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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Payment acceptance and business management platform Stripe announced an extension of its $250 million Series G funding round today. The additional $600 million in funds come from existing investors including Andreessen Horowitz, General Catalyst, GV, and Sequoia.
The investment is Stripe’s largest so far and brings the California-based company’s total funding to $1.6 billion.
The company will use the new funds to hire more staff, invest in its software, make strategic acquisitions, and expand internationally. Stripe has launches pending in Bulgaria, Cyprus, the Czech Republic, Hungary, Malta, and Romania.
Stripe first announced its Series G round in September of last year, in a pre-COVID-19 world. However, despite the vast differences in the global economy at that time, the company’s valuation has actually increased– from $35 billion last September to $36 billion today.
A $1 billion rise in valuation is rare these days, when startups across the globe have been told to brace for down rounds. The company attributes this boost to the increased digital adoption that has occurred as a result of businesses moving their operations online because of the coronavirus.
“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity. And businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” said John Collison, Stripe president and co-founder. “We believe now is not the time to pull back, but to invest even more heavily in Stripe’s platform.”
Stripe was founded in 2010 and has since padded its client base with well-known firms such as Caviar, Coupa, Just Eat, Keap, Lightspeed, Mattel, NBC, Paid, and Zoom– a partnership that was just unveiled today.
Taxes, especially in the U.S., can be anxiety-inducing not only for consumers but also for small businesses. And even though this year’s tax filing deadline has been extended to July 15, the filing and payment requirements remain unchanged.
“The daunting task of gathering documents for a year that has passed is one that is difficult for small business owners, especially when they already feel overwhelmed at tax time,” said Lil Roberts, CEO and founder of Xendoo. “Coupling that pain point with small businesses feeling that federal tax is a “black box” and understanding how to maximize tax savings is also extremely frustrating.”
Fortunately, where there is a financial problem there is a fintech solution. There are many fintechs available to help both individuals and businesses not only understand their taxes but also to facilitate tax payment. Below, we’ve highlighted the top 10 tax-focused fintechs.
ANNA
ANNA offers a business bank account and mobile tax app that help merchants with their invoicing, expense tracking, and taxes. The company’s app reminds businesses about tax deadlines and helps them prepare by estimating how much they owe as they earn revenue. ANNA also has a team of accountants to help prepare and submit tax returns.
Avalara
Avalara offers tax compliance tools for a range of businesses. The Seattle-based company, which counts customers such as Pinterest, Adidas, and Bed Bath & Beyond, offers products to help companies calculate sales tax, gather data to prepare and file tax returns, as well as collect, store, and manage tax documents on behalf of the business. Avalara offers products tailored to specific businesses, including ecommerce, lodging, communications, and restaurants.
Credit Karma
In 2016, financial health company Credit Karmalaunched a free tax filing service. Interestingly, the company was recently purchased by TurboTax parent Intuit for $7 billion. In comparison with Credit Karma’s free service, TurboTax charges users anywhere from $60 to $120 for a federal return and $45 for a state return.
DAVO
DAVO launched in 2011 to be the ADP for merchants’ sales tax. In other words, DAVO automates the entire sales tax process on a business’ behalf. The company connects to the merchant’s point-of-sale technology to collect sales data and sets aside taxes on a daily basis. When sales tax is due, DAVO files and pays on the small business’ behalf.
Gusto
HR and payroll company Gusto has a robust set of services to make small business owners’ lives easier. The company automatically files payroll taxes and distributes I-9s, 1099s, and W-2s to employees. Gusto also helps businesses stay compliant by staying up-to-date on changing tax laws and doing all tax-related calculations on the business’ behalf.
Refundo
Refundo offers a suite of solutions to help tax preparers bring their operations into the digital age. Among the company’s products are mobile document transfers, audit assistance, tax preparation fee collection service, payment acceptance tools, and refund advance technology. At the end of the day, the company’s solutions not only make the tax preparer’s life easier, they make the lives of their taxpaying clients easier, as well.
RoamHR
With a mission to make self-employment easier, RoamHR automatically removes tax withholdings from users’ accounts once they get paid and places the funds into a RoamHR Tax Withholding Account. The company also offers tools that help users track deductible expenses, such as mileage, and helps them file their business taxes each quarter.
Taxnology
Taxnology has built a digital tax compliance center, a web-based solution to help businesses manage their taxes digitally. The company stores business’ historical tax data in the cloud so that it can be used for future cash flow planning and budget purposes or retrieved in the event of an audit. Taxnology is currently only available in Hungary.
Xendoo
Xendoo offers bookkeeping and CPA services that connect with businesses’ financial accounts to deliver monthly reports, business insights, and tax filing. Because Xendoo has a comprehensive view of the merchant’s financials, the company is able to provide tax consulting services, as well.
Xero
Cloud accounting software company Xero has been helping small businesses with their bookkeeping since it was founded in 2006. The company also offers solutions to help tax preparers who have Xero clients automate and customize tax-related tasks. For businesses who prepare taxes on their own, Xero offers tools to file taxes online, as well as prepare sales tax returns using software that leverages a company’s sales data to automatically calculate the taxes.
Roberts added one final thought for those businesses working toward that July 15 deadline. “For a smooth process, best practice is to have monthly bookkeeping done so tax benefits are being collected all year, and having books in order to make tax time more peaceful.” And during a pandemic, anything that can make a process more peaceful is worth doing.
Digital identity verification platform Onfidoreeled in $100 million in a round led by TPG Growth this week. Salesforce Ventures, Microsoft’s M12 Capital, and others also participated. The London-based company’s total investment now sits at just over $182 million.
The company, which counts TechStars, YCombinator, and 500 Startups among its previous investors, will use the funding toward R&D and global expansion. Specifically, Onfido plans to boost its operations in the North American market.
Onfido started off in 2012 with $20,000 in funding from Oxford University and made those funds last for a whole year. After that, the company said it could go one of two routes: it could grow quickly and rely on investment to sustain operations or it could opt for slower growth but be financially self-sufficient.
“We’ve naturally chosen the grow-fast path because we strongly feel that the time to solve the digital access problem is overdue, and urgently needs to be solved, for good,” said CEO and Co-founder Husayn Kassai.
From the outset, Kassai and fellow co-founders Eamon Jubbawy and Ruhul Amin focused on creating a new standard for digital access that looks beyond credit bureaus for a more inclusive approach that stops fraud without compromising the user experience. “Identity is broken and getting worse, contributing to $2 trillion in laundered money,” said Kassai.
To help overcome this, Onfido tapped the power of machine learning to assess 4,500 types of documents from 195 countries for authenticity, as well as match document photos to the user’s selfie. The technology, which the company showcased at FinovateFall 2018, can be used for user onboarding, identity verification, fraud detection, age verification, and to help meet AML and KYC requirements.
“We didn’t fundraise to just get to the next milestone, we need the funding as we’re changing the world,” added Kassai.
With more than 350 employees across nine offices in London, San Francisco, New York, Albuquerque, Lisbon, Berlin, Paris, New Delhi, and Singapore, Onfido helps more than 1,500 companies verify their users. Among the company’s clients are Revolut, Zipcar, Expensify, and Bitstamp.
COVID-19 has rewritten so many rules about the economy. It is now more difficult than ever to underwrite risk and ultimately understand if a consumer will pay back their loan.
The Wall Street Journal reported late last month that many lenders have implemented stricter lending requirements because of this challenge. In some ways, this is necessary for banks to protect themselves. However, the more stringent standards also create hardships for consumers who could really use some extra cash right now.
Policymakers have intervened to encourage banks to loosen their lending standards to meet consumer needs during this time. Banks are being told not to pay attention to credit as much as they used to and to not collect more than a year’s worth of data for underwriting.
“There is significant pressure by the Small Business Administration to make unsupported loans,” said career banker and author Richard Lawless. “Banks are being told, ‘don’t pay attention to bad credit.’ This will result in loan losses of 10%, or more. All of which amounts to the new CDC guidance for banks, ‘don’t wear you mask, don’t wash your hands, touch everything, and gather in large groups. It’s okay, the government has got your back.'”
Fortunately, non-traditional underwriting models have been gaining popularity in the fintech space. Many of these models don’t rely on a borrower’s financial standing, but instead pull data from alternative sources such as social media. Two things fueling this recent explosion include the availability of more data and the advanced expertise of AI.
California-based Neener Analytics relies on both of these aspects– the abundance of data as well as AI– for its risk outcome predictor. The company offers businesses an “automated psychologist” that tells companies the likelihood that a prospective borrower will pay back a loan. Unlike the way many companies analyze creditworthiness, Neener Analytics doesn’t look at whether or not the consumer’s financial situation is in good shape. “The question isn’t can they pay us back– that’s easy to figure out,” said CEO Jeff LoCastro during his demo at FinovateSpring 2019. “The question is will they.”
The company places a lot of weight on what it considers small data and human data. Regarding the impact of the COVID-19 crisis on consumer credit scores, LoCastro said, “The market is going to be hit with a tidal wave of newly undecisionable consumers: consumers who on a Monday were a good bet, but by Friday will suddenly be unacceptable. They missed payments because of a global COVID shut-down…not because they are a bad risk; this is a health crisis, not a financial one. But the big data algorithms can’t account for that… Only small data can see beyond COVID; only through small data is the consumer still a distinctive individual human being endowed by a unique matrix of conditions and domains that manifests in binary outcomes.”
To help businesses underwrite risk in this new environment, Neener Analytics’ tool turns to social media. With over 70% accuracy, this “automated psychologist” tool can be summoned via a one-click decisioning tool or a chatbot dubbed ARIA. Both methods eliminate the need for lenders to ask more questions on loan applications, which often leads to abandonment.
“We all know sometimes bad things happen to good people,” added LoCastro. “The only way to bridge this is through human data . . . not through more underwhelming historical, transactional, or relational approaches. With Neener Analytics, consumers who were a good bet on Monday . . . will still be a good bet on Friday.”
Regtech company Kyckr, which first partnered with its client Citigroup in 2016, has extended its relationship with the bank. Kyckr announced today that it will now provide Citi Commercial Bank with its client verification platform.
Kyckr’s verification platform has information on more than 200 company registries and 170+ million legal entities across 120 countries. Citi Commercial Bank will use the company’s API to verify business information using documents that detail ownership and control, financials, solvency, and more when onboarding new commercial clients.
“Onboarding new clients when opening a bank account is the first stage in customer verification, involving gathering vital information on the customer and conducting identity checks to comply with Know-Your-Customer regulations,” said Kyckr CEO Ian Henderson. “More and more businesses are looking into automated and accurate means of adhering to Anti Money Laundering and Know Your Customer obligations to prevent fraud, and this is where our technology is well positioned in the market.”
Along with Citi Commercial Bank, Kyckr also serves Citi’s Institutional Clients Group (ICG) and Trade and Transaction Services (TTS) with its corporate data solutions.
Kyckr has provided APIs and cloud-based automated decision engines to help companies with KYC compliance, due diligence, and customer onboarding since it was founded in 2007. The Australia-based company is listed on the ASX under the ticker KYK and has a market capitalization of $10.85 million (AUD $16.9 million). Since going public, Kyckr has raised $11 million in post-IPO equity.
In addition to Citigroup, Kyckr’s clients include DemystData, the Bank of Ireland, and others.
With citizens across the globe finding themselves in a financial crunch, Goldman Sachs’ new product may be coming at just the right time. The investment bank launched a point-of-sale (POS) financing solution that will help users pay for larger purchases over time.
The POS tool, MarcusPay, helps borrowers afford items ranging from $750 to $10,000 by paying for them over the course of 12 to 18 months. Goldman Sachs doesn’t require any money down and there are no fees for purchases made with MarcusPay. The interest rates for MarcusPay purchases range from 10.99% to 25.99% APR. These rates are competitive with those of credit cards, which average just over 15% APR.
Goldman is piloting MarcusPay with JetBlue Vacations, a partnership that was formed before the recent pandemic quashed any and all vacation planning.
Aside from the launch partner fumble, MarcusPay faces a few more hurdles to compete with companies such as Sezzle, Affirm, and Klarna, which have been gaining traction in the U.S. in the POS financing space for the past few years.
The first issue is that MarcusPay requires users to apply for financing during the transaction flow. The extra hurdle of filling out an application in the middle of the purchasing experience may be enough for users to abandon the purchase altogether. Second, the popularity of POS financing is due, in large part, to millennial consumers that do not have a credit card. This is quite different from Goldman’s target market, which is primarily comprised of mass affluent consumers. Additionally, the POS financing product may result in cannibalization– that is, Goldman’s credit card holders may opt to use the POS financing product instead of their credit card in order to benefit from a potentially lower interest rate.
The one benefit that MarcusPay has in competing in the POS financing space is that its service is generally geared toward financing larger purchases.
We recently chatted with SuperMoney Founder and CEO Miron Lulic to give us an update on the company’s platform that helps consumers reach their financial goals.
Miron, who strives on “creating something from nothing,” founded SuperMoney in 2013. The California-based company has raised $1 million and topped $2 billion in loan requests on its platform last August.
SuperMoney’s mission is to help Americans reach their financial goals. Tell us a bit about how you do that.
Miron Lulic: SuperMoney offers the most comprehensive, transparent and objective resource to compare financial services. There are a lot of personal finance blogs that write articles for whatever service is offering the best payout. SuperMoney is built as a platform to help find any financial product or service. The content found on our product profiles are dynamically generated based on stored data attributes. We are better than anyone at giving people the facts. Our community members provide a qualitative dimension about their experiences by indicating whether they would recommend or not recommend a service. These two dimensions combined help people make better financial decisions.
Furthermore we’ve made it easy for people to get competing personal loan, auto loan, auto refinance, and student loan refinance offers through our loan offer engine. We’re tightly integrated with all the leading online lenders so that consumers can submit a single application and get real loan offers back in real time.
Lastly, we provide a lot of financial education content that is financial goal focused. We are diligently working on expanding our ability to give people actionable advice that goes beyond basic content.
SuperMoney helps users with a handful of financial goals– from buying a house to getting out of debt. Which of these goals is most popular among your user base?
Lulic: Getting out of debt is the most common goal among our users. Our platform helps consumers find the best financial strategies for their unique circumstances. In some cases, that means refinancing credit card debt with a debt consolidation loan. For others, it might mean talking to a credit counselor.
We like to refer to ourselves as the “Financial Advisor for Main Street America.” Most Americans are not looking for help with tax loss harvesting strategies. They are looking to get out of debt, establish savings, and eventually buy a home. We are building the tools to help tackle these basic goals.
What is SuperMoney’s business model? How do you make money?
Lulic: We sometimes, (but not always), receive compensation when we refer users to financial service providers found on our website. This is similar to the model sites like Nerdwallet and Credit Karma use. The difference is that our unified platform provides the tools to compare a wide selection of financial services in an objective way, not just the ones that provide us with compensation.
In 2018, SuperMoney launched a product to help small businesses offer POS financing options to their clients. Do you plan to extend this further, for example, to larger businesses or to online retailers?
Lulic: Yes, we are in the final stages of launching an exciting new service that will open our financing platform up to a broader set of partners. We hope this will help millions of new users make smarter and more informed choices.
What’s next in the innovation pipeline for SuperMoney?
Lulic: We feel there is a huge opportunity to leverage artificial intelligence in the financial advice and planning arena. This is already happening in the investment sector with roboadvisors and AI-powered analysis. Yet, we have hardly scratched the surface when it comes to personal financial planning for everyday consumers. Our goal is to simplify the experience and provide smarter suggestions to users who are looking for basic financial advice.
When Upgrade set out to create a new banking experience in 2017, there’s no way the company could have envisioned what 2020 would bring. Now, with social distancing measures in place across the globe, Upgrade’s launch of a contactless version of its credit card is just what the doctor ordered.
Furthermore, the California-based company is making the card available in digital form, supporting Apple Pay and Google Pay mobile wallets.
Upgrade first launched its card last year and has since made $500 million in new credit available to consumers every year. The company differentiates its card, which is issued by Sutton Bank, from traditional credit cards by combining monthly charges into installment plans that the borrower repays over 24 to 60 months. Upgrade structures the repayment this way to get its users into the habit of paying down their balance every month and avoid getting trapped in a continuous cycle of debt.
Further protecting consumers is the contactless element of Upgrade’s new card. “These new Upgrade Card features enable payments without any surface contact,” said Upgrade co-founder and CEO Renaud Laplanche. “While more customers have been shopping online since the start of the COVID-19 pandemic, many are still using their card in stores. We want to do what we can to keep our customers safe and give them a smarter way to pay.”
The Visa-branded Upgrade cards offer users credit lines from $500 to $20,000 and boast no fees.
Upgrade also offers personal loans for debt consolidation, credit card refinancing, home improvement, and major purchases. In partnership with Cross River Bank of New Jersey, which issues the funds, Upgrade has originated $2.5 billion in loans and cards since inception.
Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, and technology centers in Chicago, Illinois, and Montreal, Canada. The company has raised $122 million.
In a COVID-19 world, the rich may not necessarily be getting richer, but it has become clear that the virus is taking a toll on lower income populations. And with this, the global pandemic is shining a light on income disparity.
Do you remember the last movement to highlight income inequality?Occupy Wall Street. The movement started in September 2011 as groups assembled at major financial districts and banks to make their voices heard about income distribution, bank reform, student loan forgiveness, and capitalism in general. Nearly 200 protestors camped out in Zuccotti Park in New York’s financial district, ultimately costing the city $17 million.
So with the income inequality fresh on consumers’ minds, here are a few ideas on how banks and fintechs can be their ally instead of their perceived enemy.
Be flexible
While you don’t need to bend over backwards, offering some flexibility is key. And even though offering flexibility on payment plans can be essential, it’s not all consumers are looking for. Your call center, for example, is likely overloaded right now. Instead of having callers wait on hold, can you direct them to a chatbot or make an option for them to request a call back from an agent at a certain time?
Straying from traditional operations and bending some rules (in a compliant manner, of course!) can make a huge difference to a stressed-out consumer that is just looking for someone to understand their situation.
Be generous
You don’t have to forgive a customer’s mortgage payment for them to like you. Peer-to-peer payment company Venmo is doing a great job at engaging with its customers during this time. The company is depositing $20 into consumers’ accounts in exchange for their generosity toward healthcare workers or others in need.
Select an idea that works for your organization’s image. You can give away gift cards to Netflix or offer free gift cards to local restaurants for take away meals. The giveaways can be in under $10 and done at random or as a daily or weekly online drawing. For something more simple, you could host a larger cash giveaway with only one or two winners.
Show unity
Play a role in your community, even if it’s not an in-person effort. Advertise in the local paper that your staff is volunteering to drop off groceries for elderly citizens, display uplifting sayings to encourage passersby, or even place rolls of toilet paper on front steps of houses in nearby neighborhoods. If toilet paper isn’t your style, mail coloring sheets and simple art supplies to customers with small children. For smaller banks, publish the phone number of a representative who can help customers sort through financial issues.
Small actions can have big outcomes during a crisis like this. During a time when people are “looking for helpers” as Mr. Roger’s instructed, banks have a great opportunity to be the helpers in their community.
Blockchain-based payments company Sila announced today it has pulled in $7.7 million in Seed funding. The round was led by Madrona Venture Group and Oregon Venture Fund with contributions from Mucker Capital, 99 Tartans, Taavet Hinrikus, and Jerry Neumann.
Sila was co-founded in 2018 by Shamir Karkal, one of the entrepreneurs who co-founded Simple in 2009 and was responsible for integrating the challenger bank’s system into BBVA after it was acquired by the mega bank in 2014 for $117 million. Karkal now serves as Sila CEO.
The company will use today’s funds to accelerate growth, introduce new product features, and acquire more customers. As part of today’s deal, Madrona Venture’s Hope Cochran and Oregon Venture’s Rick Holt will join Sila’s board of directors.
The Portland, Oregon-based company has a single API that offers what it’s termed Infrastructure-as-a-Service. Overall, Sila helps companies authenticate consumers via a partnership with Alloy, connect with consumer bank accounts via a partnership with Plaid, and move money. All three of these capabilities come together to enable companies to create their own in-app, white-labeled digital wallet. Sila’s customers range from startups to established businesses working in finance, insurance, real estate, and blockchain.
To power the funds transfers, Sila is using SILA, its own ERC token that is pegged to the U.S. penny. Since the money is held in Evolve Bank and Trust, a traditional bank, all funds are FDIC insured.
“The global financial system is broken,” said Karkal. “(It) doesn’t serve consumers, small businesses, or the innovators trying to reach them. It is too expensive, inefficient, tightly regulated, and difficult to integrate into fintech applications.” Sila is addressing these challenges in multiple ways, one of which is its price point. The company’s pricing ranges from $0 per month plus fees for startups, to just under $10k per month plus fees for enterprises.
As for what’s next, Sila is currently working on adding support for card payments, business ID verification, and international payments. The company, however, has yet to disclose timing on these projects.
HR and payroll software solutions provider Paylocity made an acquisition today that will bring the company into the COVID-19 era. The Chicago, Illinois-based company announced it has purchased video platform provider VidGrid for an undisclosed amount.
Paylocity made the purchase to reinforce its services with VidGrid’s peer-to-peer learning courses. The company expects that adding workplace video communication tools will boost employee collaboration, engagement, and retention.
“We believe video will play a critical role in transforming workplace communication,” said Paylocity CEO Steve Beauchamp.
Today’s acquisition stems from Paylocity’s previous partnership with VidGrid that powered Paylocity’s learning management system (LMS), a tool that enables clients to learn from interactive videos featuring subject matter experts. “As part of our product expansion, we introduced our Learning Management System and worked with VidGrid to provide learning opportunities that the modern workforce expects,” Beauchamp said. “VidGrid’s approach aligns with our culture of caring deeply for our clients and we couldn’t be more excited to welcome their talented and innovative team to Paylocity.”
The acquisition– Paylocity’s first– comes at a time when traditionally in-person consultations and services have been pushed to online channels in order to comply with social distancing requirements. Secure video communications channels have proven to be invaluable during the COVID-19 era. Many experts are predicting consumers’ habits to pursue services online instead of in-person to continue even after it is once again deemed safe to gather in person.
Founded in 1997, Paylocity has more than 3,300 employees, more than 60% of whom work remotely (this was, of course, before everyone was required to do so). The company has more than 20,000 clients and 2,200 partners. Paylocity is publicly traded on NASDAQ under the ticker PCTY with a market capitalization of $4.71 billion.
What happens when third party fintechs try to access banking data on behalf of their consumers, but each way has a different way of doing so?
That’s exactly what’s happening in the U.S. right now, and it’s a major factor in preventing the country from adopting an open banking culture. In an era when consumers conduct their banking activities with multiple providers, open banking not only safeguards consumer data but also places them in control of how they want their data used and for how long.
Speaking different languages
The lack of a consistent approach is also the reason why customers of some U.S. banks have been locked out of third party applications such as Robinhood and Digit. While these customers were prevented from using their own banking data, banks had good reason to lock out the third party providers, citing security concerns. Our piece Are U.S. Banks Leaning Towards Closed Banking? covers the drama in more detail.
What’s needed is a standardized regulation for data sharing. Banks can’t trust third parties and what they may do with customer data. With new regulations such as CCPA and GDPR, banks are required to keep track of how their clients’ data is used. Once a third party possesses customer data, the bank can no longer guarantee it will be used and stored properly.
Aligning the approach
So how does the fintech industry get everyone on the same page when it comes to data sharing?
The Financial Data Exchange (FDX) was created to solve that very same problem. “FDX is member-driven and governed by majority vote and we’re united by a common mission and purpose: providing secure and convenient financial data sharing,” said FDX Managing Director Don Cardinal. “Our Working Groups are inclusive, transparent and benefit from our members’ decades of experience and professionalism.”
FDX is a non-profit organization that is creating what is essentially a playbook of data communications rules for banks and third party fintechs. FDX currently counts 102 organizations– only one third of which are banks– that vote on an agreed upon global standard for data sharing.
Keeping the end consumer in mind
Importantly, FDX not only helps its member organizations speak the same language, the alignment trickles down to benefit end consumers as well. That’s because FDX helps place consumers in control of their own data, allowing them to decide which organizations can use their data and for how long. Aiding in this transparency, some banks have created dashboards that allow customers to view and edit which apps have access to their data.
To promote more consumer awareness, FDX is working to create a certification stack that would indicate to consumers whether a bank, fintech, or organization is part of FDX. You can think of this similar to a bluetooth logo on a device that informs consumers that a product has undergone the Bluetooth Qualification Program.
So when can we expect mainstream adoption of FDX?
“While we cannot give an exact date, we know from similar innovations (online banking, billpay, mobile banking, EMV chip cards) that we are moving from the Innovator to the Early Adopter stage and that acceleration of adoption will accelerate once we pass the mid-market peak,” said Cardinal. “To date, our members have moved nearly 12 million U.S. consumers over to the FDX API.”
