Braintree Merchants Can Now Accept Samsung Pay

Braintree Merchants Can Now Accept Samsung Pay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree

Payment platform Braintree made a move to not only make merchants’ lives easier, but also to make it smoother for consumers to pay, which makes merchants happier. So no one was complaining today when the PayPal-owned company announced it will integrate with Samsung Pay.

Braintree merchants in the U.S. can now accept Samsung Pay for in-app payments. According to a study conducted by PYMNTS, the percentage of adult smartphone users that have used Samsung Pay to make a purchase rose from 4.3% in March of 2017 to 5.1% in December of 2017.

Braintree has simplified the process for merchants, requiring just a few lines of code to integrate Samsung Pay into their existing checkout process, making for a streamlined purchasing experience for end users. Online wholesale retailer Boxed is among the first to pilot the integration.

Today’s announcement is a continuation of Braintree’s relationship with Samsung. Earlier this year, the San Francisco-based company announced that U.S. PayPal users can transact using PayPal within Samsung Pay.

PayPal acquired Braintree in 2013 for $800 million. Braintree most recently showcased Venmo Touch at FinovateSpring 2013. Last month, Adobe announced it is launching Magento Payments with PayPal’s Braintree for payment processing. And in April, Braintree teamed up with Yahoo! to make its payment platform available to online sellers using Yahoo Merchant Solutions and Yahoo Stores.

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Envestnet | Yodlee Doubles Down on the Developer Experience

Envestnet | Yodlee Doubles Down on the Developer Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, Yodlee

Data aggregation and analytics company Envestnet | Yodlee made a strategic hire to its Developer Experience team this week, recruiting Sebastien Taveau (pictured), former chief developer evangelist for Mastercard, as its vice president of Developer Experience.

Taveau is charged with overseeing the new developer experience, positioning it as a developer-first platform, and strengthening ties with the fintech developer community. And Taveau is well-suited for the job; he brings more than 20 years of experience working in POS, mobile payment, mobile security, mobile identity, and consumer solutions.

Among his prior roles are chief technologist at Zelle/Early Warning Services, chief developer evangelist for Mastercard, CTO for Validity, and principal/astronomer at PayPal.

“Sebastien’s blend of skills, experience and passion for the job are invaluable in our continued commitment to delivering upon our developer first vision and driving industry innovation. His role is also vital in nurturing our important relationship with the fintech community, enabling them to better serve their customers,” said Brandon Rembe, SVP of products at Envestnet | Yodlee.

Hiring Taveau is part of a broader effort Envestnet | Yodlee has put forth into crafting the developer experience. Last month, the company unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. The new tools will be available to developers by the end of 2018.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $2.37 billion.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree, Envestnet, eToro, Fenergo, iSignthis, Moneyhub, Narrative Science, Tradeshift

On Finovate.com

  • Envestnet | Yodlee Doubles Down on the Developer Experience.
  • Braintree Merchants Can Now Accept Samsung Pay.

Around the web

  • eToro sets up a free bitcoin ATM to celebrate Bitcoin’s 10th anniversary.
  • Tradeshift announces new app from kompany to reduce supply chain risk.
  • Crain’s Chicago Business names Narrative Science on its list of most innovative companies.
  • Fenergo listed on Deloitte’s Technology Fast 50 Ireland list.
  • iSignThis’ ISXPay receives Bank Institution Code, will be able to accept deposits directly as a monetary financial institution as of December 4.

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.

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SigFig Launches CoPilot, a Digital Wealth Platform for Financial Advisors

SigFig Launches CoPilot, a Digital Wealth Platform for Financial Advisors
By Julie Muhn (@julieschicktanz) Posted on
Categories: SigFig

Wealthtech company SigFig announced this week it is building on its business-to-business offering with the launch of CoPilot, a digital wealth management platform for financial advisors.

Among the first to leverage SigFig’s new enterprise platform is the company’s current client, Citizens Bank Wealth Management, which will offer the CoPilot digital wealth management tool to its financial advisors. SigFig’s relationship with Citizens Bank dates back to 2016, when the bank agreed to leverage SigFig’s digital investing capabilities for its 2017 launch of SpeciFi from Citizens Investment Services.

“We are thrilled to collaborate with Citizens Bank Wealth Management to kick-off our CoPilot offering,” said Mike Sha, CEO of SigFig. “The CoPilot platform represents the importance of advisors in the financial planning lifecycle and the value they provide to clients. CoPilot brings powerful end-to-end software to advisors to further assist their clients in their financial needs.”

CoPilot automates administrative tasks for advisors to help them focus on their client relationships. The tool facilitates onboarding while providing a more personalized client experience. And to help improve the advisor’s productivity, CoPilot automates compliance processes as well as changes to the client’s risk profile and suitability.

“This is an incredibly powerful tool for our financial advisors, seamlessly digitizing many of our processes so that they can focus on what matters most – our customers, not the paperwork,” said John Bahnken, president of Citizens Bank Wealth Management.

Launched in 2007 under the name Wikinvest, SigFig is a wealthtech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011. Earlier this year, SigFig acquired SmartWealth roboadvisory technology from UBS.

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Fiserv Finalizes Acquisition of Elan Financial Services’ Debit Processing Solutions

Fiserv Finalizes Acquisition of Elan Financial Services’ Debit Processing Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fiserv, Mergers & Acquisitions

Fiserv wrapped up some important business today. The Wisconsin-based financial services company finalized its acquisition of debit processing technology from U.S. Bank’s Elan Financial Services; a deal Fiserv first announced in September. Terms of the acquisition, which does not include the Elan credit card issuing and corporate payments businesses, were undisclosed.

Fiserv will benefit from Elan’s debit card processing, ATM Managed Services, and MoneyPass network. MoneyPass is the second largest fee-free network in the U.S., offering users access to more than 33,000 ATMs across the nation.

On the other side of the table, Fiserv will offer Elan clients services including risk management solutions, access to the Accel debit payments network, and enhanced debit platform capabilities. As Tim Welsh, vice chairman of Consumer Banking Sales and Support at U.S. Bank explained, “Our customers will now benefit from the long-term commitment Fiserv has for this business and its clients and U.S. Bank will benefit as we continue to reinvest in our core businesses.”

President and CEO of Fiserv, Jeffery Yabuki, said, “This acquisition expands our capabilities and provides additional expertise, which together should enhance the value we provide our clients.”

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Earlier this fall, Fiserv launched a new digital origination solution, Originate.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CashStar, Crypterium, Eltropy, Fenergo, Fiserv, ITSector, Lighter Capital, NestReady, SigFig

On Finovate.com

  • SigFig Launches CoPilot, a Digital Wealth Platform for Financial Advisors.
  • Fiserv Finalizes Acquisition of Elan Financial Services’ Debit Processing Solutions.

Around the web

  • Eltropy partners with NWCUA to Bring Text Messaging to More than 180 Northwest Credit Unions.
  • CashStar named one of the best places to work in Maine for 8th consecutive year.
  • Lighter Capital appoints Anthea Louie as Chief Marketing Officer.
  • CCN names Crypterium among top 5 coins to watch in 2018.
  • Fenergo Launches Client Lifecycle Management Solution for Natixis.

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.

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Coinbase Raises $300 Million, Becomes Unicorn 8x Over

Coinbase Raises $300 Million, Becomes Unicorn 8x Over
By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase, Funding

In its largest round of funding to-date, digital currency wallet Coinbase closed a $300 million investment today. The Series E equity round, which brings the company’s total funding to just over $525 million, was led by Tiger Global Management. Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain, and others also participated.

In a blog post announcement, the company said it plans to use the funds ” to accelerate the adoption of cryptocurrencies and digital assets.” Specifically, Coinbase will expand globally, offer more crypto assets, focus on utility applications for cryptocurrencies, and bring institutional funds into the cryptocurrency space.

Asiff Hirji, Coinbase president and COO, commented on the optimism for the future of crypto. “We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world,” Hirji said. The funding brings with it a spike in Coinbase’s valuation.

The company became a unicorn valued at $1.6 billion after its previous funding round in August of last year and announced today that it is now worth over $8 billion. And that valuation is not unfounded– Coinbase has done a lot over the course of the past year to earn its 8x boost in valuation. Among its news-making accomplishments, the company launched Coinbase Custody to help institutional investors store digital assets, acquired Memo.AI and Earn.com, launched Coinbase Commerce, was granted an e-money license from the FCA, launched its own venture fund, and launched institutional grade solutions for cryptocurrency trading.

Founded in 2012, Coinbase demoed Instant Exchange at FinovateSpring 2014. The company was founded in 2012. Brian Armstrong is CEO.

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FinovateAsia Best of Show Winners Announced

FinovateAsia Best of Show Winners Announced
By David Penn Posted on
Categories: Arival Bank, Avaloq, Best of Show, FinovateAsia 2018, Voca.ai

Congratulations to the trio of companies that earned Best of Show honors from our FinovateAsia 2018 audience. This year’s selections reflect two key themes in fintech: the importance of enabling banks with the resources they need to empower SMEs to better serve their customers, and the rise of intelligent virtual assistants to improve efficiency and enhance the customer experience.

Arival Bank for its ArivalOS digital banking platform that integrates a full suite of third party fintech products tailored for SMEs, including bank accounts, money transfers, debit cards, mPOS, factoring, and lending. Video.

 

Avaloq for its platform that provides seamless access to fintech solutions via a “double marketplace” that brings the app store concept to banking. Video.

Voca.ai for its human-friendly, virtual intelligent agent for financial services call centers that helps drive lead generation, cross-sales, notifications, scheduling, and more. Video.

To see all the demo videos from FinovateAsia 2018, visit our video archives.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The three companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase, eToro, Insuritas, Lendio, Temenos

On Finovate.com

  • Coinbase Raises $300 Million, Becomes Unicorn 8x Over.

Around the web

  • The Financial Brand features Michigan First CU’s tech powered by Insuritas.
  • eToro lists Binance Coin (BNB) on its platform.
  • Leading Libyan private bank selects Temenos to power Islamic growth.
  • Lendio announces the opening of a Lendio franchise in Utah.

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.

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Welcome to the Second Day of FinovateAsia

Welcome to the Second Day of FinovateAsia
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018

We’re off to a great start at FinovateAsia, and after yesterday’s sessions and demos, we’re already craving more.

Registration opens at 8 am again today, and the first session begins at 8:45 am. And don’t miss the Best of Show awards ceremony today, taking place at 16:40 in the auditorium.

Visit our website for a full, interactive agenda, or check out a quick preview below:

8:00 to 8:45 Registration and continental breakfast

8:45 to 8:50 Welcome

8:50 to 9:15 Keynote address

9:15 to 9:25 Analyst all stars

9:25 to 10:15 Demo session #3

10:15 to 10:45 Intermission, refreshments, and networking break

10:45 to 10:55 Analyst all stars

10:55 to 11:05 Challenges in building global financial infrastructure for crypto-assets

11:05 to 11:50 Demo session #4

11:50 to 12:10 Special address

12:10 to 13:20 Lunch plus expert briefing on Indian fintech

13:20 to 14:45 Breakout streams

  • Lending
  • Digital transformation and customer experience
  • Focus on mainland China

14:45 to 15:20 Intermission, refreshments, and networking break

15:20 to 16:00 Investors debate

16:00 to 16:40 Accelerator showcase

16:40 to 16:50 Best of Show awards ceremony

16:50 to 17:50 Reception and networking

Thanks to all of you for helping to make this year’s event a success! We’ll see you at FinovateAsia next year, or come see us at any of our shows in between:

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NTT DATA Services to Acquire Sierra Systems

NTT DATA Services to Acquire Sierra Systems
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, NTT Data

Consulting and software development firm NTT Data announced it is bolstering its presence in Canada this week with the pending acquisition of IT services and consulting firm Sierra Systems.

Terms of the deal were undisclosed but NTT Data anticipates the acquisition will offer the Tokyo-based company a “significant” presence in Canada. Sierra Systems, which was founded in 1966, also comes with brand reputation and client relationships in addition to new talent in areas such as Microsoft Dynamics, Oracle, and ServiceNow.

“Sierra Systems’ reputation as a trusted advisor in Canada is evidenced by the strength of their client relationships, many of which have spanned decades,” said Bob Pryor, CEO of NTT DATA Services. “With the addition of Sierra Systems’ talented team, we’ll expand our ability to deliver innovation and business outcomes to clients in Canada and extend our North American delivery capabilities. Growth prospects are very strong in Canada, so this is an attractive market as we continue to grow globally.”

Sierra Systems’ 700 Canada-based employees will join the NTT Data team. The transaction is expected to close later this year.

Founded in 1988, NTT Data went public in 1995. The company has 110,000+ employees across Japan, the Americas, EMEA, APAC, and China. Earlier this year, the company acquired DevOps firms MagenTys to complement its existing digital transformation capabilities. At FinovateSpring earlier this year, NTT Data demoed Tready, a social community investment platform.

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Quid Lands $37.5 Million Round Led by Lexis Nexis Parent

Quid Lands $37.5 Million Round Led by Lexis Nexis Parent
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Quid

Data insights and visualization startup Quid has been putting AI and machine learning to work since it was founded in 2010. Today, the California-based company landed a generous amount of funding to continue that work.

The $37.5 million round was led by REV Ventures, the investment arm of Lexis Nexis, and bumps Quid’s total funding up to just over $108 million. Also participating in the round are Julian Roberson, Henry Kravis, Lixil Group, Artis Ventures, Salesforce Ventures, and Peter Thiel’s Founders Fund. In addition to the investment, Quid also took out $8 million in debt; its valuation remains undisclosed.

Quid told Bloomberg that the fundraising process for this round began over a year and a half ago. The company’s founder, Bob Goodson, decided to keep the round open to other investors and ended up receiving buy-in from REV Ventures, among others, to buoy the round up to the current amount. In a discussion with Bloomberg, one of REV Ventures’ founding partners, Kevin Brown, commented on the problem Quid is working to solve. “There’s an explosion of unstructured data and no one knows how to handle it,” Brown said.

At FinovateSpring 2016, Quid won Best of Show honors for its demo of Opus, a product that enables users to upload their own data into Quid and receive an interactive, visual map to help interpret raw data from earnings reports, earnings call transcripts, customer feedback, or any other text-based dataset. The company also offers solutions for consulting, healthcare, and marketing sectors, that provide insights on competitive intelligence, brand perception, and market landscape. Among its clients are Cisco, IBM, KPMG, UBS, and Visa.

While powerful, Quid’s software isn’t cheap. The company, which brought in $28 million in sales over the past year, charges $25,000 per user per year. Among Quid’s accomplishments in the past year are assisting the Wall Street Journal in spoting fraudulent entries on FCC’s website during net neutrality debate and helping Walmart build the American Family Today report.

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