Yoyo Lands $30 Million Partnership Agreement

By Julie Muhn (@julieschicktanz) Posted on
Categories: Yoyo

U.K. payment and loyalty app startup Yoyo Wallet entered into a major partnership agreement this week. The deal, worth $30 million, is with Greg Kidd's investment firm Hard Yaka. Well-known in the fintech industry, Kidd was an early investor in Ripple, Square, Twitter, and Coinbase.

For its end of the deal, Yoyo will integrate its commerce API with Hard Yaka's Global ID, a global user identification platform. Global ID helps users prove their identity via their electronic footprint. The tool's identity token is a key feature to help users make purchases online and in-store; this commerce element is where Global ID will leverage Yoyo's loyalty and purchasing app.

“Yoyo is the cornerstone to the global delivery of the Hard Yaka vision. We know about data – and our collaboration together will generate a boost to the Global ID movement that will shape the future of the global…

Read more →

OnDeck Partners with PNC Bank to Streamline SME Financing

By David Penn Posted on
Categories: On Deck Capital

Starting in 2019, PNC Bank will offer digital business lines of credit up to $100,000 within one to three business days. This expansion of its current online lending business comes courtesy of a partnership with OnDeck, whose OnDeck Platform-as-a-Service (ODX) solution - launched earlier this month - will simplify and speed up the loan origination process for PNC Bank's SME customers.

"Small and medium-sized business owners are continually searching for simpler, easier and quicker means to apply for and receive funding and to that end, PNC is investing in this new avenue to find solutions that work for them," Head of Retail Lending at PNC Bank Lakhbir Lamba said. "Our relationship with OnDeck is PNC's first opportunity to leverage the services of a fintech company in a platform-as-a-service model that will make it easier for businesses to borrow from us in order to support their growth."

PNC Bank, National…

Read more →

FinovateAsia is Days Away

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018

It's time for last-minute preparations for FinovateAsia, which will be held next week on October 29 and 30 in Hong Kong. And it's not just the presenters and speakers who need to be prepared, it's also you, our audience. Still don't have your ticket? Register today to be part of the crowd.

To help you get ready for all of the newest themes and trends that will be presented next week, we've created this word cloud that offers a visual on the hottest topics of this year's show:

As for logistical details, here is all you need to know:

Who

We've gathered dozens of innovative fintech companies to demo their latest technology on stage. Check out our full list of demoing companies and read through our Sneak Peek blog series for an inside look at what the companies will demo on stage.

We'll also be joined by industry experts…

Read more →

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: DigiByte Holdings Limited, Emailage, On Deck Capital, Ping Identity, Tinkoff Bank, Yoyo

On Finovate.com

OnDeck Partners with PNC Bank to Streamline SME Financing. Yoyo Lands $30 Million Partnership Agreement.

Around the web

Ping Identity makes YubiKey experience packs available for PingID customers Crypto Globalist features Digibyte. Emailage launches RapidRisk Score fraud detection solution for risk analysis. Tinkoff Bank launches Tinkoff Mortgage mobile application for its mortgage customers and partners.

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.

Read more →

DoubleNet Pay Acquired by Benefits Provider Purchasing Power

By Julie Muhn (@julieschicktanz) Posted on
Categories: DoubleNet Pay, Mergers & Acquisitions

Financial wellness platform DoubleNet Pay announced this week it has agreed to be acquired by Purchasing Power, an Atlanta-based voluntary benefit provider for employers. The financial terms of the deal, which closed on September 28, were not disclosed.

DoubleNet Pay was founded in 2013 on the principle of paying yourself first. The company's platform helped users account for bills and savings goals before using their income on discretionary spending. Every time its users received a paycheck, DoubleNet Pay automatically separated the funds into three different accounts-- savings, bills, and spending-- to help users achieve financial freedom.

Purchasing Power, however, was most interested in DoubleNet Pay's Workplace offering, a feature for businesses to help their employees gain financial security. As Richard Carrano, Purchasing Power CEO, explained, "This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not…

Read more →

Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: ACI Worldwide, Fidor Bank, Finovate Global, PayStand, Sberbank, Siam Commercial Bank, Tinkoff Bank

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Sub-Saharan Africa Nigerian online accounting services specialist Accounteer announces plans to open new office in Nairobi, Kenya. First Bank of Nigeria awards more than $14,000 in cash prizes to winners of its hackathon competition. Absa Group of South Africa adds new functionality to its mobile app. Central and Eastern Europe Tinkoff Bank launches Tinkoff Junior mobile app for children and teenagers. Sberbank unveils its new Payment Schedules solution, enabling users to configure the interface of Sberbank Business Online into an event feed format. Top ten Ukrainian bank, First Ukrainian International Bank (FUIB) to offer banking services via messaging apps Viber and Telegram - with Facebook Messenger to…

Read more →

Wealthfront’s New Freemium Model

By Julie Muhn (@julieschicktanz) Posted on
Categories: Wealthfront

Wealthtech innovator Wealthfront unveiled this week its plans to launch a freemium version of its online roboadvisory service. The California-based company will open its Path financial planning tool for free to U.S. users.

Users new to Wealthfront can sync their existing financial accounts with Path, an automated financial planning solution launched in 2017, that offers an interactive experience for users to explore different scenarios that may help them reach their goals. By syncing their own accounts with Path, users can gain a better understanding of their current wealth management habits and create a personalized retirement plan for the future. Wealthfront will allow freemium users to sync not only traditional bank account information but also brokerage account and home value data. As is the case with most freemium services, Wealthfront's goal with the new offering is to transition clients of the free service to its managed plans.

In an interview with…

Read more →

What’s Driving the Fintech Ecosystem?

By Charlie Burgess Posted on
Categories: FinovateFall 2018, Kabbage, TransferWise

The fintech space is filled with new players bringing to market new innovations and solutions to old business and consumer problems, as well as traditional businesses looking to develop in-house innovation teams and partner with start-ups. But what they both have in common is a desire to meet and exceed changing customer demands, make financial services more accessible and user-friendly, and keep up with the fast-paced technological advances. During FinovateFall, we sat down with the experts on the ground to ask them about what's driving the fintech ecosystem where they work.

https://youtu.be/45h2oTwXsr4

Andrew Boyajian, Head of Banking, North America, Transferwise on overcoming regulatory challenges to launch a global product.

https://www.youtube.com/watch?v=VZRfoPr9kmQ

Neeraj Arora, Global Head of Decision Science and Data Automation - Personal Insurance at AIG on the importance of an innovation branch in the business and why they should work hand-in-hand with start-ups.

https://www.youtube.com/watch?v=2T6Y8TXf3FE

David Snitkof, Head of Data Integration…

Read more →

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, Clover Network, Coinbase, Crypterium, Daon, DoubleNet Pay, Envestnet, Featurespace, Insuritas, Kabbage, Moxtra, Temenos, Wealthfront

On Finovate.com

Wealthfront’s New Freemium Model. DoubleNet Pay Acquired by Benefits Provider Purchasing Power.

Around the web

Moxtra partners with Virtusa to help banks with client engagement. Daon announces partnership with Avtex to improve contact center experience. Envestnet | Yodlee launches risk insight for pre-qualification. BCFocus highlights Crypterium. Benzinga features Kabbage growth stats. CNBC: Coinbase and Circle form joint venture to boost adoption of dollar-backed digital coins City A.M. reports Azimo and CurrencyCloud to open offices in Amsterdam. First Data launches Clover in Canada. Temenos announces new Hybrid Pooling cash management solution for corporate banking. ClearBank selects Featurespace for real-time fraud and AML detection. Insuritas partners with Northwest Bank to launch bank-owned digital insurance agency platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Read more →

Moven Enterprise Goes Global

By David Penn Posted on
Categories: Moven

Smart banking solutions provider Moven Enterprise, a division of Movencorp, is leveraging its success with banks in Canada and New Zealand to help more FIs globally improve customer engagement and build new revenue streams. The company announced this week that it will be bringing its AI-powered digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe - buoyed by a $10 million investment from SBI Group and the establishment of SBI Moven Asia earlier this year.

"Moven has a proven model for success. Several of our client banks' results tell the story - from significantly reduced attrition rates, positive customer engagement and increased savings behaviors and reduction in spending, Moven is well-positioned to roll-out our enterprise offering to banks around the world," Moven CEO Marek Forysiak said.

Moven founder Brett King underscored SBI Group's role in accelerating the company's opportunities overseas. "SBI's partnerships with…

Read more →

Kony Bucks Status Quo by Acquiring Tech from Bank

By Julie Muhn (@julieschicktanz) Posted on
Categories: Kony

In a fintech-techfin world, it is usually banks that acquire technology from fintech companies, and not the other way around. However, this week, enterprise application company Kony is changing that narrative. The Texas-based company announced it is acquiring the assets of Pivotus, the innovation subsidiary of Umpqua Bank parent company, Umpqua Holdings. The financial terms of the deal were not disclosed.

Umpqua launched Pivotus in 2015 to serve as an environment where it could quickly develop, test, and deploy new banking solutions for Umpqua. Cort O’Haver, Umpqua Holdings president and CEO, said, "As the speed of technological change continues to accelerate, it’s important that we’re able to make the most of our strategy and size by developing a network of partnerships that can accelerate our pace of differentiation. Finding a smart home for Pivotus—with the capital, technical expertise, and customer focus —is important for Umpqua moving forward, and Kony is…

Read more →

Plaid Signs Open Banking Agreement with JPMorgan

By Julie Muhn (@julieschicktanz) Posted on
Categories: Plaid

After making its international debut earlier this year, Plaid, the provider of APIs for financial infrastructure, announced it has linked up with JPMorgan Chase to help the bank make a move toward open banking by enabling account holders to safely share their financial data with third party fintech applications.

Via a secure API, Plaid accesses consumers' data to help them share their digital financial information with other fintech apps such as Robinhood, Acorns, and Venmo. The cooperation will also offer developers quality data they can use to build new products and services. To put clients in control, Chase has launched a new tool called Account Safe that brings users visibility into which applications are using their data and give them control over the use of their data.

In an announcement on its blog, Plaid stated that it believes today's partnership "underscores the need for secure and reliable data in…

Read more →