Author: David Penn

Digital ID Verification Specialist OCR Labs Secures $15 Million to Power Expansion

Digital ID Verification Specialist OCR Labs Secures $15 Million to Power Expansion
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, OCR Labs

From the rise of digital commerce to the growth of the gig economy to the challenge of a global pandemic, digital identity technology has been one of the bigger beneficiaries of a number of trends sweeping societies around the world. Add to this a new emphasis on financial inclusion and social equity, and you have a recipe for opportunity for many innovators in the digital identity space.

The latest company to take advantage of the current moment is OCR Labs, which made its Finovate debut at our developers conference, FinDEVr Silicon Valley, in 2016. The company, headquartered in Sydney, Australia and founded by Matthew Adams and Daniel Aiello, returned to the Finovate stage the following summer, earning a Best of Show award for a demo of its ID verification solution.

OCR Labs combines five different technologies – ID document OCR, document fraud assessment, liveness detection, video fraud assessment, and face matching – in a single, end-to-end digital identity experience. The company’s technology has been deployed in a wide range of verticals – from financial services and e-commerce to telecommunications and real estate – to provide AML and KYC-compliant digital ID verification and customer onboarding.

This week OCR Labs announced that it had raised $15 million (EUR 12.5 million) in Series A funding. The round was led Oyak Group of Turkey and will enable the company to expand into markets into Turkey, the U.K., and throughout Europe. OCR Lab currently maintains an international headquarters in London.

“No one wants to spend hours trying to prove who they are, whether it’s for a job or for a bank account, and we also want to know we’re protected against identity theft and fraud,” OCR Labs co-founder Daniel Aiello said. “Digital ID verification has a key role to play, but this year we’ve also seen the limitations if hybrid models are used. People are a barrier and a risk, but fully automated technology can have a huge impact on many industries and privacy. OCR Labs is built to be secure, frictionless and fast, and capable of recognizing ID documents the world over.”

Enjoying triple-digit growth since its launch, OCR Labs has partnered with Reed Screening to help businesses verifying candidate identities during the COVID crisis ahead of a potential in-person COVID check mandate later this month. There is some pressure to allow businesses to continue remote COVID checking, an idea with which OCR Labs understandably sympathizes.

“The need for digital verification is growing exponentially,” Aiello said. “This past year we’ve seen more demand from new sectors as they try to navigate the pandemic and an inability to operate in-person. We believe it has accelerated what needed to happen.”

Photo by Burak Kebapci from Pexels

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Open Banking, Customer Experience, and Crypto: Meet the Innovators of FinovateAsia

Open Banking, Customer Experience, and Crypto: Meet the Innovators of FinovateAsia
By David Penn Posted on
Categories: Amber Labs, Crayon Data, FinBit.io, FinovateAsia 2021, QuickFi, Strands

With companies hailing from Singapore, Australia, and India, as well as Europe and the U.S., FinovateAsia Digital is a great opportunity to find out more about fintech innovation in the APAC region. Our all-digital fintech conference – June 22 and June 23 – is also a good way to learn how companies outside of Asia have successfully built relationships and gained market share within the area.

Here’s a look at the current roster of companies that will demonstrate their latest solutions at FinovateAsia next week. There’s still plenty of time to get your ticket; register today and join us next week for our two-day, deep dive into fintech in Asia.

Australia-based Amber offers a Bitcoin accumulation app that allows users to dollar cost average, and offers auto-buy-the-dip, auto-withdraw, and self-custody features.

Crayon Data, headquartered in Singapore, offers the world’s first AI-led platform that enables businesses to create highly personalized experiences for their customers.

Bangalore, India-based FinBit.io offers open banking technology that enables financial institutions to transition from outdated financial APIs to smart and compliant APIs based on open banking specifications.

Headquartered in Fairport, New York, QuickFi offers the world’s first, 100% digital equipment financing platform that enables business equipment financing in three minutes.

Strands offers white label, AI-driven fintech solutions for banks and financial institutions around the world.

Photo by Simon Stolzenbach from Pexels

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Papa’s Brand New Bag: GoDaddy Unveils Small Business Payments Solution

Papa’s Brand New Bag: GoDaddy Unveils Small Business Payments Solution
By David Penn Posted on
Categories: Daily news

Domain registrar and web hosting giant GoDaddy is the latest technology company to unveil its own payment processing solution. Launched this week, GoDaddy Payments enables GoDaddy Websites + Marketing and Managed WordPress WooCommerce customers to conduct their commerce transactions directly via GoDaddy. The firm’s new payments capability comes courtesy of technology and talent gained from its acquisition of Poynt last December.

“GoDaddy is hyper focused on empowering our customers to sell everywhere with a single solution in a seamlessly intuitive experience,” GoDaddy President of Commerce Osama Bedier said. “GoDaddy Payments represents a major step towards centralizing every tool and service a business needs to successfully sell online. Customer feedback has been overwhelmingly positive, and we look forward to accelerating our efforts.”

Bedier founded Poynt in 2013 to reimagine payment terminals into smart, connected devices that power third-party apps and solutions. The company offered a range of point-of-sale hardware and software solutions to facilitate payments, including the its Android-based smart POS terminals and its PoyntOS-powered, third party-terminals. Before being acquired, Poynt handled more than $16 billion in gross merchandise volume a year for its 100,000+ merchant clients.

With more than 20 million customers on its platform, GoDaddy enables individuals and organizations to build professional websites that help them attract customers, and sell their products and services. The company’s new payments offering will give GoDaddy’s ecommerce customers a fast and secure way to manage orders, payments, and refunds. The solution also leverages a single intuitive dashboard that enables customers to manage their payments operations alongside the rest of their other business operations. GoDaddy Payments accepts all major credit and debit cards including Visa, Mastercard, American Express, and Discover, and the company added that GoDaddy Payments would be available for use for in-person, offline shopping later this year, as well.

Headquartered in Scottsdale, Arizona, GoDaddy is a public company with a market capitalization of $14 billion. It trades on the New York Stock Exchange under the ticker GDDY.

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FinovateAsia: Digital Disruption, Embedded Finance, and the Customer Experience

FinovateAsia: Digital Disruption, Embedded Finance, and the Customer Experience
By David Penn Posted on
Categories: FinovateAsia 2021, Speaker series

If you are looking to get up to speed on the innovations in fintech taking place in the Asia-Pacific region, then our all-digital fintech conference, FinovateAsia, is your ticket. For two days next week, June 22 and June 23, our guest speakers and distinguished panelists will share their insights and experiences as innovators, entrepreneurs, and analysts in one of the fastest-growing, technologically-creative areas of the world.

We’ve already introduced you to our keynote speakers. Here’s a look at the roundtables and panel discussions that will be available to attendees over the course of the conference. Learn more about FinovateAsia Digital at our FinovateAsia hub and pick up your ticket today!

Digital disruption and customer experience

Examine how customer demands have changed in the current environment. Discover how to build successful partnerships and distribution channels with customers in mind. Read more.

  • Sheila Paul, Chief Marketing Officer, Home Credit Philippines
  • Mikko Hietanen, COO, CreamQuark
  • Shawn Lau, VP, Partnerships Solutions, SwissRe
  • Justin Yiu, Head of Innovation, Solaria Labs East (Asia), Liberty Mutual Insurance
  • Gerald Marion, Chief Customer & Strategy Officer, BUPA ANZ
  • Moderated by Marc-Antoine Hager, Sales Director, APAC, CleverTap

Embedded finance and the future of finance

Learn how to harness the power of data and digitization to build new models of finance across verticals. See how to empower customers through better offerings, and how to integrate services into customers’ every day lives. Read more.

  • Victor Alexiev, Director, APAC Head for Citi Ventures, Programs & Strategic Partnerships, ICG, Citi
  • Sonal Kapoor, Director, Flipkart
  • Moderated by Yannick Even, Head of Digital & Smart Analytics APAC, SwissRe

The evolving payment landscape in Asia: Blurring of lines between payment systems

Examine the emerging challenges and opportunities in the payments space. Discuss how the payments industry can foster collaboration to serve consumers and businesses better. Read more.

  • Daniel Webber, Founder / CEO, FXC Intelligence
  • Laetitia Moncarz, Head of Corporates & FI and Business Innovation, SWIFT Asia Pacific
  • Kevin Popermhem, Cross Border Product Manager, ITMX
  • Moderated by Nicholas Soo, Regional Head of Payments, Global Liquidity & Cash Management, HSBC

Change management: Bringing your people on your digitization journey

Learn how implementing cultural change can future-proof your business and attract and retain the right, forward-looking, tech-talented people. Read more.

  • Faraaz Ali, Group Head, Digital Ecosystems, API and Open Banking, DBS
  • Susan Ong, Chief Information Officer, Home Credit Philippines
  • Oscar Ramos, Partner & Managing Director, Chinaccelerator
  • Deepak Oram, Head of Marketing Technology & Automation, HDFC Bank
  • Moderated by John Gist, Head of Fidelity Labs, Fidelity

Overcoming challenges and fostering successful partnerships across new ecosystems

Explore the convergence between financial services, insurance, wealth, and health, and the disruptors working across ecosystems. Learn how you can fit into this emerging ecosystem model and expand into new markets. Read more.

  • Deepak Sharma, Chief Digital Officer, Kotah Mahindra Bank
  • Manish Gurbuxani, Regional Head of Business Development and New Markets, Prudential
  • Alpesh Doshi, Managing Partner, Redcliffe Capital
  • Moderated by Yi Mien Koh, Chief Partnership Officer, Asian Markets, AXA Asia

SME lending in a post-COVID-19 world

Learn how credit and financing options favored by consumers have changed in response to the pandemic. Examine ways to determine the unique credit needs of different customer types and how to build new products to accommodate them. Read more.

  • Nikhilesh Goel, Co-founder and COO, Validus Capital
  • Brian Yeoh, Head of Data Governance and Strategy, Financial Services Regulatory Authority
  • Moderated by Zhi-Ying Barry, Senior Analyst, Forrester

Acceleration of digital banking: Innovating in response to COVID-19

Investigate how banks and other financial institutions embraced digital transformation trends that preceded the pandemic. Discuss what challenges and opportunities are likely to arise in a post-COVID environment. Read more.

  • Sam Tanskul, Managing Director Krungsri Finnovate & Head of Innovation, Krungsri Bank
  • Xue Kai Pang, CEO, Tokocrypto
  • Medhy Soudhi, Head of FinTech & StartupXcharge, DBS
  • Moderated by Lapman Lee, Professor of Practice (FinTech & Innovation), HK Polytechnic University

Leveraging emerging technologies and digitization to reimagine a hybrid customer experience

Discover how to identify customer pain points more efficiently and find the right balance between digital self-service and the human touch. Learn how to harness AI and machine learning to exceed customer expectations. Read more.

  • Andy Chun, Regional Director, Technology Innovation, Prudential
  • Shawn Low, Co-founder and Head of Operations, Better.com
  • Tomasz Kurczyk, Chief Digital and Transformation Officer, AXA
  • Moderated by Frank Yazdi, Head of Priority Client Services, Asia Pacific, HSBC

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B9 Raises Pre-Seed Funding to Help New American Workers Get Paid

B9 Raises Pre-Seed Funding to Help New American Workers Get Paid
By David Penn Posted on
Categories: Daily news, Funding

A pre-seed funding round of $1.7 million will help U.S. fintech startup B9 build its financial app that helps immigrant workers secure interest-free payroll advances.

“Immigrant communities and other marginalized groups are invisible to traditional banks,” B9 CEO Sergei Terentyev said. “They are hardworking people who deserve a full service banking option that fits the way they earn and spend.” Terentyev called the response to B9 “overwhelming” and said that “hundreds of thousands” of interested users have joined the company’s waiting list.

“In our view, access to banking services that allow families to share resources, build credit and plan for the future is an equality issue, and the early response we’ve seen demonstrates the magnitude of the demand,” Terentyev added.

B9 offers 0% APR pay advances of up to 15 days, as well as a free virtual Visa debit card, and access to both U.S. and international money transfers. The San Francisco, California-based company charges a monthly subscription fee of $4.99.

B9 will use the funding to add to its team, as well as make technology investments. The company hopes to have 100,000 customers by the end of the year with its focus on consumers who are not only underserved by traditional banks, but are also often preyed upon by predatory lenders. In addition to its early wage access feature, B9 expects to offer additional services such as merchant discounts and access to insurance.

In their funding announcement, the company underscored the size of the non-U.S. born population – more than 40 million – as well as the fact that the lion’s share of U.S. population growth – up to 80% – will come from the growth of the first- and second-generation immigrant population.

B9’s services are set up with this in mind. In addition to offering a low, monthly subscription rate, applicants only require a U.S. mailing address, social security number, or ITIN, as well as a government-issued ID from either a U.S. source or from the applicant’s country of origin. Multiple language customer service is available.

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Best of Show Winner Finn AI Adds to its Chatbot Offerings for Banks

Best of Show Winner Finn AI Adds to its Chatbot Offerings for Banks
By David Penn Posted on
Categories: Alumni News, Daily news, Finn.ai

Finn AI, the two-time Best of Show winner whose conversational AI technology has helped banks and credit unions add to their digital engagement solutions, announced a set of new additions of its own today. The Vancouver, British Columbia-based fintech unveiled three new chatbot service levels to give banks and credit unions greater options in tailoring the online banking experience for their customers and members.

“We’re giving financial institutions flexibility in how they embrace chatbots,” Finn AI co-founder and CEO Jake Tyler said. “They can either adopt fully-integrated bank chat now or they can build their digital experience over time.”

Finn AI’s Virtual Banking Assistant, powered by AI, enables banking customers to use their preferred communication channel – including Facebook Messenger, Amazon Alexa, SMS, iOS, web chat and more – to conduct their banking activities. The AI also helps banks and credit unions gain deeper insights into customer behavior and preferences in order to make increasingly accurate and relevant responses and recommendations. With more than 800 pre-built workflows, the technology is able to answer queries out-of-the-box without human intervention, as well as know when to route more complex queries to human agents.

“By introducing an AI chatbot, banks can deliver better service, achieve higher loyalty, and build broader product relationships,” Tyler said.

The new levels are being introduced today are:

  • Level 1: Quick and easy responses to the most common queries to the institution’s public website.
  • Level 2: Concierge-based navigation to help customers and members using plain language on authenticated mobile and online banking sites
  • Level 3: Virtual assistant-based chatbot that enables end-users to bank via chat in plain language over the customer’s or member’s channel of choice

Founded in 2014, Finn AI has partnered with financial institutions such as ATB Financial, United Federal Credit Union, and TymeBank, as well as one of the largest U.S. card networks and a top ten U.S. retail bank. This spring, the company joined the National Association of Credit Union Services Organizations (NACUSO), and unveiled a handful of new platform features and partner integrations including interest rate tracking and enhancing the bot’s ability to respond to queries involving issues of financial literacy.

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Building Better Banking Websites and Stronger Fintech Teams

Building Better Banking Websites and Stronger Fintech Teams
By David Penn Posted on
Categories: PayNearMe, Podcasting, Signal Intent

Time to catch up on the latest from the Finovate Podcast featuring Finovate VP Greg Palmer!

Last week, the podcast hosted Matthew Covi, co-founder and CEO of Signal Intent. A Best of Show winner in its Finovate debut this spring, Signal Intent builds financial calculators for banks, credit unions, and other financial services companies.

These solutions, designed for the digital age, help companies enhance the customer experience they offer with what Covi called “modern, digital tools that will help them compete in today’s landscape.”

“Calculators are a tool that exist on nine out of ten banking websites,” he explained. “But the options that exist really haven’t kept up with the times.”

In this conversation, Covi explains how financial services companies can leverage Signal Intent’s next generation calculators to gain valuable insights into customer preferences, and to use those insights to further enhance the customer experience.

Building a fintech company that lasts was the theme of Danny Shader’s conversation on the Finovate Podcast earlier this month. Shader is the founder and CEO of PayNearMe, a payments experience management firm that enables businesses to boost customer engagement, improve efficiency and drive payment costs lower.

Headquartered in Silicon Valley, PayNearMe made its Finovate debut more than a decade ago at FinovateFall in New York.

In the years since, PayNearMe has grown into a leading payments innovator, processing billons of dollars a year in all payment types ranging from ACH, cards, and cash, to mobile-first options like Google Pay and Apple Pay.

In this podcast, Shader talked about what he’s learned as a successful fintech CEO and why every startup needs to be prepared to re-envision, if not re-invent, itself in order to succeed in the long-term.

“I know of almost no hugely successful startup – with the possible exception of maybe Facebook – that ended up doing what it set out to do,” he said. “Your first business ideaI think of as a prop and its the excuse that lets you interact with customers.”

For more from the Finovate podcast, check out last month’s May lineup featuring:

Jeff Horvath of DigiPli on regulatory risk and the changing compliance landscape. Is showing you’re trying good enough?

Jonathan Bell of Red Compass Labs on the fight against human trafficking and slavery in fintech, and the role banks and innovators have to play.

Peter Hazlehurst of Synctera on building a true partnership model for fintech and creating a community banking experience.

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Europe’s Most Valuable Fintech; El Salvador Embraces Bitcoin

Europe’s Most Valuable Fintech; El Salvador Embraces Bitcoin
By David Penn Posted on
Categories: Finovate Global

Two of the biggest news items in international fintech this week also reflect two of the biggest trends in the industry in recent years: interest-free retail financing and the rise of digital assets.

With regard to the first, Stockholm, Sweden-based Klarna announced this week that it hauled in a whopping $639 million in new funding in a round led by SoftBank. The investment gives the company a valuation of $46 billion and makes it the most highly-valued fintech company in Europe.

“Consumers continue to reject interest- and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs,” Klarna founder and CEO Sebastian Siemiatkowski said. “More transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.”

Read our coverage of Klarna’s big fundraising news.

The other major trend in fintech relates to the boom in cryptocurrencies. El Salvador, a small nation in the middle of Central America, announced earlier this week that it will recognize bitcoin as legal tender – the first country in the world to do so.

The move came as the result of a 62-22 vote in the Salvadoran Congress, which overwhelmingly backed the initiative proposed by President Nayib Bukele – whose party controls the legislature. After the vote, Bukele tweeted that the move would be a boon for the country “bring(ing) financial inclusion, investment, tourism, innovation, and economic development.” The law would require companies to accept bitcoin as payment for goods and services, as well as enable citizens to pay their taxes using bitcoin. Bukele further directed the country’s state-owned geothermal power company LaGeo to develop a strategy to leverage the power of El Salvador’s volcanoes to power bitcoin mining.

Skeptics of the move range from those who point to the country’s economic assistance program with the International Money Fund as a potential complication, to others who simply have no idea what bitcoin is and can’t imagine using it. “How am I going to agree with this? I haven’t seen it even in photos.” Reuters quoted one El Salvadoran shopper speaking in response to the news. “I know nothing about it. You need to understand your currency.”

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

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Klarna Locks in $639 Million in New Funding; Earns $46 Billion Valuation

Klarna Locks in $639 Million in New Funding; Earns $46 Billion Valuation
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Klarna

In a round led by SoftBank – and featuring participation from Adit Ventures, Honeycomb Asset Management, and WestCap Group – consumer payments pioneer Klarna has raised $639 million in funding. The investment brings the company a valuation of $46 billion at a time when the buy now pay later trend is reshaping consumer financing

“Consumers continue to reject interest- and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs,” Klarna founder and CEO Sebastian Siemiatkowski said. “More transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.”

A Finovate alum since 2012, Stockholm, Sweden-based Klarna was among the innovators in “after-delivery payment” which enabled buyers to receive products before payment was due, with the facilitating company taking on all credit and fraud risk for online merchants. To state the obvious, Klarna’s approach to consumer financing has caught on in the years since with a wave of companies across the globe launching their own “buy now pay later” options – especially of late. Today, with this investment, Klarna is Europe’s biggest fintech unicorn, with more than $1.2 billion in 2020 revenues, and more than 18 million customers in the U.S. alone. The company’s payment options are available at nearly a quarter of the top U.S. retailers, and can be found in 17 markets around the world. Klarna’s most recent offering, Pay in 4, is a full embrace of the buy now pay later format, giving consumers the opportunity to pay for purchases over time in four, interest-free payments.

In addition to being the highest-valued private fintech in Europe, Klarna is now the #2 fintech in terms of valuation in the world – behind Stripe. And as part of the GiveOne initiative launched by Klarna earlier this year, the company will direct 1% of this week’s investment to “initiatives supporting planet health.”

“Klarna is really transforming and disrupting corporate giving by not only implementing a long-term commitment but also by enabling others to do the same,” explained Nina Siemiatkowski, founder and CEO of Milkywire, a social impact platform that serves as Klarna’s strategic partner in the GiveOne project. “We hope that many more companies follow their lead and support our planet by funding those who are on the frontlines making impactful change on a daily basis.”

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Top Three Takeaways from Marqeta’s $16+ Billion IPO

Top Three Takeaways from Marqeta’s $16+ Billion IPO
By David Penn Posted on
Categories: IPO, List series, Marqeta

CNBC Disruptor and Finovate alum Marqeta raised $1.2 billion in an initial public offering on the Nasdaq Exchange on Wednesday. The Oakland, California-based payment processor ended its first day as a public company with a market capitalization of more than $16 billion.

“We’re just scratching the surface of what’s possible with modern card issuing,” Marqeta founder and CEO Jason Gardner said in the company’s blog reporting the news. “I feel fortunate to be in the position I’m in, leading a company of incredibly talented people as we take the next step in enabling modern money movement for many of the world’s leading innovators.”

What does Marqeta’s IPO mean for the company going forward? And does the company’s public debut say anything about investors’ attitudes toward fintech and financial services companies more generally? Here are a handful of ideas.

The Coast is Clear!

A strong public debut for Marqeta could hint at an even more impressive performance by better-known fintechs like SoFi and Robinhood that are reportedly looking to go public later this year. Compared to payment processing, with all due respect, it is easy to imagine investors being enticed by an online lender transitioning to a broad-based comprehensive personal finance platform. And even if the meme stock mania of 2020 has cooled off a bit, I suspect that investors will be willing to line up around the proverbial block to get a piece of the fintech’s most notorious, no-fee online stock broker.

Public Investment = Public Scrutiny

Now a public company, Marqeta may face criticism over its business model, which relies heavily on interchange fees generated via transactions on its platform. Having issued 320+ million cards through its platform as of the end of March, and processing $60 billion in volume last year, the company itself noted in its prospectus that interchange fees are “subject to intense legal and regulatory scrutiny.” And while there are no clear changes to the regulatory environment in sight with regard to interchange fees, the fact that the now-public company will be more vulnerable to the appearance of “scrutiny” will be something for Marqeta to deal with – ideally by adding to and diversifying its revenue sources.

Playing the E-commerce Gold Rush

Marqeta was one of a number of fintechs that saw its business boom during the COVID-19 pandemic. The company reported that its revenue soared 2x to more than $290 million in 2020 as millions of locked down, quarantined, sheltered-in-place consumers flocked to digital channels to purchase a growing range of products and services online. The question for many companies, including Marqeta, is whether or not these trends will endure. Gardner points to the increase in ordering via on-demand services apps and the rise of buy-now-pay-later offerings as developments that could keep the pace of online commerce at a high level. If he is correct then Marqeta could have the time it needs to add more key customers (according to Financial Times, most of Marqeta’s business arrives via small business payments processor Square) and broaden out its network to better compete with rivals like PayPal.

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FinovateAsia: Digital Banking, Brand Intimacy, and the Future of Payments

FinovateAsia: Digital Banking, Brand Intimacy, and the Future of Payments
By David Penn Posted on
Categories: FinovateAsia 2021

FinovateAsia Digital is less than two weeks away. If you are headquartered in the APAC region, do business in the region, or would simply like to know more about the fintech trends in one of the most technologically innovative parts of the world, then FinovateAsia Digital, held on the 22nd and 23rd of this month, deserves a space on your fintech calendar. Visit our FinovateAsia Digital hub to register and pick up your ticket today.

Last week we previewed some of the major themes that our distinguished speakers and panelists will cover at this year’s conference. Below, we introduce our main stage keynote addresses and speakers to give you an even better sense of what we’ve got in store later this month at the show.

Reshaping the future of digital banking – stories of success

Investigates how a leading digital player is shaking things up, working differently, and building financial services in new and innovative ways. With Keng Swee Koh, Executive Director and Head of Wealth Management, DBS

Enabling a Data-Driven Enterprise

Reveals what top analysts are calling “the future of data management,” and how it is being used to streamline both compliance initiatives and accelerate strategic business initiatives at top financial services firms. With Joe Lichetenberg, Global Head of Product and Industry Marketing, InterSystems

Shaping the Future of Payments

Examines the core trends that are fundamentally transforming global payment systems. Shows how banks will embrace more and more digital payment trends and introduce multiple options for clients to make payments when, where, and how they choose. With Jeremy Balkin, Managing Director, Global Head of FinTech and Innovation, JPMorgan Wholesale Payments

Brand Intimacy & Fintech: Creating Stronger Brands through Emotional Science

Reveals the financial services, technology, and telecom findings of MBLM’s Brand Intimacy COVID Study and also discuss brand intimacy’s positive correlation with financial performance. Demonstrates how to build better connections with customers and the power of brand intimacy: the emotional science behind the bonds we form with the brands we love. With Mario Natarelli, Co-Author, Brand Intimacy, A New Marketing Paradigm

Transparency and trust: How to reach, engage and retain customers post-COVID-19

Explores how large incumbents and fintechs have managed COVID responses, and how a strategy of transparency has benefited companies in increasing consumer trust. Explains who are the winners and losers in the fight for authenticity, and how you can educate your users to enhance reputation and loyalty. With Araminta Robertson, Marketing Consultant, Mint Studios

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Roboadvisor Scalable Capital Secures $180 Million in New Funding

Roboadvisor Scalable Capital Secures $180 Million in New Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Scalable Capital

In a round led by Tencent, digital wealth management platform Scalable Capital has locked in more than $183 million (€150 million) in Series E funding. The new capital brings the company’s total funding to more than $317 million (€260 million) and gives the Munich, Germany-based firm a valuation of $1.4 billion – making the firm Germany’s, and fintech’s, latest unicorn. Scalable Capital said that the financing will help the company add to its workforce, as well as help support expansion into European markets like France, Italy, and Spain.

“We see huge demand to invest money in the capital markets instead of leaving it in bank accounts,” Scalable Capital co-CEO and co-founder Florian Prucker said. “Our clients can access fully managed globally diversified ETF portfolios and – in the same app – self directed trading in shares, ETFs, crypto currencies, and funds. We also provide a market-leading offering of ETF, stocks, and crypto monthly savings plans. We are planning to launch derivatives trading next.”

Having Tencent as an investor, according to Scalable Capital co-CEO and co-founder Erik Podzuweit, will also help the company improve its appeal to millennial customers who have become increasingly comfortable investing via their smartphones.

A Finovate alum since 2016, Scalable Capital offers banks, insurers, and corporate clients a digital wealth management platform that support automated investing and rebalancing. With customers ranging from ING to Openbank (Santander’s digital bank) to Siemans Financial Services, Scalable Capital provides globally diversified, cost-efficient ETF portfolios that are personalized to the investor’s risk profile.

Scalable Capital currently has more than $5 billion in assets under management. In the wake of this week’s funding, the company plans to add cryptocurrencies to its product portfolio, open a new office in Berlin, and double its workforce this year to 400.

Scalable Capital began the year with a pivot: the company announced in January that it would continue its direct to consumer business in Germany and Austria, but will limit its operations in the U.K. to its B2B business. The cost of customer acquisition was cited as one of the challenges to the company’s retail ambitions in the U.K. and, as such, Scalable Capital decided to focus on expansion and development with its German platform and its B2C and wealth businesses.

Also this year, Scalable Capital announced the appointment of new Chief Strategy Officer Dirk Urmoneit. Urmoneit comes to the company after holding senior positions at index provider Solactive AG and investment banks J.P. Morgan and Goldman Sachs.

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