Alumni profile

Ripple Acquires Palisade to Bolster Crypto Custody Capabilities

Ripple Acquires Palisade to Bolster Crypto Custody Capabilities
By David Penn Posted on
Categories: Alumni profile, Ripple

Crypto solutions provider for businesses Ripple has announced its acquisition of digital asset wallet and custody company, Palisade. The move is designed to enhance Ripple’s custody capabilities—specifically, the company’s Ripple Custody offering—to better serve the needs of fintechs, corporates, and crypto-native companies. Terms of the transaction have not been disclosed.

Ripple Custody supports banks and other financial institutions looking for safe, secure ways to store digital assets, stablecoins, and Real World Assets (RWA). Palisade’s secure, fast, and scalable “wallet-as-a-service” technology will enable Ripple to serve a broader range of customers and use cases, especially those high-speed use cases for customers that require an out-of-the-box solution built for high-frequency transactions, on- and off-ramps, and payments.

Ripple Custody is currently being used by a number of tier-1 global institutions such as BBVA, DBS, and Societe Generale. The solution serves as a “vault” for institutional cryptocurrency holdings, supporting the management of multiple vaults and a complete view across assets and venues. Ripple Custody provides a tamper-proof audit trail and cryptographic approval process to ensure compliance.

“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on—that’s why it’s central to Ripple’s product strategy,” Ripple President Monica Long said. “Corporates are poised to drive the next massive wave of crypto adoption. Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities. The combination of Ripple’s bank-grade vault and Palisade’s fast, lightweight wallet makes Ripple Custody the end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.”

Palisade’s technology offers fast wallet provisioning, multi-chain support, and DeFi integration. The solution also features strong governance and security features, such as Multi-Party Computation (MPC) that divides wallet keys into key fractions or “shards,” and zero-trust architecture which mandates strict verification for all users and devices that are attempting to access the network. Per the acquisition, Palisade’s technology will also integrate directly into Ripple Payments, supporting use cases that require faster, more efficient responses. It will also provide the core infrastructure for subscription payments and collection capabilities.

“Joining Ripple marks a new chapter for Palisade,” the company noted on its LinkedIn page. “Our technology will become a cornerstone of Ripple’s next-generation wallet infrastructure, accelerating their Payments and Custody products while expanding market reach globally. This partnership combines our technology with Ripple’s enterprise network and scale, regulatory expertise, and established market presence.”

A Finovate alum since its debut at FinovateSpring 2013 (as OpenCoin), Ripple today boasts a global payments network with more than 300 customers across 40+ countries and six continents. The company’s payments, custody, and stablecoin solutions enable banks and financial institutions to simply and securely integrate blockchain and digital assets into their operations while remaining compliant. With payments settlement in three to five seconds, and more than a million custody wallets in circulation, Ripple provides 90% international FX market coverage.

Ripple’s acquisition announcement comes just days after the fintech reported the launch of digital asset spot prime brokerage capabilities for US customers via its Ripple Prime offering. The launch was made possible by Ripple’s acquisition of multi-asset prime brokerage, Hidden Road, earlier this year, and will enable Ripple’s US-based institutional clients to execute over-the-counter (OTC) spot transactions across a wide range of digital assets including XRP and RLUSD.

“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” Ripple Prime International CEO Michael Higgins said.

Founded in 2012, Ripple is headquartered in San Francisco, California. Brad Garlinghouse is CEO.

Photo by Pixabay

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Thredd Taps LoanPro for New Credit Offering

Thredd Taps LoanPro for New Credit Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, LoanPro

Digital payment solutions company Thredd has teamed up with lending and credit platform LoanPro this week. The UK-based company will leverage LoanPro’s credit platform to underpin its new suite of credit solutions, which will allow it to deliver full-stack embedded issuing and processing capabilities.

Thredd was founded in 2007 and offers real-time card issuing and processing capabilities to help clients personalize and differentiate their credit offerings. Integrating LoanPro’s composable credit infrastructure into its offerings will help Thredd expand further into the credit and lending space, enabling clients to launch and manage credit programs with greater flexibility and speed.

Commenting on the partnership, Thredd CEO Jim McCarthy emphasized the growing importance of credit-led innovation in embedded finance. “Credit-based value propositions drive not only more opportunities for both B2B and B2C verticals, but also generate more revenue for issuers, fintechs, and enterprises,” said McCarthy. “LoanPro’s platform solves much of the inherent complexity in providing truly differentiated credit, allowing us to offer our clients the tools to build sticky, profitable credit products, while maintaining compliance and operational efficiency.”

Founded in 2016, LoanPro has helped 600+ lenders launch 2,000 unique credit programs, upgrading their borrower, agent, and back-office operations. The Utah-based company’s composable architecture, built on a modern lending core, allows lenders to enhance their origination, servicing, payments, and collections operations.

LoanPro Co-Founder and CEO Rhett Roberts said that the partnership combines the strengths of both companies to accelerate how credit products are designed and deployed. “There is a massive opportunity to launch credit products in the U.S. and globally in a way that truly meets consumers and businesses where they are,” Roberts said. “The future of finance is personalized. Thredd brings together the entire ecosystem needed to launch revolving credit products, and with LoanPro’s modern, composable platform, clients can personalize and differentiate their offerings at scale in a way that drives share of wallet. We’re proud to support Thredd’s vision for global credit innovation.”

The partnership highlights how embedded finance providers are converging around full-stack, credit-enabled platforms. As banks, non-banks, and fintechs continue to embed lending and credit capabilities into their platforms, partnerships like this one blur the lines between payment processing, issuing, and credit management. Teaming up with LoanPro will place Thredd at the intersection of modern card issuing and next-generation credit infrastructure.

LoanPro has participated in our developers conference, FinDEVr 2021, and demoed its loan management system at FinovateSpring 2021.

Photo by Monstera Production

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Tavant Unveils AI-Powered Mortgage Origination Suite TOUCHLESS

Tavant Unveils AI-Powered Mortgage Origination Suite TOUCHLESS
By David Penn Posted on
Categories: Alumni profile, Tavant

Fintech solutions provider Tavant unveiled its TOUCHLESS AI Mortgage Origination Suite this week. The technology enables the end-to-end, AI transformation of the mortgage origination process from initial lead to funded loan. TOUCHLESS offers a full suite of modules to upgrade existing LOS and POS via Agentic AI assistants, AI-powered document analysis, AI-assisted underwriting, and an Agentic AI architecture that dynamically personalizes workflows, loan products, and programs. The result is a solution that enhances the borrower experience, boosts lead conversion, reduces origination costs, and compresses cycle times.

“TOUCHLESS now allows any lender to rapidly transition into the era of AI,” Tavant Head of TOUCHLESS Mohammad Rashid said. “The industry’s promise of seamless borrower experience and lower origination cost has often fallen short. The TOUCHLESS AI suite allows lenders to rapidly wrap their LOS and POS to unlock higher borrower satisfaction, increased loan volumes, and dramatically lower origination costs. It’s time for the industry to truly move forward and bring the full power of AI to borrowers and employees.”

TOUCHLESS leverages Tavant’s MAYA, an intelligent AI assistant that provides borrowers, loan officers, and underwriters with personalized, real-time support and feedback through the entire application process. MAYA helps guide borrowers through complicated questions, and notes when applicants hesitate in the process in order to step in and assist. MAYA explains the differences between mortgage products and programs and responds around the clock to leads from digital sources.

Combined with TOUCHLESS AI-powered document analysis, data consistency checks, automated conditions clearing, and Policy-as-Code underwriting, MAYA also helps boost underwriter productivity. Mortgage originators that have piloted the product have reported 12x gains in underwriter productivity, and reductions in overall operational costs of 60%.

“With the introduction of our Intelligent AI Assistant, MAYA is redefining the mortgage origination experience,” Rashid added. “MAYA is human-like and can address any questions and concerns borrowers have and deliver real-time personalized guidance throughout the application process, helping them navigate each step with clarity and confidence. This reduces application errors and abandonment rates, accelerates loan processing, and empowers borrowers and lenders alike with seamless, hyper-personalized support—ultimately saving time and lowering costs for everyone involved.”

Founded in 2000 and headquartered in Santa Clara, California, Tavant demoed its AI-powered loan origination technology at FinovateSpring 2025 in San Diego. At the conference, the company showed how generative AI, voice-enabled conversational AI, and advanced data security enable Tavant’s LO.ai to lower sales costs, increase lead conversion, and ensure regulatory compliance.

Tavant’s new product news comes just days after the company announced that it had earned a place in the top 100 of the 2025 IDC FinTech Rankings. This year marked the seventh consecutive time that Tavant has been highlighted by the IDC.

“Being recognized for the 7th consecutive year is humbling and reaffirms our relentless drive to push AI boundaries and deliver measurable outcomes for our clients,” Tavant President Hassan Rashid said.

Tavant’s technology powers one in three US mortgage loans, and enables 3.5 million lending applications and 33 million lending transactions. More broadly, the company offers technology solutions in a wide variety of industries beyond fintech, including manufacturing, agtech, and media. With customers in North America, Europe, and Asia, Tavant has users of its technology in more than 150 countries. Sarvesh Mahesh is CEO.

Photo by Tierra Mallorca on Unsplash

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Best of Show Winner Eko Brings One-Stop Investments Shop to Brooklyn Coop FCU

Best of Show Winner Eko Brings One-Stop Investments Shop to Brooklyn Coop FCU
By David Penn Posted on
Categories: Alumni profile, Eko Investments

Eko Founder and CEO Mart Vos doesn’t care if you call his company “echo” or “eco.” But what he does care about is making it easier for community banks and credit unions to offer easy-to-use investment solutions to their customers and members—before they become enamored of the offerings by the new crop of digital investment brokers and platforms.

“I’m from the Netherlands,” Vos said to the FinovateFall 2025 audience last month in New York. “Back in the Netherlands, everybody invests their money with their trusted bank. And maybe it sounds weird. But to me, it’s very normal. If I want to invest my money, I’m going to go with a place that I know and trust. I know my bank. I trust my bank. So where else am I going to go than my trusted bank?”

This is the lens through which to view Eko’s latest partnership announcement, teaming up with the Brooklyn Cooperative Federal Credit Union. The partnership, announced last week, will enable Coop members to invest directly from their credit union’s platform. Members can start with as little as $10 and investment services are available in both English and Spanish. A certified CDFI (community development financial institution) and a Minority Depository Institution, Brooklyn FCU began operations in 2001 and serves central and eastern Brooklyn communities such as Bushwick, Bedford-Stuyvesant, and Crown Heights. The credit union is the third largest in its county, despite its relative youth, and currently has more than 7,200 members and $50 million in assets.

In a statement on LinkedIn, Vos noted that the full integration of Eko’s “one-stop investments shop” was completed in three weeks. Coop members will benefit from a seamless, integrated investing experience that sits within their current digital banking portal and/or app, flexible portfolio options including pre-built and hybrid investment pathways, and low barriers to entry with a streamlined onboarding process and the ability to start investing with as little as $10. The partnership news follows Eko’s second consecutive Best of Show win at FinovateFall (the company won its first Best of Show award at FinovateFall 2024), as well as recognition as “Best Fintech” at the Tennessee Credit Union League annual conference.

“This launch feels extra special to me personally: Brooklyn Coop is literally the credit union next door here in New York! Really proud to support Brooklyn Coop in making investing simple, affordable, and accessible for all members,” Vos said.

An embedded investment platform for banks and credit unions, Eko won Best of Show in its Finovate debut at FinovateFall 2024 and won again the following year at FinovateFall 2025. Headquartered in New York and founded in 2021, the company’s white-label solution integrates directly into digital banking infrastructures to enable customers and members to invest in pre-built portfolios, IRAs, cryptocurrencies, and more, as well as engage in hybrid investing and self-directed trading.

In its most recent Finovate appearance, the company demonstrated how its embedded AI assistants support investors by answering financial planning questions, providing investment research, and helping with tasks like setting up recurring deposits and rebalancing portfolios.

Photo by Francesco Gallarotti on Unsplash

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Bits of Stock Brings the Benefits of Fractional Investing to Gen Z Credit Union Members

Bits of Stock Brings the Benefits of Fractional Investing to Gen Z Credit Union Members
By David Penn Posted on
Categories: Alumni profile, Bits of Stock, Jack Henry

For all of the innovations in the world of investing, fractional investing—which involves enabling investors to buy and sell portions of a single share of stock—is among the most significant. Fractional investing has helped democratize access to investments that historically have been out of reach for many individual investors. Fractional investing enables both lower minimum investment requirements as well as micro-investing to help investors with limited capital create diversified portfolios.

Bits of Stock, a New York-based fintech that won Best of Show in its return to the Finovate stage earlier this year at FinovateSpring in San Diego, is an example of a company that is bringing the benefits of fractional investing to a wider range of investors, including members of credit unions like Cardinal Credit Union. Last month, the not-for-profit cooperative announced a partnership with Bits of Stock to offer a new stock rewards program for Cardinal CU checking account holders aged 18 to 28.

The program enables these young adult investors to automatically earn stock rewards with every Visa debit card purchase. These rewards can then be redeemed into fractional shares in select publicly-traded stocks. The program leverages fractional stock ownership to help young adults begin to build wealth, develop good investing habits, and expand their understanding of finance.

This age range may be key to the successful adoption of stock rewards programs based on fractional investing. In their statement, Cardinal CU cited industry research that indicated that 67% of those in Generation Z (individuals aged 13 to 28), believe that the ability to invest with smaller amounts is a major factor in their decision to begin investing.

“We are helping student and younger members build a strong foundation while making investing accessible and rewarding,” Cardinal CU CEO Christine Blake said. ” There is tremendous value in this program as it encourages investors to learn about accumulating assets and building wealth in early adulthood.”

Mentor, Ohio-based Cardinal CU has integrated Bits of Stock into its digital banking platform, which is powered by Lumen Digital. Bits of Stock’s dashboard provides a brokerage account-like experience for users, helping them become more familiar with the standard tools used by traders and investors to buy and sell stocks in the market.

“Bits of Stock is redefining how people think about rewards and investing,” Bits of Stock CEO Arash Asady explained. “This initiative is a game-changer for younger investors, allowing them to start building wealth through everyday spending and to watch their investments grow.”

More recently, Bits of Stock announced that it had forged a strategic alliance with fellow Finovate alum Jack Henry. As with Cardinal CU, the partnership with fintech solution provider Jack Henry will involve embedding Bits of Stock’s fractional share-based stock rewards capability into a digital banking platform—in this case, Jack Henry’s Banno Digital Platform.

In their alliance announcement, the companies underscored the success that Credit Union One of Oklahoma experienced after launching a comprehensive three-tier checking account with embedded Bits of Stock capabilities. This enabled the institution to test a variety of offerings, from free accounts with round-ups to premium accounts that provided 1% stock rewards on all purchases.

“We were so impressed with member response during testing that we integrated stock investing capabilities into every checking account tier,” Credit Union One of Oklahoma President and CEO Tyrel McCain said. “It creates a natural progression where members can start with free entry points and graduate to earning stock rewards as they deepen their relationship with us. It’s driving both new account openings and fee income while helping our members build wealth through everyday spending.”

Founded in 1949 to serve employees working in a handful of state agencies, Credit Union One of Oklahoma became a community chartered credit union in May 2003. The institution today boasts more than 3,700 members and $48 million in assets.

Photo by Hanna Pad

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JPMorgan’s Data Access Agreement: Plaid’s Perspective

JPMorgan’s Data Access Agreement: Plaid’s Perspective
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Plaid

Updated: This post previously stated that the renewed data sharing agreement does not cover account access for payments, which was incorrect. Plaid has clarified that the data sharing agreement covers all types of data sharing, including payments.

Late yesterday, JPMorgan Chase and Plaid announced that they have mutually agreed to renew their data access agreement that dictates how Plaid is able to pull data on their shared customers from JPMC.

The renewed agreement’s most notable feature is a new pricing structure. Plaid will now pay JPMC to facilitate data access for its fintech clients. Aside from the financial terms, the deal also sets commitments from both sides to ensure consumers can access their data securely. Additionally, the firms have pledged joint investment in innovation and technology to make data sharing faster, safer, and more efficient.

Plaid’s take

Since JPMC initially signaled in July that it plans to charge aggregators to access consumer data, there have been many conversations on both sides of the debate regarding why or why not banks should charge for data access. Given the multiple stakeholders involved, including banks, fintechs, aggregators (like Plaid), and end consumers, there are multiple viewpoints on what charging for data access should look like.

As a central player in this debate, Plaid has a lot to lose (or win) depending on how fees are assessed. To that end, Plaid COO Eric Sager emphasized the firm’s willingness to collaborate with JPMC to preserve the consumer experience: “We have always believed consumers should have the right to access and share their own financial data, and JPMorganChase has been a partner in that effort,” said Sager. “This extended agreement ensures ongoing access for the millions of Chase customers who rely on Plaid every day to connect with the products and services they trust.”

To back up those assurances, Plaid outlined three key takeaways from the renewed agreement:

  • Continuity is guaranteed
    Plaid says existing JPMC customers can keep accessing fintech services without disruption.
  • No pricing changes for now
    Current contracts and customer fees remain unchanged.
  • Advocacy continues
    Plaid will keep pushing for consumer data rights in the CFPB’s 1033 rulemaking.

This agreement is likely to set a precedent in future cases with other large banks and aggregators, shaping not only how data is shared but also how payments are initiated and monetized. As more institutions move to formalize similar arrangements, the industry will be watching to see whether these pricing structures trickle down to smaller players and, ultimately, to consumers. With the CFPB’s 1033 rulemaking still in flux, JPMC and Plaid’s renewed deal may serve as both a template and a test case for the next phase of open banking in the US.

Photo by Pixabay

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PayQuicker Introduces Same-Day ACH for US Payees

PayQuicker Introduces Same-Day ACH for US Payees
By David Penn Posted on
Categories: Alumni profile, Byne

Global payouts orchestration platform PayQuicker announced that it now offers Same-Day ACH for US payees. The expansion of the company’s real-time payout capabilities will be made available to select users across the firm’s key verticals including the gig economy, affiliate marketing, direct selling, and other industries where fast, secure payments are required.

“Timely compensation plays a critical role in driving payee engagement and ultimately business success,” PayQuicker VP of Partners and Relationships Kevin Zeman said. “With Same-Day ACH, we’re equipping our partners with a powerful advantage, enabling them to deliver faster, more reliable payments that drive loyalty, and meet the unique financial needs of payees across the globe.”

In its statement, PayQuicker highlighted the value of Same-Day ACH for a wide variety of industries, including clinical trials, where there is a direct correlation between fast and reliable compensation for trial participants and their retention and engagement. According to a report from Linear Clinical Research, participants in clinical trials can be forced to wait up to four business days for bank transfers. Same-Day ACH, in contrast, enables organizations to settle payments for trial participants within the same day, boosting both efficiency and participant satisfaction.

Same-Day ACH adds to PayQuicker’s suite of payments solutions, which include instant payments to cards and digital wallets. The company’s single API connects to multiple banks and payment rails, optimizing transactions for speed, cost-effectiveness, or both. The technology supports instant, hourly, and daily payouts, as well as on-demand earned wage access. Available as a white-label offering, PayQuicker’s technology enables payees to leverage branded debit cards, customizable portals, and mobile apps to help ensure that organizations are able to keep their brands top of mind.

Founded in 2007 and headquartered in Rochester, New York, PayQuicker made its Finovate debut at FinovateFall 2022. At the conference, the company demonstrated Payouts OS, PayQuicker’s in-market, payouts payment orchestration platform which determines and facilitates the fastest, most cost-effective payment routing across 210+ countries and in 80+ currencies.

Earlier this year, PayQuicker announced that it was expanding its instant payout and local currency solution for clinical trials across the UK and EU. The ability to provide real-time digital payouts in local currencies has enabled clinical trial organizations and trial sponsors to quickly and securely compensate trial participants while remaining compliant with local regulations and laws.

Thinking about attending FinovateFall next month, September 8 through 10, in New York? Register by Friday, August 29 and take advantage of big savings on the price of your ticket.

Photo by Parrish Freeman on Unsplash

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Casca Raises $29 Million Series A for AI Loan Origination

Casca Raises $29 Million Series A for AI Loan Origination
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Funding
  • Casca has raised a $29 million Series A round led by Canapi Ventures, with participation from major bank customers including Live Oak, Huntington, and Bankwell.
  • Today’s investment comes just 15 months after its pre-seed round and brings Casca’s total funding to $33 million.
  • Casca’s AI-powered loan origination platform helps smaller financial institutions compete with fintechs and large banks by accelerating loan processing, reducing costs, and keeping capital within local communities.

AI loan origination company Casca (formerly known as Cascading AI) announced a $29 million fundraising round today. The California-based company said that the round, which was led by Canapi Ventures, will help it to redefine business lending.

The company’s flagship customers, including Live Oak Bank, Huntington National Bank, and Bankwell Bank all invested in today’s round. Bankwell, Y Combinator, and Peterson Ventures multiplied their investments from the pre-seed raise. Alliance Funding Group participated as well.

“Casca simplifies and accelerates our lending processes while equipping us with the insights needed to build lasting relationships,” said Live Oak Bancshares CEO and chairman Chip Mahan. “The tangible value Casca has demonstrated gives us confidence to invest in their future.”

Today’s round comes just 15 months after Casca’s pre-seed raise and brings its total funding to $33 million. Casca said it will use the investment to scale its operations, expand its team, and accelerate go-to-market efforts and make its platform more accessible to financial institutions.

“Casca stands out in many ways,” said Canapi Ventures Co-Founder and General Partner Neil Underwood. “They’ve worked alongside top AI researchers and within banks themselves to simplify business lending using responsible AI and bank-grade underwriting. With Casca, local financial institutions become the lender of choice—offering more affordable rates and keeping capital within the community. It’s a big step for banking, and we’re proud to be part of it.”

Casca leverages AI to speed up the loan application and origination process. The company was founded in 2023 and its loan origination platform is used by leading SBA lenders and FDIC-Insured banks. At Casca’s first FinovateSpring demo in 2024, it won Best of Show honors. The company most recently demoed its technology at FinovateSpring 2025 where it showed automated document collection that can save loan officers 20 hours a week, AI that reads 10,000 pages in 5 minutes, instant pre-qualification that accepts applications after business hours, digital account opening, and a voice assistant that can intelligently discuss loan files in real-time.

“We’re driven to be a force for good, using technology to make capital more accessible to small businesses and fueling the American Dream,” said Casca CEO and CoFounder Lukas Haffer. “Partnering with the top SBA lenders and key industry players, we’ve built a platform that fully automates commercial loans in record time, setting a new industry standard. This is a game changer, and now we are ready to scale responsibly, reaching more institutions with the white-glove service our clients.”

Today’s raise is a nod to how AI is becoming standard and is now central to how banks win small business relationships. By shaving weeks off loan processing, Casca gives local banks a competitive edge in retaining small business borrowers who might otherwise turn to fintechs or big banks who can offer speed.

Photo by James Wheeler

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AI Squared Unveils Sparx, Unifying Sales, Finance and Operations Data

AI Squared Unveils Sparx, Unifying Sales, Finance and Operations Data
By David Penn Posted on
Categories: AI Squared, Alumni profile

The rapid adoption of AI in financial services has its challenges. Among them is the lack of AI-ready data, which can be a major problem when it comes to effectively deploying AI. Running AI-powered systems on flawed data can have consequences ranging from mere missed opportunities to operational failures that lead to both reduced customer trust and reputational damage for the company. According to a survey by research firm Gartner, 60% of AI projects through 2026 are expected to fail due to a lack of AI-ready data.

To this end, AI integration solutions provider AI Squared has launched Sparx, a Data-Science-In-a-Box offering that enables small businesses, mid-market companies, and non-profits to access production-ready AI. Sparx integrates AI into existing business workflows, yet requires no coding, infrastructure changes, or participation by data scientists. Sparx unifies sales, finance, and operations data into a real-time, AI-powered view, and deploys in less than an hour.

“Until now, building AI-powered insights meant investing in complex systems and tools, and hiring specialists,” AI Squared CEO and President Darren Kimura said. “With Sparx, we have removed that complexity. Businesses can start seeing value in hours, not months. Sparx empowers customers to integrate AI quickly and affordably, accelerating decision-making and enhancing operational efficiency so they can move faster and uncover new opportunities.”

Sparx connects to existing systems and automatically syncs and cleans the data. The solution has an intuitive interface that enables users to communicate with their data in conversational English and to receive actionable insights instantly—without requiring the involvement of IT experts or data scientists. Sparx offers real-time visibility into operations and provides contextual data to help teams identify trends and boost efficiency.

Having established itself as a solution provider for large institutions in financial services, insurance, and SaaS—to say nothing of the company’s founding contracts with the US Department of Defense—AI Squared’s decision to develop and launch Sparx is an effort to bring AI to smaller businesses and non-profits. Where typical AI platforms—including AI Squared’s own Unified Platform—are often much more than these firms need, Sparx is tailor-made for smaller organizations. The solution is easy to set up and customize while still providing robust data integration and real-time AI insights.

“Like most small and medium-sized enterprises, we faced high costs, complexity, and a long development cycle to address our needs to deploy production-ready AI for our mountain of data,” said Steve Braaten, Chief Architect at Khasm Labs, a partner of AI Squared. “Sparx is solving this for us, giving our team fast and actionable insights without the heavy lift.”

Founded in 2019 by Dr. Benjamin Harvey, AI Squared made its Finovate debut at FinovateSpring 2023 and returned later that year for FinovateFall 2023. Darren Kimura succeeded Harvey as CEO earlier this year, having joined the company in 2024 as President and Chief Operating Officer. He has been credited with helping shape the company’s operational growth and strategic direction. With more than 25 years of experience in scaling technology companies, Kimura praised Harvey, who will transition to a new role focused on positioning AI Squared as a thought leader, and bolstering customer engagement.

“Ben’s vision and leadership have positioned AI Squared as a market leader, and I am honored to build upon that strong foundation,” Kimura said. “We have an exceptional team, and I look forward to driving forward our mission of making AI more accessible and impactful for organizations worldwide.”

Photo by Magda Ehlers

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EverC Announces Merger with G2 Risk Solutions

EverC Announces Merger with G2 Risk Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Ever Green 3C, Mergers & Acquisitions

AI risk classification platform EverC revealed today that it is joining forces with G2 Risk Solutions (G2RS). The two are combining to pursue a collective mission to protect global digital payments and defend e-commerce from threats. The transaction is expected to close in the third quarter of this year.

Moving forward, the two will leverage EverC’s AI capabilities and bring G2RS’s risk and compliance capabilities to the payments risk ecosystem. When the deal is finalized, the two companies will collectively serve most major payment providers across the globe, including banks, merchant acquirers, marketplaces, and online platforms.

EverC was founded in 2015 to help marketplaces and online sellers grow by bringing trust and security to the ecommerce ecosystem. The company combines AI with its expertise in risk intelligence, data science, fintech, payments, and financial risk. In addition to its Risk Insights solution, EverC also offers two products, MerchantView, a merchant onboarding and monitoring platform; and MaketView, an automated, AI-driven solution that identifies and eliminates hazardous, counterfeit, and illicit products in online marketplaces.

G2RS offers risk and compliance management for financial institutions and online platforms. The California-based company offers a suite of solutions covering merchant risk, digital commerce monitoring, transaction laundering detection, identity verification, bankruptcy risk, and regulatory data services. Founded in 1989, G2RS leverages data, analytics, and human-curated insights to help its clients navigate evolving regulatory landscapes and complex risk challenges. Today’s deal isn’t G2RS’s only change to its operations this year. In the first quarter, the company acquired WebShield owner ZignSec AB for an undisclosed amount.

“G2RS and EverC have long traveled toward the same North Star, safeguarding digital commerce and the people who depend on it,” said G2RS CEO Brian Longe. “We move forward as one team with a shared vision to redefine what market leadership looks like in the merchant risk space. Leveraging each other’s strengths as a unified force on a singular track, we will accelerate to deliver faster, smarter business outcomes and solutions for our clients and the global digital economy. We’re poised to achieve more together than we ever could apart, aligned in our commitment to root out fraud and illegal activities and help our customers grow with confidence and integrity.”

Logistically, Longe will serve as CEO of the combined company, while EverC CEO Ariel Tiger will serve as an adviser through the end of the year as the companies transition into a single entity. Employees of both companies will continue to operate globally with offices in the US, Europe, India, and Israel.

“We share a purpose to stop the increasingly sophisticated global threats from bad actors who seek to exploit the payments ecosystem,” said Tiger. “With our two teams working together, our impact can be exponential. This elevates our game in every facet of the business, pushing the envelope technologically and setting new standards for merchant portfolio performance.”

At FinovateFall 2021, EverC demoed how MerchantView helps mitigate transaction laundering by identifying illicit activity in order to help clients reduce and avoid fines, maintain regulatory compliance, and protect their brand.

Photo by DS stories

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Japan’s Zerobank Design Factory to Power New Digital Bank for MUFG

Japan’s Zerobank Design Factory to Power New Digital Bank for MUFG
By David Penn Posted on
Categories: Alumni profile, Zero Bank Design Factory

MUFG’s new digital bank will feature the cloud-based banking system developed and operated by Zerobank Design Factory (ZDF), a subsidiary and the technological development arm of Fukuoka Financial Group (FFG). The announcement was made by Minna Bank, a fellow subsidiary of FFG that runs on ZDF’s core banking technology. In collaboration with Accenture and operating on the Google Cloud, the MUFG deployment will be the first time Zerobank Design Factory will see its solution used by an organization outside of FFG.

“Since its inception (Minna Bank) has accumulated and updated its technologies and expertise related to systems, functionalities, and design required for a digital bank,” Minna Bank and ZDF President and CEO Kenichi Nagayoshi said. “As a result, we believe that the recent first external provision of our system marks a valuable milestone. Moving forward, we hope to contribute, even if just a little, to the development of the digital banking market both domestically and internationally through the provision of this system.”

Japan’s first digital bank, Minna Bank was founded in 2021 and currently boasts 1.3 million accounts. The name means “a bank for everyone” and the institution posits that its mission is to “deliver valuable connections to everyone.” In 2022, ZDF announced that it would offer its technology to both local and international financial institutions. Non-financial organizations looking to add banking services are also eligible to deploy the system.

The MUFG deployment is designed to meet the need for faster management speed, greater efficiency, and lower costs. Banking systems that leverage multi-cloud, microservice architecture, DevSecOps, and other advanced technologies offer an effective way to meet these goals. The core banking system designed by ZDF offers a modular design capable of partial integration with existing systems to give banks, non-bank financial institutions, and non-financial entities a range of versatile applications to better serve customers and clients.

“Our collaboration with Minna Bank reinforces that cloud-based technology can deliver flexibility, speed, and reliability for core systems within global banks,” Google Cloud Global Managing Director, Regulated Industries, Toby Brown said. “Minna Bank’s use of Google Cloud’s advanced technologies—like Google Kubernetes Engine for elastic scale, Spanner for global data consistency, and Vertex AI for intelligent insights—is a blueprint for accelerating digital transformation far beyond banking, enabling industries from retail to mobility to seamlessly embed financial services and create new value for their customers.”

A wholly-owned subsidiary of FFG, ZDF is the system development company that built Minna Bank’s core system. ZDF is also a pioneer in cloud banking, having been among the first developers in Japan to build a core banking system on a public cloud. The company made its Finovate debut at FinovateFall 2023.

The largest regional financial group in Japan, FFG was established in 2007. FFG’s network covers the entire Kyushu region, which is home to more than 10% of the country’s population and includes cities such as Fukuoka and Nagasaki.

Photo by Tayawee Supan on Unsplash

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Clover Launches Clover PracticePay for Healthcare Providers

Clover Launches Clover PracticePay for Healthcare Providers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Clover Network

Fiserv-owned point-of-sale (PoS) system Clover unveiled Clover PracticePay today. The new solution is an all-in-one payments platform to support small and medium-sized healthcare providers. 

To optimally tailor the tool to the healthcare field, Clover partnered with healthcare payments solutions company Rectangle Health. The new solution aims to simplify the way healthcare practices manage payments while providing them with digital tools to help enhance their practice efficiencies.

Launching in 2026, PracticePay combines Rectangle Health’s Practice Management Bridge technology with Clover’s PoS hardware and is compliant with HIPAA and PCI requirements. Designed for providers across primary care, dental, behavioral health, and other specialties, the payments solution features financing options, recurring billing, text-to-pay, QR codes, and online payment portals that can be integrated into customers’ existing practice management software.

For Clover, launching PracticePay will help it expand beyond its core verticals, which include restaurant, retail, and personal services. Adding healthcare payments will allow Clover to extend into the high-demand healthcare industry in which providers are seeking to modernize operations to meet expanding patient expectations, increasing administrative complexity, and digitization requirements. PracticePay will help Clover meet these needs while capturing a segment of the $4.5 trillion US healthcare economy.

“As we continue to evolve Clover to meet the needs of small and medium-sized businesses, trusted partners like Rectangle Health play a critical role in delivering specialized solutions for key industries,” said Fiserv SVP, Head of Merchant FI Channels & Small Business Strategy Katie Whalen. “Healthcare is an important vertical for the banking industry, and with this new solution, we are enabling our financial institution partners to better serve a critical customer base within their communities. By uniting Clover’s leading technology with the strength and security of Rectangle Health’s purpose-built software, we are extending our reach into healthcare and enabling providers to operate more efficiently, improve payment flows, and enhance the patient experience.”

A pioneer in the payments space, Rectangle Health was founded in 1992 to create payment solutions for the healthcare industry. The company provides healthcare organizations with a suite of services that streamline payments, enhance patient relationships, and comply with regulatory standards.

“Together with Clover, we are proud to set a new standard for practice management and payment solutions in the healthcare space,” said Rectangle Health CEO Dominick Colabella. “This collaboration will enable providers to enhance their financial systems while remaining focused on what matters most—their patients.”

Clover was originally founded in 2010 to help small businesses accept payments. Today, the company serves as a one-stop shop for multiple payment needs. In addition to offering a range of payment acceptance terminals, Clover also has software to help businesses with online orders, accounting, loyalty programs, staff management, inventory, and more. Clover was acquired in 2012 by First Data, which was acquired by Fiserv in 2019.

Photo by Pixabay

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