Experian Teams Up with Envestnet | Yodlee to Bring the Benefits of Open Data to Lenders

By David Penn Posted on
Categories: Alumni News, Envestnet, Experian, Yodlee

Experian announced a partnership with Envestnet | Yodlee to help lenders in Australia take advantage of open data. The collaboration will help Experian manifest its open data strategy in the country following its application to be an Accredited Data Recipient. Both Experian and Envestnet | Yodlee have been Finovate alums since 2012 and 2016, respectively.

Information services company Experian has picked a partner as its official Open Data API provider in Australia. The company is teaming up with data aggregation and analytics platform Envestnet | Yodlee in an alliance that will allow Experian to access data under the Consumer Data Right (CDR) from data holders including Australia's Big Four banks and more than 70 Australian FIs.

"Open Data solutions have the capability to solve two of the biggest challenges for Australian lenders: the accuracy of data to support responsible lending and streamlining the customer experience to get a faster decision,"…

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PhonePe Raises $100 Million at $12 Billion Valuation

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

PhonePe raised $100 million in funding from Ribbit Capital, Tiger Global, and TVS Capital Funds, bringing its total funding to $2.2 billion. The investment values the company at $12 billion. PhonePe will use the funds to scale its existing payments and insurance businesses and to enter new financial services sub-sectors.

Digital money app PhonePe just raised $100 million in funding from Ribbit Capital, Tiger Global, and TVS Capital Funds. The investment follows a $350 million round PhonePe received last month and brings the India-based company's total funding to $2.2 billion.

Today's round, which values PhonePe at $12 billion, contributes to the company's $1 billion capital raise target. Within six weeks of benchmarking the $1 billion goal, PhonePe is almost halfway there. The company has already raised $450 million and "expects further investments from leading global, as well as prominent high net worth Indian investors in due course."

The mobile payments…

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Digital Asset Platform Bakkt Bets on B2B, Pivots from Consumer Crypto

By David Penn Posted on
Categories: Alumni News, Alumni profile, Bakkt, Daily news

The decision by digital asset platform Bakkt to pivot toward B2B technology solutions and away from consumer-based crypto products appears to be part of the greater re-evaluation that many fintechs are doing in the wake of the crypto crash of 2022. The company, which made its Finovate debut at FinovateFall last September, announced this week that it was turning the page on its consumer-facing app, launched in March 2021. Instead, the Alpharetta, Georgia-based fintech will focus on helping businesses provide crypto and loyalty experiences to its customers via SaaS and API solutions.

"As we continue to gain traction with our B2B2C strategy, we are laser focused on providing our partners and clients with seamless solutions that best serve their needs," Bakkt President and CEP Gavin Michael said. "The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers. With this move,…

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FIS Breaks Off Merchant Solutions, Plans to Restore Worldpay Brand

By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, FIS, WorldPay

FIS is letting go of its Merchant Solutions business, along with the Worldpay brand, which it originally acquired for $34 billion in 2019. The company states that Worldpay needs a different capital allocation strategy to enable the brand "to pursue more aggressive investment opportunities, including M&A." The spin-off is expected to take 12 months.

FIS acquired Worldpay for $34 billion in 2019, and after rumors of a break-up swirled last week, the Florida-based firm announced plans to let go of and restore the Worldpay brand. Specifically, FIS is spinning out the Merchant Solutions business it created from the Worldpay acquisition.

Jeffrey A. Goldstein, FIS Chairman of the Board, said that "... the spin-off of Worldpay will unlock shareholder value by improving both companies’ performance, enhancing client services, and simplifying operational management. We are confident that this is the right time for the separation of Worldpay." Goldstein added that the Merchant…

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Paytech HUMBL Launches Mobile Wallet

By David Penn Posted on
Categories: Daily news

Paytech HUMBL unveiled its new mobile wallet this week. The new offering enables users to buy, sell, and hold digital assets, and includes a search engine and a social media platform. Currently available for Apple users, an Android version of the wallet is expected "soon."

California-based paytech HUMBL is the latest company to launch a mobile wallet with more than just money in mind. The company's HUMBL Wallet offering not only enables users to buy, sell, and hold digital assets; it also serves as a search engine and a social media platform with independently verified user profiles and brands.

"The HUMBL Wallet allows global customers to quickly search, verify, and transact with each other in new ways in the digital economy," HUMBL CEO Brian Foote explained. "As consumers move from Web 2 onto Web 3 via HUMBL, we believe that digital wallets, as well as verified people and products, will…

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FinovateEurope 2023 Sneak Peek: Ender Turing

By Madeline Clines Posted on
Categories: Ender Turing, FinovateEurope 2023, FinovateEurope 2023 Sneak Peek

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot.

Ender Turing has created the fastest-to-value AI-based speech analytics for financial services companies. The platform improves the quality of service, customer experience, and front-end employee experience.

Features

Includes AI analysis of calls, chats, and e-mails in near real-time in 24 languages Delivers automatic alerts on every possible situation in communication with clients Provides rich analytics on QM, CX, and EX

Why it's great

Ender Turing's platform brings financial services companies' contact centers from cost to profit via AI-analysis of customer communication and front-end employee AI-based coaching.

Presenter

Olena Losifova, CEO
Losifova has been bringing new technologies to the financial services industry for over 17 years. In 2020, she co-founded Ender Turing with two AI researchers and was happy to continue delivering innovation.
LinkedIn

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FinovateEurope 2023 Sneak Peek: NF Innova

By Madeline Clines Posted on
Categories: FinovateEurope 2023, FinovateEurope 2023 Sneak Peek, NF Innova

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot.

NF Innova is dedicated to the digital transformation of banks by helping them provide state-of-the-art digital banking services to their customers.

Features

Delivers personal finance management in augmented reality Includes buy now - pay later shopping in augmented reality Provides a futuristic way to bank digitally

Why it's great

NF Innova's Fintense is a ready-made digital banking platform that supports banks looking for a quick transformation into a digital leader.

Presenters

Gregor Bierent, CEO
Bierent is an experienced c-level executive with a demonstrated history of growing and improving business in an international information technology and services company.
LinkedIn

Slavko Milojevic, Product Director
Milojevic is a product leader who specializes in driving vision and roadmaps for digital transformation for financial businesses.
LinkedIn

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FinovateEurope 2023 Sneak Peek: BehaviorQuant

By Madeline Clines Posted on
Categories: BehaviorQuant, FinovateEurope 2023, FinovateEurope 2023 Sneak Peek

A look at the companies demoing at FinovateEurope in London on March 14. Register today and save your spot.

BehaviorQuant brings behavioral science and machine learning to investment decisions. Their automated survey technology provides detailed data about financial professionals, clients, and investment teams.

Features

Improves performance for asset managers and teams Allows investors to select the best fund managers for their needs Allows advisors to tailor advice to their clients

Why it's great

BehaviorQuant turns people making investment decisions into detailed profiles and predicts their future behavior and outcomes.

Presenters

Thomas Oberlechner, CEO & Founder
Oberlechner is BehaviorQuant’s CEO and an expert in investor psychology. As a university professor, his research included many of the world’s leading financial institutions.
LinkedIn

Gerlinde Berghofer, COO & Co-Founder
Berghofer is an expert on behavioral assessments. Before co-founding BehaviorQuant, she lived in San Francisco where she developed decision support systems for investors.
LinkedIn

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Checking in on Fintech in Africa

By Julie Muhn (@julieschicktanz) Posted on
Categories: Diversity in Fintech, Report series

Fintech in Africa has experienced a growth spurt in recent years. Last month, investment banking firm FT Partners took a deeper look into the state of fintech in Africa in a report titled Fintech In Africa: Momentum is Building and the World is Taking Notice. The report examines underlying drivers of recent growth, offers details of the fintech investment scene, and provides an update on the state of important trends such as challenger banking and open finance.

Below are a handful of highlights from the 207-page report, which you can check out in its entirety on FT Partners' website.

Underlying drivers of growth

The report highlights the multiple factors currently creating the perfect storm for fintech growth in Africa at the moment. The continent's young, underbanked, tech-savvy population has long-favored cash, but is showing increasing favor for mobile-first technologies as mobile adoption rises and governments seek to further financial…

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Visa Partnership Fuels Wirex Crypto Card Issuance

By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA

Wirex deepened its partnership with Visa. The new agreement enables Wirex to issue its crypto debit and prepaid cards to more than 40 countries. The company is working on finalizing another partnership that will facilitate card issuance in Australia.

Cryptocurrency payments company Wirex unveiled a strategic partnership with Visa this week. The agreement makes Wirex a member of Visa in the U.K. and in the Asia Pacific region and will enable the fintech to issue its crypto debit and prepaid cards to more than 40 countries.

The two players began their partnership at Wirex's launch in 2015, when the U.K.-based company unveiled its crypto-enabled Visa card. The payment card enables users to buy, hold, exchange, and sell 150 currencies-- from traditional to cryptocurrencies. Additionally, Wirex customers can use their Visa card to spend their currency holdings at live rates at more than 80 million locations where Visa is accepted.

In…

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Tazapay Raises $16.9 Million for Cross-Border Payments

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Cross-border payments company Tazapay raised $16.9 million in Series A funding. The investment, which brings the company's total funding to $21.9 million, was led by Sequoia Capital Southeast Asia. Tazapay processes "hundreds of  millions" of dollars each year in card and local, real-time payment methods.

Singapore-based cross-border payments company Tazapay closed $16.9 million in Series A funding for its cross-border payments technology today. Today's round, when combined with the company's Seed rounds, boosts Tazapay's total funding to $21.9 million.

Investors include Sequoia Capital Southeast Asia, which led the round, along with new investors EscapeVelocity (escp.vc), PayPal Alumni Fund, and angel investor Gokul Rajaram; and existing investors Foundamental, January Capital, RTP Global, and Saison Capital.

Commenting on the investors, Tazapay CEO and co-founder Rahul Shinghal said, "These partners will help us realize our vision to be the foremost cross border infrastructure for global platforms as we double down on growing our market presence and…

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Finovate Global Hong Kong: Digital Payments, Cross Border Partnerships, and New Leaders

By David Penn Posted on
Categories: Finovate Global

Hong Kong and Shanghai Banking Corporation (HSBC) launched a new digital payments solution this week. The new offering, called HSBC Merchant Box, is designed to make it easier for SMEs to make international payments across regional and global e-commerce platforms using real-time exchange rates.

HSBC Merchant Box will be available to selected HSBC commercial customers initially. The technology is subscription-based and is fully integrated into HSBC Business Internet Banking. A range of fee options helps make the offering more affordable for businesses of different sizes and payment requirements. The company noted that it will extend the service to all customers in Hong Kong "in the coming months."

Cross-border ecommerce is a significant factor in China's external trade operations, HSBC Head of Commercial Banking Frank Fang explained. As a major regional trade hub, Hong Kong is seen as especially well-located to take advantage of the opportunity for greater and easier…

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