Author: Julie Muhn (@julieschicktanz)

Singapore Offers Visa’s Currencycloud In-Principle Approval for MPI License

Singapore Offers Visa’s Currencycloud In-Principle Approval for MPI License
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Currency Cloud, Daily news
  • Currencycloud was offered In-Principle Approval to serve as a Major Payment Institution license holder in Singapore.
  • If granted the license, Currencycloud will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses.
  • “Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players,” said the company’s Managing Director of APAC Rohit Narang.

B2B cross-border payments fintech Currencycloud announced this week that the Monetary Authority of Singapore (MAS) offered the company In-Principle Approval (IPA) to serve as a Major Payment Institution (MPI) license holder in the region.

If the MAS grants Currencycloud the MPI license, the company will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses. These additional capabilities will allow the U.K.-based company to process intra-Asia and east-to-west payments more quickly, efficiently, and seamlessly.

The MPI license will also impact Singapore-based businesses, which will be able to leverage Currencycloud to help their customers make conversions and payouts in their own time zones and local currencies. Ultimately, the license will help these local businesses launch new financial services quickly by leveraging local networks combined with its multi-currency account capabilities.

“The IPA for a Major Payment Institution License is testament to the strength of the Currencycloud brand,” said Currencycloud Managing Director of APAC Rohit Narang. “Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Founded in 2012, Currencycloud facilitates cross-border, multi-currency transactions.  In addition to offering virtual wallets, the company also enables banks, fintechs, and FX brokers to offer their users the ability to send, receive, and manage their multi-currency payments. Among the company’s clients are Starling Bank, Revolut, Penta, and Lunar. 

Currencycloud was acquired by Visa in 2021. Mike Laven is CEO.

Photo by Guo Xin Goh on Unsplash

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A Demo of Our Own: 3 Ways Finovate Invests in Women

A Demo of Our Own: 3 Ways Finovate Invests in Women
By Julie Muhn (@julieschicktanz) Posted on
Categories: Women in Fintech

At Finovate, we are known for having companies demo their solution. Anyone can talk about their product, but showing how it works (especially in front of 1,000+ people) is difficult. Today, as we celebrate International Women’s Day– a day assigned by the United Nations— we wanted to do a demo of our own by showing three ways we are taking action on the theme for International Women’s Day, Invest in Women.

Here are three ways Finovate invests in women:

Scholarship program

We launched our scholarship program to spotlight underrepresented founders and startups tackling climate change, diversity, and financial inclusion through sustainable and equitable practices to support social and environmental change. Scholarship opportunities are available at all three Finovate events. In order to qualify for the women in fintech scholarship, the company must be either women-founded or women-owned and have less than $7 million in funding.

Equal representation on stage

Finovate’s speaker curator, Katie Gwyn-Williams, is committed to diversity, ensuring that each show features a balanced mix of male and female speakers, with at least 50% representation from each gender. As part of that she also makes a huge effort to ensure female representation on all panel discussions.

This is no small feat. Katie spends a lot of time and research to recruit the most knowledgeable females in the industry. That said, if you are a woman looking to represent your financial institution in a panel discussion, feel free to send a note her way; she’s currently recruiting for FinovateFall!

Women-centric events

Finovate is proud to feature a Women in Fintech gathering at every show. To be honest, I used to avoid sessions like these because they sounded too fluffy (who wants to talk about women when you can talk about fintech?). However, once I got over myself and began attending, I’ve found valuable discussions with actionable tips on how to uplift myself, my female colleagues, and even my daughter. Not only that, I’ve made meaningful connections with other women in the industry.

Why it matters

It is so easy to fall into discussions about the financial services industry’s insufficient efforts to invest in women. While many of the discussions are valid, let’s spend today promoting awareness about the change being made. Take action and talk about it to inspire others to make similar changes.

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Who Needs Open Banking When You Have Apple FinanceKit?

Who Needs Open Banking When You Have Apple FinanceKit?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Apple, Daily news
  • Apple began offering an API called FinanceKit in its latest iOS 17.4 update.
  • The new update allows developers to fetch users’ transactions and balance data from users’ Apple Card, Apple Cash, and Apple Savings accounts.
  • Online budgeting platforms Monarch, YNAB, and Copilot are the launch partners for FinanceKit.

In its latest iOS 17.4 update, Apple is offering an API called FinanceKit that allows developers to fetch users’ transactions and balance data from users’ Apple Card, Apple Cash, and Apple Savings accounts. The company made a similar move in the U.K. in November 2023.

Launch partners in the new update are online budgeting platforms Monarch, YNAB, and Copilot. Apple’s update will help users more easily aggregate their accounts. Instead of uploading spreadsheets of their transaction data, users will be able to see data from their Apple Card, Apple Cash, and Apple Savings in real time on the third party platforms.

“This new feature means that as you spend and save with your favorite Apple products, your transactions will appear in YNAB almost instantaneously. No manual entry required,” the company said in its blog announcement. “Imagine: when you open YNAB on your device (running iOS 17.4 or higher), all of your Apple transactions are there, ready to categorize.”

Overall, the more free flow of data will help achieve a bit of what open banking is supposed to help accomplish by allowing users to access their data how and where they want. Today’s action from Apple shows that the company believes users should own their transaction data, and it is encouraging to see the tech giant granting access to third parties.

As with most account aggregation efforts, however, bringing users’ transaction and account balance data into third party platforms will not be without friction. As PFM platform Monarch Money explained on its blog post, “For those with existing Apple Card accounts in Monarch, we recommend you sync your Apple Card again as a new account, and remove or hide the old accounts. You can also merge your history from your old Apple Card account to the new one using our merge account flows on desktop, which lets you choose whether you want to move over your old transactions and/or balances.”

What might some of the impacts be from Apple’s more open approach to users’ financial data? First, it may result in consumers increasing their usage of Apple’s financial products, such as Apple Card, as they become more integrated into users’ financial management habits. The launch of FinanceKit is also a win for PFM platforms. As more platforms are able to leverage Apple’s API to fetch consumer data, they will reduce friction and minimize consumer complaints regarding manual processes. Finally, end consumers will benefit from the launch because, not only will they enjoy decreased friction, but they will also be able to make more informed financial decisions by having their transaction and account data more readily available.

Photo by blocks on Unsplash

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Envestnet | Yodlee Taps Ocrolus for Financial Document Automation

Envestnet | Yodlee Taps Ocrolus for Financial Document Automation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Envestnet, Ocrolus, Yodlee

Document automation platform Ocrolus announced it has teamed up with financial data aggregation and account verification expert Envestnet | Yodlee this week.

Under the agreement, Envestnet | Yodlee will leverage Ocrolus’ technology to enhance digital document capabilities for its clients. Specifically, Envestnet | Yodlee’s 47 million customers will be able to improve their user experiences by offering their end-users the option to either submit documents or digitally connect bank accounts. Customers will also be able to automate the extraction of financial data from the documents that the end consumer uploads.

“While the financial services industry has undergone significant digital transformation, documents are still a critical source of data,” said Ocrolus Co-founder and CEO Sam Bobley. “We are thrilled to partner with Envestnet | Yodlee to provide a more comprehensive and smoother customer experience across a variety of financial services use cases.”

New York-based Ocrolus leverages AI to capture and analyze data from 1,000 different types of documents and digital forms and boasts an accuracy rate of more than 99%. The company counts more than 400 clients, including Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the solution to detect fraud, analyze cash flows and income, and streamline decisions.

With these capabilities Envestnet | Yodlee anticipates its clients will benefit from more efficient and confident decision-making. “With added document automation capabilities, Envestnet | Yodlee will improve and streamline the onboarding process for credit and lending use cases,” explained company Chief Operating Officer Arun Anur.

Envestnet | Yodlee’s client list includes more than 1,300 financial services and fintech companies, including 17 of the top 20 U.S. banks. The company was founded in 1999 as Yodlee, and changed its name to Envestnet | Yodlee after Envestnet acquired Yodlee for $660 million.

In a digital world, sharing documents can be a huge headache. However, automation platforms such as Ocrolus, this process has become much smoother. Today’s collaboration between Envestnet | Yodlee and Ocrolus marks a significant step forward in enhancing the customer experience.

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Monzo Raises $430 Million with a $5 Billion Valuation

Monzo Raises $430 Million with a $5 Billion Valuation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • U.K.-based digital bank Monzo has raised $430 million (£340 million) in a round led by Alphabet-owned CapitalG.
  • The funds come about a year after Monzo achieved profitability, having reached nine million customers.
  • Monzo’s post-money valuation is now $5 billion, up from $4.5 billion in 2022.

U.K.-based digital banking platform Monzo has raised $430 million (£340 million) in a round led by Alphabet-owned CapitalG.

Also participating in the round, which was first rumored last week,  were new investors, Google Ventures and HongShan Capital, along with existing contributors Passion Capital and Tencent. The new round boosts Monzo’s post-money valuation to $5 billion (£4 billion), which is up from the $4.5 billion valuation it received in 2022. According to Crunchbase, Monzo’s total investment amount now stands at $1.5 billion.

“With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers’ financial lives,” said company CEO TS Anil. “Each milestone we’ve reached to this point has given us more strength and speed to make strides towards our mission – now we’ll scale to even greater heights and seize the huge opportunity ahead.”

Monzo plans to use the funds to fuel expansion and to help the company improve its product roadmap. The timing of the funds, combined with the company’s expansion ambitions, come at a good time. That’s because, since it was founded in 2015, Monzo has acquired nine million users– two million of which were brought on just last year. This growth, combined with higher interest rates, pushed Monzo to achieve profitability in March of last year.

Monzo originally launched in 2015, the early days of digital challenger banks. In the U.K., the company offers both personal and business accounts that feature current and savings accounts, unsecured personal loans, and investment funds powered by BlackRock. U.S. users are limited to personal and joint checking accounts, but have the option to aggregate data from other financial services providers in order to get a holistic picture of their overall financial standing.

According to Monzo’s public roadmap, the company is currently working on budgeting improvements, paying interest on savings balances, and a faster onboarding experience. For the future, the company plans to develop digital billpay, capabilities and the ability to send checks, and also has stretch goals to launch a check depositing feature, subscription management, and merchant spending rules.

Photo by Mikhail Nilov

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SoFi’s Galileo Extends Partnership with The Bancorp to Offer Real-Time Payments

SoFi’s Galileo Extends Partnership with The Bancorp to Offer Real-Time Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, SoFi, The Bancorp Bank
  • Galileo Financial Technologies has expanded its partnership with The Bancorp Bank.
  • Though The Bancorp Bank, Galileo will leverage The Clearing House’s Real Time Payments network to offer real-time payments to help its retail and commercial clients transfer money in real time, 24-hours a day.
  • The Clearing House reported record usage of its RTP network in the third quarter of last year, when it reached 64 million transactions valued at $34 billion.

SoFi-owned Galileo Financial Technologies has expanded its relationship with The Bancorp Bank this week in an effort to enable real-time payments.

Under the scaled up agreement, Galileo and The Bancorp will leverage The Clearing House’s Real Time Payments (RTP) network to fuel real-time payments services. By offering instant money movement between bank accounts, the two will enable Galileo’s fintech clients to help their retail and commercial customers solve cash flow challenges by gaining fast access to their funds.

With the RTP network, real time money movement is available on any day of the year, 24-hours a day. This availability and speed not only solves cashflow issues, it also helps businesses deal with time sensitive transaction and ultimately enhances customer satisfaction.

“Consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo’s clients can deliver on that expectation,” said Galileo Financial Technologies Chief Product Officer David Feuer. “With this integration between The Bancorp and Galileo, we can offer a swift, efficient way to ensure faster money movement today.”

The Clearing House, which launched its RTP network in 2017, has seen growth in demand for real-time payments. In the third quarter of last year, the company reported that usage of its RTP network hit a record high, reaching 64 million transactions valued at $34 billion. The Clearing House competes directly with the U.S. government’s real-time money service, FedNow, which launched in July of 2023. Currently, more than 350 financial institutions enable their retail customers and 150,000+ business clients to send payments over the RTP network. 

Founded in 2001, Galileo is a payment processing platform that allows third party fintechs and businesses to build and scale their own financial services offerings. The company’s client list includes DailyPay, Bluevine, Dave, MoneyLion, Monzo, and others. Galileo was acquired by SoFi in 2020 in a $1.2 billion deal.

Headquartered in Wilmington, Delaware, The Bancorp Bank provides fintechs with the people, processes, and technology to meet their banking needs. The bank is the third-largest bank by assets, has more than 75 million prepaid cards in distribution and processes 1.1 billion transactions each year. Damian Kozlowski is President and CEO.

Photo by Thomas Brenac

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fintech Rundown

We’ve entered the first full week of March. Layoff activity has cooled slightly (but has not stopped), and fintech news is heating up. Here’s your weekly news rundown. Check back for real-time updates on how the fintech landscape evolves this week.

Payments

Kiwibank goes live with ACI Worldwide’s Enterprise Payments Platform.

Indian payments and API banking company Cashfree Payments launches embedded payments for software platforms.

TrueNorth selects Brim to help it bring small business and commercial credit card-as-a-service technology to banks, fintechs, and others in its professional services organization.

Xero to embed a billpay solution from BILL into the Xero platform.

wagely has secured $23 million in new funding.

allpay partners with automation expert Voicescape.

PayNearMe introduces Smart Switch, a new capability that enables card processing redundancy for billers and iGaming operators.

Allianz Trade launches Allianz Trade pay.

Digital Banking

Capstack Technologies secures strategic investment from Citi Ventures for its bank-to-bank loan marketplace.

Synctera raises $18.6 million in a Series A extension round to fuel international expansion.

Pocketbook selects Grasshopper to provide its customers with white-labeled FDIC insured commercial checking accounts.

Fraud and Security

G2 Risk Solutions and Mastercard join forces to help merchant acquirers reduce transaction fraud.

Airbase partners with Sardine to combat payment and vendor fraud

Lending

Embedded lending platform ChargeAfter launches The Lending Hub to help banks deliver lending solutions for merchants and their customers.

AKUVO launches Virtual Collector, a digital collections portal that helps borrowers to correct their past due accounts online without a live agent. 

Clearwater Credit Union partners with Cotribute to streamline digital account onboarding, automated loan origination.  

Credit Unions

Reseda Group invests $6.2 million in 8 fintechs: CU LIFT Fund, CURevl, Debbie, Origence, Members Mobile, Ranqx, Ascent and Changed.

Wealth management

AdvicePay launches new integrations with eMoney Advisor to offer efficiencies for joint customers navigating between the two platforms.

SmartAsset launches SmartAsset AMP, an Advisor Marketing Platform to help advisors acquire new clients.

Business banking

Bill launches cash flow forecasting and insights capabilities for SMBs.

Corcentric enhances AP invoice processing.

Velmie launches Business Banking Core Platform.

Open banking / Open finance

Colorado-based High Plains Bank leverages open banking infrastructure from Jack Henry to offer new services to its Spanish-speaking customers.

Photo by Leeloo The First

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Microsoft Launches Microsoft Copilot for Finance

Microsoft Launches Microsoft Copilot for Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Microsoft has launched a public preview of Copilot for Finance, an AI-powered, role-based workflow automation tool.
  • Copilot for Finance can help finance professionals automate time-consuming aspects of their jobs, such as data entry and review.
  • Microsoft’s Copilot for Finance is part of the company’s Copilot Studio, which also includes a sales tool as well as a tool for contact centers.

This week, Microsoft launched a public preview of Copilot for Finance, a new offering that extends Microsoft Copilot for Microsoft 365 to help finance teams work more efficiently.

Copilot for Finance offers an AI-powered, role-based workflow automation that offers recommendations and guided actions. The new tool streamlines financial tasks, automates previously manual workflows, and offers insights into the flow of work.

The launch comes after a 2023 Microsoft study revealed that 80% of finance leaders and teams face challenges to take on more strategic work outside the scope of their roles. And another study found that 62% of finance professionals say they are stuck in data entry and review cycles. Offering an AI-powered workflow, Copilot for Finance can save finance professionals time and allow them to focus more on strategy.

Here are some of the specific tasks the new tool can help finance professionals accomplish:

  • Helps financial analysts conduct a variance analysis in Excel using natural language prompts, allowing them to quickly review data sets for anomalies, risks, and unmatched values.
  • Simplifies the reconciliation process in Excel with automated data structure comparisons. The tool also offers guided troubleshooting to help users know where to take action.
  • Helps expedite the collections process by summarizing relevant customer account details in Outlook, such as balance statements and invoices.
  • Enables customers to turn raw data in Excel into visuals and reports that they can share across Outlook and Teams.

Copilot for Finance is part of Microsoft’s Copilot Studio, a suite of services that also includes Copilot for Service (for contact centers) and Copilot for Sales, which already counts more than 30,000 clients, including Northern Trust, Schneider Electric, and Visa.

Microsoft has been testing Copilot for Finance inside its own organization. “Our finance organization is just like any other – looking for technology to help us do our work in a more efficient and impactful way – and we’re excited to track our journey as customer zero of Microsoft Copilot for Finance” said Microsoft Modern Finance Lead Cory Hrncirik.

Photo by Ed Hardie on Unsplash

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3 Things Beyoncé and Her New Country Song Can Teach Banks & Fintechs

3 Things Beyoncé and Her New Country Song Can Teach Banks & Fintechs
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series, Thought Leadership

Here’s an interesting way to celebrate the last day of Black History Month. Let’s talk about what banks and fintechs can learn from Beyoncé.

Affectionately known as Queen Bey, the black music and entertainment icon released a single this month called Texas Hold ‘Em, the pop singer’s first ever country music song.

The song, which you can listen to on Spotify (beware of the NSFW album cover image), has sparked a flurry of debate among die-hard country music lovers and pop music fans. Some country music enthusiasts perceive the lyrics of the song as inauthentic and the beat too poppy to be considered country. Others really enjoy the song and are offended that some country radio stations have refused to play the song. The new beat has even caused some pop music fans to start listening to country music. On both sides, however, Beyoncé’s new hit has divided people. Listeners either love it or hate it.

I’m far from a music critic, but I like Beyoncé and because I live in rural Montana, I listen to a lot of country music. However, I can’t stand the lyrics of the new song. I love the beat, but I feel like she used ChatGPT to gather a handful of “country” words– dive bar, tornado, liquor, slow dance, hoedown, whiskey– and poured them all into the song. Has Beyoncé really ever been to a true dive bar? I digress.

While everyone is entitled to their own opinion about the hit single, there are a few hidden lessons in the controversy and conversation surrounding Texas Hold ‘Em. So what can it teach banks and fintechs?

Embrace change

Beyoncé showcased an impressive ability to convert serious pop music fans into country music enthusiasts. Listeners who would have previously never even considered playing a country music song on purpose have gained a new appreciation for the genre. This power to open consumers’ minds highlights the importance of embracing change and adapting to new trends. Despite the challenge of staying on top of trends, fintechs and banks should be open to evolving technologies and customer preferences.

Authenticity matters

Just like how listeners of all music genres value the authentic beat and genuine lyrics of their favorite type of music, so do customers appreciate a genuine experience from their financial services provider. It is easy for consumers to tell when a brand is trying to be something that they are not. Fintechs and banks should strive to be transparent and true to their brand values.

Don’t limit your audience

The song’s polarizing effect shows the power of how music (or products) resonate differently with various audiences. Financial services companies should occasionally revisit their offerings to see how they can expand and fulfill needs of a wider audience range. As long as it is authentic to the brand, banks and fintechs should consider offering a more diverse range of products and services that cater to more audiences, serving their varied needs.

Photo by Emily Bauman on Unsplash

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Trustly and Socure Partner to Offer Open Banking Pay-by-Bank Solution with Enhanced Onboarding

Trustly and Socure Partner to Offer Open Banking Pay-by-Bank Solution with Enhanced Onboarding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Socure, Trustly
  • Pay by bank expert Trustly and digital identity solutions provider Socure have teamed up this week.
  • Together, the companies will offer streamlined onboarding through Trustly’s Pay By Bank services. 
  • Pay-by-bank is expected to see growth this year because of its potential to offer merchants enhanced security, increased speed of payments, and cost savings.

Online payments expert Trustly and digital identity verification and fraud solutions provider Socure are combining their expertis, to launch a pay-by-bank solution with enhanced onboarding, leveraging the power of open banking.

The new tool will offer businesses in a range of sectors– including investing, gaming, trading, and financial services– streamlined onboarding capabilities combined with pay-by-bank functionality. Specifically, Socure’s ID+ platform, leveraging AI-driven predictive analytics, will be integrated with Trustly’s direct banking integration Pay By Bank offering, enabling merchants to seamlessly onboard users and process payments in a single unified process.

“Combining open banking with KYC and screening greatly enhances the robustness of user onboarding and incorporates a seamless payment solution, providing consumers the ultimate onboarding experience,” said Trustly Chief Business Development Officer Craig McDonald. 

On the fraud side, the augmented pay-by-bank solution enhances not only KYC compliance, but also fraud detection and ID verification capabilities, which are crucial in today’s era of advanced deepfakes and synthetic identities. Additionally, the tool helps merchants benefit from the power of open banking, which offers instant and guaranteed payments because they are authorized directly by the bank. This provides a higher level of security compared to other payment methods.

“We are very excited about our partnership with Trustly and its pay-by-bank business model. We think this diversity in payment types brought about by open banking is representative of a new era for consumer choice,” said Evan Rabinowitz, Vice President of Business Development at Socure. “We have a shared belief that trusted identity is essential to the transformation of open and connected banking.”

Trustly was founded in 2008 and today connects its 8,300 merchant clients with 650 million consumers and 12,000 banks in more than 30 countries. The company’s pay-by-bank network currently processes over $42 billion in transaction volume each year. In 2018, Nordic Capital bought Trustly for an undisclosed amount, and since then, Trustly has acquired three companies of its own, including SlimPay, Ecospend, and PayWithMyBank.

Trustly is positioned for growth in 2024, especially in the U.S., which offer significant potential. According to Financial Brand contributor Steve Cocheo, “Pay-by-bank services will accelerate in 2024 in the U.S., driven by a combination of at least five converging trends: the growing availability of real-time payment rails; increased interest from businesses seeking to avoid card processing fees and gain faster access to funds; increasing democratization of payments; a move away from subscriptions to micropayments, and even a potentially big push courtesy of Elon Musk’s banking ambitions.”

Nevada-based Socure was founded in 2012, focusing on its digital identity verification solution. As many services have moved online and ecommerce has accelerated, the company has grown, helping 2,000 customers– including SoFi, Chime, and Capital One– in verifying the identities of their end consumers to help prevent fraud. Socure has raised more than $744 million. Johnny Ayers is Founder and CEO.

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NayaOne Lands $4.7 Million in Funding

NayaOne Lands $4.7 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, NayaOne
  • NayaOne has received $4.7 million in funding in a round led by EJF Capital.
  • The company will use the funds to accelerate its product roadmap and meet demand.
  • NayaOne offers a sandbox-as-a-service, where banks can test new technologies, as well as a fintech marketplace, which serves as a network of vetted fintech solutions.

NayaOne, which just stepped off the FinovateEurope stage this week, has received $4.7 million in funding for its sandbox-as-a-service platform and fintech marketplace. The amount of the company’s total funds is undisclosed.

This investment round saw contributions from EJF Capital, which led the round, as well as from Valley Ventures and existing investor Carthona Capital. NayaOne will use the funds to accelerate its product roadmap and meet market demand by optimizing bank-fintech relationships.

When asked about the significance of today’s funding round, NayaOne CEO Karan Jain said, “It’s about more than just growth; it’s about setting the pace in a sector that’s fundamentally rethinking how it evolves.”

NayaOne was founded in 2019, just before the digital transformation wave that hit the industry in 2020. The company’s sandbox-as-a-service platform serves as a single place for banks to access hundreds of fintechs and datasets with which they can innovate, build, and test digital solutions quickly and securely. Banks also have access to NayaOne’s network of vetted fintech solutions that have been evaluated for quality, security, and compliance.

Providing banks with a single place where they can access fintechs and datasets helps them reduce the time it takes to adopt new technologies and solutions. It also reduces the risks associated with potential compliance, quality, and security issues.

 “We’re still in the early stage of a tech revolution in banking and capital markets, and NayaOne stands out as the critical infrastructure enabling the next big leap forward,” said EJF Ventures’ Michael Cherepnin.

There’s a story behind the U.K.-based company’s name. The words Naya and One were derived from ancient wisdom. Naya signifies transformation and financial innovation, while One represents the company’s foundational principle, which is: unparalleled connectivity with a single gateway to financial technology.

Photo by Ostap Senyuk on Unsplash

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Gusto Taps Nav to Help Clients Build Business Credit and Access Financing

Gusto Taps Nav to Help Clients Build Business Credit and Access Financing
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Gusto
  • Payroll, benefits and HR management solutions company Gusto and B2B credit and financing expert Nav are partnering this week.
  • Under the agreement, Gusto’s small business clients will have access to Nav’s financial health insights as well as its network of financing options.
  • Originally founded as ZenPayroll in 2012, Gusto has raised a total of $746 million.

Payroll, benefits, and HR management solutions company Gusto has selected B2B credit and financing expert Nav to help its small business customers build business credit and access Nav’s network of financing options.

With 300,000 customers, Gusto processes payroll and provides HR services such as employee benefits, health insurance, and 401(k) plans. Following today’s announcement, those businesses will also benefit from Nav’s personalized financial health insights that offer visibility into cash flow, credit insights, and suggested financing options. Additionally, Gusto’s business clients will have access to Nav’s network of 160 different financing options, which include loans, credit cards, and banking.

Gusto anticipates the funding services will help small businesses overcome obstacles such as finding available funding, improving cash flow stability, and managing their expenses.

“At Gusto, our mission is to help small and mid-sized businesses take care of their teams, while accelerating their growth. But these businesses can’t grow without having a full picture of their finances and the funding options available to them,” said Gusto Head of Partnerships Sonya Jamula. “That’s why we’re excited to join forces with Nav to bring them a broader range of options for funding and financial services – and to help more small and mid-sized businesses succeed.”

Nav was founded in 2012. Together with its network of financial providers, the Utah-based company helps its 350,000+ small business customers improve borrowing power and access working capital.

“Nav’s platform makes the path to funding less opaque and limits exposure to painful rejections and predatory lending. Small businesses need to have a transparent view into what options are available to them,” said Nav VP of Revenue Walt Levengood. “Our partnership with Gusto helps small businesses to have more control of their capital and to better manage their costs.”

Headquartered in San Francisco, Gusto has raised a total of $746 million since it was founded in 2012 as ZenPayroll. Co-founder Joshua Reeves is CEO.

Photo by Yan Krukau

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