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FinovateEurope 2023: First Look at Early Demo Additions

By Heather Stowell Posted on January 12, 2023
Categories: Finovate Marketing, FinovateEurope 2023

In 2022, Finovate brought live demos back to London with dozens of innovative companies showcasing their latest technologies. Building on that momentum for FinovateEurope 2023, we’re excited to announce the first wave of demoers.

This first group covers the map on fintech themes. Learn how these companies can grow your business, and see a sneak peek of topics below.

This wave is just the beginning. The event will feature 35+ fintechs forging the future of fintech. Join us on March 14 and 15 to see them all first-hand. And check the website as the demo roster continues to expand with seed-stage startups, fast-growing scale-ups and established public companies.

Deel Acquires Capbase to Launch a New Equity Management Product

By Julie Muhn (@julieschicktanz) Posted on January 12, 2023
Categories: Daily news

Payroll and compliance company Deel is acquiring digital governance platform Capbase. Terms of the deal were not disclosed. Deel will leverage Capbase's expertise to launch a new product dedicated to equity management and issuance.

It has been a week of consolidation in the capitalization table management space. Fidelity announced plans to acquire Shoobx this week, and payroll and compliance company Deel recently unveiled that it is acquiring digital governance platform Capbase.

Deel, which launched as a payroll and compliance platform for international employees and contractors, has acquired one of the biggest players in the capitalization table management arena, Capbase. Terms of the deal were not disclosed.

Deel will leverage Capbase's expertise to launch equity management and issuance services that can help businesses operating with legal and tax questions such as taxable events, local laws, required reporting, and more-- across 90 different geographic regions.

"We looked at U.S. compliance and realized…

Robinhood Launches New Retirement Account Offering with 1% Match

By David Penn Posted on January 12, 2023
Categories: Daily news

Robinhood announced that its Robinhood Retirement offering was now available to all eligible customers. The company, which offered a waitlist for interested customers in December, said that more than one million people have signed up for the new investment service. Robinhood will provide a 1% match for every eligible dollar customers contribute to their Robinhood Retirement plan.

Robinhood, which gained notoriety in recent years as a platform for traders of meme stocks like AMC and Gamestop, announced this week that it is making its Robinhood Retirement offering available to all eligible customers. Unveiled via waitlist in December, the new IRA product offers a 1% match for every eligible dollar contributed - the first and only individual retirement account to do so, according to Robinhood.

Baiju Bhatt, company co-founder and Chief Creative Officer said in a statement: "Systems are failing to catch up to the needs of how many…

Attending CES Behind the Lens of a Traditional Bank

By Julie Muhn (@julieschicktanz) Posted on January 12, 2023
Categories: Speaker series

The Consumer Electronics Show (CES), a tech event that showcases the latest advancements in consumer electronics and technology, is a must-attend conference for those working in the field of tech. But what if you work at a bank?

This year, U.S. Bank sent five representatives to walk the floors of CES to scout out what's new and what's possible when it comes to banking technology. Among the group attending last week's technology showcase were U.S. Bank Chief Innovation Officer Don Relyea and Senior Vice President and Head of Applied Foresights Todder Moning.

We caught up with Relyea and Moning to get their thoughts on the show.

You've just returned from CES. Tell us about what U.S. Bank was looking for at the show.

Don Relyea: We are looking for several things. We go to get an understanding of how ready for primetime various technology verticals are for mass consumer applications.…

Fidelity Acquires Equity Management Company Shoobx

By Julie Muhn (@julieschicktanz) Posted on January 11, 2023
Categories: Daily news, Fidelity, Mergers & Acquisitions

Fidelity Investments has acquired equity management company Shoobx, marking Fidelity's first acquisition since 2015. Terms of today's deal were not disclosed. The acquisition will help Fidelity expand its offerings for startups and early-stage companies.

Fidelity Investments announced this week it has acquired equity management company Shoobx. Financial terms of the agreement were not disclosed and the deal marks Fidelity's first acquisition since it purchased eMoney Advisor in 2015 for $250 million.

Ultimately, the move will help Fidelity expand its offerings for startups and early-stage companies. In fact, today's acquisition contributes to Fidelity's growing portfolio of tools that support the startup ecosystem. Fidelity Labs, the organization's innovation arm, has invested in several startups and fintech companies, and has developed its own technology to improve the investment process.

Fidelity will integrate Shoobx's technology into its Stock Plan Services business, an arm that offers equity compensation plan recordkeeping and administration services.…

Spanish Fintech Divilo Tuns to ThetaRay for AML Transaction Monitoring

By David Penn Posted on January 11, 2023
Categories: Alumni News, Daily news, ThetaRay

Spanish fintech Divilo partnered with financial crime prevention specialist ThetaRay. Divilo will deploy ThetaRay's SONAR platform, a SaaS-based AML transaction monitoring and sanctions list screening solution. ThetaRay made its Finovate debut in 2015 at FinovateFall in New York.

A partnership between Spain-based fintech Divilo and ThetaRay will enable the B2B financial services provider to better defend itself against money laundering, sanctions violations, and other financial crimes. Divilo will deploy ThetaRay's SaaS-based AML transaction monitoring and sanctions list screening platform, SONAR. The technology is capable of detecting the earliest indications of sophisticated money laundering activity infiltrating the domestic and cross-border payments process.

"Our advanced AI solution also makes the entire process of transaction monitoring much more efficient and effective, while improving customer satisfaction, reducing compliance costs, and increasing risk coverage with safe and secure payments," ThetaRay CEO Mark Gazit said.

SONAR leverages advanced AI, as well as proprietary and…

Jumio Helps Car-Sharing Company GetGo Onboard New Drivers

By Julie Muhn (@julieschicktanz) Posted on January 10, 2023
Categories: Alumni News, Alumni profile, Jumio

Digital identity solutions company Jumio announced yesterday that Singapore car-sharing company GetGo has selected its technology to help onboard new drivers.

As one of the largest car-sharing services in Singapore, GetGo seeks to offer a user-friendly online ecosystem that promotes shared and sustainable mobility. The company was founded in 2020 to help users rent and share cars, enabling users to book a car using their mobile phones. GetGo focuses on simplicity, flexibility, and accessibility. These three attributes add up to one thing-- customer centricity.

In order to help drivers onboard to the GetGo platform, GetGo will leverage Jumio's identity verification tools that leverage biometrics and AI to automatically authenticate GetGo users. Jumio will help GetGo protect its fleet of 1,700 vehicles against theft by requiring drivers to provide a valid government-issued ID and a selfie. The partnership will reduce the time it takes GetGo customers to onboard down to minutes.

…

Nuvei Acquires Paya for $1.3 Billion

By Julie Muhn (@julieschicktanz) Posted on January 10, 2023
Categories: Daily news, Mergers & Acquisitions

Business payments technology company Nuvei will acquire B2B payments company Paya. Nuvei anticipates the purchase will help it add integrated payment capabilities, diversify its business, and grow in the B2B payments space. The deal is expected to close for $1.3 billion.

Payment technology solutions provider Nuvei announced this week it has acquired B2B payments company Paya. The all-cash transaction is expected to close for $9.75 per share for a total value of around $1.3 billion.

Paya's payment technology helps businesses accept payments and get paid faster and more efficiently. The company's solutions range from payment acceptance, disbursement, and ACH, to marketing services and developer integrations.

Canada-based Nuvei anticipates the purchase will help it add integrated payment capabilities, diversify its business, and grow in the B2B payments space. Specifically, combining Paya’s integrated payment capabilities into Nuvei’s platform will add value and growth potential. Additionally, Nuvei will be able to leverage…

Tax Status Partners with authID to Protect Tax Data with Human Factor Authentication

By David Penn Posted on January 10, 2023
Categories: Alumni News, Daily news, Tax Status

Tax Status announced a partnership with authID this week. The partnership will give Tax Status' customers access to authID's Human Factor Authentication (HFA) technology to better protect sensitive data and fight fraud. Based in Texas, Tax Status made its Finovate debut last September at FinovateFall.

Tax Status, a Texas-based fintech company that offers a digital IRS account monitoring solution, has announced a partnership with identity authentication solutions company authID. The collaboration enables Tax Status to go live with the full range of authID's identity authentication technologies, including authID's Human Factor Authentication services (HFA). These resources will enable Tax Status' enterprise partners to better protect sensitive tax data, as well as prevent password compromise and ensure secure account onboarding for new customers.

"authID's innovative biometric authentication has proven to be a cut far above other identity management solutions," Tax Status CEO and founder Charles Almond said. "We are proud to…

NorthOne Teams Up with The Bancorp Bank to Launch Real-Time Payments Via The Clearing House

By David Penn Posted on January 9, 2023
Categories: Daily news

Challenger bank NorthOne announced a partnership with The Bancorp Bank to launch real-time payments via The Clearing House's network. NorthOne customers initially will be able to receive real-time payments. The ability to send real-time payments will come with "future updates" the company said. With offices in New York and Toronto, NorthOne has raised more than $90 million in funding for its deposit account that helps small businesses and freelancers better manage their finances.

U.S.-based challenger bank NorthOne has teamed up with The Bancorp Bank to launch real-time payments via The Clearing House's Real-Time Payments network.

NorthOne co-founder and CEO Eytan Bensoussan called the new offering a "huge milestone" for both his company as well as for the fintech industry writ large. Bensoussan also underscored the value of real-time payments to NorthOne's small business customers. "For small business owners, cash flow and liquidity are paramount," he said. "By removing payment waiting…

Allianz Trade, Santander CIB, and Two Partner to Launch BNPL Solution for B2B Ecommerce

By Julie Muhn (@julieschicktanz) Posted on January 9, 2023
Categories: Daily news

Allianz Trade, Santander Corporate & Investment Banking (Santander CIB), and Two have partnered to launch a new B2B buy now, pay later (BNPL) tool. The new tool leverages Allianz Trade to protect against the risk of default, Santander CIB for financing, and Two for the BNPL technology. The launch comes one year after Santander's digital consumer bank launched Zinia, a customer-facing BNPL solution.

A new three-way partnership is driving fresh innovation in the BNPL space this week. Trade credit insurance firm Allianz Trade, trade finance bank Santander Corporate & Investment Banking (Santander CIB), and B2B ecommerce payments platform Two have teamed up to create a BNPL tool for large multinational corporations.

Combining each firms' expertise, the group has created a solution for corporations to offer a buy now, pay later (BNPL) tool for business buyers, enabling them to defer payments at checkout. Created by Two, the BNPL tool supports…