry,” Sikoia Founder and CEO Alexis Rog said. “This collaboration aims to eliminate administrative burdens, ensure consistent and auditable decision-making, and ultimately enhance the customer experience.”
Sikoia’s AI-powered Income and Employer Verification solution helps financial institutions avoid a typically manual, error-prone process that takes lenders an average of 30 minutes per application. Instead, Sikoia’s automated technology offers rigorous document integrity checks in seconds which enable companies like Tandem to provide mortgage brokers with faster, more accurate responses. Sikoia’s solution combines AI, traditional data extraction methods, and advanced business logic and categorization to automate key aspects of the verification process — such as income, affordability assessments, and application completeness. The solution provides 100% coverage; works seamlessly with broker-submitted documents such as payslips, bank statements, and tax returns; and delivers enhanced accuracy and auditability. A user-friendly portal and an API ensure easy and scalable integration into institutions’ current systems.
“Tandem is starting the new year on a strong note, and our partnership with Sikoia underscores this commitment,” Tandem Bank Director of Second Charge Sales and Distribution – Mortgage Division, Nigel Brookes, said. “By harnessing their AI-driven technology, we’re transforming a traditionally time-consuming process into a streamlined, efficient workflow — enabling faster and more accurate service for our customers. This partnership reflects our dedication to driving innovation and setting new benchmarks for efficiency and customer satisfaction for second charges.”
Among the U.K.’s oldest digital challenger banks, Tandem Bank was launched in 2014. The bank established itself by providing fair mortgages and savings products, and by acquiring Harrods Bank in 2018. Tandem Bank’s mission to build “the U.K.’s greener digital bank” became evident in its 2020 acquisition of green home improvement loan specialist Allium Lending Group and, further, with its 2022 merger with Oplo. Today, Tandem Bank offers savings accounts, mortgages, home and automobile financing, home improvement loans, and green home funding. Since inception, the institution has provided more than $644 million (£523 million) in green home improvement lending.
Headquartered in London and founded in 2021, Sikoia made its Finovate debut at FinovateEurope last year. At the conference, the fintech demonstrated its AI-powered application document processing technology that provides instant customer feedback; automated verification for income, employment, affordability, and more; and a reduction in document handling costs and time of 75%.
Sikoia’s partnership with Tandem Bank comes days after the company announced that it was working with U.K.-based specialist loan brokerage Y3S. Sikoia will help the firm streamline its customer verification processes for brokers and borrowers.
“At Y3S, safeguarding our brokers and their clients is a top priority,” Y3S CEO Barney Drake said. “Our partnership with Sikoia demonstrates our dedication to staying ahead of the curve in fraud prevention and compliance, giving brokers greater confidence in the solutions we offer.”
Interested in demoing at FinovateEurope in London next month? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.
As European financial services companies and fintechs brace for a wave of new regulations, their counterparts in the U.S. are anticipating a strong trend in the opposite direction as President Trump and the Republicans take control of the government.
Right now, with 2025 barely underway, U.S. regulators in a number of instances are still in crack-the-whip mode with regard to fintechs and financial services companies.
Last week, we learned that Digital Currency Group will pay a combined $28.5 million in civil penalties for misleading investors about the financial condition of its subsidiary, Genesis Global Capital. Also last week, American Express agreed to pay $230 million to settle charges of alleged deceptive sales charges for credit card and wire transfer products to small businesses. Mastercard will have to pay $26 million to settle a gender and race bias-based class action lawsuit.
A little earlier this month, the Consumer Financial Protection Bureau (CPFB) announced that it was suing Capital One for allegedly cheating millions of consumers out of more than $2 billion in interest. The Commodity Futures Trading Commission convinced a U.S. District Court to enter a consent order against Gemini Trust Company with a $5 million civil monetary penalty. Also this month, the SEC reported charges against nine investment advisers and three broker-dealers for recordkeeping failures and issued fines totaling more than $63 million. Speaking of the SEC, it has ordered popular brokerage Robinhood to pay $45 million in penalties over a variety of compliance failures.
You get the picture. The question is, with the arrival of the Trump team, how much of this regulatory oversight is likely to go dark?
In the U.S., the focus will be on agencies like the SEC and the CPFB. On his first day in office, President Trump issued a regulatory freeze. This will prevent agencies from implementing proposed rules until an agency appointed by the Trump administration reviews the specific regulation. The Trump administration has not spoken directly about the CPFB, though it is widely believed that the current director Rohit Chopra will be fired if he does not resign.
What proposed rules from the CPFB might find themselves in the freezer? There are a few worth highlighting. These include the CPFB’s rule limiting the ability of financial institutions to charge overdraft fees, which is slated to go into effect in October, as well as a rule banning the listing of medical debt on credit reports that was issued just last month. Another key ruling relates to aspects of the Truth in Lending Act (TILA) and its requirements for Property Assessed Clean Energy (PACE) transactions.
The CPFB is sufficiently concerned about the changes likely to come from the Trump administration that it has issued a report called “Strengthening State-Level Consumer Protections.” The report, which states the case for consumer financial protection laws going all the way back to the Woodrow Wilson administration at the beginning of the 20th century, speaks loftily about the importance of federal-state partnership when it comes to protecting consumers. It even praises state-level legislation for providing “an important source of information” to Congress and federal regulators, enabling them to better “adjust standards over time.”
Nevertheless, analysts have suggested that the report appears to be an attempt to encourage state legislatures to adopt their own consumer protection laws in the event that consumer financial protection laws at the federal level are weakened or removed entirely. Given the intensity and eagerness with which the Trump team is taking to its task, that might not be such a bad idea.
Business communications innovator LeapXpert has raised $20 million in new funding this week. The Series B round was led by Portage, and featured participation from existing investors, including Rockefeller Asset Management, Uncorrelated Ventures, and the Partnership Fund for New York City.
“At LeapXpert, we’re seeing greater and greater demand for our platform, driven in part by the three-year crackdown by global regulators on off-channel communications,” LeapXpert Founder and CEO Dima Gutzeit said. “This is now expanding beyond regulated enterprises into non-regulated sectors, as the DOJ in the U.S. enforces stringent requirements for preserving and governing business-related communications taking place on digital channels.”
The funding will enable the company to scale its footprint to address essential governance needs in the financial sector as well as in other industries. The proliferation and popularity of modern communications technology has put a new strain on companies that need to balance engagement and relationship-building on the one hand, and governance, compliance, and security on the other. LeapXpert’s cloud-based solution supports seamless and governed communications across modern communications channels, maintaining enterprise control while meeting the organization’s data retention, security, and regulatory needs. LeapXpert integrates with popular messaging solutions including iMessage, WhatsApp, SMS, Telegram, and WeChat on the customer side, and with enterprise platforms including Microsoft Teams, Slack, and Salesforce.
“Looking ahead, customers are also excited about the unfolding potential of communication intelligence and its contribution to workforce productivity,” Gutzeit added. “By unlocking actionable insights from governed conversations, our platform is set to drive new levels of efficiency and innovation in the way teams collaborate and operate.”
LeapXpert’s funding news comes in the wake of its recognition as a Visionary in Gartner’s new Magic Quadrant for Digital Communications Governance and Archiving (DCGA). A member of Deloitte Fast 500 list of America’s fastest-growing tech companies for 2024, LeapXpert recently announced partnerships with financial markets compliant communications solutions provider IPC and with Hong Kong-based media and telecommunications firm HKT. Last fall, the company unveiled its messaging security suite which is equipped with AI-powered impersonation detection — an industry first. Part of LeapXpert’s new Messaging Security Package, the additional functionality leverages AI to spot impersonation attempts over channels such as WhatsApp, WeChat, iMessage, and SMS in real-time.
“As organizations increasingly rely on platforms like WhatsApp, iMessage, and other messaging applications to conduct critical business communications, safeguarding these channels from threats becomes essential,” Gutzeit said. “With our AI-driven Messaging Impersonation Detection, antivirus, anti-malware, and CDR solutions, enterprises now have a comprehensive toolkit to ensure data governance and security across these channels.”
Founded in 2017, LeapXpert most recently demoed its technology on the Finovate stage at FinovateFall 2022 in New York. At the conference, the company demonstrated its new app for Microsoft Teams that provides a comprehensive digital record of company conversations.
Thanks for reading Finovate’s Fintech Rundown! We’ve got a new administration in Washington, D.C. and a new week of fintech news and announcements. We’re starting off the holiday-shortened week with a funding in the payments space and a handful of new product launches in insurtech and crypto.
We will update Fintech Rundown all week long with the latest in fintech news.
Payments
Egyptian payment orchestration platform MoneyHashsecures $5.2 million in Pre-Series A funding.
Worldline and Wixteam up to boost online commerce and payments solutions for businesses throughout Europe and Asia Pacific.
Gala TechnologylaunchesSOTpay Connect, a comprehensive payments gateway that supports open banking, direct debits, omni-channel payments, and more.
Insurtech
U.K.-based insurance intelligence platform Percayso Informunveils updated version of its Quote Intelligence platform.
Digital risk processing platform Cytorapartners with property data solutions provider Smarty to enhance property risk evaluation for insurers.
This week’s edition of Finovate Global focuses on recent fintech headlines from Mexico, which boasts the second largest economy in Latin America.
Belvo and JP Morgan Partner to Enhance Recurring Payments in Mexico
A strategic collaboration between Latin American open finance platform Belvo and J.P. Morgan Payments aims to automate and streamline the management of recurring payments via direct debit. The partnership will enable businesses in multiple sectors to deploy direct debit quickly and securely, enhancing the customer experience and boosting engagement.
“This alliance with J.P. Morgan Payments is a milestone for Belvo and the financial ecosystem in Mexico,” Federica Gregorini, General Manager of Belvo in Mexico, said. “Direct debit offers a modern and efficient solution that not only improves companies’ operational processes but also makes life easier for users. With this collaboration, we are taking recurring payment automation to the next level, making it more accessible for all types of businesses.”
Now a member of J.P. Morgan Payments Partner Network, Belvo will give companies in industries such as lending, insurance, utilities, subscription services, and more the ability to automate their recurring collections. By leveraging direct debit, these companies will reduce errors, ensure timely payments, and increase convenience for customers who will no longer have to make manual payments.
Founded in 2019 and headquartered in Mexico City, Belvo is a leading open finance and data payments platform. With partners including BBVA, Citibanamex, and Finovate alum Nubank, Belvo first launched its direct debit recurring payments solution in Colombia and Mexico in the fall of 2023. This week’s strategic collaboration with J.P. Morgan Payments will bring this technology to more businesses throughout Mexico.
“We are pleased to work with Belvo to offer our clients in the country access to a best-in-class direct debit solution, providing higher transaction success rates, new features such as partial debit payments, and more efficient settlements,” Francisco Molina Viamonte, Head of Mexico for J.P. Morgan Payments said.
TransUnion Acquires Trans Union de Mexico from Mexico’s Largest Credit Bureau
International information and insights company TransUnion has signed a definitive agreement to acquire majority ownership of Trans Union de Mexico, the consumer credit business of Mexico’s largest credit bureau, Buró de Crédito.
“Our expansion in Mexico continues our commitment to making trust possible in global commerce,” TransUnion President and CEO Chris Cartwright said. “Credit bureaus are a catalyst for financial inclusion, and we are excited for the opportunity to bring the benefits of our state-of-the-art technology, innovative solutions, and industry expertise to Mexican consumers and businesses.”
TransUnion currently owns approximately 26% of Trans Union de Mexico. Cash consideration for the transaction, in which TransUnion will acquire an additional 68% ownership stake, is $560 million (MXN 11.5 billion), with an enterprise value of $818 million (MXN 16.8 billion). Buró de Crédito’s commercial credit business is not a part of this transaction.
“We anticipate that our planned acquisition of Buró de Crédito’s consumer credit business will strengthen our leadership position in Latin America and will make TransUnion the largest credit bureau in Spanish-speaking Latin America,” Regional President of TransUnion Latin America Carlos Valencia said. “We see substantial opportunity to introduce global products like trended and alternative credit data, fraud mitigation solutions, and consumer engagement tools. We also plan to expand beyond traditional financial services into adjacencies such as FinTech and insurance.”
TransUnion made its Finovate debut in 2016 at FinovateFall. The company returned to the Finovate stage last year for FinovateSpring 2024 to demonstrate its Enhanced BreachIQ solution, which provides modern, gamified consumer identity protection. Part of TransUnion’s TruEmpower suite of solutions, Enhanced BreachIQ builds an Identity Safety Score based on the user’s individual and unique data breach history. It also provides Breach Risk Scores that measure the severity of incidents in which their data was exposed, and a Personalized Action Plan of practical risk mitigation steps.
Founded in 1968, TransUnion is headquartered in Chicago. The company trades on the New York Stock Exchange under the ticker TRU and has a market capitalization of $18.4 billion.
Airwallex Acquires MexPago as Part of Latin American Expansion
Speaking of acquisitions in Mexican fintech and financial services, global financial platform Airwallex has finalized its acquisition of Mexico-based payment service provider MexPago, a licensed Institution of Electronic Payment Funds (IFPE). The acquisition, along with recent news that Airwallex has secured a payment institution license from Banco Central do Brasil, will enable the company to connect its international financial infrastructure with Brazil and Mexico, supporting local businesses.
“Mexico plays a pivotal role in the global economy, serving as a key link between North and South America and a critical hub for cross-border payments,” MexPago CEO and founder Luis Castillejos Ordaz said. “We’re proud to join forces with Airwallex to enable seamless and secure cross-border transactions for businesses worldwide. MexPago’s domestic capabilities, combined with Airwallex’s global reach will deliver even greater value to our shared customers. Together, we will unlock borderless opportunities for businesses here in Latin America and around the world.”
Founded in 2014, MexPago is headquartered in Huixquilucan, part of Greater Mexico City. Post-acquisition, Castillejos will serve as Country Manager for Airwallex, Mexico, where he will manage operations and help Airwallex’s customers successfully navigate the Mexican market.
Here is our look at fintech innovation around the world.
Asia-Pacific
UnionDigitalBank, the digital banking arm of Union Bank of the Philippines, partnered with fintech lending platform JuanHand.
Backbase announced that its client, Vietnam-based An Binh Commercial Joint Stock Bank (ABBANK) has launchedABBANK Business, a new digital banking platform.
Sub-Saharan Africa
KCB Bank Kenya and UnionPay International (UPI) teamed up to boost e-commerce payment capabilities in Kenya.
MENA-based fintech startup Zywa, which offers banking solutions for Gen Z customers, raised $3 million in funding.
Saudi Arabian payments services provider HyperPay secured a license from the Saudi Central Bank (SAMA) to support the development of the financial services ecosystem in the kingdom.
Central and Southern Asia
Amazon acquired India-based Buy Now, Pay Later firm Axio for $150 million.
Pakistan-based commercial bank Bank Alfalah acquired a 9.9% equity stake in Jingle Pay.
Indian equity management platform Hissa launched a new fund to help workers at growth-stage startups convert their vested stock options into cash.
We hear quite a bit about the role of venture capital in providing equity funding for fintech startups. But much less discussed is the role of venture debt. And while there is a widespread awareness of venture debut opportunities in the United States, fewer startups in the U.K. and Europe have traditionally taken advantage of it.
2025 may mark the year this changes. Our special Power Panel on Day One of FinovateEurope — Busting the Myths of Venture Debt, Innovations in Lending to Pre-Profit, High-Growth Companies. How to Decide If It Is Right for Your Startup? — will examine the impact of this shift, why it is happening now, and what startups need to know about how venture debt can work to help them secure the financing they need in order to grow.
How does venture debt work? What are the different options available to fintech startups? How does revenue-based financing differ from venture debt? How can companies decide whether or not venture debt is for them? These are some of the questions our Power Panel will address.
Erwin has nearly a decade of experience in venture debt. At NatWest, she is responsible for leading investments from origination to execution in high-growth, innovative companies, and supporting companies through the investment lifetime. LinkedIn.
Eliott Saba, Partner, Bootstrap Europe
Saba joined Bootstrap Europe in 2020 following a successful tenure at Silicon Valley Bank (SVB) as Vice President. Currently, he leads Bootstrap’s Fintech and Software expansion, following the successful raising of its third fund. LinkedIn.
Manuel Costescu, Managing Director and Co-Head of Innovation Economy for EMEA, JP Morgan
Costescu co-heads the Innovation Economy team, serving EMEA’s fastest growing fintechs, SaaS companies, and e-commerce firms across a wide range of corporate banking solutions. Costescu was previously a member of the Romanian Parliament and State Secretary for Trade and Investment. LinkedIn.
Morgan Borer, Founder, Blair Public Relations
Moderating the panel is Morgan Borer. Borer is a veteran communications professional with more than a decade of strategic communications and public relations experience. She was previously Partner at Bevel, one of the most sought-after strategic communications firms for venture capital, private equity, tech founders and CEO in the U.S. and Europe. LinkedIn.
Tickets for FinovateEurope are available today! Book by January 24 and take advantage of big early-bird savings.
Core banking platform 10x Banking has teamed up with data migration solutions company DLT Apps.
The partnership combines DLT Apps’ TerraAI technology with 10x Banking’s advanced migration tooling capabilities to minimize error and downtime during the data migration process.
Headquartered in London, 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023.
A new partnership between cloud-native meta core banking platform 10x Banking and data migration solutions company DLT Apps leverages AI to ensure that banks are able to make the most of their digital transformation initiatives. Specifically, the partnership puts DLT Apps’ TerraAi technology to work in helping institutions transition from legacy and non-legacy systems to 10x Banking’s platform.
“A key differentiator of this joint solution is the ability of 10x to load data in any sequence, validate it in a controlled staging environment, and ensure that every transformation is auditable,” 10x Banking CPO Okan Ozaltin said. “This allows banks to manage their migrations with precision, reducing the risk of data loss or corruption and accelerating the migration process,” he added. “This enables clients to quickly realize the benefits of their new systems.”
TerraAI features robust data transformation and AI-powered migration tools to prioritize data integrity and quality. Along with DLT Apps’ MigratIO platform, TerraAI is equipped to handle all data formats and includes an intuitive user interface that makes data mapping and reconciliation easier. MigratIO provides detailed audit trails and real-time data quality monitoring to give users visibility over the entire migration journey so that any potential issues can be addressed as early as possible in the process.
“This partnership ensures the quality and integrity of data is maintained from start to finish as users can identify data quality issues early in the migration lifecycle,” DLT Apps Founder and MD Santosh Reyes said.
Founded in 2018 and based in London, DLT Apps uses blockchain, AI, cloud, and micro-services technologies to transform financial services and accelerate digitization. In addition to TerraAI, the company offers a digital financial profile solution, Quinn, that facilitates streamlined onboarding, ongoing monitoring, and client lifecycle management; Zilo, a modern global transfer agency; and Zeta Wealth, which offers advanced financial tools for investment planning, portfolio management, and compliance.
10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023. At the conference, the company demoed its 10x SuperCore cards that enable banks to build a card proposition in minutes with 10x Banking’s Bank Manager interface. More recently, 10x Banking reflected on its achievements in 2024, including the launch of the world’s first meta core platform, its first client in Africa, and new partnerships with companies like Deloitte and Flexys, as well as with fellow Finovate alums Zafin and Alloy.
Headquartered in London, 10x Banking was founded in 2016. The company has raised $297 million in funding according to Crunchbase. Antony Jenkins is Founder, Chair, and CEO.
To learn more about 10x Banking, check out my interview with company VP Lewis Ide on high growth opportunities for banks in APAC and Africa.
Union Credit has announced a new partnership with MeridianLink.
The partnership will simplify and streamline the lending process for credit unions with real-time financing solutions at the point of purchase.
Union Credit most recently demoed its technology at FinovateFall 2024.
Union Credit, a marketplace for credit unions that offers pre-approved, one-click credit offers at the point of purchase, has teamed up with software platform MeridianLink. The partnership will help simplify the lending process for credit unions with seamless, real-time financing solutions that can help drive member growth.
“Our goal is to simplify lending processes, turning them into a seamless, hassle-free acquisition tool for credit unions, while providing consumers access to an array of local financing options and all the great benefits of credit union membership,” Union Credit Co-Founder and CRO Barry Kirby said. “By reducing manual input and improving efficiencies for credit unions, we’re helping them grow their membership while redirecting resources to other strategic areas.”
Union Credit believes that making it easier for consumers to secure pre-approved offers when they shop not only creates a more convenient financing experience, but also can help credit unions attract and retain new members. The partnership with MeridianLink will enable credit unions in Union Credit’s marketplace to leverage a direct integration with MeridianLink’s loan origination system (LOS) for efficient lending and onboarding. This enables credit unions to process more applications faster and reduce manual data entry while boosting loan volume and membership growth.
MeridianLink’s loan origination technology offers features such as single sign-on, smart cross-sell, and flexible account opening. The company’s cloud-based platform includes a built-in price engine, seamless third-party integrations via Open API, as well as “best-in-class” client support that starts with implementation. The Costa Mesa, California-based company is publicly held, trading on the New York Stock Exchange under the ticker MLNK, and has a market capitalization of $1.45 billion. Nicolaas Vlok is CEO.
Headquartered in Santa Rosa, California, Union Credit made its Finovate debut at FinovateFall 2023 and returned the following year for FinovateFall 2024. Most recently, the company demoed its Always Approved Marketplace SDK, which provides API services that can be used by third parties for member eligibility checks, rate lookup, instant offer generation, and more.
Winner of the “Top Emerging Fintech Company” award at the 2023 Finovate Awards, Union Credit recently announced that it had integrated more than 50 credit unions into its marketplace in 2024. This represents more than 20,000 new members — 60% of whom were under the age of 40.
Texas-based digital banking solutions provider Alkami Technology is bringing Push Provisioning to NASA Federal Credit Union (NASA FCU).
“I truly believe that our card management suite is one of the best,” NASA FCU digital banking manager Liam Petraska said. “Alkami has delivered one of the most cohesive card experiences we’ve seen in the industry. They continue to push the envelope with innovative features, allowing members to start using their cards digitally while the physical card is still in the mail. These cutting-edge features are setting a new standard for what card management can be in the digital banking space.”
The collaboration — Alkami’s latest — has enabled NASA FCU to modernize its digital banking experience for its 200,000+ members with features like push provisioning. Push provisioning enables payment card data to be securely sent or “pushed” from the card issuer or financial institution directly to a digital wallet. Push provisioning facilitates contactless payments and boosts convenience and security by removing the need for the user to manually enter payment card details. This, according to NASA FCU, has led to quantifiable gains in member satisfaction and digital engagement. Additionally, since going live with Alkami’s platform, NASA FCU also has reported faster and more efficient integrations courtesy of Alkami’s API framework.
Alkami’s partnership news comes a month after the fintech announced an enhancement to its Data & Marketing Solutions platform. The enhancement expanded Alkami’s behavioral data tag capabilities to provide financial institutions with deeper account holder intelligence that can be used to provide personalization across marketing and digital banking channels.
Targeted behavioral data tags empower financial institutions to efficiently analyze large datasets and establish accurate categories for accountholder actions and activities. Alkami’s latest behavioral data tags include SavvyMoney data tags to enable banks and credit unions to use data insights from the SavvyMoney offers engine, aggregated account data tags that provide a comprehensive view of account holders’ external accounts, anniversary data tags that track account holders’ anniversaries, and outbound transfer data tags to facilitate tracking of transfers made to other institutions.
“Behavioral data tags allow financial institutions of all sizes to find meaningful insights from large data sets and utilize that information to understand account holder behaviors, make informed business decisions and even find competitive advantages,” Alkami director of product management Mark Leher said. “These insights can be leveraged across digital, mobile, and in-person channels to support a more personalized banking experience.”
As iThryv, Alkami Technology made its Finovate debut in 2009. Today, the fintech reports that customers that have been on its platform for more than five years have outperformed their peers on major financial metrics, based on FI Navigator Data from 2024. This includes 25% higher loan growth, 11% higher core deposit growth, 19% higher revenue growth, and 13% higher average revenue per FTE.
Alkami went public in 2021. The company trades on the NASDAQ under the ticker ALKT and has a market capitalization of $3.5 billion. Alex Shootman is CEO.
Founded in 1949, NASA FCU is headquartered in Upper Marlboro, Maryland. The institution has more than $5 billion in assets.
Texas-based Sage Capital Bank has partnered with digital banking solutions provider Apiture.
Courtesy of the partnership, Sage Capital Bank will deploy Apiture’s Consumer Banking, Business Banking, and Digital Account Opening solutions, as well as its Data Intelligence solution.
Headquartered in North Carolina, Apiture most recently demoed its technology at FinovateFall 2023.
Sage Capital Bank, an independent, Texas-based community financial institution, has chosen digital banking solutions provider Apiture to power its online and mobile banking services. The bank will deploy Apiture’s Consumer Banking, Business Banking, and Digital Account Opening solutions and enhance the online and mobile experience for its customers with a modern, intuitive user interface and comprehensive feature set.
The bank will also take advantage of Apiture’s Data Intelligence solution that will enable Sage Capital to offer highly personalized experiences to customers via digital channels to enhance customer satisfaction and engagement.
“At Sage Capital, we recognize that our consumer and business customers are on-the-go and expect banking services that let them bank anytime, anywhere,” Sage Capital EVP and CTO Gene Stroman said. “With Apiture as our partner, we will elevate their digital banking experience through capabilities like peer-to-peer payments, real-time fraud detection, robust business entitlements, and Positive Pay. We are thrilled to work with this forward-thinking solution provider.”
Chartered as American National Bank in 1984 by a team of business owners from Gonzales, Texas, Sage Capital Bank today has $700 million in assets. The bank has branches in eight cities in Texas including Lockhart — where the bank opened its first branch in 1995 — and Austin.
“Apiture and Sage Capital share a commitment to both partnership and innovation, and we are eager to support the bank’s digital evolution and growth objectives,” Apiture CEO Chris Babcock said. “By choosing our comprehensive platform, Sage Capital can deliver a banking experience tailored to its community’s unique needs while delivering the very latest in digital innovation.”
Apiture most recently demoed its technology at FinovateFall 2023. At the conference, Apiture showed how its Sensei solution leverages AI to produce a real-time assessment of a customer’s financial circumstances and provide proactive recommendations customers can follow in order to improve their financial standing. Sensei analyzes data — including transaction history, account balances, and engagement metrics — to help banks and credit unions build better, more personalized relationships with their customers and members.
Founded in 2017, Apiture is headquartered in Wilmington, North Carolina. The company’s partnership announcement with Sage Capital Bank comes one month after Apiture announced a strategic partnership with data-driven statement provider HC3. The partnership will empower Apiture’s community bank and credit union customers to provide account holders with secure, immediate access to digital statements, powered by HC3, directly from their online and mobile banking channels.
