SME Challenger Bank Recognise Signs Mambu

UK-based SME challenger bank Recognise has selected Mambu and its cloud-based Core banking platform, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

Recognise, which is still in the process of obtaining a banking license, originally planned to launch trading under restriction in mid-2019, and is aiming for a 2020 full launch. It was founded by Jason Oakley, former managing director of Metro Bank’s commercial and mortgage lending business.

The challenger will be implementing Mambu’s platform on the cloud, and will be pairing it with nCino’s Bank Operating System, which Recognise opted for earlier this month.

“We know that speed and flexibility is critical for SMEs and the current SME banking providers are no longer fit for purpose,” said Oakley. “This is why we have decided to select a cloud-based solution that is modern and open early on our journey.”

Recognise isn’t the first time the two vendors have collaborated. In September start-up B-North selected both companies to aid in the building out of its banking services. Like Recognie, B-North is also awaiting a licence.

Monica Velaquez, CTO of Recognise, said, “We are really excited to work with Mambu and explore the ways in which we can enhance the overall customer experience through a composable architecture. With Mambu we will be able to apply innovation initiatives to build the new foundations of SME banking through the Mambu Core and Mambu Process Orchestrator.”

Ben Goldin, CTO of Mambu, added, “It’s been a great opportunity for us to work with Recognise and once again prove the value and power of our composable banking approach. We are enabling Recognise to provide remarkable customer experience to their end-client by combining Mambu with other best-for-purpose partners like nCino and bring the composable architecture to life using Mambu Process Orchestrator.”

In its eight-year history, Mambu has garnered almost $47 million in funding (€42 million) from investors including Bessemer Venture Partners, Acton Capital Partners, and CommerzVentures.

The Berlin-based company, which made its Finovate debut at FinovateAsia 2013 in Singapore, has recently formed a host of new partnerships, including Swiss online lender bob Finance, U.K.-based neobank B-North, and software development provider ABC TECH Group.

Finovate Alumni News

On Finovate.com

  • SME Challenger Bank Recognise Signs on Mambu.
  • Digital Realty to Buy Interxion for $8.4 Billion.

Around the web

  • Stratifyd expands workforce by 200 people, moves to a new 30,000 square-foot office.
  • Lendio named to MountainWest Capital Network’s 2019 Utah 100 List.
  • Square leverages DriveWealth’s trading API to compete with the likes of Robinhood.
  • Signicat now offers identity verification in 208 countries through identity document scanning, web-based video interviews, and NFC scanning of passports.
  • SpareBank1 to leverage Minna Technologies to help customers cancel their unwanted subscriptions.

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.

The Tightly-Knit Mortgagetech Sector Gets Even Tighter as Ellie Mae Acquires Capsilon

Ellie Mae announced today it has acquired fellow mortgagetech company Capsilon for an undisclosed amount. This news comes after Ellie Mae was acquired by Thoma Bravo earlier this year for $3.7 billion.

With a mission to “automate everything automate-able” when it comes to the mortgage process, Ellie Mae sees today’s acquisition as a step forward. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry,” said Ellie Mae President and CEO Jonathan Corr.

Ellie Mae will combine its Encompass digital lending platform with Capsilon’s technology to create a more fully digital mortgage solution. Specifically, Ellie Mae will leverage Capsilon IQ, which is used by six of the top 10 mortgage loan originators to automate manual tasks; and Capsilon Instant Underwriter, which the company launched earlier this year to bring consistency and accuracy to the underwriting process.

“By joining forces with Ellie Mae, we are excited to extend our capabilities and deliver unprecedented functionality through deep integrations with the Encompass Digital Lending Platform,” said Sanjeev Malaney, CEO and Founder of Capsilon.

Mortgagetech is one of the least crowded sub-sectors in fintech, and partnerships among players are common. In the past few years both companies have partnered with Finicity, while Capsilon has partnered with Blue Sage, Home Point Financial, and Optimal Blue; and Ellie Mae has teamed up with AI Foundry, Roostify, First Data, Blend, and Lender Price.

Founded in 1997, Ellie Mae demonstrated Encompass Consumer Connect at FinovateSpring 2017. The online lead generation tool turns consumer interest into a mortgage application by letting the borrower complete an application, provide and receive information, and order services from a single platform. Ellie Mae is headquartered in California.

Founded in 2004, and with eight offices around the globe, Capsilon processes 15% of U.S. mortgages. At FinovateSpring 2019 the company demoed how its instant, digital underwriting solution helps lenders make more informed decisions.

Capsilon, which processes 2 million pages of mortgage documents per day, has 450 employees and 100,000+ users. The California-based company has raised $21 million.

Currencycloud Spark Powers Multi-Currency Accounts

International payments innovator Currencycloud revealed a new solution this week that will help banks and fintechs go global. The new tool, Currencycloud Spark, will enable financial services companies to offer multi-currency accounts to their business customers. Using the multi-currency accounts, businesses can collect, store, convert, and pay in more than 35 currencies. Currencycloud will offer competitive foreign exchange rates and complete visibility of the entire payments process.

In a blog post, Currencycloud CEO Mike Laven explained the impetus behind the new launch. “Financial institutions have long struggled to help business customers compete on a global scale, relying on a patchwork of banking providers to carry out international transactions, as there was no credible alternative,” he said. “Currencycloud Spark levels the playing field and allows any financial institution to compete in an increasingly inter-connected world.”

Currencycloud Spark is in beta with select customers and will be generally available in the first half of 2020.

The new offering competes with Transferwise, which launched its Borderless Accounts in early 2018. And while it technically does not offer a multicurrency account, Revolut has a competitive offering that allows cardholders to spend in more than 150 currencies at the interbank exchange rate and make exchanges in more than 30 fiat currencies. Less well-known in this space is Spain-based Neo, which launched in 2017 to serve small businesses.

At its most recent Finovate appearance, Currencycloud debuted Global Collections, a tool that issues clients with local accounts to speed up payments in the U.S. and Eurozone. The company, which offers an API integration and white label access, has four flagship products: Collect, Convert, Pay, and Manage which help companies manage their cash flow and monetize their foreign exchange offerings.

Finovate Alumni News

On Finovate.com

  • Currencycloud’s Currencycloud Spark Powers Multi-Currency Accounts.
  • The Tightly-Knit Mortgagetech Sector Gets Even Tighter as Ellie Mae Acquires Capsilon.

Around the web

  • Tradeshift teams with Genpact to help clients enhance accounts payable and procurement processes.
  • OurCrowd to join the Millennium Alternative Investment Networkto increase VC opportunities in the U.S.
  • Finextra talks to Nutmeg about expanding the human side of its roboadvisory.
  • Dwolla unveils The Integration Partner Program for more seamless technical integrations between Dwolla, its partners, and their clients.
  • Finantix appoints Christine Ciriani as Chief Commercial Officer.
  • NCR teams with Brightwell to supply ATMs and managed services for Brightwell’s largest cruise line clients.

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.

SparkPost to Acquire eDataSource for Undisclosed Amount

Predictive email intelligence firm SparkPost announced plans to acquire eDatasource this week. Terms of the deal, which marks SparkPost’s second acquisition, were undisclosed.

SparkPost sought eDataSource, an email delivery solutions and insights company, for its inbox performance insights and reputation management tools in hopes to create a fully integrated email sending and analytics platform.

“The industry has long accepted a certain level of lost subscribers, however, those stakes are considerably higher based on some of the email provider changes over the last few years. Today, a miss at the sending layer will result in a significant hit to a marketer’s total acquisition costs, and can be avoided by making small adjustments,” said SparkPost CEO Rich Harris. “By combining forces, we can now integrate insights with your sending for direct action and measurement. Our two companies coming together solves this problem.”

The new offering from the combined companies will offer:

  • Enhanced predictive inbox performance insights
  • Increased email engagement and conversion
  • Illustration of how emails are performing in the context of a larger marketing campaign

SparkPost plans to ship new offerings in the “next few quarters.” On that list are an automatic seeding tool and a real-time blacklist alert that is weighted to actual sending patterns.

At FinovateSpring 2019, SparkPost demoed Signals, a tool that analyzes email sending and data from across the company’s email network to warn users about email issues. Founded in 2008, SparkPost powers the delivery of more than 37% of all B2C email across the globe.

FinovateMiddleEast Sneak Peek: Flybits

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

Flybits enables financial institutions to deliver hyper-personalized customer experiences, leveraging contextual intelligence and AI.

Features

  • Transform your mobile app into a sales channel
  • Assemble proprietary, public, and device data to deliver contextual experiences
  • Lower marketing costs and raise conversion rates

Why it’s great
Flybits powers mobile, in-app marketing and sales for banks.

Presenters

Amir Yazdanpanah, Managing Director (MENA Region)
Yazdanpanah is an entrepreneurial IT executive with extensive experience in software product development, product sales and marketing, business operations, and P/L management.
LinkedIn

Rebecca Engelberg, Market Intelligence Manager
Engelberg specializes in Market Intelligence, monitoring industry trends and translating them into actionable insights for sales, marketing and product strategy.
LinkedIn

Revolut Makes Use of Open Banking with New Quickbooks Integration

Revolut announced a partnership today that is a direct result of new open banking standards. The U.K.-based challenger bank has integrated with QuickBooks to enable Revolut for Business customers to sync their transactions with the bookkeeping software.

In a blog post, Revolut said that this “demonstrates a huge step forward for U.K. businesses” and it’s the first time the company has collaborated with a third party provider to use the new Open Banking APIs.

“It was only natural that we would team up with QuickBooks for this project, not only is it the world’s largest cloud accounting provider, but we also share the same customer-driven values; to deliver a best in class service through innovation,” said Domenico De Fano, Product Owner at Revolut for Business. “We understand the importance of accurate, secure and fast information to our customers, that’s why we invested the time to get the best connections in place with QuickBooks.”

Merchants that connect their business accounts with Quickbooks will receive real-time updates on payments, expenses, and cash balances to help them manage payroll, invoices, and taxes.

Revolut debuted its digital banking technology at FinovateEurope 2015 in London where the company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank.

Earlier this month the company tapped investment bank JP Morgan to conduct a $500 million funding round and issue it a $1 billion convertible loan, which will turn into shares if Revolut receives a U.S. banking license. Last week, the company launched in Singapore and announced plans to make its products available in the U.S. in the next couple of months.

TransPecos Banks Goes Live with Nymbus to Support BankMD

TransPecos Banks has gone live on NymbusSmartLaunch solution to outsource the infrastructure and operations of its digital-only subsidiary brand, BankMD, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

Nymbus will provide onboarding, internet banking, and mobile banking for BankMD, which was founded with the intention of serving medical professionals in the state of Texas.

“We are dedicated to creating specialized products and a service culture that meets physicians’ unique needs and demands,” said Dub Sutherland, vice president and secretary of TransPecos Financial Corporation.

Sutherland adds that Nymbus was the only technology partner which took on BankMD’s concept to “bring it to life.” SmartLaunch eliminated the need for the bank to undergo a technology transformation, he said.

SmartLaunch is a banking-as-a-service product provided by Nymbus to stand up banks in a short time. The vendor claims it can do so in just 90 days.

The process involves the outsourcing of a bank’s entire operations to a team working within Nymbus. The platform also utilizes Nymbus’ SmartCore banking system.

“Launching a niche, standalone digital experience has gained tremendous momentum as an opportunity for financial institutions to compete and grow revenue,” said David Mitchell, president of Nymbus.

Other users of the Nymbus SmartLaunch platform include Centier Bank and Pacific National Bank.

NYMBUS, which demoed at FinovateFall last month, also offers a SmartBanking product that includes solutions focused on core, marketing, digital, payments, and services. Since it was founded in 2015, the company has raised $33.4 million and made three acquisitions, including R.C. OlmsteadKMR, and Sharp BancSystems.

Finovate Alumni News

On Finovate.com

  • Revolut makes use of Open Banking with new Quickbooks integration.
  • Check out a sneak peek of Flybits‘ upcoming demo at FinovateMiddleEast.
  • SparkPost to Acquire eDataSource for Undisclosed Amount.

Around the web

  • Ondot Systems launches new Card App to deliver an “Apple Card-like experience” for end clients.
  • Temenos leverages Kony acquisition to launch Temenos Infinity for ominchannel digital banking.
  • Walmart expands relationship with Green Dot for seven more years. 
  • Experian launches a new Open Data solution: Experian Commercial Acumen.
  • Mambu’s composable banking solution to help new SME bank Recognise enhance the customer experience.

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.