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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A nearly ten-year old acquisition may turn out to be Klarna’s secret weapon to improve security during the checkout process.
The Swedish payments company announced this week that it has integrated a new payment service into its Klarna PayNow product suite. The integration is designed to improve checkout security and has been made possible thanks in large part to Klarna’s acquisition of Germany-based Sofort in 2014.
“We are integrating Sofortüberweisung into the Klarna environment to offer consumers and merchants the best of both worlds: the familiar Sofort payment process combined with the smoother, more secure payment experience and global reach of Klarna,” Klarna Chief Commercial Officer David Sykes said. “The combined product is better for merchants and consumers, and (is) also a platform for Klarna to expand the functionality of Sofortüberweisung globally.”
Sofortüberweisung is a bank-to-bank payment service that Klarna gained access to by acquiring Sofort GmbH in 2014. Klarna has been incorporating Sofort’s technology into its solutions since 2017, and has launched the service in some of its other markets around the world, including the U.K. With this week’s integration, consumers will be able to track their Sofortüberweisung payments from within the Klarna app, as well as make payments without having to re-enter their payment information. This, combined with Klarna’s two-factor authentication, facilitates both greater convenience and increased security.
To that point, customers will need a Klarna account in order to take advantage of the Sofortüberweisung integration, and the company notes 95% of Sofort customers already have one. Klarna also reports that the “improved user-friendliness” of the integration has produced a 5% increase in conversion rates for consumers who use it.
Founded in 2005, Klarna made its Finovate debut at FinovateSpring 2012. In the decade-plus since then, the company has grown into a major e-commerce and payments business with 150 million total active customers in its network – including 34 million in the U.S. With more than 500,000 total merchants using its technology, Klarna facilitates two million transactions per day.
The company also recently made headlines with word that it is preparing for an initial public offering in the U.S. as early as the first half of 2025. Also this month, Klarna announced that it had partnered with Adobe Commerce to make it easier for merchants on the platform to implement Klarna’s Buy Now Pay Later (BNPL) services.
“Consumers are embracing the flexibility that Buy Now Pay Later services can provide, with Adobe Analytics data showing over 11 percent growth this year,” Jason Knell, Adobe Sr. Director, Content & Commerce Partners, said. “Klarna’s global footprint enables Adobe Commerce merchants to meet the changing needs of their customers and stay competitive in today’s digital economy.”
Klarna is headquartered in Stockholm, Sweden. Sebastian Siemiakowski is Klarna’s CEO.
This week’s edition of Finovate Global looks at recent fintech developments in Brazil.
Brazilian fintech Materaraised $100 million in funding from U.S. investor Warburg Pincus. The investment gives Warburg Pincus a majority stake in the firm, and is designed to help fuel Matera’s expansion into North America.
A key part of Brazil’s PIX instant payments ecosystem, Matera offers core banking, instant payments, and QR code payment technology to more than 250 banks, credit unions, and financial institutions globally. The company includes two of the top three banks in the world and more than one-third of all banks in Brazil as its customers.
This week’s investment arrives as the company reports 2023 revenues of $77 million and 4x growth since 2020. Within a real-time payments system that accounts for more than 40% of all electronic transactions in Brazil, Matera alone processes more than five billion transactions a year.
“PIX set the standard for the digital finance revolution,” Matera CEO Carlos Netto said. “At Matera, we know first-hand the pressure for banks to modernize their infrastructure to keep up with innovative new payment methods such as instant payments and pay-by-bank. We’re honored to leverage our PIX expertise with proven solutions to help financial institutions across North America keep pace with their customers’ digital demands.”
Matera’s flagship solution for the North American market is Digital Twin, a high-performance ledger that sits on top of a bank’s existing core platform. Digital Twin responds to two particular issues: core banking modernization and the ability to create real-time digital user experiences. Additionally, Matera is introducing its QR code payments solution. The technology enables both billers and merchants to offer consumers QR codes to make payments via mobile phone. Matera’s QR code payments offering also enables consumers to generate QR codes from a mobile app in order to make payments.
Matera was founded in 1987 in Sao Paulo. The company also maintains offices in Rio de Janeiro, Maringá, and Campinas in Brazil; as well as in Waterloo, Ontario, Canada; and Philadelphia, Pennsylvania.
One of Finovate’s few Brazilian alums, Nubank, is also one of the biggest fintechs in the country. And while the company has received a great deal of acclaim for its efforts to promote financial inclusion, Nubank is also making inroads when it comes to integrating AI technology into its operations.
To this end, the company has acquired U.S.-based data intelligence start-up Hyperplane. The terms of the acquisition were not disclosed, but Nubank said that it will use Hyperplane’s AI technology in multiple ways, generating insights, improving decision-making, and enhancing the customer experience.
“Nubank’s mission since its founding is to fight complexity and empower fanatical customers,” David Vélez, founder and CEO of Nubank, said. “Our early investments in AI, coupled with the impressive infrastructure and talent that (the) Hyperplan team has been able to put together, will accelerate our mission. Consumers globally will access not only the very best financial products but also receive truly customized financial advice that empowers them to live a better life.”
Founded in 2013, Nubank made its Finovate debut at FinDEVrNewYork 2016. The digital banking platform serves more than 100 million customers in Brazil, Mexico, and Colombia with solutions for credit and lending, investment, payments, and insurance. Last month, the company launched direct cryptocurrency transfers, and forged partnerships with Lightspark and fellow Finovate alum, Wise.
Helping fund the education of the country’s future medical professionals is Alume’s specialty. The company offers student loans to medical students in Brazil, as well as to newly graduated doctors. To date, the company has more than 4,000 clients and has disbursed $29 million in financing.
“Alume differentiates itself by combining technology with a deep understanding of the medical sector,” Alume Co-founder and CEO Pedro Silveira said. “Our medical-specialized accountants deliver a superior experience and tax savings for professionals.”
Alume offers three different kinds of student loans. The company provides financing of up to 80% of the student’s monthly tuition fees starting with the ninth semester of attendance onwards. Alume also offers an allowance of up to R$1,600 per month (approximately $287) to help pay for housing, food, and transportation expenses. Third, Alume provides financing for medical residency preparatory courses. Monthly interest rates start at 1.99%.
In addition to financing, the company is adding an accounting service to its offering. The service will be designed to assist doctors who serve as legal entities and will help them manage both their accounting and tax reporting.
Headquartered in Sao Paulo, Brazil, Alume was founded in 2019.
Here is our look at fintech innovation around the world.
Sub-Saharan Africa
Accelerex, a digital payment services provider based in Nigeria, introduced its “Payment with Fingerprint” system.
Stanbic Bank Kenya upgraded its Temenos core in partnership with Temenos regional implementation partner Orion Innovation.
Nigerian fintech Fintava unveiled its banking-as-a-service technology.
Central and Eastern Europe
Estonia-based fintech Mifundo is awarded a $2.7 million (€2.5 million) grant from European Innovation Council.
Latvian multi-asset investment platform Mintos announced its entry into the Czech market this week.
Egyptian fintech unicorn MNT-Halan raised $157.5 million to support expansion outside the country.
Jordan Kuwait Bank teamed up with Mastercard and UAE-based fintech FOO to launch new prepaid digital wallet, eliWallet.
The Central Bank of Bahrain will require all licensed financial and banking institutions to adhere to the country’s Open Banking regulations by the first of September.
Central and Southern Asia
Indian startup TechFini secured approval from NPCI to facilitate UPI-based payment solutions to banks, financial institutions, and fintechs.
Paytech Paysys Labs and Raqami Islamic Digital Bank Pakistan partnered to enhance digital payments in the country.
Pindrop raised $100 million in debt financing, boosting its total funding to $318 million in combined debt and equity.
Today’s funds come from from Hercules Capital.
Since it was founded, Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and detected 104 million spoof calls.
IVR authentication and anti-fraud solutions company Pindrop has raised $100 million in a debt financing round from Hercules Capital. The investment boosts Pindrop’s total funding to $318 million in combined debt and equity.
Pindrop expects the funding will enable it to further develop its technologies, which leverage AI to combat fraud and cyberattacks. The company’s voice security and authentication tools help firms in a range of industries detect fraudsters and authenticate genuine customers at scale.
“We’re pleased to secure this financing with Hercules Capital at such a pivotal moment for Pindrop,” said Pindrop Founder & CEO Vijay Balasubramaniyan. “This funding will fuel our ongoing growth and innovation in voice and AI technologies. As cyber threats continue to evolve, our mission to stay ahead of fraudsters and protect our customers is more critical than ever. We’re excited about the future as we remain committed to driving advancements that safeguard major institutions and deliver unparalleled security in the digital age.”
With major advancements in AI developments over the past few years, Pindrop reports that contact center fraud increased by 60% in the last two years, and now sits at its highest level since 2019. The company expects that, by the end of 2024, one in every 730 calls to a contact center will be fraudulent.
In the U.S., as the presidential election draws near, differentiating fact from fiction when it comes to voice spoofing will be critical. Earlier this year, when a deepfake robocall surfaced of President Biden urging New Hampshire voters not to vote during the Democratic primaries, Pindrop was able to identify the Text-to-Speech (TTS) engine used.
“Hercules is incredibly excited to partner with Pindrop as they continue working to transform the AI and voice authentication landscape,” said Hercules Capital Managing Director John Eggbeer. “We’re proud to support their mission of safeguarding major institutions from rising cyberattack threats. This financing will help accelerate their growth and innovation, enabling them to expand their reach and enhance their capabilities in providing robust security solutions.”
Since it was founded in 2011, Pindrop has analyzed 5.3 billion calls, prevented $2 billion in fraud losses, and detected 104 million spoof calls. Earlier this year, Pindrop released Pindrop Pulse, an audio deepfake detection solution with real time identification, monitoring, and audio deepfake analysis with advanced liveness detection technology. The company also debuted its Pulse Deepfake Warranty, a warranty that reimburses eligible customers if the Pindrop Product Suite fails to detect a deepfake or synthetic voice fraud.
Our Streamly series of interviews continues with four more conversations from fintech and financial services professionals who spoke at FinovateSpring earlier this year.
For more from Streamly and FinovateSpring, check out our blog post from last week, AI in Financial Services: Automation, Profitability, and Fraud Prevention.
Unlocking advertising potential: Financial services on Amazon
Chief Revenue Officer at Revive Media Danielle Shamos discusses strategies to reach targeted audiences and how the effective use of data can enable even further audience growth. Shamos also talks about the uniqueness of Amazon as an advertising platform.
How can community banks gain a competitive edge through technology?
Barb MacLean, SVP and Head of Technology Operations and Implementation at Coastal Community Bank, talks about how technology can help community banks secure a competitive edge. MacLean also discusses the importance of internal innovation and the challenges of banking-as-a-service.
Reimagining community banking: How can you adapt your strategy to changing customer needs?
John Waupsh, Chief Revenue Officer of Manifest Financial, explains why it is important for community banks to define their strategic purpose at a time of increasing competition. Waupsh also discusses the importance of adapting business strategies to ever-evolving customer needs.
Credit union solutions: What’s different about this landscape?
Managing Director at TruStage Ventures Sam Das discussed the unique challenges that confront credit unions today – from membership retention to cybersecurity. Das also explains that while there is demand from credit unions for tailored fintech solutions, fintechs needs to “come prepared” if they want to successfully partner with these financial institutions.
AI technology company Stratyfy announced a strategic partnership with cash flow underwriting and data analytics platform Prism Data.
Stratyfy will integrate Prism Data’s cash flow data and scoring to improve decision-making for lenders.
New York-based Stratyfy won Best of Show at FinovateFall 2022.
AI technology company Stratyfy has forged a strategic partnership with cash flow underwriting and data analytics platform Prism Data. Courtesy of the partnership, Stratyfy will put Prism Data’s cash flow data and scoring to work to help lenders make better decisions when traditional credit data does not provide enough information.
“Solely depending on traditional credit data can paint an incomplete financial picture of loan applicants, which results in lenders missing out on good, profitable customers,” Stratyfy Co-Founder and CEO Laura Kornhauser explained. “By combining our proprietary AI/ML technology with Prism Data’s CashScore, we can harness cash flow data to help lenders accurately and transparently identify credit-worthy customers who may have been overlooked otherwise.”
Prism Data’s CashScore solution analyzes thousands of financial data points that are often absent from traditional credit reporting. These factors include income, assets, expenses, volatility, and the ability to repay. CashScore simplifies complex cash flow underwriting to a three-digit score and can be used by lenders to approve or decline credit applications or as part of a process that includes traditional credit models and scoring.
“Prism’s CashScore enables credit decisions that are more accurate and more inclusive – allowing lenders to say ‘yes’ to up to 30% more customers without taking on additional risk,” Prism Data President Erin Allard said. “Paired with Stratyfy’s cutting-edge decisioning technology, we’re confident lenders will be better positioned to advance financial inclusion and boost profits at the same time.”
Founded in 2016, New York-based Prism Data launched its CashScore FirstDetect solution earlier this year. FirstDetect predicts the likelihood that a customer will default on a loan. The technology uses a variety of financial details as well as trend and pattern analysis to obtain a clear overview of the customer’s spending, earning, and saving behavior. FirstDetect is especially helpful in dealing with “first-party fraud” in which a customer applies for a loan in their own name, but does so with no intention of paying the loan back.
Headquartered in New York and founded in 2017, Stratyfy made its Finovate debut at FinovateSpring 2018. The company returned to the Finovate stage for FinovateFall 2022, winning Best of Show for a demo of its Unbias solution. Unbias enables financial institutions and fintechs to “uncover, understand, and undo” bias in complex financial decision-making such as underwriting. The technology, delivered via API, is part of Stratyfy’s suite of machine learning tools to help institutions minimize bias, support inclusion, and enhance risk-adjusted returns.
ReceiptHero announced new funding this week, courtesy of investors including SeedX VC, LifeLine VC, and SuperHero VC, as well as angel investors.
The amount of the investment was not disclosed.
ReceiptHero made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
Finland-based ReceiptHero has secured new funding, the company reported this week. Participating in the round were SuperHero VC, SeedX VC, LifeLine VC, as well as angel investors and team members. The amount of the investment was not disclosed; prior to this week’s announcement, the company had raised more than $6.2 million (€5.7 million) in total capital.
ReceiptHero said that the funding will accelerate the company’s goal of eliminating paper receipts and creating greater value in the data that is available from real-time receipt delivery. To this end, ReceiptHero has stated that its goal is to serve more than a million payment terminals in Europe and the U.K., with the first retail pilots in the U.S. to launch within the next year and a half.
“When we founded ReceiptHero over five years ago, we had to spend a lot of time heavily educating the market on what a digital receipt is,” ReceiptHero CEO Saku Pihlajaniemi said. “Fast forward to today we see a large amount of merchants inquiring about our service and they have a clear strategy on how they want to deploy digital receipts across their stores.”
Receipt Hero made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. At the conference, the company showed how its API platform enables receipts to be created and distributed via a variety of channels. Business customers benefit from the compatibility between digital receipts and their accounting software. Individual customers get not only an enriched transaction list in their mobile banking app, but also the ability to have that transaction data used to enhance their app’s budgeting and spending tools.
This year has been a big partnership year for the Helsinki-based firm. The company began 2024 by integrating with Shopify, bringing digital receipts to the e-commerce platform. In March, ReceiptHero announced partnerships with Finnish retailer HalpaHalli, ceramics and textiles brand Pentik, and cashless payment solutions company CoreGo. More recently, the company teamed up with cash register and payment terminal solution Solmio-kassa, and TuloPOS, a point of sale and ordering system for the hospitality industry.
For more, check out our Finovate Global interview with ReceiptHero Chief Operating Officer Scott Moore.
Lemonade is expanding further into the U.K. market, making buildings and contents insurance products available to U.K. residents.
Lemonade originally launched in the U.K. in October 2022 via a partnership with British insurance company Aviva.
With today’s launch, U.K. homeowners can receive instant coverage from £14 a month.
Digital insurance company Lemonadeannounced further expansion into the U.K. market today. The New York-based company is making its buildings and contents insurance products available for U.K. users.
Lemonade originally launched in the U.K. in October 2022 as a Prudential Regulation Authority-licensed carrier. Since then, the company reports that the region is among its fastest growing markets. Today’s launch will expand the company’s home insurance offerings, allowing U.K. homeowners to purchase further coverage for their home and belongings. Lemonade expects the new launch will help continue its growth in the U.K.
“The U.K. has proven to be an exciting market for us with a large digitally-savvy population who appreciate an easy, personalized experience,” said Lemonade CEO and Co-Founder Daniel Schreiber. “Growing our home insurance offerings this quickly is a tribute to our incredible team and our thriving partnership with Aviva.”
The new insurance offering will enable U.K. homeowners to receive instant coverage from £14 a month. The insurance includes base coverage, which covers rebuilding costs, temporary accommodation, and civil and property liability; as well as flexible contents coverage of up to £100,000. Depending on their needs, users also have the option to select from a list of add-on coverage options, including home emergency, accidental damage, theft and loss, and legal protection.
Lemonade’s U.K. operations are made possible through a partnership with Aviva, a British multinational insurance company that counts about 19 million customers across the U.K., Ireland, and Canada.
“We’re excited to expand our partnership with Lemonade in the U.K., building on our first product launch in 2022,” said Aviva MD Partnerships and Transformation, Personal Insurance Jon Marsh. “Aviva and Lemonade share common values and by working together we can create compelling new propositions and experiences for customers.”
Founded in 2015, Lemonade is a public company listed on the New York Stock Exchange under the ticker LMND. The company has a market capitalization of $1.59 billion. In addition to its renters and homeowners insurance products, the company also offers pet, life, and car insurance.
After months of deliberation, the finalists for the 2024 Finovate Awards have been selected!
In categories ranging from “Best Alternative Investments Solution” to “Top Emerging Fintech Company,” more than 130 innovative companies and individuals have made the short-list. We are now set for an exciting autumn showdown when winners are announced at Finovate Fall 2024 in New York in September.
“This year’s finalists are an amazing group!” Finovate VP Greg Palmer said. “From huge banks like JP Morgan, US Bank, and BNP Paribas, to cutting-edge fintechs like TodayPay, Kobalt Labs, and Wysh, there are amazing things happening all across the fintech ecosystem. The competition was intense for everyone who applied, and making it to the final round is an immense achievement. Congratulations to all of our finalists!”
Check out our finalists below. To learn more about the awards, visit our Finovate Awards hub.
Best Alternative Investments Solution
AlphaPoint Ctrl Alt Frec iCapital, Inc. Percent
Best Anti-Fraud/AML Solution
Credit Union of Colorado ING Turkiye JP Morgan AWM Mastercard Worldpay
Best Back-Office/Core Services Solution
FINBOA LoanPro Mastercard Cybersecurity Mitek Systems Taktile Zafin
Best Banking-as-a-Service Provider
B4B Payments Colendi Grasshopper Bank North Bay Credit Union Pathward, N.A.
Best Consumer-Facing Payments Solution
Engage People InPost Pay Pushpay Transact Campus Trustly
Best Consumer Lending Solution
JP Morgan AWM Jenius Bank Prosper
Best Corporate Payments Solution
BILL Global PayEx Helcim TransferMate TreasurUp US Bank
Best Customer Experience Solution
ACE Money Transfer DBS BAnk JP Morgan AWM Millennium BCP NF Innova – OTP banka Srbija Syfe
Best Digital Bank
Dave IndusInd Bank Papara Elektronik Para A.S. RCBC
APEXX Global Orum Papaya Global PayNearMe SWIVEL VGS
Best Financial Mobile App
BNP Paribas FINOM Industrial Bank of Korea JP Morgan AWM
Best Fintech Partnership
American Heritage CU and Datava Apiture and Newtek Bank Fnality International and Lloyds Banking Group Pagaya and US Bank Panacea Financial and Bankjoy Sunrise Banks and MoCaFi
Best Generative AI Solution
Bank of Montreal Intuit Credit Karma Nest Bank S.A. Socure Symphony AI Talkdesk
John Retting, BILL Sanjiv Yajnik, Capital One Chermaine Hu, Episode Six Jon Briggs, KeyBank Roben Dunkin, PGIM Nancy Langer, Transact Campus Matt Hawkins, Waystar Chris Hilliard, Winnow Solutions
Innovator of the Year
Matt Brown, CAIS Yelena Melamed, Catchlight Sindhu Joseph, CogniCor Josh Owen, Flourish Geralyn Hurd, K1x Ken Moore, Mastercard Kelly Uphoff, Tala Alex Matjanec, Wysh
Most Impactful AI-Based Solution
Brex Napier AI Pagaya Socure Uplinq Winnow Solutions
Earned wage access fintech Clair has partnered with payroll, benefits, and HR management solutions company Gusto.
Under the agreement, employees at many of Gusto’s 300,000 supported businesses will be offered access to On-Demand Pay via Gusto Wallet.
Gusto is Clair’s first partner to announce participation in the new embedded EWA product.
Embedded earned wage access provider Clair and payroll, benefits, and HR management solutions company Gusto are teaming up this week. The partnership will allow Gusto to offer earned wage access (EWA) to their small business clients.
Founded in 2019, Clair offers an embeddable EWA tool. Clair’s clients, which include Trinet, 7Shifts, syncHR, use the EWA tool to help their combined 12,000 business customers offer their employees earlier access to their paychecks with no interest. Once employees set up a Clair spending account, they can receive a paycheck advance at any time for hours they’ve already worked.
Clair offers end users banking services powered by Pathward, N.A., including a virtual and physical Mastercard debit card, access to fee-free ATMs, and does not charge monthly service fees or require a minimum balance.
“Emergency expenses often arise and employees need a secure and convenient way to cover those unexpected costs,” said General Manager and Head of Product at Gusto’s Members business unit Dan Loomis. “Due to these needs, we decided to add an on-demand pay offering to Gusto Wallet and knew it would be crucial to find the right partner to bring it to life in a seamless, compliant way. We evaluated all the major players in the EWA space and Clair stood out as our ideal partner, bringing both the compliance framework and technical capabilities we need to offer wage advances right inside our existing app. We’re proud of this industry-leading collaboration that expands the possibilities of embedded financial wellness benefits.”
Under today’s partnership, employees at many of Gusto’s 300,000 supported businesses will be offered access to sign up for On-Demand Pay via Gusto Wallet. The company anticipates the move will help employees increase prosperity by delivering not only earlier access to their pay, but also to financial and work productivity tools. Gusto is Clair’s first partner to announce participation in the new embedded EWA product.
Gusto was founded in 2011. Originally known as ZenPayroll, Gusto provides a cloud-based payroll, benefits, and HR management solution. The company’s tools help businesses with things like time and attendance, hiring and onboarding, talent management, and more. Company co-founder Joshua Reeves is CEO.
FIS has partnered with online lending marketplace Lendio.
Under the agreement, FIS will leverage Lendio’s technology to fuel its new Digital Lending solution.
FIS’ Digital Lending tool aims to streamline and automate the lending process for financial institutions.
Payment, banking, and investment systems provider FIS has teamed up with online lending marketplace Lendio. The core banking giant is leveraging Lendio’s technology to launch its new SMB Digital Lending solution.
FIS’ new SMB Digital Lending solution seeks to offer small and medium-sized businesses (SMBs) easier access to capital by streamlining and automating the lending process for financial institutions. The new lending tool provides fully automated decisioning by combining big data and machine learning with underwriting expertise.
Leveraging Lendio’s technology, FIS’ Digital Lending solution will help banks source, underwrite, and fund SMB loans, making them more affordable for the borrower. By leveraging embedded transaction analytics, FIS’ Digital Lending will also offer lenders a holistic view of borrower health, pre-qualify SMB depositors, and help them create targeted marketing and sales campaigns.
“By partnering with Lendio, we are leveraging our unmatched scale and reach in the banking industry plus Lendio’s advanced small business underwriting technology and empowering financial institutions to profitably serve their small business customers,” said FIS Lending SVP Division Executive Steve Sabin. “The expansion of our digital banking capabilities illustrates FIS’ commitment to serving the entire money lifecycle—whether at rest, in motion, or at work—and I look forward to seeing the positive impact the solution brings.”
Adding a lending solution to its portfolio that focuses specifically on SMBs will complement FIS’ existing banking tools that cover both retail lending and commercial lending. FIS may be most well-known for its core banking services, but the firm also supports digital banking, payment processing, merchant acquiring services, consulting services, and more. Headquartered in Jacksonville, Florida, FIS has a current market capitalization of $42.8 billion.
“We are thrilled to partner with FIS, a global leader in financial technology, to help bring this SMB lending platform to banks across the country,” said Lendio CEO and Co-founder Brock Blake. “Our mission at Lendio is to fuel the dreams of small business owners by simplifying small business lending. FIS SMB Digital Lending is a perfect fit for that mission, as it enables banks to offer a fast, easy, and transparent loan process to their small business clients. Together with FIS, we are creating a win-win situation for banks and small businesses, and we look forward to expanding our reach and impact through this partnership.”
Lendio was founded in 2011, and has since helped to match small businesses seeking capital with suitable lenders. Businesses in need of funds can submit a single loan application to Lendio, tapping into its network of over 75 lenders. The platform then pairs each business with a suitable lender from the company’s in-house network.
Open banking solutions provider Salt Edge has released the latest version of its Open Banking Gateway API.
The new version, the company’s sixth, features enhancements designed to make integration easier and quicker.
Headquartered in Ottawa, Canada, Salt Edge most recently demoed its technology on the Finovate stage at FinovateEurope 2019.
Canadian open banking solutions provider Salt Edge is back in the fintech headlines. This week, the company unveiled the latest version of its Open Banking Gateway API. Within the package, Salt Edge will make its Account Information API available initially, with its Payments API scheduled to be launched “in short order” afterward.
The latest release features a number of updates and enhancements, which the company says are a direct result of listening to clients, as well as the company’s in-house team. The new version provides endpoints optimization to make integrating with Salt Edge’s API easier and quicker. Salt Edge has also put in the effort to ensure the consistency of the API environment regardless of the license clients use. This facilitates easier and more accurate navigation through the documentation, and those clients that do use Salt Edge’s license will benefit from enhanced access and control with API V6. A third enhancement provides real-time updates, notifications, and event triggers, offering a more dynamic and responsive system that enables clients to monitor activity and quickly address issues as they arise.
Salt Edge’s product enhancement news comes one month after the Ottawa, Ontario-based fintech announced partnerships with Italian API-based e-document management platform A-Cube API and Moldovan financial institution Moldindconbank. A-Cube API, which had been using Salt Edge for its account information services, has now integrated Salt Edge’s Payment Initiation solution. This will facilitate the linking of A-Cube API’s e-invoicing system with account-to-account payments, making the invoicing process faster, more secure, and more accurate.
The company’s partnership with Moldindconbank will help the financial institution ensure that it meets regulatory requirements with regard to open banking. The bank, like all financial institutions in the country, has until February 2025 to comply with new open banking regulations issued by the National Bank of Moldova. To this end, Salt Edge’s full-stack Open Banking Compliance solution will enable Moldindconbank to, in the words of the bank’s Deputy Chairman of the Managing Board Mihail Iovu, “quickly comply with local open banking requirements while elevating our digital solutions, furthering our dedication to providing top-notch services to our clients.”
Founded in 2013, Salt Edge made its Finovate debut at FinovateEurope 2018 and returned the following year for FinovateEurope 2019. Garri Galanter is CEO.
