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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Philippines-based Security Bank has announced a new collaboration with Entrust.
The partnership will help the financial institution enhance its electronic Know Your Customer (eKYC) and digital onboarding processes.
Headquartered in Minneapolis, Minnesota, Entrust is a veteran of Finovate’s developer conferences in 2015 and 2016.
Identity-as-a-Service (IDaaS) innovator Entrust has entered into a new collaboration with leading Philippines-based financial institution Security Bank. Security Bank has turned to Entrust to help it improve its electronic Know Your Customer (eKYC) process as part of the institution’s digital transformation goals.
“Security Bank is transforming digital banking in the Philippines, and we’re proud to support their vision with advanced identity verification that makes onboarding both more secure and convenient,” said Entrust Regional VP of Sales, APAC, Harvinder Singh. “Our solution helps Security Bank deliver the experience their customers expect, while maintaining the highest standards of security and fraud prevention.”
Established in 1951, Security Bank has deployed Entrust’s Onfido Studio platform. The technology combines robust security features with advanced fraud detection capabilities including as deepfake detection. The institution will also be able to leverage the platform’s flexibility to build customized onboarding workflows while staying compliant with local regulations. The bank has already pointed to measurable results, including an increase in the number of customer onboarding completions, as well as reduced onboarding times.
The bank’s partnership with Entrust comes as the digital banking market in the Philippines is expected to experience significant expansion. Research from Statista points to a projected compound annual growth rate of 31% through 2029. At this pace, the digital banking market is expected to reach a market volume of $2.16 billion. To this end, Security Bank is bringing innovation and modernization to both its eKYC process and its overall digital onboarding journey.
“By leveraging Entrust’s advanced identity verification technology, we’re not only enhancing the security and accessibility of our banking services but also ensuring that every customer interaction—digital or in-person—is convenient and reliable,” Security Bank SVP and Division Head Juan Mestas explained. “Looking ahead, we plan to expand these capabilities across other services to give customers the best experience possible.”
Entrust is a veteran of Finovate’s developer conferences, having participated in both FinDEVr Silicon Valley 2015 and FinDEVr Silicon Valley 2016. In the years since, the company has grown into an identity and access management platform provider that has issued more than 20 billion payment cards since inception, and protects more than 100 million workforce and consumer identities. The firm was named a Challenger in the 2024 Gartner Magic Quadrant for Access Management and a Leader for Identity Verification.
Entrust came out of the gates strongly in 2025. In January, the company launched its Artista RS4 Instant Issuance System to enhance card issuance and security. Also in January, the company streamlined its Public Key Infrastructure (PKI) with the launch of PKI Hub, which provides visibility, management, and automation for cryptographic assets. Entrust also unveiled its AI-powered facial biometric authentication capability for its Identity-as-a-Service (IDaaS) platform in the first month of the year.
Credit unions are entering a new era, fueled by a combination of necessity, opportunity, and partnership. As the pace of the digital world accelerates, these community-focused organizations have increased their willingness to lean in and adopt new technologies. They are no longer simply seeking to compete with banks, but they are instead seeking to deliver the personalized, community-driven service that has always differentiated them. New fintech partnerships are helping credit unions modernize operations, meet rising member expectations, and stay resilient in a rapidly evolving financial landscape.
This collaborative approach isn’t new to credit unions, rather, it’s part of their DNA. “Credit Unions have always been collaborators,” said Ami Iceman Haueter, Chief Research and Digital Experience Officer at Michigan State University Federal Credit Union. “We’ve had to be creative and scrappy to stay relevant and competitive in a crowded market. Fintech partners are a natural fit for this collaboration. Many allow us to personalize our service or products to our members and create a custom mix of solutions to go all in for our members. That’s what we do best. Having partners that are equally committed to that vision is invaluable. It’s what will carry us forward as an industry allowing us to continue showing up for our communities.”
The environment today is ripe for credit unions to take full advantage of this collaborative mindset. The combination of heightened member expectations, accessible new technologies, and a fintech community eager to partner has created a unique moment of opportunity. Below, we’ve highlighted four key reasons why credit unions have become some of the most active adopters of fintech innovation.
Tech integration is now compulsory
Credit unions now have to engage because involvement in certain technologies has become table stakes in the banking world. Over the past few years, the baseline expectations for banking services have shifted dramatically. Real-time payments, mobile-first experiences, and frictionless, digital onboarding are no longer differentiators, they’re requirements. If credit unions want to remain competitive and retain younger members, they must adopt similar digital tools that big banks and fintechs have. In 2025, falling behind on technology isn’t just a risk to growth; it’s a risk to survival.
More credit union-specific fintechs
The fintech ecosystem has matured immensely since the first bank launched online in 1994. Today, many providers are now creating solutions designed specifically for the unique needs of credit unions. From specialized digital lending platforms to member-centric financial wellness tools, fintechs are recognizing credit unions as an important, underserved market. This tailored approach makes partnerships more attractive and accessible, helping credit unions stay up-to-date on the latest tech trends.
Embedded finance is the ultimate enabling force
Embedded finance has made it easier for credit unions to leverage third-party technologies without needing in-house technical expertise. Gone are the days when integrating new technology required a complete overhaul of a credit union’s core system. Today’s embedded banking models allow credit unions to “plug and play” fintech solutions into their existing infrastructure. Because of this, these smaller players can offer services like buy-now-pay-later, upgrade their digital account opening workflows, or launch a new mobile app with a fresh look. Overall, embedded solutions allow credit unions to deliver tech-forward experiences without the burden of in-house development.
Regulatory clarity has eased pressure
Regulatory clarity and eased regulatory scrutiny has reduced barriers to forming partnerships with fintechs. As regulators have become more familiar with fintech partnerships, clearer guidelines and frameworks have emerged to support innovation in the credit union space. New charters, sandbox programs, and cooperative frameworks help credit unions explore partnerships more confidently. With better guidance in place, credit unions can engage with fintechs without facing the regulatory uncertainty that once made these partnerships seem too risky.
All of these aspects, and more, will be on full display at FinovateSpring, which takes place May 7 through 9 in San Diego.
If you’re attending next month’s event, don’t miss a special session designed exclusively for your credit union. TheCredit Union Spotlight: Closed Door Session will take place on Wednesday, May 7, from 3:20 to 4:50, and will offer the opportunity to meet companies that are building technology specifically for the credit union ecosystem. Each company will provide a short introduction, followed by roundtable discussions where you can dive deeper into their solutions. If you’re interested in joining, please email [email protected]. Please note that space is limited and subject to approval.
April is Financial Literacy Month. And while we are all getting an intensive course in trade policy these days, a few hours spent shoring up financial literacy (including how to handle market downturns!) is always time well spent.
With this in mind, today we showcase Finovate alums in recent years that have made financial literacy a key part of their mission when it comes to building new fintech solutions.
To learn more about Finovate alums innovating in the area of financial literacy before 2023, check out our previous Financial Literacy content, including Best of Show winners that are innovating in this space!
Ripple will acquire Hidden Road for $1.25 billion, making it the first crypto company to own and operate a global, multi-asset prime broker.
The acquisition expands Ripple’s offerings beyond payments into trading, custody, and lending services, providing financial institutions the infrastructure they need for crypto adoption.
Between recent regulatory shifts in the US and Hidden Road’s capabilities, Ripple is positioning itself to become a full-service financial hub as digital assets gain mainstream traction.
Blockchain and crypto solutions company Rippleannounced plans to acquire multi-asset prime brokerage company Hidden Road for $1.25 billion. The deal will make Ripple the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road was founded in 2019 to offer financial institutions a one-stop-shop of services such as clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The UK-based company clears $3 trillion annually across markets with more than 300 institutional customers.
Hidden Road anticipates that being backed by Ripple will exponentially expand its capacity to service firms in its pipeline. “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes,” said Hidden Road Founder and CEO Marc Asch. “Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets—designed and optimized for a digital world.”
For Ripple, buying Hidden Road will make it a major back-end infrastructure provider for big investors trading digital assets. The company will not just offer crypto payments, but also trading, borrowing, and custody services.
“We are at an inflection point for the next phase of digital asset adoption–the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Ripple CEO Brad Garlinghouse. “With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”
There are a few reasons why this acquisition is a huge deal for both Ripple and decentralized finance. First, it will help Ripple move beyond payments into full-scale financial services. The company, which is best known for cross-border payments using XRP, will now be able to offer trading, custody, and lending, which is the essential “plumbing” that institutional investors rely on.
Second, Hidden Road gives Ripple the infrastructure that institutions need to trade crypto confidently. By bundling execution, clearing, custody, and credit services all together, hedge fund and asset managers will be more likely to move more funds into crypto.
Finally, the acquisition positions Ripple as a strong player as US markets shift toward a more friendly crypto stance. Last week, the SEC published its official statement on stablecoins, ruling that they are generally not considered securities as long as they are pegged to USD and aren’t used or marketed for investment purposes.
With all of these aspects combined, the timing of today’s acquisition is ideal. Hidden Road will help Ripple become a full-service financial hub for crypto just as institutions are starting to take digital assets seriously again. It’s also a reminder that the structure of the future of finance will not look like it does today. Instead, it will likely be built on blockchain and driven by AI.
AI-powered anti-money laundering (AML) company Hawk has raised $56 million in Series C funding.
The investment will fuel product innovation for the Munich, Germany-based fintech, as well as power the company’s expansion plans.
Hawk made its Finovate debut at FinovateSpring 2022 in San Francisco. The company was founded in 2018.
Hawk , a company offering AI-powered anti-money laundering (AML), screening, and fraud prevention solutions, has secured $56 million in Series C funding. The fintech, which made its Finovate debut at FinovateSpring 2022, will use the capital to help Tier 1 banks leverage AI to fight financial crime. The investment adds to the more than $134 million the company has already raised.
“Every financial institution that wants to reduce compliance workloads and increase the accuracy of risk detection should be using AI to achieve those goals,” Hawk CEO Tobias Schweiger said. “The results are compelling—we’ve been able to increase alert accuracy to almost 90% in some cases, while significantly cutting false positives. We’re also uncovering twice as many previously undetected cases of ‘novel’ criminal activity.”
Hawk’s funding round was led by One Peak, which joined existing investors Macquarie Capital, Rabobank, BlackFin Capital Partners, Sands Capital, DN Capital, Picus, and Coalition.
Hawk’s technology empowers banks to move beyond traditional, rules-based anti-money laundering and fraud fighting methods that often produce a sizable number of false positives that require human review and intervention. This drives up the cost of fighting financial crime. Further, fraudsters are increasingly adept at circumventing and subverting rules-based AML and fraud detection strategies. To address this, Hawk puts AI-powered technology to work increasing the fraud detection accuracy to find more crime while keeping false positives low.
“AI is in our DNA at Hawk,” Schweiger said. “Our mission is to provide financial institutions with the technology, the expertise and the support that they need to realize the transformative impact that machine learning and generative AI can have across their anti-financial crime operations.”
With more than 80 customers around the world, Hawk boasts partners ranging from large Tier 1 banks to mid-market financial institutions and fintechs. Hawk’s latest investment will help bring continued product innovation to these firms, as well as support the company’s expansion plans.
Founded in 2018 and headquartered in Munich, Germany, Hawk made its Finovate debut at FinovateSpring 2022 in San Francisco. At the conference, the company demonstrated its AI Surveillance Suite, which uses a combination of AI and traditional rules to identify anomalous behavior in real-time.
Hawk began this year with the launch of its Anti-Money Laundering AI Overlay, which enables banks to reduce false positives and detect novel crime without having to swap out the current AML systems. The solution, according to Hawk Chief Product Officer Wolfgang Berner, is “delivering prediction accuracy in excess of 85% (and) reducing false positives to less than 15%.” Berner underscored that the overlay achieved all of this via AI optimization “rather than a total system overhaul.”
In February, the company appointed Ben Pannier as Chief Technology Officer. Pannier comes to Hawk having held leadership positions at firms including Tide, Zalando, and PayU. That same month, Hawk was named to the Chartis 2025 Financial Crime and Compliance 50 for its real-time transaction monitoring technology.
A look at the companies demoing at FinovateSpring in San Diego on May 7 – 9. Register today using this link and save 20%.
Cinareo Solutions
Cinareo is a SaaS solution designed for scenario-based capacity planning for both agents and support staff at a contact center, including financial analysis and recruitment and training planning.
Features
50% time savings for workforce planners adopting cloud-based planning
20% cost reduction while keeping high service levels and productivity
25% improvement in service efficiency and customer satisfaction
Who’s it for?
Any financial institution with a contact center that has over 100 seats.
Covet
Covet transforms estate organization by consolidating financial, physical, and digital assets into a real-time estate summary—unlocking insights for advisors and financial institutions.
Features
Provides complete estate visibility across financial, physical, and digital assets
Automates estate documents that are generated and updated seamlessly
Delivers scalable, automated updates for assets and family changes
Who’s it for?
Financial advisors, wealth management firms, family offices, credit unions, investors, and individual clients seeking seamless estate organization, automated updates, and multigenerational insights.
Kaian
Kaian’s white-label solution helps banks and credit unions support customers and members.
Features
Supports bill payment challenges for customers and members
Rewards smart spending habits to improve financial behavior
Drives loyalty and increases lifetime value for banks and credit unions
Who’s it for?
Credit unions and community banks.
TAPP Engine
TAPP Engine bridges the gap between banking and wealth, helping financial institutions grow by embedding white-labeled investment solutions that enhance engagement, drive revenue, and strengthen loyalty.
Features
Delivers an intuitive design, educational resources, and accessibility
Provides access to self-directed, automated, and practice investing experiences
Offers institutional-grade connectivity with data-driven personalization
Who’s it for?
Credit unions, banks, fintechs, RIAs, independent broker dealers, and more.
Winnow
Winnow is an award-winning regulatory change management platform that allows customers to build customized state and federal compliance surveys.
At FinovateSpring 2025, taking place May 7 through 9, the excitement doesn’t end with the live demos on stage during the first two days of the conference. In addition to a star-studded keynote lineup and a full afternoon of topic-specific breakout sessions on Friday, attendees can look forward to a carefully curated selection of engaging panel discussions and executive briefings led by some of the sharpest minds in financial services and fintech.
Tickets for FinovateSpring are available now! Visit our registration page today and take advantage of early-bird savings.
Here’s a preview of what’s in store:
Beyond Financial Inclusion: How Can Banks Capture the Huge Growth Opportunity Offered by This New Customer Base?
In this panel, moderated by Jim Perry, Senior Strategist at Market Insights, the audience will discover how banks can move beyond traditional notions of financial inclusion and tap into the enormous growth potential of underserved markets. This session will explore strategies to authentically connect with and serve new customer segments.
AI-Driven Profitability in Financial Services: How Banks and Fintechs Are Unlocking New Revenue Streams and Cost Efficiencies
In this 90-minute session, which is hosted by VASS Intelegyz and moderated by Julie Muhn, Senior Research Analyst at Finovate, will showcase how AI can transform core financial operations, with real-world strategies for aligning AI with business goals and scaling from pilots to production. Practical, no-nonsense insights await.
Please note that this is an exclusive, invitation-only briefing for banks and financial institutions. If you are in that category and are interested in participating, please email [email protected].
Power Panel: Getting Beyond the Hype: How Can Financial Services Providers Harness AI, GenAI, and Agentic AI to Make or Save Money?
Moderated by Jason Henrichs, CEO at Alloy Labs, this session looks into AI in banking. It is everywhere— but how can banks and fintechs really turn it into profit? The panel will cut through the buzzwords to reveal how financial services providers can capitalize on AI’s real opportunities.
Analyst All Stars: How Financial Services Have Been Changed Forever
The Analyst All Stars Session is always one of the most popular sessions at the event! This year’s session features analysts from Cornerstone Advisors, Curinos, CCG Catalyst Consulting, and Fingerprint. The experts will bring their own, unique insights on the shifts redefining banking technology, digital content strategies, and customer onboarding.
The Coming Storm for Community Banks: How Can They Find a Path to Change and Compete in the New Digital World?
This executive briefing, moderated by Jason Henrichs, CEO at Alloy Labs, tackles how community banks can navigate digital disruption, adapt quickly, and carve out competitive advantages.
Power Panel: As Embedded Finance Expands Beyond Banking, How Can FIs Capture the Opportunity That Could Generate Over $100B in Revenue?
Moderated by Phil Goldfeder, CEO at American Fintech Council (AFC), this panel will explore how embedded finance is reshaping the industry—and what banks need to do now to get ahead of the curve.
Power Panel: As Fraud Threats Continue to Evolve, How Can All Players Collaborate to Safeguard Customer Assets and Company Reputations?
This power panel, which is moderated by Jas Randhawa, Managing Partner at StrategyBRIX, will look at how collaboration is key as fraud threats escalate. This session will explore how technologies like regtech, GenAI, and digital identity can help defend the financial ecosystem.
Power Panel: The CX Revolution: How Financial Services Providers Can Compete in a Hyper-Personalized World
This session, moderated by Tanvi Lal, Investor at Intuit Ventures, will explain how top financial brands are reinventing customer experience (CX) to meet consumers at their point of need—and what lessons they can steal from big tech.
Power Panel: Balancing the Balance Sheet: How Can Banks Win the Battle for Deposits?
Moderated by Mary Miklethun, Senior Vice President at U.S. Bank, this power panel will offer strategies for banks to win (and keep) customer funds in a competitive market in which deposits are under pressure.
Investor All Stars: Are We Going to See a Sustained Fintech Boom?
The Investor All Stars session is notoriously popular with fintechs looking to form and maintain relationships with venture capitalists, as well as banks interested in keeping tabs on funding and valuations. Moderated by Kris Cole, Managing Director at Prosek Partners, this session will offer insight into an investor’s perspective on what’s going on in fintech and banking.
Whether you’re looking to deepen your understanding of AI, explore new growth channels, or get ahead of trends like embedded finance and CX, these sessions offer invaluable opportunities to gain fresh insights and connect with industry leaders.
AKUVO secured a new investment from Washington State Employees Credit Union (WSECU), adding to its $13 million in previously raised funds.
The investment will help AKUVO expand its cloud-native collections and credit risk solutions, enhancing efficiency and customer experience for banks, credit unions, and fintechs.
The move signals growing interest in modernizing collections technology across the financial services industry amid economic uncertainty and evolving consumer behavior.
Digital collections and credit risk platform AKUVOlanded a new round of funding today. The Pennsylvania-based company received an undisclosed amount from Washington State Employees Credit Union (WSECU), a $5.2 billion credit union based in Olympia, Washington.
While the amount of the funding was undisclosed, it adds to the $13 million AKUVO has received since it was founded in 2019. Among the company’s other investors are VyStar Credit Union, Curql, Reseda Group, and Coastal Federal Credit Union.
AKUVO offers collections software to help banks and fintechs collect and manage their debt portfolios. The company’s tools include a standalone virtual collector and a collections platform with automated call and text reminders. AKUVO’s technology helps increase collections efficiency, improve the customer experience, anticipate delinquencies, and offer insight into future credit decisions.
“Our partnership with AKUVO supports our mission to improve the financial wellbeing of our members and the communities we serve,” said WSECU COO Paul Kirkbride. “This investment reflects a commitment and confidence in AKUVO as a company and technology provider. We believe that AKUVO’s platform will help us enhance collections strategies, improve efficiency, and deliver exceptional member experiences. We are excited to further contribute to the company’s long-term vision through this investment.”
Today’s funding comes from WSECU’s holding company, One Washington Financial, which will join AKUVO’s Advisory Board.
“We are honored to welcome WSECU as they join six credit unions and CURQL as an investor in AKUVO,” said AKUVO Founder and CEO Jay Mossman. “The commitment to innovation and member service aligns perfectly with our goals, and we look forward to a successful partnership that drives positive outcomes for both organizations.”
This funding represents a significant vote of confidence in AKUVO’s role in the future of collections and credit risk management. As financial institutions continue to navigate economic uncertainty and evolving consumer behaviors, the demand for more intelligent, automated, and customer-friendly collections solutions is growing. AKUVO’s ability to combine emerging technologies like AI, natural language processing, and machine learning into its platform positions it as a key player helping banks and fintechs modernize their debt management strategies.
More broadly, the investment signals a growing trend among credit unions and banks to prioritize innovation in traditionally overlooked areas like collections. Instead of treating collections solely as a back-end operation, institutions are increasingly viewing it as a strategic function that can impact customer experience, operational efficiency, and risk mitigation. As economic uncertainty persists, platforms like AKUVO that enable early intervention, personalized outreach, and data-driven insights will become essential tools for financial institutions seeking to maintain strong portfolio health and deepen member and customer loyalty.
Netherlands-based software platform company Topicus launched Akkuro, its composable banking platform.
The new offering combines multiple Topicus Finance solutions with capabilities from fellow Finovate Five Degrees, which Topicus acquired in 2023.
Topicus most recently demonstrated its technology on the Finovate stage at FinovateEurope 2023.
Software platform developer Topicus unveiled its latest solution this week. The company launchedAkkuro, its composable banking platform, which leverages a wide variety of capabilities to enable banks and fintechs to build and deploy new financial solutions quickly, with greater flexibility and control.
Akkuro combines the functionality of multiple Topicus finance solutions with the deep capabilities of fellow Finovate alum Five Degrees, which Topicus acquired in 2023. The new offering consolidates Five Degrees’Matrix CRM and Neo Core Banking products with Topicus finance solutions such as Fyndoo Lending to provide end-to-end financial experiences, as Topicus Finance CEO Clint van Haalen underscored in a statement.
“Akkuro allows us to orchestrate the entire banking lifecycle, from investments and core banking to CRM for banks and lending,” van Haalen said. “We’re merging decades of banking expertise with a relentless drive for innovation, delivering a unified platform that empowers financial institutions to build scalable, intuitive, and future-ready solutions.”
One of the biggest trends in digital transformation, composable banking gives financial institutions a way to create and deliver financial products and services faster, and with greater flexibility. Via embedded technologies, APIs, and third-party partnerships, the modularity of composable banking enables financial institutions to respond more quickly not only to new innovations and shifting customer preferences but also to changing regulatory guidelines and mandates.
Topicus made its Finovate debut at FinovateEurope 2014 in London. The company most recently appeared on the Finovate stage at FinovateEurope 2023, where it demonstrated its Fyndoo lending platform. Topicus acquired Five Degrees later that year. The company began 2025 by taking a stake in another Finovate alum, Asseco Poland, acquiring a 9.99% position in the IT solutions provider.
Topicus is headquartered in Deventer, the Netherlands.
The news that both eToro and Klarna have put a temporary hold on their separate IPO plans tells you all you need to know about the level of concern over the new Trump Administration trade and tariff policy. Regardless of the next twists and turns in the stock market, Finovate’s Fintech Rundown will be here all week with the latest in fintech news and updates.
Payments
Bluefinboosts security, flexibility with addition of network tokenization to its ShieldConex Tokenization-as-a-Service and Orchestration platforms.
Indian payment orchestration platform Juspayraises $60 million in Series D funding.
Airwallexenables business to receive and hold funds in Israeli Shekels (ILS) via its Global Accounts and multi-currency wallet.
Bilt is partnering with FIS to integrate Premium Payback, enabling members to instantly redeem loyalty points at checkout without additional apps or sign-ups.
Bilt Rewards members can now use points earned from rent, dining, rideshare, and travel purchases for immediate savings at participating merchants.
FIS’s Premium Payback network, which supports 7,000+ card loyalty programs, helps drive customer engagement by increasing point redemption and boosting cardholder spending.
Loyalty platform Bilt has selected payment, banking, and investment systems provider FIS to allow users to redeem their points directly at the point of purchase.
Bilt is using FIS’ Premium Payback solution, an engagement tool that connects participating issuers with participating merchants to allow point redemption directly at the point of purchase. By adding the ability to redeem their points at the moment of their transaction, users benefit from immediate savings. Premium Payback displays offers at checkout to provide cardholders with instant gratification on their point usage. It does not require users to sign up for new services, download a special app, or anything else that adds friction.
Bilt Rewards was founded in 2021 to offer a loyalty rewards program and credit card that allows renters to earn points when they pay their rent, building credit with every payment. With no annual fee, the Bilt Mastercard credit card also allows cardholders to earn points on select dining experiences, rideshare purchases, and travel purchases. These points can be redeemed for travel, fitness classes, home decor, and even a down payment on a future home.
Bilt anticipates that, with Premium Payback, customers will be able to see their money work more effectively and instantly.
“We are constantly looking for ways to give our members more ways to redeem their points,” said Bilt Chief Strategy Officer Brandt Smallwood. “FIS’ Premium Payback network will allow Bilt Members to redeem their Bilt Points to save on their purchases with some of their favorite merchants in their neighborhood.”
FIS’s Premium Payback solution has thousands of financial institutions representing more than 7,000 card loyalty programs enrolled in its ecosystem. Of the customers enrolled in Premium Payback, 50% redeemed points two-plus times in one year, and 36% increased their spending.
“The current economy is significantly increasing the demand for loyalty programs that maximize the utility of money, but inadequate technology can complicate the experience cardholders have when redeeming loyalty points, hindering the efficient movement of money,” said FIS Head of Products and Services for Loyalty Mladen Vladic. “Credit and debit cards continue to play a leading role in the payment experience as money moves between banks, consumers, businesses and beyond in a complex, never-ending cycle. In the fight for customer loyalty, every payment card program is a vital opportunity to seize competitive advantage and drive growth. We’re proud that FIS Premium Payback can help our clients—like Bilt—accomplish these goals.”
This week’s edition of Finovate Global looks at recent fintech developments in Canada.
Float Unveils Float FX to Help Canadian Businesses Save on Currency Conversion Costs
Toronto, Ontario-based business finance platform Floatunveiled a new solution for Canadian businesses this week. The new offering, Float FX, will enable Canadian companies to instantly convert funds at rates as much as 90% lower than with traditional banks. Float noted that the solution is part of the company’s broader goal to help support businesses that do business in the US as they navigate volatility in both currency markets and US trade policy.
“With the Canadian dollar under pressure and potential trade disruptions looming, we designed Float FX to give Canadian businesses an advantage when operating across the border,” Rob Khazzam, Co-Founder and CEO of Float, said. “Combined with offering high-yield interest on CAD and USD balances, Float provides material opportunities for companies to save on costs and protect margins—at a time when every dollar counts.”
Even before recent trade tensions with the US, businesses in Canada were facing significant challenges when it came to currency exchange. According to a recent survey—The Financial Outlook of SMBs in 2025—Float learned that more than half of the Canadian businesses queried said that they struggled to deal with high fees and poor exchange rates. In their report, Float pointed to legacy banking infrastructure and inefficient processes as the culprit, noting that many companies continued to patronize financial institutions that required time-consuming in-person visits and manual reviews, or long settlement times. This leaves businesses with exposure to fluctuations in potentially volatile exchange rates, as well as increasing their vulnerability to hidden fees.
Float FX will offer fees of 0.25% all-in, a figure that is up to 90% lower than that offered by Canadian banks. Companies will also benefit from seamless, built-in currency conversion within the Float platform, enabling them to convert, hold, and spend USD in a single location.
With more than 4,000 Canadian companies as customers, Float offers a business finance platform that helps businesses spend, save, and scale. Founded in 2019, the company provides corporate cards, automated expense management, next-day billpay, high-yield accounts, and more.
Float began the year securing $70 million CAD in Series B financing in a round led by Growth Equity at Goldman Sachs Alternatives. OMERS Ventures, FJ Labs, Garage Capital, and Teralys also participated in the investment. The funding brought the company’s total funding to more than $120 million CAD in the past year. Float has used the capital to expand its product offerings and recruit talent.
Banco Santander, Kraken Secure Key Canadian Approvals to Fuel Expansion
Canadian regulators are in a “yes” mood of late when it comes to helping fintechs expand operations in the country. This week we learned that Banco Santander has secured a Canadian banking license as part of the financial institution’s effort to grow its footprint in the Americas. Also this week, crypto exchange Kraken reported that it had obtained a Restricted Dealer registration from the Ontario Securities Commission (OSC).
First up, Banco Santander. The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, authorized Banco Santander’s Santander Consumer Bank to begin operations in March. Banco Santander has been active in the Canadian market since acquiring car financing company Carfinco Financial Group in 2014. The firm applied for a Schedule II banking license in 2019, which allows subsidiaries of foreign banks to offer financial services including deposits, lending, wealth management, and credit cards. Santander Consumer Bank was incorporated as a federally regulated financial institution in 2024 by Canada’s Minister of Finance, with OSFI approval being the final step.
Second, cryptocurrency exchange Kraken has secured a Restricted Dealer registration in Canada that will enable the firm to better serve its customers in the country. As part of the announcement, the exchange announced that it would offer free Interac e-Transfer deposits to all of its Canadian clients.
“This achievement marks the culmination of a rigorous pre-registration undertaking (PRU) process, during which Kraken consistently enhanced its governance, security, and compliance protocols to meet the highest industry standards,” the Kraken blog stated this week. “As a result, our Canadian clients now benefit from a solid regulatory foundation, ensuring access to some of the most innovative and secure crypto products in the local ecosystem under the supervision of the Ontario Securities Commission (OSC).”
In addition to securing its restricted dealer registration, Kraken also announced the appointment of Cynthia Del Pozo as the company’s new Canadian General Manager. With nearly 15 years of experience in corporate development, operations, and fintech consulting, Del Pozo will guide an operation that has grown significantly in recent years, including surpassing $2 billion CAD in combined client assets under custody and a doubling of both team size and the number of monthly transacting users during the PRU process.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” Del Pozo said in a statement. “The Restricted Dealer registration is a testament to the high bar Kraken has always set for consumer protection, client service, and robust security.”
Founded in 2011, Kraken enables more than 10 million traders and investors to buy and sell more than 200 digital assets and six different national currencies including USD, GBP, EUR, CAD, CHF, and AUD on its platform. David Ripley and Arjun Sethi are co-CEOs.
Meet Finovate’s Newest Canadian Alums!
Over the past year, Finovate has been proud to host a handful of innovative fintechs headquartered in Canada. Below is a look at four firms, all Canada-based, that have demonstrated their fintech innovations live on the Finovate stage of late.
PromoComply – Montreal, Quebec – FEU 2025: Offers technology that automates compliance for financial promotions, reducing legal risks, and enhancing transparency for consumers in real time.
TRIYO – Toronto, Ontario – FS 2024: Offers a work intelligence platform that integrates with existing systems, processes, and workflows to bring visibility to high-value processes across financial services.
Brim Financial – Toronto, Ontario – FF2024: Works with financial institutions, fintechs, and brands to enable them to offer their customers an end-to-end credit card and payments platform.
ZayZoon – Calgary, Alberta – FF2024: Offers an embedded Earned Wage Access (EWA) solution to enable small and mid-sized businesses to offer EWA directly from their own platforms.
Next month at FinovateSpring, we’re happy to introduce our audience to one more Canadian fintech, Cinareo Solutions (Toronto). For more about our upcoming FinovateSpring conference, visit our FinovateSpring hub today!
Here is our look at fintech innovation around the world.
