Author: Julie Muhn (@julieschicktanz)

Linqto Rebrands, Now Allows Investors to Buy and Sell Holdings

Linqto Rebrands, Now Allows Investors to Buy and Sell Holdings
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Linqto
  • Linqto has revamped its brand identity and has rolled out new capabilities to enable investors to buy and sell their holdings in real time.
  • The new feature comes after a recent bill passed by the House Financial Services Committee revamped the list of accredited investor certifications.
  • This marks the company’s second rebrand, after it first pivoted in 2020 to serve individual investors.

Investment platform Linqto has rolled out a two-fold announcement today. Not only has the California-based company has revamped its brand, but it has also added new capabilities to enable investors to buy and sell their holdings.

At its core, Linqto helps accredited users invest in unicorns before they go public. The platform opens up a ground floor opportunity, with the minimum investment starting at $5,000. The expanded capabilities launched today transforms Linqto into a more holistic platform, allowing users to control and manage their assets in real-time.

“The first generation of Linqto’s platform made private equity investing simple and accessible for accredited investors, and we are now entering a new phase which also makes these investments liquid,” said Linqto Chief Product Officer Patty Brewer. “The expanded platform allows accredited investors to cost-effectively build and manage their own diversified portfolio of private equity investments. Linqto is demystifying the private markets by providing endless opportunities to achieve financial goals.”

Today’s announcement comes after a recent bill passed by the House Financial Services Committee revamped the list of accredited investor certifications. The update further democratizes access to the private market.

“Now we’re doubling down on our core mission of helping accredited investors identify the private companies and industries they’re most interested in and providing real-time liquidity as a bonus,” said Linqto CEO Bill Sarris.

The rebrand marks the second change in the company’s brand identity since it was founded in 2010 as a digital banking technology company that provided software-as-a-service to fintechs. In 2020, two years after Linqto acquired investment trading platform PrimaryMarkets for $33 million, the company pivoted to serve as a direct-to-consumer investment platform.

Since then, Linqto has amassed 150,000 members across 110 countries and has facilitated $220 million in investments across almost 50+ portfolio companies.

Photo by Leif Bergerson

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PayNearMe Natively Integrates with Block’s Cash App

PayNearMe Natively Integrates with Block’s Cash App
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Daily news, PayNearMe
  • PayNearMe has integrated Cash App Pay into its app.
  • The move allows PayNearMe’s end users to pay their bills using their Cash App accounts.
  • The native integration helps users make payments within the app without having to manually re-enter their card or bank details.

Cash payments platform PayNearMe announced it is adding more payment options today by natively integrating with Cash App Pay. The California-based company is leveraging Block-owned Cash App Pay’s technology to allow its users to pay their bills using their Cash App accounts.

“We are excited to be early to market with Cash App Pay, a payment type that is growing in popularity,” said PayNearMe Chief Product Officer John Minor. “By offering Cash App Pay, we’re enabling our clients to provide their customers with more payment options and greater convenience.”

By natively integrating Cash App Pay, PayNearMe’s end users can make payments within the app without having to manually re-enter their card or bank details. The seamless user experience keeps users’ sensitive information secure while enabling them to complete transactions in a few taps. Payments made using Cash App Pay are saved alongside all of the user’s other transactions in a single ledger.

Cash App was founded in 2013 as a peer-to-peer-payment platform. The company has since become a more robust, banking-like platform that enables users to hold funds, spend their money using a QR code or cash, invest, manage their Bitcoin, and file their taxes. It has built up its user base to 53 million monthly active users.

PayNearMe focuses on serving un-and-underbanked populations with its cash-based billpay tools. The company partners with more than 40,000 retail stores, including 7-Eleven, Walmart, and Family Dollar, to allow businesses to offer their users cash payment options.

PayNearMe launched a product called MoneyLine in 2021. MoneyLine allows gaming and sports betting operators to offer a payment gateway, hold deposits, make payouts, and more. Including a fresh $45 million round earlier this year, PayNearMe has raised $118 million in funding since it was founded in 2009.

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Earnest and Nova Credit Partner to Offer Student Loans for International Students

Earnest and Nova Credit Partner to Offer Student Loans for International Students
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Earnest and Nova Credit are partnering to launch International Private Student Loans.
  • Earnest is tapping Nova Credit’s Credit Passport to leverage consumer-permissioned, cross-border credit data.
  • The solution is currently available to international students from India, Mexico, Canada, and South Korea.

Student loan refinancing site Earnest has teamed up with Nova Credit to launch International Private Student Loans. The new tool enables select international students to access flexible loan options, competitive interest rates, and personalized repayment terms tailored to their needs.

Offered by Earnest, International Private Student Loans will leverage Nova Credit’s Credit Passport solution that taps into consumer-permissioned, cross-border credit data. With Credit Passport, borrowers can share their credit information from their home country when they apply for a loan. Nova Credit will share the borrower’s credit history with Earnest and offer a relevant score corresponding to that history.

“We believe that access to credit should be borderless, and financial barriers should never hinder someone’s pursuit of education or opportunity,” said Nova Credit CEO Misha Esipov. “The U.S. is home to nearly one million international students who not only fill our universities with the brightest minds from around the globe but also bring those lessons to accelerate our economy for generations. By partnering with Earnest, we can provide more students the financial access they need to arrive and thrive.”

International borrowers that are eligible will have access to Earnest’s loans without needing a cosigner on the loan. Currently, the International Private Student Loans product is available to international students from India, Mexico, Canada, and South Korea pursuing a Master in Business Administration, Master of Laws/Juris Doctorate, or Master of Science in Engineering program at select schools. The loans can be used for tuition, housing, living expenses, and other education-related costs.

Nova Credit was founded in 2016 with an aim to extend credit to an entirely new set of potential borrowers– immigrants. In addition to the company’s Credit Passport solution, Nova Credit offers Cash Atlas, a tool that analyzes bank transaction data to provide lenders with a Fair Credit Reporting Act consumer report and generates a borrower risk profile to assess their affordability and ability to pay.

Nova Credit also offers a direct-to-consumer tool that provides new-to-country borrowers access to a marketplace where they can browse and apply for credit cards, phone plans, and loans using their foreign credit history.

San Francisco-based Earnest was founded in 2013 and offers student loans, personal loans, student loan refinancing, and marketplaces for tuition insurance, student credit cards, and home equity lines of credit.

Today’s news isn’t the only development in the international student lending space this month. Last week, global payments platform Flywire announced it had teamed up with Tencent’s fintech arm, Tencent Financial Technology, to help Chinese students pay for education abroad.

Photo by Vasily Koloda on Unsplash

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Flywire Links Up with Tencent Financial Technology

Flywire Links Up with Tencent Financial Technology
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Flywire
  • Flywire has partnered with Tencent’s fintech arm, Tencent Financial Technology.
  • The partnership will help Chinese students pay for education abroad via Tencent-owned Weixin Pay (WeChat Pay).
  • Students will be able to pay in their own currency, while the education facility will receive funds in their local currency.

Global payments platform Flywire is teaming up with Tencent’s fintech arm, Tencent Financial Technology to help Chinese students pay for education abroad.

This week, the two announced they plan to allow Chinese students and families making education payments abroad to pay using Tencent-owned Weixin Pay (WeChat Pay). Flywire anticipates the move will further streamline education-related payments.

“This partnership ensures that for Chinese students studying internationally at institutions that use Flywire, we essentially become their ‘pay’ button, by offering localized and seamless payment capabilities, which benefit students, families and institutions alike,” said Flywire Senior Vice President of Global Payments and Payer Services Mohit Kansal. “Flywire has long offered Weixin Pay as a payment method, but the direct connection with Tencent makes the payment experience more convenient and streamlined.”

The Weixin Pay app– which allows users to chat, browse, and make payments– is one of the most popular digital wallet apps in China. By offering its cross-border education payments within Weixin Pay, Flywire is meeting consumers where they already are. The company also removes the typical friction and complications that arise from the cross-border payments experience.

Using Weixin Pay, students can pay in their own currency, while their school will receive the funds in their local currency. Students will also have access to customer support in their own language.

“We are always looking for better ways to serve our users,” said Tencent General Manager of Tencent Financial Technology Asia Pacific Wenhui Yang said. “Flywire’s existing footprint in China, impressive client roster and proven technology made this a natural partnership for us. As more Chinese students are eager to study abroad again, we’re confident that Flywire will enable our users to improve their international payment experience, and make paying for education as easy as sending a chat.”

Photo by Hai Nguyen

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Moss Taps GoCardless for Direct Debit

Moss Taps GoCardless for Direct Debit
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Corporate card startup Moss has selected GoCardless as its direct debit provider in the U.K.
  • The partnership will help Germany-based Moss break further into the U.K. market and will help Moss clients automate their corporate card management.
  • Since Moss does not charge late payments, GoCardless will also serve a key role in powering automatic collections of late payments.

U.K.-based direct bank payments company GoCardless has added a new client today. German corporate card startup Moss has selected GoCardless as its direct debit provider in the U.K.

Moss helps its 2,220 small business clients automate administrative tasks, including activities around corporate cards, invoices, approvals, budgeting, and accounting. Leveraging GoCardless’ direct debit technology will help Moss build momentum in the U.K., its third international market.

“Moss is a dynamic European start-up and we’re excited to play a pivotal role in its expansion plans,” said GoCardless VP and General Manager, EMEA Alexandra Chiaramonti.

Today’s partnership will also help Moss with automatic collections of late payments. Additionally, GoCardless’ technology will help Moss clients automate their corporate card management.

“At Moss, our mission is to automate spend management to make month end as seamless as possible for modern finance teams,” said Moss CEO Ante Spittler. “That’s why we’re excited to offer GoCardless for repayments. It removes one more point of friction for our customer, and helps fulfill our ethos of using automation to help SMBs save time and money.”

Moss was founded in 2019 and differentiates itself from other corporate card providers with two factors. First, it does not charge interest on late payments. Second, the company extends businesses a credit limit of up to £2.5 million per month, which is relatively high.

GoCardless, which won Best Enterprise Payments Solution at the 2021 Finovate Awards, was founded in 2011. The U.K.-based company’s technology helps merchants collect recurring and one-off payments from customers via ACH transfers. Businesses can integrate GoCardless’ API to automate payment collection and reconciliation billing for subscription and invoice payments. Among the company’s clients are DocuSign, Survey Monkey, and Klarna.

“By combining the best of bank payments to get paid on time, every time with a relentless focus on saving businesses time and money, GoCardless and Moss can help millions of SMBs across the continent and beyond,” said Chiaramonti.

Photo by Orhan Akbaba

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Cornerstone Advisor’s Sam Kilmer Offers His Take on Embedded Finance

Cornerstone Advisor’s Sam Kilmer Offers His Take on Embedded Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Speaker series

As we pass the halfway mark through 2023, embedded finance still reigns as one of the biggest talking points across financial services sector. I recently had the opportunity to interview Sam Kilmer, Managing Director at Cornerstone Advisors, to ask him about where the industry stands with embedded finance, and what we can expect next. Among the topics Kilmer addresses are:

  • What does embedded finance mean, and how does it differ from embedded banking?
  • How can banks leveraging third party technologies maintain control of the customer experience?
  • How should firms prioritize spending on embedded technologies?
  • Will leveraging embedded finance become tablestakes?
  • What is the future of embedded finance?

Embedded finance maintains applications across the fintech sector, and Sam Kilmer has a unique perspective on the topic. He also offers up his favorite embedded finance success story. Check out the full interview below.

Photo by Pixabay

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New AI.X Technology from Daon Bolsters the Fight Against Deepfakes

New AI.X Technology from Daon Bolsters the Fight Against Deepfakes
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Daon
  • Daon is launching a new technology, AI.X, to combat new threats posed by generative AI.
  • AI.X will be added to Daon’s IdentityX identity management platform and its TrustX identity continuity platform.
  • In a recent survey of IT leaders in the U.S., 56% of respondents said that they recognize AI as a potential security threat.

Biometrics solutions company Daon unveiled its newest technology last week. The company’s new release of AI.X expands on its existing identity management platform IdentityX and identity continuity platform TrustX.

Currently, IdentityX and TrustX leverage a set of algorithms and techniques to detect fake and altered documents. Daon is adding AI.X to these products to help combat new threats posed by generative AI. Specifically, the new technology protects against deepfakes that mimic voice, face, and documents.

“These newly patented technologies deliver more sophisticated verification for businesses worldwide by improving their ability to proof, verify, authenticate, and secure customer identities across all trust points including the contact center environments,” said Daon CEO Tom Grissen. “The Artificial Intelligence revolution is in full swing, driven by the widespread availability of data, powerful GPU computing, popular Machine Learning software, and deep neural networks (DNNs).”

The demand for solutions that combat nefarious uses of AI is likely to skyrocket. Daon reported that, in a survey of IT leaders in the U.S., 56% of respondents recognized AI as a potential security threat due to recently raised concerns over the issue. In the same survey, 69% of IT leaders said their companies are getting questions or concerns about AI from enterprise customers.

“In the battle to determine what is real, we have leveraged these advances to radically improve the accuracy of proofing and authentication solutions and create new groundbreaking algorithms that ensure the security and integrity of online transactions involving individuals and documents,” added Grissen.

Daon’s identity authentication technology uses a range of biometrics, including fingerprint, face, voice, iris, keystroke, palm, or a combination. In addition to its IdentityX and TrustX products, the company also offers xAuth multifactor authentication, xFace facial authentication, xProof identity proofing, xVoice voice authentication, and VeriFLY travel document validation. Founded in 2002, Daon is headquartered in Reston, Virginia. 

Photo by Elizaveta Dushechkina

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Revolut Unveils Roboadvisor in the U.S.

Revolut Unveils Roboadvisor in the U.S.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Revolut
  • Revolut is launching a roboadvisor in the U.S.
  • The new capability will complement Revolut’s other wealth management options, including savings and stock trading.
  • The automated investing tool will charge a 0.25% annual fee with a monthly minimum of $0.25.

Global financial services innovator Revolut has launched a roboadvisor in the U.S. The new automated investing tool manages users’ investment portfolios, and is therefore able to charge lower fees than traditional wealth management firms.

Revolut users can invest in one of five diversified portfolios based on their risk tolerance. After the client deposits funds into their portfolio, Revolut’s roboadvisor will automatically invest the money and then monitor and manage the portfolio. When necessary, the roboadvisor will automatically rebalance the portfolio to stay in-tune with the user’s risk tolerance. Revolut roboadvisor will charge a 0.25% annual fee with a monthly minimum of $0.25.

“We are excited to add a Robo-advisor to our superapp’s suite of wealth and investment products and services,” said Revolut U.S. Head of Wealth and Trading Jack Callahan. “We know that many of our customers do not have the time to manage a portfolio or invest in individual securities. Built to make investing more accessible, we want to give our customers the ability to make their money work for them in what we believe will be a tailored and stress-free way.”

Originally founded as a mobile banking and international card payments company, Revolut has recently set its sights on becoming a super app. Since it launched in 2015, Revolut has added business cards and spend mangement tools, as well as a range of solutions to fit its users’ personal financial needs.

Today’s roboadvisor launch will push Revolut further towards super app status. Additionally, the new capability will complement the company’s other wealth management tools, including its savings account, savings goals, and stock trading.

While the launch of Revolut’s roboadvisor will be a value-added product, the company may be a bit late to the game. The roboadvisor boom in fintech took place about eight years ago and it is unlikely Revolut’s roboadvisor will be the determining factor for a user to make the jump to Revolut. The new product will, however, be attractive to existing Revolut clients and may help draw in Gen Z users as they look to begin their investing journeys.

Revolut has raised around $2 billion. While the company was once considered one of Europe’s most valuable fintechs, Revolut took a hit earlier this spring when company shareholder Schroders Capital Global Innovation Trust disclosed a $5.8 million (£4.7 million) writedown, shaking the value of its stake from $12.6 million (£10.1 million) in 2021 to $6.7 million (£5.4 million) in 2022.

Photo by Digital Buggu

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Visa Acquires Pismo to Become Core Banking Provider

Visa Acquires Pismo to Become Core Banking Provider
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, VISA
  • Visa is acquiring Brazil-based Pismo for $1 billion in an all-cash deal.
  • The purchase will help Visa add core banking capabilities and support banks in connecting to emerging payment rails.
  • Pismo has raised $118 million.

Visa is doubling down on financial infrastructure with its latest acquisition. The company announced today it has purchased payments infrastructure platform Pismo for $1 billion. The all-cash deal is expected to close by the end of this year.

Brazil-based Pismo was founded in 2016 and offers its core banking, payments, and lending solutions across Latin America, Asia Pacific, and Europe. The company has seen an impressive amount of growth since 2020. In total, the company services almost 80 million accounts and 40+ million payment cards for its end customers. Annually, Pismo processes around 50 billion API calls for transactions totaling $40 billion. Among its clients are Citi, Itaú, Revolut, N26, Nubank, and Cora. Prior to today’s acquisition, Pismo had raised $118 million.

Visa anticipates Pismo will help it in providing core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards via cloud native APIs. Visa will also be able to leverage Pismo’s platform to provide banks support and connectivity to emerging payment rails.

“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” said Visa Chief Product and Strategy Officer Jack Forestell.

The Pismo deal marks Visa’s first acquisition in two years. Prior to today’s announcement, Pismo’s most recent acquisitions took place in 2021, when the company bought Currencycloud for $883 million (£700 million) and Tink for $2.15 billion (£1.8 billion).

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What Marqeta’s Survey Data Say about the State of Payments

What Marqeta’s Survey Data Say about the State of Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series

Marqeta released its 2023 State of Payments report this month. The firm surveyed 4,000 consumers across the U.S., Australia, and the U.K. to gain an understanding of how consumer behavior is shifting and how financial decisions are made.

The data paints a picture of how consumers interact with new and old payment methods. Here are the three main takeaways we gathered.

Consumer adoption of embedded finance is growing… slowly

It’s no secret that embedded finance is one of the biggest trends in the financial services space at the moment. Consumers, however, aren’t ready to race in on this trend. Of the consumers surveyed, less than half (47%) said that they would consider using financial services from a non-financial services provider.

The growth here has been slow. The percentage of people who said they would consider using financial services from a non-financial services provider last year was 45%, only down 2% from those who shared the sentiment this year.

Mobile wallets become less intimidating

One fintech concept consumers are more positive about is mobile wallets. The concept has been around for more than a decade, and mobile wallets and other non-traditional payment methods have finally found a sweet spot with consumers.

In the past year, 80% of survey respondents said they had made a contactless payment, 77% said that they had made a mobile payment, 67% said they had paid using a mobile wallet, and 50% said that they used BNPL to make a payment.

Of the 67% who had used a mobile wallet to make a transaction in the past year, 93% said that it was convenient to use their mobile device to make a payment. This is up from 87% last year, which indicates that either consumers are becoming more savvy, mobile wallets are more user-friendly, or a combination of the two.

Incumbents maintain their footing

With all of this technology, where do banks stand? It turns out, consumers still rely on traditional banks quite a bit. Of those surveyed, 81% said they still use traditional banks. More than half, 56%, have never changed their primary banking provider and 72% said that they are satisfied with their current provider.

This indicates that traditional banks have been able to keep up with consumer expectations, even as society begins to age into the digital era.

Photo by Marc Mueller

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New from PayPal: Tap to Pay for Venmo and Zettle’s Android-Based Merchants

New from PayPal: Tap to Pay for Venmo and Zettle’s Android-Based Merchants
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, PayPal, Venmo
  • PayPal is launching Tap to Pay on Android for U.S. Venmo and Zettle business users.
  • The new capability will enable merchants to accept contactless payments without additional hardware.
  • All Venmo business users will have access to Tap to Pay in the coming months.

PayPal has been on a quest to improve the checkout experience since its launch in 1998. The California-based company is continuing that journey today by rolling out Tap to Pay on Android for the U.S. business users of two of its subsidiaries– Venmo and Zettle.

The new capability enables merchants to accept contactless payments on their Android mobile devices without additional hardware. After a short onboarding process, Venmo business users can use the Venmo app to manage funds received via both Venmo and card. Regardless of the transaction type, all funds will settle into the business’ Venmo account to facilitate cash flow management.

“Tap to Pay is the last milestone in the democratization of in-person card payments, where users can start taking card payments with no setup cost in a matter of minutes,” said PayPal Head of Product, Microbusiness Ed Hallett. “We’re unlocking access to this capability for the millions of businesses using Venmo and PayPal Zettle, helping them drive sales with frictionless payment options.”

All Venmo business users will have access to Tap to Pay in the coming months, but the new capability is also currently available by request.

PayPal-owned Zettle first launched Tap to Pay on Android for Zettle users in the U.K., Sweden, and the Netherlands last May, and has since rolled out the technology for Zettle users in more regions– including in the U.S.

While Apple unveiled Tap to Pay on iPhone last April, Stripe was the first company to bring the technology to merchants with Android devices. The payment service provider launched Tap to Pay in February of this year for merchants in the U.S., Canada, the U.K., New Zealand, Australia, and Singapore.

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Socure Makes $70 Million Acquisition

Socure Makes $70 Million Acquisition
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Socure
  • Socure is acquiring automated identity verification solution provider Berbix for $70 million.
  • Socure has used Berbix’s technology to launch its Predictive Document Verification (DocV) 3.0 solution.
  • The new acquisition will also help Socure accelerate its international expansion.

Digital identity verification company Socure has acquired automated identity verification solution Berbix for $70 million. The deal marks the first-ever acquisition for Nevada-based Socure.

Founded in 2018, Berbix launched a document verification solution with a forensics engine that detects spoofed IDs – including AI-generated fake IDs. Socure will leverage this technology to accelerate its international expansion by providing global coverage of ICAO-compliant travel documents, passports, and national ID cards. 

“I’m extremely proud of what we built at Berbix to advance state-of-the-art document verification,” said Berbix CEO and co-founder Eric Levine. “Moving forward with Socure, we are able to multiply our impact on day one by leveraging our technology with Socure’s substantial customer base, reach, and reputation. Combining our independent investments in document verification is yielding stunning results – and we’re just getting started.”

Socure has already integrated Berbix’s technology into its own to launch its Predictive Document Verification (DocV) 3.0 solution. The new tool combines Berbix’s forensics engine and data extraction with Socure’s image capture app. The company has found that DocV 3.0 has been able to increase first-attempt auto approvals of good consumers by 26% and increase fraudulent document capture by 27%.

While DocV 3.0 is used within Socure’s integrated identity platform, it is also available as a standalone solution.

“DocV 3.0 represents a significant departure from legacy providers whose document verification models rely on simple template checks and rules to determine if a document is legitimate,” said Socure Founder and CEO Johnny Ayers. “Without running sophisticated fraud models on related personally identifiable information (PII), or pairing the documentary check with rich device, phone ownership, geolocation, and behavioral data, customers see far less accurate decisions, resulting in higher fraud and lower customer acceptance. This prohibits companies from using document verification solutions for high-risk onboarding, authentication, or transactions. It’s a real gap in how ID document verification can be used.”

Socure has more than 1,800+ customers across a range of industries. The company serves four of the top five banks, 13 of the top 15 card issuers, over 400 of the largest fintechs, and more. Among Socure’s customers are Chime, SoFi, Robinhood, Gusto, Poshmark, and the State of California. Since it was founded in 2012, the company has raised $742 million from the likes of Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony, and others.

Photo by Jeswin Thomas

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