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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
SuperFi received $1 million in pre-seed funding for its debt management and repayment platform.
The round saw contributions from Ascension, Fair By Design, Force Over Mass, and includes a grant from the Greater London Authority.
SuperFi’s debt management app will be publicly available in late 2023.
Personalized debt support platform SuperFi has landed $1 million in pre-seed funding for its platform that helps users understand, manage, and pay off their debt. The round brings the company’s total funding to $1.2 million.
The investment was led by Ascension and its impact fund, Fair By Design, and saw contributions from Force Over Mass and others. Also included in the investment amount is a grant from the Greater London Authority. SuperFi received the grant funds as part of the Mayor of London’s Challenge LDN scheme to combat poverty.
U.K.-based SuperFi was founded in 2021 with a goal to support the 18 million British adults struggling to pay their monthly bills during the cost of living crisis. To accomplish this, the company shows users an overview of their debts, analyzes their financial and personal circumstances, and offers them access to debt prevention tools and services.
“We believe that debt management should be proactive, not reactive. Our goal is to help millions of people struggling to pay their bills and credit commitments better manage their debt before it becomes a crisis,” said SuperFi Cofounder Tom Barltrop. “In doing so, we believe we can help British people during the cost of living crisis – saving businesses and society billions associated with problem debt.”
Today’s funding will help SuperFi test its platform with Councils and Housing Associations across London before the company rolls the product out to a wider U.K. audience. The investment will also be used to form partnerships with London boroughs.
SuperFi plans to make its app publicly available in late 2023.
When we think of fintech in Asia, China often comes quickly to mind, as do Singapore, Hong Kong, and a few other places. But Japan? Not so much.
Why is this so? One of the more interesting reads on the topic of fintech in Japan that I’ve come across is a Deloitte study Japanese Fintech in the Global Context. In the report, Deloitte Tohmatsu Consulting Social Impact Director Yasuyuki Ogyu explains some of the challenges that prevent Japan from having the sort of fintech industry we see in countries like the U.S. – or neighbor and rival China.
Ogyu notes that Japan has “a favorable B2C market environment.” Unfortunately, the country also has a “rock-solid yet inflexible financial infrastructure.” This has made investors hesitant to commit capital to new financial services businesses for fear that the return of investment would be low and slow compared to other opportunities in the region. Ogyu shows how, in contrast to the U.S., the high level of quality demanded of Japanese IT systems makes them “ill-suited (in terms of speed and cost) to new initiatives like fintech.” Comparisons between API laws in the U.S. and Europe compared to Japan show that there is still a great deal of work to be done educating the public on the value of “services that utilize personal data.”
Check out the full report. Deloitte’s study is an interesting look at the relationship between fintech innovation and the incumbent Japanese financial services industry. The report also provides a handful of recommendations that might help fintechs make greater inroads in the country.
That said, what are some of the more interesting developments on the Japanese fintech scene of late?
Just a few months after securing a deposit-taking license and one month after going live with its mobile app, Japanese digital bank Habitto announced that it surpassed 12,000 downloads. Habitto has also received more than $922,500 (¥130 million) in new deposits over the past month. But the download milestone news almost was overshadowed by a report that the neobank had opened a new office in the fashion district of Cat Street Uruhara.
Habitto co-founder and CEO Samantha Ghiotti explained. “Despite being a mobile-first finance brand, we still believe that it’s essential to connect with customers at ground level and with a human approach,” Ghiotti said. “Trust in financial brands is built over time. We can only achieve this trust through a combination of positive customer experiences both on mobile and face-to-face.”
Ghoitti and Chief Creative Officer Liam McCance founded Habitto in 2021. The Tokyo-based neobank offers an interest rate of 0.3% on deposits up to ¥1 million as well as a Visa debit card. The company’s mobile app includes free financial advice, personalized money plans, and in-app chat and video call services. Habitto has raised a total of $7.3 million in funding from investors including Saison Capital and Cherubic Ventures.
Turning to the B2C end of the country’s fintech sector, we note that Olta, a Japanese fintech that helps SMEs secure funding, has raised $17.8 million in funding. The investment in the Tokyo-based fintech takes the company’s total capital raised to more than $60 million. A sizable number of investors participated in the Series B round. These investors include SBI Investment, Spiral Capital, DG Ventures, WingArc 1st, AG Capital Delight Ventures, Tottori Capital, Nobunaga Capital Village, BIG Impact, and Aozora Corporate Investment.
Olta was founded in 2017. The company provides cloud-based factoring services for the procurement of funds to meet short-term funding needs without resorting to debt. Olta’s role in supporting small businesses during the COVID pandemic was highlighted by Nikkei Asia in the spring of 2020. One meat wholesaler described how he was able to convert several hundred thousand yen in accounts receivable into cash using Olta’s services.
Here is our look at fintech innovation around the world.
Sub-Saharan Africa
Kenyan telecommunications company Safaricom partnered with U.K.-based TerraPay to launch mobile money transfer service to Bangladesh and Pakistan.
Upgrade is acquiring travel-focused BNPL company Uplift for $100 million.
The company will use the purchase to build on its existing BNPL offerings.
Uplift had raised $700 million and was reportedly valued at $195 million during its 2019 Series C round.
Alternative credit provider and digital bank Upgrade made its first acquisition today. The seven year old fintech announced it has purchased buy now, pay later (BNPL) company Uplift for $100 million.
Uplift was founded in 2014 to serve as a BNPL option for U.S. and Canadian consumers at the point-of-sale when booking travel experiences at 300 major travel brands ranging from airlines to cruise companies to resorts. By selecting Uplift at the point-of-sale when booking their travel online, the company’s 3.3 million users can spread the cost of their purchase across multiple months and repay in fixed installments.
Upgrade offers personal loans and digital banking tools including credit cards, checking accounts, and savings accounts. While it doesn’t offer any BNPL tools, the company says its credit cards “combine the flexibility of a credit card with the predictability of a personal loan.”
Upgrade will use today’s acquisition to build its presence in the BNPL space. The company states that travel financing fits within its strategy of making credit available at the point of sale to finance “meaningful expenses.” Upgrade currently focuses on helping its users finance practical expenses such as buying a car or making home improvements, and –with Uplift’s expertise– will be able to enter the travel vertical, as well.
As Upgrade Cofounder and CEO Renaud Laplanche explained, “The Uplift team has established the company as the leading BNPL provider in the travel industry, and we look forward to combining forces to make travel more accessible and affordable for millions of consumers, and over time implement similar solutions in adjacent parts of our customers’ lives.”
Prior to today’s acquisition, Uplift had raised $700 million in combined debt and equity and was reportedly valued at $195 million during its 2019 Series C round.
Headquartered in California with an operations center in Arizona and a technology center in Canada, Upgrade is partnered with Cross River Bank and Blue Ridge Bank for credit lines and banking services, NYDIG for Bitcoin rewards, and Sutton Bank for card issuance. The company has delivered $24 billion in credit via its cards and loans since 2017.
Core banking provider Tuum and bank orchestration platform Numeral announced a new partnership this week.
The two companies will work together to help financial institutions and fintechs launch and grow across Europe and the U.K.
Paris, France-based Numeral made its Finovate debut this spring at FinovateEurope in London.
A strategic partnership between core banking provider Tuum and bank orchestration platform Numeral is designed to help both financial institutions and fintechs to launch and grow across Europe and the U.K. The combination of Numeral’s bank integrations and Tuum’s modular core banking platform will enable FIs and fintechs to access a variety of European and U.K. payment schemes – including SEPA, Bacs, FPS as indirect participants via integrations with E.U. and U.K. partner banks.
This provides access to partner banks’ local virtual IBANs – or to issuing their own local IBANs. According to research from Numeral, European consumers said they were 83% more likely to use financial services that offered local IBANs instead of foreign ones. The company’s survey also noted that a quarter of respondents said that they had experienced “IBAN discrimination” when using a foreign IBAN. The partnership between Tuum and Numeral, by facilitating local IBANs, will boost consumer trust as well as combat the issue of IBAN discrimination.
In a statement, Numeral CEO Édouard Mandon underscored the importance of scale when it comes to unit economics in fintech and financial services. “Building a pan-European payment infrastructure is critical for financial services and fintech companies to access a broader market, acquire more customers and achieve profitability,” Mandon said. He highlighted the challenge of financial institutions trying to build these solutions internally and pointed to the partnership between Tuum and Numeral as a better way. “Financial services companies should be able to build systems that correspond to their specific needs from readily available building blocks,” Mandon added.
Tuum VP of Global Partnerships Jean Souto shared Mandon’s concern about the challenges FIs face when it comes to allocating scarce resources. “Establishing operations across different countries demands substantial capital and operational expense,” Souto explained. “With Tuum and Numeral’s joint proposition, companies can now harness the power of a modular core banking platform and a pan-European bank orchestration platform.”
Headquartered in Paris, France, Numeral demonstrated its technology at FinovateEurope earlier this year. At the conference, the company showed how financial institutions can leverage its technology to automatically send, receive, and reconcile SEPA payments. The company also demoed how its API platform optimizes FI payment operations by automating bank payment processing. The same month that Numeral made its Finovate debut, the firm announced that it was going live in the U.K.
Providing the payment infrastructure for European fintechs such as Swile and Spendesk, Numeral says that it is on pace to process $5.5 billion (€5 billion) in 2023. The company announced in May that it was teaming up with BNP Paribas and European Buy Now, Pay Later (BNPL) outfit Alma to automate payments to merchants.
Numeral has raised €13 million in funding. The company includes Balderton Capital and Kima Ventures among its investors.
The launch is among 100+ updates the company is making today as part of its summer release.
The new Visa-branded credit card is powered by partnerships with Stripe, which is powering the infrastructure behind the card, and Celtic Bank, which serves as the bank partner.
Shopifyreleased 100 updates today. Out of the updates, the most interesting was the launch of a Visa credit card aimed at U.S. businesses. The card is fueled by partnerships with Stripe, which powers the infrastructure, and Celtic Bank, which serves as the issuing bank.
The card does not charge fees or interest– it is a pay-in-full card that offers business owners up to 56 days to pay for their purchases. After that point, Shopify will automatically debit any outstanding balances from the user’s designated account.
The new credit card offers businesses up to 3% cashback on eligible purchases, which include business expenses in the company’s monthly top spend category— marketing, fulfillment, or wholesale. For all other purchases, cardholders receive 1% cashback. Businesses can receive up to $100,000 in cashback, which is earned as a statement credit.
Eligibility for the credit card is based on a business’ sales performance, not an individual’s credit score. This allows the cardholder’s credit limit to increase as their business scales up.
Shopify has been offering businesses access to working capital with its commercial lending platform, Shopify Capital, since 2016. Underwriting for the loans works in the same way that the company’s credit card underwriting works. The credit offers are based on a business’ sales. In fact, the company uses more than 70 data points about a business applicant to underwrite the loan. Since launch, Shopify has distributed more than $4.5 billion in loans to its business users.
Other financial tools that Shopify offers its business users include Shopify Balance, which is a business financial management tool, and Shopify Bill Pay, a tool to help merchants manage and pay vendors.
Canada-based Shopify has been bringing ecommerce websites and tools to retailers since 2004. In the years since, millions of businesses in 175 countries have used the company’s technology to make over $700 billion in sales. Tobias Lütke is CEO.
New York-based digital bank Grasshopper announced a partnership with automated financial crime assurance and testing specialist Cable.
The partnership will enable the bank to enhance its own compliance and risk management capabilities.
Cable made its Finovate debut last September at FinovateFall.
Digital bank Grasshopper has turned to Cable for its automated financial crime assurance and testing capabilities. The bank will leverage Cable’s technology to deploy next-level automation that will enhance the advanced compliance and risk management capabilities of its own compliance program.
“Cable will help us and our fintech partners take advantage of the latest automation to gain superior visibility and comprehensive compliance insights, which will enable our clients to scale more efficiently and responsibly – back by the leading advanced compliance technology,” Grasshopper Chief Compliance Officer Chris Mastrangelo said.
Cable offers a solution that enables both banks and fintechs to automate their compliance assurance and effectiveness testing. The company’s Automated Assurance offering helps institutions discover regulatory breaches and control failures when they occur, empowering compliance teams to take immediate action. Cable’s technology streamlines a variety of manual processes including operations in quality control, stakeholder reporting, and record management. The company says that businesses have achieved nearly a 6x average return on investment in their first year using Cable. Clients using Cable’s complete suite of solutions have saved an average of $440,000 a year, according to the company. Cable demoed its technology at FinovateFall last year.
Based in New York, Grasshopper is a digital bank with total assets of more than $700 million. The institution caters to the “innovation economy,” serving small businesses, startups, venture capital and private equity, as well as fintechs. The bank’s partners include a number of Finovate alums including Visa, FIS, and Alloy. Grasshopper won Best Use of Tech in Banking at the 2023 Banking Tech Awards USA sponsored by sister publication Fintech Futures.
“As one of the most innovative BaaS providers, Grasshopper demonstrates that integrating cutting-edge compliance infrastructure and automation is mission-critical to the success of the best BaaS companies in today’s banking landscape,” Cable CEO Natasha Vernier said. Grasshopper will take advantage of Cable’s Partner Hub, which provides compliance infrastructure that is specifically designed for bank-fintech relationships. This includes automated risk assessments, automated assurance, quality assurance, management information, reporting, and more.
Vernier co-founded Cable with Chief Product Officer Katie Savitz in 2020. The company raised $11 million in Series A funding in May. Stage 2 Capital and Jump Capital provided the financing, along with existing investor CRV. This year alone, Cable has partnered with digital asset custody platform Palisade, embedded banking software platform Treasury Prime, U.K. bank Griffin, and crypto payments company Ramp.
Business insurance platform Embroker has announced strategic partnerships with Dashlane and Cowbell.
The partnerships are designed to help the company improve customer security and enhance liability coverage.
Dashlane is a password management provider. The company won Best of Show at FinovateFall in 2012. Cowbell is a cyber insurance provider for SMEs.
Embroker is taking two giant steps toward enhancing security and liability coverage on its business insurance platform. The San Francisco-based company has forged strategic partnerships with password management provider Dashlane and cyber insurance provider for SMEs Cowbell.
“Through Cowbell and Dashlane, we are not only able to support our customers in the event of a cyber breach, but also help them avoid one altogether,” Embroker Chief Insurance Officer David Derigiotis said. “It is services like these that are shaping the next generation of insurance, making getting coverage easier and actively beneficial to those who hold policies with us.”
Courtesy of the partnership, Embroker policyholders will be able to access Dashlane’s enterprise password management technology. Dashlane’s solution leverages zero-knowledge encryption, which stores passwords and other sensitive data in vaults that are private – even to Dashlane. The company also offers dark web monitoring to alert Embroker customers when their information may have been exposed. Dashlane CEO John Bennett called the partnership “a natural pair” due to the potential impact of breaches on policy premiums. “By aligning with a partner like Embroker, we’re helping to create safer business environments from start to finish for the startup community, holistically protecting businesses from the increasing cyber threats they face,” Bennett said.
Embroker’s partnership with Cowbell will combine the company’s Cyber Liability Product with Embroker’s own LPL solution via API. The addition gives Embroker customers broader options when it comes to bespoke coverage. Embroker announced that the combination with Cowbell has completed the company’s law bundle offering.
Founded in 2009 and headquartered in New York, Dashlane made its Finovate debut in 2012. At the conference, the company won Best of Show for its technology that enables instant checkouts and universal logins while maintaining privacy and security. In the years since, Dashlane has grown into a credential management leader that has secured more than 2.5 billion credentials and safeguarded passwords and passkeys for more than 20,000+ companies.
Credit card giant American Express launched its Sync Commercial Partner Program this week.
The program offers a suite of APIs that fintechs can embed into their existing B2B apps and services, including spend management, procurement, and other B2B software solutions.
As a result, businesses can access Amex tools and services within the fintech apps they already use.
American Expressunveiled its Sync Commercial Partner Program today. The new program includes a suite of APIs that fintechs can embed into their own B2B apps, reaching business customers on the platforms they already use.
Using the Sync Commercial Partner Program, fintechs and software providers can embed Amex virtual cards into their own spend management, procurement, and other software solutions aimed at U.S. businesses. The Sync Commercial Partner Program is scalable to suit a range of fintechs’ needs; it offers robust developer tools, and comes with a dedicated Amex support contact. In a future iteration, Amex will enable fintechs to integrate virtual cards that can be added to several mobile wallets.
The card company said that it will add more B2B payment and data capabilities in the coming months.
“American Express Sync will put more B2B capabilities in the hands of fintechs and ultimately enable their customers to get more value from the platforms they use to run their businesses,” said American Express Vice President on the Global Commercial Services team Todd Manning. “Today’s announcement means that our broad base of American Express U.S. Business and Corporate customers will have more ways to pay their suppliers digitally.”
The use of embedded B2B payments has been expanding over the past few years. In 2021, the transaction value reached $700 billion in the U.S. By 2026, the value is expected to nearly quadruple to $2.6 trillion.
At launch, the Sync Commercial Partner Program has six early adopters– Centime, Eved, HQ, Melio, and PayEm. “Together, American Express and PayEm are providing customers with an intuitive way to manage payments, expenses, and cash flow by leveraging on-demand virtual Cards,” said PayEm CEO and Cofounder Itamar Jobani. “Our customers can now generate unique virtual Card numbers for specific employee requests or vendor transactions, giving them greater control, enhanced security, and streamlined reconciliation.”
Amex’s launch of its Sync Commercial Partner Program is the company’s latest move to boost its digital finance offerings. Last month, Amex partnered with Plaid to allow its customers to connect with Plaid’s 8,000+ connected apps without having to share their password with the third-party provider. And last spring, the card company launchedAmerican Express Global Pay, a cross-border payments tool for U.S. small businesses.
Listed on the New York Stock Exchange under the ticker AXP, American Express has a market capitalization of $124 billion. Stephen Squeri is CEO.
Dutch neobank bunq raised an additional $49.3 million (€44.5 million) in growth capital.
The investment takes the firm’s total capital raised this year to $111 million (€100 million). bunq’s valuation stands at $1.8 billion (€1.65 billion).
Founded in 2012, bunq has nine million customers and $5 billion (€4.5 billion) in customer deposits
“It’s been a truly magical year for bunq; we’re rapidly expanding and have seen massive deposit growth,” Niknam said. “With more and more people entrusting their money to us, we’re convinced that we should double down on our momentum and cement the way forward for future growth.”
bunq was founded in 2012, and offers banking, savings, payments, cards, and other financial services. The neobank specializes in serving “digital nomads”: individuals who live and work in more than one country. This strategy has helped bunq reach nine million customers and $5 billion (€4.5 billion) in customer deposits. Compare this with 5.4 million customers and €1 billion in customer deposits just two years ago. bunq primarily serves banking customers in Europe. Nevertheless, the company has begun the process of securing a banking license in the U.S.
In 2021, bunq received an investment of $213 million (€193 million). At the time, the fundraising was the largest Series A round raised by a European fintech. In the final quarter of 2022, bunq announced its first net profit. The company expects to achieve a full year of profitability this year.
“I’m incredibly proud that, just a decade since our inception, bunq’s service-oriented business model has proven to be profitable,” Niknam said in February. “Truly aligning our user-centered philosophy with financial success, we were able to build a business that’s only successful as long as our users are happy.”
bunq also announced a set of new enhancements this month. The company now gives customers up to 2% back on card spending on public transportation. Cardholders can also take advantage of 1% cashback for purchases at restaurants and bars. Bunq now enables users to save in multiple currencies, with interest paid out weekly. And with climate change top of mind for many of its customers, bunq has added carbon footprint tracking.
Check out our conversation with bunq Chief of Staff to the CEO Bianca Zwart from earlier this year at FinovateEurope. Zwart explained the company’s origins and its unique business model. She also discussed bunq’s goal of becoming the “global neobank for digital nomads and international people and businesses.”
The Federal Reserve launched its instant payments service, FedNow, today.
The new service enables businesses and consumers to send and receive money in real-time, 24/7/365.
FedNow puts the U.S. on par with countries like the U.K., Brazil, and India, as well as the EU, which have offered real-time payments for years.
The long-awaited launch of instant payments in the U.S. is here. The Federal Reserve introduced its FedNow instant payments service today. The new system enables businesses and consumers to send and receive money in seconds. FedNow is also available 24/7/365 and recipients get full access to sent funds immediately.
Funds can be transferred from person to person, from consumers to businesses, and from businesses to each other. There are currently 35 banks and credit unions participating in the program. A growing number of fintechs have also expressed their readiness to participate in the service. These companies include Finovate alums ACI Worldwide, Aptys Solutions, Finastra, Finzly, FIS, Fiserv, Jack Henry, and Temenos.
Federal Reserve Chair Jerome Powell praised the launch of the new offering. “The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient. Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”
The potential impact of FedNow on businesses and consumers is significant. Not only will the everyday business of payments become faster and more streamlined, but also the rise of just-in-time access to paychecks and invoices will benefit both workers and small businesses. The service also helps smaller banks and financial institutions, enabling them to access and offer real-time payments without having to partner with larger, competing FIs for the service.
Check out our conversation from last fall with Bernadette Ksepka. Ksepka is Assistant Vice President and Deputy Head of Product Development with the FedNow Service.
CRIF and Know Your Customer have developed a new system that uses real-time registry connections to automatically retrieve documents and map shareholders. The solution provides a centralized place to integrate data from multiple official sources which enables PAOB to streamline the onboarding process for its clients. In addition to leveraging automation to lower costs and reduce the amount of manual labor involved, the new offering supports on-going monitoring requirements, as well. Both CRIF and Know Your Customer offer a wide range of compliance solutions: CRIF provides a portfolio of business data and intelligence, including credit and ESG data. Know Your Customer provides real-time registry connections, Ultimate Beneficial Owner mapping across borders, and modular workflow capabilities.
Ivan Chow, Head of Strategy & Partnerships at PAOB highlighted the challenges facing regional SMEs in the immediate, post-COVID economic environment. Chow noted that the re-opening of places like Hong Kong is not only likely to feature increased business activity, but also increased demand for operating capital financing. “The partnership with CRIF and Know Your Customer will further enhance our customer-centric experience to the SME customers,” Chow said.
The partnership between CRIF and Know Your Customer extends back to 2021. The two companies announced a global commercial partnership in August of that year to help financial institutions pursue their digital transformation objectives. The alliance will combine CRIF’s KYC data offering with Know Your Customer’s platform to facilitate digital corporate onboarding for financial institutions. The agreement also featured a strategic financial investment in Know Your Customer. The amount of the investment was not disclosed. The company said the capital will help it further develop the AI and automation features of its technology.
Founded in 1988, CRIF is headquartered in Bologna, Italy. The company operates in more than 40 countries and includes more than 10,000 financial institutions and 600+ insurance companies among its customers. CRIF made its Finovate debut at FinovateEurope in 2014.
Linqto has revamped its brand identity and has rolled out new capabilities to enable investors to buy and sell their holdings in real time.
The new feature comes after a recent bill passed by the House Financial Services Committee revamped the list of accredited investor certifications.
This marks the company’s second rebrand, after it first pivoted in 2020 to serve individual investors.
Investment platform Linqto has rolled out a two-fold announcement today. Not only has the California-based company has revamped its brand, but it has also added new capabilities to enable investors to buy and sell their holdings.
At its core, Linqto helps accredited users invest in unicorns before they go public. The platform opens up a ground floor opportunity, with the minimum investment starting at $5,000. The expanded capabilities launched today transforms Linqto into a more holistic platform, allowing users to control and manage their assets in real-time.
“The first generation of Linqto’s platform made private equity investing simple and accessible for accredited investors, and we are now entering a new phase which also makes these investments liquid,” said Linqto Chief Product Officer Patty Brewer. “The expanded platform allows accredited investors to cost-effectively build and manage their own diversified portfolio of private equity investments. Linqto is demystifying the private markets by providing endless opportunities to achieve financial goals.”
Today’s announcement comes after a recent bill passed by the House Financial Services Committee revamped the list of accredited investor certifications. The update further democratizes access to the private market.
“Now we’re doubling down on our core mission of helping accredited investors identify the private companies and industries they’re most interested in and providing real-time liquidity as a bonus,” said Linqto CEO Bill Sarris.
The rebrand marks the second change in the company’s brand identity since it was founded in 2010 as a digital banking technology company that provided software-as-a-service to fintechs. In 2020, two years after Linqto acquired investment trading platform PrimaryMarkets for $33 million, the company pivoted to serve as a direct-to-consumer investment platform.
Since then, Linqto has amassed 150,000 members across 110 countries and has facilitated $220 million in investments across almost 50+ portfolio companies.
