Author: Julie Muhn (@julieschicktanz)

eToro’s Latest Acquisition Boosts its Crypto Presence

eToro’s Latest Acquisition Boosts its Crypto Presence
By Julie Muhn (@julieschicktanz) Posted on
Categories: eToro, Mergers & Acquisitions

Social trading and investment platform eToro is making moves this month. In addition to launching CopyTrader in the U.S. last week, the company announced today it has acquired Delta, an app for tracking crypto portfolios.

Delta’s app helps its 1.5 million users track and analyze their crypto portfolios, offering information on more than 6,000 crypto assets traded on more than 180 exchanges.

The deal will close for an undisclosed amount, though TechCrunch rumors the purchase price is around $5 million. Delta is eToro’s second acquisition this year (and overall) after buying blockchain company Firmo in March.

“When we started eToro our goal was to disrupt the world of trading. We wanted to change the way people think about trading and investing, ultimately reducing dependency on traditional financial institutions and make trading and investing more transparent and fun,” said eToro Cofounder and CEO Yoni Assia. “This mission remains our guiding light and we will continue to evolve both organically and by acquisition in order to bring our customers the very best experience.”

eToro’s purchase of Delta shows the company’s increased commitment to the crypto space. Last year the company launched its subsidiary eToroX, a regulated digital asset exchange and crypto wallet to support tokenized asset trading. Doron Rosenblum, Managing Director of eToroX, said that Delta is “a great addition” to eToro’s crypto offering. Rosenblum also mentioned that he plans to integrate Delta into the eToroX platform to allow customers to trade from within the app.

Logistically, the Delta team will become part of eToroX, reporting to Rosenblum, but will continue working from its headquarters in Belgium.

And if you haven’t seen eToro’s video featuring Alec Baldwin pitching the U.S. launch of CopyTrader, here you go:

https://www.youtube.com/watch?v=GBBuFuHAxoY

eToro most recently showcasedCopyFunds for Partners at FinovateEurope 2017. Originally known for being a social trading platform, the company began pioneering bitcoin trading in 2013 via CFDs and in 2017 allowed clients to trade and invest in Ethereum, XRP, Litecoin, and other cryptocurrencies. eToro has raised $223 million since it was founded in 2007.

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Avaloq Seeks Exit: M&A or IPO?

Avaloq Seeks Exit: M&A or IPO?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Avaloq, Mergers & Acquisitions

Digital banking technology provider Avaloq is at a crossroads, Reuters reports. The Swiss company is preparing to sell or go public.

The decision comes as Avaloq’s private equity shareholder Warburg Pincus, which owns a 45% stake in Avaloq, seeks an exit. Other shareholders in the company include founder Francisco Fernandez, who owns 28%, as well as Avaloq staff and management, which hold 27% ownership.

If recent exit trends persist, Avaloq will take the acquisition route, likely being picked up by a wealth management firm, large bank, or a larger competitor, such as Temenos, which is much more of a heavyweight in the industry. “I always said I would never do an IPO before getting to a critical size or maturity needed for such a step. I said roughly 1 billion in revenues,” Fernandez said in a Reuters report in 2017. “Counting back, we think that in three to four years we should be there.”

No matter which route Avaloq takes, it will likely be placed among fintech unicorns. The company was valued at $1 billion in 2017 when it initiated the agreement with Warburg Pincus.

Avaloq most recently demoed at FinovateAsia last year where it showcased its ecosystem that serves as an app store for banks using open APIs. The company launched in 1985 as BZ Informatik and has since grown its offerings to include core banking software, digital wealth management, as well as core banking SaaS and BPaaS products.

Avaloq, which has raised $350 million in funding, provides technology that helps its 150 clients manage $4.5 trillion. Among the company’s clients are Barclays, BBVA, Deutsche Bank, HSBC, Rothschild, Societe Generale, and Vontobel.

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FinovateMiddleEast Sneak Peek: Scientia Consulting

FinovateMiddleEast Sneak Peek: Scientia Consulting
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateMiddleEast 2019, FinovateMiddleEast 2019 Sneak Peek, Scientia Consulting

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

FinTech Insights by Scientia is an innovative online platform that analyzes, measures, and compares all digital services of banks and fintechs in the UAE and worldwide.

Features

  • Analyzes digital banking and fintech services behind the login screens
  • Measures and presents functionality and UX across all channels of each bank
  • Allows head-to-head comparison of banks and fintechs

Why it’s great
FinTech Insights exhaustively analyzes all UAE and most prominent worldwide digital banking and fintech services behind the login screens using real bank accounts.

Presenters

Alexandros C. Argyriou, Managing Partner
Argyriou is the managing partner of Scientia Consulting Group and a recognized fintech and digital banking expert.
LinkedIn

Konstantinos Stivaros, Partner
Stivaros is partner in Scientia Consulting, mainly responsible for its international expansion. He has worked in banks and fintechs for 16 years and he holds a PhD in Computer Science.
LinkedIn


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FinovateMiddleEast Sneak Peek: PointCheckout

FinovateMiddleEast Sneak Peek: PointCheckout
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateMiddleEast 2019, FinovateMiddleEast 2019 Sneak Peek, PointCheckout

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

PointCheckout is a payment platform for loyalty points, allowing users to pay online and in store with their existing points and miles, and even a combination of their points from different programs in one transaction.

Features

  • Ability to pay with points online and in store
  • AI-powered analytics on user spend
  • Hyper-personalized redemption options

Why it’s great
With $700 million in unredeemed points in MENA, opening loyalty redemption options will result in a direct and measurable increase in credit card spend and double engagement with the bank channels.

Presenters

Bashar Saleh, CEO
Saleh is an entrepreneur, technologist, and the founder and CEO of PointCheckout, which is a payment method for reward points.
LinkedIn

Tarek Ghobar, Chief Commercial Officer
Ghobar is a three-time tech entrepreneur and aerospace engineer, with experience in turning technology into business and e-commerce.
LinkedIn






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FinovateMiddleEast Sneak Peek: IN-D by Intain

FinovateMiddleEast Sneak Peek: IN-D by Intain
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateMiddleEast 2019, FinovateMiddleEast 2019 Sneak Peek, IN-D by Intain

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

IN-D by Intain is an AI-powered platform that digitizes, classifies, and reads documents in image form. The technology sources data from digital sources, including unstructured documents, and automatically extracts data to accelerate decisions.

Features

  • Template-independent, artificial intelligence algorithms-backed engine
  • Zero cost to implement
  • Cloud or on-premise solution

Why it’s great
RPA products fail if there is a need for document to data to decision. IN-D has an artificial intelligence, algorithms-backed engine that automates these process to make the automation successful.

Presenter

Ashish Shekhawat, Product & Marketing Head
Shekhawat is leading product and marketing efforts at IN-D By Intain. He has a vast experience working with financial institutions and joined Intain to solve the organization’s operational challenges.
LinkedIn


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FinovateMiddleEast Sneak Peek: Amber Labs

FinovateMiddleEast Sneak Peek: Amber Labs
By Julie Muhn (@julieschicktanz) Posted on
Categories: Amber Labs, FinovateMiddleEast 2019, FinovateMiddleEast 2019 Sneak Peek

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

Amber Labs is a university-backed, automation-focused bitcoin exchange, wallet, and micro-investment app – all in the palm of your hand. It is optimized as an on-ramp today and evolving into a global Bitcoin bank tomorrow.

Features

  • Fastest retail-focused Bitcoin gateway in the world
  • Automated, programmatic purchases (eg; IFTTT, rules, recipes, etc.)
  • Bitcoin-denominated banking and financial products (payments, subs, loans)

Why it’s great
Amber is building a next generation bank and financial application on Bitcoin – an open, internet-based central banking protocol. This is being done whilst generating real revenue and profits today.

Presenters

Steph Verin, Marketing

Alex Svetski, CEO & Founder
Svetski is a university dropout, Bitcoin advocate, and a financial markets and tech entrepreneur. Privately, he is a writer and researcher in the fields of economics, physics, technology, anthropology, math, and engineering.
LinkedIn

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FinovateMiddleEast Sneak Peek: Neo Technologies

FinovateMiddleEast Sneak Peek: Neo Technologies
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateMiddleEast 2019, FinovateMiddleEast 2019 Sneak Peek, Neo Technologies

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

Neo Technologies is a leading wealth services platform providing an end-to-end white label solution that enables banks and financial institutions to deliver on retail and affluent wealth opportunities.

Features

  • Digital onboarding of customers and front-end UI
  • Robo-advisory suite and digital distribution of investment products
  • Administrative tools to successfully manage a new business vertical

Why it’s great
Neo’s platform-as-a-service is enabling banks and FIs to deliver on affluent wealth opportunities by launching leading services in a fraction of the time, cost, and resources within a compliant framework.

Presenters

Fahad Al Bader, CEO
Al Bader has worked in roles across capital markets, corporate finance, and asset management in MENA over the past 15 years.
LinkedIn

Abdullah Razooqi, Head of Product
Razooqi has diversified experiences across traditional financial services and financial technology, currently overseeing product development and delivering innovative financial solutions.
LinkedIn

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Ephesoft, Five Degrees, Flywire, Kabbage, OurCrowd, Plinqit

On Finovate.com

  • GoDaddy Adds SME Financing Option with Kabbage Partnership.
  • Ephesoft Drives Digital Automation in Thailand via Language Recognition.

Around the web

  • Forbes features OurCrowd’s approach to startup investing.
  • Flywire appoints former Apple Pay executive Rob Orgel as President and Chief Operating Officer.
  • Kabbage forms distribution partnership with GoDaddy.
  • Creditinfo recognizes five°degrees as one of Iceland’s Strongest Companies for the 9th consecutive year.
  • The Milford Bank goes live with Plinqit’s savings app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Prosper and BBVA Come Together to Launch HELOC

Prosper and BBVA Come Together to Launch HELOC
By Julie Muhn (@julieschicktanz) Posted on
Categories: Prosper

After 12 years in the P2P lending business, U.S. P2P lender Prosper announced a significant addition to its product offerings today, as well as a major bank partner.

Together with BBVA U.S.A., Prosper has created a Home Equity Line of Credit (HELOC) solution that enables borrowers to apply for a HELOC and receive pre-qualification in minutes. The offering, hosted on Prosper’s website, offers competitive rates and does not charge origination fees.

“We are thrilled to have a partner like BBVA that believes, as we do, in the power of technology to improve efficiency and deliver a great customer experience,” said Prosper CEO David Kimball. “Working closely with BBVA, we’re excited to be able to offer our customers the opportunity to quickly and easily apply for a HELOC online, which can be a smart and affordable financing option for things like home improvement and debt consolidation.”

In addition to being hosted on Prosper’s website, there will also be a BBVA-branded version of the HELOC. BBVA is making that version available to a select number of its own customers.

This news comes after Prosper teased the launch of a HELOC product in late 2018. The HELOC is available to Prosper customers in Alabama, Arizona, Florida, and Texas, and will roll out to additional states “in the coming months.”

“We look forward to expanding this product offering to more states and continuously improving the experience,” Kimball added.

According to Prosper, available home equity is at an all-time high, reaching $6.3 trillion in the second quarter of this year. Despite that figure, 2019 brought a drop in HELOC popularity because of high interest rates. However, with the Federal Reserve’s recent trend of lowering the interest rate, today’s launch may be timed perfectly.

Prosper presented at FinovateSpring 2009 as well as the inaugural Finovate in 2007. The company has raised a total of $410 million and is valued at $550 million.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, Finastra, Finicity, Insuritas, nCino, Yodlee

On Finovate.com

  • Finicity’s AssetReady Reports Accelerate the Prequal Process.
  • Envestnet Adds Yodlee FinApps to MoneyGuide’s MyBlocks.

Around the web

  • PyraMax Bank launches PyraMax Insurance Services leveraging Insuritas’ digital insurance platform.
  • Finastra’s new Fusion Treasury Essential helps small banks with no dedicated treasury system automate their treasury function.
  • nCino appoints David Rudow as Chief Financial Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Digital Realty to Buy Interxion for $8.4 Billion

Digital Realty to Buy Interxion for $8.4 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Interxion, Mergers & Acquisitions

Amsterdam-based Interxion, which provides carrier and cloud-neutral colocation data centre services, announced this week it has agreed to be acquired by Digital Realty, a data center services company.

The transaction values Interxion at $8.4 billion and brings added value to the company. Interxion will benefit from Digital Realty’s global footprint, helping it build its presence in the Americas, EMEA, and Asia Pacific. “We also believe our stakeholders will benefit from Digital Realty’s investment grade balance sheet and lower cost of capital,” said Interxion CEO David Ruberg.

“The transaction is expected to be accretive to the long-term growth trajectory of the combined organization, and to establish a global platform that we believe will significantly enhance our ability to create long-term value for customers, shareholders and employees of both companies,” said Digital Realty CEO A. William Stein.

Once the deal is finalized the new entity will be called Interxion, a Digital Realty company. Interxion CEO David Ruberg will serve as the CEO of the combined company’s Europe EMEA business while Stein will serve as CEO of the combined company.

Finalization of the deal is subject to closing conditions and shareholder approval. The transaction is expected to close in 2020.

Interxion was founded in 1998 and now serves its customers through 50 data centrs in 11 European countries. The company is partnered with more than 700 connectivity providers, 21 European internet exchanges, as well as many cloud and digital media platforms.

At FinDEVr Silicon Valley 2015, Interxion’s VP of Enterprise Bill Fenick, gave a presentation titled Quants in a European Cloud.

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SME Challenger Bank Recognise Signs Mambu

SME Challenger Bank Recognise Signs Mambu
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mambu

UK-based SME challenger bank Recognise has selected Mambu and its cloud-based Core banking platform, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

Recognise, which is still in the process of obtaining a banking license, originally planned to launch trading under restriction in mid-2019, and is aiming for a 2020 full launch. It was founded by Jason Oakley, former managing director of Metro Bank’s commercial and mortgage lending business.

The challenger will be implementing Mambu’s platform on the cloud, and will be pairing it with nCino’s Bank Operating System, which Recognise opted for earlier this month.

“We know that speed and flexibility is critical for SMEs and the current SME banking providers are no longer fit for purpose,” said Oakley. “This is why we have decided to select a cloud-based solution that is modern and open early on our journey.”

Recognise isn’t the first time the two vendors have collaborated. In September start-up B-North selected both companies to aid in the building out of its banking services. Like Recognie, B-North is also awaiting a licence.

Monica Velaquez, CTO of Recognise, said, “We are really excited to work with Mambu and explore the ways in which we can enhance the overall customer experience through a composable architecture. With Mambu we will be able to apply innovation initiatives to build the new foundations of SME banking through the Mambu Core and Mambu Process Orchestrator.”

Ben Goldin, CTO of Mambu, added, “It’s been a great opportunity for us to work with Recognise and once again prove the value and power of our composable banking approach. We are enabling Recognise to provide remarkable customer experience to their end-client by combining Mambu with other best-for-purpose partners like nCino and bring the composable architecture to life using Mambu Process Orchestrator.”

In its eight-year history, Mambu has garnered almost $47 million in funding (€42 million) from investors including Bessemer Venture Partners, Acton Capital Partners, and CommerzVentures.

The Berlin-based company, which made its Finovate debut at FinovateAsia 2013 in Singapore, has recently formed a host of new partnerships, including Swiss online lender bob Finance, U.K.-based neobank B-North, and software development provider ABC TECH Group.

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