Alumni News

Taulia Brings Visa’s Digital Payments into Virtual Cards Offering

Taulia Brings Visa’s Digital Payments into Virtual Cards Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Taulia, VISA
  • Taulia has partnered with Visa to embed Visa’s digital payments technology into its Virtual Cards offering.
  • Taulia will leverage Visa’s APIs to embed business’ virtual payment credentials, acceptance, and enablement solutions to work natively across SAP business applications.
  • Integrating Visa’s digital payments technology into Taulia’s Virtual Cards will simplify the business-to-business payments process, especially for organizations using SAP’s ERP solutions.

SAP-owned supply chain finance fintech Taulia has partnered with Visa this week to embed Visa’s digital payments technology into Taulia’s Virtual Cards offering.

The partnership will leverage Visa’s APIs to embed business’ virtual payment credentials, acceptance, and enablement solutions to work natively across SAP business applications. Embedding finance
capabilities within SAP’s applications reinforce the bank’s role as an issuer and solidify the ERP relationship to the corporate client.

“By partnering with Taulia, we create synergies in working capital management and the enablement of a world class ERP provider,” said Visa SVP, Global Head of Large, Middle Market Segments and Working Capital Solutions Alan Koenigsberg. “We believe that we are creating a best-in-class payments automation experience for buyers and suppliers alike, while removing cumbersome processes that take time away from the most strategic work that drives growth.”

The companies anticipate that the solution will help CFOs, procurement, and accounts payable teams automate payments to suppliers. This can be useful for businesses who pay one-time suppliers because it eliminates the need to create full master data in the system. Embedded virtual payments will also improve cash flow for businesses, offer enhanced payments visibility, and reduce friction in B2B transactions.

Overall, the partnership represents a step towards a more accessible digital payments ecosystem for businesses worldwide. Integrating Visa’s digital payments technology into Taulia’s Virtual Cards will simplify the business-to-business payments process, especially for corporate buyers and suppliers using SAP’s ERP solutions.

Taulia was founded in 2009 to help companies make use of cash tied up in their payables, receivables, and inventory. The company maintains a network of 3+ million businesses to fuel its clients with more working capital. In fact, Taulia has provided more than $250 billion in accelerated early payments to clients, including Airbus, AstraZeneca, and Nissan.

SAP acquired Taulia in 2022 for an undisclosed amount.

Photo by Jopwell

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Blockchain Data Platform Chainalysis Integrates with Verification Provider Sumsub

Blockchain Data Platform Chainalysis Integrates with Verification Provider Sumsub
By David Penn Posted on
Categories: Alumni News, Daily news, Sumsub
  • Verification provider Sumsub announced a partnership with blockchain data platform Chainalysis this week.
  • The integration will bring automated crypto transaction monitoring and secure data storage, as well as ensure regulatory compliance.
  • Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.

Full-cycle verification provider and FinovateEurope alum Sumsub announced an integration with blockchain data platform Chainalysis this week. The partnership brings Sumsub’s Transaction Monitoring and Travel Rule solutions to the Chainalysis platform. This will enhance regulatory compliance and secure data storage, as well as provide automated crypto transaction monitoring for Chainalysis’ clients.

In a statement, the companies suggested that the partnership will help encourage greater digital compliance for businesses in the crypto space with functionality like unified workflows and automated transaction monitoring. Sumsub’s Transaction Monitoring solution is designed to help firms deal with the estimated $48+ billion in total fraud losses last year alone. The solution gives fraud and risk teams a single tool to manage the transaction monitoring process with provides fewer false positives and more efficient case management.

Additionally, the technology enables real-time fraud detection, and users can connect KYC, AML, and KYB verification with transaction monitoring for further vigilance against suspicious activity. With Travel Rule, Sumsub automates data transfers with counterparties to make sure firms remain compliant with regulatory obligations in different jurisdictions around the world.

“This partnership enables us to offer access to over one billion mapped addressses across multiple blockchains to those customers who use Sumsub’s Transaction Monitoring and Chainalysis crypto risk solutions,” Sumsub co-founder and Chief Innovation Officer Jacob Sever explained. “Sumsub’s solution’s enhanced capabilities, integrated with Chainalysis’ analytics and key management model, are reshaping the landscape of crypto compliance and security in the digital realm.”

Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. The company currently has more than 2,000 clients in fintech, crypto, e-commerce, transportation, gaming, and more. Businesses working with Sumsub have experienced 2.4x return on investment (ROI), $3.2+ million in net present value (NPV), and a payback period of less than six months.

So far in 2024, Sumsub has forged partnerships with B2B Gaming Services and embedded finance integrator AAZZUR. The company began the year teaming up with digital banking technology firm Plumery. In February, Sumsub launched its deepfake detection solution for video identification, an industry-first, and made its non-doc verification solution available in the U.S.

Headquartered in London, Sumsub – which stands for “Sum & Substance” – was founded in 2015. Co-founder Andrew Sever is CEO.

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The Harbor Bank of Maryland Partners with Account Onboarding Specialist Prelim

The Harbor Bank of Maryland Partners with Account Onboarding Specialist Prelim
By David Penn Posted on
Categories: Alumni News, Daily news, Prelim
  • The Harbor Bank of Maryland has partnered with digital account onboarding specialist Prelim.
  • Courtesy of the partnership, the Baltimore, Maryland-based financial institution will leverage Prelim’s technology and expertise to enhance its account opening services.
  • Headquartered in San Francisco, California, Prelim made its Finovate debut at FinovateSpring 2022.

Digital account onboarding specialist Prelim and the Harbor Bank of Maryland have teamed up to bring digital account opening services to the customers of the Baltimore, Maryland-based financial institution.

Founded in 1982 with $2.1 million in assets, Harbor Bank of Maryland serves the Baltimore, Maryland metropolitan area with seven branch locations and a loan office in Silver Spring, Maryland. The bank offers a wide variety of banking services, including checking, savings, time deposits, credit and debit cards, and commercial real estate, as well as personal, home improvement, and other installment and term loans. With total assets of $377 million, Harbor Bank of Maryland is a designated Minority Depository Institution (MDI) and the first community bank in the U.S. to have an investment subsidiary, Harbor Financial Services.

San Francisco, California-based Prelim made its Finovate debut at FinovateSpring in 2022 and returned again the following year for FinovateSpring 2023. Co-founded in 2017 by Heang Chan (CEO) and Chris Blaser (CTO), Prelim offers a white-label platform that empowers banks to digitize their business banking operations. Via API, Prelim enables financial institutions to automate their business account onboarding, as well as connect to third party providers to meet AML, BSA, and CIP requirements. The platform also helps FIs launch other financial services and banking products from lending to merchant services.

In addition to its partnership with the Harbor Bank of Maryland, Prelim last month announced a collaboration with Movement Bank. Headquartered in Danville, Virginia, Movement Bank was launched in 1919 by a team of African American doctors, teachers, farmers, and preachers. From humble origins in a church basement and $6,500 in capital, the financial institution has grown into a major community resource. The bank was among the first to reopen during the Great Depression after banks were forced to close. The institution was also one of the first banks in Virginia to issue Federal Housing Administration (FHA) loans back in 1934. Movement Bank currently has $150 million in total assets.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

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Coconut Software, PayTic Earn Spots in the First Cohort of the UK Fintech CTA

Coconut Software, PayTic Earn Spots in the First Cohort of the UK Fintech CTA
By David Penn Posted on
Categories: Alumni News, Alumni profile, Coconut Software, Daily news, PayTic

A pair of Canada-based Finovate alums – Coconut Software and PayTic – have earned spots in the first cohort of the UK Fintech CTA program. The program runs for eight-weeks, much of it conducted online, and includes a needs assessment and company analysis, participation in the Innovate Finance Global Summit, virtual market briefings, mentor-matching and coaching, as well as strategic business-to-business introductions.

In addition to the digital sessions, participants in the program will be invited to attend local events in the U.K. that will help the firms build and grow their in-market presence and their network. This will enable them to introduce their value proposition to key market participants, investors, as well as potential customers.

Joining Coconut Software and PayTic are a number of other Canadian startups including Symend, OneVest, VoPay, Four Eyes Financial, Octav, and Sibli.

“We are so excited to be selected for the first cohort of the UK Fintech CTA, proudly representing our country’s growing payments landscape as we expand our efforts in the U.K.,” PayTic noted on LinkedIn last week. “Thank you Canadian Technology Accelerators | Accélerateurs technologiques canadiens for this recognition and opportunity to scale!”

Headquartered in Charlottetown, Prince Edward Island, PayTic made its Finovate debut last year at FinovateSpring. The company offers a SaaS solution that manages all of the significant aspects of program management for card issuers and BIN sponsors in a single interface. PayTic’s technology serves as a central hub within the payments ecosystem, enabling users to automate reconciliation, network report generation, dispute submission, fraud detection, network fee analysis, and robust business intelligence.

At FinovateSpring, PayTic founder and CEO Imad Boumahdi and Director of Product Kate Firuz demoed how PayTic’s platform can help banks, card issuers, BIN sponsors, and fintechs save significant amounts of money by analyzing and optimizing network fees against program activity. The technology enables users to instantly reconcile data across the payments ecosystem from the program and account level to the transaction level. This empowers users to identify exceptions in real-time, generate accurate reports, and remain compliant.

Founded in 2020, PayTic has raised $4 million in funding. Visa Accelerator and Outlierz Ventures are among the firm’s investors.

More than 4,000 kilometers to the west via the Trans-Canada Highway (44 hours if you’re driving), Saskatoon, Saskatchewan-based Coconut Software is the other Finovate alum that will be joining PayTic as part of the UK Fintech CTA program. Founded in 2007, Coconut Software offers a customer engagement platform to help financial institutions better schedule, manage, and measure customer, prospect, and employee interactions.

Coconut Software made its Finovate debut as part of our special all-digital FinovateSpring conference in 2021. At the event, Senior Solutions Engineer Andre Doucette demoed enhancements to the firm’s appointment scheduling and lobby management technology. These upgrades improved the platform’s online queuing and lobby management capabilities.

Named to the 2023 Technology Fast 50, Coconut Software counts a number of North American financial institutions among its customers, including RBC, Arvest Bank, Vancity, and Rogue Credit Union. The company has raised more than $35 million in funding from investors including Klass Capital and Information Venture Partners. Katherine Regnier is founder and CEO.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

Photo by Mukesh Tanna

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Fundica and Visa Team Up to Help SMEs Secure Working Capital

Fundica and Visa Team Up to Help SMEs Secure Working Capital
By David Penn Posted on
Categories: Alumni News, Daily news, Fundica, VISA
  • Funding search engine Fundica announced a collaboration with Visa last week.
  • The partnership will make it easier for entrepreneurs to access government funding.
  • Headquartered in Montreal, Quebec, Canada, Fundica made its Finovate debut last year at FinovateSpring 2023.

A newly announced collaboration between North American funding search engine Fundica and Visa will democratize the process of securing government funding for SMEs, especially those founded and led by members of underrepresented communities. Together Fundica and Visa will offer an intelligent solution that helps SMEs and entrepreneurs find relevant government funding and private sector grants based on their individual business’ needs and goals.

“We are thrilled to be working with Visa to further democratize access to government funding for small businesses across North America,” Fundica co-founder and CEO Mike Lee said. “Visa and Fundica are both deeply committed to fostering accessibility and inclusion in business communities – making this collaboration a great fit.”

Fundica’s platform enables small businesses to identify and apply for relevant government and private sector funding, while giving financial institutions the ability to promote inclusion and serve as a more comprehensive financial advisor to its SME clients. The technology aggregates data from tens of thousands of funding programs, leveraging strategies from discovery and tracking bots to funders, collaboration partners, and its own internal research team.

The search experience for the business customer is straightforward; companies enter basic information about their business and Fundica displays appropriate funding options in order of relevance. The solution presents each opportunity in a detailed, one-page summary, making it easy for business customers to confirm their suitability for the funding and to begin the application process. Funding sources include grants, tax credits, government loans and loan guarantees from federal, state, provincial, and municipal entities – as well as the private sector.

On the backend, FIs can see the profiles of the companies looking for funding and make informed connections with qualified leads and clients. The platform also enables institutions to identify key business behavioral trends. Some of the largest FIs in North America license Fundica’s AI-powered funding search engine to help them acquire and retain business customers.

Headquartered in Montreal, Quebec, Canada, and founded in 2017, Fundica made its Finovate debut at FinovateSpring 2023. At the conference, Fundica’s Lee demonstrated new enhancements to the platform’s front- and back-ends. These enhancements included a traffic augmentation solution, improved traffic conversion, and improved user engagement.

A Finovate alum for more than a decade, Visa made its Finovate debut at FinovateSpring 2010 in San Francisco. The company is also an alum of our developers conference, participating in FinDEVr Silicon Valley in 2014.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

Photo by Tim Mossholder

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Finovate Global Latin America: Investment and M&A Drive Innovation in Payments and Lending

Finovate Global Latin America: Investment and M&A Drive Innovation in Payments and Lending
By David Penn Posted on
Categories: Alumni News, Daily news, Finovate Global

This week’s edition of Finovate Global takes a look at recent fintech developments in Latin America. The region was one of the few places in the world to see significant fintech funding in Q2 of 2023. Further, fintech in Latin America will be the focus of a special panel at FinovateSpring in May.

Here are a handful of headlines to help you get up to speed on the variety of fintech innovation happening in countries like Mexico and Colombia.

Colombian payments orchestration platform Yuno raises $25 million

Payments, as we say in the fintech business, is the gift that keeps giving. And this week, Colombian payments orchestration platform Yuno is on the receiving end. The company announced this week that it has raised $25 million in funding from a consortium of investors including DST Global Partners, Andreessen Horowitz, Tiger Global, Kaszek Ventures, and Monashees.

With customers ranging from McDonald’s to Avianca, Yuno offers fast and reliable payments orchestration for businesses in industries like e-commerce, retail, and mobility. The company’s platform offers features such as one-click checkout modifications and smart routing. Yuno also integrates data from all payment processors and anti-fraud tools into a single, unified interface. The company will use this week’s investment to support its operations in both North and South America. The investment also will help fuel Yuno’s expansion to new markets in Europe, Asia, and Africa.

“This financial backing validates our vision and our ability to take the global payments industry into the future, helping fuel positive change across many different sectors of the economy. We are thrilled to bring our cutting-edge solutions to new markets,” Yuno CEO and co-founder Juan Pablo Ortega said.

Mexico’s Ziff acquires digital lender Arrenda

Meanwhile, a few miles north, Mexican revenue-based financing company Ziff has acquired Arrenda, a Mexico-based digital lending startup. Terms of the transaction were not disclosed. Arrenda founder and CEO Joe Merullo will take the position of Chief Technology Officer in Ziff’s C-suite.

Ziff founder and CEO Gerardo Name said the acquisition will boost the company’s product offering and “enable us to rapidly penetrate new market sectors.” Currently, Ziff’s revenue-based financing solution provides liquidity to Mexican SMEs – which often have little to no credit histories – by funding up to 36 months of receivables. The acquisition will enable Ziff to leverage Arrenda’s Adelanta digital lending platform, which enables Mexican property owners convert future rental payments into cash within 24 hours. Name added that he hopes to see Ziff distribute more than $1 billion pesos to Mexican SMEs by the end of 2027.

BBVA Technology expands to Latin America

Created in 2023, BBVA Technology announced its expansion to Latin America this week. To be headquartered in Mexico, the new entity – officially titled “BBVA Technology en América” – represents the merger of a number of technology companies that previously operated under the name BBVA Axial Tech. The goal of the nearly 600-strong body is to help advance BBVA Group’s digital transformation objectives. The company noted that in addition to a regional expansion, the creation of BBVA will help boost career opportunities for BBVA’s tech talent.

From Mexico City, Mexico, BBVA Technology will provide technology services to BBVA firms operating in Argentina, Colombia, Mexico, Peru, Uruguay, and Venezuela. Former BBVA Axial Tech CEO Robert Altes will serve as CEO of the new company.

Note that BBVA has also set up a companion entity in Europe – “BBVA Technology in Europe” – led by CEO Ricardo Jurado and headquartered in Spain.

Here is our look at fintech innovation around the world.

Asia-Pacific

  • Savis and Open Banking advisory firm Konsentus announced the creation of an operational structure for open banking in Vietnam.
  • New Zealand-based Kiwibank went live with ACI Worldwide’s Enterprise Payments Platform.
  • Hong Kong’s Mox partnered with Wise to enable low-cost, international payments directly from the Mox app.

Sub-Saharan Africa

  • South African payroll and HR software company PaySpace agreed to be acquired by HR startup Deel for $100 million.
  • Kenya’s Equity Bank launched instant withdrawals courtesy of a partnership with PayPal.
  • A partnership between Mastercard and Ethiopian commercial bank Awash Bank will bring new payment solutions to consumers in the country.

Central and Eastern Europe

Middle East and Northern Africa

  • Tarabut teamed up with Bahrainian fintech BENEFIT to launch a new consent authentication method.
  • Is there a “silver lining” in Israel’s fintech funding slowdown?
  • Mastercard forged a long-term global partnership with First Abu Dhabi Bank.

Central and Southern Asia

  • Pakistan’s Raqami Islamic Digital Bank partnered with banking solutions provider Codebase Technologies.
  • India’s central bank introduced a new self-regulatory framework for the nation’s fintechs.
  • Turkish challenger bank Papara announced plans to acquire Pakistan-based digital wallet provider SadaPay.

Latin America and the Caribbean

  • Mexican revenue-based financing fintech Ziff acquired digital lending company Arrenda.
  • Chilean fintech Levannta raised $2.5 million in funding in a round led by Manutara Ventures.
  • Mexico-based microlender Baubap secured $120 million in debt financing.

Photo by Enrique Hoyos

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Singapore Offers Visa’s Currencycloud In-Principle Approval for MPI License

Singapore Offers Visa’s Currencycloud In-Principle Approval for MPI License
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Currency Cloud, Daily news
  • Currencycloud was offered In-Principle Approval to serve as a Major Payment Institution license holder in Singapore.
  • If granted the license, Currencycloud will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses.
  • “Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players,” said the company’s Managing Director of APAC Rohit Narang.

B2B cross-border payments fintech Currencycloud announced this week that the Monetary Authority of Singapore (MAS) offered the company In-Principle Approval (IPA) to serve as a Major Payment Institution (MPI) license holder in the region.

If the MAS grants Currencycloud the MPI license, the company will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses. These additional capabilities will allow the U.K.-based company to process intra-Asia and east-to-west payments more quickly, efficiently, and seamlessly.

The MPI license will also impact Singapore-based businesses, which will be able to leverage Currencycloud to help their customers make conversions and payouts in their own time zones and local currencies. Ultimately, the license will help these local businesses launch new financial services quickly by leveraging local networks combined with its multi-currency account capabilities.

“The IPA for a Major Payment Institution License is testament to the strength of the Currencycloud brand,” said Currencycloud Managing Director of APAC Rohit Narang. “Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Founded in 2012, Currencycloud facilitates cross-border, multi-currency transactions.  In addition to offering virtual wallets, the company also enables banks, fintechs, and FX brokers to offer their users the ability to send, receive, and manage their multi-currency payments. Among the company’s clients are Starling Bank, Revolut, Penta, and Lunar. 

Currencycloud was acquired by Visa in 2021. Mike Laven is CEO.

Photo by Guo Xin Goh on Unsplash

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Payroll Connectivity Provider Argyle Raises $30 Million in Series C Funding

Payroll Connectivity Provider Argyle Raises $30 Million in Series C Funding
By David Penn Posted on
Categories: Alumni News, Argyle, Daily news, Funding, Fundings
  • Payroll connectivity provider Argyle raised $30 million in Series C funding this week.
  • The round was led by Rockefeller Asset Management’s Fintech Innovation Fund.
  • New York-based Argyle made its Finovate debut at FinovateSpring 2022.

Income and employment data provider Argyle secured $30 million in new funding in a Series C round led by Rockefeller Asset Management’s Fintech Innovation Fund. Bain Capital Ventures, SignalFire, and Checkr also participated in the round. The investment consists of both equity and debt and takes the company’s total capital raised to more than $100 million. The funding will help Argyle continue to adapt and expand its automated income and employment verification platform. No valuation information was provided in the funding announcement.

This week’s news comes in the wake of a year in which Argyle notched a number of significant accomplishments and milestones. In 2023, Argyle onboarded more than 90 new customers. The company also boosted its total customer count to more than 140 firms in verticals such as mortgage, personal lending, and background screening.

To date, Argyle has processed more than 1.6 million annual verifications. This includes direct-source income and employment verifications for 90% of the U.S. workforce. Last year, the company achieved a 3.6X growth in bookings, generated cost savings for up to 80% of customers, and built integrations with lending partners ICE and nCino. Argyle also became the first consumer-permissioned provider to integrate into Dark Matter’s Empower LOS.

“Our verticalized approach and direct-source model has provided accurate data and an enhanced consumer experience for our customers,” Argyle CEO and founder Shmulik Fishman said. “With this capital from our valued investors, we will continue to tailor our solutions to priority verticals while improving the verification experience for the next wave of prospective customers that can benefit from our services.”

In an extended “Letter From Our Founder & CEO”, Fishman articulated the journey his company has made and underscored Argyle’s commitment to what he referred to as the “human side of digital transformation.” Noting that even “novel technology” is “only half the equation,” Fishman added “widespread digital transformation only happens when people trust new technologies enough to change their behavior. And change is really hard – even when it’s absolutely essential.” Calling the current moment Argyle’s “enterprise-adoption era” Fishman wrote that now was the time to ensure that “people and process take center stage.”

Headquartered in New York and founded in 2018, Argyle made its Finovate debut at FinovateSpring 2022. At the conference, company co-founder and COO Billy Marsden showed how Argyle’s Link 4.0 design update enhanced account connectivity, and decreased drop-off rates for users of its real-time income data platform. Link 4.0 also upgrades the platform’s visual style to boost consistency across Argyle’s product line.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

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Envestnet | Yodlee Taps Ocrolus for Financial Document Automation

Envestnet | Yodlee Taps Ocrolus for Financial Document Automation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Envestnet, Ocrolus, Yodlee

Document automation platform Ocrolus announced it has teamed up with financial data aggregation and account verification expert Envestnet | Yodlee this week.

Under the agreement, Envestnet | Yodlee will leverage Ocrolus’ technology to enhance digital document capabilities for its clients. Specifically, Envestnet | Yodlee’s 47 million customers will be able to improve their user experiences by offering their end-users the option to either submit documents or digitally connect bank accounts. Customers will also be able to automate the extraction of financial data from the documents that the end consumer uploads.

“While the financial services industry has undergone significant digital transformation, documents are still a critical source of data,” said Ocrolus Co-founder and CEO Sam Bobley. “We are thrilled to partner with Envestnet | Yodlee to provide a more comprehensive and smoother customer experience across a variety of financial services use cases.”

New York-based Ocrolus leverages AI to capture and analyze data from 1,000 different types of documents and digital forms and boasts an accuracy rate of more than 99%. The company counts more than 400 clients, including Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the solution to detect fraud, analyze cash flows and income, and streamline decisions.

With these capabilities Envestnet | Yodlee anticipates its clients will benefit from more efficient and confident decision-making. “With added document automation capabilities, Envestnet | Yodlee will improve and streamline the onboarding process for credit and lending use cases,” explained company Chief Operating Officer Arun Anur.

Envestnet | Yodlee’s client list includes more than 1,300 financial services and fintech companies, including 17 of the top 20 U.S. banks. The company was founded in 1999 as Yodlee, and changed its name to Envestnet | Yodlee after Envestnet acquired Yodlee for $660 million.

In a digital world, sharing documents can be a huge headache. However, automation platforms such as Ocrolus, this process has become much smoother. Today’s collaboration between Envestnet | Yodlee and Ocrolus marks a significant step forward in enhancing the customer experience.

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Moneyhub Partners with Rebcat, Navos to Boost Personalization in Financial Advisory

Moneyhub Partners with Rebcat, Navos to Boost Personalization in Financial Advisory
By David Penn Posted on
Categories: Alumni News, Daily news, Moneyhub
  • Open data fintech Moneyhub is teaming up with fellow fintech providers, Rebcat and Navos Technologies.
  • Via the partnership, the three companies will work together to develop solutions to help large financial institutions offer personalized financial advice to their customers.
  • U.K.-based Moneyhub made its Finovate debut at FinovateEurope 2015 in London.

Open data fintech provider Moneyhub announced a new partnership this week. The U.K.-based firm has teamed up with fellow fintechs Rebcat and Navos Technologies to help financial institutions offer personalized financial advice and guidance to their customers. The companies will collaborate to launch a number of personalized plug-and-play services, focusing initially on closing the so-called “advice gap.” Additionally, the services will also include financial management, investments, and mortgages.

Moneyhub CEO Samantha Seaton pointed to regulatory changes in the U.K. as one of the trends that guided the partnership decision. “The upcoming changes to the Data Bill and the FCA’s proposals to relax the advice-guidance boundary highlight the significant role of digital advice businesses in the future,” Seaton said. “We have seen first-hand how advanced and robust Rebcat technology is and are delighted with this partnership and the opportunities it brings to unlock financial wellness for more people.”

The joint statement makes clear that Rebcat’s technology is at the core of the offering. The firm is a spin-out of OpenMoney, a digital adviser that Octopus Group acquired in 2023. With nearly 20,000 customers, Rebcat provides a range of B2B financial services. These include white-labeled, end-to-end investment and mortgage advice, as well as a bespoke personal finance and engagement app. Headquartered in Manchester, Rebcat leverages Open Data to help companies offer their customers personalized support and advice. Based in Bristol, Navos Technologies provides services ranging from building digital strategies to implementing effective cybersecurity. Founded in 2020, the company leverages its 120 years of combined experience at U.K. investment platform Hargreaves Lansdown to help companies reach their digital transformation goals.

A Finovate alum since its debut at FinovateEurope in 2015, Moneyhub supports seamless connections via a single source to thousands of financial institutions in 37 countries. This enables financial services companies to access a comprehensive view of their customers needs, habits, preferences, and aspirations. Banks, pension companies, wealth managers, lenders, retailers, and insurers all use Moneyhub’s open data platform to transform data into personalized digital experiences and insights – as well as initiate payments.

Headquartered in Bristol, Moneyhub was founded in 2011. The company began this year by earning a spot as a supplier on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its Open Banking and Payment services. CCS is an Executive Agency of the Cabinet Office. The entity helps the public sector secure maximum commercial value when procuring goods and services.

Photo by Lisa Fotios

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SoFi’s Galileo Extends Partnership with The Bancorp to Offer Real-Time Payments

SoFi’s Galileo Extends Partnership with The Bancorp to Offer Real-Time Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, SoFi, The Bancorp Bank
  • Galileo Financial Technologies has expanded its partnership with The Bancorp Bank.
  • Though The Bancorp Bank, Galileo will leverage The Clearing House’s Real Time Payments network to offer real-time payments to help its retail and commercial clients transfer money in real time, 24-hours a day.
  • The Clearing House reported record usage of its RTP network in the third quarter of last year, when it reached 64 million transactions valued at $34 billion.

SoFi-owned Galileo Financial Technologies has expanded its relationship with The Bancorp Bank this week in an effort to enable real-time payments.

Under the scaled up agreement, Galileo and The Bancorp will leverage The Clearing House’s Real Time Payments (RTP) network to fuel real-time payments services. By offering instant money movement between bank accounts, the two will enable Galileo’s fintech clients to help their retail and commercial customers solve cash flow challenges by gaining fast access to their funds.

With the RTP network, real time money movement is available on any day of the year, 24-hours a day. This availability and speed not only solves cashflow issues, it also helps businesses deal with time sensitive transaction and ultimately enhances customer satisfaction.

“Consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo’s clients can deliver on that expectation,” said Galileo Financial Technologies Chief Product Officer David Feuer. “With this integration between The Bancorp and Galileo, we can offer a swift, efficient way to ensure faster money movement today.”

The Clearing House, which launched its RTP network in 2017, has seen growth in demand for real-time payments. In the third quarter of last year, the company reported that usage of its RTP network hit a record high, reaching 64 million transactions valued at $34 billion. The Clearing House competes directly with the U.S. government’s real-time money service, FedNow, which launched in July of 2023. Currently, more than 350 financial institutions enable their retail customers and 150,000+ business clients to send payments over the RTP network. 

Founded in 2001, Galileo is a payment processing platform that allows third party fintechs and businesses to build and scale their own financial services offerings. The company’s client list includes DailyPay, Bluevine, Dave, MoneyLion, Monzo, and others. Galileo was acquired by SoFi in 2020 in a $1.2 billion deal.

Headquartered in Wilmington, Delaware, The Bancorp Bank provides fintechs with the people, processes, and technology to meet their banking needs. The bank is the third-largest bank by assets, has more than 75 million prepaid cards in distribution and processes 1.1 billion transactions each year. Damian Kozlowski is President and CEO.

Photo by Thomas Brenac

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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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