Blog - Page 234 of 1290

Indonesian Fintech Flip Raises $55 Million; Visa Launches Crypto-Back Cards in LATAM

By David Penn Posted on June 17, 2022
Categories: Finovate Global, MasterCard, Nordigen

Courtesy of Tencent, Block (formerly known as Square), and existing investor Insight Partners, Indonesian consumer payments platform Flip has secured a $55 million addition to its Series B round. Also involved in the funding were a handful of individual investors including Checkout.com CEO Guillaume Pousaz, DoorDash executive Gokul Rajaram, and former Venmo COO Michael Vaughan.

No updated valuation information was included in the funding announcement. The company has raised a total of $120 million since inception three years ago. Flip raised $48 million in Series B funding in December 2021.

Flip enables millions of Indonesians to access P2P payments with interbank transfers to more than 100 Indonesian banks. The company also offers international remittances, e-wallet top-ups, and business solutions for employee payroll, customer refunds, invoice and supplier payments, as well as international transfers. More than $12 billion in transactions a year are processed on Flip's platform.

"The growth opportunity…

Anodot Helps Deutsche Telekom Global Carrier Implement Network Monitoring Solution

By David Penn Posted on June 16, 2022
Categories: Alumni News, Anodot, Daily news

Business monitoring innovator Anodot and network telemetry and analytics solutions provider BENOCS teamed up to help Deutsche Telekom Global Carrier implement a new network monitoring solution. The new solution will help companies monitor a wide range of business operations. Anodot made its Finovate debut at FinovateEurope 2022 in March.

Virginia-based business monitoring company and Finovate newcomer Anodot has helped Deutsche Telekom Global Carrier implement a new and improved network monitoring solution. Deployed in partnership with Anodot and network telemetry and analytics solutions provider BENOCS, the new service monitors network data and recognizes changes in traffic behavior and flow. This helps ensure that only relevant anomaly alerts are issued and received, reducing cost and effort.

"Telco service providers must process an immense amount of data from multiple sources to ensure optimal service across their complex network environments," Anodot CEO David Drai said. "By monitoring granular performance and fault data in…

Pure IT Credit Union Services Receives $6.8 Million in Funding to Help CUs Leverage Technology to Compete, Serve Members

By David Penn Posted on June 15, 2022
Categories: Daily news, Funding

CUSO Pure IT Credit Union Services received an investment of $6.8 million this week from a group of credit unions. The funding will be used to help expand Pure IT's ability to help credit unions leverage technology to compete with other financial institutions and to better serve their members. The investment comes a few months after Pure IT announced an acquisition of Purity Technology.

Technology-based credit union service organization (CUSO) Pure IT Credit Union Services announced an investment of $6.8 million. The funding came from a coalition of seven credit unions - including Lone Star CU, Union Square CU, DEXSTA CU, People's Trust CU, Linn Area CU, Ardent CU, and fellow CUSO Envisant.

"What bigger compliment can you have than your own clients investing in your," Pure IT Credit Union Services co-founder and CEO Jack Smith said. He added that it was part of Pure IT's mission to "help…

Voice Verification Solution Provider Illuma Labs Secures Investment from NYCUA and UsNet

By David Penn Posted on June 14, 2022
Categories: Alumni News, Daily news, Funding, Illuma Labs

Illuma Labs, maker of the Illuma Shield voice verification platform, raised new funding this week from NYCUA and UsNet. The amount of the investment was not disclosed. The funding comes one year after Illuma Labs secured $2.5 million in funding from the Curql Fund. This week's funding comes one month after the company partnered with Posh Technologies to win the "Next Big Thing" award from NACUSO (National Association of Credit Union Service Organizations) and Co-Op Solutions.

Voice authentication innovator llluma Labs secured new funding this week. The company announced that the New York Credit Union Association (NYCUA) and its affiliate UsNet, have teamed up to invest in the Plano, Texas-based company and support further development of its flagship Illuma Shield voice verification solution.

The amount of the investment was not disclosed. The company raised $2.5 million in funding from the Curql Fund just over a year ago

A Credit Union…

Five Key Features for Creating the Optimal Risk Decisioning Solution

By Charlie Burgess Posted on June 14, 2022
Categories: Sponsored

To compete successfully in our digital-first, instant gratification world, you need a risk-decisioning ecosystem designed to intelligently serve customers. A solution that not only connects every piece of credit decisioning and AI/ML software you own, but also enables you to access any external and internal data source in real time to auto optimize decisions—along with the impact of those decisions—across your entire customer lifecycle.

Innovating at the Network Edge: A Conversation with AT&T Business VP Rupesh Chokshi

By David Penn Posted on June 13, 2022
Categories: David's column

One of the more interesting conversations I enjoyed at FinovateSpring this year was a chat with Rupesh Chokshi, VP of Product Strategy and Innovation with AT&T Business. Often not a part of the general conversation on fintech innovation, communications companies like AT&T play a major role in providing both the infrastructure and technology that makes much of fintech innovation in 2022 possible. Chokshi discusses this - and more - in our conversation from FinovateSpring in San Francisco earlier this year.

On the relationship between fintech innovation and the revolution in connectivity

There is a trend right now in wireless connectivity, ubiquitous connectivity. And if you look at a lot of the innovation that's happening in fintech, it's associated with the user experiences. Whether it is an interaction on a mobile commerce kind of platform or some interaction with a call center that's utilizing conversational AI or other technologies, connectivity plays…

Onfido Teams Up with Bank Millennium to Bring Innovations in Identity Verification to Customer Onboarding

By David Penn Posted on June 13, 2022
Categories: Alumni News, Daily news, Onfido

Identity verification company Onfido partnered with Bank Millennium Poland to bring automated identity verification to its onboarding process. Bank Millennium Poland was named "Best Digital Bank in Poland" in 2021 by Global Finance Magazine. Onfido also announced that it was joining the digital ID program launched by The Investing and Savings Alliance (TISA).

Identity verification and authentication innovator Onfido bookended the weekend with two appearances in the fintech headlines. The company announced that it has teamed up with Poland's Bank Millennium to automate the identity verification component of the bank's customer onboarding process.

"Poland is seeing fast acceleration of the digitization of financial service offerings, and we're very happy to be partnering with one of the most innovative banks in the Central Eastern Europe region," SVP of EMEA at Onfido Oliver Krebs said. "We pride ourselves on delivering access to online services that both detect and prevent fraudulent attempts…

MoneyGram Launches Crypto-to-Cash Service

By Julie Muhn (@julieschicktanz) Posted on June 13, 2022
Categories: Alumni News, Daily news, MoneyGram

MoneyGram is rolling out a service that will enable users to buy cryptocurrency using cash, as well as allow them to withdraw their crypto holdings in cash, at select MoneyGram locations. The new capabilities are made possible via a partnership with Stellar Development Foundation. The service is currently available in the U.S., Canada, Kenya, and the Philippines.

While Western Union is taking payments digital, its competitor MoneyGram is bringing them into crypto. MoneyGram announced today it has begun to roll out a service that will enable cash users to access cryptocurrency via participating MoneyGram locations.

The new service is the result of a partnership between MoneyGram and the Stellar Development Foundation (SDF), the organization behind open-source public blockchain Stellar that allows money to be tokenized and transferred globally. MoneyGram and SDF originally partnered in October of last year, when the two piloted the functionality that enabled digital wallet holders to deposit…

Mexican Digital Bank Klar Raises $70 Million in Equity Funding; Argentina’s Ualá Earns Approval to Acquire Wilobank

By David Penn Posted on June 10, 2022
Categories: Dorsum, Finovate Global

Klar, arguably the largest digital bank in Mexico, secured $70 million in equity funding this week. The investment - led by existing investor General Atlantic and featuring participation from Prosus Ventures, Quona Capital, Mouro, IFC, Acrew, and Endeavor Catalyst - gives the company a valuation of $500 million. Klar has raised more than $150 million in equity funding since its founding in 2019. The sum represents the largest amount raised by a Mexican neobank to date.

"Since its inception, Klar has aimed to empower millions of consumers across Mexico with simple and transparent offerings that enable them to live better lives," Klar CEO and co-founder Stefan Möller said. "We see an opportunity to provide bespoke solutions to Mexican consumers who are eager to adopt technology, and who are not adequately served by anachronistic institutions."

In addition to the equity investment, Klar received $20 million in venture debt funding…

ICICI Bank Partners with ZestMoney to Add BNPL Feature

By Julie Muhn (@julieschicktanz) Posted on June 9, 2022
Categories: Daily news

ICICI Bank is integrating ZestMoney's EMI (Equated Monthly Installments) BNPL network into its Cardless EMI product. Customers can use ZestMoney's BNPL capabilities to make purchases of up to $12,900 (Rs. 10 lakh). This BNPL tool is currently live for ICICI clients making purchases online and will be available at physical retail locations "soon."

Another day, another onslaught of BNPL news. Following this week's chatter on Apple Pay Later and Zopa's entrance into the BNPL market, ICICI Bank in India announced a partnership with Equated Monthly Installments (EMI) BNPL network ZestMoney.

The tie-up will enable ICICI Bank to expand its Cardless EMI product that facilitates purchases at participating physical retail and e-commerce platforms. When using ZestMoney's BNPL capabilities, ICICI customers can use cardless credit to make purchases of up to $12,900 (Rs. 10 lakh) online or in-store and pay for it in EMIs. ICICI customers can also use ZestMoney’s flagship Pay-in-3…

Backbase Secures $128 Million Investment from Motive Partners

By David Penn Posted on June 9, 2022
Categories: Alumni News, Backbase, Daily news, Funding

Backbase raised $128 million (€120 million) in growth equity funding this week. The round was led by private equity firm Motive Partners, and gave the company a valuation of $2.6 billion (€2.5 billion). Backbase's Engagement Banking Platform enables banks and credit unions to leverage a cloud-based platform to offer bank customers seamless digital experiences.

Engagement banking platform Backbase secured $128 million (€120 million) in growth equity funding from private equity firm Motive Partners. The investment gives the company, which made its most recent Finovate appearance at FinovateFall 2021, a valuation of $2.6 billion (€2.5 billion). The funding also marks Backbase's first-ever funding event since its founding in 2003.

"Today is a major milestone for more than 2,000 Backbasers and 150 customers around the world, to celebrate the incredible progress we made," Backbase founder and CEO Jouk Pleiter said in a statement. "With this partnership, we're even better equipped to…

Women in Fintech: Leveraging New Technologies to Expand Access to Financial Advice

By David Penn Posted on June 9, 2022
Categories: Diversity in Fintech, Women in Fintech

How does technology help financial advisors do their jobs better? What does it mean to be "customer-focused" when it comes to financial health? And how does an organization successfully pursue a commitment to financial inclusion as a company, while simultaneously supporting and reinforcing a commitment to diversity, equality, and inclusion within a company?

We talked with Christina Walls, Chief Marketing Officer of intelliflo, about intelliflo's evolution into a comprehensive digital investment platform. We also discussed the firm's determination to help its clients leverage technology to reach more customers from more diverse backgrounds and investment sophistication levels. Toward the end of our conversation, we talked about the key role of equality in the diversity and inclusion conversation, and what can be done to bring more women into leadership roles within fintech and financial services.

Why was intelliflo formed a year ago? What is the strategy behind the combined company brand?

…