Six More Banks to Launch Digital Bank Accounts with Google

Step aside, challenger banks. Google and a band of eight traditional FIs are coming for you.

News broke this morning that six financial institutions have joined Citi and Stanford Federal Credit Union in offering checking and savings accounts through Google Pay. The new banks include BankMobile, BBVA USA, BMO Harris, The Coastal Community Bank, First Independence Bank, and SEFCU.

These new accounts will leverage Google Pay’s existing infrastructure, which will serve as the front end of a fully digital banking experience.

BBVA announced today that its accounts will launch in 2021 as co-branded, FDIC-insured accounts. The bank will provide the account, while Google will provide the front-end, user experience, and financial insights. The collaboration will be facilitated by the BBVA Open Platform, the bank’s open banking initiative.

“BBVA has focused for decades on how it could use digital to advance the financial industry and, in so doing, create more and better opportunities for customers to manage their financial health,” BBVA USA President and CEO Javier Rodríguez Soler said. “Collaborations with companies like Google represent the future of banking. Consumers end up the true winners when finance and big tech work together for their benefit.”

Aside from the list of bank partners, there are not many details available about the new, hybrid accounts. Tech rumor site 9 to 5 Google speculates, however, that Google with leverage the partnerships to issue its own branded debit card.

Photo by David Armstrong on Unsplash

Finovate Alumni News


  • BondIT Raises $4 Million in New Funding, Adding to Series B.
  • Mortgagetech Magnates Ellie Mae and Blend Team Up.

Around the web

  • Merchant Bank of Sri Lanka & Finance to deploy core account processing platform and front-end teller systems from Fiserv.
  • PayPal expands its relationship with Google Pay, enabling PayPal as a payment option across the Google ecosystem.
  • Revolut announces plans to open office in Edinburgh, Scotland later this year.
  • Prosper increases borrower lending cap to $40,000, matching Lending Club’s cap.
  • OurCrowd signs MOU with Intesa Sanpaolo to promote access to capital.
  • IDG Connect interviews CurrencyCloud CTO Ed Addario.

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 Alums Earn Spots on insideBIGDATA IMPACT 50 List

It is no surprise to see companies like NVIDIA, Intel, Dell EMC, and SAS at the top of the quarterly insideBIGDATA IMPACT 50 roster. But what caught our eye was the handful of Finovate alums that won recognition on insideBIGDATA’s review of companies that are “making waves in the technology areas of big data, data science, machine learning, AI, and deep learning.”

“Our in-box is filled each day with new announcements, commentaries, and insights about what’s driving the success of our industry so we’re in a unique position (to) publish our quarterly IMPACT 50 List of the most important movers and shakers in our industry,” Daniel D. Gutierrez, managing editor and resident data scientist of insideBIGDATA wrote in an article accompanying the announcement.

What does it take to make the list? Gutierrez explained that the roster consists of companies that “exhibit technology leadership, strength of offering, proven innovation, positivity of message, quality perception in the enterprise, intensity and frequency of social media buzz, high profile of members of the C-suite, and in the case of public companies: positive financial indicators and stock price, and so much more!”

Our five honored Finovate alums are below. To see the full list of 50 “DataTech” companies, visit insideBIGDATA.

#9 Google (Europe 2018, Fall 2011): Appearing first on the Finovate stage with its Google Advisor solution and as recently as this spring in partnership with KBC Bank Ireland, Google is in the top ten of insideBIGDATA’s Impact 50 list. Google needs little introduction as one of the companies that has done the most to bring the benefits of data to technology consumers via solutions like Search, Maps, Google Play, and its Chrome browser. Founded in 1998, Google is headquartered in Mountain View, California.

#14 Kinetica (Europe 2018, Fall 2017):  Founded in 2009 and headquartered in San Francisco, California, Kinetica enables financial institutions to conduct on-demand risk calculations using the most up-to-date data with “sub-second speed.” High frequency trading firms and traditional asset managers alike can leverage Kinetica’s technology to measure risk, identify customer behavioral patterns, and locate up-sell opportunities. With $63 million in funding, Kinetica includes fellow insideBIGDATA Impact 50 members Dell EMC, NVIDIA, and Google Cloud Platform among its partners.

#15 MapD (Spring 2017, Fall 2016): Developer of the world’s fastest open source SQL engine, MapD harnesses GPUs to deliver extreme speed at scale. Based in San Francisco, MapD provides users with powerful data visualizations made possible by the technology’s ability to query and render billions of rows of data in milliseconds. MapD’s technology originated from research conducted at the MIT Computer Science and Artificial Intelligence Laboratory (CSAIL). Todd Mostak is CEO of the company, which was founded in 2013.

#40 Narrative Science (Fall 2013, Spring 2013): Specialists in Advanced Natural Language Processing (NLP), Narrative Science builds solutions that enable financial institutions to analyze, understand, communicate, and act upon their data quickly and efficiently. The company’s technology can turn ordinary numeric and symbolic data and visualizations into “intelligent narratives” that express insights and context in language that is indistinguishable from that of a human author. Headquartered in Chicago, Illinois, and founded in 2010, Narrative Science has raised more than $43 million in funding. Stuart Frankel is CEO.

#46 TIBCO (Asia 2013, Asia 2012): Founded in 1997 and headquartered in Palo Alto, California, TIBCO is a leader in integration, API management, and analytics. The company’s TIBCO Connected Intelligence Cloud gives enterprise users access to a unified suite of services including the company’s low-code development platform, TIBCO Cloud Live Apps. The company was acquired by Vista Equity Partners in September 2014 in a deal valued at $4.3 billion. TIBCO made headlines earlier this year with the appointment of a new CTO and COO.

Finovate Alumni News


  • Nordic Capital Fund Acquires Majority Share of Trustly.

Around the web

  • Coinbase granted e-money license by U.K’s Financial Conduct Authority (FCA); joins Faster Payments Scheme courtesy of partnership with Barclays Bank.
  • ACI Worldwide announces contract extension with DBS.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.
  • nCino and Enforce partner to accelerate cloud adoption for financial institutions.
  • Tradeshift partners with Canon Business Process Services.
  • Pindrop partners with Aeriandi to detect fraudulent calls through cloud platforms.
  • GMO’s Trade adds Trustly as payment option.
  • Kabbage teams with New Media to advertise to more than five million small and medium sized businesses (SMBs) that do business in New Media’s markets.
  • OnDeck appoints Kenneth Brause as CFO.
  • Sandia Area Credit Union hires Insuritas to launch member-owned, digitally-powered insurance agency.
  • Oregon Community CU selects Alkami Technology’s digital banking platform to provide its more than 150,000 members with a modern digital banking offering.
  • Bankjoy selected to compete in Google Demo Day in March.
  • TSYS implements new payment solution, Advanced AuthControl, with Walmart and Sam’s Club locations around the U.S.

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

Around the web

  • Opentech ranked third in the Mastercard’s worldwide Directory of Digital Wallet providers. Come see Opentech’s live demo at FinovateEurope next week.
  • Yoyo named Best Mobile Payment Solution at MPE Awards. Come see Yoyo’s demo at FinovateEurope next week in London.
  • CapitaWorld launches smart loan disintermediation ecosystem for micro, small, and medium (MSM) enterprises.
  • Unison launches 5% down payment program in conjunction with an 80% LTV mortgage.
  • Sberbank adds Google Pay and Samsung Pay services for the customers using its business cards.
  • Railsbank partners with Carta Worldwide.
  • Lendio Franchise Announced in Clemson Region.

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


  • Market Earlybird Helps Market Professionals Identify Trading Opportunities First.
  • Additiv Lands $25.5 Million Investment
  • Algomi Acquires AllianceBernstein’s ALFA’s Fixed Income Liquidity and Analytics Tool

Around the web

  • Kony partners with KMC controls to bridge mobile apps and IoT
  • Clover now enables Android Pay’s Smart Tap
  • TickSmith releases a Python API for the new generation of financial data scientists
  • wins Trailblazer Award at 1st Annual K(NO)W Nodes Awards Show
  • Finextra: Google and PayPal partner for mobile shopping by fingerprint
  • ProfitStars introduces Automated Website Governance Solution
  • FinovateAsia Best of Show winner earns spot in Payments Canada’s pitch competition, Dragon’s Den.
  • OutSystems adds Tom Schodort and Bill Macaitis to its board of directors.

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.

Fintech Trending: Look Who’s Chasing Venmo, Student Loan Servicing Falls Short


A look at the trending topics of the past two weeks, co-authored by Finovate’s research analysts David Penn and Julie Schicktanz.


Venmo competition heats up
We’ve lately noticed more P2P payment app competitors trickle in. They have Braintree-owned Venmo’s (FD2016; F2013) millennial-focused social components stamped all over them:

  1. Founded by former N26 employees, Cookies launched this week to offer Germany-based users a free P2P payment solution. The simple UI has a messaging platform for senders and recipients to engage with, and it allows people to include emojis with their payments (Cookies calls them paymojis). Some paymojis have special powers, for example, a lightning bolt that allows users to send the money faster. Unlike Venmo (more like Square Cash), users do not maintain a balance on Cookies; instead, Cookies connects directly to a user’s bank account.
  2. Tilt originally began as a crowdfunding platform but launched P2P payments functionality this week. While the user interface is very Venmo-esque with emojis, gifs and a social feed, Tilt has a few differences. Aside from being based on a crowdfunding model where users pool money for weekend road trips and pizza nights, Tilt lists fundraising campaigns in its social feed and is available outside the U.S. Tilt has already launched in the U.K., Canada, and Australia.
  3. Our last Fintech Trending post described the growth of P2P payment service clearXchange, which scored Fiserv (F2016) as a distribution partner and added MasterCard Send debit cardholders to its client base. The Wall Street Journal reported this week that clearXchange is rebranding to Zelle in October to step up its competition with Venmo. While there is no word yet on UI and UX specifics such as emojis with special powers, gifs, and social feeds, there have been a few questions about the name Zelle, which Urban Dictionary defines as “a girl who is attractive and intelligent.”

New mobile payments methods are everywhere (and that’s not a good thing)

Last week, CVS joined a group of other retailers, banks, technology providers and payment services companies to launch its own mobile wallet. With the launch, the pharmacy intends to streamline the use of its rewards points with point-of-sale (POS) payments, but what it may actually be doing is adding yet another wet log to the slow-burning, mobile POS-payments fire.

The issue lies in part with low consumer interest and adoption; it’s still faster to swipe (or insert) your credit card than to take out and unlock your phone, open an app, and try to convince the cashier it is a legitimate way to pay. Also at fault is the large, fragmented number of suppliers. We’ve lost count, but here’s a partial list:

  • Apple Pay
  • Android Pay
  • Cake Pay
  • CVS Pay
  • Walmart Pay
  • MasterPass
  • Samsung Pay
  • Wells Fargo Wallet
  • Chase Pay
  • Starbucks
  • Capital One Wallet

Other news in the payments space

  • UnionPay’s mobile payments launched in Canada. The China-based payments network is the third largest in the world (following Visa and Mastercard). The launch enables Canadian cardholders to use UnionPay’s QuickPass EMV cards or app to pay at participating merchants.
  • Visa (FD2014; F2010) is in discussions with Nigerian banks to roll out mVisa, its QR code-based mobile payments service, by the end of this year. Consumers will be able to use their smartphone or feature phone to pay for goods with merchants, send domestic P2P payments, and access cash.
  • Apple expands carrier billing to Taiwan and Switzerland. The Taiwanese carrier is EasTone and while there’s no word yet on the carrier in Switzerland, it is expected to be Swisscom. This expands Apple’s carrier-billing partnerships, already operating in Germany and Russia, to four countries.

A big deal in ATMs gets a second look

Diebold (F2014) finalized its merger with German ATM maker Wincor Nixdorf last week, a deal that combined two of the largest three ATM companies. The deal closed for $1.8 billion and makes Diebold Nixdorf the world’s largest ATM company, claiming a third of the worldwide market.

Days after unveiling the newly formed entity, the ATM giant is facing an “in-depth merger investigation” from the U.K. Competition and Markets Authority. The agency said that it is concerned the deal will reduce the number of companies supplying ATMs in the U.K. The companies have until April 26, 2017, to “offer undertaking to address competition concerns.”

This further highlights the opportunity for disruption in the ATM space, a realm where companies such as Liqpay (F2013) have showed off solutions that allow cardholders to use their smartphones for a contact-less way to withdraw cash from ATMs.


Making Sense of Student Loan Debt—notwithstanding Bernie Sanders’ promises of free college tuition for all, the challenge of student loan debt isn’t going away anytime soon. Unfortunately, a recent report from the Consumer Financial Protection Bureau (CFPB) suggests that loan servicers are a part of the problem, at least when it comes to income-driven repayment plans.

As reported in, much of the problem is bureaucratic, with “delays and rejections” that can expose student borrowers to greater interest, penalties, or even lost eligibility. “Student Loan servicers continue to fall short when it comes to helping borrowers address $1.3 trillion in student debt,” CFPB Director Richard Cordray said in a statement. “It’s time servicers focus more effectively on processing applications for income-driven repayment plans properly.”

And the CPFB is focused on more than just the student loan servicers. Wells Fargo was slapped with a $3.6 million fine this week for “illegal fees … and [depriving] others of critical information needed to effectively manage their student loan accounts,” according to Cordray. Wells Fargo said that it has already made changes to the processes criticized by the CPFB in its consent order.

It’s impossible to read about student loan debt in the headlines and not think of Student Loan Genius (F2016), which made its Finovate debut this spring. The company empowers employers to help millennial workers in particular pay off their student loan debts faster. This not only helps reduce what is often an onerous debt load (especially relative to the income of the average recent college graduate), but also enables young workers to start saving better.


Make Room for Dev—Google (FD2016 ; F2011) is the latest major technology company dedicating major square footage to support collaboration between “local and international developers and startups.” Writing in the Google Developers Blog, Global Lead Roy Glasberg revealed that more than 14,000 square feet at 301 Howard Street would be the home of a variety of dev-friendly events ranging from Google Developer Group meetings to Tech Talks. The new facility will also host Google’s equity-free, three-month accelerator for emerging market startups, LaunchPad Accelerator.

Earlier this summer, IBM (F2016) announced the opening of its developer space, Bluemix Garage, in New York City. The New York garage, IBM’s sixth, will be hosted by developer networking and education organization, Galvanize. In the U.K., Allied London announced a new fintech co-work space called “The Vault” that will occupy 20,000 square feet in Manchester’s business neighborhood. Meanwhile in Germany, ING-DiBa announced its sponsorship of the latest fintech hub in Frankfurt.

Meanwhile in Asia, PayPal (FD2014; F2012) announced this week the opening of an innovation lab in Singapore, its first such lab outside the U.S. The lab joins PayPal’s other Indo-Asia Pacific innovation lab in Chennai, India, and will be focused on improving productivity among SMEs in the food and beverage industry. We also learned this week that the Monetary Authority of Singapore is setting up a fintech innovation lab, Looking Glass @ MAS1 in that country.

  • “Google Developers to open a startup space in San Francisco” – Google Developers Blog
  • “IBM Opens Bluemix Garage in New York City” – Finovate
  • Allied London unveils fintech startup “Vault” in Manchester – Manchester Evening News
  • ING-DiBa backs new Frankfurt fintech hub – Finextra
  • PayPal opens Innovation Lab in Singapore for next generation fintech – Deal Street Asia
  • Singapore’s MAS gets in on the fintech innovation lab game – Tech in Asia
  • Fintech Groups Will Unite into Global Hubs – Fortune

Life in the blockchain

Swiss-based UBS announced a year ago its work on a virtual currency—Utility Settlement Coin—to facilitate faster transaction settlement. This week, UBS announced it has joined forces with Deutsche Bank, Santander, BNY Mellon, and ICAP to convince central banks to agree to a commercial launch by 2018. Competition for this digital currency include Citigroup’s Citicoin, Goldman Sachs’ SETLcoin, and a similar, yet-unnamed, offering from JPMorgan.

Finovate Alumni News


  • PrivatBank’s Partnership with InComm Initiates Launch of Prepaid Products in Ukraine
  • Obloco Beta Tests Expense Reporting Solution with Washington Trust Bank
  • SocietyOne Has Facilitated $38 Million in Personal Loans in 2016
  • PayPal Partners with Xero to Support B2B Invoice Payment

Around the web

  • Boku partners with Google to enable carrier billing as payment option on Google Play in Lithuania.
  • Ghana-based startup, Sovereign Bank, deploys T24 core-banking system from Temenos.
  • CenturyLink to host SatuitCRM and SatuitCRA software as part of new agreement.
  • Risk Ident CEO Robert Valerio appointed to European Advisory Board of the Merchant Risk Council (MRC).
  • Fortune features PayPal, MasterCard, and IBM on its list of companies that will change the world.
  • Nikkei Asian Review looks at how Japanese banks will leverage Ripple.

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.

Dashlane and Google Partner to Improve Online Security via Open YOLO


Dashlane and Google have teamed up to develop an open API for app developers called Open YOLO, which stands for “You Only Login Once.” The technology makes it easier for Android apps to work with password managers.

“To stay one step ahead of the market demand,” Dashlane’s Malaika Nicholas wrote on the company blog, “Google and Dashlane are helping create a seamless, universally acceptable Android app-authentication solution to increase your online security.” Nicholas added that Dashlane’s development team opted for an open source solution because it gives users a cross-platform security option. She noted that in February, Dashlane announced support for FIDO’s Alliances Universal Second Factor (U2F) authentication standard, the first password manager to do so.

Left to right: CEO Emmanuel Schalit and Nishant Mani, VP partnerships and marketing, demonstrated Dashlane at FinovateEurope 2013 in London.

While Dashlane is pioneering the Open YOLO effort, other password managers are expected to be involved in the project, and other non-Android operating systems are to be added as well. Among those other password managers expressing interest according to reporting in TechCrunch, are 1Password, LastPass, Keeper, and Keepass. “This is an important initiative for our industry and for the state of user security,” Dashlane CEO Emmanuel Schalit said, “Collectively, we are committed to increasing user security and believe that the best way to do this is to champion open source security projects.” According to a Dashlane spokesperson, more information on the project, including technical documentation and code will be made public soon.

With more than five million users of its technology, Dashlane provides a free consumer app for use on a single device and a premium service for use on an unlimited number of devices for $39.99 a year. Founded in 2009 and headquartered in New York City, Dashlane demonstrated its technology at FinovateEurope 2013. The company launched its Spaces for Mobile solution in July and introduced its redesigned app for iPhone and iPad in June. In May, Dashlane raised $22.5 million in a round led by TransUnion that took the company’s total capital to more than $52 million. And in March, the company announced that former executive David Lapter was joining Dashlane as its new CFO.

Founded in 1996 and headquartered in Mountain View, California, Google demonstrated its Google Advisor technology at FinovateFall 2011. The company also participated in the inaugural FinDEVr New York developers conference this spring with a presentation titled “TensorFlow Machine Learning with Financial Data on the Google Cloud Platform.”

Finovate Alumni News


  • Dashlane and Google Partner to Improve Online Security via Open YOLO
  • Prosper Closes in on $5 Billion Commitment for New Loans

Around the web

  • FIS and Arkansas Governor Asa Hutchinson extend VC FinTech Accelerator program to 2018.
  • Revolut app tops 250,000 users.
  • Narrative Science launches Solution Provider program.
  • Oprah Winfrey Network names WorthFM founder and CEO Amanda Steinberg to the inaugural Opray Winfrey Network SuperSoul 100.
  • Banking technology interviews Rivi Varghese, CEO of CustomerXPs Software.
  • American Banker: Profits, Revenue Forecast Rise at Green Dot
  • Zopa gives a rundown of its four-year history.

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.

FinDEVr APIntelligence

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.


  • “Envestnet | Yodlee Unveils its Risk Insight API”
  • “Google’s Guide: New Book Explains How Google Manages its Cloud Infrastructure”

The latest from FinDEVr New York 2015 presenters

  • OutsideIQ joins fintech accelerator, Bank Innovation INV, as an API partner. See OutsideIQ at FinovateSpring in San Jose next month.
  • Vix Verify opens new offices in Atlanta, Georgia’s Transaction Alley as part of American expansion.
  • Chase launches OnDeck-powered SMB loan platform.
  • Praesidio ranks top 10 most-promising cloud-banking-solution providers of 2015.
  • API report covers
  • CryptoCoinNews takes a look at the recent funding for blockchain-development platform, Stratumn.

Alumni updates

  • “CardFlight and Miura Systems Partner to Offer EMV and NFC Mobile POS Solution to the U.S Market”
  • PayNearMe facilitates users to pay for their taxes in cash.
  • “BehavioSec, Nationwide, Unisys Team Up on Biometrics”
  • Crowdfund Insider interviews Snehal Fulzele, Cloud Lending CEO.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News


  • “StockTwits Offers Brokerage Functionality Powered by Robinhood”
  • “Finovate Debuts: bleu Unveils its Beacon-powered, Point-of-Sale Solution”

Around the web

  • TechCrunch names Stockpile gift card on list of Awesome Gifts For Your Favorite 20-Something.
  • Prosper recognized as 24th fastest-growing company on Deloitte’s Fast 500. San Francisco Business Times places Prosper as number 3 of the Fastest Growing Companies of 2015.
  • Kashoo launches period-locking feature to lock data within prescribed timeframes.
  • Built in Colorado names Google, OnDeck, Ping Identity, Personal Capital, Xero, and PaySimple on list of top 100 tech companies in Colorado.
  • TickSmith’s TickVault platform earns the fast-growing firm an Innovators Award from FIA.
  • CenturyLink and Cogent enter into interconnection agreement.
  • RAGE Frameworks partners with Genpact, leveraging AI to automate financial processes.
  • Los Alamos National Bank chooses FIS as its new core banking provider.
  • National Bonds to deploy AML Risk Manager from Fiserv.
  • Geezeo launches its Life Infused Financial Experiences custom apps.
  • Let’s Talk Payments looks at edo Interactive and its partnership with Visa Europe.
  • Azimo extends its money-transfer service to Nigeria.
  • Fidelity Clearing and Custody teams up with EverSafe to help prevent elder financial abuse.
  • TransferTo joins forces with Continental Money to bring remittance services to Africa.

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