Finovate Alumni News

On Finovate.com

  • Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud.

Around the web

  • The Technology Transformation Service of the U.S. General Services Administration awards $2 million bug bounty contract to HackerOne.
  • Mortgage Cadence integrates LoanBean’s income calculation solution into its end-to-end loan origination platform.
  • Minnesota-based Glenwood State Bank ($289 million in assets) to deploy Jack Henry SilverLake core banking platform.
  • Avaloq taps former Credit Suisse executive Michael Pahlke as Chief Service Delivery Officer (CSDO).
  • ID.me founder and CEO Blake Hall earns spot on Washingtonian’s Tech Titans 2018: Washington’s Top Tech Leaders.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • PromonTech integrates its POS platform, Borrower Wallet, with GSF Mortgage.
  • Forbes features Tina Hsiao is COO at WePay.
  • Fenergo doubles revenue for 2nd year & expands into new market segments.
  • ISARA partners with DigiCert and Gemalto to develop digital certificates and secure key management for connected devices.
  • Flywire partners with Allianz Global Assistance to enable families to purchase Allianz’s GradGuard Tuition Protection Plan.
  • Trustly’s Pay N Play solution to power Gaming Innovation Group fast-registration and withdrawal feature.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Flywire Raises $100 Million for Global Expansion.
  • Five Degrees Acquires Icelandic IT Software Company Libra.
  • Yoyo Tops One Million User Milestone.
  • Coinbase Enables European Customers to Buy Virtual Gift Cards with Crypto.

Around the web

  • The Motley Fool interviews Q2 Holdings CEO Matt Flake.
  • AlphaPoint hires Kristin Boggiano as Chief Legal Officer.
  • Entrust Datacard unveils TruCredential 7.5 software that enables tablet and mobile-based capture and issuance of ID cards.
  • America’s Credit Union partners with Insuritas to launch member owned insurance agency.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Flywire Raises $100 Million for Global Expansion

Global payment and receivables company Flywire closed on $100 million in funding to facilitate foreign currency payments. The Series D round brings the company’s total funding to $143 million.

The financing was led by Singapore-based Temasek. Bain Capital Ventures and F-Prime Capital also contributed. While Flywire declined to disclose its new valuation, Forbes noted that the amount is significantly higher than Flywire’s 2015 valuation of $100 million, but falls short of $1 billion.

Flywire, which is headquartered in Boston and has operations in the U.K., China, Japan, Singapore, Australia, and Spain, will use the funds to advance its technology and expand geographically. The company also plans to invest in marketing by cross-selling its existing client base to new cross-border payment solutions for healthcare and business.

Flywire originally launched as peerTransfer in 2011, when the company set out to facilitate international tuition payments at colleges and universities. While this flagship market makes up 80% of Flywire’s revenue, the company has since rebranded and expanded to tackle international payments for healthcare and businesses. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

At FinovateSpring 2011, the company presented its original tuition payment platform. In June, Flywire partnered with UnionPay International to provide Chinese students and patients with discounted foreign exchange rates on cross-border tuition and healthcare payments. A few weeks earlier, EY named Flywire CEO Mike Massaro a finalist for Entrepreneur of the Year.

Finovate Alumni News

On Finovate.com

  • Switch Brings Voice Technology to its CardSavr API.
  • Feedzai to Help Credorax Fight Merchant Fraud.
  • Five Degrees Acquires Icelandic IT Software Company Libra.
  • Flywire Raises $100 Million for Global Expansion.

Around the web

  • Global Debt Registry adds new Chief Financial Officer and new Product Director.
  • Pakistan’s Silkbank upgrades its core banking system with technology from Temenos.
  • ACI Worldwide unveils its UP eCommerce Payments API.
  • Yukka Lab selected to participate in the Swiss Kickstart Accelerator.
  • S&P Global and Kensho Technologies launch Kensho Labs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia

  • Flywire and UnionPay International partner to provide Chinese customers with better rates on cross-border payments.
  • Leading southeast Asian digital cross border money transfer firm InstaReM goes live in Europe with new London office.
  • South Korean payments app Toss raises $40 million in funding.

Middle East and Northern Africa

  • Dubai International Financial Center (DIFC) teams up with Startupbootcamp as part of an effort to boost Dubai’s status as a regional fintech hub.
  • AME Info asks if Saudi women and UAE crypto can alleviate Bahrain’s debt crisis.
  • VentureBurn features Egyptian savings startup Money Fellows.

Africa

  • Elizabeth Rossiello, CEO and founder of Nairobi, Kenya-based BitPesa, talks about leveraging cryptocurrencies to improve global payments in Africa.
  • South Africa’s ITWeb features features Richard Marsden, co-founder of Johannesburg-based FinChatBot on the rise of chatbot technology in the insurance industry.
  • Branch International reports N1 billion ($2.78 million) in loans facilitated to users in Nigeria.

Latin America

  • Brazil’s Nubank reaches milestone of 1.5 million digital account openings in six months.
  • Latin American Regional Conference sponsored by Swift sees collaboration as fundamental for growth of financial services in Latin America.
  • Brazilian insurtech startup Kakau partners with insurance companies American Life and Generali.

Central and Eastern Europe

  • Kontomatik appoints CEO Piotr Warsicki as its new CEO.
  • Poland’s Alior Bank partners with solarisBank, Raisin, and Mastercard to launch pan-EU digital bank later this year.
  • The largest bank in the Czech Republic, Česká spořitelna introduces voice biometrics courtesy of partnership with Nuance Communications.

Finovate Alumni News

On Finovate.com

  • Risk Ident to Help Universum Protect Retailers from Fraud.
  • Dorsum Unveils My Wealth Mobile App.
  • Ondot Introduces Digital Card Services Platform.

Around the web

  • NuData Security named a “Top 100 in Tech” by Business in Vancouver.
  • ThetaRay wins ATMIA’s Next Generation ATM Security Award.
  • Tuition.io to power student loan repayment benefits for Hulu employees.
  • Standard Chartered Bank announces intentions to apply for the virtual banking license.
  • Conversation.one is Amazon Alexa-Certified for Financial Institutions.
  • Flywire and UnionPay Partner to Take the Cost Out of Cross-Border Payments from China.
  • Yoyo introduces quarterly tracker to monitor customer activity in closed catering environments.
  • U.K.-based Business Leader magazine features Wealthify and YellowDog among its 32 South West Tech Businesses That Are Shaping the Future spotlight.
  • Unblu opens offices in London.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Arxan Brings its App Protection Technology to Android.
  • BondIT Integrates Bond Portfolio Solution with FIIG Securities.
  • Dwolla Launches Start, a Pay-as-You-Go Payment Solution.
  • Intelligent Environments Rebrands as ieDigital.
  • Finicity Forges New Partnership with Mortgage Cadence.

Around the web

  • Low-code development specialist OutSystems launches OutSystems Sentry, a new proactive security monitoring service for the company’s PaaS clients.
  • PayPal acquires Jetlore, an AI-powered prediction engine for retailers.
  • Halma partners with OurCrowd for life protection technologies.
  • CNP Awards recognizes ThreatMetrix for ThreatMetrix ID.
  • EY names Flywire CEO Entrepreneur of the Year finalist in New England.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

International Invoicing Platform from Flywire Emerges from Beta

Global payment and receivables solutions provider Flywire has added a new international invoicing service to its offerings. The solution, which has been delivering thousands of invoices worldwide every month as part of a six month beta with select customers, will be available free of charge and can be deployed as a stand-alone product or integrated with Flywire’s payments and receivables platform.

The new solution features support for more than 100+ currencies, automatic invoice reminders, recurring and monthly installment invoicing, robust analytics and reporting, and built-in business and country-specific compliance requirements and instructions. The technology seamlessly integrates with the company’s accounting software as well as with most enterprise applications.

Flywire CEO Mike Massaro pointed out that there is a big difference for most companies when it comes to domestic billing compared to international billing. Calling the former “simple and straightforward,” Massaro said, “When it comes to international billing, the process is far more complex, and if your invoicing does not make it easy for your international customers to pay you, it creates a domino effect of problems starting with extended DSO, high reconciliation costs, compliance issues, and poor customer satisfaction.”

Flywire’s new global service comes as the Boston, Massachusetts-based company makes additional headlines on the international front courtesy of a partnership with the SP Jain School of Global Management. Announced this week, Flywire and SP Jain will host a competition for student-led start-ups in Singapore and the APAC region. The first-of-its kind contest will launch later in May and Flywire is using the prize money it received from the Monetary Authority of Singapore (MAS) last year to fund the competition.

“With this initiative, we are able to harness the power of our MAS FinTech win to fuel the next generation of thought leaders and industry change-makers in Singapore and throughout APAC,” Flywire APAC Managing Director Andrew Ong said. “It was important to be able to pay it forward with a challenging and relevant programme that we hope will eventually produce the next innovative startups.”

Founded in 2009 and making its Finovate debut at FinovateSpring 2011 as peerTransfer, the company rebranded in the fall of 2015 to Flywire. Along with expansion to its U.S. and European offices, the rebrand better positioned the company for “sustained growth, expansion of its products and services, and creation of lasting relationships with its payment users.”

More recently, Flywire announced a partnership with Billtrust to streamline cross-border accounts receivables. This spring, the company teamed up with Flutterwave to integrate the African payments API as the preferred cross-border payments option for students, patients, and businesses in Nigeria.

Flywire has raised more than $43 million in funding and includes Bain Capital Ventures, QED Investors, and Spark Capital among its investors.

Finovate Alumni News

On Finovate.com

  • eToro Launches Cryptocurrency Exchange, Expands to U.S.
  • Tradeshift’s Tradeshift Pay to Free Up $9 Trillion in Cash Trapped in Accounts Receivable.
  • International Invoicing Platform from Flywire Emerges from Beta.

Around the web

  • Compass Plus adds interchange functionality to its open development payments platform, TranzAxis.
  • Finastra names Jim Fiesel Managing Director of Capital Markets and Lending Sales for the Americas.
  • eToro to incorporate in Gibraltar to take advantage of new DLT regulatory framework.
  • Neener Analytics completes proof of concept with one of Mexico’s largest credit card issuers.
  • Multiple-time Best of Show winner Ondot Systems announces more than  3,000 financial institutions are offering mobile card controls powered by its technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • Envestnet | Yodlee, Quovo, and Morningstar Unite on Secure Open Data Access Framework.

Around the web

  • nCino extends its Bank Operating System with its new Retail Sales and Service Solution.
  • Fenergo to bring client lifestyle management services to business and technology consultancy, Delta Capita.
  • ProfitStars division of Jack Henry & Associates goes live with its ImageCenter Express image capture solution.
  • Flywire adds international invoicing to its global payment and receivables platform.
  • Infosys Finacle partners with seven major Indian banks to form blockchain-based trade network, India Trade Connect.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.