Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace

Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace

‘Tis the season for online shopping (and selling). Today, just weeks after the Texas-based company opened its Asia Pacific office in Sydney, Australia, mass payout platform Hyperwallet began supporting disbursements from Amazon’s Australia marketplace.

Starting today, Amazon sellers across the globe can leverage Hyperwallet’s multi-currency payout solution to accept disbursements from sales made on Amazon’s new Australia-based marketplace. Simon Banks, Hyperwallet’s Asia Pacific Managing Director, said that the company aims to extrapolate Amazon’s usability into “the supply side of marketplace transactions, streamlining the onboarding and disbursement process for independent sellers.” To register, sellers use the Login with Amazon option on Hyperwallet’s page. Once registered, users benefit from Hyperwallet’s network of banking relationships across the globe.

After noting that the new development adds to the ways Hyperwallet is supporting the international freelance community, company CEO Brent Warrington said, “Faster, more affordable cross-border disbursements is something we’re very passionate about, and we’re happy to offer that experience to sellers on the Amazon Marketplace.”

Hyperwallet most recently presented at FinDEVr Silicon Valley 2016, where Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution. Since it was founded in 2000, Hyperwallet has distributed billions of dollars in payouts to more than 8 million individuals worldwide. Earlier this year the company bolstered its loyalty program through an integration with Dosh. In January, Hyperwallet expanded to London to support the region’s burgeoning population of gig economy workers.

Temenos to Ship WealthSuite to Latin America’s Largest Banking Group

Temenos to Ship WealthSuite to Latin America’s Largest Banking Group

Switzerland-based Temenos announced that it has teamed up with Latin America’s largest banking group, Itaú Unibanco Holding (Itaú).

Itaú will use Temenos’ WealthSuite as a core banking replacement of its international private banking operations. The bank will deploy WealthSuite in the cloud; a scalable approach that will enable Itaú to meet future demand and achieve a faster time-to-market for new services. Jean Michel-Hilsenkopf, Managing Director of Temenos Sales, noted that WealthSuite will not only help Itaú generate efficiencies, but also differentiate its customer proposition.

Part of Temenos’ digital banking suite, WealthSuite provides a set of holistic wealth management capabilities, including a roboadvisor service that can be packaged as a fully-automated solution, a hybrid, approach, or as a fully-advised method. With customer engagement tools and real time analytics, WealthSuite allows relationship managers to offer a compliant, personalized wealth management experience.

In a press release, Carlos Constantini, CEO of U.S. and Head of international private banking at Itaú, said he anticipates WealthSuite will “enrich the customer experience, reduce time to market for new products, generate efficiencies, and reinforce the segments’ digital strategy.” He added that the solution will help automate front, middle, and back office functions.

Itaú is one of many banks who have signed on to Temenos’ WealthSuite. Large banks such as ABN Amro, Standard Chartered, Nordea, Bank of Montreal, Bank of Montreal Asia Pacific, and others, are all leveraging the wealth management capabilities, which were formerly marketed under the brand T4.

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. The company employs 4,600+ people, operating out of 64 offices representing clients in more than 145 countries. Temenos is the fourth-largest software company in Europe, with profits of $185+ million and a market capitalization of more than $5 billion. David Arnott is CEO.

YoYo Wallet Appoints Michael Rolph as CEO

YoYo Wallet Appoints Michael Rolph as CEO

Mobile wallet company Yoyo announced this week it has appointed Michael Rolph, one of the company’s co-founders, as CEO. Meanwhile, former Yoyo CEO Alain Falys has shifted into the role of the company’s chairman.

Prior to the appointment, Rolph had been serving as the company’s Chief Product Officer since January of 2016 and before assuming those responsibilities he had headed up sales and marketing efforts for Yoyo. The company noted that Rolph had been “instrumental” in bringing on large clients such as Caffè Nero and Planet Organic to Yoyo’s payment and loyalty marketing platform.

In his new role, Rolph will implement Yoyo’s strategic operations as it launches into a new phase of growth. And this is not a small task. In addition to aspiring to be the loyalty marketing platform of choice, the company is aiming for a 10x increase in transaction volume in the next 18 months. He noted that he and Falys will “continue to build on Yoyo’s foundation of profitable growth, as we secure new partnerships on the high street and move into an open banking world, becoming natural leaders in omni-channel loyalty marketing, whilst helping retailers super-charge the power of their data.”

In a blog post, Falys offered high praise for Rolph, saying, “Over the past four years, Michael and I have taken Yoyo from an idea to the point where it is now recognised as the leading retailer loyalty platform in the UK and, increasingly, internationally. The Yoyo team has achieved a great deal during that time, and under Michael’s leadership as CEO, our success will only continue to grow.”

In 2013, Falys co-founded the business with Rolph and David Nicholson and has since raised $30.3 million in total funding, including a $15 million Series B round closed in June. The Yoyo platform powers almost 2 million mobile transactions every month, a figure that represents 2.5x increase in usage over the past year. Rolph debuted Yoyo on stage at FinovateEurope 2015. The company currently serves more than 2,000 retailers across the U.K. and Ireland. Last month, Yoyo partnered with Starling to enable Starling members to earn rewards when they use their payment card at retailers that are partnered with Yoyo.

Coinbase Caught Up in Bitcoin Blowout

Coinbase Caught Up in Bitcoin Blowout

What happens when you’re facilitating the trade of a product that is experiencing extreme hockey stick growth? You expand your team and operations as quickly as possible.

This is what Coinbase, an exchange platform for bitcoin, ethereum, and litecoin, is experiencing. The California-based company will have plenty of war stories to tell once this season mellows out. After bitcoin blew past $16,000 earlier today*, the company tweeted:

The New York Times, in its piece Coinbase: the Heart of Bitcoin Frenzy, explained Coinbase’s popularity over other cryptocurrency trading platforms. Author Nathaniel Popper said, “Coinbase has been the dominant place that ordinary Americans go to buy and sell virtual currency. No company had made it simpler to sign up, link a bank account or debit card, and begin buying Bitcoin.”

Because of this growth, Coinbase now has more customers than E-Trade and Charles Schwab, having increased by 7.8 million accounts since January of this year. However, Coinbase CEO Brian Armstrong sees past the hype into a more stable future for cryptocurrency. He told the New York Times that bitcoin is “probably a little bit too focused on the price or people trying to make money.” He added, “The thing I’m passionate about with digital currency is the world having an open financial system.”

Coinbase isn’t the only one experiencing growing pains. Global banking company Revolut, which launched a cryptocurrency trading feature today, sent out this series of Tweets this morning:

Founded in 2012, Coinbase demoed Instant Exchange at FinovateSpring 2014. In August, the company became a fintech unicorn after it closed a $100 million round of Series D funding. At that point, Pitchbook estimated Coinbase’s value to be $1.6 billion.


*Note: Earlier today Bitcoin’s value spiked over $17,300 but at press time sits at $17,099.

Finovate Alumni News

On Finovate.com

Around the web

  • PayNearMe helping New Yorkers pay traffic tickets using cash.
  • Coinbase cofounder and CEO Brian Armstrong reminds users to ‘invest responsibly.”

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.

Kabbage: Just the Facts

Kabbage: Just the Facts

Online alternative lending company Kabbage has revealed its 2017 milestones this week. Here’s a quick, data-heavy review of the Atlanta-based company’s success:

  • Has extended $4+ billion to more than 130,000 small businesses since it was founded in 2009. This represents a 30% increase in both metrics since April 2017.
  • Has reached 1.5 million live data connections with its customers to enhance underwriting
  • Raised $250 million in 2017, bringing its total funding to more than $488 million
  • Added to its global bank partnerships with launches in France and Italy in 2017
  • Received a slew of 2017 industry awards: KPMG Fintech100, Deloitte Technology Fast 500, CB Insights Fintech 250, Kabbage co-founder and President Kathryn Petralia was named among Forbes 100 Most Powerful Women, and ranked 499 on the Inc. 5000 list.

Kabbage is also announcing today it has appointed Robert Sharpe (pictured) as Chief Operating Officer. Sharpe brings 20 years of executive leadership experience from North America, Europe and Asia, and 10 years of commercial banking and corporate finance experience. In a statement, Sharpe said that he is “excited to contribute the benefits of these experiences to Kabbage’s mission of driving small business success.”

The company recently made headlines when it brought in a $200 million credit facility. Kabbage demoed its Kabbage Card small business line of credit at FinovateSpring 2015. Check out our video interview with Kabbage’s President and Co-Founder Kathryn Petralia at FinovateFall 2017 last month.

Klarna to Power Invoice and Credit-Based Payments for Worldpay Clients

Klarna to Power Invoice and Credit-Based Payments for Worldpay Clients

Global payments company Worldpay and online payments innovator Klarna are joining forces this week. Starting today, Worldpay clients in Austria, Finland, Germany, the Netherlands, Norway, Sweden, and the U.K. will be able to use Klarna’s invoice and credit-based payments.

The new capabilities will enable Worldpay’s ecommerce business clients to offer shoppers new payment options that will allow consumers to decide how and when to pay for the goods after they receive them. Consumers can manage the terms of their payment, opting for a 14-day payment by invoice, fixed, or flexible installments, or choosing to spread the cost over several months. The new checkout experience does not request payment credentials at the point of checkout, but rather requests only their email address and postal code. This offers a faster checkout experience and helps retailers improve conversion rates by 20%.

With consumers turning to online shopping to fulfill not only their gadget and clothing needs but also for daily grocery and sundry items, ecommerce is more popular than ever. And with so many players flooding the market, retailers are facing increased competition. Implementing Klarna’s fast and flexible payments options allows ecommerce players to differentiate themselves and compete on more than just free shipping.

Worldpay is one of the first companies piloting Klarna’s new payment technology. The company notes that, because there is no plug-in, the service is easy to integrate and results in faster time-to-market. Additionally, risk management is taken care of. According to Michael Rouse, Klarna’s Chief Commercial Officer, “Klarna assumes responsibility for managing credit and fraud risks, allowing companies to quickly receive payment for orders, and allowing consumers to pay only if they’re happy with their purchase.”

Dave Glaser, Chief Product Officer of Global eCom at Worldpay said that the company is “seeing increased demand from customers wishing to create more reasons to shop with them over their competitors.” Because some merchants consider accepting credit card payments “risky” and “old fashioned,” Glaser noted that “being able to adapt to new and local payment preferences is a way to rectify this.” He added, “We believe that this solution will empower companies to see a real increase in sales.”

Founded in 1989, Worldpay presented at FinDEVr Silicon Valley 2016 about the payment journey. The company offers payment products and services to a client base of 400,000. Worldpay’s technology can process payments from 146 countries and 126 currencies, enabling customers to accept more than 300 different payment types. Earlier in the fall, the company built an SDK for IoT shopping and this summer Worldpay agreed to merge with U.S. credit card processor Vantiv in a $10 billion deal.

Klarna demonstrated its online payment-processing service at FinovateSpring 2012. In August, the company launched a free P2P payments service called Wavy. Earlier this year, Klarna acquired online payment provider BillPay from Wonga for $75 million.

Finovate Alumni News

On Finovate.com

  • Klarna to Power Invoice and Credit-Based Payments for Worldpay Clients.
  • Prevoty Raises $13 Million in Series B.

Around the web

  • Fiserv partners with Boiling Springs Savings Bank and North Shore Trust and Savings to Provide End-to-End Debit and Card Solutions.
  • Global Debt Registry joins the Wall Street Blockchain Alliance.
  • Latin America’s largest bank, Itau Unibanco chooses WealthSuite from Temenos for its international private banking operations.
  • Token pledges to connect banks, merchants, and third party providers to any EU bank for PSD2 payments and data.

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.

Payoneer Lands Funding from China Broadband Capital

Payoneer Lands Funding from China Broadband Capital

Cross-border payments company Payoneer announced today it has received funding from China Broadband Capital (CBC). While the amount of funding was undisclosed, the company specified that this week’s Series E-1 round follows the $220+ million Series E round received last year. This adds to the company’s total funding amount, which previously stood at $270 million.

This marks the second China-based investor for Payoneer, which picked up an investment from PingAn in 2014. Scott Galit, CEO of Payoneer, referred to CBC as “one of the most prestigious and respected investors” and noted that the investor’s knowledge of the China market align them very well.

The company, which facilitates mass payouts for businesses looking to transfer money internationally, will use the funds to strengthen its global partner program and to bolster investment in its China operations. Edward Tina, Chairman of CBC said, “Payoneer is positioned better than any other payments company to help Chinese companies grow globally, as well as help non-Chinese companies sell into China.” He added, “Payoneer’s global footprint, banking ecosystem, and proprietary compliance infrastructure will position Payoneer as the preeminent solution to help companies of all sizes grow internationally.”

At FinovateAsia 2013, Payoneer launched a commercial account that offers businesses the ability to receive funds from a global network. Payoneer’s money-transfer solutions enable millions of businesses from more than 200 countries to reach new audiences by facilitating cross-border payments. The technology supports companies such as Newegg, Airbnb, and Fiverr; as well as Amazon, Google, Airbnb, and Getty Images, who use Payoneer’s mass payout services.

Earlier this fall, Payoneer ranked 1,912 on the Inc. 5,000 list, making the company a five-time Inc. 5,000 honoree. In June, Payoneer opened offices in the U.K. to take advantage of the Brexit opportunity, and in March the company earned a spot on CNBC’s Disruptor 50 list.

Revolut Launches Cryptocurrency Trading

Revolut Launches Cryptocurrency Trading

Consumer interest in digital currency is at an all-time high. Much of this is thanks to Bitcoin which, as of this morning, is valued at over $11,800. So this week is the perfect time for global banking company Revolut to launch cryptocurrency trading on its platform.

Starting Thursday, Revolut account holders will be able to buy, sell, and hold Bitcoin, Litecoin, and Ether. The mobile banking company, which also supports 25 fiat currencies, aims to “erase the divide between old and new money,” according to TechCrunch. The article notes that during Revolut’s one week beta test, 10,000 users traded $1 million in cryptocurrencies.

In line with its transparent pricing strategy that allows users to send more than $5,900 per month in 16 currencies with no fee, U.K.-based Revolut will offer low rates on cryptocurrency trading. The company will charge a flat fee of 1.5% and, thanks to its global currency platform, does not charge additional foreign exchange fees for purchases made with most fiat currencies.

Revolut debuted at FinovateEurope 2015 in London. The company’s CEO and founder Nikolay Storonsky began working on the idea after his bank charged him $2,000 in fees after spending $12,000 while traveling abroad. “That is why we built Revolut,” Storonsky said during the demo. “It allows you to exchange, send, and spend your money, completely avoiding all your banking fees without actually using a bank.”

Founded in 2013, the company has experienced sharp growth recently. Over the past two years, Revolut has processed 42 million transactions for 1 million users in Europe, tallying up $160 million in savings on foreign transaction fees. According to TechCrunch, Revolut is “doubling the rate of new customer sign-ups versus three months ago.”

Revolut has been busy lately. Here’s a quick timeline overview of the company’s progress over the past three months:

  • November 2017
    • Reached 1 million customer milestone
    • Applied for a European banking license
    • Announced plans to bring processing in-house
  • October 2017:
  • September 2017
    • Expanded its offerings with cell phone insurance
    • Earned a spot on the European Fintech 100 list

Finovate Alumni News

On Finovate.com

  • Revolut Launches Cryptocurrency Trading.
  • CRMNEXT to Enhance Customer Journeys for $4.4 Billion First Bank.
  • Payoneer Lands Funding from China Broadband Capital

Around the web

  • TechCrunch examines IBM’s new chip for AI.
  • Bill.com and CPA.com expand Accountant Partner Program.
  • Baker Hill integrates LenderLink into its NextGen solution as part of strategic partnership with Lowenstein and Associates.
  • Roostify announces integration with Black Knight’s LoanSphere Empower loan origination system (LOS).

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.

Following J.P. Morgan Chase Acquisition, WePay to Power Payments for Volusion

Following J.P. Morgan Chase Acquisition, WePay to Power Payments for Volusion

Having finalized its acquisition of WePay today, JP Morgan Chase announced that it has already put the payments platform to work: powering commerce platform Volusion.

Since it was founded in 2009, WePay has been creating payment APIs and processing payments on behalf of small businesses. Earlier this fall, the company announced it would be acquired by J.P. Morgan Chase in a deal that was finalized today. While the terms of the deal were officially undisclosed, TechCrunch reported that Chase picked up WePay for $300 million (up to $400 million including retention bonuses and potential earn-outs).

Now that the acquisition is complete, WePay will continue to operate as a stand-alone entity and serve its 1,000 clients, including Freshbooks, Constant Contact, and GoFundMe. Under its new parent company, California-based WePay will continue to expand its client-base. The company’s CEO Bill Clerico will remain as head of the company, working alongside Chase Merchant Services CEO Matt Kane.

“We see exponential growth ahead of us as we combine our fintech products and culture with the global brand, scale, proficiencies, and distribution of Chase,” said Clerico. “We are headed into a massive expansion of our team, with particular focus on engineering and product management, and looking for a new headquarters in the Bay Area to accommodate our planned growth.”

As a part of this growth, WePay will power a new service from Volusion called Volusion Payments. The Austin-based ecommerce company serves 30,000 active SMB merchants with $28 billion in cumulative sales. In a statement, Kevin Sproles, Volusion’s founder and CEO, said that the new offering will allow Volusion to help its SMB clients “get up and running instantly, with next-day settlement, competitive rates, and all of their payment processing tightly integrated within the software they’ve already chosen for managing their online stores.”

WePay launched its Veda Risk API at FinovateSpring 2014. In 2015, the company was named to the Inc. 500 list as the 62nd fastest-growing private company in the U.S. In May 2016, WePay launched a white-label mobile card reader, and this March, WePay announced its merchant clients can now use Apple Pay and Google’s Android Pay.