PayStand Unveils Automated Receivables Product

Business payments platform PayStand shipped its newest product this week, PayStand Automated Receivables. The new tool leverages the blockchain to automate invoice collection.

Jeremy Almond, CEO and co-founder of PayStand said the new solution is “by far the number one thing our customers have asked for over the past 12 months.” He added, “In keeping with our core principle of removing friction from commercial payments, PayStand Automated Receivables creates a seamless, intuitive, automated collections and payment experience for corporate finance and for customers.”

The new tool allows businesses to build digital payments options into their existing customer payments infrastructure. By leveraging AI, machine learning, and predictive analytics, PayStand replaces manual receivables collection processes that require employees to hunt down customer payments via phone or email.

In addition to a smoother payments collection process, PayStand also offers a better user experience. The company referred to the new interface as a “Venmo-like B2B payment and collections process,” highlighting the personalization and efficiency of the new tool.

Founded in 2013, PayStand showcased at our developers conference, FinDEVr Silicon Valley 2014. Last June, the company expanded operations to Canada and, in August, integrated with fellow Finovate alum and cloud accounting firm Xero.

Virtual Card Platform Extend Raises $11 Million

Virtual credit card issuance platform Extend has secured $11 million in Series A funding ahead of the company’s Finovate debut next month in San Francisco. The round, led by Point72 Ventures and FinTech Collective, featured participation from Reciprocal Ventures and strategic partner City National Bank.

The funding takes Extend’s total capital to $14 million. The company said in a statement that the financing will enable it to launch new features for both its app and API, pursue partnerships, and add talent to its engineering, marketing, and operations teams.

“Extend allows banks to keep up with the fast pace of the evolving payment landscape,” company CEO Andrew Jamison said. “Our cutting-edge capabilities sit seamlessly on top of existing bank card platforms, eliminating traditional technical hurdles to deployment.”

Extend offers two primary solutions: an app for businesses that enable them to provide their workers with a secure payment option in the form of a virtual card, and a set of APIs that incumbents and startups can use to better leverage virtual credit cards. The company’s virtual card payment option is a boon for businesses engaged in microservices or the gig economy. And Extend’s partnerships with card issuers – the company has integrated with both Mastercard and Visa – empowers those firms to provide a variety of advanced virtual card capabilities to their customers.

“We lead the way for future financial innovation by serving as the layer between fintech startups and financial institutions,” Jamison said. “(This enables) them to better integrate their services for the mutual benefit of their customers.

Founded in 2017 and headquartered in New York City, Extend will demonstrate its platform next month in San Francisco at FinovateSpring. To see the company demo its technology live, visit our FinovateSpring registration page and pick up your ticket today.

African Unicorn Jumia Opens on NYSE; UAE’s Finablr Eyes $200M IPO

Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • UAE-based payments company Finablr prepares for a $200 million IPO.
  • Emirates NBD launches its WhatsApp Business Solution.
  •, a mass market ecommerce platform based in the UAE, raised $30 million in Series A funding.

Central and South Asia

  • Indian fintech BharatPe secures $15.5 million in Series A round to help provide UPI QR codes to merchants.
  • TechCrunch: PayU’s $70 million acquisition of Wibmo signals the company’s interest in the Indian market.
  • Entrepreneur India takes a look at what investors like about Indian fintech.

Latin America and the Caribbean

  • Brazilian SME lender Weel raises $30 million courtesy of investment from Franklin Templeton.
  • Mexico’s Banco BASE partners with Volante Technologies for end-to-end payment processing solutions.
  • PaymentsJournal reviews the surge in the number of new unicorns among Latin American fintech startups.


  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • WeLab, a Hong Kong based mobile lender, earns virtual banking license.
  • Fintech Singapore features its list of the top 10 fintech firms in Thailand for 2019.

Sub-Saharan Africa

  • The ecommerce marketplace known as the “African Amazon,” Jumia, begins trading on the New York Stock Exchange.
  • Top African finance app Branch lands $170 million in financing led by Foundation Capital and Visa.
  • Nigeria-based bank agent network Kudi raises $5 million in Series A.

Central and Eastern Europe

  • Microblink introduces new document scanning app, BlinkCard.
  • Estonia to bid for developing national ID system, PhilSys, in the Philippines.
  • Fiserv helps Hellenic Bank streamline payments.

Top image designed by Freepik

PayTech Awards 2019: Celebrating Innovative Projects and Inspirational People

PayTech Awards 2019: Celebrating Innovative Projects and Inspirational People

PayTech Awards, brought to you by FinTech Futures, are exciting awards in their second year that recognize excellence and innovation in the use of IT in the finance and payment industry worldwide, and the people who make it happen.

The 2019 Awards are now open for entries in the following categories:

Judged awards

  • Best Consumer Payments Initiative
  • Best Corporate Payments Initiative
  • Best Mobile Payments Initiative
  • Best Use of Biometrics in Payments
  • Best Prepaid Initiative
  • Best Cards Initiative
  • Top Paytech Innovation
  • Best E-commerce Initiative
  • Best Paytech Partnership
  • Paytech for Good

Leadership awards

  • Rising Paytech Star Award – free to enter
  • Woman in Paytech Award – free to enter
  • Paytech Leadership Award – free to enter
  • Paytech Team of the Year

OVUM Payments Innovation awards

  • Best Real-Time Payments Solution Provider
  • Best Open Banking Solution Provider
  • Best Solution Provider for Payment Systems in the Cloud

Think your project deserves to win this year? Or do you know someone that should receive special recognition? The deadline has now been extended to the 19th April, so get nominating >> 

Last year attendees of the PayTech Awards enjoyed the hospitality of a luxurious Silver Sturgeon yacht as it cruised along the river Thames. This year the awards will be announced on 5 July, and will be hosted at the HAC (Honourable Artillery Company), a historic 18th Century mansion accompanied by a six acre garden in London’s Moorgate. Check out last year’s highlights and see what’s in-store:

For more information or to enquire about sponsorship opportunities, please visit the PayTech Awards website or get in touch with Jon Robson via email

Finovate Alumni News


  • Virtual Card Platform Extend Raises $11 Million. See the company demo its technology live at FinovateSpring in San Francisco in May.
  • PayStand Unveils Automated Receivables Product.

Around the web

  • Lendio franchise opens in Phoenix.
  • Check Point partners with Google’s Cloud Identity to improve zero trust cloud access.
  • Coinbase introduces crypto Visa debit card for U.K. customers via partnership with Apto Payments.
  • Sberbank acquires majority stake in biometrics company Speech Technology Center.
  • Aite Group recognizes Featurespace as “Best in Class” in its latest report on fraud and advanced machine learning platform vendors.

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.

The Evolution of the Third Era of Commerce

During FinovateEurope 2019, Giulio Montemagno – Head of Europe, Amazon Pay took to the stage to discuss the ripples of change we’re seeing in payments and e-commerce, and how voice commerce will redefine the ideal customer experience. In the third era of commerce, only early adopters win.

“Since the emergence of digital, commerce has been in a state of transformation, first with e-commerce and then with the rise of mobile came m-commerce. Today, we are in the very early stages of the third era – voice commerce – a powerful medium that will transform our day-to-day lives and how we purchase.”

Don’t miss more cutting-edge insights like this at the upcoming FinovateSpring event in San Francisco, May 7-10. Find out more >>

FinovateSpring Sneak Peek: SheerID

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.

SheerID helps financial institutions acquire high-value customer segments like students, the military, and teachers, with gated, exclusive offers.


  • Sub-second verification for 10 eligibility segments
  • Unparalleled coverage with 8900+ authoritative data sources
  • Privacy-friendly customer experience

Why it’s great

SheerID works with leading brands like Amazon, Discover, Spotify, Target and T-mobile. The solution is proven to deliver a 20:1 return.


Sai Koppala, CMO and Head of Product

Koppala is the CMO at SheerID. Prior to this role, he led marketing and product teams at companies like Google, SAP, Proximity (acquired by Apple), and Apigee (acquired by Google).

FinovateSpring Sneak Peek: Illuma Labs

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.

Illuma Access from Illuma Labs enables real-time voice authentication to secure inbound phone calls for call centers. It reduces call duration, improves security, and eliminates friction from customer interactions.


  • Reduce average handle time and operating costs
  • Enhance security against fraudsters and social engineers
  • Elevate user experience with a passive and non-intrusive authentication process

Why it’s great
Illuma Access offers passive voice authentication for call centers. This reduces operating costs, enhances security against fraudsters, and elevates the user experience.


Milind Borkar, Founder and CEO

Borkar has 10+ years of experience in R&D in digital signal processing and machine learning, 5+ years in marketing and business development, 50+ product launches, 18 patents, and 14 technical publications.

Jeremy Whittington, Co-founder and CTO

Whittington has 20+ years of experience in architecting SaaS applications for Fortune 100 companies. He designed and deployed multiple enterprise systems used worldwide and founded two technology startup ventures.

FinovateSpring Sneak Peek: U.S. Bank

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.

U.S. Bank, the fifth-largest commercial bank in the U.S., provides mobile and online tools that allow customers to bank how, when, and where they prefer.


  • U.S. Bank is changing the game for corporate travel and expense management
  • First-to-market technology
  • Customer-centric approach delivers a better experience for travelers and travel managers

Why it’s great

U.S. Bank is radically changing the way organizations manage business travel and expense management through this ground-breaking technology.


Bradley Matthews, SVP & Head of Middle Market Product, Partners and Marketing

Matthews is a seasoned financial services executive with a stellar record in strategy and new product development, and a distinct background in robotics and artificial intelligence.

Tory Passons, VP & Group Product Manager

Passons is an experienced business executive with a diverse background and proven track record in developing new partnerships and product technologies.

FinovateSpring Sneak Peek: Voca AI

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot. has created a smart, human and empathetic virtual call-center agent for financial institutions that helps banks, lenders and insurers increase revenue while reducing operational costs.


  • Human-like speech
  • AI and Machine Learning-based optimization
  • Emotional and intent detection that is instantly scalable

Why it’s great

Voca is the call-center agent you’ve always dreamed of. Voca can handle over 80% of all call and contact center interactions so your agents can focus on what’s really important to your business.


Einav Itamar, Co-founder and CEO
Itamar is a serial tech entrepreneur with vast experience in AI and Big Data. He is founder of Corrigon, which was acquired by eBay.

Danny Ruchman, VP of R&D
Ruchman has 20 years of experience in R&D. He is a former director at eXelate, which was acquired by Nielsen.