Author: Julie Muhn (@julieschicktanz)

Checkout.com to Launch Card Issuing in the UAE

Checkout.com to Launch Card Issuing in the UAE
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Checkout.com plans to launch card issuing services in the UAE by 2026, allowing businesses to create branded virtual and physical cards, pending regulatory approval.
  • The move supports the UAE’s 2031 Agenda to drive digital innovation and financial services growth across the region.
  • Checkout.com continues expanding its MENA presence, following milestones like securing its Retail Payment Services license and bringing Mada (Saudi Arabia’s National Payment Network) and Apple Pay to UAE and KSA merchants.

Payments service provider Checkout.com announced plans this week to expand its card issuing capabilities in the UAE, marking the first time the company will offer this service in the region.

The UK-based fintech says it will roll out domestic card issuance in the UAE in 2026. The rollout, however, is still waiting and dependent on regulatory approval. Once it goes live in the UAE, Checkout.com will enable businesses to launch branded virtual and physical cards, power customer rewards, streamline expenses, and offer business-to-business payouts.

“As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy,” said Checkout.com MENA General Manager Remo Giovanni Abbondandolo. “The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it.”

Founded in 2012, Checkout.com is a global payments platform that empowers businesses to accept, process, and manage payments seamlessly. Through its unified payments network, Checkout.com enables organizations to accept payments locally and internationally with global acquiring capabilities. The company also offers a suite of services, including card issuing that allows businesses to create and manage their own payment cards, advanced risk management tools to optimize performance and reduce fraud, and treasury management services to streamline cash flow and reconciliation.

Checkout.com obtained its Retail Payment Services license from the Central Bank of the United Arab Emirates in 2023. Since then, it has brought Mada (Saudi Arabia’s National Payment Network) and Apple Pay to merchants across the UAE and KSA.

Today’s announcement supports the UAE’s broader vision to be a leader in digital transformation and financial innovation. As part of its UAE 2031 Agenda, the country aims to create a competitive, knowledge-based economy driven by advanced technology, including in its financial services sector. Checkout.com’s expansion into card issuing aligns with these national goals by offering businesses more flexible, digital-first payment solutions. “With bold moves like Saudi’s Vision 2030 and the UAE’s 2031 Agenda, MENA is fast becoming a global standard for digital transformation,” added Abbondandolo, underscoring how the region’s strategies are shaping the future of commerce and payments.

Photo by Nextvoyage

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Fiserv Acquires Pinch Payments to Enhance its Payments Offerings in Asia Pacific

Fiserv Acquires Pinch Payments to Enhance its Payments Offerings in Asia Pacific
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Fiserv, Mergers & Acquisitions
  • Fiserv has acquired Australia-based PayFac Pinch Payments to strengthen its digital payments offerings and expand its merchant reach across the Asia Pacific region.
  • Pinch’s cloud-based SaaS platform and PayFac expertise will help Fiserv deliver more flexible solutions for PayFacs, ISVs, BPSPs, ISOs, and enterprise clients.
  • Terms of the deal were not disclosed.

Payments innovator Fiserv has acquired Australia-based payment facilitator (PayFac) Pinch Payments for an undisclosed amount.

Fiserv anticipates that bringing Pinch into its ecosystem will help it offer more flexible options for PayFacs, ISVs, BPSPs, ISOs and enterprise clients. Pinch will enhance Fiserv’s reach with its access to a greater number of merchants. It will also help fuel Fiserv’s delivery of new payments solutions such as Pinch’s cloud-based SaaS business operating platform for merchants across Asia Pacific. 

“This acquisition further demonstrates Fiserv’s commitment to the local payments market, following our recent launch of Clover in Australia,” said Fiserv Head of Australia Gavin Jones. “By integrating our leading digital payments solutions with Pinch’s innovative technology and local expertise, we are able to deliver innovative payment solutions to empower merchants across the APAC region. We welcome the Pinch associates to the Fiserv family and are committed to seamless integration of services for our customers.”

Pinch was founded in 2017 and currently serves 2,000 merchants throughout Australia and New Zealand. The company is best known for its PayFac enablement and its management platform Glassbox. The company serves both enterprises and small businesses, and also offers a developer API, providing a comprehensive set of tools to help businesses facilitate payments more efficiently at scale. 

“Joining Fiserv is an incredible opportunity for the Pinch team and furthers our mission to provide seamless partner experiences to a growing number of merchants,” said Pinch Payments Co-Founder and CEO Paul Allen. “Having worked closely with the Fiserv team, I am confident in our roadmap to expand into new markets.”

The acquisition of Pinch Payments highlights a broader trend in the payments industry as demand grows for faster, more flexible, and embedded payment experiences. Traditional card-based transactions are increasingly being challenged with alternative payment methods such as pay-by-bank, in which consumers make direct, account-to-account transfers without the need for a card network. This shift is being driven by the rise of open banking and a push for lower-cost, real-time payment options.

As businesses and consumers across the Asia Pacific region look for more efficient ways to move money, partnerships and acquisitions like this one position companies like Fiserv to offer a wider range of solutions for customers in more geographies. With PayFac enablement, cloud-based platforms, and emerging capabilities like pay-by-bank, the payments landscape is now offering more speed, transparency, and options.

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SoFi’s Galileo Helps Fintechs Extend FDIC Insurance Beyond the Coverage Limit

SoFi’s Galileo Helps Fintechs Extend FDIC Insurance Beyond the Coverage Limit
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, SoFi
  • Galileo launched Deposit Sweep to help fintechs extend FDIC insurance protection and offer higher interest earnings by partnering with a network of banks.
  • The tool automates the movement of funds across banks once a balance hits a set threshold to maximize interest earnings and secure more funds.
  • The launch of Deposit Sweep comes in response to rising concerns around deposit safety post-Silicon Valley Bank collapse, helping fintechs protect customer funds beyond the traditional $250,000 limit.

SoFi-owned Galileo unveiled a new tool today called Deposit Sweep, designed to help fintechs and their sponsor banks offer customers extended FDIC insurance protection beyond the $250,000 limit. The tool makes it easier for fintechs to safeguard deposits beyond the traditional coverage limit while helping customers earn more interest on their balances.

Deposit Sweep connects fintechs with a network of participating banks through a leading deposit sweep provider. It enables them to select partner banks based on factors like pricing, regulatory requirements, operational needs, and interest rates, which can offer customers a secure, streamlined way to protect and grow their funds.

“Galileo Deposit Sweep empowers fintechs to deliver more competitive returns for their customers by leveraging a network of participating banks and a deposit sweep provider,” said David Feuer, CPO at Galileo. “This solution enables fintechs to offer better interest rates without increasing operational complexity.”

Deposit Sweep can be easily integrated with a customer’s existing systems, and it can automate the movement of funds once the balance reaches a predefined threshold. Fintechs can offer Deposit Sweep as an opt-in service or automatically enroll all accountholders, who will still be able to view their full balances while funds and interest earnings transfer seamlessly in the background.

Founded in 2001, Galileo offers a payment processing platform that allows third-party fintechs and businesses to build and scale their own financial services offerings. The company, which was acquired by SoFi in 2020 in a $1.2 billion deal, powers a range of fintech and banking solutions, including digital banking, credit and debit card issuing, and money movement services. With the addition of Deposit Sweep, Galileo is further expanding its suite of products designed to help fintechs deliver more secure, competitive, and customer-friendly financial experiences.

Among Galileo’s customers is business banking platform Bluevine, which is currently piloting Deposit Sweep. “Working with Galileo to enable Deposit Sweep was seamless, allowing us to quickly bring the benefits of increased FDIC insurance and higher returns to our customers,” said Bluevine CPO Herman Man. “Our business customers rely on us for security and value, and Galileo’s support has been instrumental in enhancing our offerings and delivering on that promise.”

The launch of Deposit Sweep comes at a time when deposit security is top of mind for fintechs and their customers. The collapse of Silicon Valley Bank in 2023 highlighted the risks of holding large, uninsured deposits at a single institution. By making it easier to spread funds across multiple banks and extend FDIC coverage, Galileo’s Deposit Sweep addresses a key lesson from the Silicon Valley Bank fallout. Many fintechs learned that ensuring that customer funds is protected beyond traditional insurance limits is no longer just a value-add, but a necessity.

Photo by cottonbro studio

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4 Reasons Why Credit Unions are Top Fintech Adopters

4 Reasons Why Credit Unions are Top Fintech Adopters
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series, Thought Leadership

Credit unions are entering a new era, fueled by a combination of necessity, opportunity, and partnership. As the pace of the digital world accelerates, these community-focused organizations have increased their willingness to lean in and adopt new technologies. They are no longer simply seeking to compete with banks, but they are instead seeking to deliver the personalized, community-driven service that has always differentiated them. New fintech partnerships are helping credit unions modernize operations, meet rising member expectations, and stay resilient in a rapidly evolving financial landscape.

This collaborative approach isn’t new to credit unions, rather, it’s part of their DNA. “Credit Unions have always been collaborators,” said Ami Iceman Haueter, Chief Research and Digital Experience Officer at Michigan State University Federal Credit Union. “We’ve had to be creative and scrappy to stay relevant and competitive in a crowded market. Fintech partners are a natural fit for this collaboration. Many allow us to personalize our service or products to our members and create a custom mix of solutions to go all in for our members. That’s what we do best. Having partners that are equally committed to that vision is invaluable. It’s what will carry us forward as an industry allowing us to continue showing up for our communities.”

The environment today is ripe for credit unions to take full advantage of this collaborative mindset. The combination of heightened member expectations, accessible new technologies, and a fintech community eager to partner has created a unique moment of opportunity. Below, we’ve highlighted four key reasons why credit unions have become some of the most active adopters of fintech innovation.

Tech integration is now compulsory

Credit unions now have to engage because involvement in certain technologies has become table stakes in the banking world. Over the past few years, the baseline expectations for banking services have shifted dramatically. Real-time payments, mobile-first experiences, and frictionless, digital onboarding are no longer differentiators, they’re requirements. If credit unions want to remain competitive and retain younger members, they must adopt similar digital tools that big banks and fintechs have. In 2025, falling behind on technology isn’t just a risk to growth; it’s a risk to survival.

More credit union-specific fintechs

The fintech ecosystem has matured immensely since the first bank launched online in 1994. Today, many providers are now creating solutions designed specifically for the unique needs of credit unions. From specialized digital lending platforms to member-centric financial wellness tools, fintechs are recognizing credit unions as an important, underserved market. This tailored approach makes partnerships more attractive and accessible, helping credit unions stay up-to-date on the latest tech trends.

Embedded finance is the ultimate enabling force

Embedded finance has made it easier for credit unions to leverage third-party technologies without needing in-house technical expertise. Gone are the days when integrating new technology required a complete overhaul of a credit union’s core system. Today’s embedded banking models allow credit unions to “plug and play” fintech solutions into their existing infrastructure. Because of this, these smaller players can offer services like buy-now-pay-later, upgrade their digital account opening workflows, or launch a new mobile app with a fresh look. Overall, embedded solutions allow credit unions to deliver tech-forward experiences without the burden of in-house development.

Regulatory clarity has eased pressure

Regulatory clarity and eased regulatory scrutiny has reduced barriers to forming partnerships with fintechs. As regulators have become more familiar with fintech partnerships, clearer guidelines and frameworks have emerged to support innovation in the credit union space. New charters, sandbox programs, and cooperative frameworks help credit unions explore partnerships more confidently. With better guidance in place, credit unions can engage with fintechs without facing the regulatory uncertainty that once made these partnerships seem too risky.

All of these aspects, and more, will be on full display at FinovateSpring, which takes place May 7 through 9 in San Diego.

If you’re attending next month’s event, don’t miss a special session designed exclusively for your credit union. The Credit Union Spotlight: Closed Door Session will take place on Wednesday, May 7, from 3:20 to 4:50, and will offer the opportunity to meet companies that are building technology specifically for the credit union ecosystem. Each company will provide a short introduction, followed by roundtable discussions where you can dive deeper into their solutions. If you’re interested in joining, please email billy.smith@informa.com. Please note that space is limited and subject to approval.

Want to know more about what you can expect at FinovateSpring? Check out our blog content, the event agenda, and don’t forget to register and save $200 when you book by April 18, 2025.

Photo by Jonathan Cooper on Unsplash

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Ripple Moves into Prime Brokerage with Hidden Road Acquisition

Ripple Moves into Prime Brokerage with Hidden Road Acquisition
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ripple
  • Ripple will acquire Hidden Road for $1.25 billion, making it the first crypto company to own and operate a global, multi-asset prime broker.
  • The acquisition expands Ripple’s offerings beyond payments into trading, custody, and lending services, providing financial institutions the infrastructure they need for crypto adoption.
  • Between recent regulatory shifts in the US and Hidden Road’s capabilities, Ripple is positioning itself to become a full-service financial hub as digital assets gain mainstream traction.

Blockchain and crypto solutions company Ripple announced plans to acquire multi-asset prime brokerage company Hidden Road for $1.25 billion. The deal will make Ripple the first crypto company to own and operate a global, multi-asset prime broker.

Hidden Road was founded in 2019 to offer financial institutions a one-stop-shop of services such as clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The UK-based company clears $3 trillion annually across markets with more than 300 institutional customers. 

Hidden Road anticipates that being backed by Ripple will exponentially expand its capacity to service firms in its pipeline. “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes,” said Hidden Road Founder and CEO Marc Asch. “Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets—designed and optimized for a digital world.”

For Ripple, buying Hidden Road will make it a major back-end infrastructure provider for big investors trading digital assets. The company will not just offer crypto payments, but also trading, borrowing, and custody services.

“We are at an inflection point for the next phase of digital asset adoption–the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Ripple CEO Brad Garlinghouse. “With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”

There are a few reasons why this acquisition is a huge deal for both Ripple and decentralized finance. First, it will help Ripple move beyond payments into full-scale financial services. The company, which is best known for cross-border payments using XRP, will now be able to offer trading, custody, and lending, which is the essential “plumbing” that institutional investors rely on.

Second, Hidden Road gives Ripple the infrastructure that institutions need to trade crypto confidently. By bundling execution, clearing, custody, and credit services all together, hedge fund and asset managers will be more likely to move more funds into crypto.

Finally, the acquisition positions Ripple as a strong player as US markets shift toward a more friendly crypto stance. Last week, the SEC published its official statement on stablecoins, ruling that they are generally not considered securities as long as they are pegged to USD and aren’t used or marketed for investment purposes.

With all of these aspects combined, the timing of today’s acquisition is ideal. Hidden Road will help Ripple become a full-service financial hub for crypto just as institutions are starting to take digital assets seriously again. It’s also a reminder that the structure of the future of finance will not look like it does today. Instead, it will likely be built on blockchain and driven by AI.

Photo by The Lazy Artist Gallery

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Beyond the Demos: Why You Can’t Miss FinovateSpring 2025’s Content Sessions

Beyond the Demos: Why You Can’t Miss FinovateSpring 2025’s Content Sessions
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2025, Marketing

At FinovateSpring 2025, taking place May 7 through 9, the excitement doesn’t end with the live demos on stage during the first two days of the conference. In addition to a star-studded keynote lineup and a full afternoon of topic-specific breakout sessions on Friday, attendees can look forward to a carefully curated selection of engaging panel discussions and executive briefings led by some of the sharpest minds in financial services and fintech.

Tickets for FinovateSpring are available now! Visit our registration page today and take advantage of early-bird savings.

Here’s a preview of what’s in store:

Beyond Financial Inclusion: How Can Banks Capture the Huge Growth Opportunity Offered by This New Customer Base?

In this panel, moderated by Jim Perry, Senior Strategist at Market Insights, the audience will discover how banks can move beyond traditional notions of financial inclusion and tap into the enormous growth potential of underserved markets. This session will explore strategies to authentically connect with and serve new customer segments.

AI-Driven Profitability in Financial Services: How Banks and Fintechs Are Unlocking New Revenue Streams and Cost Efficiencies

In this 90-minute session, which is hosted by VASS Intelegyz and moderated by Julie Muhn, Senior Research Analyst at Finovate, will showcase how AI can transform core financial operations, with real-world strategies for aligning AI with business goals and scaling from pilots to production. Practical, no-nonsense insights await.

Please note that this is an exclusive, invitation-only briefing for banks and financial institutions. If you are in that category and are interested in participating, please email Billy.Smith@Informa.com.

Power Panel: Getting Beyond the Hype: How Can Financial Services Providers Harness AI, GenAI, and Agentic AI to Make or Save Money?

Moderated by Jason Henrichs, CEO at Alloy Labs, this session looks into AI in banking. It is everywhere— but how can banks and fintechs really turn it into profit? The panel will cut through the buzzwords to reveal how financial services providers can capitalize on AI’s real opportunities.

Analyst All Stars: How Financial Services Have Been Changed Forever

The Analyst All Stars Session is always one of the most popular sessions at the event! This year’s session features analysts from Cornerstone Advisors, Curinos, CCG Catalyst Consulting, and Fingerprint. The experts will bring their own, unique insights on the shifts redefining banking technology, digital content strategies, and customer onboarding.

The Coming Storm for Community Banks: How Can They Find a Path to Change and Compete in the New Digital World?

This executive briefing, moderated by Jason Henrichs, CEO at Alloy Labs, tackles how community banks can navigate digital disruption, adapt quickly, and carve out competitive advantages.

Power Panel: As Embedded Finance Expands Beyond Banking, How Can FIs Capture the Opportunity That Could Generate Over $100B in Revenue?

Moderated by Phil Goldfeder, CEO at American Fintech Council (AFC), this panel will explore how embedded finance is reshaping the industry—and what banks need to do now to get ahead of the curve.

Power Panel: As Fraud Threats Continue to Evolve, How Can All Players Collaborate to Safeguard Customer Assets and Company Reputations?

This power panel, which is moderated by Jas Randhawa, Managing Partner at StrategyBRIX, will look at how collaboration is key as fraud threats escalate. This session will explore how technologies like regtech, GenAI, and digital identity can help defend the financial ecosystem.

Power Panel: The CX Revolution: How Financial Services Providers Can Compete in a Hyper-Personalized World

This session, moderated by Tanvi Lal, Investor at Intuit Ventures, will explain how top financial brands are reinventing customer experience (CX) to meet consumers at their point of need—and what lessons they can steal from big tech.

Power Panel: Balancing the Balance Sheet: How Can Banks Win the Battle for Deposits?

Moderated by Mary Miklethun, Senior Vice President at U.S. Bank, this power panel will offer strategies for banks to win (and keep) customer funds in a competitive market in which deposits are under pressure.

Investor All Stars: Are We Going to See a Sustained Fintech Boom?

The Investor All Stars session is notoriously popular with fintechs looking to form and maintain relationships with venture capitalists, as well as banks interested in keeping tabs on funding and valuations. Moderated by Kris Cole, Managing Director at Prosek Partners, this session will offer insight into an investor’s perspective on what’s going on in fintech and banking.

Whether you’re looking to deepen your understanding of AI, explore new growth channels, or get ahead of trends like embedded finance and CX, these sessions offer invaluable opportunities to gain fresh insights and connect with industry leaders.

Secure your spot now and make the most of your FinovateSpring 2025 experience.

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WSECU Invests in AKUVO to Modernize Collections and Credit Risk Management

WSECU Invests in AKUVO to Modernize Collections and Credit Risk Management
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • AKUVO secured a new investment from Washington State Employees Credit Union (WSECU), adding to its $13 million in previously raised funds.
  • The investment will help AKUVO expand its cloud-native collections and credit risk solutions, enhancing efficiency and customer experience for banks, credit unions, and fintechs.
  • The move signals growing interest in modernizing collections technology across the financial services industry amid economic uncertainty and evolving consumer behavior.

Digital collections and credit risk platform AKUVO landed a new round of funding today. The Pennsylvania-based company received an undisclosed amount from Washington State Employees Credit Union (WSECU), a $5.2 billion credit union based in Olympia, Washington.

While the amount of the funding was undisclosed, it adds to the $13 million AKUVO has received since it was founded in 2019. Among the company’s other investors are VyStar Credit Union, Curql, Reseda Group, and Coastal Federal Credit Union.

AKUVO offers collections software to help banks and fintechs collect and manage their debt portfolios. The company’s tools include a standalone virtual collector and a collections platform with automated call and text reminders. AKUVO’s technology helps increase collections efficiency, improve the customer experience, anticipate delinquencies, and offer insight into future credit decisions.

“Our partnership with AKUVO supports our mission to improve the financial wellbeing of our members and the communities we serve,” said WSECU COO Paul Kirkbride. “This investment reflects a commitment and confidence in AKUVO as a company and technology provider. We believe that AKUVO’s platform will help us enhance collections strategies, improve efficiency, and deliver exceptional member experiences. We are excited to further contribute to the company’s long-term vision through this investment.”

Today’s funding comes from WSECU’s holding company, One Washington Financial, which will join AKUVO’s Advisory Board.

“We are honored to welcome WSECU as they join six credit unions and CURQL as an investor in AKUVO,” said AKUVO Founder and CEO Jay Mossman. “The commitment to innovation and member service aligns perfectly with our goals, and we look forward to a successful partnership that drives positive outcomes for both organizations.”

This funding represents a significant vote of confidence in AKUVO’s role in the future of collections and credit risk management. As financial institutions continue to navigate economic uncertainty and evolving consumer behaviors, the demand for more intelligent, automated, and customer-friendly collections solutions is growing. AKUVO’s ability to combine emerging technologies like AI, natural language processing, and machine learning into its platform positions it as a key player helping banks and fintechs modernize their debt management strategies.

More broadly, the investment signals a growing trend among credit unions and banks to prioritize innovation in traditionally overlooked areas like collections. Instead of treating collections solely as a back-end operation, institutions are increasingly viewing it as a strategic function that can impact customer experience, operational efficiency, and risk mitigation. As economic uncertainty persists, platforms like AKUVO that enable early intervention, personalized outreach, and data-driven insights will become essential tools for financial institutions seeking to maintain strong portfolio health and deepen member and customer loyalty.

Photo by Allef Vinicius on Unsplash

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Bilt Selects FIS Premium Payback to Make it Easier to Redeem Points

Bilt Selects FIS Premium Payback to Make it Easier to Redeem Points
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, FIS
  • Bilt is partnering with FIS to integrate Premium Payback, enabling members to instantly redeem loyalty points at checkout without additional apps or sign-ups.
  • Bilt Rewards members can now use points earned from rent, dining, rideshare, and travel purchases for immediate savings at participating merchants.
  • FIS’s Premium Payback network, which supports 7,000+ card loyalty programs, helps drive customer engagement by increasing point redemption and boosting cardholder spending.

Loyalty platform Bilt has selected payment, banking, and investment systems provider FIS to allow users to redeem their points directly at the point of purchase.

Bilt is using FIS’ Premium Payback solution, an engagement tool that connects participating issuers with participating merchants to allow point redemption directly at the point of purchase. By adding the ability to redeem their points at the moment of their transaction, users benefit from immediate savings. Premium Payback displays offers at checkout to provide cardholders with instant gratification on their point usage. It does not require users to sign up for new services, download a special app, or anything else that adds friction.

Bilt Rewards was founded in 2021 to offer a loyalty rewards program and credit card that allows renters to earn points when they pay their rent, building credit with every payment. With no annual fee, the Bilt Mastercard credit card also allows cardholders to earn points on select dining experiences, rideshare purchases, and travel purchases. These points can be redeemed for travel, fitness classes, home decor, and even a down payment on a future home.

Bilt anticipates that, with Premium Payback, customers will be able to see their money work more effectively and instantly.

“We are constantly looking for ways to give our members more ways to redeem their points,” said Bilt Chief Strategy Officer Brandt Smallwood. “FIS’ Premium Payback network will allow Bilt Members to redeem their Bilt Points to save on their purchases with some of their favorite merchants in their neighborhood.”

FIS’s Premium Payback solution has thousands of financial institutions representing more than 7,000 card loyalty programs enrolled in its ecosystem. Of the customers enrolled in Premium Payback, 50% redeemed points two-plus times in one year, and 36% increased their spending.

“The current economy is significantly increasing the demand for loyalty programs that maximize the utility of money, but inadequate technology can complicate the experience cardholders have when redeeming loyalty points, hindering the efficient movement of money,” said FIS Head of Products and Services for Loyalty Mladen Vladic. “Credit and debit cards continue to play a leading role in the payment experience as money moves between banks, consumers, businesses and beyond in a complex, never-ending cycle. In the fight for customer loyalty, every payment card program is a vital opportunity to seize competitive advantage and drive growth. We’re proud that FIS Premium Payback can help our clients—like Bilt—accomplish these goals.”

 Photo courtesy Suzy Hazelwood via Pexels

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Streamly Snapshot: The Power of Data Visualization Driven by AI

Streamly Snapshot: The Power of Data Visualization Driven by AI
By Julie Muhn (@julieschicktanz) Posted on
Categories: Speaker series, Streamly

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.

Photo courtesy Cottonbro via Pexels

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Plaid’s $575 Million Round Signals Strength Despite Valuation Drop and Delayed IPO

By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Plaid
  • 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 Plaid announced 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.

Image courtesy David Clarke via Unsplash


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Rocket Companies Acquires Mr. Cooper for $9.4 Billion

Rocket Companies Acquires Mr. Cooper for $9.4 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Mr. Cooper

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.

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Atomic Raises $10 Million to Boost Innovation and Expansion

Atomic Raises $10 Million to Boost Innovation and Expansion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Atomic FI, Daily news, Funding
  • 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.

Photo by Jakub Zerdzicki

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