As competition intensifies within the financial services sector, understanding your customer in a 360 way is something that all firms must confidently be able to do.
The Customer is King: Achieving a 360 View for Hyper-Personalized Results
Finovate Global Interview: Abdulla Almoayed of Tarabut Gateway on Open Banking in the MENA Region
This week's edition Finovate Global is an interview with Abdulla Almoayed, founder and CEO of Tarabut Gateway. Founded in 2017 and headquartered in Dubai, Tarabut Gateway is the first and largest regulated open banking platform in the MENA region. The company enables secure and friction-free data flow and connectivity between banks and fintechs in its regional network, leveraging its universal APIs to bring the benefits of open banking to financial services consumers in Bahrain, the UAE, KSA, and elsewhere.
This year, Tarabut Gateway has secured major banking partnerships in Saudi Arabia, teaming up with Riyad Bank, Saudi British Bank, Alinma Bank, and Banque Saudi Fransi as the Kingdom begins to embrace open banking. In June, the company was selected as platform partner by the Dubai International Financial Centre (DIFC) for its new Open Finance Lab. Last month, Tarabut Gateway announced a pair of C-suite appointments, introducing new…
Santander Partners with Rocket Mortgage to Provide Digital Home Loan Experience
Santander Bank has selected Rocket Mortgage to provide its clients an online mortgage lending tool.
Rocket Mortgage will offer Santander clients exclusive discounts and resources to help them in their home buying journey.
Rocket Mortgage was among the first to offer a fully digital mortgage lending experience when it did so in 2015.
A partnership between Santander Bank and Rocket Mortgage is taking off today. Santander has selected online mortgage lending company Rocket Mortgage to serve as the as the exclusive preferred mortgage provider for its customers.
Santander will leverage Rocket Mortgage to offer its two million clients exclusive discounts and resources to help them in their home buying journey. The collaboration enables users to interact independently online or speak to a home loan expert via a phone call, email, or online chat.
"At Santander, we place the customer at the center of our business, and I'm pleased to be…
BlackRock Taps Coinbase to Facilitate Bitcoin Purchases
BlackRock has selected Coinbase to help its clients buy and sell bitcoin.
Under the partnership, clients of BlackRock Aladdin will benefit from Coinbase Prime.
Partnering with Coinbase will help BlackRock add digital currencies as an asset class for the first time.
Coinbase is partnering with BlackRock to help some of the asset manager's institutional clients connect to Coinbase Prime, making it possible for them to buy and sell bitcoin.
Under the agreement, common clients of Coinbase and BlackRock's end-to-end investment management platform Aladdin, will benefit from Coinbase Prime, a full-service platform to access crypto markets at scale. At the outset, Aladdin clients will be limited to using Coinbase Prime to buy and sell bitcoin.
With $10 trillion in assets under management, BlackRock offers clients a range of investment strategies, including alternative assets, sustainable investing, factor-based investing, systematic investing, and now digital assets. The company has 8,000 employees across…
OCR Labs Brings its Digital ID Verification Technology to Bloom Money
London's OCR Labs announced a partnership with Bloom Money, a company that seeks to enhance financial wellness for immigrant communities.
Bloom Money will leverage OCR Labs' technology to provide biometric and document verification during its onboarding process.
OCR Labs won Best of Show at FinovateAsia in Hong Kong in 2017.
London-based digital ID verification innovator - and Finovate Best of Show winner - OCR Labs has teamed up with Bloom Money, a platform that is geared toward helping diaspora communities in Europe better manage their finances. Bloom Money will use OCR Labs' technology to conduct automated biometric verification, document verification, and reauthentication during the onboarding process for new customers.
Bloom Money bases its offering on what it calls "tried and tested" methods of money management - whether they are called contributions, ajo, hagbad, or pardna - used by communities around the world. The company decided to partner with OCR Labs…
Innovation in a Risk Management Business: A Conversation with Piermont Bank Founder and CEO Wendy Cai-Lee
FinovateSpring provided us with a great opportunity to sit down for an informative chat with Wendy Cai-Lee, founder and CEO of Piermont Bank.
Launched in 2019, Piermont Bank aims to blend the best of modern banking and agile fintech. Piermont Bank's peer banking approach provides customers with technology-enabled, human-delivered solutions, opting for dedicated bankers over "1-800 numbers or chatbots."
Last month, Piermont Bank celebrated three years of innovation. The woman-founded and entrepreneur-led financial institution currently has more than $420 million in total assets, and offers an end-to-end, digital banking-as-a-service platform with more than 40 fintech clients already onboard. More than 50% of Piermont's loans since inception have been made to low- and moderate-income communities, as well as women- and minority-owned businesses.
Below are a few excerpts from our conversation with Ms. Cai-Lee at FinovateSpring in San Francisco in May.
On the decision to launch Piermont BankThe genesis…
Thoma Bravo Scoops Up Ping Identity for $2.8 Billion
Thoma Bravo is acquiring Ping Identity in an all-cash deal for $2.8 billion.
The acquisition will take publicly held Ping Identity into the private markets.
Thoma Bravo's other recent fintech acquisitions include Bottomline Technologies, Digital Insight, and Ellie Mae.
Cloud-based identity software provider Ping Identity has agreed to be acquired by private equity firm Thoma Bravo. The all-cash deal is expected to close in the fourth quarter of this year for $2.8 billion.
"We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets," said Ping Identity CEO Andre Durand.
Ping Identity was founded in 2002 and has since made seven acquisitions of its own, including passwordless identity verification company Singular Key, bot prevention and fraud intelligence firm SecuredTouch, intelligent authorization company Symphonic,…
Finovate Awards Finalists Unveiled: Meet the 129 Finalists Across 23 Categories
The third annual Finovate Awards ceremony is taking place next month, which means our panel of 20 judges has carved down the list of nominees in 23 categories down to just 129 finalists. As always, competition this year was steep, so the finalist title is well-earned.
Congratulations to everyone who made it to the finalist round! The winners will be announced at the 2022 Finovate Awards ceremony on September 13 at the Edison Ballroom in New York City. Register now to secure your seat or table at this year's celebration.
Best Alternative Investments SolutionFinalists:
ToroAlerts Concreit CAIS 21Shares Moonfare YieldstreetBest Back-Office/Core Services Solution
Finalists:
Pismo Built Maxwell Financial Labs Coveo FIS Rippleshot and Fiserv
Best Consumer Lending Solution
Finalists:
Novo Banco Tricolor Wisetack Upgrade LendingPointBest Customer Experience Solution
Finalists:
Spire Novo Banco BTG UOB Jack Henry Bank of Montreal Siam Commercial Bank
Best Digital Bank
Finalists:
BTG…Best of Show Winner BOND.AI Launches Embedded Finance Solutions Network for Banks and Businesses
Arkansas-based fintech BOND.AI recently unveiled its latest offering, The Bond Network.
The technology enables financial institutions and businesses to add modern financial health solutions to their platforms.
BOND.AI won Best of Show in its Finovate debut at FinovateFall 2018 in New York.
BOND.AI has launched The Bond Network, which leverages open banking to enable banks, credit unions, and businesses of all sizes readily access contemporary financial health solutions.
"There is nothing like The BOND Network in the market today that combines the utility of modern financial technology with the life-changing benefit of financial health," BOND.AI CEO Uday Akkaraju said. "Our Empathy Engine and The BOND Network together will connect the dots between financial institutions and employers to get them back at the heart of peoples' financial lives and spark a mutually prosperous relationship between them." Akkaraju called the new offering "the next revolution in embedded finance."
Headquartered in…
Pennsylvania-Based Fintech Savana Scores $45 Million in New Funding
Savana, a fintech headquartered in Pennsylvania, raised $45 million in new funding.
The new capital consists of a combination of equity and debt. Canadian investor Georgian led the equity component of the funding.
Savana will use the funds to fuel the continued growth of its Digital Delivery Platform.
Pennsylvania-based fintech Savana has secured $45 million in new funding. The capital infusion includes $10 million in debt financing. The Series A round was led by Toronto, Canada-based investor Georgian, and also featured participation from Fiserv - which also announced that it would expand its reseller agreement with Savana. The company will use the funds to power the growth of its Digital Delivery Platform, boost go-to-market activities, and accelerate its new capabilities roadmap.
"The banking industry is going through an incredible transformation," Savana CEO, founder, and Chairman Michael Sanchez said. "This funding round will help support the growth of…
American Express Unveils Cross-Border Payments Tool for Businesses
American Express is launching American Express Global Pay, a cross-border payments tool for U.S. small businesses.
Businesses can use American Express Global Pay to pay suppliers in more than 40 countries and in 12 currencies.
American Express did not disclose exact fees, but said that it will display the fees when the business is creating the payment.
American Express is helping small businesses keep up with global competition with its launch of American Express Global Pay, a new cross-border payments tool for small businesses based in the U.S.
American Express Global Pay allows U.S. businesses to make domestic and international B2B payments to suppliers in more than 40 countries and in 12 currencies using the mobile-optimized website. Eligible customers can earn one Membership Rewards point for every $30 in equivalent foreign exchange payments.
"Businesses today start, grow and compete on a global scale," said American Express Executive Vice…
Matching Passions and Maximizing Engagement with Pinkaloo’s Modern Giving Technology
Last week, we looked at Finovate alums that are leveraging their technologies to help employers help their employees achieve financial wellness and greater financial inclusion. Today we are highlighting a Finovate alum - and Best of Show winner - that is using its innovation to facilitate charitable giving in the workplace.
Founded in 2017 and headquartered in Baltimore, Maryland, Pinkaloo made its Finovate debut two years ago at FinovateFall. At the conference, the company demonstrated Modern Giving, its white-label charitable giving platform. The technology gives individuals a centralized account to use for their charitable giving, learn about other charities that match their values, and collaborate on philanthropic efforts with others. Modern Giving enables businesses to maximize engagement with their employees and customers, helping promote and drive charitable giving in their communities.
"Pinkaloo's white-label Modern Giving offers an opportunity to attract new banking customers and members, as well…