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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Uwharrie Bank to leverageFiserv for digital transformation.
Klarna to offer buy now, pay later options to Samsung customers.
TickSmith’sMarketplace Advanced Insightsoffers insight into how Nasdaq Basic Canada works in the marketplace.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Challenger bank Revolut has hired investment bank JP Morgan to conduct its $500 million funding round and issue it a $1 billion convertible loan, which will turn into shares if Revolut receives a U.S. banking license, reports Ruby Hinchliffe of Fintech Futures, Finovate’s sister publication.
Sky News sources revealed that Revolut is trying to achieve a new valuation of between $5 billion and $10 billion from the capital-raising, which could make it the most valuable fintech in Europe if it hits $10 billion, ahead of Monzo, Transferwise, Klarna and N26.
Currently the most valuable fintech in Europe is Adyen, a Netherlands-based data analytics firm valued at $8.3 billion.
It is not clear yet which of Revolut’s existing partners will be participating in the round. The challenger’s most recent partnership with Visa will see it expand to 24 new countries, as well as hire 3,500 new staff.
Having accumulated almost eight million customers since it was founded five years ago, and now on track to have raised almost $2 billion in its lifetime if it secures the full $1.5 billion from investors, Revolut is fast-becoming the top U.K.-based challenger bank.
However such exponential growth, with the bank quadrupling its revenue in 2018 and saying it will triple it again this year, yields greater regulatory warnings.
The Bank of England’s Prudential Regulation Authority has targeted faster-growing companies in the U.K. like Revolut, requiring them to have more rigorous stress-testing and prove evidence of greater challenges by board members to business strategy.
Revolut is also undergoing a significant management restructure, following accusations of alleged links to the Kremlin.
Currently gearing up to announce its new chairman Martin Gilbert, vice chairman of Standard Life Aberdeen, the challenger has also lined up former boss at Goldman Sachs, Michael Sherwood, and has already hired a senior executive from Metro Bank.
Revolut debuted at FinovateEurope 2015 in London. The company’s CEO and founder Nikolay Storonsky showed off the app’s money transfer capabilities that help users avoid banking fees without actually using a bank. The company has made recent headlines in fintech news for its partnership with Bottomline and for its appointment of new CEOs in Lithuania and Ireland.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
We’re back! After seven years Finovate has returned to Singapore for our annual fintech event in Asia. Singapore is where we first launched FinovateAsia, and we are thrilled to be back in the Garden City to showcase and celebrate the latest in fintech innovation.
Here at rehearsal day on Sunday, our demoing companies are busy practicing their pitches and testing their technologies. And from all indications, we are in store for a fascinating day of live fintech demos covering everything from AI and cryptocurrencies to regtech and wealth management.
We hope to see you at the show. Until then, here are a few reminders and need-to-knows to help you make the most of your time at FinovateAsia this year.
What
This year, our fintech demos will be held on Tuesday, October 15th, Day Two of FinovateAsia. Check out our roster of demoing companies, and learn more about them via our Sneak Peek series.
On Monday, October 14th, Day One of FinovateAsia, we will feature a variety of keynote addresses, roundtables, and power panels discussing some of the key trends in fintech. Day One also will offer attendees the opportunity for deep dives into topics like emerging Asian markets, digital lending and payments, investech, insurtech, and more.
FinovateAsia will also host a special Summit Day on Wednesday that will focus on two of the most potentially disruptive technologies in our industry today: artificial intelligence and the blockchain. Visit our registration page to add this special day to your FinovateAsia plans.
When
FinovateAsia begins Monday morning, October 14th, at 8:50am with opening remarks from the chair. The conference continues all day until 6:30pm with our reception and networking Happy Hour. FinovateAsia resumes Tuesday morning, October 15th at 9:30am with the chair’s opening remarks, and concludes that evening with our reception, networking, and Best of Show awards ceremony.
We will also have a third Summit Day on Wednesday, October 16th. Opening remarks will begin at 9am, and the day will conclude with closing remarks from the chair at 4pm.
Where
FinovateAsia will take place at the Marina Mandarin Singapore on 6 Raffles Blvd. The venue located in Singapore’s Central Business District, and easy to reach via Mass Transit Railway (MTR), bus, train, and taxi.
We are excited about our return to Singapore for FinovateAsia and are looking forward to seeing you at the event. If you’ve got any questions about the conference, we’ve got the answers. Visit our FinovateAsia contact page and touch base with one of our conference representatives for more information.
There have been mobile apps allowing investors to trade stocks on-the-go for a decade now, but mobile options for crypto traders have been limited. That is, up until today.
Digital currency wallet and crypto management platform Coinbaselaunched the Coinbase Pro mobile app on iOS today. The company notes it will ship on Android “soon.”
The new app offers much of the same functionality as the desktop platform and allows traders to quickly see prices, check their portfolios, and place orders. Similar to the desktop version, the app features analytical tools such as real-time candles, depth charts, order books, and advanced order types. And, just like the desktop version, orders made via the mobile version are subject to the same fees.
Coinbase Pro launched in May of last year to serve Coinbase’s active crypto traders. Coinbase Pro fees range from 0.50% to 0.0% on trades made in a 30-day period. Similar to Coinbase Pro but for institutional clients, Coinbase offersCoinbase Prime.
After its most recent funding round of $300 million, Coinbase’s total funding hit $525 million and its valuation rose to $800 million. Coinbase demoedInstantExchange at FinovateSpring 2014.
West Virginia-based Pendleton Community Bank has selected 3E Software’s portfolio management system Teslar to improve efficiency and incorporate automation into its internal operations, focusing on the commercial lending process, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.
With nine bank branches across West Virginia, Pendleton Community Bank needed to support a 30% growth in asset size spawned by a recently completed merger with Bank of Mount Hope.
“We first watched a Teslar demo at an industry event, and we were immediately impressed with the platform’s sophisticated capabilities and ability to solve for common pain points,” said Bill Loving, CEO of Pendleton Community Bank.
“By partnering with Teslar, we will be able to automate document tracking, exceptions, and many other previously time consuming and inefficient aspects of the commercial lending process.”
According to Teslar, the bank’s time on “tedious manual tasks” will now be minimized, and employee resources will be free to focus on more strategic initiatives.
Joe Ehrhardt, CEO and founder of Teslar, added, “Savvy community institutions like Pendleton Community Bank are realizing that they must employ technology to enhance efficiencies if they want to scale and compete with the large national institutions.”
Teslar offers a lending and credit management SaaS solution that offers banks a holistic tool for managing credit and lending operations. At FinovateSpring 2015, Ehrhardt demoed how Teslar serves as a one-stop shop for lenders. And investors are taking notice. Earlier this year Teslar received a $2 million investment led by the Independent Community Bankers of America (ICBA).
Paystandsurpasses 100,000 businesses on its network.
Swaper celebrates its third birthday.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Travel upgrades startup Upgrade Packannounced its expansion into Asia Pacific with the launch of a Singapore office and the appointment of a new regional COO.
Toby Berger, Upgrade Pack’s new APAC COO
Toby Berger (pictured) will serve as Upgrade Pack’s new APAC COO. Berger, who has spent the last decade working in the Asia Pacific region, has served in executive roles in Google and Expedia. He will be responsible for overseeing the rollout of customer rewards and loyalty across the Asia Pacific region.
“Singapore represents the perfect base for our first phase of international expansion,” said Upgrade Pack CEO Craig Unsworth. The city-state has firmly established itself as a global technology and finance leader, and with many of our potential banking and corporate clients here, this new office enables us to demonstrate the value Upgrade Pack delivers as a differentiated customer loyalty and employee benefit offering.”
Upgrade Pack offers a way for banks, credit card companies, or employers to enhance and build loyalty among their clients and employees. The company offers access to discounted upgrades on flight and hotel upgrades that are not available to the general public.
To accomplish this, Upgrade Pack is directly integrated with airlines and hotels to offer exclusive access to purchase unbooked upgrade inventory a discount. During the company’s appearance at FinovateEurope earlier this year, Unsworth demonstrated the process of upgrading to a first class ticket on an upcoming flight for a 30% discount.
Upgrade Pack is available in the U.K., the U.S., Canada, Singapore, Hong Kong, and Switzerland. The company is headquartered in London and has raised $3.61 million (£2.9 million).
Upgrade Pack will demo its technology at FinovateAsia in Singapore next week. If you’re in the area, be sure to stop by the Marina Mandarin on October 14 and 15 and check it out. Tickets are still available.
Wealthtech company Hidden Leversannounced this week it has reached $500 billion in assets on its platform, just in time for its 10th birthday.
“On our tenth anniversary, I’ve never been more proud of our company,” said Raj Udeshi, Founder and chief evangelist. He went on to explain that the company’s success is partly attributed to its focus on solving wealth management pain points. “This dynamic led to breakthroughs with portfolio stress testing and wealth management business intelligence,” Udeshi said, adding, “We call our culture free solo fintech.”
HiddenLevers originally launched in 2010, offering stress testing technology for investment portfolios. Udeshi debuted the technology at FinovateFall 2010 in New York. The company now offers three solutions, investment proposal generation for advisors, business intelligence and risk monitoring for advisory firms, and an asset manager platform for roboadvisory wholesalers.
Last month, Axxcess Wealth Management announced it selected Hidden Levers to power its portfolio management solution for financial advisors. And earlier this year the company teamed up with First Rate to help advisors better manage portfolio risk. HiddenLevers is headquartered in Atlanta, Georgia and is self-funded.
TemenosSigns Core Banking Deal with Maltese Challenger Laskaris Finance.
HiddenLevers Now Has $500 Billion in Assets on its Platform.
Upgrade PackOpens Singapore Office, Appoints New COO.
Around the web
CredoLabpartners with TransUnion’s iovation to fight credit fraud.
CUneXus adds Delta Community Credit Union to list of clients for its 1-click digital lending platform.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Malta’s newest challenger bank Laskaris Finance, which aims to serve high-net-worth individuals and corporate clients, has chosen Temenos to be its cloud core banking provider, reports Ruby Hinchliffe of Fintech Futures, Finovate’s sister publication.
Laskaris is currently applying for a banking license from the Malta Financial Services Authority (MFSA) and the European Central Bank (ECB), which will allow it to work as a credit institution in and from Malta.
Temenos says its T24 Transact core cloud product will enable the Maltese challenger to launch in the “shortest” time frames, keep to regulatory standards, and screen transactions to tackle financial crime with Temenos’ Financial Crime Mitigation (FCM).
“Laskaris accepts the responsibility of challenging the status quo in banking – naturally within the parameters set by the local and EU regulators – simply because clients deserve to be provided with a superior array of banking services,” said Laskaris founder and CEO Roderick Psaila.
The neobank wants to be a ‘one-stop-shop’ for high-earning individuals and corporate businesses by fusing personal and commercial banking needs together.
Malta, despite being just over 78,000 acres, was ranked in the top 20 financial service jurisdictions by the World Economic Forum’s 2017 to 2018 Global Competitiveness report.
Temenos’ Europe MD Steen Jensen said he’s “excited to see the growing list of challenger banks in Europe.” Laskaris is the tenth client for Temenos in Malta, with other customers including e-commerce payments solution Truevo and smart acquiring solution Credorax. Jensen called this “a testimony to our local expertise and growing footprint on the island.”
Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. With 3,000+ bank clients in 150 countries, Temenos reaches more than 500 million end customers. In August, Temenos acquiredKony for $559 million. The company has a market capitalization of $11.8 billion.
A few days ago, we featured the Power Panels that will take place in Singapore at FinovateAsia next week. Today, we highlight the fintech analysts, executives, and entrepreneurs who will share their insights and experience at this year’s event.
FinovateAsia is just days away! To join us, visit our registration page today and save your seat as Finovate returns to Singapore! For more details, check out our full ,two-day conference agenda (including information about our additional Summit Day on October 16.)
Main Stage Presentations
The Digital Shift – How Can Financial Institutions Embrace Innovation & Harness New Technologies In The New Digital World? – featuring Scott Bales of Innovation Labs, Asia
Results Of The First ASEAN FinTech Industry Survey – featuring Shan Luo of FinTechSpace
Challenger Banks – How Will The Rise Of Virtual Banks & Open Banking Impact Business For Incumbents? – featuring Louise Beaumont
Emerging Asian Markets stream
The Exponential Rise of B2B & B2C FinTech In China – What Next For The World’s Most Progressive Fintech Market? – featuring Melissa Guzy of Arbour Ventures
Digital Lending stream
How New Players Are Harnessing New Technologies To Disrupt The Digital Lending Landscape In Asia – featuring Zennon Kapron of Kapronasia
How To Link The Customer Story To The Money Story In Financial Services – featuring Tom Mouhsian of Forrester
Digital Payments stream
How New Technologies & Changing Consumer Behavior Are Driving The Payments Race – featuring Dimitris Litsikakis
Ecosystem Disruptions and Payments Imperatives – featuring Daniel Latimore of Celent
InvesTech stream
Design Thinking & Organizational Change Through 21st Century Ways Of Working – featuring John Gist of Fidelity
The Retirement Journey In Asia: Building A.I. Powered Engagement With Your Customers – featuring Fahd Fachidy of ABAKA
Investment For Good Is Good Investment – Finance 2.0 – featuring Helene Yi of GoImpact
InsurTech stream
Digital Brokers: Shaping a New Era in Insurance – featuring Vivien Chua of Shenton Insurance Brokers
What Makes An Insurtech Start-up An Attractive Investment Proposition And Why? – featuring William Bao Bean of China Accelerator
Vertical Urban Mobility – How To Earn With It & How To Insure It – featuring Michael Wieser of Helvetia Fund
Main Stage Presentation
Where Are The Vulnerabilities In Financial Services Mobile Apps & How Can The Industry Safeguard Itself Against The Threat From Attackers? – featuring Alissa Knight of Aite Group
FinovateAsia is right around the corner! For more information about our upcoming conference in Singapore, check out our FinovateAsia page for details on how to pick up your ticket, plan your visit, and more!
