Author: Julie Muhn (@julieschicktanz)

Meniga Lands $3.4 Million from Íslandsbanki

Meniga Lands $3.4 Million from Íslandsbanki
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Meniga

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.

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FinovateAfrica Sneak Peek: RattleHub

FinovateAfrica Sneak Peek: RattleHub
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018, FinovateAfrica 2018 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

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FinovateAfrica Sneak Peek: NF Innova

FinovateAfrica Sneak Peek: NF Innova
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018, FinovateAfrica 2018 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

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FinovateAfrica Sneak Peek: CybiWealth

FinovateAfrica Sneak Peek: CybiWealth
By Julie Muhn (@julieschicktanz) Posted on
Categories: CybiWealth, FinovateAfrica 2018, FinovateAfrica 2018 Sneak Peek

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

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint, CredoLab, CybiWealth, Fenergo, Jack Henry, Meniga, NF Innova, RattleHub, Temenos, TransferWise, Trulioo

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.

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

Credit Karma Acquires Noddle to Launch in the U.K.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Credit Karma, Mergers & Acquisitions

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.

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Gusto’s New Deal to Deliver Automated Accounting to Small Businesses

Gusto’s New Deal to Deliver Automated Accounting to Small Businesses
By Julie Muhn (@julieschicktanz) Posted on
Categories: Gusto

Payroll, benefits, and HR platform Gusto has some benefits of its own up its sleeve. The San Francisco-based company announced this week it has teamed up with ScaleFactor to deliver a fully integrated accounting experience to Gusto clients.

With ScaleFactor, Gusto business users can sync their payroll and benefits directly with their accounting and financial data. The combination of the two tools offers instant visibility of cash flow and access to Gusto’s payroll and benefits platform. Gusto’s Head of Partnerships, Mike Triantos, said the company formed the partnership because, “We know how important tools and technology will be in helping our users monitor the financial health of their business.”

“By joining forces with Gusto, we are empowering SMB owners and operators with the ability to seamlessly link accounting automation with HR and payroll,” said Kurt Rathmann, CEO and founder of ScaleFactor. “Having a comprehensive real-time view of a business’ health saves not only time and money, but enables business leaders to make informed decisions that drive growth.”

ScaleFactor was founded in 2013 to do what its name implies– help small businesses scale faster. By automating financial tasks such as accounting, payroll, bill pay, invoicing, cash flow forecasting, and tax compliance, ScaleFactor helps businesses focus on their business and make better business decisions.

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 a painless way for small businesses to offer their employees benefits such as health insurance, 401(k) retirement plans, and 529 college savings plans.

This isn’t the first accounting platform Gusto has aligned with. Earlier this summer, the company teamed up with New Zealand-based cloud accounting firm Xero. The technical integration of the two platforms is still underway and is expected to be complete by early 2019.

Gusto, which launched in 2012 under the name ZenPayroll, showcased its flagship payroll solution at FinovateSpring 2014. Earlier this summer, the company landed $140 million in funding, boosting its valuation to $2 billion.

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AlphaPoint to Power Asset Management Tools for Laureate Digital Securities

AlphaPoint to Power Asset Management Tools for Laureate Digital Securities
By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint

Digital asset exchange platform AlphaPoint announced this week it has partnered with Laureate Digital Securities, a company that leverages the blockchain for asset management tools.

Laureate’s asset digitization, investor portal, and secondary trading will rely on AlphaPoint’s technology that helps companies launch, scale, and operate their own digital asset exchanges. Specifically, AlphaPoint will power Laureate’s security token offerings, which facilitate investor access to asset management funds.

“Adding AlphaPoint’s proven blockchain technology to our platform will help us provide the requisite services for the creation and administration of digital security offerings and the trading of them in the secondary market,” said Nicole Biernat, president of Laureate Digital Securities.

AlphaPoint powers digital asset networks for companies like Laureate across the globe. The company also maintains the AlphaPoint Distributed Ledger Platform (ADLP), which interoperates with more than 20 ledger technologies to digitize financial instruments, create trading venues, and reduce operational overhead.

At FinovateFall 2017, AlphaPoint showcased the ADLP Reconciliation Platform, which combines blockchain-based asymmetric access controls and machine-enforced domain compliance for order management and other activities. The Reconciliation Platform reduces time and cost associated with manual, post-trade reconciliation processes.

Founded in 2013, AlphaPoint recently announced it is powering DCEX, an XRP-based cryptocurrency exchange. The company, which has raised a total of $17.6 million, is headquartered in New York with offices in Philadelphia, San Francisco, and North Carolina.

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Quadient’s New Launch Accelerates the Insurance Claims Process

Quadient’s New Launch Accelerates the Insurance Claims Process
By Julie Muhn (@julieschicktanz) Posted on
Categories: Quadient

Customer communications management specialist Quadient released a tool today that helps mid-sized insurers deliver personalized claims correspondence to customers across channels. Quadient Correspondence is a subscription-based, SaaS solution that helps insurers make the move to digital without requiring in-house IT expertise.

The new tool works with a company’s existing claims system and because it offers a pre-loaded library of insurance-specific content as well as pre-built workflows, it processes claims faster than traditional methods. Agents can make communication templates in less than one hour, create customized correspondence in less than one minute, make approvals in less than one hour, onboard new employees in less than a day, and communicate via print and digital channels instantly.

To maximize time saved, Quadient Correspondence’s pre-loaded content offers the most commonly used claims templates that are pre-approved for regulatory compliance. The templates are also able to be edited, if needed, to suit specific circumstances.

“The claims process is the most expensive and important customer touchpoint insurers have, and often the moment of truth in an insurer-consumer relationship,” said Tamir Sigal, chief marketing officer at Quadient. “[Quadient Correspondence] is a robust solution that finally enables smaller insurance organizations to operate like a Tier One enterprise, enabling immediate claims process improvement consumers will appreciate.”

Quadient rebranded from GMC Software last fall, and in a demo at FinovateEurope earlier this year, showed how banks can leverage AI. In a report earlier this fall, Ovum listed the Switzerland-based company as a Top Customer Journey Mapping Vendor.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint, eMoney Advisor, Gusto, Klarna, Ledger, Pendo Systems, Quadient, Revolut, SoFi

On Finovate.com

  • Gusto’s New Deal to Deliver Automated Accounting to Small Businesses.
  • Quadient’s New Launch Accelerates the Insurance Claims Process.
  • AlphaPoint to Power Asset Management Tools for Laureate Digital Securities.

Around the web

  • Pendo Systems appoints Bill Woodley as President and COO.
  • eMoney Advisor launches voice assistant for financial advisors.
  • Ledger to integrate IOTA tokens with its secure hardware cryptocurrency wallets.
  • KPMG names Klarna, Revolut, and SoFi among 25 most innovative Fintech startups in the world.

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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Braintree Merchants Can Now Accept Samsung Pay

Braintree Merchants Can Now Accept Samsung Pay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree

Payment platform Braintree made a move to not only make merchants’ lives easier, but also to make it smoother for consumers to pay, which makes merchants happier. So no one was complaining today when the PayPal-owned company announced it will integrate with Samsung Pay.

Braintree merchants in the U.S. can now accept Samsung Pay for in-app payments. According to a study conducted by PYMNTS, the percentage of adult smartphone users that have used Samsung Pay to make a purchase rose from 4.3% in March of 2017 to 5.1% in December of 2017.

Braintree has simplified the process for merchants, requiring just a few lines of code to integrate Samsung Pay into their existing checkout process, making for a streamlined purchasing experience for end users. Online wholesale retailer Boxed is among the first to pilot the integration.

Today’s announcement is a continuation of Braintree’s relationship with Samsung. Earlier this year, the San Francisco-based company announced that U.S. PayPal users can transact using PayPal within Samsung Pay.

PayPal acquired Braintree in 2013 for $800 million. Braintree most recently showcased Venmo Touch at FinovateSpring 2013. Last month, Adobe announced it is launching Magento Payments with PayPal’s Braintree for payment processing. And in April, Braintree teamed up with Yahoo! to make its payment platform available to online sellers using Yahoo Merchant Solutions and Yahoo Stores.

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Envestnet | Yodlee Doubles Down on the Developer Experience

Envestnet | Yodlee Doubles Down on the Developer Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, Yodlee

Data aggregation and analytics company Envestnet | Yodlee made a strategic hire to its Developer Experience team this week, recruiting Sebastien Taveau (pictured), former chief developer evangelist for Mastercard, as its vice president of Developer Experience.

Taveau is charged with overseeing the new developer experience, positioning it as a developer-first platform, and strengthening ties with the fintech developer community. And Taveau is well-suited for the job; he brings more than 20 years of experience working in POS, mobile payment, mobile security, mobile identity, and consumer solutions.

Among his prior roles are chief technologist at Zelle/Early Warning Services, chief developer evangelist for Mastercard, CTO for Validity, and principal/astronomer at PayPal.

“Sebastien’s blend of skills, experience and passion for the job are invaluable in our continued commitment to delivering upon our developer first vision and driving industry innovation. His role is also vital in nurturing our important relationship with the fintech community, enabling them to better serve their customers,” said Brandon Rembe, SVP of products at Envestnet | Yodlee.

Hiring Taveau is part of a broader effort Envestnet | Yodlee has put forth into crafting the developer experience. Last month, the company unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. The new tools will be available to developers by the end of 2018.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. 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 $2.37 billion.

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