Daily news

SEON Launches Free Fraud Prevention Tool

SEON Launches Free Fraud Prevention Tool
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • SEON is giving away its fraud prevention tools for free.
  • The free tier will include up to 2,000 API calls each month at a rate of two queries per second.
  • “We’re determined to tackle fraud head on,” said SEON CEO and Co-founder Tamas Kadar. “This version will help us to serve a greater number of online businesses than ever before, and it is a major step towards building a truly fraud free world.”

Online fraud prevention platform SEON‘s mission is to democratize the fight against online fraud for businesses of all sizes. Today, the Hungary-based company is furthering its efforts toward this goal by giving away fraud prevention tools for free.

The Forever Free version of its online fraud prevention software will support up to 2,000 API calls each month at a rate of two queries per second and includes email support from SEON’s customer service agents.

“We’re determined to tackle fraud head on,” said SEON CEO and Co-founder Tamas Kadar. “This version will help us to serve a greater number of online businesses than ever before, and it is a major step towards building a truly fraud free world.”

SEON has always offered businesses free access to its technology via a 14-day free trial. Starting today, after a user’s trial period expires, they will automatically be converted to SEON’s Forever Free plan. Businesses that want more capabilities can convert to SEON’s Pro plan, which offers more API calls and responses around 10 queries per second, for businesses with higher transaction volumes and a need for a faster speed.

“As a company, we make it tough for fraudsters by intelligently combining real-time social signals, phone, email, and IP lookup details with device intelligence and machine learning to uncover fraud patterns and discover revenue opportunities. We enable fraud prevention teams to go further with access to insightful, real-time data from one source.” 

SEON doesn’t think of itself as a typical fraud prevention company. The company’s business model is based on a product-led growth (PLG) strategy via a software-as-a-service (SaaS) model, which makes the technology more accessible to a wider range of businesses.

“Sadly, for too long, this level of protection has only been available at a very high price point. That’s why for years, we’ve strived to make our service as accessible as possible. Through our ‘forever free’ option we’re able to go even further in that effort,” Kadar added.

The second half of the year has been a busy one for SEON. In the past couple of months, SEON has formed partnerships with SaaS anti-money laundering company, Lucinity and AI-powered decisioning platform, Provenir. And in the last few weeks, the company has made several updates to its system, including improving the accuracy of its IP, BIN, email, phone, and platform checks.  

Photo by Neenu Vimalkumar on Unsplash

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FutureTech Friday: Bank of Ireland’s Eco-Friendly Cards; Zurich’s Climate-Focused Fintech Incubator; and More!

FutureTech Friday: Bank of Ireland’s Eco-Friendly Cards; Zurich’s Climate-Focused Fintech Incubator; and More!
By David Penn Posted on
Categories: Daily news

Sometimes “futuretech” means technology that helps ensure that we actually have a future!

This week we’re taking a look at recent initiatives in the fintech world to help promote sustainability. These efforts have been growing as more and more companies respond to customer concerns about the impact of their financial behavior on the climate. From technology that helps consumers measure and track their carbon footprint to new payment cards that eschew plastic for renewable, environmentally-friendly materials, businesses in the fintech industry have pursued a wide variety of strategies in support of “climate consciousness.”

The news that the Bank of Ireland has begun issuing new bio-sourced debit cards is one of the latest examples of this trend. The cards are made from 82% bio-source renewable materials such as field corn and decompose in months – compared to plastic, which lasts for hundreds of years. The cards will be available to both personal and business customers and the Bank of Ireland expects its entire portfolio to be switched over to the bio-sourced cards by 2026.

“The environmental credentials of these bio-sourced cards are exceptionally strong and with 60,000 already being used by third-level students, we will now radically expand the rollout across our entire cards business in Ireland and the U.K.,” Bank of Ireland Chief Sustainability & Investor Relations Officer Eamonn Hughes said.

The Bank of Ireland expects to save 17 tons of CO1 and nearly four and a half tons of plastic every year with the new initiative. The Bank first issued bio-sourced debit cards for third level students in September 2020. In addition to the new bio-sourced cards, the Bank of Ireland also announced that it was upgrading its card designs to make it easier for users to correctly insert the cards in machines and ATMs.

The decision to pursue bio-sourced cards is based in part on research the bank conducted on young shoppers over the past year. The Bank learned that 63% of those in Ireland between the ages of 18-25 have become “more aware of shopping sustainably” over the past 12 months. Additionally, more than half of those surveyed, 54%, said they were “happy to pay more for sustainable goods.”

In other fintech sustainability news, Zurich-based F10 is hosting what it calls the world’s first climate-focused fintech incubator in the Nordic region. The six-month program will feature startups from the U.K., Israel, Sweden, Lithuania, Switzerland, and Canada that are innovating in areas ranging from sustainable investing to waste trading. Head of F10 Nordics and Baltics Anders Norlin said, “the variety of climate fintech solutions presented reinforces the interest for more innovative solutions in the needed transition towards a net zero society.”

The startups participating are: Azzera (Canada), Eljun (Sweden), GreenGrowth (U.K.), OCO (Lithuania), Spritju (Sweden), SustainSME (Switzerland), Weather It Is (Israel), and Xworks (U.K.).

U.K.-based digital challenger bank Tandem launched its Tandem Marketplace this week. The new offering is a consumer-based hub for information on how to live a more sustainable life with tips on everything from retrofitting your home to keeping energy costs low. For example, among the tools available on the Marketplace are an EPC (“energy performance certificate”) checker to help U.K. homeowners understand their EPC and learn ways to improve it.

“We are in the middle of a climate crisis and a cost-of-living crisis,” Tandem Chief Impact and Marketing Officer Georgina Whalley said. “People shouldn’t have to choose between heating and eating. This is why we have created our Marketplace, people need more information and support to make greener choices.”

Tandem Marketplace is only the most recent sustainability initiative the bank has pursued. In September, Tandem Bank announced that it had joined the Coalition for the Energy Efficiency of Buildings (CEEB) sponsored by the Green Finance Institute. The coalition consists of more than 300 businesses and organizations from finance, policy, and civil society, working to develop a market for financing net zero carbon and climate resilient buildings in the U.K.

“This is a brilliant opportunity for Tandem to join leaders across a range of sectors to develop green and innovative financial products that will address the retrofit investment gap,” Tandem Bank CEO Susie Aliker said. “With over 28 million homes in need of retrofitting by 2050, collaboration is key to successfully tackling Net Zero targets.

Founded in 2014, Tandem is one of the U.K.’s original digital challenger banks.

Photo by Mahima

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Moneythor Launches Wealth Management Engagement Solution

Moneythor Launches Wealth Management Engagement Solution
By David Penn Posted on
Categories: Daily news
  • Digital banking solutions provider Moneythor launched a new engagement tool for wealth managers.
  • The new offering is designed to help wealth managers leverage client data to create more personalized experiences that help customers build their wealth.
  • Moneythor was a finalist in this year’s Finovate Awards in the “Best Fintech Partnership” category.

Moneythor, a Finovate Awards finalist this year in the “Best Fintech Partnership” category (in collaboration with Standard Chartered), unveiled a new tool for wealth managers this week. The offering is an add-on module to its data-driven personalization and digital engagement solution, and is designed to help wealth managers increase loyalty and NPS, as well as lower the costs and boosting revenues.

Moneythor’s digital engagement tool aggregates a sizable range of user data – from retail accounts and payment cards to lending products and investment portfolios, and more. This data is then processed by the Moneythor platform to generate and provide insights, recommendations, and alerts – at scale and in real-time. This gives customers the kind of contextual and actionable information they need in order to better manage and grow their finances. Customers can also take advantage of the configurable conduit to update their risk profile, compare their portfolio’s performance against model portfolios, as well as consider and incorporate investment advice.

“Adding the ability to deliver personalized experiences across investment journeys was a natural evolution of our solution aiming to address the needs of financial services customers across all segments including retail, SME and now wealth,” co-founder and CEO of Moneythor Olivier Berthier said. “We are excited by the interest we have seen from our clients and partners for these new features, and how important personalization and digital engagement are now to their wealth management strategies.”

Founded in 2013 and headquartered in Singapore, Moneythor has spent the fall of 2022 inking partnerships with the likes of Trust Bank, a digital financial institution headquartered in Singapore, and Australia’s National Australia Bank (NAB). In May, Moneythor teamed up with Finovate alum Thought Machine, which selected Moneythor among the initial partners for its Integration Library, a suite of curated integrations that are interoperable with Thought Machine’s Vault Core. Moneythor began this year announcing collaborations with The Saudi Investment Bank (SAIB) and carbon footprint tracking company Cogo.

In addition to its Singapore headquarters, Moneythor maintains offices in Paris, Sydney, Dubai, and Tokyo. The company’s solutions are used by financial institutions around the world, including in developing markets such as Indonesia, India, and Malaysia.

Photo by Adhitya Andanu

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MX and Orum Partner for Instant Money Movement

MX and Orum Partner for Instant Money Movement
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, MX
  • Open banking company MX and real-time payments player Orum have formed a partnership.
  • The agreement integrates Orum’s money movement API with MX’s instant account verification and balance check capabilities.
  • Combining these technologies will enable fintechs to embed real-time payment capabilities into their own offerings.

Open banking company MX announced a partnership with real-time payments player Orum this week that will enable it to provide real-time payments and money movement capabilities for fintechs.

The agreement integrates Momentum, Orum’s money movement API, with MX’s instant account verification (IAV) and balance check capabilities. This combination will enable fintechs to embed instant payments capabilities for transactions in any direction, at any time.

“More than ever, fintechs and verticalized payments companies are looking for innovative solutions that automate and simplify money movement, from unlocking instant and risk-mitigated on and off ramps, to optimizing the customer experience through instant availability of funds and payouts,” said Orum Chief Revenue Officer Rouzbeh Rotabi. “By partnering with MX, Orum is further enhancing the ability to offer the best experience for developers who value simplicity and security, and end-customers who want instant funds availability.”

Orum offers a unified money movement API that uses in-house payments intelligence to manage risk and orchestrate complex, multi-rail transfers. The company offers settlement in as little as 60 seconds. This is the first partnership announcement I’ve seen from Orum, which offers use cases for crypto exchanges, brokerage firms, gig platforms, insurance companies, consumer lenders, and banks. Founded by Stephany Kirkpatrick, the company entered the market with its flagship product, Foresight, in 2020. To date, Orum has raised $82.2 million in funding from the likes of Inspired Capital, Bain Capital, Accel, Canapi Ventures, and others.

Founded in 2010, MX has positioned itself in the open finance space, offering account aggregation and data access products alongside its mobile banking and money management tools. When used in conjunction with Orum’s instant payment technology, MX’s IAV and balance check capabilities will help fintechs verify and aggregate consumers’ financial information quickly and securely.

“Orum offers fintech and financial institutions access to smarter, simpler, and faster payments,” said MX Executive Vice President, Channel Partnerships Raymond den Hond. “MX and Orum’s shared commitment to enabling best-in-class financial experiences and outcomes through cutting-edge platforms makes this a natural partnership. We are excited to grow and expand our capabilities together to meet the most pressing needs of fintechs and payments companies.”

Photo by Pixabay

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Lloyds Banking, Legal & General Take Minority Stake in Open Data Innovator Moneyhub

Lloyds Banking, Legal & General Take Minority Stake in Open Data Innovator Moneyhub
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Moneyhub
  • Legal & General and Lloyds Banking Group have invested $40 million (£35 million) in open data and payments platform Moneyhub.
  • Along with the equity capital, Moneyhub received an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook.
  • Moneyhub made its Finovate debut at FinovateEurope in 2015 in London. Samantha Seaton is CEO.

The $40 million (£35 million) in funding raised by open finance and payments platform Moneyhub will give minority stakes to investors Legal & General and Lloyds Banking Group. The two backers will leverage their relationship with Moneyhub to enhance their own offerings with Moneyhub’s open data technology. At the same time, the capital, along with an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook, will enable Moneyhub to speed development of its products in areas ranging from pensions and payments to affordability and Data-as-a-Service. The funding will also support Moneyhub’s plans to further international expansion.

“(The) new investment helps us signal a step change in the way the financial services industry thinks about Open Data and the possibilities it presents,” Moneyhub CEO Samantha Seaton said. “Understanding and utilizing customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfill their Consumer Duty regulatory obligations, but also empowers them to create further opportunities.”

Moneyhub enables companies to transform data into personalized digital experiences and initiate payments. Offering both APIs and its customizable Open Data Platform, Moneyhub serves businesses in industries from pension companies and wealth managers to banks, lenders, and insurance companies. Moneyhub boasts seamless, single source connectivity to thousands of financial institutions in 37 countries, helping ensure its clients can build a comprehensive portrait of their customers’ financial needs, habits, and goals.

Moneyhub’s largest funding round to date, this week’s capital infusion is part of a larger fundraising effort and follows a 2021 investment of $18 million led by Peter Wood, founder of Direct Line and Esure. At the time, the funding was the largest secured by a female fintech CEO in Europe that year. Moneyhub currently has more than $63 million in capital raised, according to Crunchbase.

Moneyhub made its Finovate debut in 2015 at FinovateEurope in London. Founded in 2011 and headquartered in Bristol, the company also announced this week that it was teaming up with SME health and wellness care provider MorganAsh. The support services provider will use Moneyhub’s technology to access customer financial data to enhance their ability to provide real-time consumer vulnerability assessments. The partnership will also help MorganAsh fulfill its obligations for Consumer Duty, a requirement issued by the U.K. Financial Conduct Authority in July that governs implementation of open finance/open data products.

“Consumer Duty and Open Finance herald a new era of customer-focused firms and financial resilience,” Moneyhub Business Development Director Vaughan Jenkins said. “Smart, forward-looking businesses will seize this moment and benefit from it.”

Photo by Laura Tancredi

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U.S. Bank Unveils Embedded Payments Solution Courtesy of Microsoft Collaboration

U.S. Bank Unveils Embedded Payments Solution Courtesy of Microsoft Collaboration
By David Penn Posted on
Categories: Alumni News, Daily news, US Bank
  • U.S. Bank launched a new suite of embedded payments solutions within Microsoft Dynamics 365.
  • The collaboration embeds U.S. Bank payment capabilities across Microsoft platforms.
  • U.S. Bank said it plans to embed additional payment capabilities within platforms such as Microsoft Teams and Microsoft Power Platform.

U.S. Bank’s collaboration with Microsoft announced earlier this year has borne fruit: the bank has introduced a new suite of embedded payments solutions within Microsoft Dynamics 365. The integration embeds U.S. Bank payment capabilities across Microsoft platforms. It also makes U.S. Bank among the first financial institutions to take advantage of the opportunity of directly integrating into the popular enterprise resource planning (ERP) and finance solution.

Among the solutions available to businesses using Microsoft Dynamics 365 is the U.S. Bank AP Optimizer. Available directly from their business application, the technology gives treasury management teams the ability to automate invoice processing for both business and consumer payment disbursement within Microsoft Dynamics 365. This will facilitate automated accounts payable workflows, including matching and reconciliation.

“We are committed to meeting clients wherever they are in their digital journey, bringing payments to businesses in a way that’s instant, embedded and connected to the technology they use every day,” U.S. Bank vice chair and head of Payment Services Shailesh Kotwal said. “Our integration with Microsoft – which businesses rely on daily to serve their customers – opens new possibilities for U.S. Bank clients to improve efficiencies and enable faster payments.”

According to U.S. Bank, this week’s news is only the beginning. The bank announced that it has plans to embed additional payment tools within Microsoft platforms such as Microsoft Teams and Microsoft Power Platform.

“Embedded payments can deliver powerful, new ways for businesses to streamline processes, enhance visibility, deliver better experiences, and reduce risk,” Microsoft Corporate Vice President for Worldwide Financial Services Bill Borden said. “We are excited to build on our work with U.S. Bank, delivering integrated, easy-to-use digital payments capabilities to our customers through Microsoft Dynamics 365 with additional embedded solutions to come.”

The two companies have been working together closely since February, when U.S. Bank announced a “substantial investment” in the modernization of its technology by choosing Microsoft Azure at its primary cloud provider for applications. The move will give customers more tools and more options when it comes to accessing banking services and provides U.S. Bank with opportunities to grow via new partnerships and what the bank sees as an “ever-evolving financial services marketplace.”

U.S. Bank’s collaboration news comes just one month after the bank introduced a new cash flow prediction tool for small businesses. The solution gives SME owners a 90-day forecast of cash flow and enables them to factor in external client data along with data from their own U.S. Bank accounts to provide more comprehensive cash flow insights.

U.S. Bank most recently demoed its technology last September at FinovateFall 2021. At the conference, the Minneapolis, Minnesota-based bank demoed its Card-as-a-Service (CaaS) solution. The offering enables fintechs, partners, and clients to digitally extend corporate credit, and to leverage API integration to create a custom virtual payment experience in their own ecosystem. Spending limits, tokenization, and encryption are all features of U.S. Bank’s CaaS solution.

Photo by Karolina Grabowska

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Amazon Taps Parafin for Merchant Cash Advance Program

Amazon Taps Parafin for Merchant Cash Advance Program
By Julie Muhn (@julieschicktanz) Posted on
Categories: Amazon.com, Daily news
  • Amazon is launching a merchant cash advance tool in partnership with Parafin.
  • The cash advance ties repayment to a percentage of the Amazon seller’s Gross Merchandise Sales (GMS).
  • The program launches today for select U.S. businesses, and it will be available more broadly by early 2023.

Right on the heels of launching its own insurance marketplace, Amazon is taking another step into the fintech realm. This time the online retailer is taking aim at small business financing, unveiling a financing tool for sellers on its own platform via a partnership with Parafin, a fintech that offers a merchant capital-as-a-service for online marketplaces.

Leveraging Parafin’s technology, Amazon is launching a merchant cash advance tool that offers eligible Amazon sellers a cash advance that ties repayment to a percentage of sellers’ Gross Merchandise Sales (GMS). The service offers approved merchants capital ranging from $500 to $10 million in a matter of days, and does not limit borrowers to a fixed term, require credit checks, or charge late fees.

Because the merchant cash advance tool is based off a seller’s GMS, the financing does not work like a traditional loan. Repayment is only required when a seller makes a sale. There is no minimum payment, no interest, and no collateral required. Instead, Amazon charges merchants a fixed capital fee.

“Amazon is committed to providing convenient and flexible access to capital for our sellers, regardless of their size,” Amazon WW B2B Payments and Lending Director and General Manager Tai Koottatep. “Today’s launch is another milestone in strengthening Amazon’s commitment to sellers, and builds on the strong portfolio of financial solutions we already provide. This latest offering significantly expands sellers’ reach and capabilities, and broadens their access to capital in a flexible way—one that helps them control their cashflow, and by extension, their entire business.”

Amazon is launching the financing program to select U.S. businesses today, and it will be available to “hundreds of thousands” of eligible sellers by early 2023. To qualify, sellers must have at least three months of sales history on Amazon.

Founded in 2020 and headquartered in California, Parafin’s mission is to democratize access to growth capital. The company has raised a total of $244 million, including its most recent round of $60 million raised in August. Earlier this year, Crunchbase added Parafin to its Emerging Unicorn Board, its list of companies valued above $500 million but less than $1 billion. 

Photo by ANIRUDH on Unsplash

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JP Morgan Chase to Create Rental Payments Platform for Tenants and Landlords

JP Morgan Chase to Create Rental Payments Platform for Tenants and Landlords
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, JP Morgan Chase
  • JP Morgan Chase is working on a rent management tool for owners of multi-family housing buildings.
  • The new tool, called Story, will enable landlords to send invoices, receive payments, track payments, view analytics, determine rent prices, and screen potential tenants.
  • Story is currently in beta, but is expected to be released to a broad audience in 2023.

JP Morgan Chase is piloting a platform to facilitate rent payments for tenants living in multifamily housing. The new technology, called Story, is a rent management tool for multi-family property owners.

As its core functionality, Story will enable landlords to automate rent invoices and receive rent payments. As not all tenants pay rent on time or in full, Story serves as a platform to help landlords track which tenants have paid and which still owe. Additionally, the new offering will provide property owners with analytics, help them determine rent prices, and will even offer a tool to screen potential new tenants.

As for renters, Story will remind them of upcoming rent payments, offer them multiple payment options, enable autopay, track their previous rent payments, and show a copy of their lease.

The bank has not yet set a price for the tool, but indicated that it will not charge a transaction fee for ACH, debit, or credit card payments for the first year. After that, Chase clients that hold an unspecified minimum balance will receive free ACH payments.

Story, which is currently available in 15 U.S. states, will be released to a broader set of users next year.

I’m always surprised at the lack of property tech (proptech) solutions in the fintech space. During the last decade, tenants’ rent payments totaled $4.5 trillion, and this number is set to increase massively between 2020 and 2030. Aside from insurtech, proptech is one of the last frontiers of fintech to be digitized. Now that we’re seeing a large incumbent like JP Morgan get into the game, it is only a matter of time before we see competing proptech innovations from other traditional banks.

Photo by Kenny Eliason on Unsplash

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nCino Teams Up with Ashman Bank to Enhance Banking for Property SMEs

nCino Teams Up with Ashman Bank to Enhance Banking for Property SMEs
By David Penn Posted on
Categories: Alumni News, Daily news, nCino
  • FinovateEurope alum nCino announced a partnership with U.K.-based Ashman Bank.
  • The alliance will enable Ashman Bank to deploy nCino’s Bank Operating System to better serve its small businss customers in the U.K. property market.
  • nCino is a publicly traded company on the NASDAQ under the ticker NCNO. The company has a market capitalization of $3.5 billion.

A new partnership between cloud banking innovator nCino and U.K.-based Ashman Bank is designed to “transform the banking experience” for small and medium-sized businesses in the country’s property market. Ashman Bank, which was awarded its banking license earlier this year, will deploy nCino’s Bank Operating System to support its life cycle property finance solution.

“Partnering with nCino takes us one step closer to being able to transform the banking experience for property SMEs,” Ashman Bank Chief Commercial Officer Caroline Luxmore said. “nCino gives us the best and most efficient platform for us to realize our ambitions as a digital-first bank, and we believe that together we can create a meaningful change in the U.K. real estate market.”

Implementing nCino’s technology will enable Ashman Bank to offer a variety of products and services that will allow SMEs to access the financing they need to support their growth. The bank is scheduled to launch early next year and focuses on providing real estate lending solutions – ranging from commercial mortgages and buy-to-let to development and bridging finance – to “conscientious businesses”. Ashman Bank has made a point of helping businesses become more sustainable by providing them with proprietary digital tools to enable them to understand their environmental and societal impacts.

Ashman Bank is an ambitious new entrant that will provide real estate lending for conscientious businesses in the U.K.,” nCino Managing Director of EMEA, Charlie McIver said. “It is bringing an innovative approach to commercial real estate, and nCino can help the Ashman team execute, grow, and adapt as the bank expands.”

Headquartered in Wilmington, North Carolina, nCino made its Finovate debut at FinovateEurope in 2017. At the conference, the company introduced its Bank Operating System, which leverages the Salesforce platform to provide financial institutions with an end-to-end digital banking solution.

nCino began October with news that Pennsylvania-based independent community financial institution PeoplesBank went live with its Small Business Banking Solution. The bank had previously deployed nCino’s Commercial Banking Solution, and recognizes the new technology as a way to better serve its small business clients. “Our industry is rapidly changing and we’re very proud of our ability to better support small business owners in our community with premier technology offerings,” PeoplesBank SVP and Chief Commercial Banking and Lending Officer Amy Doll said. “Their success relies on being agile and able to scale and, with nCino, we now provide tailored experiences that evolve with our clients as their businesses grow.”

Photo by Kristina Paukshtite

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Cinchy Lands $14.5 Million in Funding

Cinchy Lands $14.5 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Cinchy, Daily news, Funding
  • Data access and control firm Cinchy received $14.5 million in funding this week.
  • The series B round was led by Forgepoint Capital and brings Cinchy’s total funding to $24.2 million.
  • As part of the investment, Forgepoint Managing Director Leo Casusol and Senior Associate Reynaldo Kirton will join Cinchy’s Board of Directors.

Cinchy, a fintech that is focused on helping firms set their data free, announced this week it received $14.5 million in a Series B funding round. This brings the Canada-based company’s total funding to $24.2 million.

Led by Forgepoint Capital, the investment brings Forgepoint’s Managing Director Leo Casusol will join Cinchy’s Board of Directors. The firm’s Senior Associate Reynaldo Kirton joins the board as an advisor. 

Cinchy was founded in 2017 to leverage data fabric to help banks access data from apps and other silos and assemble it within an easy-to-access data network. Today’s investment will help the company seize a recent spike in demand for data fabric and data mesh solutions.

“Our mission is to liberate and harness the power of data, giving it back to teams and organizations to accelerate digital transformation and growth,” said Cinchy CEO and Co-Founder Dan DeMers. “This latest round of funding helps us expand our team and release new offerings that include pre-built dataware solutions designed to help organizations instantly liberate both trapped data and siloed SaaS applications.”

Cinchy– whose clients include TD bank, Colliers International, AIS, and Natixis– has been named a Deloitte Technology Fast 50 Company to Watch and a Top Growing Canadian Company by The Globe and Mail. The company most recently demoed at FinovateFall 2021 and won best of show for its demo at FinovateFall 2019.

Photo by Neale LaSalle

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InComm Acquires Australian Gift Card Innovator The Card Network

InComm Acquires Australian Gift Card Innovator The Card Network
By David Penn Posted on
Categories: Alumni News, Daily news, InComm, Mergers & Acquisitions
  • Incomm Payments acquired Australian gift card provider The Card Network (TCN). Terms of the deal were not disclosed.
  • The Card Network, founded in 2019, offers a wide range of multi-brand gift cards that aggregate popular consumer brands on a single card.
  • Celebrating its 30th anniversary this year, Incomm Payments made its Finovate debut in 2011 at FinovateFall in New York.

International paytech InComm Payments has acquired Australia-based gift card provider The Card Network (TCN). The acquisition will help InComm create and offer personalized gift card solutions, as well as support the growth of its brand and retail partners. Terms of the transaction were not disclosed.

Available in-store at leading retailers in Australia as well as online, TCN’s multi-brand gift cards aggregate consumer brands onto a single card, giving card recipients greater choice and flexibility. Examples of TCN’s multi-brand gift card products are the company’s The Active Card, which includes athletic and recreational brands such as Nike, Adidas, and New Balance; The Shop
Card, which features retail brands like Calvin Klein, H&M, and peteralexander; and The Baby Card, which aggregates brands like Toyworld, Kidstuff, and BabyBunting.

“TCN is a pioneer of the multi-brand gift card category with a proven record of delivering reliable products to both the gift giver and the recipient,” InComm SVP of Financial Services and Asia-Pacific Adam Brault said. “We could not be more excited to welcome TCN’s expertise and creativity to our global team.”

Founded in 2019 by Nick Sims and Richard Hewitt, TCN also provides Australian companies with gift solutions for loyalty and rewards programs, as well as B2B gifting opportunities. This week, the company announced the availability of new special edition gift cards “for the MATE that always has your back, for the STAR in your workplace, for the CHAMP that’s always up for a yarn, for the CUTIE that makes you smile, or the BESTIE you can’d do life without.” Unveiled for the winter holiday gift giving season, the new cards enable recipients to choose from more than 30 retailers on a single card. The new offering is available courtesy of a partnership with Coles Group Supermarkets, where the special edition cards can be purchased.

Headquartered in Atlanta, Georgia, InComm has been a Finovate alum since its first appearance on the Finovate stage in 2011. In the years since, the company has grown into an international payments technology provider with more than 525,000 points of retail and online distribution, and a presence in more than 30 countries. InComm has been active in both Australia and New Zealand since 2010, helping bring international brands to the region’s gift card market. Brooks Smith is CEO.

Photo by Karen Laårk Boshoff

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Blockchain.com Launches Debit Card for U.S. Users

Blockchain.com Launches Debit Card for U.S. Users
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Blockchain, Daily news
  • Blockchain.com is launching a Visa debit card in partnership with Marqeta today.
  • The fee-free card enables users to spend their crypto balance or cash within their Blockchain.com wallet.
  • Blockchain.com counts 50,000 sign-ups for the card from users on its waitlist.

Cryptocurrency platform Blockchain.com is making it easier for users to transact using crypto from their Blockchain.com wallet. The company has released the Blockchain.com Visa debit card today, allowing U.S. users to spend their crypto balance or cash within their Blockchain.com wallet to pay for goods and services online or in person.

The new card does not charge fees and pays a reward of 1% back in crypto for all card purchases. Facilitating the launch are Visa, which provides the payment network, and Marqeta, which powers the card issuing process. Marqeta’s Just-in-Time Funding feature is key to Blockchain.com’s card launch. It enables users to spend from their available crypto balance while settling the transaction in fiat currency in the back end.

“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible,” said Blockchain.com CEO and Co-Founder Peter Smith. “This is a prime example of digital assets making their mark on the existing financial services industry, as we shape the future of (mainstream) finance.”

At launch, Blockchain.com already has 50,000 sign-ups for the card from users on its waitlist. Once the rollout of the card in the U.S. is complete, Blockchain.com will make the card available to customers in more countries starting next year.

In launching a payment card tied to its crypto wallet, Blockchain.com joins its competitor Coinbase in this effort. The company initially launched a payment card in partnership with The Shift Card in 2015. However, after the debit card company closed up shop in 2019, Coinbase unveiled its own white-labeled Visa debit card issued by Pathward in 2020.

Blockchain.com was founded in 2011 and serves as a platform for users to buy, sell, hold, and trade cryptocurrencies. With 82 million crypto wallets, the company’s 37 million users have made transactions worth over $1 trillion to-date.

Blockchain.com has raised a total of $490 million in funding, including its most recent Series D round earlier this year that valued the company at $14 billion at the time.

Photo by Shubham Dhage on Unsplash

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