Meet the Sustainability & Inclusion Scholarship Winners for FinovateSpring 2024

Meet the Sustainability & Inclusion Scholarship Winners for FinovateSpring 2024
By David Penn Posted on
Categories: Blee, Endaoment, FinovateSpring 2024, Instarails, Kobalt Labs, LiquidTrust, List series, Nav.it, Parlay Protocol, Remynt

This year FinovateSpring will feature eight startups that are winners of our Sustainability & Inclusion Scholarship program. The program is designed to showcase underrepresented founders and startups who are creating innovative solutions to combat climate change, promote diversity, and create financial inclusion.

To be eligible for the Finovate Sustainability & Inclusion Scholarship program, fintech and technology companies must have less than $7 million in funding. There are five categories in the program: environmental, social, governance, BIPOC founded/owned, and female-founded/owned.

Here are the Sustainability & Inclusion Scholarship winners for FinovateSpring 2024:

Blee – Scholarship winner in the Governance category. Headquartered in New York and founded in 2022, Blee helps organizations move to market quicker while increasing revenue and minimizing compliance risk. LinkedIn.

Endaoment – Scholarship winner in the Social category. Headquartered in San Francisco, California and founded in 2020, Endaoment empowers nonprofit organizations to accept donations in crypto and stock without having to accept the asset directly. LinkedIn.

Instarails – Scholarship winner in the Female Founded/Owned category. Headquartered in Alpharetta, Georgia and founded in 2022, Instarails enables banks and other organizations to offer instant, inexpensive, and inclusive payments to boost revenue, generate growth, and pave the way for entry into new markets. LinkedIn.

Kobalt Labs – Scholarship winner in the Female Founded/Owned category. Headquartered in New York, NY, and founded in 2023, Kobalt Labs helps fintechs and financial institutions accelerate and strengthen third-party diligence, facilitating revenue-generating partnerships and improving operational efficiency – without increasing headcout. LinkedIn.

LiquidTrust – Scholarship winner in the Female Founded/Owned category. Headquartered in Los Angeles, California, and founded in 2019, LiquidTrust enables banks to offer an improved customer experience to their business customers, grow non-interest bearing deposits, and generate additional revenue. LinkedIn.

Nav.it – Scholarship winner in the Female Founded/Owned category. Headquartered in Seattle, Washington, and founded in 2019, Nav.it integrates with existing HR systems to help organizations grow their businesses by enhancing employee financial wellness. LinkedIn.

Parlay Protocol – Scholarship winner in the Female Founded/Owned category. Headquartered in Alexandria, Virginia, and founded in 2022, Parlay Protocol offers technology that boosts the odds that an applicant will secure access to small business funding while helping banks gain new customers and attract new borrowers. LinkedIn.

Remynt – Scholarship winner in the BIPOC Founded/Owned category. Headquartered in San Francisco, California, and founded in 2022, Remynt helps creditors achieve higher recoveries and recapture defaulted consumers as customers as their financial position improves. LinkedIn.

FinovateSpring (May 21-23) is only a few weeks away! Take advantage of big early-bird savings on your registration when you buy your ticket by May 10.

Photo by Emily Ranquist

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Challenger Bank Lunar Raises $25.7 Million

Challenger Bank Lunar Raises $25.7 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Challenger bank Lunar raised $25.7 million (€24.1 million) in funding, boosting the company’s total raised to around $512 million.
  • Lunar plans to use today’s funds to expand on its basic package offered to Swedish residents to become a more full-service bank.
  • In 2023, Lunar reached 850,000 customers, marking an increase from 700,000 customers the year prior.

Challenger bank Lunar announced this week it has raised $25.7 million (€24.1 million) in a supplementary funding round. According to Crunchbase, the new investment boosts Lunar’s total raised to just shy of $512 million, around $54 million of which was brought in over the past four months.

Lunar was founded in 2015 and currently offers retail and commercial digital banking services. The company received its banking license in 2019 and on the retail side offers personal checking accounts with debit cards, youth accounts, in-app PFM tools, a BNPL tool that can be retroactively applied to purchases already made, as well as an investing platform that allows users to invest in stocks, ETFs, and crypto. On the commercial side, Lunar offers business bank accounts, automated bookkeeping, cash flow analytics, expense management tools, loans, insurance, and more.

“Securing €50.9 million in such a challenging market reflects strong confidence in our growth strategies,” said Lunar Founder and CEO Ken Villum Klausen. “We’re seeing robust growth in our newly launched business area Banking Services, where we’re extending our in-house developed Nordic infrastructure to external partners.”

Lunar plans to use today’s funds to expand on its basic package offered to Swedish residents to become a more full-service bank. The company’s banking services are currently available to users in Denmark, Norway, and Sweden.

Approaching its 10th year of operation, Lunar reached 850,000 customers in 2023– including 20,000 business users. This total user number marks an increase from 700,000 customers in 2022. Concurrently, customer activity, as measured by transactions, nearly doubled during this period.

“Our journey doesn’t stop here, “Villum Klausen added. “We’re not just broadening Lunar’s basic banking services, but we’re also evolving into a full-service bank. Our aim is to cater to both private customers and businesses in Sweden, demonstrating our commitment to growth and our vision for the future.”

Photo credit: Lunar

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SecureAuth Acquires Access Management Technology Company Cloudentity

SecureAuth Acquires Access Management Technology Company Cloudentity
By David Penn Posted on
Categories: Alumni News, Cloudentity, Daily news, Mergers & Acquisitions
  • Seattle, Washington-based Cloudentity has been acquired by access management firm SecureAuth.
  • Terms of the deal were not disclosed. Cloudentity has raised $13 million in funding.
  • Cloudentity made its Finovate debut at FinovateFall 2022 in New York.

Access management and authentication company SecureAuth has completed its acquisition and integration of Cloudentity. Announced earlier this year, SecureAuth’s acquisition of the Seattle, Washington-based company will help position the firm as a market leader in the Customer Identity and Access Management (CIAM) space.

Cloudentity, which made its Finovate debut in 2022 at FinovateFall, is a specialist in advanced SaaS-delivered access management technology. The company supports both Fine-Grained Authorization (FGA) and Business-to-Business-to-Consumer (B2B2C) use cases, and also provides support for advanced authorization and consent specifications including Financial-grade API (FAPI) 2.0, which powers Open Finance communities around the world.

Integrating Cloudentity’s orchestration and FGA capabilities will complement SecureAuth’s suite of identity security solutions such as its AI/ML Risk Engine and Passwordless MFA technologies. The combined functionality will enable businesses to upgrade their customer experiences with enhanced security and compliance – with less friction.

“With the acquisition of Cloudentity, SecureAuth is poised to revolutionize the CIAM market,” SecureAuth Chief Operating Officer Kelly Wenzel said. “Cloudentity was built from the ground up as a pure cloud-native deep identity solution that can be implemented on-premise, via public cloud or private cloud, as a single-tenant or multi-tenant deployment within hours. This powerful combination of deployment flexibility and deep capabilities allows us to serve our customers in implementing identity security without sacrificing customer experience.”

As part of the transaction, Cloudentity CEO Brook Lovatt will join SecureAuth as Chief Product Officer. Lovatt said in a statement that the combined company will help drive innovation in the identity security space. “Together, these technologies provide a comprehensive CIAM solution set with an extremely short time-to-value that enables organizations to quickly and easily deliver exceptional digital experiences, while maintaining the highest standards of security and compliance.”

Cloudentity was founded in 2001. Prior to its acquisition, the company had raised $13 million in funding. Forgepoint Capital and WestWave Capital are among the firm’s investors.

Photo by Amanda Grove

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Veritran and Swift Announce Collaboration to Enhance Cross-Border Payments

Veritran and Swift Announce Collaboration to Enhance Cross-Border Payments
By David Penn Posted on
Categories: Alumni News, Daily news, VeriTran
  • International banking technology company Veritran announced a collaboration with financial messaging services company Swift.
  • As part of the collaboration, Veritran has joined the Swift Partner Programme.
  • Headquartered in Argentina, Veritran made its Finovate debut at FinovateFall 2021.

A new collaboration between Veritran and financial messaging services innovator Swift will empower financial institutions to provide an enhanced and streamlined cross-border payments experience for customers. As part of the collaboration, Veritran has joined the Swift Partner Programme, which will give its customers access to a variety of Swift solutions to increase the transparency and security of cross-border payments.

“Collaborations such as this are improving the experience for those sending payments cross-border, while also increasing transparency and security to improve the ecosystem as a whole,” Swift Global Head of API Acceleration Juan Carlos Botrán said. “It’s vital that industry players work together in this way to overcome increasing fragmentation in the cross-border payments landscape.”

An international banking technology company, Veritran will benefit from access to Swift solutions such as the Swift GPI Tracker, Payment Pre-validation, and SwiftRef. Swift GPI Tracker enables users to check the status of cross-border payments. Payment Pre-validation validates beneficiary data before the payment is sent. SwiftRef is Swift’s payments reference data solution, which streamlines payment operations and helps users easily find the data sets they need in a single location.

“This agreement is designed to align with the changing market demands, prioritizing the need for speed and flexibility with a more transparent and consistent pricing structure for users, the retail sector, small and medium-sized enterprises (SMEs) and large corporates,” Veritran CCO Marcelo Fondacaro said. “At Veritran, we’re fully committed to leading the charge towards an innovative future in international payments.”

Founded in 2005, Veritran made its Finovate debut at FinovateFall 2019 in New York. The company returned to the Finovate stage two years later for FinovateFall 2021. At the conference, Veritran demonstrated how to leverage its enterprise low-code platform to build solutions like its white-label digital wallet. The platform provides optimum time-to-market, boosting development times by 33%; a memorable UX; unlimited integration and scalability; and bank grade security.

Veritran maintains headquarters in Spain and the U.S., as well as in Buenos Aires, Argentina. The company has a major presence in Latin America, with offices in Mexico, Guatemala, Colombia, Peru, Brazil, Bolivia, Chile, and Paraguay.

Photo by Andres Idda Bianchi

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FinovateSpring 2024 Sneak Peek Series: Part 7

By Madeline Clines Posted on
Categories: Ascent Platform, Bloom Credit, Eqvista, FinovateSpring 2024, FinovateSpring 2024 Sneak Peek, Revelata, Streetbeat

A look at the companies demoing at FinovateSpring in San Francisco on May 21 and 22. Register today using this link and save 20%.

Ascent Platform

Ascent Platform’s next-gen Point-of-Sale platform streamlines any product application or form without disrupting existing systems and processes. It learns from each customer interaction to improve subsequent experiences.

Features

  • Includes a no-code builder for rapid deployment of any app or form
  • Does not disrupt current operational processes
  • Offers low acquisition and ownership costs
  • Delivers less friction, less abandonment, and faster growth

Who’s it for?

Banks, credit unions, and CUSOs.

Bloom Credit

Bloomplus by Bloom Credit lets the 106 million thin-file, no-file, and subprime Americans build credit by submitting payments from their DDA accounts to major credit bureaus.

Features

  • Allows consumers to build credit with bills they are already paying
  • Gives consumers access to credit products
  • Allows consumers to access mainstream credit rates

Who’s it for?

Banks, credit unions, and fintechs.

Eqvista

With $70B in assets under administration (AuA) and a user base of 17,000 companies and monthly valuations of $2B in client assets, Eqvista is in a prime position to upsell equity and financial services.

Features

  • Delivers in real-time valuation
  • Provides financing against equity
  • Offers financing for SME segment

Who’s it for?

Banks who want to enter the equity financing space and SMBs looking for alternative sources of financing.

Revelata

Revelata makes investors bionic at research and analysis. Their first product, deepKPI, automatically surfaces company KPI time series buried within the text of billions of pages of SEC filings.

Features

  • Fast: Analysts cut ~1,200 hours per year down to seconds for manual data extraction
  • Trusted: Every data point auditable with one click
  • Simple: Downloads to Excel, works offline

Who’s it for?

Analysts in investment banks, hedge funds, asset managers, PE firms, research firms, management consultancies, corporate strategy teams, as well as sophisticated retail investors.

Streetbeat

Streetbeat’s financial AI API streamlines financial operations with real-time, personalized data for each client.

Features

  • Enhances user experience with real-time, personalized financial data
  • Streamlines financial operations and integrates with existing systems
  • Supports advanced functions like backtesting and port

Who’s it for?

Banks, brokers, wealth managers, apps, websites, financial institutions, and financial publications.

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“Digitize or Die”: A Call to Arms for Building Societies

“Digitize or Die”: A Call to Arms for Building Societies
By Lili Nguyen Posted on
Categories: Moneyhub, Report series, Sponsored

Moneyhub recently commissioned research into building societies and consumers, which involved interviews with building society leaders from the likes of Nationwide, Skipton, Yorkshire, Coventry, and The Building Societies Association. Additionally, 2,000 British adults were surveyed to find out about the sector’s digital readiness and the opportunities a more data-led proposition might offer.

Here’s what Moneyhub found:

  • Nearly 1 in 2 building society members report difficulties in engaging with their services.
  • 80% of consumers believe that a good online platform is important when choosing a new financial provider.
  • 66% of 18-34 year olds would like more convenient access to products and services without the need to visit physical bank branches.

Building societies are at a pivotal juncture. Traditionally known for their community focus and customer-centricity, they now face the urgent need to digitize to meet evolving consumer demands.

“Digitize or die”, a senior sector stakeholder said.

Moneyhub’s research highlights a stark reality: there is a gap between consumer expectations and the digital offerings of building societies. The company’s report – Digitize or Die: A Call to Arms for Building Societies – serves as a roadmap for building societies ready to embrace this essential transformation, ensuring they meet the needs of today’s and tomorrow’s consumers.

Download the report now

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DigiShares and InvestBay Team Up to Tokenize and Democratize Real Estate Investing

DigiShares and InvestBay Team Up to Tokenize and Democratize Real Estate Investing
By David Penn Posted on
Categories: Alumni News, Daily news, DigiShares
  • White-label tokenization platform for real estate DigiShares has partnered with Czech online real estate investing platform InvestBay.
  • InvestBay will leverage DigiShares’ technology to tokenize real estate.
  • Headquartered in Denmark, DigiShares made its Finovate debut at our online fintech conference in the spring of 2021.

Denmark-based white-label tokenization platform for real estate DigiShares has partnered with Czech online real estate investing platform InvestBay. Courtesy of the partnership, InvestBay will integrate DigiShares’ white label, real estate tokenization technology with its own platform that facilitates fractional property investments.

“We build InvestBay in such a way that it is similar to real ownership but in smaller fractions,” InvestBay CEO and Founder Daniel Rajnoch explained. “Investors benefit from two potential revenue streams: rental income and capital value growth over time. It is also hassle-free ownership, because InvestBay will take care of everything with their partners. This includes finding guests, maintenance, cleaning, checking guests in and out – all the usual headaches of fully owning a property.”

InvestBay’s “crowd-owning” model enables investment properties to be co-owned by tens or even hundreds of micro-investors. Geared toward holiday properties in Europe, investors can participate with as little as $107 (€100) and enjoy the use of the properties on preferential terms. Adding tokenization, according to Rajnoch, creates a “vehicle for enabling liquidity and creating equal opportunity access to this investment sector for smaller retail investors.”

Founded in 2018, DigiShares made its Finovate debut at our online fintech conference in the spring of 2021. At the event, the company demoed its white-label tokenization platform that digitizes and automates the processes involved in the financing of real estate projects. The platform enables users to fractionalize assets, companies, and funds down to $107 (€100); allows investors to pay in both fiat and stablecoin; and facilitates P2P and wallet-to-wallet trading without counterparty risk.

“We are very excited about collaborating with InvestBay on democratization of real estate investment and happy that they see our white label tokenization platform as a good fit for their requirements,” DigiShares CEO and Co-Founder Claus Skaaning said. “Together with InvestBay we share the vision that one day everyone will be able to invest in attractive real estate assets to longer term help close the global wealth gap.”

DigiShares’ partnership with InvestBay is the company’s sixth collaboration this year. DigiShares began 2024 teaming up with Danish real estate developer Coreestate and urban mobility solutions provider Custowner Mobility. Also this year, the company expanded its partnership with public permissioned blockchain network Polymesh (first announced in December), teamed up with Spanish proptech startup Equito App, and announced that it was collaborating with Polygon to create a decentralized ID framework for tokenization.

Photo by The Lazy Artist Gallery

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Upstart Launches RCP, a Tool to Help Banks Customize Loan Offers

Upstart Launches RCP, a Tool to Help Banks Customize Loan Offers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Upstart launched a new capability, Recognized Customer Personalization (RCP), that allows banks to present customized loan offers to their clients searching for a loan on Upstart.com.
  • Banks can tailor the offer to each prospective borrower based on their risk tolerance, return target, preferred loan size and terms, and geographic focus.
  • Currently, more than 20 lenders within Upstart’s network are already using the new tool.

Lending marketplace Upstart recently unveiled a feature it calls Recognized Customer Personalization (RCP). This new personalization tool enables banks using Upstart’s Referral Network to present a customized loan offer to their customers who use Upstart.com to look for a loan.

The new capability offers lenders on the Upstart Referral Network insight into which of their customers are in the market for a loan and enables banks to send an immediate and automated branded credit offer to the customer. Banks can tailor the offer to each prospective borrower based on their risk tolerance, return target, preferred loan size and terms, and geographic focus. RCP also allows lenders to use their own, in-house underwriting model, or leverage Upstart’s AI-enabled credit decisioning tool.

“In the current economic environment, lenders are laser focused on retaining their customers and increasing the lifetime value of those relationships,” said Michael Lock, SVP of Lending Partnerships, Upstart. “RCP enables them to reach their existing customers in a new way, provide more value, and build loyalty.”

RCP is currently available for personal loans and Upstart plans to expand the program to auto loans and home equity lines of credit in the future. Currently, more than 20 lenders within Upstart’s network are already using RCP.

Charles Eads, Chief Lending Officer of one such lender, Abound Credit Union, noted RCP’s potential to help the credit union serve members outside of its typical geographic boundary. “RCP will enable us to retain and better serve our existing members,” said Eads. “This innovative program will allow us to continue to meet the financial needs of our members in the communities we serve, as well as those members who have moved outside of the area.”

California-based Upstart was founded in 2012 to leverage AI and machine learning to price credit and automate the borrowing process. The company closed its IPO in 2020 and is currently traded on the NASDAQ under the ticker UPST with a market capitalization of $2.02 billion.

Photo by Monica Silvestre

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Greg Palmer and the Finovate Podcast: Financial Literacy, Core Banking, and Deepfake Detection

Greg Palmer and the Finovate Podcast: Financial Literacy, Core Banking, and Deepfake Detection
By David Penn Posted on
Categories: Corsound AI, Podcasting, Tuum, Zeed

Finovate VP and host of the Finovate podcast Greg Palmer continues his conversations with Best of Show winning companies from FinovateEurope.

Join Greg as he talks about the next generation of investment and wealth management content with Salman Hussain of Zeed, the value of flexibility in core banking with Richard Weston of Tuum, and the challenge of identity theft, deep fakes, and the escalating AI arms race with Gal Haselkorn of Corsound.ai.

Greg Palmer interviews Salman Hussain, co-founder of Zeed. The company enables retail investors to engage with financial content by leveraging interactive AI. Zeed’s technology also enables issuers to deploy these AI-based tools to educate and grow their retail investor base. Demo video.

Episode 211 – Salman Hussain, Zeed

Greg Palmer talks with Richard Weston, Sales Director with Tuum, on the latest innovations in core banking technology. With a strong focus on the U.K. and the Nordics, Tuum is a next generation core banking software provider that helps banks modernize their systems, open new revenue streams, and build new business models. Demo video.

Episode 210 – Richard Weston, Tuum

Greg Palmer catches up with Corsound AI CEO Gal Haselkorn to discuss cutting-edge developments in voice intelligence and deepfake detection. Corsound AI, headquartered in Tel Aviv, Israel, offers a real-time deepfake detection solution that provides immediate threat mitigation for a robust defense against emerging security threats. Demo video.

Episode 209 – Gal Haselkorn, Corsound.ai

Photo by Will Francis on Unsplash

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Expensify, Featurespace, Feedzai, Finastra, Fintech Rundown, Jack Henry, TreviPay, Zafin

This week brings May Day, a day to celebrate the halfway point between spring and summer, and in the world of fintech, there are also exciting developments to mark the start of a new month. Check back for real-time updates on how the fintech landscape evolves this week.

Youth Banking

SCE Credit Union partners with Los Angeles County on youth access banking program.

Credit Unions

UniWyo Credit Union taps Jack Henry to help with merger with Reliant Federal Credit Union.

Digital Banking

Core banking platform provider Finxact and SaaS core modernization and transformation solution provider for banks Zafin announced a new collaboration.

Expense Management

Financial management superapp for expenses and corporate cards Expensify unveils its New Expensify platform geared toward the global self-employed market.

Payments

Fintech infrastructure solution for branded customer wallets, Ansa, secures $14 million in Series A funding.

TreviPay unveils new self-financing option and enhanced payment application features for B2B net terms program.

Stripe decouples payments from the rest of its products stack.

Till Financial partners with EF Educational Tours and EF Explore America to facilitate cashless payments for traveling students.

FastSpring and EBANX partner to expand Pix payments for digital products in Brazil.

DailyPay to offer earned wage access to small businesses nationwide.

Airwallex to provide faster international payments for BILL.

Kojo expands fintech offering to modernize the payment process for contractors.

Fortech selects Shift4 technology to streamline payments at alternative-fuel service stations across Europe.

Lending

Xplor Technologies launches new financial solution for small businesses.

Cross River marks $200+ million in commercial real estate loan originations in the first quarter of 2024.

Blend Labs lands $150 million investment.

Fraud Prevention

Anti-fraud and financial crime software company Feedzai introduces new Chief Financial Officer David Larson.

Featurespace joins The Knoble, an alliance of financial service professionals, law enforcement, regulators, and NGOs committed to fighting financial crime.

Quavo Fraud & Disputes releases QFD Version 24.01 to reduce assignment volumes and enhance automation.

FinScan launches AI solution for sanctions screening of financial instruments.

Wealth Management

Swedish investment platform SAVR secures investment from Incore Invest.

Financial digital platform FactSet unveils AI-powered portfolio commentary.

Treasury Management

Finastra teams up with OpenFin to enhance the user experience of Finastra Kondor, Finastra’s bank treasury management system

Business Banking

Baselayer raises $6.5 million in a Seed round to redefine business risk with AI risk engine. 

Photo by Social History Archive on Unsplash

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Gen AI, Geopolitics, and the Blue Dot Customer: 3 Conversations from FinovateEurope

Gen AI, Geopolitics, and the Blue Dot Customer: 3 Conversations from FinovateEurope
By David Penn Posted on
Categories: FinovateEurope 2024, Interview, Streamly

Today we’re sharing our final set of conversations from our European fintech conference, FinovateEurope. This round of interviews expands beyond our recent look at embedded finance, open banking, and the customer experience in financial services to cover broader themes like AI, the intersection of geopolitics and finance, and the customer of tomorrow.

The truth about generative AI: What financial institutions really need to know about adoption

Author, Generative AI expert, and founder at Tamang Ventures, Nina Schick discusses the realities facing financial services companies when they adopt generative AI. Schick talks about lessons financial services companies can learn from early adopters of the technology in other industries, and why partnerships are the way forward for most companies in banking and finance to best take advantage of AI.

The geopolitical super cycle and what that means for financial services

CEO at London Politica, Manas Chawla talks about the geopolitical risks facing the financial services sector in 2024 – from Ukraine to Gaza to the upcoming Presidential election in the United States. Chawla also discusses the geopolitical supercycle and the challenge of “grey rhino” threats that leaders in both business and politics need to be aware of.

The blue dot consumer: What can financial services learn from Taylor Swift, Red Bull, and United Airlines

A consumer behaviouralist at The King of Customer Experience Ken Hughes introduces the concept of the blue dot consumer in his discussion of what he calls “the customer of tomorrow.” Hughes talks about the relationship between technology and the human experience, how successful brands build loyalty, and what banks and financial institutions can do to foster true loyalty.

Photo by CoWomen

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B2B Payments Consolidates: Paystand to Acquire Teampay

B2B Payments Consolidates: Paystand to Acquire Teampay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, PayStand
  • Paystand is acquiring Teampay. Financial terms of the agreement were not disclosed.
  • Following the acquisition, Paystand will serve more than one million business customers.
  • Teampay will continue to serve its existing customers under the same brand, and things will be business as usual “in the near term.”

Cloud-based billing and payment platform Paystand announced this week it has agreed to acquire expense management platform Teampay. Financial terms of the agreement were not disclosed.

The strategic move marks the California-based company’s second acquisition. Paystand purchased procurement platform Yaydoo in 2022. Now, the company services more than one million companies.

Teampay was founded in 2016 to offer spend management, accounts payable automation, purchasing assistant, spend approval tools, accounting automation, and more to help small-to-mid-market businesses and enterprises automate their spending without sacrificing control.

Paystand, which leverages the blockchain and cloud technology to digitize and automate businesses’ cash lifecycle, will use Teampay to scale its services. “With the fusion of Paystand and Teampay we significantly expanded our network, which now touches over one million businesses,” Paystand said in a blog post announcement.

Logistically, Teampay will continue to serve its existing customers under the same brand, and things will be business as usual “in the near term.” The companies did not specify whether Paystand planned to dissolve the Teampay brand and bring the customers under its own platform.

Paystand was founded in 2013 to help businesses digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. In addition to its B2B payments and billing capabilities, the company also helps businesses leverage the blockchain to securely record their payment history by certifying and notarizing payments on the blockchain. Paystand has raised a total of $98 million. Jeremy Almond is Co-Founder and CEO.

Photo by Alexander Suhorucov

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