Blog - Page 234 of 1289

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?

…

SocietyOne Adds Digital Bank Accounts

By Julie Muhn (@julieschicktanz) Posted on June 8, 2022
Categories: Alumni News, Daily news, SocietyOne

Australia digital finance platform SocietyOne is adding new checking and savings accounts, SpendOne and SaveOne. SocietyOne is leveraging Westpac's banking-as-a-service platform to offer the new accounts. Today's news comes three months after SocietyOne was acquired by alternative lender MONEYME.

It's 2022 and digital banking is in the air. P2P lending platform SocietyOne is among the many fintechs that have added checking and savings accounts to compete with this decade's new crop of challenger banks.

The Australia-based company recently unveiled it has tapped its long-time investor Westpac to add these new checking and savings accounts, SpendOne and SaveOne. Westpac's banking-as-a-service platform will fuel the new accounts, which will work in conjunction with SocietyOne's fixed rate secured and unsecured personal loans, as well as its free credit score product.

SpendOne and SaveOne can be accessed via SocietyOne's new mobile app, which offers customers visibility of their transactions and allows them…

Eltropy Acquires Video Banking Startup POPi/o

By Julie Muhn (@julieschicktanz) Posted on June 8, 2022
Categories: Alumni News, Daily news, Eltropy, Mergers & Acquisitions

Digital communications platform Eltropy has acquired video banking company POPi/o. Financial terms of the deal were undisclosed. With today's acquisition, Eltropy now helps more than 400 Credit Unions reach their members via digital channels.

Digital communications platform Eltropy announced it has acquired video banking expert POPi/o. Financial terms of the deal were undisclosed.

Eltropy expects the purchase will strengthen its digital communications platform which enables financial institutions to engage in digital channels, such as social media, in a compliant manner. Today's acquisition adds 100 credit union clients to Eltropy's roster. The company now helps more than 400 credit unions reach their members via digital channels.

POPi/o offers banks a range of communication technologies ranging from high-tech to high-touch. The Utah-based company offers automated chatbot technology, video support from an in-branch specialist, and collaboration tools such as co-browse, video check deposit, identity verification, document sharing, and e-sign.

"By joining forces…

Suze Orman’s New Startup SecureSave Raises $11 Million for its Workplace Emergency Savings Account

By David Penn Posted on June 8, 2022
Categories: Alumni News, Daily news, Funding, Secure

SecureSave raised $11 million in strategic funding this week, taking its total capital raised to $14.7 million. The Kirkland, Washington-based company offers workplace-based emergency savings accounts. SecureSave made its Finovate debut last year at FinovateSpring.

SecureSave, a new workplace savings program provider that made its Finovate debut last year at FinovateSpring 2021, has secured $11 million in a strategic funding round led by Truist Ventures. Truist Ventures is the venture capital division of Truist Financial. Also participating in the round were Stearns Financial Services Inc. and cryptocurrency platform FTX.

The investment brings SecureSave's total capital to $14.7 million. The new capital will be used to support partnership expansion as well as further development of the company's flagship emergency savings solution.

"This new investment is a reflection of the rapid adoption and incredible customer demand we're seeing for SecureSave's unique emergency savings platform and underscores the industry and investor…

Australian Open Banking Innovator Bud Raises $80 Million

By David Penn Posted on June 7, 2022
Categories: Daily news

Open banking platform Bud raised $80 million in Series B funding. The investment adds to the $20 million Series A investment the U.K.-based company secured in 2019. Bud brings expertise in data intelligence and machine learning to the open banking ecosystem.

Intelligent open banking platform Bud secured $80 million in Series B funding today. The round was led by Bellis Phantom Holdco, an indirect affiliate of investment funds managed by TDR Capital. The investment, which also featured participation from existing investors including Outward VC, brings the company's total capital to more than $100 million - which includes a $20 million Series A round raised in 2019.

"Bud's transactional intelligence services allow applications to become truly personalized for the first time," Bud co-founder and CEO Ed Maslaveckas said. "For example, our lending customers can expect to see an increase of about 85% in capacity by combining open banking data…

Western Union Taps Marqeta for Payment Card Issuance

By Julie Muhn (@julieschicktanz) Posted on June 7, 2022
Categories: Daily news, Marqeta

Western Union has tapped Marqeta to enable clients in Europe to send remittances to a physical or virtual Visa card. Marqeta's open API will allow Western Union to replicate its payments card program to other geographies. Thanks to Marqeta's expertise, Western Union can now gradually add new features to its digital money transfer app.

Card issuance platform Marqeta has been busy lately and is adding to its to-do list, as well as its client base, today. The California-based company is partnering with money transfer company Western Union, which will integrate Marqeta's payment cards solution into its digital wallet and digital banking platform in Europe.

The new relationship will enable Western Union to offer its remittance service online with the ability to disburse funds to either a physical or virtual Visa card. Ultimately, the addition of payment cards means that Western Union can now offer clients a more holistic experience.

Leveraging…