OCR Labs Brings its Digital ID Verification Technology to Bloom Money

By David Penn Posted on
Categories: Alumni News, Daily news, OCR Labs

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…

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Innovation in a Risk Management Business: A Conversation with Piermont Bank Founder and CEO Wendy Cai-Lee

By David Penn Posted on
Categories: CEO Interview, FinovateSpring 2022, Interview, Speaker series, Women in Fintech

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 Bank

The genesis…

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Thoma Bravo Scoops Up Ping Identity for $2.8 Billion

By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ping Identity

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,…

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Finovate Awards Finalists Unveiled: Meet the 129 Finalists Across 23 Categories

By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Awards

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 Solution

Finalists:

ToroAlerts Concreit CAIS 21Shares Moonfare Yieldstreet

Best 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 LendingPoint

Best Customer Experience Solution

Finalists:

Spire Novo Banco BTG UOB Jack Henry Bank of Montreal Siam Commercial Bank

Best Digital Bank

Finalists:

BTG…

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Best of Show Winner BOND.AI Launches Embedded Finance Solutions Network for Banks and Businesses

By David Penn Posted on
Categories: Alumni News, Bond.AI, Daily news

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…

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Pennsylvania-Based Fintech Savana Scores $45 Million in New Funding

By David Penn Posted on
Categories: Daily news, 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…

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American Express Unveils Cross-Border Payments Tool for Businesses

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

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…

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Matching Passions and Maximizing Engagement with Pinkaloo’s Modern Giving Technology

By David Penn Posted on
Categories: Alumni profile, Mergers & Acquisitions, Pinkaloo

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…

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FinovateFall is Coming in Hot

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2022

It's August, which means that FinovateFall officially kicks off next month. The summer heat may have you in vacation mode, but in a matter of weeks it'll be time to switch gears and get ready for our three-day event, taking place in New York City, September 12 through 14.

Book your spot at this year's conference by August 12 to save $600. FinovateFall is celebrating its 15th anniversary this year, so you know it's going to be big!

Because I know you're busy submitting your final vacation request for the summer, I've distilled the agenda down to a few highlights.

Day 1

Demos
It wouldn't be a Finovate event without the 7-minute demos. We'll have three demo sessions on the first day of the event. Check out our list of who is demoing so far.

Panel: The Fintech Ecosystem & Strategic Partnerships – From Competition To Collaboration & Co-Creation
Moderated…

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Yext Announces Early Access Availability for its Summer ’22 Release

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

Yext announced the early access availability of its Summer '22 release. The New York company specializes in helping companies improve the way customers query their websites and apps for information about their businesses. Yext made its Finovate debut in 2020 at FinovateFall.

Yext, a technology firm that leverages AI to collect and organize company information and provide it to customers, employees, and partners, announced that its Summer '22 Release is now available for early access. The company announced last week that its solution now includes a number of new features that address a variety of business needs.

"Businesses today have to contend with an increasingly complex digital landscape," Yext SVP of Product Management Maxwell Shaw said. "Instead of managing dozens of single-purpose applications, organizations should be empowered to consolidate essential functionality into one platform that can power both first and third-party experiences."

The new features include:

Listing Updates…

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Uber Launches New Driver Debit Card

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Green Dot, Marqeta, MasterCard

Uber is launching a new debit card with tandem checking account. The Uber Pro debit card is made available via partnerships with Mastercard, Marqeta, and Branch. Uber Pro cardholders can receive up to 7% cashback on fuel purchases.

Uber's latest attempt to attract more drivers to its platform comes in the form of a debit card with a tandem checking account. Late last week, the rideshare company announced the Uber Pro debit card.

The new debit card comes courtesy of partnerships with Mastercard, Marqeta, and Branch, a workforce payments platform that caters to gig economy workers and contractors. The card offers Uber drivers up to 7% cash back on gas purchases when they achieve Diamond status as an Uber Pro driver.

The Uber Pro card comes with a checking account powered by Branch, which will automatically deposit cardholders' earnings into their account after every trip. Branch offers…

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