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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
In today’s data-saturated world, the ability to visualize information in a meaningful way is no longer just a nice-to-have—it’s a competitive advantage. Financial institutions, fintechs, and large enterprises are increasingly turning to AI-driven data visualization tools to unlock insights, improve decision-making, and streamline operations.
In a recent conversation on Streamly, Plotly European Sales Director Andy Wisbey shared how organizations can harness the full power of their data using advanced visualization tools. The discussion touched on common pain points financial institutions face when scaling AI, as well as the benefits of enabling cross-functional teams to explore and communicate data insights more effectively.
“What we’ve seen over the last few years is really a move towards more things like GenAI, where perhaps with large language models we’re doing more analysis around predictive analytics. So, we’re trying to predict where the market might go if certain conditions are met. And that really is going to encompass both structured and unstructured data.”
Plotly, best known for its open-source graphing libraries and enterprise-grade data visualization platform Dash, helps organizations turn complex datasets into accessible visual insights. With its low-code capabilities, Dash enables data scientists and business analysts to build powerful, interactive dashboards using Python without needing to rely on front-end developers. Dash Enterprise supports secure, scalable deployments across large teams, making it a popular choice for banks, insurance firms, and governments.
Andy Wisbey brings nearly two decades of experience in enterprise software sales and has a deep understanding of the challenges financial institutions face when trying to operationalize AI. At Plotly, Wisbey focuses on helping clients across Europe use Dash Enterprise to enhance their data storytelling, improve regulatory compliance, and drive innovation. His passion lies in helping organizations bridge the gap between technical teams and business stakeholders through effective data visualization.
Plaid raised $575 million in a down round valuing the company at $6.1 billion, which is less than half its 2021 valuation.
The funding will support employee restricted stock units tax obligations and provide internal liquidity.
Plaid’s delayed IPO likely reflects US open banking uncertainty, as the CFPB finalizes its data access rule. Waiting for regulatory clarity and consumer awareness could position Plaid for a stronger public debut down the road.
Financial data network Plaidannounced it has brought in $575 million in a round led by new investor Franklin Templeton, with existing investors NEA and Ribbit Capital, as well as new investors BlackRock and Fidelity, also contributing.
The Venture Round is a sale of common stock; Plaid has directly issued the new shares to raise capital. In a company blog post announcement, Plaid CEO and Co-Founder Zach Perret said that the funds will be used “to address employee tax withholding obligations related to the conversion of expiring restricted stock units (RSUs) to shares, and to offer some liquidity to our current team.”
While today’s funds increase Plaid’s total funding to $1.3 billion, the round revealed a decreased valuation for the California-based fintech. Once valued at $13.4 billion during fintech’s brief hype days of 2021, Plaid’s valuation is currently less than half that, at $6.1 billion.
In explaining the significant gap in valuation to the Financial Times, Perret said, “In 2025, tech multiples have massively compressed between the time that we raised last and today. What I will say is that the fundamentals of the business underneath are dramatically stronger than they were in 2021. Revenue is much higher.”
Plaid’s $575 million comes at a time of growth for the company. Not only did the fintech expand its product suite, but it also saw an increase in organizations building with its account connection tools. In 2024, Plaid boasted positive operating margins, saw a revenue increase of more than 25%, and experienced an increase in both the number companies and markets it serves. As a result, more than 1 in 2 Americans have used Plaid.
If you are wondering when Plaid plans to IPO, you’re not alone. A company spokesperson told TechCrunch that Plaid will not go public this year, but it plans to continue tracking towards a public listing. “An IPO is certainly a part of the longer-term plan. We have not attached a specific timeline to it,” Perret told the Financial Times. “As I’ve said in the past, it will not be this year.”
Plaid’s decision to hold off on an IPO may also be a strategic move given the evolving state of open banking in the US. Unlike regions such as the UK and EU, where open banking is well-established and governed by clear regulatory frameworks such as PSD2, the US market remains in flux. The Consumer Financial Protection Bureau (CFPB) is currently working toward finalizing its proposed Personal Financial Data Rights rule under Section 1033 of the Dodd-Frank Act, but the lack of formalized standards has created uncertainty for data aggregators like Plaid.
By delaying its public debut, Plaid may be seeking to ride out regulatory headwinds and position itself on more solid ground once clearer guidelines are in place. In addition to regulatory clarity, Plaid may also benefit from a recognition and understanding from mainstream consumers, many of whom have never heard the term “open banking.” Once regulations go into effect, banks will slowly begin in educate consumers on the benefits of open banking, and the concept of the value that Plaid brings will come to light. This regulatory clarity, combined with consumer understanding, could improve investor confidence and support a stronger valuation when the company ultimately decides to go public.
Rocket Companies has announced its second acquisition in as many weeks. The Michigan-based company is buying Mr. Cooper, one of the largest non-bank mortgage servicers and mortgage lenders in the US. The deal is expected to close in an all-stock transaction of $9.4 billion in equity value, based on an 11.0x exchange ratio.
Mr. Cooper, which demoed its mobile app at FinovateSpring 2018, was founded in 1994 to challenge the conventional mortgage experience to bring borrowers a better, more straightforward home buying process. With 9,000 employees, the Texas-based company serves more than six million homeowners with its refinancing and mortgage products.
“Mr. Cooper has been on a journey to transform the homeownership experience, and we have built the most advanced servicing platform in the mortgage industry,” said Mr. Cooper Group Chairman and CEO Jay Bray. “By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care. I am deeply grateful for the dedication of the Mr. Cooper team and look forward to our continued work as we lead our industry into the future of homeownership.”
Once finalized, Rocket Companies and Mr. Cooper will serve a combined 10 million clients with a servicing book of $2.1 trillion, which represents one in six mortgages in America. Rocket will leverage the acquisition to bring its mortgage recapture capabilities to this new, enlarged client base. This will help produce higher loan volume, drive long-term client relationships, and provide greater recurring revenue while lowering client acquisition costs.
Holding a significantly larger servicing portfolio will help Rocket sustain its retention and 83% recapture rate. And by attaching Rocket’s title, closing, and appraisal services to Mr. Cooper’s existing originations, Rocket anticipates it will generate $100 million in additional pre-tax revenue, as well as an extra $400 million in savings from streamlining operations, expense, and technology investments.
When the deal is complete, Mr. Cooper Group’s Chairman and CEO Jay Bray will become President and CEO of Rocket Mortgage, while Dan Gilbert will remain Chairman of Rocket Companies. The company’s board will consist of 11 members, nine from Rocket’s board and two from Mr. Cooper’s.
“Servicing is a critical pillar of homeownership—alongside home search and mortgage origination,” said Rocket CEO Varun Krishna. “With the right data and AI infrastructure we will deliver the right products at the right time. That’s how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper’s nearly 7 million clients.”
Today’s announcement comes just two weeks after Rocket unveiled plans to acquire real estate brokerage website Redfin for $1.75 billion. Together, the two deals fuel Rocket’s vision of owning the entire homeownership journey—from search to close and beyond.
With Redfin, Rocket gains a home search platform and a network of real estate agents; with Mr. Cooper, it secures a large servicing portfolio and deep operational infrastructure. By consolidating core pieces of real estate and lending processes under one roof, Rocket is positioning itself not just as a mortgage lender, but as a full-stack digital homeownership platform with the potential to recreate how Americans buy, finance, and manage their homes.
Atomic has raised $10 million in a strategic round led by Capital One Ventures, Citi Ventures, and FNB Corporation, bringing its total funding to nearly $79 million.
Atomic provides APIs that connect payroll and HRIS systems to financial institutions, supporting services like direct deposit switching, income verification, and subscription management.
With backing from top banks and FNB as both an investor and a client, Atomic aims to fuel deposit growth and power the next wave of personalized, real-time financial services.
Financial connectivity fintech Atomic is the latest fintech basking in this year’s fintech spring. The Utah-based company announced it has raised $10 million, adding to its $68.6 million previously raised, bringing its total funding to almost $79 million.
Today’s strategic round comes from Capital One Ventures, Citi Ventures, and FNB Corporation, which join Atomic’s previous investors Greylock, Portage Ventures, ATX Venture Partners, Mercato Partners, and Core Innovation Capital.
Atomic, founded in 2019, aims to connect consumer data with modern financial solutions. The company partners with eight of the top 10 US financial institutions, along with many leading fintechs, to provide seamless access to a suite of services—including direct deposit switching, income and employment verification, payment method updates, and subscription management—through integrations with payroll systems, HRIS platforms, and merchants.
Atomic said the new funding will fuel both innovation and expansion. The company plans to deepen its investment in existing solutions while also accelerating the development of new products to better serve its financial institution and fintech partners.
“We’re excited to have these industry leaders join us on our mission to champion upward financial mobility,” said Atomic Co-founder and CEO Jordan Wright. “Together, we’re building the infrastructure that will drive the next generation of financial products and unlock deposit growth, as well as improved experiences for our customers and the customers that work with them.”
In addition to investing in Atomic, FNB is also a client of the fintech. FNB tapped Atomic to lower acquisition costs, increase lifetime value, and become consumers’ primary financial hub.
“Through our omnichannel Clicks-to-Bricks strategy and eStore, FNB is driven to remain a banking industry leader in client engagement and innovation. We will continue to invest in and develop creative technology solutions that bring the full array of banking products and services to our digital platform and branch system,” said FNB Corporation President and Chief Executive Officer Vincent J. Delie, Jr. “Our investment in Atomic is another investment in the future of banking. By integrating their solutions with eStore, we can offer our customers more personalized, real-time financial services that meet their needs in today’s fast-paced world.”
Atomic most recently demoed at FinovateSpring 2024, where the company showcased PayLink, a tool to simplify subscription management by allowing consumers to manage, modify, and optimize their recurring payments and subscriptions within their bank.
Chime Enterprise launched Chime Workplace, offering employers a single platform with financial wellness tools and an aggregated view of employee financial health.
The suite includes tools for income management, savings, credit building, and an employee rewards program modeled after airline miles programs.
Chime is expanding its fintech offerings significantly, having recently launched premium memberships, instant micro-loans, and free tax filing to attract underbanked users and enhance financial inclusion.
Chime Enterprise, the enterprise division of the neobank Chime, announced the launch of Chime Workplace, a financial wellness services suite available to employers and employees.
Chime Workplace offers free financial tools with workforce financial health insights for employers. The newly launched platform takes existing Chime tools and brings them to employees via the employer portal. Among the tools included are pay and income management tools, a high-yield savings account, credit health and credit building tools, and an employee rewards program that is modeled after airline miles loyalty programs.
“Employers have told us their biggest frustration with existing financial wellness programs is that they don’t make an impact or empower employees to get to the next step in their journey,” said Chief of Chime Enterprise Jason Lee. “Multiple vendors, logins, and endless apps only compound this problem and, ultimately, hinder effectiveness. Chime Workplace works with employers to solve these challenges by delivering one trusted app that meets employees where they are and gets them to where they want to be.”
While the financial wellness capabilities launching within the employer portal are not new, the employer visibility piece is. The financial health insights piece shows employers aggregated insights into their employees’ financial health, including their savings growth, credit health improvement, and engagement with the tools. These stats can be important for employers, as two out of three workers consider financial health the top area where they seek employer support, and nearly three-quarters of financially stressed employees prefer an employer that genuinely cares for their financial well-being.
Chime Enterprise was formed in 2024 after Chime acquired employee rewards and loyalty platform Salt Labs. Chime simultaneously unveiled news of its own today. The company is launching a premium membership tier called Chime+ that will offer a higher savings rate, custom cashback offers from retailers, and expedited customer support.
These changes come in addition to the California-based company’s launch last week of Instant Loans, a micro-lending product offering up to $500 instantly with a fixed interest rate. Additionally, the company announced a fee-free tax filing service in partnerships with April and Column Tax in January.
Chime is obviously working hard to become a robust competitor in the challenger banking field. Deeper than that, however, the fintech is positioning itself to capture the attention of underbanked individuals. By offering a seamless user experience, financial wellness solutions, and tailored financial products such as micro-loans and workplace financial wellness tools, Chime is strategically aligning itself to attract both employers and employees alike. As Chime continues to diversify its offerings with premium memberships and enhanced app functionality, it’s clear the company aims not only to expand its footprint but also to solidify its role as a trusted partner in helping underserved communities achieve financial stability.
This week marks Eid al-Fitr, the festival celebrating the end of Ramadan and the breaking of a month-long fast. Similarly, the close of this quarter feels like fintech is breaking its own fast, with Klarna filing its IPO prospectus, Rocket Companies announcing major acquisitions of Mr. Cooper and Redfin, and regulatory frameworks beginning to ease in the U.S. As we enter into the second quarter, here’s a look at this week’s fintech news as we leave the time of fasting behind. We’ll continue adding news to this post throughout the week, so stay tuned!
Finastra‘s cloud-based loan document preparation system LaserProunveils enhanced features and sees further adoption by community-based financial institutions.
Business financial management
Tesoriolaunches AI agent that autonomously manages portal-based invoicing.
Enterprise spend management platform Mendelcloses $35 million Series B round led by Base10 Partners with participation from PayPal Ventures.
Supply chain finance fintech Taulia partnered with Lloyds to embed Visa-enabled Virtual Cards into SAP Business Suite solutions, streamlining supplier payments.
Businesses using Taulia’s platform will be able to issue virtual cards globally through Lloyds, enhancing automation, cash flow visibility, and payment efficiency.
This collaboration builds on Taulia’s previous partnership with Visa, further integrating modern digital payments directly into enterprise resource planning (ERP) systems.
Supply chain finance fintech Taulia announced this week that it has partnered with Lloyds to issue Visa-enabled Virtual Cards. Taulia will embed the new virtual card offering across a range of its SAP Business Suite solutions.
“We are passionate about helping businesses unlock new value streams and our clients are fast recognizing the efficiency and financial benefits of deploying virtual cards for supplier payments,” said Lloyds Head of Commercial Cards Linda Weston. “We are thrilled about our partnership with Taulia as it enables truly embedded B2B payments processes in the SAP technology eco-system, making it easy for clients to adopt virtual payments and realise their strategic objectives.”
Taulia was founded in 2009 to help companies make use of cash tied up in their payables, receivables, and inventory. The company, which was acquired by SAP in 2022, maintains a network of 3+ million businesses to fuel its clients with more working capital.
Taulia customers who have purchased its Virtual Cards solution can receive credit from Lloyds and issue virtual cards to their suppliers across the globe. The embedded Virtual Cards solution can be seamlessly integrated into non-financial platforms, allowing businesses to offer a better customer experience that will enhance automation, cash flow visibility, and payment efficiency.
Taulia will leverage Visa’s APIs to integrate Visa virtual payment credentials, acceptance solutions, and supplier enablement services into the end-user’s ERP applications.
“Embedding virtual cards directly within the ERP landscape and having Lloyds as an issuing partner is a game-changer for corporate payments,” said Taulia Chief Product Officer Danielle Weinblatt. “This collaboration redefines how businesses manage spend, bringing greater control, automation, and working capital optimization directly into their existing workflows. By seamlessly integrating virtual cards into enterprise systems, we are not only streamlining payments but also empowering companies to unlock liquidity, enhance cash flow intelligence, and modernize their financial operations—driving smarter, more agile growth in an evolving global economy.”
This partnership comes a year after Taulia first announced it had partnered with Visa to embed Visa’s digital payments technology into its Virtual Cards offering. “By partnering with Taulia, we create synergies in working capital management and the enablement of a world class ERP provider,” Visa SVP, Global Head of Large, Middle Market Segments and Working Capital SolutionsAlan Koenigsberg said in the announcement last year.
Robinhood announced Robinhood Strategies, Robinhood Cortex, and Robinhood Banking, introducing AI-powered investment insights and premium banking services for Gold members.
Robinhood Banking, launching this fall, will offer private banking perks such as global currency transfers, luxury benefits, and up to $2.5 million in FDIC insurance, challenging established private banking providers.
Currently lacking a banking charter, Robinhood partners with Coastal Community Bank. Obtaining its own banking license could help it directly control offerings, reduce costs, and compete more effectively with legacy financial institutions.
At an event in San Francisco last night, digital stock brokerage app Robinhoodunveiled plans for a new method of portfolio management, an AI investment tool, and a private banking offering. The new offerings come with exclusive benefits for Robinhood Gold members.
“Our goal is for Robinhood to give you a world-class financial team in your pocket, with cutting-edge tools you can’t find elsewhere,” said Robinhood CEO Vlad Tenev.
The three new products announced include Robinhood Strategies, Robinhood Cortex, and Robinhood Banking. Robinhood Strategies is a wealth management tool that offers investors more control, managed accounts, and an interactive portfolio. Robinhood Cortex is an investing tool that leverages AI to provide real-time analysis to help navigate the markets, identify opportunities, and stay up to date on news.
Much of the buzz surrounding the event seems to be focused on Robinhood Banking, and for good reason. Set to launch later this year, the new offering aims to bring the private banking experience to Robinhood Gold members. Along with traditional checking and savings accounts, members can also expect to receive “luxury benefits.” Among the differentiating factors of the new accounts, which offer up to $2.5 million in FDIC insurance, are the ability to send money across the world in 100+ currencies, access estate planning and professional tax advice, receive a physical delivery of cash to your doorstep, and access exclusive perks such as tickets to events like the Met Gala, Oscars, F1 Monaco Grand Prix, The Masters, and more, as well as private jet travel, private chauffeurs, luxury helicopter rides, and members-only vacation clubs.
Robinhood Banking will launch this fall and will offer individual and joint accounts with the option to add children’s accounts with allowances and spending limits. When the banking services go live, the Robinhood Credit Card app will become the banking app and the credit card, checking, and savings will all live in one place.
The launch of Robinhood Banking will place the company in competition with Morgan Stanley, Charles Schwab, and others that provide private banking services for a fee. And while Robinhood charges just $5 per month for its service, the fintech is missing one crucial element to becoming a fully-fledged bank: a banking license. Robinhood withdrew its application with the OCC for a bank charter in 2019 and has since partnered with Coastal Community Bank to provide banking services behind the scenes.
If (or perhaps when) Robinhood does prioritize obtaining its banking license, it will benefit by gaining more direct control over its banking operations, significantly reducing reliance on third-party banks. This move would allow Robinhood to cut costs, offer a wider range of banking products, and quickly adapt and innovate its offerings in response to market demands or customer feedback. Most importantly, having a banking charter would strengthen Robinhood’s credibility and competitive positioning among legacy financial institutions, empowering it to potentially expand beyond its current target demographic of younger investors into the broader retail banking market.
Today’s announcement comes two years after Robinhood acquired credit card company X1 for $95 million and one year after the California-based company unveiled its own credit card, the Robinhood Gold Card. Since then, the waitlist for the card has grown to nearly three million people. The company has rolled out the card to more than 100,000 people, and plans to launch it to another 100,000 people on the waitlist.
“With Robinhood Banking, we’re trying to solve many of the challenges presented by legacy banks,” said Robinhood Money GM and VP Deepak Rao. “Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting-edge features historically reserved for the ultra-wealthy. We’re pushing the boundaries of what you should expect from your bank.”
Yesterday, Donald Trump signed an Executive Order (EO) to modernize the U.S. payments system by phasing out paper checks. The EO mandates that the Federal government will stop issuing paper checks for all disbursements starting September 30, 2025.
The EO, which is targeting waste, fraud, and abuse, will offer both banks and fintechs opportunities and challenges as they seek to bring digital banking to underbanked consumers who need to send payments to and receive payments from the federal government.
So as you begin your second quarter planning initiatives, here are a few things you’ll need to know about this week’s Executive Order.
Real time payments become solidified
Banks’ adoption of FedNow and The Clearing House’s RTP is increasing, and so are consumer expectations for faster fund transfers. This week’s EO stipulates the move to “fast, electronic payments,” which will change the expectations of even underbanked and elderly populations that rely on government monetary benefits.
Heightened emphasis on payment security and fraud prevention
The Fact Sheet detailing the EO specifically cites security and fraud prevention as major reasons for modernizing US payments. “President Trump is cracking down on waste, fraud, and abuse in government by modernizing outdated paper-based payment systems that impose unnecessary costs, delays, and security risks,” the Fact Sheet said. The move will ultimately bring stricter standards to government payments and will help foster consumer trust.
A shift toward digital identity verification
As payments digitize, reliable identity verification methods will become increasingly crucial. While bringing payments into the digital space will help boost KYC and AML verifications, it will also offer opportunities for fraudsters to create new scams. As an example, non-digitally native consumers may be more likely to fall victim to phishing attacks that they perceive to be payments from the federal government.
Not everyone is required to make the change
The EO states that exceptions will be made for people without banking or electronic payment access, in specific emergency payments cases, for certain law enforcement activities, and for other special cases that qualify for an exception.
Consumer awareness is key
The EO explains that, prior to the September 30 deadline, the government will initiate a comprehensive public awareness campaign to inform federal payment recipients of the shift to electronic payments. Banks should work alongside these campaigns with public awareness initiatives of their own to offer guidance on setting up digital payments and mitigating fraud.
Overall, this new EO represents a significant opportunity for banks and fintechs. By accelerating the shift to digital payments, the EO underscores the value of digital-first strategies and positions banks in a great place to attract new customers who previously relied on paper checks.
Banks and fintech companies that proactively support consumers during this transition—through seamless onboarding, education, fraud prevention, and robust digital identity verification—can strengthen their market position, deepen customer relationships, and foster long-term trust. Ultimately, the shift away from paper checks will reinforce existing efforts toward financial inclusion, drive consumer adoption of digital tools, and encourage innovation across the payments landscape.
Mercury raised $300 million in Series C funding, bringing its total investment to $452 million and boosting its valuation to $3.5 billion.
The round, which was led by Sequoia Capital, includes both primary (growth) and secondary (stakeholder liquidity) funding.
Mercury differentiates itself by offering integrated digital banking solutions for startups and SMBs, positioning it as a direct competitor to Brex and Ramp.
Business banking fintech Mercuryunveiled today that it closed a $300 million funding round, rocketing the company’s total raised to $452 million. The Series C investment round was led by new investor Sequoia Capital and saw participation from other new investors Spark Capital and Marathon, as well as existing investors Coatue, CRV, and Andreessen Horowitz.
The round includes both primary and secondary funding. This means that not only will the company have funds to use for growth, but it will allow early stakeholders the opportunity to cash out part of their investments. The investment also boosts Mercury’s valuation. The California-based company is now valued at $3.5 billion, which is more than double its 2021 valuation of $1.6 billion.
Mercury was founded in 2017 and has since focused on serving small businesses and investors. In 2022, the company launched its corporate card. Two years later, Mercury expanded once again to launch financial tools to help companies pay bills, send invoices, automate accounting, and manage employee expenses.
Today, the company helps more than 200K businesses and entrepreneurs access banking tools, credit cards, and software they need to manage their financial workflows. Among Mercury’s customers are startups like Linear, Phantom, and ElevenLabs, as well as venture capital firms and e-commerce companies like Cocolab and Bogey Bros.
When Silicon Valley Bank (SVB) collapsed in 2023, Mercury saw $2 billion in client deposits from entrepreneurs seeking an alternative banking option. Today, the digital bank retains 95% of those funds. In fact, Mercury’s handling of the SVB collapse was what gained it the attention of Sequoia, the lead new investor of today’s round.
“Mercury began with the vision that banking should do more than safely hold money – it should bring all the ways people and businesses use money into a single product that feels extraordinary to use,” said company CEO and Co-Founder Immad Akhund.
Along with its funding announcement, Mercury also unveiled key financial growth milestones, including:
Ten consecutive quarters of profitability based on both EBITDA and GAAP net-income
$500 millionin revenue in 2024
40% growth in customers year-over-year
$156 billionin annual transaction volume, up 64% year-over-year
Last year, Mercury introducedMercury Personal, a digital bank account that offers a personal bank account for users who want self-serve banking and a high-quality product experience to optimize their personal finances. Mercury Personal is slated to launch later this year.
“Mercury is a disruptive company with a bold vision for the future of banking,” said Sequoia Capital Partner Sonya Huang. “It has been synonymous with banking for startups, but Mercury is built for nearly every business and is a real competitor to legacy banks. With its track record of profitability, innovation, operational excellence, and clear vision for what banking can become, I believe that Mercury has a chance to be a generational company at the intersection of financial services and software.”
Mercury sits in the same arena as competitors Brex and Ramp. However, Brex and Ramp have carved out niches through corporate credit cards and expense management solutions aimed at high-growth startups and larger enterprises, while Mercury differentiates itself by delivering more of a comprehensive digital banking solution with integrated financial management software tailored to early-stage startups and entrepreneurs.
Trek partnered with Gr4vy to power an online-to-offline payment experience, offering consumers accurate inventory checks and simplified checkout.
Gr4vy’s payment orchestration dynamically routes transactions, which reduces friction, increases authorization rates, and allows Trek to manage multiple merchants efficiently.
Gr4vy provides Trek with a no-code, cloud-native platform to quickly implement diverse payment methods, comply with data laws, and enhance fraud prevention.
When it comes to buying bicycles and cycling accessories, consumers often prefer a shopping experience that takes place in multiple channels. To better accommodate these changing preferences, bicycle manufacturing company Trek has selected payments infrastructure-as-a-service (IaaS) company Gr4vy to power an online-to-offline payment experience that enables consumers to Buy-Online-Pickup-In-Store (BOPIS).
BOPIS has grown with the surge in ecommerce, along with heightened expectations of consumers, who prefer to order online and pick up in-store. In fact, 50% of shoppers select online stores based on in-store pickup availability. These changes in preferences, however, come at the same time that retailers and manufacturers are facing payment processing and inventory management challenges that pose checkout issues and stock shortages. To successfully execute BOPIS, retailers must ensure accurate inventory updates and a reliable payment system.
Gr4vy is partnered with online-to-offline shopping API solution Locally to enable Trek to show real-time inventory data from its network of retailers. This visibility allows shoppers to check stock availability on Trek’s website and complete the transaction online, while picking the item up in-store.
“Our goal is to give enterprises full control over their payment processes while removing unnecessary complexity,” said Gr4vy Founder and CEO John Lunn. “Ultimately, simplifying payments, so merchants can focus on what truly matters—growth.”
With its payment orchestration system, Gr4vy dynamically routes transactions to the optimal payment service provider to help reduce friction and increase authorization rates. When a customer completes their purchase, Trek and the local retailer receive the transaction details, and the customer can pick up their item in the store. Gr4vy’s dynamic payment routing helps Trek manage online and in-store transactions across multiple merchants of record.
Gr4vy also gives Trek a no-code method of adding multiple payment options, including digital wallets, Buy Now, Pay Later (BNPL), and alternative payment methods. “Partnering with Gr4vy has transformed how we approach payments, enabling us to seamlessly integrate options like BNPL and local shop inventory in a single checkout experience,”explained Trek Vice President of IT and Digital Steve Novoselac.
Gr4vy is cloud-native, PCI Level 1-compliant, and enables merchants to set up dedicated instances in specific regions to improve transaction speed and comply with data localization laws. Additionally, the API is set up to allow Trek to quickly implement new payment methods, currencies, and fraud prevention tools.
Founded in 2020, Gr4vy offers a platform that allows businesses to gain access to over 400 payment methods with a single integration. The platform also offers anti-fraud tools, and helps payment service providers optimize their payment stack without the need for IT expertise. In 2022, the California-based company was awarded Top Emerging Fintech Company at the Finovate Awards. Earlier this month, Gr4vy partnered with Australia-based New Payments Platform (NPP) Azupay to bring account-to-account payment solutions to Australian e-Commerce businesses.
Chime has launched Instant Loans, a micro-lending product offering up to $500 instantly with a fixed interest rate of 29.76%, without credit checks.
When members repay these loans on time, it can help boost their credit scores by 10 to 30 points, as Chime reports on-time payments to credit bureaus.
The Instant Loans product complements Chime’s existing suite of financial tools targeted toward middle-income users, including MyPay (paycheck advances) and SpotMe (fee-free overdrafts).
Neobank mega-competitor Chimeannounced that it has launched Instant Loans, a new product that allows users to access to up to $500 in funds instantly with a fixed interest rate.
The Instant Loans are three-month installment loans of up to $500 available to Chime members who receive direct deposits to their Chime Checking Account and are pre-approved, with no credit check required. To underwrite the loans, Chime uses its own technology combined with its own unique data sources.
Chime will notify members who are pre-approved within the Chime app and if a customer chooses to access the funds, they pay a fixed interest rate of $5 for every $100 borrowed and repay the funds in three monthly payments of $35 per $100 borrowed. This equates to an interest rate of 29.76%.
When consumers repay on time, they can potentially build up their credit, as Chime reports each on-time payment to credit reporting agencies. According to Chime, customers who pay on time may see their credit score increase by 10 to 30 points.
“We are relentlessly focused on helping everyday people achieve financial progress,” said Chime Chief Product Officer Madhu Muthukumar. “Our members have told us that they want simple and transparent tools to access money when they need it, and to help them build credit — and we’re excited Instant Loans provides both to our members.”
Chime was founded in 2012 and is well known in fintech for offering tools and services that cater to lower-to-middle income consumers. The challenger bank is best known for its earned wage access tool that allows users to receive their paycheck up to two days earlier when they set up direct deposit, but Chime also offers a credit-building tool and a feature that will spot users up to $200 to avoid account overdrafts.
Today’s launch of high interest micro-loans is a perfect fit for Chime, which aims to create transparency in lending with the fixed interest rate. The new Instant Loans product sits in Chime’s portfolio of other micro-loans, including MyPay, which is a paycheck advance product that allows members to access up to $500 of their check before payday with no interest; and SpotMe, which allows members to overdraft without fees.
