Blog - Page 234 of 1289

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…

Accelerating Product Innovation to Address Increasing Regulatory and Compliance Concerns

By Charlie Burgess Posted on June 7, 2022
Categories: Sponsored, Trulioo

Companies around the world are facing increased pressure to ensure they’re monitoring and screening new and existing customers against applicable sanctions lists. While having a comprehensive screening program is nothing new for regulated companies, the current regulatory climate has demonstrated that companies need to be prepared to balance the need for increased speed and thorough compliance.

ACI Worldwide Unveils Mobile Engagement Platform to Empower Shopping-on-the-Go

By David Penn Posted on June 7, 2022
Categories: ACI Worldwide, Alumni News, Alumni profile, Daily news

ACI Worldwide unveiled its mobile engagement platform ACI Smart Engage this week. The new solution relies on location, voice, and image recognition to enable consumers to purchase goods and services remotely with a single click. The launch of ACI Smart Engage comes at the same time that ACI Worldwide announced a divestment of its business banking unit, ACI Digital Business Banking.

Real-time payments software company ACI Worldwide launched its mobile engagement platform ACI Smart Engage today. The solution leverages location, voice, and image recognition technology to enable merchants to offer their entire inventory of products and services directly to consumers' smartphones. ACI Smart Engage combines geolocation with scannable media and audio tags inside a range of media types - including TV, print and radio advertisements, posters, magazines, catalogs, window displays, and more. Consumers can use the solution to instantly purchase products and services on-the-go with a single click.

"With…

A New Wave of Insurtech

By Julie Muhn (@julieschicktanz) Posted on June 6, 2022
Categories: Julie's Column, Thought Leadership

Often ignored as a boring fintech subsector, insurtech is in the midst of reinventing itself to fit into today's digital-first era. Straits Research expects the global insurtech market to reach a valuation of more than $114 billion by 2030, growing at a CAGR of 46.10% from now until that time.

We've rounded up a handful of insurtechs whose new innovations in the space are contributing to this growth.

InShare

InShare was founded in 2019 by a group of Uber, Lyft, and Airbnb alums to deliver insurance solutions to meet the unique needs of sharing economy platforms such as rideshare, delivery, homeshare, and eMobility markets.

"We have an expert team of gig insiders across all facets of insurance that are working closely with brokers who specialize in the on-demand economy,” said InShare VP Gary Lovelace. "We’re making the buying experience straightforward, flexible and frictionless for brokers and customers. More fundamentally, we’re…