Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fintech Rundown

We’ve entered the first full week of March. Layoff activity has cooled slightly (but has not stopped), and fintech news is heating up. Here’s your weekly news rundown. Check back for real-time updates on how the fintech landscape evolves this week.

Payments

Kiwibank goes live with ACI Worldwide’s Enterprise Payments Platform.

Indian payments and API banking company Cashfree Payments launches embedded payments for software platforms.

TrueNorth selects Brim to help it bring small business and commercial credit card-as-a-service technology to banks, fintechs, and others in its professional services organization.

Xero to embed a billpay solution from BILL into the Xero platform.

wagely has secured $23 million in new funding.

allpay partners with automation expert Voicescape.

PayNearMe introduces Smart Switch, a new capability that enables card processing redundancy for billers and iGaming operators.

Allianz Trade launches Allianz Trade pay.

Digital Banking

Capstack Technologies secures strategic investment from Citi Ventures for its bank-to-bank loan marketplace.

Synctera raises $18.6 million in a Series A extension round to fuel international expansion.

Pocketbook selects Grasshopper to provide its customers with white-labeled FDIC insured commercial checking accounts.

Fraud and Security

G2 Risk Solutions and Mastercard join forces to help merchant acquirers reduce transaction fraud.

Airbase partners with Sardine to combat payment and vendor fraud

Lending

Embedded lending platform ChargeAfter launches The Lending Hub to help banks deliver lending solutions for merchants and their customers.

AKUVO launches Virtual Collector, a digital collections portal that helps borrowers to correct their past due accounts online without a live agent. 

Clearwater Credit Union partners with Cotribute to streamline digital account onboarding, automated loan origination.  

Credit Unions

Reseda Group invests $6.2 million in 8 fintechs: CU LIFT Fund, CURevl, Debbie, Origence, Members Mobile, Ranqx, Ascent and Changed.

Wealth management

AdvicePay launches new integrations with eMoney Advisor to offer efficiencies for joint customers navigating between the two platforms.

SmartAsset launches SmartAsset AMP, an Advisor Marketing Platform to help advisors acquire new clients.

Business banking

Bill launches cash flow forecasting and insights capabilities for SMBs.

Corcentric enhances AP invoice processing.

Velmie launches Business Banking Core Platform.

Open banking / Open finance

Colorado-based High Plains Bank leverages open banking infrastructure from Jack Henry to offer new services to its Spanish-speaking customers.

Photo by Leeloo The First

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Enhancing Customer Engagement with AI-Based Hyper-Personalization

Enhancing Customer Engagement with AI-Based Hyper-Personalization
By Lili Nguyen Posted on
Categories: Uncategorized

This webinar explores the cutting-edge partnership between Central Bank and Personetics, aimed at revolutionizing the way community banks deliver meaningful value by proactively helping customers better manage their finances. Hear directly from experts Daniel Westhues, Executive Vice President and CMO at Central Bank, and Jody Bhagat, President of Americas at Personetics.

Why watch?

  • Future-Forward Banking: Get a glimpse of the future of community banking, where customer engagement leads the way.
  • Proactive Customer Support: Discover how Central Bank leverages Personetics’ capabilities to offer proactive assistance, helping customers navigate their banking needs with ease.
  • Hyper-Personalized Insights: Learn about the scalable, personalized insights provided by Central Bank, ensuring every customer feels understood and valued.

Dive into the innovative approaches Central Bank is adopting to enhance financial wellness and customer satisfaction. Don’t miss this opportunity to learn from industry leaders about shaping the future of banking through personalized, proactive customer engagement.

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Microsoft Launches Microsoft Copilot for Finance

Microsoft Launches Microsoft Copilot for Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Microsoft has launched a public preview of Copilot for Finance, an AI-powered, role-based workflow automation tool.
  • Copilot for Finance can help finance professionals automate time-consuming aspects of their jobs, such as data entry and review.
  • Microsoft’s Copilot for Finance is part of the company’s Copilot Studio, which also includes a sales tool as well as a tool for contact centers.

This week, Microsoft launched a public preview of Copilot for Finance, a new offering that extends Microsoft Copilot for Microsoft 365 to help finance teams work more efficiently.

Copilot for Finance offers an AI-powered, role-based workflow automation that offers recommendations and guided actions. The new tool streamlines financial tasks, automates previously manual workflows, and offers insights into the flow of work.

The launch comes after a 2023 Microsoft study revealed that 80% of finance leaders and teams face challenges to take on more strategic work outside the scope of their roles. And another study found that 62% of finance professionals say they are stuck in data entry and review cycles. Offering an AI-powered workflow, Copilot for Finance can save finance professionals time and allow them to focus more on strategy.

Here are some of the specific tasks the new tool can help finance professionals accomplish:

  • Helps financial analysts conduct a variance analysis in Excel using natural language prompts, allowing them to quickly review data sets for anomalies, risks, and unmatched values.
  • Simplifies the reconciliation process in Excel with automated data structure comparisons. The tool also offers guided troubleshooting to help users know where to take action.
  • Helps expedite the collections process by summarizing relevant customer account details in Outlook, such as balance statements and invoices.
  • Enables customers to turn raw data in Excel into visuals and reports that they can share across Outlook and Teams.

Copilot for Finance is part of Microsoft’s Copilot Studio, a suite of services that also includes Copilot for Service (for contact centers) and Copilot for Sales, which already counts more than 30,000 clients, including Northern Trust, Schneider Electric, and Visa.

Microsoft has been testing Copilot for Finance inside its own organization. “Our finance organization is just like any other – looking for technology to help us do our work in a more efficient and impactful way – and we’re excited to track our journey as customer zero of Microsoft Copilot for Finance” said Microsoft Modern Finance Lead Cory Hrncirik.

Photo by Ed Hardie on Unsplash

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3 Things Beyoncé and Her New Country Song Can Teach Banks & Fintechs

3 Things Beyoncé and Her New Country Song Can Teach Banks & Fintechs
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series, Thought Leadership

Here’s an interesting way to celebrate the last day of Black History Month. Let’s talk about what banks and fintechs can learn from Beyoncé.

Affectionately known as Queen Bey, the black music and entertainment icon released a single this month called Texas Hold ‘Em, the pop singer’s first ever country music song.

The song, which you can listen to on Spotify (beware of the NSFW album cover image), has sparked a flurry of debate among die-hard country music lovers and pop music fans. Some country music enthusiasts perceive the lyrics of the song as inauthentic and the beat too poppy to be considered country. Others really enjoy the song and are offended that some country radio stations have refused to play the song. The new beat has even caused some pop music fans to start listening to country music. On both sides, however, Beyoncé’s new hit has divided people. Listeners either love it or hate it.

I’m far from a music critic, but I like Beyoncé and because I live in rural Montana, I listen to a lot of country music. However, I can’t stand the lyrics of the new song. I love the beat, but I feel like she used ChatGPT to gather a handful of “country” words– dive bar, tornado, liquor, slow dance, hoedown, whiskey– and poured them all into the song. Has Beyoncé really ever been to a true dive bar? I digress.

While everyone is entitled to their own opinion about the hit single, there are a few hidden lessons in the controversy and conversation surrounding Texas Hold ‘Em. So what can it teach banks and fintechs?

Embrace change

Beyoncé showcased an impressive ability to convert serious pop music fans into country music enthusiasts. Listeners who would have previously never even considered playing a country music song on purpose have gained a new appreciation for the genre. This power to open consumers’ minds highlights the importance of embracing change and adapting to new trends. Despite the challenge of staying on top of trends, fintechs and banks should be open to evolving technologies and customer preferences.

Authenticity matters

Just like how listeners of all music genres value the authentic beat and genuine lyrics of their favorite type of music, so do customers appreciate a genuine experience from their financial services provider. It is easy for consumers to tell when a brand is trying to be something that they are not. Fintechs and banks should strive to be transparent and true to their brand values.

Don’t limit your audience

The song’s polarizing effect shows the power of how music (or products) resonate differently with various audiences. Financial services companies should occasionally revisit their offerings to see how they can expand and fulfill needs of a wider audience range. As long as it is authentic to the brand, banks and fintechs should consider offering a more diverse range of products and services that cater to more audiences, serving their varied needs.

Photo by Emily Bauman on Unsplash

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Trustly and Socure Partner to Offer Open Banking Pay-by-Bank Solution with Enhanced Onboarding

Trustly and Socure Partner to Offer Open Banking Pay-by-Bank Solution with Enhanced Onboarding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Socure, Trustly
  • Pay by bank expert Trustly and digital identity solutions provider Socure have teamed up this week.
  • Together, the companies will offer streamlined onboarding through Trustly’s Pay By Bank services. 
  • Pay-by-bank is expected to see growth this year because of its potential to offer merchants enhanced security, increased speed of payments, and cost savings.

Online payments expert Trustly and digital identity verification and fraud solutions provider Socure are combining their expertis, to launch a pay-by-bank solution with enhanced onboarding, leveraging the power of open banking.

The new tool will offer businesses in a range of sectors– including investing, gaming, trading, and financial services– streamlined onboarding capabilities combined with pay-by-bank functionality. Specifically, Socure’s ID+ platform, leveraging AI-driven predictive analytics, will be integrated with Trustly’s direct banking integration Pay By Bank offering, enabling merchants to seamlessly onboard users and process payments in a single unified process.

“Combining open banking with KYC and screening greatly enhances the robustness of user onboarding and incorporates a seamless payment solution, providing consumers the ultimate onboarding experience,” said Trustly Chief Business Development Officer Craig McDonald. 

On the fraud side, the augmented pay-by-bank solution enhances not only KYC compliance, but also fraud detection and ID verification capabilities, which are crucial in today’s era of advanced deepfakes and synthetic identities. Additionally, the tool helps merchants benefit from the power of open banking, which offers instant and guaranteed payments because they are authorized directly by the bank. This provides a higher level of security compared to other payment methods.

“We are very excited about our partnership with Trustly and its pay-by-bank business model. We think this diversity in payment types brought about by open banking is representative of a new era for consumer choice,” said Evan Rabinowitz, Vice President of Business Development at Socure. “We have a shared belief that trusted identity is essential to the transformation of open and connected banking.”

Trustly was founded in 2008 and today connects its 8,300 merchant clients with 650 million consumers and 12,000 banks in more than 30 countries. The company’s pay-by-bank network currently processes over $42 billion in transaction volume each year. In 2018, Nordic Capital bought Trustly for an undisclosed amount, and since then, Trustly has acquired three companies of its own, including SlimPay, Ecospend, and PayWithMyBank.

Trustly is positioned for growth in 2024, especially in the U.S., which offer significant potential. According to Financial Brand contributor Steve Cocheo, “Pay-by-bank services will accelerate in 2024 in the U.S., driven by a combination of at least five converging trends: the growing availability of real-time payment rails; increased interest from businesses seeking to avoid card processing fees and gain faster access to funds; increasing democratization of payments; a move away from subscriptions to micropayments, and even a potentially big push courtesy of Elon Musk’s banking ambitions.”

Nevada-based Socure was founded in 2012, focusing on its digital identity verification solution. As many services have moved online and ecommerce has accelerated, the company has grown, helping 2,000 customers– including SoFi, Chime, and Capital One– in verifying the identities of their end consumers to help prevent fraud. Socure has raised more than $744 million. Johnny Ayers is Founder and CEO.

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NayaOne Lands $4.7 Million in Funding

NayaOne Lands $4.7 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, NayaOne
  • NayaOne has received $4.7 million in funding in a round led by EJF Capital.
  • The company will use the funds to accelerate its product roadmap and meet demand.
  • NayaOne offers a sandbox-as-a-service, where banks can test new technologies, as well as a fintech marketplace, which serves as a network of vetted fintech solutions.

NayaOne, which just stepped off the FinovateEurope stage this week, has received $4.7 million in funding for its sandbox-as-a-service platform and fintech marketplace. The amount of the company’s total funds is undisclosed.

This investment round saw contributions from EJF Capital, which led the round, as well as from Valley Ventures and existing investor Carthona Capital. NayaOne will use the funds to accelerate its product roadmap and meet market demand by optimizing bank-fintech relationships.

When asked about the significance of today’s funding round, NayaOne CEO Karan Jain said, “It’s about more than just growth; it’s about setting the pace in a sector that’s fundamentally rethinking how it evolves.”

NayaOne was founded in 2019, just before the digital transformation wave that hit the industry in 2020. The company’s sandbox-as-a-service platform serves as a single place for banks to access hundreds of fintechs and datasets with which they can innovate, build, and test digital solutions quickly and securely. Banks also have access to NayaOne’s network of vetted fintech solutions that have been evaluated for quality, security, and compliance.

Providing banks with a single place where they can access fintechs and datasets helps them reduce the time it takes to adopt new technologies and solutions. It also reduces the risks associated with potential compliance, quality, and security issues.

 “We’re still in the early stage of a tech revolution in banking and capital markets, and NayaOne stands out as the critical infrastructure enabling the next big leap forward,” said EJF Ventures’ Michael Cherepnin.

There’s a story behind the U.K.-based company’s name. The words Naya and One were derived from ancient wisdom. Naya signifies transformation and financial innovation, while One represents the company’s foundational principle, which is: unparalleled connectivity with a single gateway to financial technology.

Photo by Ostap Senyuk on Unsplash

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FinovateEurope 2024 Best of Show Winners Announced

FinovateEurope 2024 Best of Show Winners Announced
By David Penn Posted on
Categories: Best of Show, Corsound AI, FinovateEurope 2024, Tuum, Zeed

Day One of FinovateEurope 2024 is in the books! That means it’s time to find out which demoing companies made the greatest impressions on our Finovate audience – earning our coveted Best of Show award.

Corsound AI for its technology that helps businesses fortify their security measures against voice-related fraud. Video.

Tuum for its solution that allows banks to orchestrate new businesses and business models, unlocking new revenue streams. Video.

Zeed for its platform that enables public companies and asset managers to reach and engage retail investors by leveraging video content. Video.

Thanks to all of the companies that demonstrated their latest technologies live on the Finovate stage on Tuesday. The diverse array of fintech innovations – from new ways to combat fraud to solutions that help banks attract new customers and boost revenues – was a great sign of where our industry is today, and where it appears to be headed.

Be sure to check out our FinovateEurope 2024 recap next Monday as we look back at some of the key themes and issues raised in this week’s conference.

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 2023 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
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021
FinovateEurope 2022
FinovateSpring 2022
FinovateFall 2022
FinovateEurope 2023
FinovateSpring 2023
FinovateFall 2023

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Gusto Taps Nav to Help Clients Build Business Credit and Access Financing

Gusto Taps Nav to Help Clients Build Business Credit and Access Financing
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Gusto
  • Payroll, benefits and HR management solutions company Gusto and B2B credit and financing expert Nav are partnering this week.
  • Under the agreement, Gusto’s small business clients will have access to Nav’s financial health insights as well as its network of financing options.
  • Originally founded as ZenPayroll in 2012, Gusto has raised a total of $746 million.

Payroll, benefits, and HR management solutions company Gusto has selected B2B credit and financing expert Nav to help its small business customers build business credit and access Nav’s network of financing options.

With 300,000 customers, Gusto processes payroll and provides HR services such as employee benefits, health insurance, and 401(k) plans. Following today’s announcement, those businesses will also benefit from Nav’s personalized financial health insights that offer visibility into cash flow, credit insights, and suggested financing options. Additionally, Gusto’s business clients will have access to Nav’s network of 160 different financing options, which include loans, credit cards, and banking.

Gusto anticipates the funding services will help small businesses overcome obstacles such as finding available funding, improving cash flow stability, and managing their expenses.

“At Gusto, our mission is to help small and mid-sized businesses take care of their teams, while accelerating their growth. But these businesses can’t grow without having a full picture of their finances and the funding options available to them,” said Gusto Head of Partnerships Sonya Jamula. “That’s why we’re excited to join forces with Nav to bring them a broader range of options for funding and financial services – and to help more small and mid-sized businesses succeed.”

Nav was founded in 2012. Together with its network of financial providers, the Utah-based company helps its 350,000+ small business customers improve borrowing power and access working capital.

“Nav’s platform makes the path to funding less opaque and limits exposure to painful rejections and predatory lending. Small businesses need to have a transparent view into what options are available to them,” said Nav VP of Revenue Walt Levengood. “Our partnership with Gusto helps small businesses to have more control of their capital and to better manage their costs.”

Headquartered in San Francisco, Gusto has raised a total of $746 million since it was founded in 2012 as ZenPayroll. Co-founder Joshua Reeves is CEO.

Photo by Yan Krukau

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Dwolla Launches Open Banking Integrations

Dwolla Launches Open Banking Integrations
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Dwolla

If you have your ear to the ground in the payments space, you have probably heard that pay-by-bank is the latest craze. Operating in the account-to-account (A2A) payments space since 2008, Dwolla is launching a new offering that echoes that trend.

To bring its A2A payments offering into the new era, the Iowa-based fintech announced the launch of Open Banking Services today. The new open banking integrations will expand on Dwolla’s existing API, adding instant account verification, balance checks, and fraud mitigation to the services offered to the company’s mid- to enterprise-sized business clients.

Dwolla’s Open Banking Services are available through a single API that allows businesses to integrate the entire payment experience– from identity verification to exchanging account credentials– into their existing application. The company has pre-integrated with leading open banking service providers to ensure a smoother implementation process for businesses, reduce complexity, and accelerate time-to-market for A2A payment solutions.

Overall, Dwolla eliminates the need for businesses to use multiple vendors. The company’s white-label API streamlines transactions, leveraging The Clearing House’s RTP Network to allow users to send and settle funds in real-time. Dwolla also offers lower transaction fees, improved accuracy, and enhanced security.

“Our vision with Dwolla’s Open Banking Services is to empower businesses with a seamless, all-in-one solution for A2A payments,” said Dwolla CEO Dave Glaser. “By consolidating essential A2A payment functionalities under one roof, we aim to simplify the payment landscape for businesses, enabling faster time-to-market and improved operational efficiency.”

Dwolla is a three-time Finovate alum and most recently demoed at FinovateSpring 2015 where it debuted FiSync. The company has raised $72.4 million across nine rounds of funding.

Photo by Pixabay

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A Preview of FinovateEurope: Trends and What to Expect

A Preview of FinovateEurope: Trends and What to Expect
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2024, Podcasting

The first Finovate event of the year, FinovateEurope, is set to begin tomorrow. Taking place at the O2 Intercontinental in London, FinovateEurope is a great way to hear discussion on the latest trends and see the newest fintech tools and solutions.

I had the opportunity this month to sit down with podcast host and Finovate VP Greg Palmer to discuss some of the trends we expect to see unfold on stage at FinovateEurope. You can tune into the podcast to hear our conversation, or take a look at some of the sessions and metrics I highlighted during our chat.

What I’m excited about

I’m eager to listen to sessions on generative AI that filter out the hype of what’s really going on and what is actually possible. I’m also curious to listen in on the buy vs. build conversation and to hear from Jillian Godsil, Author and Broadcaster at CoinTelegraph, about the potential of a crypto spring.

Spotlighted sessions

The new Finovate Hot or Not Gameshow takes the idea of what’s hot and what’s not in fintech to gauge what the industry has its sights on. As in years past, we’ll also host the Analyst All Stars and Investors All Stars panels.

Demo company highlights

FinovateEurope 2024 will host 36 demo companies, coming from 15 different countries, on stage this year. Of the 36 demoing, 90% are demoing on the Finovate stage for the first time and 75% are either debuting a new technology or are a new company.

Demo themes

  • Security/ Fraud/ Risk/Authentication/ Compliance: 7 companies
  • Wealth management/ Investing: 6 companies
  • Payments: 4 companies
  • Digital banking: 4 companies

Other demo themes– including lending, sustainability, customer experience, life insurance, pure play generative AI solution, mortgagetech, and financial education– have three companies or fewer.

Tune in to Finovate podcast episode 203 to hear more.

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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: Fintech Rundown

It’s a leap year, which means we have an extra day in the month of February. How will the financial services industry Use the extra 24 hours this year? Check back for real-time updates on how the fintech landscape evolves this week.

Traditional banking

Legacy Bank & Trust reports it has doubled its assets after employing Jack Henry’s technology.

VyStar Credit Union selects NCR Atleos‘ Allpoint ATM Network to support growth.

Payments

In-person payment orchestration company Aevi partners with global card processing firm Silverflow.

Emirates and flydubai select Valuedynamx to power Emirates Skywards loyalty program.

Backbase and Alacriti partner to provide instant payment solutions for financial institutions.

Finix launches its business payments solution in the Canadian market.

AffiniPay selects Marqeta to power its SMB spend management solution for law firms.

AP automation and invoice processing company Basware appoints Head of AI and CIO to lead the company’s innovation drive.

PayU GPO launches a new suite of payment solutions to offer more payment options for merchants, offers Peruvian SMEs self-onboarding. 

Wedge launches Programmable Payment Solution for banking associations and credit unions.

Lending

Magnati and Biz2X announce embedded finance partnership in UAE.

Visa launches Working Capital Performance Benchmark to allow mid-market businesses to see how their utilization of working capital solutions compares to other mid-market businesses across industries and regions around the world. 

Security, fraud, and identity

DataVisor launches fraud and risk solution for sponsor banks to ensure compliance with new Banking-as-a-Service regulations.

AU10TIX launches Know Your Business solution to help companies know exactly who they are doing business with and avoid potential financial and reputational losses. 

Equifax introduces Business Verification Solution.

Financial wellness and wealth management

SaveAway earns finalist spot in the TechImpact Startup Competition sponsored by the NYC Economic Development Corporation and Community Development Financial Institutions Fund.

TIFIN AG announces collaboration with RBC Wealth Management U.S. to deepen advisor-client relationships.

Cetera partners with Wealth Access to help its bank and advisor clients deliver a more personalized experience to their end users.

T. Rowe Price taps Clearwater Analytics to power stable value investment operations.

Customer experience

NLX raises $12 million in Series A funding for its conversational AI technology.

DeFi

Ripple and Axelar Foundation partner to enhance XRP ledger’s interoperability across blockchains.

ClearJunction joins U.K. Cryptoasset Business Council to empower crypto ecosystem growth.

Insurtech

Atlantic Global Risk selects Novidea for insurance management.

Photo by SHVETS production

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Cross River Bank Launches Investment Banking Division

Cross River Bank Launches Investment Banking Division
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Cross River Bank’s parent company CRB Group is launching an investment banking strategy.
  • The new division, which falls under CRB Securities, will be co-led by Benjamin Samuels and Henry Pinnell.
  • The new launch is sure to disrupt FT Partners, which has dominated the fintech investment banking scene since it was founded in 2001.

Banking-as-a-Service institution Cross River Bank announced its parent company CRB Group has launched an investment banking division.

Benjamin Samuels, who was formerly the Co-Head of Alternative Capital Solutions for Morgan Stanley’s Global Capital Markets Group; and Henry Pinnell, former Co-Head of Investment Banking from SVB Securities; have been tapped to lead the new investment banking team, which will fall under CRB Securities. CRB Securities, which has previously focused on assisting clients with privately placed credit transactions such as asset-backed securities, will advise clients on mergers and acquisitions, capital markets transactions, and other corporate finance decisions.

Cross River Bank has been building its network and banking expertise since it was founded in 2008. Today, the company offers marketplace lending, capital solutions, card and account programs, a wide range of payment tools, and solutions for loan financing. Cross River Bank plans to leverage its history and connections to offer its investment banking clients a comprehensive suite of investment banking services.

“We are proud to launch our investment banking division of our broker-dealer with two well-respected professionals in the industry, combining decades of experience in both the fintech industry and capital markets,” said Cross River Founder and CEO Gilles Gade. “Ben and Henry are tasked with enhancing even further our product offering to our fintech partners and beyond, enabling us to solve the distinct needs of each and every client.”

While the launch isn’t likely have a major effect on the fintech industry as a whole, it will certainly impact one player in particular: FT Partners. Founded by Steve McLaughlin, FT Partners has been one of the top fintech deal-makers since the firm’s 2001 launch. Cross River Bank is coming to the investment banking game with long-standing relationships from its vast network of fintech clients. This makes the new firm a formidable competitor to FT Partners.

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