Author: Julie Muhn (@julieschicktanz)

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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Worldpay Goes Australasia

Worldpay Goes Australasia
By Julie Muhn (@julieschicktanz) Posted on
Categories: WorldPay

The news that payment processing giant Worldpay is expanding to Australasia comes just days after the U.K.-based company announced its pending sale to FIS.

Worldpay is making two major moves in the Australasia region. First, it opened two sales offices in Australia, enhancing the company’s market presence. Second, Worldpay launched into the New Zealand market, after having received its local license, enabling in-country payment processing.

With the new Australia locations, Melbourne and Sydney, Worldpay is ultimately aiming to gain more clients. The company already boasts clients such as VGW, Skiddoo, Lonely Planet, and Webjet. And there’s plenty of room for growth in the region– Australia’s eCommerce sector is expected to grow almost 37% in the next three years.

Having a card processing license in New Zealand will allow Worldpay to process New Zealand-based merchants’ payments domestically. Worldpay’s Global reach will create a more seamless way for those New Zealand-based companies to trade with the rest of the world economy.

“By building a team of payments experts located in Australia, alongside the addition of a domestic card payment acquiring capability in New Zealand, Worldpay can offer a service that goes beyond the transactional. Our investment and addition of this new license will enable us to further provide unparalleled access to global markets to help eCommerce businesses deliver on their international growth ambitions,” said Worldpay’s Phil Pomford, General Manager of Global Enterprise eCommerce in APAC.

Founded in 1971, Worldpay most recently participated in FinDEVr Silicon Valley 2016, where the company discussed what customers are looking for in the payment journey. Earlier this month, the company agreed to be acquired by FIS for $34 billion. The deal is expected to close at the end of this year.

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Capsilon Beta Launches Digital Underwriter

Capsilon Beta Launches Digital Underwriter
By Julie Muhn (@julieschicktanz) Posted on
Categories: Capsilon

Mortgage technology company Capsilon announced the beta launch of Capsilon Digital Underwriter, a suite of cloud-based mortgage applications for lenders.

The launch comes in collaboration with Home Point Financial, a national mortgage origination and servicing company. The tool aims to help lenders leverage data to make more informed loan eligibility decisions faster by automating the underwriting process.

Steve Viarengo, SVP of Digital Mortgage Solutions, pointed out that compliance and regulatory guidelines have complicated the mortgage underwriting process, declining the mortgage underwriting velocity to 85% in the past 10 years.

Capsilon Digital Underwriter runs on Capsilon IQ, the company’s digital mortgage platform that gathers mortgage data by leveraging machine learning and natural language processing. Because Capsilon collects data from the original loan record, lenders have evidence of data points behind each decision. “You can’t automate underwriting without trusted data,” said Bill Shuler, Chief Information Officer of Home Point Financial. “Capsilon elegantly combines the ability to capture and perfect mortgage data with robust automation capabilities.”

Phil Shoemaker, Chief Business Officer of Home Point Financial, said “Capsilon Digital Underwriter will significantly improve our underwriting productivity and in some cases, we believe loans can be underwritten without any human intervention. This will enable us to significantly speed up the loan origination process while focusing our talented ops team on providing best-in-class customer service to our business partners, helping them originate more loans.”

Founded in 2004, and with eight offices around the globe, Capsilon processes 15% of U.S. mortgages, and managed $400 billion in new loans in 2017 alone. At FinovateSpring 2017 the company showcased its Mortgage Velocity program that speeds up loan delivery by eliminating the need for manual tasks and human error.

Capsilon has raised $21 million and is headquartered in San Francisco, California. Sanjeev Malaney is CEO. The company will demo its latest technology at FinovateSpring, held May 8 through 10 in San Francisco. Book your ticket now.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Equifax, FICO, Finantix, Ledger, NDGIT, Plaid

On Finovate.com

  • FICO and Equifax Forge Strategic Partnership.

Around the web

  • Motive Partners closes investment in Finantix announced in December.
  • Since launching in the region last year, Plaid expands coverage in Canada, adding support for Desjardins, National Bank of Canada, President’s Choice, and Simplii.
  • NDGIT’s API platform enables UBS to deliver PSD2 APIs for TPPs.
  • Ledger partners with Hong Kong-licensed Legacy Trust to introduce institutional-grade custody solution to accelerate the flow of institutional money into digital assets.

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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Nutmeg Says No to IPO, Opts for Crowdfunding Instead

Nutmeg Says No to IPO, Opts for Crowdfunding Instead
By Julie Muhn (@julieschicktanz) Posted on
Categories: Nutmeg

Two months after closing a $58 million investment, U.K. wealth management company Nutmeg announced it will crowdfund its next bout of funding.

Nutmeg is opting to sell shares to its clients, rather than list the company on a public exchange, which would subject it to the volatility of the market. The company will be using Crowdcube as its crowdfunding platform.

“We’re pleased that we will soon be giving eligible Nutmeg customers the chance to become shareholders alongside our existing investors like Convoy, Goldman Sachs and Balderton Capital, among others,” the company announced on its website. Customers who hold a Nutmeg account on May 15 will get early access to participate in the crowdfunding round and those who sign up on Crowdcube will receive updates as soon as it goes live (the timing of the launch is currently undisclosed). The company plans to use the funds to fuel international expansion.

On its website announcing the offer, Nutmeg reminds potential participants that purchasing the shares is “high-risk” and “isn’t for the short term.” The company reinforced the non-traditional nature of the investment, saying that it “isn’t listed on any stock exchange, and you won’t be able to sell your shares until the business achieves an ‘exit’, such as being sold to another company or floating on a stock exchange.”

Since it was founded in 2011, Nutmeg has raised $148 million from 13 investors, including Convoy, Goldman Sachs, and Balderton Capital. The company currently manages $2 billion (£1.5 billion) in funds for its 65,000 clients in the U.K.

Nutmeg showcased its digital investment management at FinovateEurope 2012 in London. Last year, the company was featured on Fidor Bank’s digital marketplace as an inaugural partner. Co-founded by Nick Hungerford and William Todd, Nutmeg appointed Martin Stead as CEO in 2015.

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