Alumni News

Apiture to Power Commercial Digital Banking for FORUM Credit Union

Apiture to Power Commercial Digital Banking for FORUM Credit Union
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Apiture, Daily news
  • FORUM Credit Union has selected Apiture’s Business Banking solution to enhance its commercial digital banking experience.
  • FORUM Credit Union anticipates the move will expand its commercial member base.
  • “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield.

Digital banking solutions provider Apiture announced today that FORUM Credit Union will use the fintech’s digital banking capabilities to power its commercial digital banking suite.

FORUM, a $2.1 billion, not-for-profit cooperative based in central Indiana, selected Apiture’s Business Banking solution to enhance the online and mobile banking experience for its commercial members. The credit union is also hoping to expand its commercial member base. FORUM was interested in Apiture’s ability to create a customized tool that integrates with its existing retail banking solution.

“As a member-owned organization with the mission of ‘helping members live their financial dreams,’ FORUM is committed to providing technology solutions that optimize our members’ banking experience,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees.”

Apiture was founded in 2017 to help credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm.

“We are proud to partner with FORUM Credit Union to support its growth objectives and drive member satisfaction,” said Apiture CEO Chris Babcock. “With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, our Business Banking solution will empower FORUM to deliver a fully featured banking experience that supports businesses of all sizes.”

Headquartered in Wilmington, North Carolina, Apiture also has offices in Austin, Texas. The fintech has raised $69 million from investors including T. Rowe Price, Live Oak Bank, and others.

Photo by Alesia Kazantceva on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook

Baker Hill Brings on New CEO

Baker Hill Brings on New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Baker Hill, Daily news
  • Baker Hill has appointed Andy Ivankovich as CEO.
  • Ivankovich is taking the reigns from former CEO John Deignan.
  • Ivankovich founded iLendx and oversaw Fiserv’s lending and deposit software products and services division.

Small business lending solutions provider Baker Hill announced this morning it has appointed Andy Ivankovich as its new CEO. Ivankovich takes the place of John Deignan, who has served as Baker Hill CEO since 2017.

Baker Hill tapped Ivankovich for his background in lending technology. After serving in the U.S. Air Force, he spent his early career managing a $14 billion lending portfolio as a product executive with USAA. During his time as a banker, he developed and was named as inventor on USAA’s lending technology patents. Ivankovich went on to become the founder of iLendx, which he sold to Fiserv in 2018. After the acquisition, he stayed on to oversee Fiserv’s lending and deposit software products and services division.

“I am truly honored to be appointed Baker Hill’s Chief Executive Officer and look forward to building upon the strong foundation Baker Hill has built over its 40-year history,” said Ivankovich. “Baker Hill is consistently recognized as a leading fintech company with world-class products. The team has cultivated a reputation for driving innovation in lending for banks and credit unions to better serve their communities. I am proud to join this team of experts and look forward to leading Baker Hill through its next stage of growth and ushering in a new era of innovation for our clients.”

In his new role, Ivankovich aims to promote innovation across the company’s product suite to ultimately enable financial institutions to modernize their lending operations.

“Andy has demonstrated forward-thinking leadership throughout his career, and he is well-acquainted with Baker Hill’s mission,” said Chairman of the Board for Baker Hill and former CEO of Wolters Kluwer Financial and Compliance Services Brian Longe. “His product and client focused approach, entrepreneurial background, and forward-thinking innovation make him an excellent choice to lead Baker Hill.”

Founded in 1983, Baker Hill offers banks and credit unions a SaaS solution for commercial, small business, and consumer loan origination, as well as risk management tools. The company, which most recently demoed at FinovateFall 2021, has recently formed partnerships with Harmony Bank, Union Bank, and Amalgamated Bank.

Last spring, Baker Hill agreed to be acquired by private equity firm Flexpoint Ford for an undisclosed amount. The acquisition offered Baker Hill access to Flexpoint’s resources and expertise, including its experienced team and capital to fund ongoing product innovation and acquisitions.

Photo by Jake Hills on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook

Sustainable Fitch Integrates with SESAMm to Enhance its ESG Scores and Ratings Offering

Sustainable Fitch Integrates with SESAMm to Enhance its ESG Scores and Ratings Offering
By David Penn Posted on
Categories: Alumni News, Daily news, SESAMm
  • Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution.
  • The integration will help Sustainable Fitch offer a more comprehensive ESG insights to asset owners and asset managers.
  • SESAMm won Best of Show in its Finovate debut at FinovateEurope 2022 in London.

ESG data and analysis provider Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution. The integration will enable Sustainable Fitch to provide more comprehensive ESG insights to its asset owner and manager clientele.

The addition of SESAMm’s analysis will improve decision-making and help guide investment and due diligence. The partnership will also help provide broader data coverage for both public and private market data analysis.

“Working with SESAMm’s technology allows us to leverage their advanced solutions to enhance our ESG Scores and Ratings offering,” Sustainable Fitch Global Head of ESG Analytics Gianluca Spinetti said. “By integrating SESAMm’s extensive data coverage, we can offer our clients more comprehensive ESG insights.”

Headquartered in New York, Sustainable Fitch is a research firm that provides data, tools, analysis, and insights for the fixed-income market. The company provides ESG ratings, Second Party Opinions, thought leadership, and more to help individuals and institutions make informed decisions when it comes to ESG impact.

Launched in 2022, Sustainable Fitch has been recognized by Environmental Finance as one of the top five largest global Second Party Opinion providers. This year, the company won “Best Specialist ESG Ratings Provider” at the ESG Investing Awards and “Best ESG Data Provider/Vendor” at the Inside Market Data Awards & Inside Reference Data Awards.

“We are excited that a recognized leader in ESG analysis is using our insights for their ESG analysis,” SESAMm CEO Sylvain Forté said. “Our AI-powered text analysis will provide deeper insights and broader coverage, helping Sustainable Fitch to deliver high-quality ESG data and ratings.”

SESAMm won Best of Show in its Finovate debut at FinovateEurope in London in 2022. The company most recently demoed its technology at FinovateFall 2023, where the French AI firm showed an integration of ChatReveal, its proprietary generative AI solution. Bringing advanced chatbot technology to the SESAMm platform, ChatReveal examines more than 23 billion articles on five million public and private companies. The technology identifies if the company is the subject of ESG controversies or issues to help private equity firms and financial institutions better understand the potential risk of companies in their portfolios.

Last month, SESAMm unveiled its ESG Controversy Risk Exposure Heatmap. The solution delivers an overview of environmental, social, and governance risks to provide an easy way to visualize and assess a company’s reputational profile. This enables users to focus on particular areas of concern and prioritize next steps.

Headquartered in Paris, France, SESAMm was founded in 2014. The company has raised more than €50 million in funding and includes Elaia, Opera Tech Ventures, The Carlyle Group, and NewAlpha Asset Management VC among its investors.

Photo by Chris F

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer to Acquire Skuad for $61 Million

Payoneer to Acquire Skuad for $61 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Payoneer
  • Payoneer is acquiring HR platform Skuad.
  • The deal is set to close for $61 million in cash and may include an extra $20 million in contingent funds and restricted stock units, depending on conditions.
  • Payoneer plans to integrate Skuad’s payroll and contract management solutions into its own offerings.

Hours after I published a piece highlighting summer acquisition activity in fintech, I woke up to this news: global digital commerce company Payoneer announced today that it has acquired HR platform Skuad.

While the purchase is slated for $61 million in cash, it could close for as much as $81 million. That’s because Payoneer may also pay an additional $10 million, contingent on Skuad’s performance metrics, and offer $10 million in restricted stock units, depending on key employee vesting.

“To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs,” said Payoneer CEO John Caplan. “We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.”

Skuad was founded in 2019 to help businesses automate payroll management, local compliance, and taxation of their employees. The Singapore-based company, which has raised $19 million, helps businesses compliantly hire employees across more than 160 countries. Skuad also assists its clients in global payroll, allowing their employees to receive payment in their choice of 100+ currencies.

Founded in 2005, Payoneer offers multi-currency accounts and payment services to two million businesses across 190 countries. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

Payoneer, which plans to integrate Skuad’s payroll and contract management offerings into its own, announced the acquisition of Skuad in an earnings announcement this week. Also during that call, Payoneer revealed a record revenue of $240 million, which is up 16% from last year’s figure.

“Twenty-five percent of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record and contractor management capabilities — so there is significant cross-sell potential with this acquisition,” the company said in a news release.

Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. in 2021. The company listed on the NASDAQ in June of that same year under the ticker PAYO and has a current market capitalization of $2.41 billion.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Happy Money Teams Up with Method Financial to Help Consumers Pay Debt

Happy Money Teams Up with Method Financial to Help Consumers Pay Debt
By David Penn Posted on
Categories: Alumni News, Daily news, Method Financial
  • Unsecured loan provider Happy Money announced a strategic partnership with Method Financial.
  • Happy Money will use Method’s financial liability connectivity APIs to help credit union members better manage credit card debt.
  • Headquartered in Austin, Texas, Method made its Finovate debut earlier this year at FinovateSpring in San Francisco.

Happy Money, an unsecured loan provider that works with credit unions, has forged a strategic partnership with Method Financial. The company will leverage Method’s technology – a suite of liability connectivity APIs – to help Happy Money members consolidate and pay off high-interest credit card debt.

“Happy Money is helping consumers across the country access the capital they need to reach their goals in partnership with credit unions and other community-focused lenders,” Method CEO and Co-Founder Jose Bethancourt said. “With the integration of our technology, they are ensuring the process is as seamless, quick, and efficient as possible, creating value for all involved.”

Happy Money offers consumers personal loans with a low interest rate and a single, fixed payment to help them pay off high-interest credit card debt. Integrated into the Happy Money platform, Method’s liability connectivity APIs will facilitate more accurate identification of members’ outstanding credit cards, as well as real-time live balance retrievals and balance transfers. All this takes place without members having to enter account numbers or passwords.

Since the partnership began, Happy Money reports that its members have connected more than 50,000 accounts via Method’s APIs. Moreover, millions of dollars in consumer debt have been consolidated monthly through Method’s connectivity and payment rails. Together, Happy Money and Method have facilitated more than $7 million in balance transfers for Happy Money members.

“At Happy Money, we believe that prioritizing borrowers’ well-being is a winning strategy,” Happy Money Head of Product and Design Nick Pesce said. “Our platform allows consumers to meet their financial goals and enables credit unions to diversify their portfolios and grow.”

Founded in 2009, Happy Money is headquartered in Torrance, California. Since inception, the company has served more than 300,000 members and funded more than $6 billion in loans through partnerships with community-focused lenders. Happy Money has raised more than $337 million in capital, according to Crunchbase. Anthemis and TruStage Ventures are among the firm’s investors.

Method made its Finovate debut earlier this year at FinovateSpring, where the company demoed its connectivity, data, and payments APIs. Method’s technology enables lenders, fintechs, and financial institutions to leverage comprehensive, real-time credit data, evergreen connections, and integrated payment rails to offer customers personalized lending and financial management experiences.

Via a single integration, Method enables access to liabilities held at more than 15,000 financial institutions in the U.S., representing 95% of all outstanding consumer debt. The company has helped 200,000+ users connect more than $22 billion in consumer debt to their preferred financial institution.

Headquartered in Austin, Texas, Method was founded in 2021. The company’s investors include Andreessen Horowitz, Truist Ventures, and Leonis Capital.

Photo by Jeswin Thomas

Share this:

Send Post Twitter LinkedIn Facebook

NCR Voyix Sells Digital Banking Business to Veritas Capital

NCR Voyix Sells Digital Banking Business to Veritas Capital
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, NCR Corporation
  • NCR Voyix is selling its digital banking business to private equity firm Veritas Capital.
  • The deal is expected to close by the end of 2024 for $2.45 billion in cash plus a future contingent installment of up to $100 million.
  • NCR Voyix, which recently split from NCR, expects the move will help it focus on its core software and services offerings for restaurants and retailers.

Digital commerce provider NCR Voyix is simplifying its operations this week. The Georgia-based fintech has agreed to sell its cloud-based digital banking business to an affiliate of private equity firm Veritas Capital. Under the terms of the agreement, NCR Voyix will sell its digital banking unit for $2.45 billion in cash plus a future additional installment of up to $100 million, contingent on terms.

The deal is expected to close by the end of 2024.

NCR Voyix launched its digital banking platform in 2014 and has since evolved significantly. The banking suite aims to offer its 1,300 financial institution clients a comprehensive banking environment for their 20 million active retail and commercial banking customers. For retail banking, NCR Voyix provides online and mobile banking, personal financial management, and customer engagement tools. For commercial banking, the platform includes services such as cash management, treasury services, and business banking solutions.

“Our Digital-First solution suite has been strategically designed to grow and expand with our customers over time as their retail and business banking distribution and customer engagement strategies evolve,” said NCR Voyix Executive Vice President and President of Digital Banking Brendan Tansill. “Veritas brings a proven track record of successfully executing similar business carveouts and subsequently driving growth. We look forward to working alongside their experienced team as we continue to pursue commerce and banking innovations that help our customers and their users succeed.”

Veritas’ CEO and Managing Partner Ramzi Musallam said that NCR Voyix’s digital banking platform shows “significant runway for growth.” He added that the purchase represented a significant opportunity to invest in a solution that will empower a range of financial institutions.

For NCR Voyix, the deal is a byproduct of efforts to streamline its operations to focus on its core software and services offerings for restaurants and retailers. The move comes after NCR separated its ATM-focused business from its digital commerce operations in October of 2023.

The company will use the proceeds of today’s deal to accelerate select financial objectives, including de-levering its balance sheet, which will allow for greater strategic investment in NCR Voyix’s core businesses. As company CEO David Wilkinson explained, “This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”

Photo by Lukas

Share this:

Send Post Twitter LinkedIn Facebook

unitQ Secures Investment from Zendesk Ventures

unitQ Secures Investment from Zendesk Ventures
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, unitQ
  • Customer analytics platform unitQ secured a strategic investment from Zendesk Ventures.
  • The amount of the investment was undisclosed. unitQ had raised $41 million in funding to date.
  • unitQ made its Finovate debut at FinovateFall 2021 and returned to the Finovate stage a year later for FinovateSpring in San Francisco.

Here’s some funding news that slipped beneath our radar this summer: AI-powered customer analytics platform unitQ has secured an investment from Zendesk Ventures. The amount of the funding was not disclosed, but it turns Zendesk from a unitQ customer into a strategic investor, as well.

“We chose unitQ after evaluating and trying different solutions in the market,” Zendesk VP of Global CX Operations Shawn Slipy said. “The granularity and speed at which unitQ is able to deliver actionable customer insights is above and beyond what others could offer, and we’re grateful for our continued partnership.”

unitQ had raised $41 million in capital ahead of the June investment, according to Crunchbase. The current investment comes amid Zendesk Ventures’ determination to back companies that are leveraging AI to enhance both customer and employee experience. The venture fund will provide unitQ with access to CX and AI experts to help drive innovation and assist the company in recruiting talent, growing unitQ’s customer base, and building its brand.

“We’ve experienced the power of Zendesk’s community first-hand and are excited to explore joint go-to-market efforts with Zendesk’s ecosystem of customers, technology partners, and evangelists,” unitQ CEO and Co-Founder Christian Wiklund said. “Partnering with Zendesk means joining forces with a leader that opens doors to top-tier talent and industry networks. We’ve gained more than just funding – we’re now connected to a community and receive tailored mentorship to help our company’s growth.”

Customer service platform Zendesk leverages AI agents, workflow automation, and human agents to help businesses provide better service to customers and make workplaces more efficient for employees. The company has more than 100,000 customers in 160 countries and territories and 5,450 employees. Zendesk launched its Zendesk Ventures global venture fund in June with a mission to provide emerging companies with capital, CX and AI expertise, as well as strategic partnership opportunities – especially for AI-first companies.

“Every organization is on a path to becoming AI-driven, and we’re eager to form partnerships with companies leading this new era,” Ben Barclay, SVP of Strategy, Corporate Development, & Transformation at Zendesk, said.

unitQ made its Finovate debut at FinovateFall 2021, and returned to the Finovate stage the following year for FinovateSpring in San Francisco. In the time since then, the company has launched a range of new solutions, including its Impact Analysis Tool and its generative AI engine for measuring product quality, unitQ GPT. This spring, unitQ added Product Analytics to its User Feedback Platform to enable institutions to view and analyze real-time user feedback along with behavioral analytics data.

In recent months, the company has also forged partnerships with Chess.com, streaming media platform Plex, and most recently with product analytics platform Amplitude.

Founded in 2018, unitQ is headquartered in Burlingame, California.

Photo by Timur Saglambilek

Share this:

Send Post Twitter LinkedIn Facebook

Marqeta Inks Five-Year Exclusive Issuer Processor Partnership with Varo Bank

Marqeta Inks Five-Year Exclusive Issuer Processor Partnership with Varo Bank
By David Penn Posted on
Categories: Alumni News, Daily news, Marqeta
  • Card issuing platform Marqeta has signed a five-year deal with Varo Bank to serve as the financial institution’s issuer processor.
  • The partnership will enable Varo Bank to offer a range of new products including digital wallet tokenization via Apple and Google Wallets for its cardholders.
  • Headquartered in Oakland, California, Marqeta was founded in 2010.

Card issuing platform Marqeta has signed a five-year deal with Varo Bank to serve as the financial institution’s issuer processor. Marqeta’s ability to blend virtual, tokenized, and physical card-issuing technology with faster speed-to-market was among the factors cited by Varo Bank in teaming up with the fintech.

“We sought an issuer partner that complements our unique position as both a technology company and a regulated financial institution,” Varo Bank CEO Colin Walsh explained. “This partnership with Marqeta enables us to offer cutting-edge card issuing technology, giving our customers enhanced ability to view and manage their transactions efficiently. This advancement aligns perfectly with our mission of financial empowerment.”

Widely recognized as one of the first nationally-chartered consumer-based techbanks in the U.S., Varo Bank offers fee-free checking accounts, high-yield savings accounts, secured credit-building credit cards, instant payment solutions, and free ATM access at more than 40,000 locations. Varo Bank’s mobile app enables customers to review and improve their financial health, and now, courtesy of the institution’s partnership with Marqeta, the bank will enable digital wallet tokenization with Apple and Google Wallets for its cardholders.

“Marqeta is proud to announce this deal with Varo Bank, which relies on the latest payments and banking technologies to help Americans who are striving to get ahead,” Marqeta CEO Simon Khalaf said. “Varo’s mission is aligned with ours and we can’t wait to start innovating with the Varo team, enabling their customers to see transactions in real-time thanks to Marqeta’s APIs.”

Marqeta is an alumnus of our developers conference series, FinDEVr. The company presented its technology at our event in Silicon Valley in 2016. In the years since then, the Oakland, California-based fintech has grown into a major, modern card issuing platform operating in 40 countries and processing more than $160 billion in volume in 2022. The company’s partnership news with Varo Bank comes less than a month after Marqeta announced that it had become the first issuer processor in the U.S. that was certified to enable Visa Flexible Credential, a product that provides access to multiple funding sources from a single payment card.

Photo by Kyle Glenn on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook

Blend Teams Up with Instant Payments-as-a-Service Specialist Astra

Blend Teams Up with Instant Payments-as-a-Service Specialist Astra
By David Penn Posted on
Categories: Alumni News, Alumni profile, Blend, Daily news

Digital banking solutions provider Blend has forged a partnership with instant payments-as-a-service company Astra. The partnership will integrate Astra’s Card to Account payment solution directly within Blend’s Deposit Account application flow. This will enable Blend customers to drive digital engagement beyond the initial application capture, lowering abandonment rates and helping consumers complete applications faster.

“Today consumers expect a frictionless, real-time product experience, and that starts at account opening,” Astra CEO and Co-Founder Gil Akos said. “Financial institutions and fintechs need to deliver a best-in-class onboarding flow to win new customers – instant account funding is the perfect solution, leading to improved activation rates of 30% or better on day one. We’re proud to partner with Blend to offer this experience to their customers.”

Funding by card is an increasingly popular option given the relative inconvenience of other methods, such as ACH transfers. By comparison, funding new accounts via debit cards is a faster and more seamless process (no routing or account numbers to remember). And because cards only enable transactions up to the available balance, card funding also helps avoid potential overdrafts when using ACH transfers, a risk for consumers who may have limited funds or irregular cash flow.

Further advantages include accelerated onboarding, more activated accounts, reduced abandonment, a smoother application experience, and less manual intervention.

Blend noted in a statement that card funding is also one of the more popular ways for consumers to fund new accounts. The company pointed to one of its customers, a major credit union, that reported that 82% of their new deposit accounts were funded using Astra card funding. Another credit union customer of Blend said that 66% of its consumers preferred funding via Astra card compared to other methods. Card funding for Blend Deposit Accounts is now generally available for all customers.

Astra offers a platform for instant payments that enables product teams to embed payments into their solutions. The company’s API facilitates seamless fund transfers between bank accounts and cards, providing a fast, secure, and built-for-scale alternative to traditional fund transfer methods such as ACH.

Astra launched its first, end-to-end instant payment solution with FedNow in the fall of 2023. In December, the company announced a partnership with merchant connectivity platform Knot to enable seamless card switching with instant funding. Founded in 2016, Astra is headquartered in Menlo Park, California.

Blend demoed its technology at FinovateSpring 2016. At the conference, the company demoed its Data-Driven Mortgage solution which leverages high-fidelity data sources to drive down origination costs, maintain digital compliance, and provide a positive user experience for borrowers.

Last month, Blend announced its acquisition of applied AI company nuvu, and expanded its partnership with DataIQ. In May, Blend secured an investment of $150 million from technology-focused private equity firm Haveli Investments.

Headquartered in San Francisco, California, and founded in 2012, Blend is a publicly-traded company on the NYSE. Trading under the ticker BLND, the company has a market capitalization of $678 million. Nima Ghamsari is CEO and Co-Founder.

Photo by KEHN HERMANO

Share this:

Send Post Twitter LinkedIn Facebook

PayPal Makes Fastlane Generally Available to U.S. Merchants

PayPal Makes Fastlane Generally Available to U.S. Merchants
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, PayPal
  • PayPal is launching Fastlane, a one-click guest checkout experience for online merchants.
  • Fastlane automatically recognizes shoppers based on their phone number or email address, and autofills information forms in the checkout flow.
  • PayPal first unveiled Fastlane in January, and has been testing the solution with select merchants and ecommerce sites, including BigCommerce.

Fintech pioneer PayPal is launching Fastlane, its guest checkout tool, for all U.S. merchants this week. Fastlane aims to accelerate the guest checkout experience to help users complete their purchase in as little as one click.

Merchants can integrate Fastlane into their existing online checkout flow to create a simpler, faster checkout experience for the 43% of consumers who prefer a guest checkout experience. By using the customer’s email, Fastlane recognizes shoppers early in the guest checkout process and allows them to access their saved information with a one-time passcode sent via email. After entering their passcode, users can autofill the information in the checkout flow and complete their purchase in as little as one click.

When Fastlane does not recognize a shopper, it allows them to create a Fastlane profile by opting in during their purchase process, enabling faster transactions in the future.The tool does not require users to fill out forms or remember passwords.

“Fastlane by PayPal significantly reduces the time consumers spend using guest checkout – making for a more seamless checkout experience,” said PayPal President and CEO Alex Chriss. “With Fastlane, we are bringing an accelerated guest checkout to businesses of all sizes helping them to drive more sales.”

PayPal unveiled Fastlane in January and has since tested the technology with select businesses, including merchant SaaS provider BigCommerce, which is among the first ecommerce sites to test PayPal’s Fastlane. Over the past several months of trialing the technology, BigCommerce saw a 32% reduction in time it took for customers to check out. Additionally, as company CEO Brent Bellm noted, “Results from early-adopting test customers show that Fastlane users convert more than 80% of the time, which is up to a 50% improvement over guest shoppers who do not use Fastlane. For BigCommerce enterprise customers using PayPal, the Fastlane experience further improves on our checkout conversion rate of 71%.”

Fastlane is available for U.S. merchants on PayPal Complete Payments and PayPal Braintree, as well as via platforms including Adobe Commerce, BigCommerce, Salesforce Commerce Cloud, and others.

Photo by Martin Dusek

Share this:

Send Post Twitter LinkedIn Facebook

Yorkshire Building Society Partners with Doshi to Educate for First-Time Homeowners

Yorkshire Building Society Partners with Doshi to Educate for First-Time Homeowners
By David Penn Posted on
Categories: Alumni News, Daily news, Doshi App
  • In partnership with financial literacy platform Doshi, Yorkshire Building Society is offering online financial education to first-time prospective homebuyers.
  • The new free tool, available on the YBS website to customers and non-customers alike, walks new homebuyers through the entire home-buying process.
  • Doshi made its Finovate debut earlier this year at FinovateEurope in London.

Yorkshire Building Society (YBS) has teamed up with gamified financial literacy platform Doshi to launch an online educational program for first-time prospective homeowners. The new tool is available in the mortgage section of Yorkshire Building Society’s website, and guides borrowers through the process of applying for a mortgage and buying their first home.

The program walks prospective homeowners through the entire home-buying journey, including how to prepare for buying a home, how to secure financing, understanding the various steps of the home-buying process, and the importance of maintaining their home once they’ve made their purchase. The program explains important concepts and potentially unfamiliar terms, and provides a timeline of the overall process. The tool is available free of charge to both YBS customers and non-customers.

“Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible,” Doshi CEO Daniel Rose said. “Our program demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers.”

The new offering comes in the wake of research conducted by YBS that indicated that a lack of knowledge about the home-buying process was a major barrier for would-be homeowners. YBS noted that only 18% of those surveyed felt knowledgeable about the mortgage process, with even fewer respondents – 14% – saying that they knew what financial factors were key when applying for a mortgage. The survey further indicated that only 45% of respondents believed that a good credit score was an important factor in securing a mortgage. Only 34% stated that the ability to repay debts was important when it comes to obtaining the financing necessary to buy a home.

“We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialing this new learning tool, aimed at helping first-time buyers understand more about the home-buying process,” YBS senior manager for digital mortgage and enabling services Geddy Meguyer said.

The third-largest building society in the U.K., Yorkshire Building Society is a financial services mutual organization that offers savings, investing, insurance, and mortgage products. Headquartered in Bradford, West Yorkshire, YBS had total assets of more than £60 billion as of December 2023. Along with its assets – the Chelsea Building Society, the Norwich and Peterborough Building Society, Accord Mortgages, and savings business Egg – known as the Yorkshire Building Society Group, the group employs more than 3,000 and serves a membership of three million.

YBS’s partnership with Doshi is the latest effort by the building society to support first-time homeowners. This spring, YBS launched its £5k Deposit Mortgage product, which enabled first-time homebuyers to buy a property worth up to £500,000 with a deposit of only £5k, rather than the typical 5% down payment. The idea behind the £5k Deposit Mortgage was to deal with the biggest obstacle prospective homebuyers tend to face – raising the funds for a down payment.

Doshi made its Finovate debut at FinovateEurope 2024 in February. At the conference, the company demoed its white-label app, which leverages personalized learning journeys and community rewards to turn complex topics into engaging experiences. Doshi’s AI-powered financial assistant technology is built for banks, credit unions, and fintechs, and is available as an app, a plug-and-play web module, as well as via API.

Doshi was founded in 2021. The company is headquartered in London.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: 10x Banking, Alumni News, AMLYZE, Bankjoy, Daily news, Doshi App, Fintech Rundown, nCino, NCR Corporation, Weekly News, Zafin

A major sell-off in the stock market is giving investors jitters as August begins in earnest. Funding news for companies in lending and wealth management leads the fintech news this week. Be sure to check back over the next few days for the latest updates and announcements.

Lending

U.K.-based SME lender Shawbrook partners with nCino to automate loan origination.

Alternative financing company for mid-sized SMEs, ThinCats, secures a £75 million mezzanine facility.

Loyalty and rewards

Bilt Rewards receives $150 million investment at a valuation of $3.25 billion.

Digital banking

NCR Voyix announces agreement to sell its digital banking business to Veritas Capital for $2.45 billion in cash.

Zafin and 10x Banking forge global partnership to accelerate core banking system modernization.

Missouri Central Credit Union partners with Bankjoy to enhance its digital banking capabilities.

Banking technology and Banking-as-a-Service (BaaS) innovator Mbanq launches new suite of white-label mobile digital banking apps.

Wealth management

Financial advisor platform Savvy Wealth secures $26.5 million in Series A funding.

Payments

International trading broker Markets.com selects Worldpay to monitor its global payments processing and fund disbursements.

Payments platform Thredd introduces Chief Client Officer Brian Kieley.

Kickfin to use SkyTab POS to enhance restaurants’ tip payout process.

Layer2 raises a $10 million in Series A funding.

Credit Union of America selects NCR Atleos‘ Allpoint Network to expand access to cash.

Cybersecurity and digital identity

Fingerprint Cards appoints David Eastaugh as Chief Strategy and Technology Officer.

J.P. Morgan Payments and PopID to expand biometric offerings.

Financial literacy and education

U.K.-based Yorkshire Building Society teams up with financial education company Doshi to provide online program for first-time prospective homeowners.

Regtech

Anti-financial crime solution provider AMLYZE announces strategic partnership with pre-transaction crypto compliance specialist Notabene.

Small business banking

Flywire acquires Invoiced to bolster its global B2B payment network.

Egypt-based Cartona raises $8.1 million to grow its B2B platform.

Photo by Karolina Grabowska

Share this:

Send Post Twitter LinkedIn Facebook