Daily news

Point Scores $46.5 Million for its Millennial-Focused, Rewards-Based Debit Card

Point Scores $46.5 Million for its Millennial-Focused, Rewards-Based Debit Card
By David Penn Posted on
Categories: Daily news, Funding

Could the death of credit turn out to be fintech’s greatest gift to humanity?

From the Cancel Student Debt movement to the rise of Buy Now Pay Later payment options, Millennials have led the way in a broad rejection of interest-based consumer financing. For those of us who vividly remember the carnival-like atmosphere of credit card companies aggressively courting new students on college campuses during the first weeks of the school year, this youth-led shift away from debt-fueled consumption has been an impressive development.

Today we learned that Point, a challenger bank based in San Francisco, California, has raised $46.5 million in Series B funding to support development of its “anti-credit card.” Point’s account and debit card offer users many of the same benefits and rewards they get with traditional credit cards, while providing them with the kind of payment flexibility they have come to appreciate with debit.

Like most debit cards, Point offers direct deposit, ATM withdrawal access, and the ability to top up your Point card with funds from another debit card. The Point card also supports contactless payments courtesy of an embedded RFID transponder, instant money transfer, and card spending controls.

However, the Point card also offers a number of rewards typically not found with debit card products. These include 5x points on subscription services such as Netflix and Spotify, 3x points on delivery services like DoorDash and ride-sharing services like Uber, and 1x points on all other transactions ranging from gasoline purchases to groceries.

Another interesting feature of Point’s rewards system is the way the company offers limited-time, cash-back rewards with specific, popular brands. Among the company’s current offerings are 15x points with Nike, Reformation, and Italic, as well as 5x points with Amazon, Whole Foods, and Starbucks.

Point also offers insurance for smartphone loss or damage, trip cancellation, and car rentals, as well as for new purchases if damaged or lost within 90 days. Becoming a Point account and cardholder costs $49 a year, and deposits are backed by Radius Bank, which was recently acquired by Finovate alum Lending Club.

Point’s Series B round was led by existing investor Valar Ventures. Also participating in the funding were Breyer Capital, YC Continuity, and Human Capital. Combined with a Series A investment of $10.5 million in the summer of 2020 and a previous seed funding round, Point has raised $60 million in total equity capital. The company said that the financing will enable it to add talent, launch new functionalities, and introduce new products.

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Blueprint Title Raises $16 Million for New Insurtech Model

Blueprint Title Raises $16 Million for New Insurtech Model
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Insurtech company Blueprint Title recently raised $16 million, bringing its total funding to $24.5 million. Forte Ventures led the Series B round.

Blueprint Title launched in 2017 to tackle title insurance, a type of insurance that protects prospective homeowners from being sued for a claim against the home from before the purchase was finalized. These “clouds” can arise from back taxes, liens, conflicting wills, and other unresolved issues.

The title insurance market in the U.S. is small, however. Blueprint Title CEO Steve Berneman estimates that the market is comprised of four companies with 90% of the market share.

Blueprint Title offers an API that allows customers to search new transaction submissions, pull information about in-process deals, and view real-time updates when there’s a change in title status. Built for secure collaboration, the company’s portal enables document uploads and status updates that keep everyone up-to-date.

Blueprint Title is part of a wave of neoinsurance companies, a term coined by TechCrunch to describe digital-first insurtechs such as Metromile, Roots, and Trov. Blueprint Title’s model is slightly different than these three companies, however, in that it operates on a B2B model instead of marketing directly to consumers. The company’s client base is comprised of real estate investors, lenders, proptech companies, and home builders.

Blueprint Title is currently licensed in 26 states and operating in 19 states.

Photo by Andy White on Unsplash

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Walgreens Launches Scarlet to Promote Financial Wellness for Customers and Patients

Walgreens Launches Scarlet to Promote Financial Wellness for Customers and Patients
By David Penn Posted on
Categories: Daily news, InComm

The company that strives to be America’s most-loved pharmacy is the latest retailer to get deeper into the banking business. Courtesy of a partnership with InComm Payments, Walgreens announced today that its bank account and debit card product, Scarlet, is now live. The new card is powered by Mastercard, issued by MetaBank, and available exclusively at more than 9,000 Walgreens locations in the U.S., as well as online and on the Walgreens mobile app.

In addition to credit and debit solutions, Scarlet offers Walgreen Cash rewards, and personal financial planning and payment tools ranging from early direct deposit and billpay to mobile check capture and money transfer to other Scarlet accountholders. Maria Smith, VP of Payments & Financial Services at Walgreens, put the new offering in the context of other financial services initiatives from the company, including the Walgreens mobile wallet, remittances, ATMs, third party banking services, and the company’s “recently launched myWalgreens Credit Card.”

“With a focus on our customers’ health and wellbeing,” Smith said in a statement “Walgreens is pleased to expand our financial services offerings with Scarlet, and further expand the broad spectrum of financial solutions that are accessible to the customers, patients, and communities we serve.”

The latest evolution in the 12-year partnership between Walgreens and InComm was announced back in the spring, and was heralded as part of the drugstore chain’s “alternative profit strategy” and a “broader initiative” to offer a wider range of services to its customers. The collaboration between the two companies, the latter a Finovate alum since 2011, also supported the relaunch of Walgreens’ branded gift card program, including boosting distribution of Walgreens’ gift card offering – physical and digital – across B2B, loyalty, rewards, and e-commerce channels.

“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities,” InComm Payments President Stefan Happ said earlier this year when the collaboration was announced. “This new product offering will establish Walgreens as a destination for financial services, building on Walgreens’ legacy as a one-stop shop for pharmacy and convenience.”

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Prelim Brings Low Code Integration Capabilities to Community Banking

Prelim Brings Low Code Integration Capabilities to Community Banking
By David Penn Posted on
Categories: Daily news

Courtesy of San Francisco, California-based fintech Prelim, community banks and credit unions will have new tools to connect with enabling technologies and systems to enhance their offerings to their customers and members. A specialist automating the customer experience for financial institutions of all sizes, Prelim has unveiled a new proprietary framework technology that, with a single line of code, will enable smaller FIs to connect their core systems with mobile and commercial banking, digital account opening, and treasury management solutions.

“We enable community FIs to more effectively compete in the marketplace by providing a modern, efficient customer journey by leveraging the easy-to-use API connectors,” Prelim founder and CEO Heang Chan said. In a statement, Chan highlighted the operational and resource challenges that most community banks and credit unions must overcome in order to provide the same high-level of digital customer service as their larger, more tech-savvy rivals. “By distilling system interfaces down to a single line of code, we are bringing a new level of accessibility, control, and convenience to financial institutions as they implement their digital roadmaps,” Chan explained.

Founded in 2017, Prelim has raised $2.1 million in seed funding from investors including S2 Capital, Fuel Capital, and Liquid 2 Ventures – as well as angel investor Max Altman and Flexport founder and CEO Ryan Petersen. A Y Combinator alum, Prelim unveiled enhanced digital account opening functionalities for business banking accounts in May, as well as a Status Center tool to make it easier for financial institutions to collect and manage business client data to facilitate pre-approvals and small business loan applications. The company unveiled its enhanced capabilities to support treasury origination and management services in June.

Prelim includes Pacific Western Bank, Climate First Bank, and Advantage Credit among its customers. The company says that some of the biggest banks in the country use its white-labeled, low-code/no-code technology to automate and enhance the digital experience.

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Capitalise.com Secures New Funding to Power Risk Management Service

Capitalise.com Secures New Funding to Power Risk Management Service
By David Penn Posted on
Categories: Alumni News, Capitalise, Daily news, Funding

London-based digital “super platform” Capitalise.com has raised $13.8 million (£10 million) to support a new, integrated risk management service to provide credit insights beyond traditional credit reports. Investors in the round include Experian, QED Investors, Gauss Ventures, Hambro Perks, and Post Finance.

Capitalise.com helps SMEs secure the financing they need in order to grow their business. The company leverages its accountant-as-adviser approach to ensure that small businesses access smarter, more appropriate funding sources and avoid the kind of short-term, ill-fitting financing solutions that often result in high rates and high fees.

Paul Surtees, company CEO and co-founder, pointed to the COVID pandemic as the impetus – at least in part – for the new offering. “Everybody has had to think differently during the pandemic, including us, so we created a virtuous circle in which SMEs and their advisors are shielded from risk and helped to grow.”

With its new risk management service, Capital Reports, Capitalise.com empowers accountants to defend their small business clients from potential and unforeseen risks to their client’s or their supplier’s credit positions. These risks may come in the form of potential defaults, or a company’s need or propensity to borrow, and gives them real-time access to a curated panel of both mainstream and alternative lenders. The service, available as both a paid and a free subscription and powered by credit data from Experian, will be available to approximately 500,000 small businesses through their accountant partners. Capitalise.com stated that an additional 500,000 SMEs will be able to access Capital Reports via API and Open Banking partnerships.

“Managing credit risk is central to lender activity but SME owners typically overlook it,” Capitalise.com co-founder and Chief Product Officer Ollie Maitlaind explained. “This restricts their growth and jeopardizes their survival.” He emphasized the fragility of supply chains as exposed by the global health crisis and noted that, as businesses emerge from the worst of the pandemic, “their ability to recover and protect capital … will be crucial.” Maitlaind added that upon successful launch in the U.K., Capitalise.com plans to bring the service to the South African market later this year “with more countries to follow.”

Founded in 2014, Capitalise.com made its Finovate debut two years later at our fintech conference in London. The company’s total equity funding now stands at more than $18 million.

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Sensibill and FreeAgent Team Up to Bring Automation to Small Business Expense Management

Sensibill and FreeAgent Team Up to Bring Automation to Small Business Expense Management
By David Penn Posted on
Categories: Alumni News, Daily news, FreeAgent, Partnership Outlook, Sensibill

A collaboration announced late last week between a pair of Finovate alums will give small businesses new options when it comes to digital receipt and expense management.

Toronto, Ontario, Canada’s Sensibill, which won Best of Show for its FinovateFall demo of its digital receipt insights solution, has partnered with FreeAgent. The U.K.-based cloud accounting software company will combine Sensibill’s technology within its own new Auto Extract feature to help SMEs transition from manual expense management and receipt tracking to a modern, automated process.

“By joining forces with FreeAgent, we’re eliminating the time and money businesses have traditionally spent manually entering data into clunky and cumbersome spreadsheets and systems,” Sensibill Chief Technology Officer Danny Piangerelli said. “Instead, we’re delivering item-level details that enable faster, better expense management.”

Sensibill’s customer data platform blends ethically sourced, enriched SKU-level data with real-time, actionable insights to help FIs achieve personalization at scale. Integrated into FreeAgent’s Auto Extract technology, the technology enables businesses to capture, organize, and categorize their receipts digitally and accurately link them with corresponding bank transactions.

“Automation is at the center of our business,” FreeAgent co-founder and CEO Roan Lavery said, “which is why partnering with Sensibill was a natural choice.” Lavery added the collaboration will help increase satisfaction and engagement among customers while relieving SMEs and their accounting team from the “administrative hassles,” costs, and inaccuracies that plague most manual, expense management processes.

Founded in 2007 and making its Finovate debut in Europe in 2013, FreeAgent was acquired by NatWest five years later for $73 million (£53 million). The company currently has more than 110,000 small businesses, freelancers, and contractors in the U.K. using its technology for a variety of key business tasks – from invoice and expense management to project management and sales tax calculation.

With more than 60 million users across 150+ financial institutions in Canada, the U.S. and the U.K., Sensibill was founded in 2013 and has raised more than $50 million in equity capital. Founded by current CEO Corey Gross, the company has forged partnerships this year with fellow fintech CAARY, as well as with Maryland-based SkyPoint Federal Credit Union ($182 million in assets) and AbbyBank, a full-service community bank based in Wisconsin with assets of $616 million.

Photo by Karolina Grabowska from Pexels

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InComm Teams Up with Doxo to Help Users Pay Bills in Cash

InComm Teams Up with Doxo to Help Users Pay Bills in Cash
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Doxo, InComm

Payments technology company InComm and online billpay platform doxo are partnering this week to enable doxo users to pay bills using cash.

doxo is leveraging InComm’s VanillaDirect retailer network that contains more than 60,000 brick-and-mortar locations including chains such as Dollar General, Family Dollar, and participating 7-Eleven stores.

“Our cash payment network is perfectly aligned with doxo’s vision of empowering consumers to improve their financial lives,” said InComm Payments SVP of Business Development Tim Richardson, adding, “and in this instance providing their users with a simple and convenient experience for making cash payments to household billers in an extensive network of retail locations across the United States.”

To pay their household bills using cash, doxo users select the pay with cash button in the app. Cash-paying users will receive a barcode on their mobile app that they scan at the participating retailer’s point of sale, which will charge them the correct amount for their selected bill. Once the customer pays their bill, the biller receives the payment instantly, just as they would with a credit card, debit card, or checking account payment.

The new billpay method not only helps underbanked consumers, it also benefits the billers. Just over 13% of utility bills in the U.S. are paid using cash, which incur more processing costs than digital payments. The added capability will also give doxo a boost by offering utility companies a greater incentive to join doxo’s network of more than 100,000 billers.

Founded in 2008, doxo offers a mobile app that enables its five million users to manage and pay all of their bills from a single place. The company’s doxoPLUS offering provides credit protection and identity theft protection. doxo also offers late fee protection, a feature made possible thanks to a 2019 partnership with Plaid.

Headquartered in Seattle, Washington, doxo has raised $18.8 million in funding from investors including Sigma Partners, Bezos Expeditions, and Mohr Davidow Ventures. Steve Shivers is CEO.

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Moven, Q2 Partner with Community Banks to Help Deliver Financial Wellness Solutions

Moven, Q2 Partner with Community Banks to Help Deliver Financial Wellness Solutions
By David Penn Posted on
Categories: Alumni News, Daily news, Moven, Movenbank, Q2

Moven’s transition to a financial wellness platform received a big boost this week as the company announced that a pair of community banks – b1 BANK and Citizens Bank of Edmond will leverage its technology to power their own personalized digital banking offerings.

Moven’s platform is powered by core processing technology from fellow Finovate alum Q2. CorePro, as the technology is named, will give these community banks the ability to build a solution with a front-end based on financial wellness and a backend able to interact with a variety of legacy core systems.

Keith Mansfield, Chief Operating Officer with the Louisiana-based b1 BANK, underscored how the partnership with Moven will enable the institution to offer its customers new tools to enhance their financial wellness. Mansfield added that working with Moven will also help the $3.9 billion AUM bank gain the kind of customer insights that will enable it to “compete with both larger banks and fintech competitors.”

Citizens Bank of Edmond ($350 million in assets) CEO and President Jill Castilla was even more direct, highlighting both the importance of “deliver(ing) exceptional products and exceptional customer service in an increasingly digital manner” as well as the key role that community banks play in the financial lives of a sizable number of individuals and families.

“No one is more skilled at developing relationships and meeting customer needs than community banks,” Castilla explained. She praised both Moven and Q2 as companies that not only understood this reality but also were “committed to bringing a first-class digital experience to underbanked and underserved communities in need.”

The initiative announced this week is not the first time Moven and Q2 have collaborated. Most recently, in the fall of 2020, the two companies teamed up to offer a turn-key digital bank-in-a-box that can be deployed by financial institutions in as few as 30 days. Combining financial data aggregation and savings tools from Moven with Q2’s CorePro cloud processing technology, the new offering provides real-time alerts and notifications, the ability to issue savings and demand deposit accounts, as well as instant external account verification, wishlist savings, and an emergency account.

“Community financial institutions are frustrated with their legacy core provider(s) and want flexibility and affordability in delivering solutions that empower the consumer,” said Bryan Clagett, industry expert and advisor who helped bring Moven and Q2 together for the project. “Digital banking, as we know it, is evolving quickly and bringing together fintech organizations that have complementary competencies is key to the future of the financial services industry.”

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The QR Code Payment Revolution Comes to the Magic Kingdom

The QR Code Payment Revolution Comes to the Magic Kingdom
By David Penn Posted on
Categories: Alumni News, Blackhawk Network, Daily news

Courtesy of Blackhawk Network, championship-winning professional athletes aren’t the only ones headed to Disneyland. The branded payments solution provider announced late last week that it is leveraging its proprietary ScanIt solution to power retail ticket purchases using QR codes. Moreover, among the first customers of this new offering is none other than Disneyland, which will offer QR code ticket sales in major retailers throughout the state of California.

“Shoppers’ comfort with QR codes exploded in the last year,” Helena Mao, VP of global product strategy at Blackhawk explained. “Now, as consumers return to in-person entertainment, we are pleased to continue the innovation around QR codes with the introduction of entertainment and amusement park ticketing.”

Amusement parks are only one use case of Blackhawk’s technology. The company’s solutions can also be applied to other experiences that have historically relied on paper tickets, such as music concerts, museums, zoos, and other forms of live entertainment. Contactless, QR code-based payments also support the public’s growing preference for purchasing goods and services in the analog world the same way that they do in the digital world. Research conducted by Blackhawk, for example, suggests that 73% of consumers surveyed would prefer “online” payment methods – even when shopping “in-store.”

“Our technology affords retailers the luxury of a content selection that is no longer hindered by physical space,” Mao added. “And it gives shoppers access to a broader selection of digital content, such as e-tickets and digital gift cards, within a convenient purchase experience.”

To this end, Blackhawk Network has spent 2021 forging partnerships with a variety of companies. This year, the firm has teamed up with eGifting company Givingli, supermarket Tops Friendly Markets, digital asset marketplace Bakkt, and apparel retailer UNTUCKit. Most recently, technology from Blackhawk Network has been deployed to enable both PayPal and Venmo bring additional digital payment options to leading supermarket retailer Giant Eagle.

Blackhawk Network was founded in 2001, and has been a Finovate alum for almost ten years. A publicly traded entity on the NASDAQ – under the ticker “HAWK” – Blackhawk Network has a market capitalization of $2.5 billion. This year has featured a number of C-suite changes for the Pleasanton, California-based company, appointing former Google executive Nikhil Sathe as Chief Technology Officer in February, Cory Gaines as Chief Product Officer in May, and David McLaughlin as Chief Financial Officer in June.

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Ramp Raises $300 Million to Improve Corporate Expense Management

Ramp Raises $300 Million to Improve Corporate Expense Management
By David Penn Posted on
Categories: Daily news, Funding, Uncategorized

In a round led by Founders Fund, New York-based business card and expense management platform Ramp has secured $300 million in new funding. The Series C round more than doubles the firm’s total equity capital raised, and gives Ramp a valuation of $3.9 billion.

Ramp’s 5-in-1 approach to enterprise spending management offers zero-fee corporate cards, accounting automation, billpay (including invoices, approvals, and payments), as well as expense management and real-time reporting that delivers insights that can be key to uncovering further savings opportunities. The platform offers automated expense reporting that includes collection and verification of more than 90% of receipts, and smart-rule powered automated reconciliation which, along with multi-entity and custom field support, enables accounting teams to close books up to 86% faster. Ramp integrates out-of-the-box with more than 100 different accounting, productivity, and security software packages from QuickBooks and Xero, to Slack and 1Password, to Google Suite and Okta.

According to company co-founder and CEO Eric Glyman, Ramp customers are saving 3.3% on average after switching to Ramp. This comes courtesy of a combination of savings insights, real-time spend reporting, and a 1.5% cashback policy. “This is tangible money saved that customers are reinvesting into activities that actually grow their business,” he said.

In addition to its funding announcement, Ramp also announced an acquisition. The company purchased “negotiation-as-a-service” platform Buyer which helps facilitate big-dollar business costs such as annual software contracts. The acquisition was the first for Ramp, which was founded in the spring of 2019; terms of the transaction were not immediately disclosed.

In a blog post at the Ramp website, Glyman noted that the funding raised, as important as it is, was not “the main news.” Instead, Glyman underscored the value of the financing automation platform Ramp is building, a platform that will help business save “even more time and money that we’ve done to date.” Glyman added that this will enable the company to move from providing savings insights based on the past to instead being “able to proactively save you money before you spend.” Everything from helping companies save money on travel expenses to enabling them to keep software costs low are on Ramp’s radar.

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Cooperative Teachers Credit Union Collaborates with Scienaptic on AI-Enabled Credit Decisioning

Cooperative Teachers Credit Union Collaborates with Scienaptic on AI-Enabled Credit Decisioning
By David Penn Posted on
Categories: Daily news, Partnership Outlook

There were many lessons drawn from the economic response to the COVID pandemic in 2020. Among them was the role that digital technology can play in helping facilitate financial assistance to small businesses coping with lockdowns, quarantines, and a workforce wary of exposure to a deadly virus.

As many of our worst concerns about COVID-19 have begun to subside and economies have started to return to something approximating normalcy, the drive to make financing easier for individuals and small business remains an important part of a financial inclusion conversation that predates the pandemic. This is one of the reasons why we should expect to see more partnerships like the one announced today between Texas-based Cooperative Teachers Credit Union and AI-powered credit decisioning platform provider Scienaptic.

Courtesy of the new partnership, Cooperative Teachers Credit Union (CTCU) will be able to make faster, more accurate credit decisions for its members, as well as offer a range of additional financial options to them. Founded in 1953 “by teachers and for teachers,” CTCU currently serves more than 7,000 members and their families in East Texas and has more than $124 million in assets.

“Through the years, CTCU has grown in assets, in members, and in offerings,” the credit union’s president and CEO Tim Miller said. “We are excited to partner with Scienaptic and build upon this growth by tapping its AI-powered credit decisioning platform. Scienaptic’s AI will enable us to offer enhanced credit access to our members and improve their financial well-being.”

New York-based Scienaptic helps banks and credit unions move beyond outdated credit decisioning tools such as credit algorithms and traditional underwriting technologies that provide financial institutions with high credit loss rates and a subpar experience for potential borrowers. In contrast, Scienaptic drives traditional and alternative data through a powerful, preconfigured predictor library and explainable AI models to deliver more informed “yes/no” credit decisions, more accurate credit scoring and pricing, as well as more appropriate credit line levels for consumers. A boon for both credit underwriting and SME lending, Scienaptic’s platform is available as a hosted SaaS offering to keep capex costs low for its clients.

“By leveraging Scienaptic’s AI enhanced decision-making capabilities,” Scienaptic President Pankaj Jain said, “CTCU is positioned to create more approvals faster and strengthen member relationships, all while delivering an exceptional customer experience without increasing risk.”

The collaboration with CTCU is only the latest partnership Scienaptic has forged in recent weeks. In the month of August alone, the credit decisioning platform provider announced teaming up with automobile financing specialist Right Decision Financial Services, Oregon’s InRoads Credit Union, and the 140,000+ member Credit Union of Colorado.

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DriveWealth Raises $450 Million at $2.85 Billion Valuation

DriveWealth Raises $450 Million at $2.85 Billion Valuation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, DriveWealth, Funding

After recently receiving $450 million in funding, digital trading and brokerage company DriveWealth is now worth $2.85 billion. The investment brings the company’s total funding to $551 million.

The Series D round was co-led by Insight Partners and Accel and included a follow-on investment from Fidelity International Strategic Ventures, Base 10, FTX, and FlightDeck. Greyhound Capital, Softbank Vision Fund, and Point72 Ventures also participated.

The New Jersey-based company will use the new funds to become the forefront of embedded investing technology for global digital wallets and brokerages. Specifically, the investment will help DriveWealth hire new employees, make acquisitions, and form partnerships. The funds will also be crucial for the company as it seeks to expand its products and services, including launching a self-clearing product.

“We are in the early innings of a worldwide retail investing revolution,” said company Founder and CEO Bob Cortright. “Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future. This new capital and investor engagement will accelerate our global expansion plans in order to become the world-class, exchange-like technology company that powers tomorrow’s investing products.”

Julie Coin and Robert Cortright founded DriveWealth in 2012 with the goal to democratize investing across the globe. Via its API, the fintech helps companies make investing friendly for inexperienced investors with fractional trading, enabling users to begin investing with as little as $1. DriveWealth’s API also allows clients to provide non-U.S. citizens with access to U.S. markets.

DriveWealth’s clients include Revolut, Hatch, MoneyLion, and Sharesies. Through partnerships like these, the company’s technology reaches investors in 153 countries.

Photo by M. B. M. on Unsplash

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