Author: Julie Muhn (@julieschicktanz)

The 33 New Faces on the FinovateSpring Demo Stage

The 33 New Faces on the FinovateSpring Demo Stage
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Marketing, FinovateSpring 2024, FinovateSpring 2024

Finovate is best known for showcasing seven-minute fintech demos, and for this year’s FinovateSpring event (taking place May 21 through 23 in San Francisco), we have a lineup of fresh faces. Of the 40+ companies that will showcase their new technology during the conference, 33 companies have never set foot on the demo stage before.

That’s 33 companies that are new to us– and may very likely be new to you, too. Here’s an overview of the new-to-Finovate demo companies currently on the roster:

APIMatic
APIMatic helps banks and fintechs generate ROI from their API investments via automation and AI solutions. The company is headquartered in Auckland, New Zealand and was founded in 2014.

Ascent Platform
Ascent streamlines multiple new product experiences with less cost, less disruption, and less risk. The company simplifies and speeds integration of new point-of-sale experiences into a financial institution’s infrastructure, future-proofs the organization to launch new products and adopt the latest and greatest approach, collects and reuses customer data across all product lines in real-time, reduces due diligence and vendor management overhead, and provides greater control and security over point-of-sale data.

BaaSFlow
With BaaSFlow, users can achieve higher growth and better consumer experiences at a fraction of the cost of a legacy core, which is often not performant, flexible, or modern enough to scale in the digital age.

Blee
Blee helps organizations move to market quicker while increasing revenue and minimizing compliance risk. The company is headquartered in New York and was founded in 2022.

Bloom Credit
Bloom Credit helps banks and credit unions offer a deposit retention and credit building tool to their client base. The company is headquartered in New York, NY and was founded in 2016.

Borealis Global Analytics
Borealis Global Analytics’ virtual portfolio manager platform, powered by generative AI, aims to boost global equity portfolio returns by cutting costs associated with global equity data and research and increasing the efficiency of portfolio managers.

Candour Oy
Candour Oy provides secure, quick identity verification that improves reliability and consumer convenience for financial institutions. The company is headquartered in Oulu, Finland and was founded in 2020.

Cardlay Payment Systems
Cardlay Payment Solutions helps organizations with the growth and retention of their existing portfolios. The company is headquartered in Odense, Denmark and was founded in 2020.

Deeployalty
Deeployalty assists banks in creating new value for customers and acquiring new data that will help create offers to increase transaction activity. Merchants gain the ability to stop printing paper receipts and receive a tool to attract new customers through bank partners already connected to Deeployalty.

DYNATREK
DYNATREK looks to improve the timing and pricing of proposals, such as loans for customers, and enhance the administrative workflows centered on spreadsheets. The company is headquartered in Tokyo, Japan and was founded in 1999.

Endaoment
Endaoment enables nonprofit organizations to facilitate crypto and stock donations without having to accept the asset directly. The company’s platform modernizes donation practices, connecting organizations with new funding sources and a new, diverse donor base.

Eqvista
Eqvista’s cap table management tools enable companies, large and small, to optimize equity management and share values.

Foresight
Foresight helps organizations find the right private company to do business with, research everything about them, and learn how they can impact a portfolio once they are involved with it.

Hapax
Hapax uses technology to bridge the information access gaps between big banks and smaller banks. The company offers smaller FIs ubiquitous and immediate access to accurate and validated information to help them mitigate risk and stay compliant.

Instarails
With Instarails, organizations and banks can offer instant, inexpensive, and inclusive payments that will increase revenue, generate growth, and provide entry into new markets.

LiquidTrust
LiquidTrust helps banks and credit unions offer their business customers an improved customer experience (digital, self-serve), and helps them reduce the risk for buyers and sellers, grow their SMB customer-base, grow non-interest bearing deposits, and generate additional revenue (e.g. transaction and lending).

Lloyd Tevis Investments
Lloyd Tevis Investments offers a smarter way to invest and a more intuitive, higher value-add way to engage with clients. The company is headquartered in Lafayette, CA and was founded in 2015.

Method Financial
Method Financial’s platform helps financial institutions, fintechs, and lending institutions access liabilities held at over 15,000 institutions in the U.S., through real-time data and payment access for consumer liabilities by simply using a consumer’s PII, with no authentication required.

Modernbanc
Modernbanc’s reconciliation software allows finance teams to leverage the power of AI and no-code automation to build complex reconciliation without the need for developers. This allows companies to increase leverage per employee, scale their finance and payments function, and increase profitability, without increasing their total headcount.

Nav.it
Nav.it aids organizations in transforming and growing their businesses by enhancing employee financial wellness, leading to increased productivity and engagement. Its data-driven insights inform strategic decision-making, while its focus on financial health contributes to a positive organizational reputation and a culture of financial mindfulness. By integrating seamlessly with existing HR systems, Nav.it offers a scalable solution to improve overall workplace efficiency and employee satisfaction.

Parlay Protocol
Parlay Protocol’s product can increase the chances that a loan applicant will gain access to small business funding while helping banks convert new customers and attract new borrowers.

PayToMe.co
PayToMe.co automates and optimizes financial tasks like invoicing, payments, and compliance, allowing businesses to focus on strategic initiatives and growth. The company’s platform can be tailored to meet the specific needs of businesses at various stages of growth, ensuring they can scale effectively and efficiently. PayToMe.co ensures that businesses can offer seamless financial interactions, increasing customer satisfaction and loyalty.

Remynt
Remynt can help creditors achieve higher recoveries and recapture defaulted consumers as customers when their financial position improves. The company is headquartered in San Francisco, CA and was founded in 2022.

Revelata
Revelata helps analysts at investment banks, asset managers, hedge funds, PE firms and beyond, become bionic at research and analysis by using AI to automate away the grunt work of surfacing structured data from unstructured sources.

Safari SOP
Safari’s built-in risk and compliance tools provide a single, auditable process to monitor served documents throughout their lifecycle. The company is headquartered in Bellevue, WA and was founded in 2019.

ScribeUp
ScribeUp is a subscription management solution directly behind consumer cards and banking products that offers streamlined controls over recurring bills for users and strategic and financial value for financial institutions.

Sherpas
Sherpas brings AI to the core of financial services processes to deliver efficiency and improve the quality of advice that advisors give their clients, which makes it a stickier relationship and allows advisors to charge for expanded scope of advice. Sherpas helps advisors keep clients informed and engaged in a way that still feels like a high-touch relationship, reducing the need for 1-1 meetings.

Stock Unlock
Stock Unlock offers an investment software platform helps retail investors make more informed decisions in the stock market. The company is headquartered in New York, NY and was founded in 2021.

Streetbeat
Streetbeat aims to deliver more information, more clarity, and more confidence to investors by leveraging AI and offering personalized investment strategies designed to align with each investor’s unique goals and risk tolerance.

Tennis Finance
Tennis Finance augments the work of compliance analysts and teams. The company helps banks understand issues in their products to increase customer satisfaction, which leads to higher deposits and new customers.

Tradery Labs
Tradery Labs empowers organizations to transform and grow their businesses by offering a scalable, no-code, AI-driven trading platform that democratizes advanced algorithmic trading tools.

Trice
The Trice platform offers off-core infrastructure and payments orchestration for real-time account to account (A2A) transfers, powered by Real-Time Payments (RTP). The technology enables direct connectivity for banks, fintechs, digital wallets, investing apps, lenders, credit unions, and payment providers to quickly deploy money movement experiences.

Winnow
Winnow is an automated compliance change management platform that empowers organizations to build accurate state and federal law surveys. The company is headquartered in Anaheim, CA and is founded in 2018.

We’re still placing the final touches on the FinovateSpring agenda, but this year’s show is shaping up to be full of the most relevant and impactful conversations you’ll have all year. If you don’t have your ticket yet, there’ still time to register.

Photo by eric anada

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ComplyAdvantage Acquires Knowledge Graph Creator Golden

ComplyAdvantage Acquires Knowledge Graph Creator Golden
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • ComplyAdvantage announced plans to acquire knowledge engine builder Golden Recursion for an undisclosed amount.
  • ComplyAdvantage will implement Golden’s data extraction and disambiguation methods to help financial institutions minimize their risk of financial crime.
  • The deal will also increase ComplyAdvantage’s footprint in the U.S. and will make Andreessen Horowitz (a16z) a top shareholder of ComplyAdvantage.

Fraud and AML risk detection platform ComplyAdvantage announced it has agreed to acquire knowledge engine builder Golden Recursion. Financial terms of the deal were not disclosed.

Founded in 2017, Golden is developing a self-constructing knowledge database used to accelerate discovery and education. The San Francisco-based company combines human effort and machine intelligence to simplify the process of gathering and communicating knowledge. As a result, Golden has created one of the world’s largest knowledge graphs, a diagram that facilitates information analysis by displaying interconnected data points and their relationships.

“By combining our experienced team of AI and large language model (LLM) specialists with ComplyAdvantage’s industry-leading data science team, we are creating a global team of data experts,” said Golden Founder and CEO Jude Gomila. “Together, I’m confident we will transform financial crime risk management for businesses worldwide.” Gomila will join ComplyAdvantage as a board observer and special advisor.

Golden has raised almost $60 million, having Andreessen Horowitz (a16z) as one of its top contributors. As part of today’s deal, a16z will become a top ComplyAdvantage shareholder, joining Goldman Sachs, Index Ventures, and Balderton Capital.

“We are excited to welcome their talented team to the ComplyAdvantage family, alongside a16z, who bring powerful expertise as we embark on the next phase of our growth journey,” said ComplyAdvantage CEO Vatsa Narasimha.

U.K.-based ComplyAdvantage offers financial institutions a wide view of their vulnerability to financial crime. The company leverages AI and machine learning to sort through ComplyAdvantage’s database of entities, which is updated continuously to ensure accuracy. The company plans to implement Golden’s data extraction and disambiguation methods that use natural language processing to bring supplementary, disparate data sources into what ComplyAdvantage calls its “data ingestion layer.” These additional data points will offer ComplyAdvantage clients more comprehensive, real-time financial crime risk insights.

“Delivering AI-enriched financial crime insights to our customers through a best-in-class user experience built on the most interconnected data has been our north star at ComplyAdvantage since day one. The acquisition of Golden is a critical milestone on that journey,” said Narasimha.

The acquisition will also help ComplyAdvantage expand its footprint in North America, specifically in the U.S. With its five offices based in New York, London, Singapore, Cluj-Napoca, and Lisbon, the company currently serves more than 1,000 organizations in 75 countries.

Photo by Mikhail Nilov

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Betterment to Acquire Marcus’ Digital Investing Accounts

Betterment to Acquire Marcus’ Digital Investing Accounts
By Julie Muhn (@julieschicktanz) Posted on
Categories: Betterment, Daily news, Mergers & Acquisitions
  • Betterment has agreed to acquire Goldman Sachs’ Marcus Invest.
  • The deal does not apply to Marcus Deposits and does not cover any of Marcus’ technology, employees, or operations.
  • Financial terms of the deal, as well as the number and value of Marcus Invest accounts, were undisclosed.

Automated investing service Betterment signed a deal with Goldman Sachs to acquire the digital investing accounts at Marcus Invest. Marcus Invest, which offers digitally customized investment portfolios to consumers, will transfer these accounts to Betterment in the coming months. Financial terms of the deal were undisclosed.

The acquisition does not apply to Marcus Deposits, Goldman Sachs’ neobank that currently serves over three million customers globally and has more than $100 billion in consumer deposits. Goldman Sachs plans to maintain possession of and continue to focus on growing Marcus Deposits. The deal also does not cover any of Marcus’ technology, employees, or operations. Betterment will only acquire Marcus Invest accounts and assets under management.

“As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers,” said Goldman Sachs Marcus Global Head Marcos Rosenberg. “Betterment was the obvious choice for those accounts as we share a deep commitment to customer satisfaction. We look forward to continuing to serve our Marcus Deposits customers with great products and a great experience.”

The number of Marcus Invest accounts, as well as the funds under management that will be added to Betterment are undisclosed. The clients will join Betterment’s more than 850,000 customers who hold more than $45 billion in assets in the Betterment platform.

Betterment was founded in 2008 to combine technology with personalized support to create a roboadvisor that suits a range of customer preferences. The company provides diversified portfolios, tax-smart tools, a range of account types, planning tools, educational resources, and human advisors. Betterment also offers services that compete with Marcus Deposits, including a high yield cash account, checking account, and debit card.

Under the deal, which is subject to customary closing conditions, Marcus Invest customer accounts will be transitioned to Betterment “on or about” June 29, 2024 unless they opt out of the transfer.

“This acquisition further cements our leadership in the digital investing space,” said Betterment CEO Sarah Levy. “We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys.”

Photo by Kelly Sikkema on Unsplash

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TabaPay to Acquire Assets of Bankrupt Fintech Synapse

TabaPay to Acquire Assets of Bankrupt Fintech Synapse
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, SynapseFi
  • TabaPay plans to acquire the assets of troubled BaaS company Synapse Financial Technologies.
  • TabaPay will use the assets to widen its selection of financial services.
  • The news comes as Synapse has filed a voluntary bankruptcy petition under Chapter 11.

Instant payments fintech TabaPay has announced plans to acquire the financial assets of troubled BaaS company Synapse Financial Technologies.

TabaPay will use Synapse’s assets to bolster its selection of financial services for fintech firms and financial institutions. Both TabaPay and Synapse offer payouts and payments processing technologies. Synapse, however, also provides neobanking, gig economy, lending, credit, wealth management, and embedded finance tools.

“The addition of the Synapse features is an acceleration of our TabaPay story, one dedicated to delivering great solutions that help our clients rapidly innovate, save money, and offer great financial products to their customers,” said TabaPay Co-founder and CEO Rodney Robinson. “The Synapse assets are a great and natural fit to our existing services to grow our offerings in tandem with providing continuity to Synapse clients and banks.”

TabaPay was founded in 2017 to help clients disburse and collect one million transactions daily– and in real time– on behalf of more than 2,500 clients in the U.S. and Canada. The company’s API offers direct access to 15 banking partners, 16 network connections, and full-stack payment processing. Last March, we spoke to the company’s VP of Strategic Partnerships Maggie O’Toole on her role in the industry.

Both TabaPay and Synapse were listed on Deloitte’s 2023 Fast 500. Synapse has seen a 650%+ growth over the past five years. That growth is now come to a halt, however, since Synapse has today revealed it filed a voluntary bankruptcy petition under Chapter 11. The bankruptcy comes after Synapse’s partner bank Lineage received a consent order from the FDIC earlier this year. The California-based company also signaled trouble when it laid off 40% of its staff last October after losing its client, Mercury, to its partner, Evolve Bank & Trust. Synapse was founded in 2014 and had raised $50.7 million.

TabaPay’s acquisition is pending approval by the bankruptcy court.

Photo by Sam Poullain on Unsplash

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Happy Earth Day. Goodbye, ESG?

Happy Earth Day. Goodbye, ESG?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Julie's Column

As we celebrate Earth Day, we’re taking a look at the state of environmental, social, and governance (ESG) goals in banking and fintech. Recent actions by the House Financial Services Committee suggest that the industry may be losing sight of these ESG objectives.

For years, the financial services industry has been making progress in its efforts to improve ESG policies by incentivizing clients to choose more sustainable investment options, creating safeguards and efficiencies to create a more sustainable industry, engaging in social stewardship, and more. And while many of those efforts are still happening, some of the progress in ESG has slowed.

The House Financial Services Committee, which has recently taken action on banking regulations and environmental policy, voted along party lines to pass Congressional Review Act resolutions that would void measures aimed at promoting ESG goals. The move would invalidate measures that the Consumer Financial Protection Bureau (CFPB) and other banking regulators initiated to improve regulation around the industry’s ESG efforts.

One of the key resolutions the Committee has its eye on is a CFPB rule capping credit card late fees at $8. While much of the banking industry is in favor of the resolution, saying that it would protect consumers who pay on time, critics argued that it would disproportionately impact low-income and underbanked families.

The House Financial Services Committee also has its eye on climate change in financial regulation. These resolutions are designed to ensure that banks are transparent about their environmental impact and are managing climate-related risks. The lack of current regulation in ESG has resulted in “green-washing” efforts in which financial services companies promote inflated or irrelevant metrics that provide end consumers the appearance that their company, product, or service is more environmentally friendly than it actually is.

These resolutions represent a significant effort by Republicans in Congress to nullify the Biden administration’s financial policies, including those related to environmental, social, and governance (ESG) issues. While they are questioned, However, the resolutions are unlikely to become law due to a lack of Republican votes to overturn a presidential veto.

Photo by Lauris Rozentāls

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Mercury Launches into the Personal Banking Space

Mercury Launches into the Personal Banking Space
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Business banking fintech Mercury is expanding into personal banking.
  • The new accounts, dubbed Mercury Personal, will offer advanced banking tools such as free wire transfers, multiple debit cards with account-level controls, and will pay 5% APY on savings accounts at launch.
  • Mercury Personal will allow users to easily switch between their business and personal accounts and will cost users $240 per year.

The planet Mercury may be in retrograde, but that didn’t stop business banking fintech Mercury from launching its new retail banking service this week. The new offering, Mercury Personal, creates a personal banking experience for entrepreneurs, investors, and builders who want a self-serve banking option to help optimize their personal finances.

Choice Financial Group is serving as the sponsor bank for Mercury Personal. The new personal accounts will offer individuals advanced digital banking tools, including the ability to create rules around auto-transfers, multiple debit cards, customizable permissions for additional account users, access to $5 million in FDIC insurance, and 5% APY interest on savings accounts at launch.

Launching into the consumer digital banking space may place Mercury in the same category as other popular digital banks like Chime. However, Mercury is seeking to differentiate itself from the majority of digital banks, many of which target underserved consumers. Instead, Mercury has made it clear that it is targeting entrepreneurs, founders, and investors with its advanced banking tools and capabilities.

“As we celebrate the fifth anniversary of Mercury’s launch, introducing Mercury Personal marks not just our expansion into consumer banking, but a step forward in growing our relationships with the founders and tech leaders we serve,” said Mercury Co-founder and CEO Immad Akhund. “By offering personal banking for founders and investors, we’re able to deepen our relationship with them. Mercury Personal is a strategic move toward helping people and businesses operate at their best. This is our next step in building a generational company that innovates, supports, and grows alongside the most ambitious companies and individuals.”

Other factors differentiating Mercury’s new personal bank account offering are fee-free domestic wires and ACH transfers, worldwide ATM reimbursements, and the ability to easily switch between business and personal bank accounts.

The cost is also a differentiating factor. While Chime boasts fee-free banking and a multi-card service like Greenlight charges $60 to $180 per year, Mercury Personal will charge $240 per year at launch. Depending on how a customer uses the account, however, the $240 could be worth the free wire transfers and 5% APY (though the bank makes it clear that the rate can change at any time).

There is currently a waitlist for Mercury’s personal banking accounts. The fintech expects general availability to open up later this year.

Mercury was founded in 2017 and has since been entirely focused on serving small businesses and investors. The fintech is currently under regulatory scrutiny from the FDIC for allowing users in Russia, Pakistan, and Myanmar to open accounts and for facilitating fund transfers between Saudi Arabian businesses.

Photo by Jonathan Cooper on Unsplash

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Codat’s New Product Aims to Replace Checks

Codat’s New Product Aims to Replace Checks
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Codat launched a Supplier Enablement data product with an aim to help businesses replace paper checks.
  • The Supplier Enablement tool recruits suppliers to accept virtual card payments instead of checks by allowing card issuers to access the right ERP data.
  • The Supplier Enablement tool is currently in production with select J.P. Morgan commercial clients.

Paper checks were invented in 1762, and yet we can’t seem to completely eradicate the antiquated payment technology. Business data API startup Codat is seeking to change that, however. Today, the U.K.-based company announced the launch of its new Supplier Enablement data product.

The new product allows businesses to share their spend and supplier data from ERP systems and accounting software. To reduce the need for checks, the Supplier Enablement tool recruits suppliers to accept virtual card payments instead of checks by allowing card issuers to access the right ERP data.

Piloting the launch is J.P. Morgan, which is using the new offering to allow its commercial clients to efficiently manage supplier payments using virtual cards. By connecting to the current supplier and spending data, clients can easily set up and expand their payment programs. The new Supplier Enablement tool replaces outdated payment files with secure API connections, which facilitates better data analysis and drives higher spending per client.

“With the rapidly-growing adoption of virtual cards for B2B payments, we felt the time was right to release a new data product specifically designed to transform supplier enablement and accelerate how the value of payments innovation is realized in the market,” said Codat CEO Peter Lord. “Codat’s ongoing collaboration with J.P. Morgan has been hugely valuable in helping us develop products that maximize the value of data sharing for financial institutions and their business clients.”

Codat was founded in 2017. In addition to Supplier Enablement, the company offers a Bank Feeds API that allows clients to push transaction data straight to their accounting software; Sync for Commerce, which provides merchant accounting integrations for POS and eCommerce platforms; Sync for Payables, a tool that allows customers to build accounting integrations for AP automation; Sync for Expenses, which allows clients to build accounting integrations for corporate card providers; and a Lending API.

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SoFi to Act as Sponsor Bank for Rapid Finance’s New Line of Credit Prepaid Card

SoFi to Act as Sponsor Bank for Rapid Finance’s New Line of Credit Prepaid Card
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile
  • Small business banking platform Rapid Finance is launching a Rapid Access Mastercard, a prepaid card through which small businesses can access their line of credit.
  • Rapid Finance’s card program is the first program sponsored by SoFi Bank.
  • Rapid Access Mastercard will be managed by Galileo, which SoFi acquired in 2020 in a deal valued at $1.2 billion

SoFi and its subsidiary Galileo are teaming up this week with small business banking platform Rapid Finance to launch the Rapid Access Mastercard. The new offering is a prepaid commercial card that allows Rapid Finance’s small business customers with a line of credit in good standing to access their funds.

The card will give companies using Rapid Finance’s line of credit a simple way to access the working capital they need, even outside of traditional banking hours. The company’s line of credit offers access to financing from $5,001 up to $250,000 with terms ranging from three to eighteen months.

“This card program underscores Rapid Finance’s commitment to empowering businesses with flexible and accessible financial solutions,” said Will Tumulty, CEO of Rapid Finance. “With the Rapid Access Mastercard, small business owners can better seize market opportunities, manage their cash flow and support their business growth in a way that is more convenient for them.”

This announcement is perhaps more notable for SoFi than it is for Rapid Finance. That’s because Rapid Finance’s card program is the first program sponsored by SoFi Bank. SoFi earned its banking license in 2022, but has since abstained from a pure-play BaaS agreement. The bank partnered with Pagaya in 2021 to offer lending-as-a-service, but the loans are underwritten by Pagaya, which means SoFi isn’t taking any credit risks.

While SoFi will serve as the sponsor bank for Rapid Finance, the prepaid card aspect will be managed by Galileo, which SoFi acquired in 2020 in a deal valued at $1.2 billion. Galileo was founded in 2001 and currently offers digital banking tools, card and lending products, cloud infrastructure, and more.

“This collaboration underscores Galileo’s commitment to helping small businesses do more with their money, faster,” said Galileo CEO Derek White. “We look forward to working together alongside SoFi Bank to help Rapid Finance quickly develop and scale this flexible payment program to support SMBs’ ability to gain swift, easy access to the funds they need to be successful.”

Photo by Leeloo The First

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Backbase, Baker Hill, Boss Insights, Chimney, Daily news, eToro, Fintech Rundown, Marqeta, Numeral, PayStand, Signicat

In the U.S., the tax deadline kicks off the week, but don’t let that get you down! Sit back, relax, and catch up on some of the latest fintech news headlines. Check back for real-time updates on how the fintech landscape evolves this week.

Digital banking

Backbase forges strategic partnership with EverBank to enhance commercial and treasury services.

Small business tools

Boss Insights earns spot in the FinTech Innovation Lab New York’s 2024 class.

Paystand brings full payments integration to Microsoft Business Central.

Aurora Payments launches ARISE, a one-stop payment platform for small and medium businesses.

Corporate credit card startup Ramp secures $150 million in a round led by Khosla Ventures and Founders Fund.

Wealth management

TIFIN appoints Rob Pettman as Chief Revenue Officer and President to accelerate growth.

Digital identity

Digital identity platform Signicat launches InstantKYC and InstantKYB.

IDnow launches video verification service, VideoIdent Flex.

Prove Identity launches solutions in AWS Marketplace.

Trading and investing

Trading and investment platform eToro enables AGM voting.

Fractional investment platform for luxury assets Konvi acquires alternative investing platforms Diversified and Fractible.

Payments

Berlin-based corporate card platform Pliant raises more than $19 million (€18 million) in a Series A extension round led by PayPal Ventures.

Payment service provider PXP Financial partners with dynamic payment orchestration solutions company Celeris.

Deblock, a current account for both Euros and cryptocurrencies, partners with Numeral to manage its SEPA payments.

Lending

QuickFi wins “Best Overall LendTech Company” at the FinTech Breakthrough Awards for the third time in a row.

Baker Hill introduces new Chief Human Resources Officer Sheila Simpson.

Proptech / mortgagetech

Finovate Best of Show winner Chimney earns one of six spots in NACUSO’s annual Next Big Idea Competition.

Embedded finance

Card issuing platform Marqeta teams up with financial wellness benefits provider Rain to deliver earned wage access.

Photo by Ketut Subiyanto

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HighRadius Launches B2B Payments 

HighRadius Launches B2B Payments 
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • HighRadius is launching a B2B payments platform.
  • The new platform will have three main components to help businesses lower costs: Payment Gateway, Surcharge Management, and Interchange Fee Optimizer.
  • HighRadius has more than 800 clients, including 3M, Unilever, Anheuser-Busch InBev, and others.

Treasury Management software company HighRadius announced plans late last week to launch a B2B payments platform. The new tool will help HighRadius clients facilitate global payments for their end users.

HighRadius’ B2B payments platform, which aims to improve payment processes across 100+ global payment methods, is comprised of three main products. Each product is available in HighRadius’ single, standalone platform that will help companies make it easier for their customers to disburse payments globally.

The first product, Payment Gateway, supports more than 150 currencies from eCommerce, order management, and other digital commerce channels, creating a more cost-effective B2B payment solution. Surcharge Management helps companies validate surcharge applicability and pass on interchange fees to their buyers. The solution simplifies things for clients by automatically abiding by regional regulations, which vary by state and card brand. Finally, Interchange Fee Optimizer will automatically populate any missing data and will ensure the payment adheres to pre-configured rules in order to verify that the customer receives the lowest possible interchange fees.

“Payments are a critical part of a customer’s digital experience, and 70% of organizations are not satisfied with the customer experience they offer,” said HighRadius Chief Product Officer Sayid Shabeer. “Our goal is to reduce credit card processing costs through PCI-compliant payment solutions across all digital channels. The Interchange Fee Optimizer will ensure customers offer this at the lowest possible cost.”

Texas-based HighRadius was founded in 2006 and counts 800+ clients, including 3M, Unilever, Anheuser-Busch InBev, Sanofi, Engie GBS Solutions, Kellogg Company, Danone, and Hershey’s. The company earned unicorn status in 2020 when it raised $125 million in Series B funding. Sashi Narahari is CEO.

Photo by Frans van Heerden

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Streamly Fintech Insights: Geopolitical Risk, Tech Trends, What’s Hot, and What’s Not

Streamly Fintech Insights: Geopolitical Risk, Tech Trends, What’s Hot, and What’s Not
By Julie Muhn (@julieschicktanz) Posted on
Categories: Streamly

Need some Friday insight to carry you into the weekend? We’ve got you covered.

Today, we’re unveiling four videos featuring interviews with fintech experts. These videos provide valuable perspectives on the escalation in geopolitical risk, key tech trends revealed at FinovateEurope, and a comprehensive overview of what’s hot and what’s not in the fintech space. Whether you’re a seasoned industry professional or just curious about the latest developments, these videos offer valuable insights from some of the brightest minds in the field.

Photo by Shahadat Rahman on Unsplash

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Streamly Subject Snapshot: Fintech Investing & Partnership Themes

Streamly Subject Snapshot: Fintech Investing & Partnership Themes
By Julie Muhn (@julieschicktanz) Posted on
Categories: Interview, Streamly

Keeping up-to-date in the fintech world takes more than just reading what’s going on in the fintech news cycle. It’s important to read takes on different trends and themes from across the industry, as well. To help span this gap, we’ve brought insights from thought leaders across the industry to our Streamly videos.

Today, we’re featuring six videos recorded at FinovateEurope that showcase the expertise of some of the speakers in attendance. The first, 15-minute video highlights VC investors’ thoughts on fintech valuations, M&A activity, partnerships, and more.

The remaining videos we’re showcasing today are part of Streamly’s Fintech Founders Partnership series, a set of three-to-four minute videos that detail thought leaders’ opinions on a wide range of partnership issues.

Potential partnerships– assessing the strategic fit

Partnership goals– maintaining goal alignment

Data security & privacy– sharing sensitive financial information

Emerging technologies– facilitating deeper collaborations

Industry partnerships– measuring success

Photo by Tima Miroshnichenko

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