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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
If you had 6 minutes to talk with Alexa Von Tobel about all things fintech, what questions would you ask?
For those new to the fintech industry, let me fill you in. Alexa is the Founder and Managing Partner of Inspired Capital and was the Founder and CEO of LearnVest, a wealth management platform she sold to Northwestern Mutual for $250 million in 2018. She is also the author of Financially Fearless and Financially Forward. All this is to say, Von Tobel is a long-standing expert in the fintech industry.
I was fortunate enough to have the opportunity to chat with Von Tobel at FinovateFall last month. Here are some of the highlights of our conversation.
Dealflow in fintech has changed a lot this year. When I asked Von Tobel what we can expect moving forward, she said that the fintech industry is full of dry powder. She said to ignore the spike in funding that has occurred in the past couple of years, and instead look forward to the future. “This is when the best builders come out,” she said. “When times get tough is when you see resilient, committed founders saying that they want to build a business. I want to meet those founders.” In fact, Von Tobel is excited about the downturn because it will bring out the mission-oriented builders and founders that are seeking to fix the big gaps in the industry.
In our interview, we also looked at retirement. According to Von Tobel, retirement looks different today, thanks in part to the gig economy. Many people are looking to leave their full time job to work in a more flexible environment that allows them to choose how frequently to work. On the flip side, young people are also seeking more flexibility in their working environment, and because they are not working the traditional nine to five career, they need solutions to save for their retirement that fit this unique need.
Von Tobel also shared the top trends she expects to see rise in the next few years and offered up advice for founders of mid-to-late stage companies who are having difficulty finding VC funding in today’s environment.
Deutsche Bank and Fiserv are teaming up to launch Vert, a payment acceptance and processing company aimed to serve small businesses.
Unlike other tools on the market, Vert will also offer traditional banking services.
Deutsche Bank has a built-in client base of around 800,000 small-to-medium-sized businesses who will be able to access the new solutions.
Deutsche Bank and Fiservannounced a partnership this week that will change the landscape of payments competition in Germany. The two have teamed up to launch Vert, a payment acceptance and processing company that also offers traditional banking solutions.
Aimed to serve small-to-medium-sized businesses (SMBs), Vert provides a single, integrated offering that streamlines access to banking products. The new service differentiates itself by providing next-banking-day pay-outs, which enables merchants to improve their cashflow with faster access to their funds. Vert also offers acceptance of common payment types and comes with an online dashboard that helps companies analyze transaction data and view a variety of business reports.
“By combining the strength of Deutsche Bank, Germany’s largest bank, with Fiserv, the world’s largest merchant acquirer, we can provide our Vert members with a secure, fast and technologically advanced payment acceptance solution,” said Vert Managing Director of Sales & Product Thorsten Woelfel.
Vert is launching with three products:
CloverFlex is a portable payment acceptance device that offers a tip function and business management apps.
A Go by Vert app that enables merchants to accept payments on their own Android device using secure PIN entry that allows the merchant to accept payments above contactless-only limits.
The PAX A50 is a small card reader device that enables merchants to accept card payments without having to carry around a heavy device.
“With a unique combination of payment and banking capabilities, Vert is already helping small and mid-sized enterprises in Germany do business more easily, with less complexity,” said Fiserv Head of EMEA John Gibbons. “We look forward to helping thousands of merchants streamline their operations and continue to delight their customers.”
Deutsche Bank comes with a merchant client base of its own. Between the bank’s retail banking division Postbank and entrepreneur-focused digital bank Fyrst, Deutsche Bank counts around 800,000 SMBs who will be able to access the new solutions. In fact, some of these merchants are already live with Vert. The bank also expects to attract business customers from outside of its own client base.
Banking software firm Alogent has acquired document imaging and tracking software company AccuSystems.
Terms of the deal were not disclosed.
Adding AccuSystems’ technology will help Alogent expand to new market segments.
Banking software firm Alogent announced this week it has acquiredAccuSystems, a document imaging and tracking software company. Terms of the deal were not disclosed.
The acquisition combines two players in the enterprise content and information management space and expands the automation capabilities Alogent makes available to its bank and credit union clients. This is especially important because having a centralized data and document management platform that offers data analysis is becoming table stakes for financial institutions.
“The addition of AccuSystems to our process automation suite allows us to extend workflow experiences to new market segments with complementary capabilities proven to drive higher asset growth, improved efficiencies, and profitability for banks and credit unions,” said Alogent CEO Dede Wakefield.
AccuSystems Founder and CEO Alan Wooldridge said that the acquisition will help AccuSystems become “more impactful” by providing clients with “increased access to resources and an expanded banking ecosystem of solutions.”
Headquartered in Colorado, Accusystems provides bank document imaging and management to help banks increase control, accountability, and efficiency. The company’s imaging, exception, and loan approval workflows work with more than 30 cores and loan origination solutions and are used by more than 15,000 financial institutions. The company was founded in 1996 by Mel Hatch.
Alogent’s enterprise content and information management solution helps banks replace paper-based processes and automate workflows. Alogent was founded in 1995 and its other acquisitions include Finance Genius, Finovate alum Jwaala, and Bluepoint Solutions.
Hong Kong-based digital asset investment startup xalts received $6 million in funding.
The round was co-led by Citi Ventures and Accel.
The investment marks a first for Citi; it is the first digital asset manager in which the bank-owned venture firm has invested.
Digital asset investing company xaltslanded $6 million in funding in a Seed round co-led by Citi Ventures and Accel.
The investment, which is xalts’ first round of capital, also marks a first for Citi Ventures. xalts is the first digital asset manager in which the bank-owned venture firm has invested. “xalts is our first investment in a digital asset manager, and we support its vision of creating innovative products to meet the growing appetite of institutional investors for more efficient and robust crypto-access investments,” said Citi Ventures Managing Director Luis Valdich.
While the investment is a first for Citi, however, the move into crypto is not uncommon for traditional financial firms. In fact, just a few weeks ago, Charles Schwab, Citadel Securities, and Fidelity Investments announced the launch of a new cryptocurrency exchange, EDX markets, to serve both individual and institutional investors.
Headquartered in Hong Kong, xalts is a global digital investment firm that helps financial institutions across the globe access digital assets while remaining compliant. The company was founded earlier this year by Goel Ashutosh and Supreet Kaur.
“With xalts, we are building innovative, institutional-grade investment products and solutions which focus on high compliance and control standards – things institutional investors care about,” said Goel, xalts’ Chief Investment Officer. “The next leg of growth in digital assets will be driven by institutional participation in the asset class. We are starting to see the early signs of that with a lot of new initiatives coming from banks and asset managers.”
Merrill Wealth Management launched Merrill Advisor Match, a tool to connect people with the right advisor.
Using Merrill Advisor Match, customers answer a set of questions that helps match them with a list of financial advisors.
The launch comes at a time when one third of affluent Americans are not currently working with an advisor.
Bank of America’s Merrill Wealth Managementunveiled a new offering this week that offers a technological approach to matching consumers with financial advisors.
The tool, Merrill Advisor Match, connects people seeking financial advice with a Merrill financial advisor that suits their preferences and needs. After answering a set of questions, consumers looking to be matched with an advisor receive a personalized list of potential candidates who they can review. Once they’ve finalized their decision, they can use the tool to schedule a meeting with the advisor of their choice.
The questionnaire asks customers where they are on their financial journey, which areas of their finances they would like help with, how they prefer to spend time during their meeting, if they are a planner or are spontaneous, and more.
Mobile screenshots of Merrill Advisor Match
“We’ve combined a century of bringing Wall Street to Main Street with a personalized digital experience that takes the guesswork out of finding the right advisor,” said Merrill Wealth Management President Andy Sieg. “Merrill Advisor Match is an industry-changing innovation that reflects our modern Merrill strategy, helping to connect more investors to advice from the best advisors in the industry.”
Merrill Advisor Match partners advisors with consumers based on a number of factors, including the customer’s engagement preferences, guidance style, and personality traits. These elements are assessed in the questionnaire and are based on a Merrill study that indicated that 90% of affluent Americans prefer to work with an advisor who matches their communication style, 83% select an advisor based on their personality, and 93% choose their advisor based on whether they deliver financial results.
This digital-first approach to selecting an advisor will resonate with affluent Americans, one-third of whom are not currently working with an advisor. By leveraging matchmaking technology, Merrill Advisor Match creates a user experience similar to those used with dating and social sites that customers are accustomed to. This familiarity ultimately makes the process more approachable.
“For those who don’t have a connection in their personal network,” explained Merrill Chief Operating Officer Kirstin Hill, “Merrill Advisor Match uses research and qualitative analysis to break down barriers to professional financial advice.”
Embedded finance player Railsr closed a $46 million Series C round comprised of $26 million in equity and $20 million in debt.
Company CEO and Co-founder Nigel Verdon is calling the investment “a significant step” in the company’s route to profitability.
The new capital brings Railsr’s total funding to $187 million.
Four months after rebranding from Railsbank, embedded finance platform Railsrclosed $46 million in funding today. Company CEO and Co-founder Nigel Verdon is calling the investment “a significant step” in the company’s route to profitability.
The Series C round consists of $26 million of equity, which was led by Anthos Capita and included existing investors Ventura, Outrun Ventures, CreditEase, and Moneta. The rest of the round was comprised of $20 million in debt, which was led by Mars Capital.
Railsr said that the new capital, which brings its total funding to $187 million, will empower the company to continue to invest in its platform and help it enable its customers to offer embedded finance experiences to their end users.
“We set out to challenge old finance and this is what we will continue to do. Our strategy and success to date has come from the way we prioritize customers, invest in technology, empower teams and execute relentlessly to continue our journey,” said Verdon.
With more than 300 customers– including HelloCash, Sodexo, and Payine– Railsr offers a range of embedded finance offerings. The company believes that customers want to focus on frictionless and fun experiences, not finance. Railsr offers banking-as-a-service, along with embedded payment cards, mobile wallets, credit tools, and rewards tools.
Railsr has been keeping busy as of late. Along with its rebrand, the company recently appointed Rick Haythornthwaite as its first Chairman, promoted Chief Product Officer Stuart Gregory to Chief Operating Officer, and promoted Jane Thorburn to serve as Chief of Staff.
Headquartered in the U.K. and founded in 2016, Railsr declined to disclose its current valuation but referred to it as a “fair value.”
Dutch bank ABN AMRO has partnered with bicycle rental company Swapfiets to offer Swapfiet clients access to ID & pay.
With ID & pay, customers can sign up and pay for a service in seconds while securely storing their ID in a single app.
ID & pay works across multiple merchants and service providers. ABN AMRO likens it to “to having a Google login combined with PayPal.”
ABN AMRO is flexing its payment innovation muscle this week in a new partnership. The Dutch bank is teaming up with bicycle-as-a-service company Swapfiets to launch a new functionality that combines payment and identity authentication.
Swapfiets is leveraging ABN AMRO’s ID & pay, a tool that allows customers to sign up and pay for their Swapfiets membership using an electronic ID. When new and existing Swapfiets clients want to pay for their monthly bicycle rental membership, ID & pay allows customers to sign up and pay in seconds and enables users to securely store their e-ID in a single app.
“ID & pay originated from a need we identified among our business clients. A need to offer their customers a much simpler onboarding and payment process,” said ABN AMRO Chief Strategy & Innovation Officer Edwin van Bommel. “This app beats every other onboarding process in the market as an easy-to-use way for customers to provide ID and pay for products and services.”
What’s unique about ID & pay is that, once users sign up initially, they can use their verified identity and payment credentials to pay at other merchants and services that also use ID & pay. ABN AMRO likens the functionality to having a Google login combined with PayPal, but with credentials held within ABN AMRO’s secure, in-app environment.
“We hope this collaboration will make even more people enthusiastic about cycle memberships and our underlying idea of owning less and using more,” said Swapfiets CEO Marc de Vries.
This isn’t ABN AMRO’s first foray into the subscription management space. In 2020, the bank partnered with Subaio to integrate Subaio’s white label subscription management feature into Grip, ABN AMRO’s PFM app that enables users to see all of their recurring payments in one place.
ABN AMRO demoed alongside Fincite at FinovateEurope 2019, where the pair showcased how Fincite’s Automated Advice Engine offers clients and advisors investment recommendations based on ABN AMRO investment strategies.
Today’s global expansion marks Lemonade’s fourth European country. In addition to the U.S. and U.K., Lemonade is also available in France, Germany, and the Netherlands.
Lemonade entered the insurance sector with its flagship renters insurance offering in 2015 and now has a market capitalization of $1.54 billion.
U.S. insurtech Lemonade already has notoriety among mainstream consumers in the U.S., and today, the New York-based company is once again expanding its geographic reach by launching in the U.K.
“Insurance as we know it hails from the U.K., as do I. So both professionally and personally bringing Lemonade to the U.K. is a homecoming of sorts,” said Lemonade Co-CEO and Co-founder Daniel Schreiber. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”
Starting today, U.K. residents can sign up for Lemonade’s personal property coverage, Lemonade Contents insurance. Coverage plans start at $4.52 (£4) a month. The Contents insurance covers individual personal items of up to $2,260 (£2,000) each, and offers total coverage up to $113,000 (£100,000). Lemonade also offers add-on coverage for theft and loss-related incidents, accidental damage to mobile devices, and expert help through legal protection.
This isn’t Lemonade’s first international expansion. The company has also launched in France, Germany, and the Netherlands. For this move, however, Lemonade is relying on the U.K.’s largest insurance carrier, Aviva, which counts 18.5 million customers across the globe.
“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the U.K. insurance market,” said CEO of Aviva U.K. & Ireland General Insurance Adam Winslow. “In our 325 year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”
Lemonade entered the insurance sector with its flagship renters insurance offering in 2015, when AI-driven, digital first insurance offerings were hardly commonplace. Today, the company has expanded to offer homeowners, auto, pet, and life insurance products. Lemonade went public in 2020 and now trades on the New York Stock Exchange under the ticker LMND with a market capitalization of $1.54 billion.
Societe Generale will become a majority stakeholder in U.K.-based payment processor PayXpert.
The acquisition will help Societe Generale adapt to new consumer behavior stemming from the use of new technologies such as Buy Now, Pay Later.
In turn, PayXpert’s merchant clients will benefit from additional payments, financing, and insurance solutions.
France-based investment bank Societe Generaleannounced today it will become a majority stakeholder in U.K.-based payment processor PayXpert.
The acquisition aims to help Societe Generale adapt to new consumer behaviors stemming from new technologies and tools such as Buy Now, Pay Later and integrated insurance services. “Societe Generale constantly adapts its offering and innovates to address new customer journeys,” the company said in a blog post announcement.
Specifically, PayXpert’s technologies will help Societe Generale broaden its offering for retail and online merchants and continue in its quest to be a leading player in payment acceptance in Europe. As a result of the acquisition, PayXpert’s merchant clients will benefit from additional payments, financing, and insurance solutions.
“The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants,” said Aurore Gaspar Colson, Deputy Head of Societe Generale Retail Banking in France. “It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with fintechs.”
Founded in 2008, PayXpert offers point-of-sale technologies for both online and in-person transactions, as well as solutions for subscription and recurring payments, data management, business intelligence, and more. Among the company’s clients are Uber, Santander, and Gucci. PayXpert was a finalist in the for the Best Mobile Payments Solution category in the 2020 Finovate Awards.
Private Equity Firm EQT has agreed to acquire B2B accounts receivable and payments company Billtrust.
The deal is expected to close in the first quarter of next year for $1.7 billion.
This move will take Billtrust back to a privately-held company, following its public debut on the NASDAQ in 2020 after closing a SPAC merger.
B2B accounts receivable and payments company Billtrustannounced today it has agreed to be acquired by EQT Private Equity for $1.7 billion. The transaction is expected to close in the first quarter of 2023.
Once finalized, the deal will take Billtrust from the public markets. The company went public in 2020 in a SPAC merger valued at approximately $1.3 billion. Billtrust is currently listed on the NASDAQ and has a market capitalization of $1.52 billion.
“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium,” said Billtrust Founder and CEO Flint Lane. “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”
Billtrust was founded in 2001 to offer a suite of solutions that simplify and automate B2B commerce through cloud-based software and payment processing solutions. In 2018, the company launched its Business Payments Network (BPN) that connects buyers, suppliers, and financial institutions to simplify and streamline electronic payment acceptance. The company also offers tools for credit risk managers, ecommerce solutions for wholesale distributors and manufacturing businesses, payments acceptance tools, and more.
For EQT, a Sweden-based private equity firm with $100 billion in assets under management, this marks its third fintech deal. Others in the firm’s fintech portfolio include SaaS cloud banking provider Mambu and payment acceptance company Mollie.
“The Billtrust platform features modern solutions, a compelling value proposition, and, like EQT, a commitment to innovation and transformation in the digital era,” said Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Sector Team. “Additionally, the Company operates at the intersection of software, fintech, and payments—sectors in which EQT has deep familiarity and a track record of success. With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space.”
Traditionally, we’ve talked about Amazon, Google, Apple, and Meta (formerly known as Facebook) as big tech companies with the potential to rise up as competitors in the banking and fintech space. However, there is one giant that is worth adding to this list– Walmart.
Walmart is not a fintech company, or even a tech company, it’s a retail firm. Or at least that’s what it was when Sam Walton founded it in 1962. But what does Walmart’s future look like? The company has made it clear that it will not only begin offering financial services, but will also evolve into a super app. On examining the company’s ambitions, it appears that Walmart may have what it takes to ascend as a competitor in the fintech space.
Below are five aspects of Walmart to consider when evaluating it as a potential competitor.
User base
As one of the most recognizable brands across the globe, Walmart comes with a large, built-in user base. The company sees 265 million customers worldwide each week, and many of those shoppers seek out Walmart as their primary retailer. Walmart+, the company’s $99 annual subscription service, counts 32 million members.
Once Walmart begins its formal foray into financial services in earnest, it will certainly not count all 32 million members as users right away. However, having a built-in, captive audience will help jump-start its user base and will lower customer acquisition costs.
In-app rewards
In both retail and financial services sectors, rewards create stickiness. As one of the oldest retail companies, Walmart has figured this out. Leveraging a partnership with Ibotta Performance Network, Walmart recently launched Walmart Rewards, a way for Walmart+ members to earn additional savings toward their future purchases at Walmart.
Checking account
Earlier this month, Bloomberg unveiled that Walmart plans to launch a digital bank account to serve its shoppers and 1.6 million employees. While no specific details have been released, it is clear that the digital bank will stem from One, which Walmart acquired in early 2022. One is a neobank that offers a debit card and boasts non-traditional products and services such as earned wage access, fee-free overdraft protection, and digital wallet integration.
Currently, One relies on Coastal Community Bank to provide banking services. It is not clear whether Walmart will continue to use that model, or if it will seek its own banking license. Walmart initially pursued a banking license in 2005. After two years, the company withdrew its application after receiving opposition from bankers and other credit institutions. Given hurdles involved in earning a banking license, my guess is that Walmart will rely on its relationship with a traditional bank like Coastal Community Bank.
For more clues into Walmart’s banking ambitions, I checked out job advertisements on LinkedIn. Walmart is currently hiring for a range of positions within its financial services arm. “We are starting some exciting ventures as we expand our financial services in various ways to engage and provide capabilities to our customers,” one of the job descriptions states.
Physical presence
Walmart has 11,501 physical retail stores across the globe. The largest U.S. bank, JP Morgan Chase, has fewer than half that number at around 5,080 physical bank branches. And for customers who are not into doing business IRL, Walmart has them covered, as well. The company just launched Walmart Land, a new immersive experience in Roblox.
If Walmart truly wants to become a large competitor in the financial services world, it already has more than enough physical infrastructure to do so.
Part of why this matters isn’t the sheer number of physical locations or square footage. Having these physical stores will impact who Walmart is able to serve, just as much as it will impact how many people it is able to serve. That’s because Walmart stores are typically located in rural and suburban areas– in other words, Walmart stores are close to non-urban customers who may not rely on their mobile devices as much as city dwellers, and therefore may not be comfortable maintaining an account at a digital-only bank. No smartphone? No problem, just drive down to Walmart and open up an account.
Super app
The term “super app” is used quite lightly in the fintech sector these days. However, Walmart is one of the few firms in the U.S. with the potential to evolve into a true super app. In a piece published earlier this year, Chief Research Officer at Cornerstone Advisors Ron Shevlin summarized Walmart’s potential as a super app. “Walmart’s DNA is efficiency and cost control—and that’s the ultimate promise of a super app for the supercenter,” said Shevlin.
Currently, the company’s app offers Walmart+ subscribers online grocery and retail shopping with free shipping; access to Scan & Go, a tool that enables shoppers to scan barcodes as they shop, pay with their phone using their card on file, and scan a QR code at the cash register before they exit the store. Subscribers also benefit from discounts of up to 10 cents off per gallon of fuel at 14,000 gas stations; and free access to stream movies and shows at Paramount+.
As it stands, Walmart’s app with the above services does not constitute a super app. In a blog post last year, I detailed a list of ten elements required for a super app. Here is what Walmart has and where it needs improvement:
Ecommerce: currently offers
Health services: currently offers vaccination services and provides medical care at locations in four U.S. states.
Food delivery: currently offers grocery delivery, but not prepared food delivery
Transportation services: currently offers fuel discounts and in-app fuel payments
Personal finance: does not offer, but is actively working on plans to do so
Travel services: does not offer
Billpay: does not offer
Insurance: does not offer
Government and public services: does not offer
Social: does not offer
Using that summary, Walmart receives a score of 4.5 out of ten on the super app scale, and it will likely progress in the next few years. Walmart has made it clear that it plans to create a super app. As Omer Ismail, CEO of Walmart’s One, told the Wall Street Journal, the company’s strategy “is to build a financial services super app, a single place for consumers to manage their money.”
HSBC has tapped Nova Credit to integrate the company’s Credit Passport, a cross-border credit data product.
As part of the partnership, Nova Credit received a $10 million investment, bringing its total funding to more than $79 million.
HSBC deployed Nova Credit’s Credit Passport at HSBC Singapore in May and plans to expand its use of the solution later this year to cover more country bureaus.
Consumer-permissioned credit bureau Nova Creditreceived $10 million in funding this week. The investment, which boosts the California-based company’s total funds to over $79 million, came from HSBC Ventures.
Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. Credit Passport essentially translates consumer credit across geographical borders, providing residents who are new to a country with access to financial products that require credit, such as loans or mortgages.
By leveraging Credit Passport, HSBC will have access to a customer’s translated credit history, after receiving permission from the customer. This not only increases HSBC’s potential client base, but it also increases the speed of the bank’s decisions.
“Accessing credit in a new market can be a challenge and is something we’ve been helping customers with for years,” said HSBC Group Head of Retail Banking and Strategy, Wealth and Personal Banking Taylan Turan. “We’re excited to be partnering with Nova Credit, to improve our ability to do this even more, with its innovative digital Credit Passport. We’re proud to be the first organization to offer this to customers in Singapore.”
HSBC Singapore integrated Credit Passport in May, enabling its applicants to offer the bank permission to access their global credit record and credit score. HSBC Singapore’s implementation of the tool also marked the first use of Credit Passport outside of the U.S.
HSBC elected to launch the use of the product in Singapore because thousands of its Singapore-based clients have recently moved to the country from India, where they have credit history. The bank plans to expand its use of the solution later this year to include customers with a credit history in Australia, the U.K., and the Philippines, and plans to cover more country bureaus in 2023.
Nova Credit launched in 2016 and has since built relationships with credit bureaus in more than 20 countries. Partnering with the credit bureaus has given the company consumer-permissioned access to over one billion credit profiles. Nova Credit also has partnerships with lenders including American Express, SoFi, Yardi, and Verizon.
