Author: Julie Muhn (@julieschicktanz)

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, Capsilon, Eurobits Technologies, FIS, Fiserv, Flywire, identitii, InComm, Kabbage, NICE Systems, On Deck Capital, SocietyOne, Trustly

On Finovate.com

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

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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Gusto Teams with Trainual to Automate Job Role Training

Gusto Teams with Trainual to Automate Job Role Training
By Julie Muhn (@julieschicktanz) Posted on
Categories: Gusto

Payroll, benefits, and HR platform Gusto is improving its offerings by teaming up with Trainual, a cloud-based training manual software company.

The collaboration will help Gusto’s business clients automate the process of onboarding new employees by giving them resources to train them in their new role. Igor Khayet, head of business development at Gusto, referred to training and onboarding as “pain points for small businesses.” He added, “[O]ur partnership with Trainual provides an easy and efficient way to serve a business’ team so they can do their best work.”

When a Gusto client adds a new employee, the new hire will automatically be added to Trainual and receive the training they need for their job. The integration with Trainual will allow Gusto’s small business clients to document processes and policies,
customize operations manuals, assign training and test sessions, and monitor completion rates.

“We’re particularly excited about this partnership because it streamlines one of the most commonly missed, but critical steps when a new hire is brought into an organization: equipping them with the right training from the start,” said Trainual founder and CEO Chris Ronzio. “Business owners can now easily connect critical aspects of their business, bringing a new level of operational efficiency to the onboarding process so they can continue to focus on what matters most –– growth.”

With offices in San Francisco and Denver, Gusto processes tens of billions of dollars in payroll for more than 60,000 businesses in the U.S. The company also offers an easier way for small businesses to offer their employees benefits such as health insurance, 401(k) retirement plans, and 529 college savings plans.

Gusto launched in 2012 under the name ZenPayroll and showcased its flagship payroll solution at FinovateSpring 2014. Last year, the company unveiled Flexible Pay, a solution that allows employees to get paid on a different schedule than their employer’s payroll schedule. The company has raised $316 million. Joshua Reeves is CEO.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Aire, Bpm'online, Finn.ai, Green Dot, Gusto, IBM, Kofax, PayNearMe, Revolut, Ripple, SumUp, Token, Top Image Systems, Tradeshift, Trustly, Zopa

On Finovate.com

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of this year.

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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Bento for Business Partners with Visa

Bento for Business Partners with Visa
By Julie Muhn (@julieschicktanz) Posted on
Categories: Bento for Business

B2B payment solutions provider Bento for Business inked a deal with Visa this week. The deal includes Visa as an additional payment card in the Bento for Business platform that aims to help small businesses manage their cash and employee expenses. The Visa card offering is being added to the company’s Mastercard prepaid commercial card product originally launched in 2015.

As part of the partnership, joint customers of Visa and the Bento platform can benefit from Bento’s businesses management tools such as budgeting, capital management, employee card controls, and bookkeeping. And it notably makes Visa’s millions of business debit cardholders into potential Bento clients.

“The SMB segment is a priority for Visa and we continue to be an advocate for the 30 million SMBs in the United States,” said David Simon, Global Head of Small and Medium Enterprises at Visa. “The Bento solution will evolve how Visa Business cardholders and merchants manage expenses and gain insights into their cash flow and financial management activities.”

Plans for Bento business users have a range of options, starting with two cards for free, and extending to unlimited cards and administrators for $149 per month.

Founded in 2014, Bento demoed its platform at FinovateSpring 2015. As for the company’s next plans, Bento CEO Farhan Ahmad said, “In 2019 and beyond, we will continue to expand our financial controls and cashless workflows for SMBs with a vision to deliver an all-in-one working capital management solution.”

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Salt Edge Earns Account Information Service Provider License from FCA

Salt Edge Earns Account Information Service Provider License from FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Salt Edge

Open banking enabler Salt Edge announced it has received the green light from the U.K.’s Financial Conduct Authority (FCA). Salt Edge’s registration as an Account Information Service Provider (AISP) will allow the company to access financial data in compliance with PSD2 across Europe.

“Receiving an AISP license will help us take better advantage of the Open Banking opportunities on the European landscape as we strive for excellence in everything we do. This process required some serious investment and preparation, but it was worth implementing,” commented Dmitrii Barbasura, Salt Edge CEO.

Salt Edge’s Open Banking API was updated at the beginning of this month to version five. Lenders using the recently updated API will be able to leverage Salt Edge’s AISP license to access consumers’ financial account data (with their consent) to enhance the underwriting process for credit decisioning.

Dmitry Tsap, Head of Infrastructure and Security Department at Salt Edge, said the company underwent “a very strict evaluation process” that assessed the company’s security and data protection measures. “Being approved by the FCA is proof of quality and recognition of our efforts in this direction,” Tsap added.

Salt Edge recently showcased its Open Banking platform at FinovateEurope 2019 in February. Early last month, the Canada-based company teamed up with money management app Emma for account aggregation. Salt Edge was founded in 2013 and connects to 3,100+ banks in 61 countries.

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Checkbook.io Launches InstantPay

Checkbook.io Launches InstantPay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Checkbook.io

Digital check innovator Checkbook.io unveiled Instant Pay today. The new offering streamlines the funds transfer process for businesses that want to send money to individual and business bank accounts.

Instant Pay works by circumventing the need for payment recipients to go through a sign up process to receive their funds. Instead, Instant Pay requests information directly from the recipient’s Mastercard or Visa branded debit card. This eliminates the requirement of other sensitive information such as their personal details, account number, or routing number.

The technology works because Checkbook.io doesn’t use the antiquated ACH infrastructure, which requires recipient onboarding and takes three to five business days to move funds from one account to another. Instead of running the payment on ACH rails, the funds are transferred using VISA Direct rails, enabling the recipient to see the money in their account within 18 seconds (though the company discloses that the process could take up to 15 minutes).

Businesses can integrate the solution using Checkbook.io’s RESTful API. Along with Checkbook.io’s other tools, the API is publicly available and can easily be integrated into a business’ existing payment process. The company charges a flat, $1 fee per transaction, regardless of the check amount, and allows a maximum of $10,000 per transaction.

Checkbook.io most recently presented at FinovateSpring 2017, where company CEO and founder PJ Gupta showcased the company’s Digital Checks solution. Founded in 2015, Checkbook.io has raised an undisclosed amount of funds from investors such as Tim Draper, AngelList, and more. For more on Checkbook.io, check out our recent feature of the company’s accomplishments.

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OnDeck Acquires Evolocity

OnDeck Acquires Evolocity
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, On Deck Capital

Alternative small business lending platform OnDeck finalized its purchase of Canada-based small business lender Evolocity Financial Group. Financial terms of the deal were not disclosed.

“The closing of this transaction signals a new era of online lending innovation on behalf of Canada’s small businesses,” said Noah Breslow, CEO of OnDeck. “As one of Canada’s leading online lenders to the crucial small business sector, we are well-positioned to provide financing options that will benefit Canadian small business owners from coast to coast.”

Evolocity brings expertise in Canadian underwriting practices, as well as local business relationships and knowledge to the table. Combined with OnDeck’s marketing and international online lending experience, the two businesses will offer small businesses across Canada access to working capital finance solutions.

The combined companies will operate under the name and branding of OnDeck Canada, with Evolocity CEO Neil Wechsler serving as CEO of OnDeck Canada. Evolocity co-founders David Souaid and Harley Greenspoon will serve as chief revenue officer and chief operating officer, respectively.

OnDeck was founded in 2007 and has loaned more than $10 billion to small businesses in 700 different industries across the United States, Canada, and Australia since launch. The company leverages its OnDeck Score to underwrite loans and deliver funds to small businesses in as little as 24 hours.

OnDeck most recently demoed at FinovateSpring 2012. The publicly traded company is listed on the New York Stock Exchange under the ticker ONDK and has a market capitalization of $418 million.

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A Primer for Fintech’s Biggest Event this Spring

A Primer for Fintech’s Biggest Event this Spring
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2019

In just over a month we’ll be on the ground in San Francisco making last minute preparations for one of the year’s biggest events in the fintech sector, FinovateSpring. The main event will take place May 8 through 10 at the Hilton San Francisco Union Square. This year, there is an option to add to your ticket an exclusive Summit Day, which takes place on May 7. Book now to take part.

Your sneak peek into the demos

Between our full (and growing!) roster of demo companies and our content day where top-name analysts discuss the hottest industry trends, there’s a lot to prepare for. That’s why, starting next week, we’ll launch our Sneak Peek blog series so that you can get ahead with an insider’s look into what each demoing company will debut on stage.

But wait, there’s more

After the demos are complete and the Best of Show honors have been awarded, the third day of FinovateSpring will bring an entire day of discussions and keynotes to explore. So stay tuned on the blog for exclusive interviews with presenters, an analysis of the fintech trends we can expect to see during the show, and a look at the star-studded speaker lineup that’s loaded with fintech celebrities.

For more details on FinovateSpring, view the list of demoing companies, take a look at the agenda, check out the full speaker lineup, and plan your visit. Have questions? Send us your inquiry and we’ll respond as soon as possible.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BehavioSec, Bill.com, CoverHound, D3 Banking, Jack Henry, On Deck Capital, TradeIt

On Finovate.com

  • TradeIt To Be Acquired by TradingView.
  • Fintech’s Newest Unicorn Bill.com Raises $88 Million in New Funding.

Around the web

  • BehavioSec listed among Enterprise Management Associates’ Top 3 Report Ten Priorities for Enabling Identity Management in 2019.
  • Zions Bancorporation selects D3 Banking’s Digital Banking Platform.
  • Commonwealth Bank & Trust selects Jack Henry to improve efficiency, attract business with modern services.
  • CoverHound to open an East Coast office in Charlotte.

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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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Asseco, Bitbond, Equifax, Finastra, Finn.ai, InComm, NF Innova, NYMBUS, Ripple, Salt Edge, Token

On Finovate.com

  • Finn AI Brings Conversational Banking to South Africa’s TymeBank.

Around the web

  • Salt Edge unveils new version of API with a consent management system and UX enhancements.
  • MOXY bank selects NYMBUS‘ SmartCore platform.
  • InComm and WH Smith launch in-store and online hubs for game cards in the U.K.
  • STOblock interviews Bitbond Founder and CEO Radoslav Albrecht.
  • India’s Federal Bank turns to Ripple to power cross-border remittances.
  • Khaleeji Commercial Bank of Bahrain partners with Token.io.
  • Finastra hires Sharon Doherty as its new Chief People Officer.
  • Equifax collaborates with Wolters Kluwer to offer Current Expected Credit Losses (CECL) solution.
  • Raiffeisen Bank Serbia picks Asseco SEE as its strategic vendor.
  • NF Innova to power “Customer-First” experience for APS Bank.

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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StreetShares to Launch Credit Card for Veteran-Owned Businesses

StreetShares to Launch Credit Card for Veteran-Owned Businesses
By Julie Muhn (@julieschicktanz) Posted on
Categories: StreetShares

Business credit cards are big business. That’s why military veteran-focused small business lending platform StreetShares is broadening its focus with the launch of credit cards for military veteran business owners.

StreetShares will market the credit card to the 2.5 million veteran-owned small businesses in the U.S., a niche population the Virginia-based company considers to be underserved. StreetShares anticipates that adding a credit card to their suite of offerings will provide a tool for business owners to finance and pay for everyday expenses.

“Veterans will use their card to do good while doing well,” said Mark Rockefeller, CEO and Co-Founder of StreetShares and an Iraq War Veteran. “Our mission is to be the trusted financial solution for America’s heroes and their communities, and this offering will help us achieve that.”

A portion of the proceeds from every card will support training and educational programs for military veterans and military spouse entrepreneurs. The company expects to make the card available in the second quarter of this year.

Founded in 2013, StreetShares began leveraging Title IV (Regulation A+) of the JOBS act in 2017 to allow unaccredited investors to lend to small businesses. It is now one of only a handful of P2P lending platforms open to unaccredited investors.

At FinovateEurope 2015, StreetShares CEO and Co-founder Mark Rockefeller and COO and Co-founder Mickey Konson showcased the StreetShares platform. Last fall, USAA announced it would use StreetShares to pilot a small business lending program for military veterans.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint, Capsilon, Enova, Gusto, Temenos, WorldPay

On Finovate.com

  • Worldpay Goes Australasia.
  • Capsilon Beta Launches Digital Underwriter.

Around the web

  • Temenos partners with Canada Life to support UK life and pension funds accounting.
  • Enova Decisions Announces Joint Venture with China Financial.
  • AlphaPoint enhances technology stack to service security token issuance and exchange customers.
  • Gusto names Kenny Wyatt as Chief Sales 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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