Finovate Alumni News

On Finovate.com

  • Anorak Raises $6.5 Million in Series A.

Around the web

  • British lender CYBG signs payments partnership with Worldpay.
  • Azimo begins money transfer service to China.
  • AlphaPoint announces TrueUSD integration to Exchange Technology Network.
  • InComm partners with Xsolla to enable online game account funding with cash.

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.

Simple Appoints Former Amazon Exec as CEO

Simple Appoints Former Amazon Exec as CEO

Seven months after Simple’s CEO and Co-Founder Josh Reich announced plans to leave, the digital bank, which is owned by BBVA, appointed David Hijirida (pictured right), a former executive at Amazon, to take the reigns of the nine year old bank startup.

Hijirida is replacing Dickson Chu who was temporarily working as the interim CEO of the bank. Chu will remain Executive Chairman of Simple’s Board of Directors. “We worked hard to find a leader for Simple with the right and rare combination of financial services knowledge, a track record of delivering great products, and a work ethic that aligns with our values,” said Chu. “David possesses a wealth of leadership experience and knowledge, bridging the banking industry and technology product world,” he added.

Hijirida worked at Amazon for almost 12 years, first building the online retailer giant’s global payments business, then transitioning as the director of Amazon Web Services and finally serving as the company’s Director of Advertising. But while his background is focused on big tech, he also has experience at Washington Mutual (before its collapse) and FleetBoston (which was later acquired by Bank of America).

Part of Hijirida’s reason for leaving the banking world is that he was “tired of the way banks were treating customers.” Simple seems to be a good fit, however, because, Hijirida said, “Simple’s mission, vision, and values address that exact frustration. I’m excited to enhance what Simple has already created, and I’m committed to launching products that help people feel confident with their money…. My heart is with the consumer.”

Founded in 2009 and launched two years later under the name BankSimple, Simple debuted at FinovateFall 2011. In 2014, BBVA purchased Simple for $117 million. Since then, things have been a bit bumpy but not quite turbulent– all three Simple co-founders have left and last year the company laid off 10% of its staff.

Though it is owned by a large bank, Portland, Oregon-based Simple puts forth a lot of effort to differentiate itself from the mega banks. In September, the bank announced it will pay 2.2% interest on savings accounts with balances of more than $2,000. Compared to the national average APY of 0.6%, this promotion certainly stands out. The effort aims to boost the bank’s customer base and it’s working– I’ve reactivated my previously dormant account and coerced my husband into joining.

eToro Launches GoodDollar to Reduce Income Inequality

eToro Launches GoodDollar to Reduce Income Inequality

Citing the fact that the 42 richest people on Earth have more wealth than the poorest 3.7 billion, social trading platform eToro made an announcement this week that it is supporting the social good through a new project. The Israel and London-based company’s new initiative, GoodDollar, is a non-profit, open source project that seeks to reduce income inequality with a new cryptocurrency.

And the GoodDollar project is already off to a good start. eToro announced it has injected $1 million into the project and is calling for more innovators to join in. GoodDollar leverages smart contracts, which help parties transparently exchange money, property, shares, or any unit of value. Overall, the project aims to use a new cryptocurrency to establish universal basic income (UBI) by paying “social interest” to individuals who have less. To reduce wealth inequality, GoodDollar will operate on four basic principles: its available to anyone, exchangeable with other currencies, has low transaction fees, and is fairly distributed across wealth segments.

“We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a UBI. Engineers, product designers and economists are currently developing the prototype. Today is just step one on a long, ambitious journey,” said Yoni Assia, eToro CEO.

Aside from building a robust user base, the most challenging aspect GoodDollar may face is maintaining a cryptocurrency that is neither inflationary nor speculative. GoodDollar will also need to come up with a global KYC alternative and design a structure to govern the cryptocurrency.

Founded in 2007, eToro demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company announced that clients can now invest directly in shares on the platform, and raised a $100 million in Series E round in March, more than doubling its funding to $162 million. Most recently, eToro began supporting IOTA and Binance cryptocurrencies.

Finovate Alumni News

On Finovate.com

  • eToro Launches GoodDollar to Reduce Income Inequality.
  • Zopa Seals Series G Investment En Route to Bank Launch.

Around the web

  • Privakey partners with FIDO board member Raonsecure to deliver joint solution to North America.
  • Green Dot reports record Q3 revenue of $230.6 million, up 14% from $201.6 million in Q3 2017.
  • Cardlytics expands U.S. Travel and Entertainment division with new appointment.
  • UOB’s Digital Bank advances customer-centric data solutions with Meniga.
  • Avaloq appoints Martin Greweldinger as Group Chief Product Officer.
  • LENDindex adds Centre’s USDC digital currency to its SME loan portfolio.
  • TransferWise secures £65 million syndicated debt facility with NatWest, JP Morgan, and LHV 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.

CardFlight Aligns with Payscape to Expand Merchant Base

CardFlight Aligns with Payscape to Expand Merchant Base

Payment tech company CardFlight formed a partnership this week that will help boost its client base. The New York-based company has formed a distribution partnership with small business software provider and payment technology company Payscape.

Aimed at serving small-to-medium-sized businesses, Payscape will offer CardFlight’s SwipeSimple payment acceptance technology and business management tools to its clients as a part of its Payscape Mobile product offering. Payscape Mobile is a holistic product offering that provides merchants advanced payment acceptance technology, leading security, and management tools.

A handful of new capabilities will be available to Payscape Mobile users via SwipeSimple. Additions include mobile point of sale and Bluetooth LE credit card readers that are EMV and magstripe compatible, customer subscription and installment plan technology, address verification for card not present payments, and an analytics, inventory, and business tools dashboard for merchants.

“At Payscape, our goal is to help businesses grow by equipping them with superior products and services,” Said Adam Bloomston, CEO and co-founder of Payscape. “We’re happy to partner with CardFlight because their product aligns with our goal and allows us to provide the best solutions to our customers and give them everyday advantages in managing their businesses and accepting payments.”

Payscape is the latest of CardFlight’s reseller clients, which together have distributed CardFlight technology to more than 45,000 merchants across the U.S. Other resellers include TSYS, Worldpay, and First Data.

Founded in 2013, CardFlight serves 10 of the top 30 merchant acquirers in the U.S., reaching tens of thousands of merchants across all 50 states. The company debuted its technology at FinovateSpring 2013, showing off the first iteration of its API/SDK. Last month, CardFlight launched SwipeSimple Customers to help merchants build customer databases and manage card data. Earlier this year, the company added paper receipt printing capabilities and enhanced its security.

Finovate Alumni News

On Finovate.com

  • CardFlight Aligns with Payscape to Expand Merchant Base.

Around the web

  • PaySimple announces latest payment integration with MarketSharp’s CRM software.
  • Equifax selects Experian to provide customers free credit monitoring through its TrustedID Premier service.
  • QuotePro and Fiserv partner to speed credit for cash payments at self-service kiosks.
  • Singapore-based WeInvest expands to UAE.
  • PYMNTS: OnDeck loan origination volume increased double digits YoY and sequentially, the volume up 22% from the 2017 third quarter
  • Mitek appoints Max Carnecchia as CEO.

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.

Meniga Lands $3.4 Million from Íslandsbanki

Meniga Lands $3.4 Million from Íslandsbanki

In its third round of funding this year, digital banking and marketing startup Meniga has taken in $3.4 million (€3 million) from Íslandsbanki. The financial backing, which follows Swedbank’s $3.7 million investment in April and UniCredit’s $3.6 million strategic funding in June, brings Meniga’s total funding to just over $34 million.

Íslandsbanki is Meniga’s first and longest-standing client. The two have been collaborating since 2009 when they launched a PFM solution in Europe. Furthering their ties, Íslandsbanki and Meniga teamed up to deploy a new card-linked offer platform in June of last year.

Meniga will use the funds to enhance research and development efforts to further build out its products. Íslandsbanki CEO Birna Einarsdóttir noted that the investment not only deepens the bank’s relationship with Meniga, but that it is also aimed at, “investing in the future development of innovation in digital banking and personal financial management solutions.”

“The banking landscape is evolving faster than ever and is driven by new competitors, regulatory changes and rising customer expectations,” said Georg Ludviksson, CEO and co-founder of Meniga. “Therefore, it is vital for banks and fintech companies to work even closer together to thrive in the new digital ecosystem.”

Headquartered in London and with offices also in Reykjavik, Stockholm, and Warsaw, Meniga offers white-label digital banking solutions for 65 million digital banking users in 30 countries for banks such as Santander, Intesa, ING Direct, Commerzbank and mBank. The company has taken home five Finovate Best of Show awards, most recently for its demo at FinovateFall 2018, where Meniga showed off its if this, then that spending challenges that allow users to tie their savings to random external events, such as the weather, sports team wins, and exercise and music listening habits.

FinovateAfrica Sneak Peek: RattleHub

FinovateAfrica Sneak Peek: RattleHub

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

RattleHub understands that lives are digital and extremely fragmented. Everyone deals with unnecessary cost and risk as a result. This needs to change, and when it does, it will be a wonder why it was tolerated for so long.

Features

  • One view of all assets, liabilities, documents, and data
  • Seamless integration with clients’ trusted partners and service providers
  • Peace of mind that everything is in order for the client’s family

Why it’s great
Those banks, wealth advisors, insurance companies, etc. that best serve their clients will triumph over their competitors. Seamless integration with this emerging ecosystem drives retention and growth.

Presenters

Steve Watt, Chief Revenue Officer
Watt leads global sales, marketing, and customer success from RattleHub’s head office in Canada.
LinkedIn

Gary Goetsch, Chief Technology Officer
Goetsch leads global technology design, development, and operations from RattleHub’s office in South Africa.
LinkedIn

FinovateAfrica Sneak Peek: NF Innova

FinovateAfrica Sneak Peek: NF Innova

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

NF Innova provides a unique banking solution to visionary financial institutions by delivering a rich and seamless customer journey on any digital channel.

Features

  • Opti-channel digital banking platform
  • Full process automation and digitalization
  • Real-time mobile app changes without redeployment of a new version on app stores

Why it’s great
The NF Innova platform is providing banks with a unique possibility to make real-time changes and create tailor-made segmentation within a native mobile app without publishing a new version in app stores.

Presenters

Eldar Banjica, Board Member
With over 20 years of experience in leading teams and companies of various sizes, Banjica is in charge of the company’s strategy and global business development.
LinkedIn

Vladimir Stojić, Technical PreSales Consultant
Stojic has been consulting with banks on end-to-end, opti-channel banking for more than 10 years. He is an expert in front-end channels, the “smart digital layer,” and the design of digital banking.
LinkedIn

FinovateAfrica Sneak Peek: CybiWealth

FinovateAfrica Sneak Peek: CybiWealth

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

CybiWealth is a simple and intuitive investment app enabling individuals to own shares directly in leading global companies such as Coca-Cola, Nestlé, L’Oréal, and more.

Features

  • Electronic onboarding and identity verification process
  • Direct share ownership in leading global companies
  • Invest via bank card through a mobile app

Why it’s great
CybiWealth offers a simple, intuitive, and cost-effective way to own shares directly in leading global companies.

Presenter

Scott Cooper, CEO
Cooper is a mathematics graduate and a former analyst in the Lloyd’s market. He has 5 years of experience in the investment management industry, is a chartered financial analyst, and has served as CEO of CybiWealth since its inception.
LinkedIn

Finovate Alumni News

On Finovate.com

  • CredoLab, GoBear Launch Credit Solution for the Underbanked.
  • Meniga Lands $3.4 Million from Íslandsbanki.
  • TransferWise Teams Up with Dutch Digital Bank bunq.

Around the web

  • Jack Henry’s Symitar Credit Unions expand outsourcing initiatives.
  • Trulioo expands European operations with new presence in Dublin.
  • Arab Bank for Investment and Foreign Trade (Al Masraf) licenses Temenos‘ Learning Community Engine.
  • Fenergo expands into private banking and wealth management.
  • AlphaPoint integrates stablecoin TrueUSD into its exchange network.

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.

Credit Karma Acquires Noddle to Launch in the U.K.

Credit Karma Acquires Noddle to Launch in the U.K.

Just a month after unveiling its new auto insurance tool, financial health company Credit Karma announced it is once again expanding– this time across country borders.

Prompting this move is the San Francisco-based company’s acquisition of Noddle, a startup headquartered in the U.K. that offers users free access to their credit report. Credit Karma made the purchase from TransUnion, which received Noddle as a part of its purchase of CallCredit for $1.4 billion in April of this year. The financial terms of the agreement are not disclosed but it appears to be purely cash-based; TransUnion is not taking any stake in Credit Karma. The deal is expected to close later this year or early next year.

“Noddle’s similar mission and history as the first provider of free credit information in the U.K. made this a clear decision for Credit Karma,” said Credit Karma’s VP of International, Valerie Wagoner. “We’re confident our depth of experience working across data providers along with banks and lenders will accelerate the number of services we provide to help consumers make the most of their money.”

Noddle’s 35+ employees will join the Credit Karma workforce of more than 700. Credit Karma has “immediate plans” to expand its team in the U.K., and aims to “more than double” the U.K. team– which will be based in London and Leeds– over the next year. The acquisition includes Noddle’s employees, technology, and clients– more than 4 million of them. This number boosts Credit Karma’s existing North American user base which currently sits at more than 85 million members.

Founded in 2007, Credit Karma CEO Ken Lin demonstrated the company’s platform at FinovateSpring 2009, when the company had just five employees. Since then, Credit Karma has finalized five acquisitions, making today’s purchase of Noddle its sixth. After receiving a $500 million secondary investment round in March, the company boosted its valuation to $4 billion.