eToro Buys Blockchain Company Firmo

eToro Buys Blockchain Company Firmo

Just weeks after launching in the U.S., trading and investment platform eToro announced plans to purchase Copenhagen-based blockchain firm Firmo. The terms of the deal, which marks eToro’s first acquisition, were not disclosed.

With today’s purchase, eToro aims to grow tokenized financial assets on its platform. To facilitate that growth, the Israel-based company is specifically interested in bringing on Firmo’s research and development team.

“This acquisition,” eToro CEO Yoni Assia told Bloomberg, “will help boost our growth in the future tokenized economy. We aim to be active players in blockchain consolidation.” And eToro may be ahead of the curve on this one– according to Bloomberg, tokenized assets will play a huge role in 2019 as investors seek to convert assets such as property and stocks into tradable digital assets.

Founded in 2017, Firmo offers a programming language called FirmoLang that runs on a sidechain. Exchanges can leverage FirmoLang to create financial instruments such as P2P lending platforms or cryptocurrency derivatives with tokens. And Firmo is versatile, allowing the tokens to be run on any blockchain.

eToro most recently showcased CopyFunds 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.

Taulia Upgrades with AI

Taulia Upgrades with AI

Alternative supply chain financing company Taulia announced this week it is tapping into AI to boost its platform’s Working Capital, Invoicing, and Intelligent Platform programs.

The new AI engine leverages data on supplier behavior and combines it with external factors to help clients make more precise predictions, and ultimately better decisions, on early payment programs and working capital strategies. Vincent Beerman, Senior Director of Product at Taulia, said that the AI improvements will translate to “less risk and more reward.”

“This is an exciting and massive achievement for Taulia,” said Cedric Bru, CEO. “This step in our product journey is all about bringing knowledge and decision-making to our clients to make early payment programs stronger, more efficient and more cost effective for all parties in the supply chain.”

Founded in 2009, Taulia helps businesses build healthy supply chains by providing supply chain financing options that offer flexible payment terms. The tools help businesses accelerate payments and free up working capital. Suppliers that use Taulia receive financing offers based on their historical payment behavior, the APR they are willing to accept, and their financial standing.

At FinovateEurope 2015, Taulia debuted Enhanced Discounting to the European market. Headquartered in San Francisco, Taulia’s network connects 1.6 million businesses across 168 countries and has accelerated more than $91 billion in early payments.

Finovate Alumni News

On Finovate.com

  • eToro Buys Blockchain Company Firmo.

Around the web

  • ING Belgium and ING Netherlands invite Minna Technologies to participate in the ING FinTech Village accelerator.
  • Tink delivers split transactions feature.
  • Pitchbook ranks OurCrowd as most active Israeli VC firm in terms of the number of deals.

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.

Streamdata.io Acquired by Axway

Streamdata.io Acquired by Axway

Data insights company Streamdata.io has been acquired by Axway Software in a deal this week. The France-based startup sold for an undisclosed amount.

Vince Padua, Chief Technology and Innovation Officer at Axway, said that the company made the purchase to “enable [its] customers and partners with a prescriptive journey toward digital transformation and hybrid integration” and to “advance [its] strategy in enabling businesses to accelerate their IT and digital transformation.”

Streamdata.io’s event-driven API management will boost Axway’s AMPLIFY integration platform. Streamdata.io brings two assets to the table– its event-driven API management that helps support real-time and event-driven use cases, and its digital transformation methodology designed around API adoption and maturity. Streamdata.io’s offerings, on the other hand, will benefit from Axway’s 11,000 customers across 100 countries.

“Axway and Streamdata.io share a passion for data. In joining Axway, we can help our customers stay ahead of the digital transformation curve by securely enabling real-time data,” said Streamdata.io CEO Eric Horesnyi. “We look forward to jointly paving the way for one of the most innovative hybrid integration platforms on the market.”

Founded in 2008, Streamdata.io had raised $12.2 million before today’s acquisition. At FinDEVr London 2017, Horesnyi showed how developers can leverage Streamdata.io to code real-time mobile trading in less than 15 minutes with any API. Last June, the company unveiled its API Gallery featuring more than 360 different entities with 14,400+ API paths spanning 420 topics.

Finovate Alumni News

On Finovate.com

Around the web

  • Avaloq signs clients for PSD2 service.
  • Kontomatik enters Southeast Asian market.
  • Feedzai named best in class in fraud and AML vendor market by Aite Group.
  • Yahoo! Finance features SocietyOne and the growth of P2P lending in Australia.
  • American Banker: Jumio teams up with ComplyAdvantage to help banks ID crooks.

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.

Envestnet to Acquire PIEtech for $500 Million

Envestnet to Acquire PIEtech for $500 Million

Wealthtech innovator Envestnet announced earlier this month plans for its tenth acquisition. The Chicago-based company will bolster its existing advisor offerings with the purchase of PIEtech, a deal expected to close mid-year 2019.

PIEtech is the parent company of MoneyGuide, a suite of goals-based financial planning applications for advisors. “Financial planning is a key component of our vision for enabling Financial Wellness,” said Jud Bergman, Chairman and CEO of Envestnet. “With MoneyGuide’s financial planning applications more deeply integrated into Envestnet’s wealth management solutions, enterprises, advisors and their clients can benefit from a frictionless wealth management technology solution across the application stack, driving higher productivity and better client outcomes.”

Envestnet will continue to build on the success of MoneyGuide’s offerings, including MoneyGuideOne, MoneyGuidePro and MoneyGuideElite. These solutions, which serve tens of thousands of financial advisors, are integrated with more than 150 wealth management providers.

Envestnet will leverage the acquisition to complement its Logix and Apprise features to provide advisors and their clients with access to financial planning capabilities. The deal will also enable Envestnet to offer additional domestic and international financial wellness solutions and will boost cross-selling opportunities.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. Late last year, the company entered into a strategic partnership with Blackrock in which Envestnet integrated BlackRock’s Digital Wealth technologies into its platform.

Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $3 billion.

InComm Acquires Linq3 Technologies

InComm Acquires Linq3 Technologies

Prepaid payments technology firm InComm marked its eighth acquisition this week with the purchase of Linq3 Technologies, an Atlanta, Georgia-based digital lottery company. Terms of the deal were not disclosed.

The deal gives InComm access to Linq3’s suite of lottery products that leverage consumer interaction at retailers’ point of sales systems. Brooks Smith, InComm founder and CEO, noted that incorporating the new technology will enable InComm “to deliver new product solutions to create experiences that will engage the consumer – right at the retailer’s point of sale.”

Smith also noted that this week’s purchase extends beyond technology and into Linq3’s human resources, offering InComm lottery industry intelligence. “This transaction brings us an experienced management team with a great deal of industry knowledge that can be leveraged to transform and grow lottery business across North America.”

In anticipation of the acquisition, InComm has already integrated with central gaming system vendors in the U.S. In fact, the company plans to launch lottery products including point of sale-activated draw games, prize payouts and validations, and prepaid state lottery gift cards for its retail clients.

Tom Spiegel, CEO of Linq3, noted that InComm will especially benefit from state lotteries. “Today, state lotteries face many challenges tied to retailer expansion, new player acquisition, and product innovation in an increasingly digital world. Through InComm’s acquisition of Linq3, state lotteries will now have the ability to reach more players through new and current retailers, retailers can realize more revenue by driving new consumer traffic to their locations, and lottery players will benefit from easy, simple and new ways to purchase and play lottery products.”

InComm offers more than 500,000 points of retail distribution with 1,000+ brand partners in more than 30 countries. The company debuted CorFire Mobile Commerce at FinovateFall 2011. More recently, InComm showed off the Cashtie API at FinDEVr Silicon Valley 2014. Last June, the Atlanta-based company teamed up with Fiserv to make it easier for consumers to pay their bills using cash at retailers’ physical point of sale systems.

Finovate Alumni News

On Finovate.com

  • LendingFront, Veridium, Voca.ai Join Mastercard’s Start Path.

Around the web

  • Kinetica releases active analytics platform to simplify architecture and deliver analytical applications at scale
  • Tango Card partners with StatementGames to deliver e-gift cards as a redemption option for StatementGames players.
  • Larky wins big at Finastra’s Innovation Challenge

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.

Doxo to Provide Electronic Billpay Solution to R.R. Donnelley & Sons Company

Doxo to Provide Electronic Billpay Solution to R.R. Donnelley & Sons Company

Billpay solutions company doxo announced a new partnership with R.R. Donnelley & Sons Company (RRD) recently that will offer the marketing and communications solutions provider’s clients access to doxo’s electronic billpay solutions.

Tim Reedy, president of RRD Business Communications Solutions said, “We partnered with doxo because consumers are increasingly seeking a seamless, digital bill pay experience, and doxo has developed a capability that delivers that experience.” doxo’s secure payment solution enables customers to access and pay bills from more than 45,000 providers using a single set of login credentials. “Like our other business communications solutions, doxo integrates easily into our clients’ current workflows and processes to further enhance their communications program without any down time,” Reedy added.

doxo is compatible with existing billing systems and allows billers to electronically connect for free. The platform offers a simplified experience for end users and provides a complete online payment system for billers who have yet to go digital. Among the company’s list of billing partners are AT&T, National Grid, Puget Sound Energy, Kansas City Light, and more providers across finance, utilities, healthcare, telecom, banking, and insurance sectors.

Founded in 2008, doxo debuted its Control Panel at FinovateSpring 2011. The Seattle-based startup is among the companies that will take the Finovate stage at FinovateSpring to demo its newest technology. doxo has raised $18.8 million and counts Mohr Davidow Ventures, Sigma Partners, and Bezos Expeditions as investors.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Digital Onboarding, ForwardLane, and SizeUp Join MassChallenge’s 2019 FinTech Inaugural Program.
  • CB Alerts Portal from Ethoca Helps Carte Bancaires Merchants Fight Fraud.

Around the web

  • Agreement Express and TD Ameritrade Institutional deliver straight-through account opening to Veo Platform.
  • Gusto’s Flexible Pay is now available to employees directly in Texas through a newly created subsidiary Gusto Capital LLC.
  • AlphaPoint announces support for Stellar Lumens.
  • Lincoln Financial Group unveils new partnership with eMoney Advisor.
  • Sezzle hires former Target, TD Bank executive Jamie Kirkpatrick as its new Chief Risk Officer.
  • Averon co-founder and COO Lea Tarnowski earns finalist spot in Banking Technology Awards’ Women in Technology Leadership category.
  • Coinbase introduces instant PayPal withdrawals for U.S. customers.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.

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.

FI.SPAN Raises $4 Million for U.K. and Australia Expansion

FI.SPAN Raises $4 Million for U.K. and Australia Expansion

Financial services management platform FI.SPAN has some extra holiday spending cash, thanks to a new round of funding led by BDC Capital’s Women in Technology Venture Fund. The round also features participation from FinTop Capital, VFF, Panache Ventures and others. The $4 million investment brings FI.SPAN’s total funding to $6 million.

The Canada-based company will use the funds to expand its operations to the U.K. and Australia, as well as grow its Vancouver, B.C.-based team. FI.SPAN currently employs 20 people in its New York and Vancouver offices, and it hopes to double its Vancouver workforce within the next year-and-a-half.

FI.SPAN CEO Lisa Shields told BIV.com that she’s not worried about Brexit impacting the company’s U.K. expansion. “Brexit, to be honest, for my particular business doesn’t affect us that much and the market is massive in the U.K.,” Shields said. “Because we sell to banks, we’re less impacted by Brexit.”

Above: Shields and with co-founder Clayton Weir demo at FinovateFall 2018

Shields co-founded FI.SPAN in 2016 and recently demoed the company’s ERP Connectivity Suite at FinovateFall 2018 in New York.  The company’s white-labeled service designs, builds, and maintains live connections to online and cloud-based accounting systems. The company’s API services suite helps banks build out their APIs to offer clients third-party connectivity. Similarly, FI.SPAN’s Fintegration suite helps banks integrate with fintechs and securely manage data exchange between the two parties.

EVRY Wins $75 Million Contract

EVRY Wins $75 Million Contract

Less than a month after landing a deal worth almost $77 million, Nordic IT company EVRY announced it has inked a $75 million contract with Handelsbanken in Finland.

Under the agreement, which is set to last eight years with an optional two-year extension, EVRY will provide Handelsbanken its complete suite of SaaS core banking and payment solutions, reaching both corporate and private banking customers. This includes internet banking for personal and corporate customers, loan management and back office solutions for Handelsbanken’s employees, and selected card services.

“EVRY’s solution will give us a modern and configurable banking platform with extensive product development capabilities. Modernising our core banking system in this way will enable us to develop more efficient processes and thereby to provide better customer service,” said Nina Arkilahti, CEO of Handelsbanken in Finland.

EVRY has partnered with the Handelsbanken Group in the past. Earlier this year, the company teamed up with Handelsbanken in Norway to launch a wrist-based contactless payments solution. Describing today’s deal, Wiljar Nesse, EVP of financial services at EVRY, named it an “important milestone” for EVRY as it advances the company’s presence in Finland.

EVRY demonstrated its PFM solution, Spendific, at FinovateEurope 2015. With more than 10,000 customers across the private and public sectors and 8,800 employees across nine countries, EVRY is headquartered in Fornebu just outside Oslo. The company is listed on the Oslo stock exchange under the ticker “EVRY AS” and has a market capitalization of $11 billion. Terje Mjøs is CEO.