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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Student loan benefits platform Tuition.io has received an undisclosed amount of debt financing from ORIX Corporation USA’s Growth Capital business. This marks Tuition.io’s sixth investment, adding to its five equity rounds that total $15.2 million.
Tuition.io was founded in 2011 to help graduates pay off their student loans while giving businesses a strategic differentiator to improve hiring and employee retention. The company debuted as a direct-to-consumer offering to help student loan borrowers view, understand, and compare their debt and get customized restructuring plans. Today, Tuition.io enables businesses to provide student loan repayment assistance, 529 plan contributions, and tuition reimbursement through a single, customizable interface.
“Partnering with ORIX USA marks a significant milestone for Tuition.io as we expand our mission to make education benefits more accessible and impactful for employers and their workforces,” said Tuition.io COO and CFO Scott Simmons. “This investment enables us to accelerate innovation, reach more organizations, and empower employees with the resources they need to thrive in their careers. We’re excited about the opportunities ahead and the support of ORIX USA to help drive our vision forward.”
ORIX USA’s Growth Capital business was founded in 2001 and has since provided $2.7 billion in funding to 200 companies in a range of sectors from biotech to energy.
“We are excited to partner with Tuition.io as they continue to transform the way employers support their workforce through education benefits,” said ORIX USA’s Growth Capital Business Director Austin Szafranski. “With student debt remaining a critical issue for employees nationwide, Tuition.io’s platform provides a meaningful solution that helps companies attract and retain top talent. We look forward to supporting their growth and impact in the marketplace.”
Not only does ORIX USA Growth Capital’s investment signal a vote of confidence in student loan repayment technologies, but it also shows strong interest in workforce benefits. As traditional compensation packages evolve to meet modern employee needs, debt financing deals such as this one point to increasing investor confidence in HR tech solutions with long-term impact.
Embeddeed finance solutions company Pipe has acquired spend management innovator Glean.ai.
The acquisition will enable the combined entity to respond to two main pain points for small- and medium-sized businesses: access to capital and effective spend management.
New York-based Glean.ai made its Finovate debut at FinovateFall 2022.
Embedded finance solutions provider Pipeannounced its strategic acquisition of AI-powered spend management innovator Glean.ai. Founded in 2020, Glean.ai offers a spend management solution for small- and medium-sized businesses that provides one-click access to spending trends, billing mistakes, and opportunities to uncover savings. Glean.ai’s solution also features real-time, cross-functional budgeting and billpay tools, and leverages AI to examine spending patterns over time to help business owners and managers make better decisions.
“Today, I’m thrilled to share that Glean.ai is joining forces with Pipe, a fintech company that offers embedded financial solutions within the software platforms business owners use every day to manage their operations,” Glean.ai CEO Howard Katzenberg said in a statement. “This is a huge milestone—not just for us, but for every finance team we’ve had the privilege to support. Pipe shares our vision for intelligent finance infrastructure and their commitment to innovation makes this partnership even more exciting.”
The acquisition comes at a time when many small businesses (nearly half according to the U.S. Small Business Administration) are relying on personal credit cards to help fund their businesses. Moreover, in many instances, these business owners are not separating their personal from their business expenses. With this acquisition, Pipe is seeking to serve small- and medium-sized businesses with the kind of spend management tools they typically have not been able to access. The acquisition will complement Pipe’s embedded capital and business charge fraud solutions, which are made available via the company’s payments and vertical software partners. Pipe noted that Glean.ai will continue to be available to current and new customers directly from Glean.ai.
Pipe CEO Luke Voiles called the acquisition a strategic move that “empowers us to address the two biggest pain points faced by small businesses today—access to capital and effective spend management.” Voiles added, “by combining Pipe’s innovative technology, resources, and expertise with Glean, we’re giving business owners the precise tools they need to thrive.”
Founded in 2019, Pipe builds embedded finance solutions for growing businesses that reside inside the software those firms are already using. With partners ranging from vertical SaaS companies to payments platforms, Pipe’s technology integrates seamlessly into existing platforms, enabling companies to easily launch customer-friendly solutions, go to market in weeks rather than months, and drive growth. The company’s flagship offerings include an embedded working capital solution, Capital, and a branded business card to optimize spend management.
New York-based Glean AI made its Finovate debut at FinovateFall 2022. At the conference, the company demonstrated its strategic Accounts Payable (AP) platform that leverages automation and deep insights to help firms pay the right vendors the right amounts at the right times.
A look at the companies demoing at FinovateSpring in San Diego on May 7 – 9. Register today using this link and save 20%.
BankShift
BankShift’s new innovation is a low-code, patent-pending embedded banking platform that integrates financial services into non-financial apps, enhancing engagement, loyalty, and revenue opportunities.
Features
Seamless Integration: Embeds banking into apps with SDKs
Enhanced Security: Biometric authentication, KYC, and transfer lock
Credit unions, community banks, and regional banks.
Hive Technologies
Hive Technologies is a fintech solution that helps financial institutions serve low and moderate income consumers profitably in auto.
Features
Increases membership and customers by offering a differentiated auto finance product
Reduces net charge offs via improved payment performance from members
Improves the membership/customer experience
Who’s it for?
Financial institutions such as credit unions, banks, and OEM captives interested in serving more low and moderate income (LMI) consumers in auto.
Illuma
IllumaShield™ by Illuma streamlines caller verification with a frictionless voice biometrics authentication solution that protects against account takeovers.
Features
Improves account security and customer satisfaction
Reduces caller verification time by 85% or more
Deploys quickly with low lift from internal IT resources
Who’s it for?
Credit unions, community banks, regional banks, and insurance companies that need a state-of-the-art solution to prevent fraud in the contact center.
Layerup
Layerup builds Voice AI agents for financial institutions.
Features
Layerup’s Voice AI agents help automate inbound and outbound calls for financial institutions.
Who’s it for?
Banks and credit unions.
ReSight
ReSight takes raw data and generates periodic reports instantly – no manual work, just seamless automation with a click of a button.
Features
Delivers pixel perfect reporting from existing data
Removes the need for internal resources to manually create reports
Available on the cloud or self-hosted
Who’s it for?
Asset management firms, banks, credit unions, and financial software providers.
When it comes to fintech conference content, our keynotes are king.
From the growing role of AI in financial services to the deregulation trends in the US, this year’s FinovateSpring will offer a variety of insightful keynotes and special addresses on the most pressing issues in banking and fintech.
Below we’re highlighting some of the presentations that will be delivered from the main stage over the three days of FinovateSpring, May 7 – 9, in San Diego. Visit our FinovateSpring hub to learn more, check out the full agenda, and reserve your seat!
Keynote Addresses: Deregulation, Crypto, AI, and More
What will the Trump Administration Mean for Banking, Fintech, and Innovation? What are the Risks and Opportunities of Deregulation? How Will Consumer Protection be Affected? Will We See More Bank M&A Activity as a Result of Deregulation? Featuring James McCarthy, Founder and Chairman, McCarthy Hatch. Wednesday / 10:15am
The Crypto Craze: Does it Matter? Rather than the Crypto Lottery, Should We Focus on Stablecoins as the Real Game Changer as They Become a Major Cross Border Payment Type? Featuring Michael Rihani, Director of Product, Coinbase. Wednesday / 4:05pm
The Inexorable Move from AI to GenAI to Agentic AI: What Challenges and Opportunities will Agentic AI create for FIs? What Does Agentic AI Promise and What Are the Risks? Featuring Nick Fok, Venture Partner, Erez Capital. Wednesday / 4:20pm
The Global Economic and Geopolitical Outlook and the Direction of Travel for the US Economy. Featuring Manas Chawla, Founder and Chief Executive, London Politica. Friday / 2:20pm
Additional scheduled keynotes include:
The intersection of Quantum and AI and What it Means for Financial Services. Friday / 3:25pm
Global Fintech Trends: Where are the Most Exciting Innovations and What Can US Banks Learn from Asia, Africa, and Latin America: How Collaboration between Traditional Banks and Fintechs in Emerging Markets is Fostering Innovation Enhancing CX and Driving Financial Inclusion. Friday / 9:05am
Where Next for Banking-as-a-Service Following the Collapse of Synapse? Thursday / 3:50pm
Special Addresses: Agentic AI, Credit Management, and Modernization
How Banks and Fintechs Are Using AI to Modernize, Automate, and Drive Profitability Now. Featuring Javier Pérez García – Global Director, VASS FSI (A Digital Transformation Company specializing in Financial Services). Wednesday / 10:00am
How AI-Enhanced Credit Management Elevates Creditworthiness, Trust, and New Revenue. Featuring Adrian Nazari, Founder & CEO, Credit Sesame. Wednesday / 1:50pm
The Age of Agentic AI: Financial CX at the Edge of Autonomy. Featuring Alan Ranger, VP of Marketing, Cognigy. Wednesday / 3:05pm
Out of the Box Keynotes: Cybersecurity, Culture Fluidity, and CX
Cybersecurity and Your Business—How to Protect Your Customers’ Money and Data, Plus Your Brand. Featuring John Iannarelli, The Voice of Cyber & Security, FBI John. Wednesday / 10:30am
Culture Fluid: A New Mindset in an AI-Driven Age. Featuring Sharon Gai, Author, Culture Fluid. Thursday / 10:35am
Creating Trust and Loyalty Through AI-Enhanced CX. Featuring Jon Lakefish, Founder, Lakefish Group. Friday / 9:50am
Happy Monday! If you need to step away from the fintech news to finish your income taxes this week, then don’t worry. Finovate’s Fintech Rundown will be here when you get back to make sure you’re informed and updated on the latest in fintech and financial services news.
Digital banking
Zions Bancorporation selectsnCino as its technology platform.
A look at the companies demoing at FinovateSpring in San Diego on May 7 – 9. Register today using this link and save 20%.
Bits of Stock
Bits of Stock empowers financial institutions to offer fractional stock rewards on everyday transactions and account activity.
Features
Auto-enrollment of digital banking users into investment accounts
Free-to-premium investing and rewards account structure
Stock roundups and recurring investments
Who’s it for?
Community banks and credit unions.
Express Wages
With Express Wages on-demand pay, employees receive some or all of their wages as they are earned.
Features
The Express Wages solution offers a simple, safe dashboard where users can see wages and view financial wellness.
Who’s it for?
Banks, employers, businesses, and credit unions.
Penny Finance
Penny Finance is an online financial planning engagement engine that attracts, retains, and serves the digital generation by helping them get out of debt, get into investing, and retire with wealth.
Features
Delivers custom financial plans for members within minutes
Drives 60% digital engagement and 30% product referrals
Scales seamlessly with expanding enterprise requirements
Who’s it for?
Credit unions, community banks, and small banks.
Solda.ai
Leading fintechs and banks use Solda.ai’s AI sales representatives to automate onboarding, upsell, KYC, and retention calls with <1% AI detection at 60% cost.
Features
Automates sales with top-performing AI trained across phone, text, email, and chat
Scales instantly with multi-lingual, on-brand engagement
Reduces costs by 40% with <1% AI-detection
Who’s it for?
Consumer and commercial fintechs, banks, payment providers, and other financial services companies.
SuperMoney
SuperMoney’s personal finance super app puts money on autopilot, using real-time credit and bank data to deliver intelligent, stress-free financial decisions.
Features
Keeps spending aligned with user goals with AI-powered budgeting
Delivers tailored financial insights to put money on autopilot
Automates finding better loans and credit cards with Refi Robot
Checkout.com plans to launch card issuing services in the UAE by 2026, allowing businesses to create branded virtual and physical cards, pending regulatory approval.
The move supports the UAE’s 2031 Agenda to drive digital innovation and financial services growth across the region.
Checkout.com continues expanding its MENA presence, following milestones like securing its Retail Payment Services license and bringing Mada (Saudi Arabia’s National Payment Network) and Apple Pay to UAE and KSA merchants.
Payments service provider Checkout.comannounced plans this week to expand its card issuing capabilities in the UAE, marking the first time the company will offer this service in the region.
The UK-based fintech says it will roll out domestic card issuance in the UAE in 2026. The rollout, however, is still waiting and dependent on regulatory approval. Once it goes live in the UAE, Checkout.com will enable businesses to launch branded virtual and physical cards, power customer rewards, streamline expenses, and offer business-to-business payouts.
“As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy,” said Checkout.com MENA General Manager Remo Giovanni Abbondandolo. “The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it.”
Founded in 2012, Checkout.com is a global payments platform that empowers businesses to accept, process, and manage payments seamlessly. Through its unified payments network, Checkout.com enables organizations to accept payments locally and internationally with global acquiring capabilities. The company also offers a suite of services, including card issuing that allows businesses to create and manage their own payment cards, advanced risk management tools to optimize performance and reduce fraud, and treasury management services to streamline cash flow and reconciliation.
Checkout.com obtained its Retail Payment Services license from the Central Bank of the United Arab Emirates in 2023. Since then, it has brought Mada (Saudi Arabia’s National Payment Network) and Apple Pay to merchants across the UAE and KSA.
Today’s announcement supports the UAE’s broader vision to be a leader in digital transformation and financial innovation. As part of its UAE 2031 Agenda, the country aims to create a competitive, knowledge-based economy driven by advanced technology, including in its financial services sector. Checkout.com’s expansion into card issuing aligns with these national goals by offering businesses more flexible, digital-first payment solutions. “With bold moves like Saudi’s Vision 2030 and the UAE’s 2031 Agenda, MENA is fast becoming a global standard for digital transformation,” added Abbondandolo, underscoring how the region’s strategies are shaping the future of commerce and payments.
This week’s edition of Finovate Global looks at recent fintech headlines from Spain.
Payments and liquidity solutions company Wannme raises €7M
Wannme, a Madrid-based fintech that specializes in payments and liquidity solutions, announced a €7 million strategic financing from IDC Arena Credit Ventures, a division of IDC Network, with Arena Investors also participating in the funding.
The company will use the financing to continue providing marketplace sellers with instant payment advances. This allows them to secure earnings on a daily basis instead of having to wait more than 14 days, as is typically required by marketplaces. Wannme Founder and CEO Jaime de Villa said that the credit facility will enable the company to “empower more sellers with the liquidity needed to sell more and grow.”
“This partnership marks an important milestone for Wannme as we scale our impact in the marketplace ecosystem in Europe,” de Villa added. “IDC Arena Credit Ventures understood our business model and structured a financing solution aligned with our growth strategy.”
Founded in 2017, Wannme facilitates e-commerce by automating and optimizing payment flows to help solve payments and liquidity issues for online merchants. The company provides merchants with advances of up to 90% of their net sales daily, and also offers an online payment gateway that enables them to accept a wider variety of payment methods, including recurring and automated payments. These methods also include both Apple Pay and Google Pay, which Wannme integrated into its platform in February.
Mortgage platform Wypo partners with financial app Plazo
Wypo, a Spanish mortgagetech platform that helps would-be homeowners locate and sign customized mortgages online, has struck a strategic partnership with financial wellness app Plazo. A division of Spanish fintech ID Finance, Plazo will offer Wypo users access to credit lines of up to €5,000 through its Plazo Credit solution directly from the Plazo app.
“This partnership is a great opportunity to deliver complete and accessible financial solutions to our users,” Wypo CEO Elena Ansótegui said. “At Wypo, we are committed to offering resources that meet real needs. The alliance with Plazo strengthens our focus on continuously improving the customer experience and enables us to go a step further in offering key financing options when users need them most.”
Wypo customers will benefit from digital access to both debit and credit solutions courtesy of the partnership with Plazo. Also included are the ability to participate in an extensive cashback program and access to free, online legal and medical advice through a service called MeetingPros.
“We are delighted to collaborate with Wypo and to provide added value to new homeowners, helping them cover initial expenses for refurbishments or repairs, buy furniture, appliances, home decor items, and more,” Plazo CMO Carlos Martín said. “They’ll also benefit from all the additional features offered by Plazo, designed to bring greater financial peace of mind.”
Founded in 2021, Wypo is headquartered in Torrelavega, Cantabria. The mortgagetech’s partnership news comes amid a significant increase in home purchase loans in Spain, reflecting an 11% year-over-year gain. This has been accompanied by a comparable rise average housing prices in the country. Wypo’s partnership with Plazo will help the firm provide additional services to its customers, further differentiating its offering from competitors.
CaixaBank and Salesforce team up to leverage AI to personalize CX in banking
A newly signed agreement between Spain’s CaixaBank and Customer Relationship Management (CRM) solution provider Salesforce will help “jointly advance artificial intelligence projects for the digital transformation of banking services.” More specifically, CaixaBank will leverage Salesforce technology to enhance its customer relationship channels to improve the customer experience.
This technology includes solutions such as AI-based Agentforce—the integrated AI assistants on the Salesforce platform—as well as Salesforce Data Cloud for data management and analysis. Agentforce enables the deployment of AI agents to offer specialized assistance to CaixaBank employees and customers alike. These agents operate proactively and continuously across apps, chatbots, physical offices, and call centers, processing large amounts of data quickly to optimize decision-making and improve the efficiency of task execution.
By implementing Salesforce Data Cloud, CaixaBank will leverage the cloud data management and analysis technology to manage the transmission of data produced by the institution to ensure it is immediately available for any query. The data will be recorded securely and will allow for real-time consultation.
Based in Valencia, CaixaBank is the leading financial group in the Spanish market. With a digital customer base of nearly 12 million, the company provides banking, insurance, and investment services. CaixaBank’s partnership with Salesforce is part of the firm’s overall digital transformation strategy, which has enabled the institution to earn recognition as the Best Bank in Western Europe and Best Bank in Spain in 2024 by Global Finance.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
Munich-based, AI-powered anti-money laundering and fraud prevention firm, Hawk, raised $56 million in new funding.
Nets, a division of European payment technology company Nexi Group, teamed up with Latvian financial institution, BluOr Bank.
Turkish embedded finance company Sipay secured $78 million in funding at a valuation of $875 million.
Fiserv has acquired Australia-based PayFac Pinch Payments to strengthen its digital payments offerings and expand its merchant reach across the Asia Pacific region.
Pinch’s cloud-based SaaS platform and PayFac expertise will help Fiserv deliver more flexible solutions for PayFacs, ISVs, BPSPs, ISOs, and enterprise clients.
Terms of the deal were not disclosed.
Payments innovator Fiserv has acquired Australia-based payment facilitator (PayFac) Pinch Payments for an undisclosed amount.
Fiserv anticipates that bringing Pinch into its ecosystem will help it offer more flexible options for PayFacs, ISVs, BPSPs, ISOs and enterprise clients. Pinch will enhance Fiserv’s reach with its access to a greater number of merchants. It will also help fuel Fiserv’s delivery of new payments solutions such as Pinch’s cloud-based SaaS business operating platform for merchants across Asia Pacific.
“This acquisition further demonstrates Fiserv’s commitment to the local payments market, following our recent launch of Clover in Australia,” said Fiserv Head of Australia Gavin Jones. “By integrating our leading digital payments solutions with Pinch’s innovative technology and local expertise, we are able to deliver innovative payment solutions to empower merchants across the APAC region. We welcome the Pinch associates to the Fiserv family and are committed to seamless integration of services for our customers.”
Pinch was founded in 2017 and currently serves 2,000 merchants throughout Australia and New Zealand. The company is best known for its PayFac enablement and its management platform Glassbox. The company serves both enterprises and small businesses, and also offers a developer API, providing a comprehensive set of tools to help businesses facilitate payments more efficiently at scale.
“Joining Fiserv is an incredible opportunity for the Pinch team and furthers our mission to provide seamless partner experiences to a growing number of merchants,” said Pinch Payments Co-Founder and CEO Paul Allen. “Having worked closely with the Fiserv team, I am confident in our roadmap to expand into new markets.”
The acquisition of Pinch Payments highlights a broader trend in the payments industry as demand grows for faster, more flexible, and embedded payment experiences. Traditional card-based transactions are increasingly being challenged with alternative payment methods such as pay-by-bank, in which consumers make direct, account-to-account transfers without the need for a card network. This shift is being driven by the rise of open banking and a push for lower-cost, real-time payment options.
As businesses and consumers across the Asia Pacific region look for more efficient ways to move money, partnerships and acquisitions like this one position companies like Fiserv to offer a wider range of solutions for customers in more geographies. With PayFac enablement, cloud-based platforms, and emerging capabilities like pay-by-bank, the payments landscape is now offering more speed, transparency, and options.
Money transfer company CurrencyFair has teamed up with open banking SaaS platform tell.money.
The integration of tell.money’s open banking technology will make CurrencyFair’s money transfer service more seamless, transparent, and compliant.
Ireland-based CurrencyFair won Best of Show in its appearance at FinovateAsia 2012 in Singapore.
Dublin, Ireland-based cross-border money transfer company CurrencyFair has partnered with tell.money to support its open banking integration. By integrating tell.money’s open banking technology, CurrencyFair anticipates making its secure and cost-effective money transfer service that much more seamless, compliant, and transparent.
“At CurrencyFair, we are committed to providing customers with the fastest and most secure money transfers possible,” CurrencyFair CEO Jan Lorenc said. “Integrating tell.money’s open banking solutions helps us improve payment efficiency while ensuring compliance with evolving financial regulations.”
In a world in which many people sending money across borders still experience high costs, CurrencyFair helps its customers—expats, overseas homeowners, and small businesses—access the real exchange rate. With an average margin rate of 0.53%—and a small €3 fee—CurrencyFair enables customers to avoid spreads that can be as large as 5% and international transfer fees that can reach €25 on every payment.
Using CurrencyFair is straightforward. Customers simply set up their transaction with the amount and type of currency to be exchanged, provide recipient details, choose a deposit method, and transfer money into their account. CurrencyFair will then exchange the funds at rates that can be up to 8x cheaper than rates offered by banks. Whether individuals are seeking to transfer money overseas, buy overseas property, receive an overseas pension, or pay overseas tuition, CurrencyFair offers competitive FX rates, low-cost global transfers, and dedicated customer support.
“CurrencyFair is a leader in cross-border payments, and we’re pleased to support them in delivering a more seamless and secure experience for their customers worldwide,” tell.money CEO David Monty said.
Founded in 2020 and headquartered in London, tell.money provides an open banking SaaS platform, an ecosystem that account providers can join in order to bring open banking solutions to their customers in a compliant way. The company’s solutions include tell.gateway, its dedicated interface APIs; tell.confirm, which meets businesses’ confirmation of payee needs; tell.heartbeat, which provides constant monitoring of APIs; and tell.life, which includes a suite of money management tools to help customers better manage their financial lives.
CurrencyFair made its Finovate debut at FinovateEurope 2012 and won Best of Show later that year for its live demo at FinovateAsia in Singapore. In 2021, the company merged with Assembly Payments, a fintech based in Australia with a presence in Singapore, India, the Philippines, and the US. While CurrencyFair continues to serve consumers and small businesses, the joint venture between the company and Assembly Payments—called Zai—provides integrated financial services such as payments, FX, fraud management, and reconciliation, to mid-market and enterprise-level businesses.
CurrencyFair’s partnership announcement comes one month after the company announced that Jan Lorenc would serve as the company’s new divisional CEO. Lorenc comes to CurrencyFair having worked as SVP and Global Head of Digital Assets Group at Nuvei and as Managing Director and Head of Geo Expansion Affairs for BANXA.
With spring in full swing, we’ve got another doubleheader in our Streamly Snapshot series in store for you this week.
To start, we talked with Philip Froom, Founder and CEO at PayIP, about navigating the complexity of payment networks. Froom discussed how PayIP leverages advanced technologies such as AI and machine learning to uncover hidden value for banks and fintechs around the world.
“Banks and fintechs around the world pay a lot of money, billions of dollars to the payment networks—the payment networks being Visa, Mastercard, American Express, UnionPay. Our clients pay fortunes and the money and the billing from the payment networks back to the banks is extremely complicated. There’s thousands of different billing line items from fixed fees to variable fees, tiered fees, daily, weekly, annual fees.”
Headquartered in Johannesburg, South Africa, PayIP specializes in payment network (Visa and Mastercard) billing recovery and optimization. The company leverages decades of card and data expertise to simplify complex card network invoices and reporting, and identifies recoveries for bank finance and card payment teams.
Next, we talked with Jurgen Vandenbroucke, Managing Director at everyoneINVESTED, KBC, about the value of decision science and how it can be effectively applied to financial services. We also discussed the Great Wealth transfer, and the challenges faced by financial services companies when it comes to serving a new generation of investors.
“Decision science is a broad field. I think a more popular term is perhaps choice architecture in the sense of putting into models (people’s) decision-making process as much as possible in order to anticipate their behavior … For example, trying to optimize the small screen of a smartphone in order to present data in such a way that it triggers desired behavior or discourages undesired behavior.”
Brussels-based everyoneINVESTED helps financial institutions increase their investor conversions, fortify their customer base, and put behavioral finance to work to help them have more of their clients invest in their solutions. A wealthtech spin-off of KBC, everyoneINVESTED was named to FinTech Global’s WealthTech100 for the fifth consecutive year.
Galileo launched Deposit Sweep to help fintechs extend FDIC insurance protection and offer higher interest earnings by partnering with a network of banks.
The tool automates the movement of funds across banks once a balance hits a set threshold to maximize interest earnings and secure more funds.
The launch of Deposit Sweep comes in response to rising concerns around deposit safety post-Silicon Valley Bank collapse, helping fintechs protect customer funds beyond the traditional $250,000 limit.
SoFi-owned Galileounveiled a new tool today called Deposit Sweep, designed to help fintechs and their sponsor banks offer customers extended FDIC insurance protection beyond the $250,000 limit. The tool makes it easier for fintechs to safeguard deposits beyond the traditional coverage limit while helping customers earn more interest on their balances.
Deposit Sweep connects fintechs with a network of participating banks through a leading deposit sweep provider. It enables them to select partner banks based on factors like pricing, regulatory requirements, operational needs, and interest rates, which can offer customers a secure, streamlined way to protect and grow their funds.
“Galileo Deposit Sweep empowers fintechs to deliver more competitive returns for their customers by leveraging a network of participating banks and a deposit sweep provider,” said David Feuer, CPO at Galileo. “This solution enables fintechs to offer better interest rates without increasing operational complexity.”
Deposit Sweep can be easily integrated with a customer’s existing systems, and it can automate the movement of funds once the balance reaches a predefined threshold. Fintechs can offer Deposit Sweep as an opt-in service or automatically enroll all accountholders, who will still be able to view their full balances while funds and interest earnings transfer seamlessly in the background.
Founded in 2001, Galileo offers a payment processing platform that allows third-party fintechs and businesses to build and scale their own financial services offerings. The company, which was acquired by SoFi in 2020 in a $1.2 billion deal, powers a range of fintech and banking solutions, including digital banking, credit and debit card issuing, and money movement services. With the addition of Deposit Sweep, Galileo is further expanding its suite of products designed to help fintechs deliver more secure, competitive, and customer-friendly financial experiences.
Among Galileo’s customers is business banking platform Bluevine, which is currently piloting Deposit Sweep. “Working with Galileo to enable Deposit Sweep was seamless, allowing us to quickly bring the benefits of increased FDIC insurance and higher returns to our customers,” said Bluevine CPO Herman Man. “Our business customers rely on us for security and value, and Galileo’s support has been instrumental in enhancing our offerings and delivering on that promise.”
The launch of Deposit Sweep comes at a time when deposit security is top of mind for fintechs and their customers. The collapse of Silicon Valley Bank in 2023 highlighted the risks of holding large, uninsured deposits at a single institution. By making it easier to spread funds across multiple banks and extend FDIC coverage, Galileo’s Deposit Sweep addresses a key lesson from the Silicon Valley Bank fallout. Many fintechs learned that ensuring that customer funds is protected beyond traditional insurance limits is no longer just a value-add, but a necessity.
