Alumni News

Signicat Partners with AsiaVerify to Help Businesses Meet Compliance Requirements

Signicat Partners with AsiaVerify to Help Businesses Meet Compliance Requirements
By David Penn Posted on
Categories: Alumni News, Signicat
  • Digital identity solutions provider Signicat has teamed up with data specialist AsiaVerify.
  • The strategic partnership will help businesses looking to expand from Europe to Asia, and vice versa, meet local regulatory compliance requirements with regards to KYC, KYB, and UBO.
  • Headquartered in Norway, Signicat made its Finovate debut at FinovateEurope 2017 in London.

Digital identity and fraud prevention solutions provider Signicat has forged a strategic partnership with APAC-region data specialist AsiaVerify. The partnership will enable Signicat to expand its reach across the Asia-Pacific region, helping businesses comply with local regulations as they seek to expand their operations from APAC to Europe and from Europe to APAC.

“Our globally compliant digital identity solutions enable us to support our customers’ expansion needs wherever they grow,” Signicat Chief Product and Marketing Officer Pinar Alpay said. “This partnership enriches our capabilities in the Asia-Pacific, offering our clients more localized data to expand confidently into this high-growth market while maintaining compliance with regional and global standards.”

AsiaVerify is Signicat’s first APAC-specific data provider, offering real-time access to authoritative data from official sources in countries like China and Singapore. The partnership will help businesses looking to enter the APAC region by making it easier for them to navigate, manage, and comply with often complex local regulatory requirements.

AsiaVerify provides real-time access to critical data from trusted sources to support Know Your Customer (KYC), Know Your Business (KYB), and Ultimate Beneficial Ownership (UBO) identification in companies throughout Asia. AsiaVerify’s platform delivers instant access to translated records from more than 344 million companies, more than 106 million alerts including court records and bankruptcies, and more than 2.9 billion individuals including government IDs, phone numbers, watchlists, and more.

“Asia presents vast opportunities for growth and expansion, yet it also brings unique challenges, particularly around meeting local regulatory demands,” AsiaVerify Head of U.K. and Europe Joanna Wands said. “Addressing these challenges is at the heart of what we do, and we felt a strong alignment with Signicat in this shared commitment to addressing industry challenges effectively.”

Norway-based Signicat made its Finovate debut at FinovateEurope 2017 in London. Today, more than 13,000 companies around the world use Signicat’s digital identity solutions. Signicat’s identity platform manages the entire customer lifecycle from compliant onboarding and secure login to electronic signing and orchestration. The company supports 240+ data sources to facilitate business and individual identification, including national eIDs, ID document scanning and biometric verification, as well as data sources for AML, KYC, and KYB checks.

Last month, Signicat was featured in the first edition of Europe’s Long-Term Growth Champions 2025 published by Financial Times and Statista. Also in October, the company unveiled its Open Banking Hub, which provides businesses with a secure and consensual way to verify an individual’s personal information via their banking account. The Open Banking Hub provides broader identity verification options for customers, and greater security for businesses when verifying bank account ownership, affordability, or account information.

Founded in 2007, Signicat is led by CEO Asger Hattel.

Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Avonne Stalling

Share this:

Send Post Twitter LinkedIn Facebook

interface.ai: Fighting Deepfakes, Training Bots, and Raising Capital

interface.ai: Fighting Deepfakes, Training Bots, and Raising Capital
By David Penn Posted on
Categories: Alumni News, Alumni profile, Funding, Interface.ai

Agentic AI solutions provider for community banks and credit unions, interface.ai, has introduced a pair of new tools to help fight deepfake fraud. The company has launched two flagship products — device biometric authentication and Generative AI (GenAI) bot training — designed to help financial institutions defend themselves and their customers from fraud and unauthorized access.

interface.ai’s device biometrics solution uses device-based fingerprint and facial recognition technology to authenticate users over voice and chat AI. The new technology builds on the company’s risk-based, multi-factor authentication system, combining device and voice biometrics, AI-driven analysis, and caller anti-spoofing to protect users against evolving fraud threats while minimizing friction.

“Security in financial services demands constant innovation,” interface.ai CEO Srinivas Njay said. “With device biometrics, we are not just offering a new authentication method — we are enhancing our already formidable security framework, offering financial institutions the perfect balance of frictionless access and robust protection.”

interface.ai also unveiled a new, proprietary GenAI capability that enhances the speed of training highly capable AI-powered bots. Training AI bots typically involves manual scripts that delineate every question and response. This process is time-consuming and inefficient, insofar as much of the information a bot will provide already exists on the company’s website or within other readily available company resources. Instead, interface.ai’s new offering directs the AI to the company’s content where it automatically learns from the data and is able to provide accurate responses to customers on day one. Further, the AI bots continuously scan company content for updates to ensure that responses are accurate and current, all without requiring manual intervention.

“Our latest Generative AI capability provides a game-changing solution for financial institutions looking to scale their AI capabilities quickly and effectively,” Njay said. “By streamlining the chatbot training process, we are empowering banks and credit unions to harness the full potential of AI at a fraction of the cost and effort, while providing a more dynamic, conversational experience that resolves more queries.”

interface.ai won Best of Show in its Finovate debut at our all-digital conference, FinovateWest 2020. The company most recently demoed its technology at FinovateFall 2023, introducing Sphere, interface.ai’s GenAI-powered, multimodal, ChatGPT-like AI assistant for financial institutions. The solution is available in two iterations: Sphere for Customers and Sphere for Employees. The former replaces online mobile banking with an AI assistant that provides intelligent guidance and personalized assistance. The latter replaces up to 15 applications typically managed by frontline staff, boosting efficiency by 10x.

interface.ai’s latest launches are part of the company’s fall 2024 product release, which also features an expansion of its biometric consent options now offering integrations with DocuSign, IMM eSign, and Acrobat Sign. interface.ai also announced enhancements to its platform’s content organization that improve both efficiency and ease of use. This includes support for direct synchronization with SharePoint.

In other recent big news for the company, interface.ai secured $30 million in funding last month in a round led by Avataar Venture Partners. The first major investment for the bootstrapped-since-inception firm, the funding makes interface.ai “the most valuable AI company in banking” the company noted in a statement.

“This funding will allow us to accelerate the transformation of self-service in banking through agentic AI, delivering unified and hyper-personalized experiences that empower financial institutions’ customers and employees,” Njay said. “Our AI agents don’t just react — they anticipate needs, providing tailored advice and autonomously guide individuals toward long-term financial wellness.”

Headquartered in Covina, California, interface.ai was founded in 2019.

Photo by Mike Bird

Share this:

Send Post Twitter LinkedIn Facebook

Alera Group Partners with TIFIN @Work to Personalize Wealth Management

Alera Group Partners with TIFIN @Work to Personalize Wealth Management
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, TIFIN AG
  • Alera Group has partnered with TIFIN @Work to integrate its workplace benefits and wealth management tools into its FinWell Connect program.
  • The integration will provide employees and advisors personalized financial guidance from Alera Group’s insurance, benefits, and wealth management verticals.
  • Founded in 2023 TIFIN @Work was created by parent company TIFIN to deliver actionable, personalized financial recommendations.

Financial services firm Alera Group has partnered with TIFIN to improve financial wellness among its clients. The Illinois-based firm has integrated TIFIN @Work’s workplace benefits and wealth management platform into its FinWell Connect financial wellness program.

Founded in 2017, Alera Group is the result of the merger of 24 U.S. entrepreneurial firms. The company serves as a broker that offers connectivity to employee benefits, property and casualty insurance, retirement plan services, and wealth services. Under today’s partnership, TIFIN @Work’s tools will be available within its retirement plan services arm.

With the implementation, Alera Group seeks to meet the rising demand for workplace-based financial solutions, and offers FinWell Connect to its employees and advisors. The move makes TIFIN @Work’s tools a bridge between retirement benefits and wealth management.

“Other platforms fill gaps; TIFIN @Work drives true engagement and business growth,” said Retirement Plan Services Executive Vice President and National Practice Leader Christian Mango. “We’re excited to offer a modern solution that benefits both employees and advisors. The partnership with TIFIN @ Work further strengthens Alera Group’s commitment to robust, cutting-edge retirement and wealth solutions.”

TIFIN @Work offers Alera Group’s retirement plan participants personalized, tailored guidance regarding their financial futures. The technology provides actionable solutions by connecting them with financial experts. The platform suggests a solution from Alera Group’s insurance, benefits, or wealth management vertical. As a result, users receive a personalized suggestion at the time of need.

TIFIN @Work is a subset of its parent company TIFIN, a Colorado-based firm that creates and operates companies across a range of fintech sub-sectors. TIFIN’s @Work arm, launched in 2023, offers users AI-powered, personalized insights and actionable recommendations.

“Partnering with Alera Group marks a pivotal step in uniting workplace benefits with wealth management. TIFIN @Work is the bridge from retirement to financial confidence, enhancing employees’ financial journeys and expanding advisors’ reach and impact,” said TIFIN @Work CEO Marc McDonough.

Photo by Kampus Production

Share this:

Send Post Twitter LinkedIn Facebook

NuBank Weighs Moving Legal Domicile Location to the U.K.

NuBank Weighs Moving Legal Domicile Location to the U.K.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Nubank
  • Brazil-based digital bank Nubank is considering moving its legal domicile from the Cayman Islands to the U.K.
  • The domicile move is pending approval from HM Revenue & Customs, as part of the U.K.’s efforts to attract tech companies.
  • The potential move involves legal and tax registration changes rather than relocating management or operational offices, offering potential benefits like a favorable tax environment and better access to international markets.

According to a Bloomberg report yesterday, digital bank Nubank is considering moving its legal domicile to the U.K. This would shift the Brazil-based company’s domicile from the Cayman Islands, where its current holding company is based.

If finalized, the move, which is still pending approval from the U.K.’s HM Revenue & Customs authority, would be part of the U.K.’s initiative to bring more tech companies into the country.

“Nubank continuously reviews its corporate legal structure to align with the footprint of its operations,” a Nubank spokesperson said in a statement. “At this time, no decision has been made regarding the redomiciliation of Nu Holdings Ltd. or any other legal entities within our group. As a publicly traded company, we are committed to transparency and will follow standard communication protocols if and when any such decisions are made.”

Relocating a domicile location is different from shifting headquarters location. The latter would mean moving primary executive offices and central operations to the headquarters location. A headquarters change would impact where the company’s management and administrative functions are based, while a domicile change would primarily come with tax implications.

Moving its domicile to the U.K. would involve Nubank changing its legal registration and tax residency to the U.K. This shift would subject the company to U.K. corporate laws and tax regulations, which could potentially come with benefits, such as a more favorable tax environment or enhanced access to international capital markets.

Since it was founded in 2013, Nubank serves 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia. The company surpassed 100 million customers earlier this year and has a strong foothold in Brazil, where its app is found on the phones of around 60% of all Brazilian adults. Nubank, which went public on the New York Stock Exchange in 2021, has a current market capitalization of $65.7 billion.

Photo by David Peterson

Share this:

Send Post Twitter LinkedIn Facebook

Blackhawk Network Teams with Mastercard to Add Paper Prepaid Products

Blackhawk Network Teams with Mastercard to Add Paper Prepaid Products
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Blackhawk Network, Daily news, MasterCard
  • Blackhawk Network (BHN) is transitioning Mastercard’s open-loop prepaid products from plastic to paper-based materials, aligning with Mastercard’s goal to eliminate PVC plastics from payment cards by 2028.
  • As of 2022, 60% of BHN’s physical cards were already paper-based, with the company aiming for 75% by the end of 2023, supported by collaborations with global partners.
  • Today’s collaboration follows a similar partnership with Visa that was formed in 2023.

Branded payments provider Blackhawk Network (BHN) announced this week it is partnering with Mastercard, transitioning its network-branded open-loop prepaid products from plastic to paper-based materials. 

The move will help support Mastercard’s commitment to remove first-use, PVC plastics from payment cards on its network by 2028. It also supports BHN’s sustainability efforts. The California-based company has offered paper-based and recycled products since 2017, and made a pledge in 2022 to convert most of its own original card products to digital or paper.

“Since making our 2022 pledge, we have moved at lightning speed to deliver—and have successfully done so,” said BHN CEO and President Talbott Roche. “As of the end of last year, 60% of the physical cards in our network had been transitioned to paper-based materials, and we are well on our way to achieving our original goal of converting 75% by the end of this year. Taking those initiatives a step further, we are continuing to seek out collaborations with partners like Mastercard, banks, merchants, other card issuers, and manufacturers that operate on a global scale.”

BHN reports that paper-based cards still offer convenience and reliability while posing minimal disruption to consumers, retailers, and issuers. The company is continuing to invest in research and development that will enable the use of paper materials in other channels, including print-on-demand production formats.

“Mastercard’s reach, combined with our own, puts us in a rare position to not only reduce our footprint, but also to lead by example for other companies. We will continue to encourage more businesses to join our efforts and responsibly reduce the environmental impact of the products we use and consume,” added Roche.

The move toward sustainability isn’t the first effort from BHN or major card companies. Last year, BHN announced a partnership with Visa where BHN was helping the card giant transition its open-loop prepaid cards from plastic to sustainable paper-based materials.

Swapping out plastic in favor of paper cards is a good move for prepaid cards, which are often used once or twice and then disposed of. However, it is unlikely we will ever see paper credit or debit cards. Even if they are made to be durable enough to withstand daily transactions, consumers seem to favor thicker plastic and even metal cards, which offer a sense of status and exclusivity.

Photo by DS stories

Share this:

Send Post Twitter LinkedIn Facebook

Collabria Financial Services Taps Trulioo for Digital Identity Verification

Collabria Financial Services Taps Trulioo for Digital Identity Verification
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Trulioo

Credit union credit card issuer Collabria Financial Services has teamed up with digital identity verification fintech Trulioo. The Canada-based card issuer will leverage Trulioo to streamline the verification process for new cardholders.

With Trulioo’s verification capabilities, Collabria will enhance its ability to provide fast, compliant, and automated onboarding experiences. Trulioo will fully automate Collabria’s Know Your Business (KYB) review process, complementing its existing Know Your Client (KYC) workflows.

This is particularly impactful given Collabria’s vast reach, serving 98% of Canadian credit unions, which means the benefits of this partnership will extend to millions of credit union members

“The partnership with Trulioo marks a pivotal step forward in enhancing our security measures, while delivering a more streamlined, customer-centric process,” said Collabria CEO Jean-Marc Handfield. “With their cutting-edge technology, we’re elevating our measures against fraud and ensuring a faster and most importantly, safer, more secure experience for our cardholders.”

Trulioo helps organizations verify over 5 billion people by providing real-time verification for a range of identification documents and business entities. Its platform supports more than 13,000 ID documents and 700 million business entities across 195 countries. Additionally, Trulioo conducts checks against over 6,000 watchlists to ensure comprehensive verification.

“At Trulioo, our focus is on providing industry-leading solutions that meet the evolving needs of the payments industry,” said Trulioo CEO Steve Munford. “By combining our intelligent technology with Collabria’s expertise, we’re confident in our ability to enhance their verification processes, improve onboarding outcomes, and open windows of possibilities for their partners and members.”

Earlier this year, Trulioo partnered with Mastercard to integrate Mastercard’s identity solutions into its Person Match and Risk Intelligence products. This collaboration provides Trulioo with access to identity and risk scores through a customizable, user-friendly dashboard, expanding its offerings beyond API-based products and further streamlining its onboarding processes.

Headquartered in Canada and founded in 2011, Trulioo has raised $475 million. The company has demoed at 10 Finovate events, most recently showcasing its identity platform at FinovateEurope 2023.

Photo by cottonbro studio

Share this:

Send Post Twitter LinkedIn Facebook

Insurtech Qover Teams Up with Mastercard

Insurtech Qover Teams Up with Mastercard
By David Penn Posted on
Categories: Alumni News, Daily news, Qover
  • Qover, an insurtech based in Brussels, Belgium, has partnered with Mastercard to provide return shipping cost protection when retailers do not offer free returns.
  • The service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.
  • Qover made its Finovate debut at FinovateEurope 2018 in London.

Belgium-based insurtech Qover, which made its Finovate debut at FinovateEurope 2018, has teamed up with fellow Finovate alum Mastercard to enhance the online shopping experience for Mastercard credit cardholders in Belgium and Luxembourg. Via the partnership, Mastercard will leverage Qover’s technology to provide return shipping cost protection to refund shipping fees when retailers do not offer free returns.

Qover’s platform makes return protection both easy and accessible. A combination of automation and advanced data extraction, driven by AI, enables users to find coverage details or submit a claim with just a few clicks and get instant updates on the status of their claim. Mastercard’s return protection reimburses shipping costs for returns, covering up to $31 (€30) per return, with a maximum of three claims or up to $95 (€90) per cardholder per year.

“Embedded protection is becoming a strategic tool for businesses to enhance customer value and build loyalty,” Qover Co-founder and CEO Quentin Colmant said. “We’re honored by Mastercard’s trust and are excited to bring this innovative solution to their cardholders.”

Qover provides an embedded insurance orchestration platform that empowers companies to embed insurance into their core offering. The company’s modular platform can accommodate any product or distribution channel and leverages automation and both GenAI and OCR technology to provide advanced data extraction that streamlines key components of the claims process.

Available in more than 32 countries in Europe, Qover offers a wide range of insurance solutions including accident, mobility, travel, property, and purchase insurance. The company is planning to add trip cancellation and motor third party liability (MTPL), as well as coverage for accidental damage, breakage, or theft of high-value belongings such as mobile devices and appliances, in the near future. The newly announced service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.

“We’re excited to unveil this new solution in collaboration with the rising star of European insurtech, Qover,” Mastercard Belgium and Luxembourg Country Manager Henri Dewaerheijd said. “This unique protection reinforces the value of Mastercard credit cards for online purchases and enhances the online shopping experience for our Belgian and Luxembourg cardholders.”

Founded in 2016 and headquartered in Brussels, Qover made its Finovate debut at FinovateEurope 2018. More recently, Qover was featured in CNBC and Statista’s roster of the world’s top 150 insurtechs. This summer, the company announced its entry into the motor insurance market in Ireland. Qover has raised more than $71 million in funding, according to Crunchbase. The firm includes Zurich Global Ventures and BlackRock among its investors.

Photo by Fuad Udemans

Share this:

Send Post Twitter LinkedIn Facebook

Revolut Earns U.K. Trading License from the FCA

Revolut Earns U.K. Trading License from the FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Revolut
  • Revolut has received FCA approval to offer U.K. and E.U.-listed stock and ETF trading.
  • The new service is expected to roll out in 2025 for its nine million U.K. customers.
  • Revolut’s U.K. stock trading offering will allow it to compete with established platforms like Trading 212, Freetrade, Hargreaves Lansdown, and AJ Bell.

Global challenger bank Revolut announced today that the U.K. Financial Conduct Authority (FCA) has granted it a license to offer trading services on U.K. and E.U.-listed stocks and ETFs.

Revolut, which cemented its reputation as Europe’s most valuable fintech after receiving a $45 billion valuation, launched in 2014. The company initially launched stock market trading capabilities for U.S. stocks in 2019.

Revolut’s U.K. trading service will roll out in 2025 for its nine million U.K. customers. Once the service is launched, the company will compete against Trading 212, Freetrade, Hargreaves Lansdown, and AJ Bell; which all offer U.K. trading stock trading services.

Today’s news comes three months after Revolut received its banking license from the U.K. Prudential Regulation Authority (PRA). The long-awaited license allows the fintech to take and hold deposits, as well as sell financial products such as loans, credit cards, overdraft protection, and savings accounts to U.K. consumers.

Previously, Revolut was able to offer an investment service to its U.K.-based traders which allowed its 650,000 users to trade U.S. stocks through fractional shares using Revolut’s app. That service was made possible via a partnership with DriveWealth, a U.S.-based fintech that facilitates investing-as-a-service for third party companies.

U.K.-based Revolut chose to launch equities trading in the U.S. over the U.K. likely because of the higher demand for U.S. stocks such as Apple, Amazon, and Tesla. These companies have captured the attention of global retail investors because of their significant growth. By prioritizing U.S. equities, Revolut capitalized on this demand and aligned its offering to suit the interests of its tech-savvy user base.

Adding U.K. trading will offer Revolut another cross-sell opportunity, helping it to further compete with traditional financial institutions that are able to help users manage multiple facets of their clients’ lives. The move not only diversifies its product portfolio but also strengthens its position in an increasingly competitive fintech market.

Photo by energepic.com

Share this:

Send Post Twitter LinkedIn Facebook

Visa Expands its Flexible Credential Card to the U.S.

Visa Expands its Flexible Credential Card to the U.S.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • Visa’s Flexible Credential card is now available in the U.S. and U.A.E., offering cardholders flexibility to pay from multiple account funding sources.
  • In the U.S., Affirm will integrate VFC into its buy now, pay later (BNPL) Affirm Card, while UAE-based Liv will leverage VFC to enable multi-currency transactions through a single card.
  • The VFC is similar to Curve’s multi-payment card offerings, however, Visa’s VFC requires users to select the payment type before transactions.

Payments giant Visa announced earlier this week it has expanded its Visa Flexible Credential (VFC) payment card to launch in both the U.S. and the U.A.E. The unique credit card allows users to pay from different account funding sources, ultimately offering cardholders more options and greater control over how they pay.

In the U.S., VFC will roll out in partnership with buy now, pay later (BNPL) company Affirm. The BNPL company will use VFC for its Affirm Card. With 1.4 million consumers, the Affirm Card offers consumers flexibility to pay at the time of their transaction or pay over time in the Affirm app.

“We’re excited about the partnership we’ve formed with Visa,” said Affirm CEO Max Levchin. “Since our founding, our mission has remained the same — build honest financial products that improve lives. Part of building better financial products also means giving consumers more control and flexibility, which has always been a key feature of the new Affirm Card. We look forward to bringing millions more people a product that seamlessly brings debit and credit together, without late or hidden fees.”

In the U.A.E., the VFC card will launch in partnership with digital banking platform Liv, which will enable cardholders to access multiple currency accounts from a single card. The VFC will automatically route the transaction to the account with the selected currency. Cardholders can use the Liv mobile app to move money between local and foreign currency accounts.

“At Liv we stay true to our promise of providing the most innovative products to our customers,” said Emirates NBD Chief Digital Officer, Retail Banking and Wealth Management, Pedro Sousa Cardoso. “As the UAE’s first digital bank, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better serves their evolving financial needs.”

“Working with innovative partners like Affirm, Liv and SMCC helps us turn that idea into a reality. Together we’re enabling more ways to pay and adapting to the unique needs of consumers – wherever they are in the world, or in their financial journey,” said Visa Chief Product and Strategy Officer Jack Forestell.

VFC first launched just over a year ago in Japan through a partnership with Sumitomo Mitsui Card Company (SMCC), which uses VFC to power its Olive card. Today, SMCC has more than three million cardholders using the Olive card, 70% of which use the card to toggle between different account funding sources like debit, credit, and prepaid.

Visa plans to roll out its VFC to other geographies in the future.

Overall, there are not many card companies competing on Visa’s VFC. COIN, a digital smart card that promised to replace all of the cards in consumers’ wallets, tried and failed in 2016.

Today, the strongest competition in the multi-payment type card market comes from U.K.-based Curve, which offers a credit card that allows users to toggle between different payment cards. Unique to Curve, users can spare themselves from embarrassment at the point of sale with the Anti-Embarrassment mode that allows the payment to go through even if the card is declined (with restrictions). Curve also offers a Go Back in Time feature that enables users to change which card is used for a transaction up to 30 days after the fact. 

With Visa’s VFC, however, cardholders must choose the funding source or payment type for their transaction before they initiate the purchase. It does not allow them to retroactively change the payment type or card type after a transaction is completed.

Photo by Rann Vijay

Share this:

Send Post Twitter LinkedIn Facebook

MODIFI Raises $15 Million in Series C Funding

MODIFI Raises $15 Million in Series C Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, MODIFI
  • Business payments platform MODIFI has secured $15 million in funding.
  • The Series C round was led by SMBC Asia Rising Fund, and featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad.
  • MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.

In a round led by SMBC Asia Rising Fund, B2B Buy Now, Pay Later platform MODIFI has raised $15 million in funding. The Series C round also featured participation from existing investors Maersk, Intesa SanPaolo, and Heliad. In addition to the investment, MODIFI and Sumitomo Mitsui Banking Corporation (SMBC) have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions to support Asia-based SME exporters as they seek to grow their international trade operations. In a statement, the company underscored SMBC’s significant presence in the Asia-Pacific region, noting that SMBC brings capital and strategic alignment to the new relationship.

“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” MODIFI CEO and Co-founder Nelson Holzner said. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”

MODIFI, which stands for “Modern Digital Finance,” offers tools and solutions to optimize working capital and streamline cross-border payments. The company integrates advanced risk management with seamless payment processes to help businesses of all sizes expand their international operations. The fresh capital will help accelerate MODIFI’s expansion plans in high-growth markets such as China and India, where the company has already made inroads. A few weeks ago, MODIFI announced a strategic partnership with India’s Gujarat Industry Development Association (GIDA). This spring, the company announced a record year of business growth in China, with a 160x year-over-year increase in funding enabled for Chinese exporters. Together, SMBC and MODIFI plan to empower SMEs with new and innovative cross-border financial solutions via a series of joint initiatives, and to help these firms improve cash flow and expand their international reach.

“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” Holzner said. “With this fresh funding, we’re set to redefine global trade finance — ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”

MODIFI made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. At the conference, the company demonstrated its MODIFI Hub, which enables SMEs using MODIFI’s digital platform to check available limits, manage transactions, and request financing in less than 10 minutes.

Founded in 2018, MODIFI serves more than 1,700 customers in 55+ countries. The company has facilitated more than $3 billion in global trade, and was recognized this year by the Financial Times and Statista as one of the fastest-growing European fintech companies.

Photo by anna-m. w.

Share this:

Send Post Twitter LinkedIn Facebook

Western Union Launches Media Network

Western Union Launches Media Network
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Western Union
  • Western Union has launched its Media Network to help brands reach and engage with its diverse, multicultural customer base.
  • In addition to providing brands with valuable insights and audience segmentation tools, the Media Network also allows companies to advertise through Western Union’s website, mobile app, in-store screen network, and digital channels.
  • As part of a larger industry trend, Western Union joins Chase and PayPal in offering a media network, with each focusing on unique insights.

Global money transfer platform Western Union unveiled plans for its Media Network business today. The new offering will allow companies to connect and engage with Western Union’s millions of diverse, multicultural users.

“For more than a century and a half, people around the world have trusted Western Union as their means to connect across borders through the power of money movement,” said Western Union CMO Bob Rupczynski. “Our intimate knowledge and long-tenured relationships with our customers are unique differentiators and a driving force behind our new Media Network business.”

The Western Union Media Network provides marketers with valuable insights into its clients, offering visibility into buyer personas and enabling the creation of targeted audience segments. By delivering multicultural brand messaging, the Media Network empowers brands to use this intelligence to engage consumers more effectively and enhance their products or services.

Companies that tap into Western Union’s Media Network will have the opportunity to collect and analyze data about Western Union customers. Using this data, Western Union can create key targeting strategies, including customized data pulled from its Agent network, and data regarding customers’ cultural ties, to improve ad efficiency and build addressable audience segments.

In addition to being able to access customer data, the Media Network will also allow brands to engage Western Union’s customers via the Colorado-based company’s website, mobile app, and at its digital out-of-home (DOOH) screen network that can be found at select retail locations. Audiences can also be reached through Western Union’s digital displays, online video ads, as well as commercials shown on TV networks and streaming services.

“We are excited to offer this opportunity to brands as an extension to their existing marketing efforts, providing a new way to actively engage with consumers, enhance brand affinity, and unlock revenue. And for our customers, I am proud that we are able to provide compelling offers from relevant brands in channels they trust,” Rupczynski added.

This isn’t the first time a financial services company has tapped customer data to launch a media network. Chase unveiled its Media Solutions arm earlier this year, while PayPal launched PayPal Ads last month. Part of a growing trend, each of these networks uses its reach and access to consumer data and insights to help brands target their preferred audiences.

However, each differs in its specific approach and value proposition. For example, while Western Union is focused on offering data about users’ cross-border payment habits and preferences, PayPal’s ad network is more valuable for brands looking to reach online shoppers with a high intent to purchase. Chase Media Solutions’ ad network is a bit more similar to that of PayPal’s in that it uses first-party data from Chase cardholders to help brands create highly targeted campaigns. In contrast, Chase brings insight into customers’ purchasing behaviors across both online and offline settings, allowing brands to target based on spending categories and habits.

Western Union is not a firm I would have expected to be the next to launch a media solutions network. However, with decades of data and a strong physical presence across the globe, it makes a lot of sense. Not only will the launch prove profitable for the company, but it will also position Western Union as more tech-savvy and digital-first than its competitors.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Authlete Streamlines Digital Credential Issuance and Management

Authlete Streamlines Digital Credential Issuance and Management
By David Penn Posted on
Categories: Alumni News, Authlete
  • Japan-based identity verification specialist Authlete introduced version 3.0 of its technology.
  • The enhancements streamline the process of issuing and managing digital credentials, specifically interoperable verifiable credentials (VCs).
  • Authlete made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.

Tokyo, Japan-based identity verification specialist Authlete has unveiled the latest version of its technology which streamlines the process of issuing and managing digital credentials. Authlete 3.0, launched earlier this month, will make it easier for entities such as financial institutions, governments, and educational organizations to issue interoperable verifiable credentials (VCs) via a straightforward API.

What are VCs and why are they important? VCs are digital credentials whose authorship can be verified cryptographically. They are tamper-evident, which means that they are designed so that any alterations or modifications can be readily identified. This makes VCs more secure, more trustworthy, more portable, and easier to verify compared to physical identity documents or cards. Additionally, VCs give more power to the holder who can choose specifically which information to share in a given instance. Use cases for VCs include government-issued identity documents, reusable KYC verifications for banks, and more.

Authlete’s new 3.0 upgrade provides organizations with an API that enables them to quickly issue interoperable VCs with support for OpenID for Verifiable Credential Issuance (OID4VCI). The standard is built on OAuth and OpenID Connect (OIDC) protocols, popular international standards for authorization and identity verification, respectively. It also supports a variety of credential formats, such as SD_JWT VC and mdoc/mDL. The technology’s support for both of these formats has been on display via a number of global pilot projects including EU Digital Identity (EUDI) and Japan’s Trusted Web initiative.

Authlete 3.0 also features enhanced FAPI compliance, multi-tenant management, multi-region server options, social logins and multi-factor authentication, and granular access control.

“We are dedicated to empowering organizations to build secure, user-centric, and interoperable digital identity infrastructures, while contributing to the development of a globally interoperable digital identity ecosystem,” Authlete Co-founder Takahiko Kawasaki said.

Authlete made its Finovate debut at FinovateEurope 2020 in Berlin. More recently, Fanplus selected the company to implement OpenID Connect (OIDC) in support of its fan communication app. Fanplus plans, develops, and operates fan clubs and websites for musicians, and builds and operates e-commerce platforms for artist merchandise. In August, Authlete announced that sports and entertainment industry digital transformation specialist playground would use its technology for authentication and authorization infrastructure for its entertainment DX cloud platform, MOALA.

Photo by Clay Banks on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook