MasterCard

Visa’s Minority Stake in Interswitch Creates Africa’s Latest Fintech Unicorn

By David Penn Posted on
Categories: Finovate Global, MasterCard, VISA

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

FinovateMiddleEast returns to Dubai next week, November 20 and 21. Learn about our Day One and Day Two agendas, our demoing companies, and then visit our FinovateMiddleEast registration page and pick up your ticket today.

Central and Southern Asia

  • Yes Bank launches India’s largest banking developer platform.
  • Pakistan-based digital lending platform Finja closes $3 million convertible note funding round.
  • India’s National Stock Exchange launches an open trading API sandbox.

Latin America and the Caribbean

  • Mastercard partners with Mexico’s weex wallet to offer physical debit cards.
  • Colombian fintech Simetrik inks agreement to serve as payment gateway for Mercado Pago transactions.
  • Brazilian lender Banco Inter unveils new e-commerce app.

Asia-Pacific

  • MoneyGram and Wing partner to launch new mobile wallet in Cambodia.
  • Bank of International Settlements (BIS) and the Monetary Authority of Singapore (MAS) agree to locate the BIS Innovation Hub Centre in Singapore.
  • New Hong Kong license in hand, Tencent announces plans to build a blockchain-based digital bank.

Sub-Saharan Africa

  • Visa acquires minority stake in Nigerian digital payments company Interswitch Group, an investment that takes the African firm’s valuation to $1 billion.
  • South African P2P insurance provider Pineapple wins $1.5 million (R22.5 million) in taking home top prize in the Connecticut Innovations VentureClash 2019 competition.
  • Kenya institutes data protection law to support investment in its technology sector.

Central and Eastern Europe

  • Billon, a Polish-British blockchain company, joins initiative with Raiffeisen Bank International to digitize the euro.
  • Trusted identities innovator OneSpan partners with Poland’s Bank Millennium.
  • Visa teams up with Georgian challenger bank Space.

Middle East and Northern Africa

  • A new interest-free, credit service, Postpay, goes live in Dubai.
  • Executive Magazine looks at the fintech industry in Lebanon and the role of regulation in stimulating growth.
  • Tunisia announces the digitization of its national currency, the dinar, making the first country to convert a portion of its money supply to digital form.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Circlys, Coinbase, DriveWealth, Eigen Technologies, fcase, Finastra, Insuritas, Ledger, MasterCard, nCino, Okanii, On Deck Capital, Salt Edge, Spreedly

On Finovate.com

  • Spreedly Raises $75 Million in Growth Funding.
  • NLP Innovator Eigen Technologies Closes $37 Million Series B.
  • nCino Brings AI to its Bank Operating System with nIQ.
  • Lloyd’s Syndicate to Insure Ledger’s Vault.

Around the web

  • DriveWealth partners with Bamboo to give Nigerians real-time access to trade 3,500+ stocks listed on the U.S. stock market.
  • OnDeck builds liquidity with new $125 million securitization.
  • Salt Edge teams up with Exprivia to expand access to open banking solutions.
  • Insuritas partners with Security Federal Savings Bank to launch digital insurance agency platform.
  • Coinbase adds five new currencies to its Coinbase Card – XRP, BAT, REP, ZRX, and XLM – as it brings its card to ten new countries.
  • Mastercard launches Mastercard Accelerate, a worldwide initiative that gives fintechs access to the company’s suite of digital solutions to help differentiate their offerings.
  • Finastra inks partnership with UAE-based United Arab Bank, which will deploy the company’s Fusion Corporate Channels and Fusion Cash Management solutions.

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daon, eMoney Advisor, Fintonic, Flywire, Infosys, Ledger, MasterCard, PayPal, Revolut, Terafina, Tolerisk

On Finovate.com

  • Fintonic Becomes Latest Challenger Bank to Receive Banking License.
  • Risk Tolerance Specialist Tolerisk Integrates with SS&C’s Black Diamond.
  • PayPal Launches Business Loans in Canada.
  • DaonPartners with Union Systems to Boost Digital Onboarding and Authentication.

Around the web

  • eMoney Advisor launches mobile budgeting app called Project Avocado and unveils developer API store.
  • Flywire announces the general availability of a new offering for adventure travel.
  • Mastercard and Revolut partner to launch Revolut cards in the U.S. by the end of the year.
  • The Ledger Nano X receives CSPN certification issued by the National Agency for Information Systems Security.
  • Bank of Hawaii taps Terafina for new digital account opening platform.
  • Biz2Credit and Infosys announce partnership.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: arnexa, Compliy, Fiserv, Kreditech, MasterCard, Moven, Overbond, PaySend, PearlPay, Strivve, SWITCH, The WAAY, Worldline, Xen

On Finovate.com

  • Kreditech Raises $24 Million to Fuel Global Expansion.
  • Fiserv Delivers DNA to Duca Financial Services Credit Union.

Around the web

  • Overbond unveils COBI Sandbox to enable clients to test and build business use cases and prototypes.
  • In collaboration with open banking solution provider Crassula, Paysend launches its new business account Paysend Connect.
  • Worldline closes 36.4% stake acquisition in equens Worldline.
  • Moven parent company receives patent for financial wellness product.
  • Mastercard launches Threat Scan to assess bank fraud exposure.

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.

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Kreditech Looks to India for Expansion; Mexico’s Klar Scores $57.5 Million in Funding

By David Penn Posted on
Categories: Braintri, Finovate Global, Kreditech, MasterCard, mBank, Neontri

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Asia-Pacific

  • Singapore’s United Overseas Bank (UOB) partners with proptech innovator SoReal to launch SME property valuation solution.
  • Bank of China and IBM announces plans to collaborate on digital transformation, customer experience enhancement, and other innovations in financial services.
  • North Korea announces plans to develop its own cryptocurrency.

Sub-Saharan Africa

  • United Bank of Africa (UBA) inks deal with U.S.-based fintech Ovamba Solutions.
  • FairMoney picks up nearly $11 million in funding to help build a new digital bank in Nigeria.
  • Angolan e-commerce platform Roque Online wins Seedstars Luanda pitch contest.

Central and Eastern Europe

  • Bulgaria’s third largest bank by assets, Fibank, teams up with Mastercard and Garmin to launch new pay watch.
  • Commerzbank announces plans to sell Polish subsidiary mBank.
  • Warsaw, Poland’s The First News profiles Neontri (formerly Braintri).
  • National Bank of Romania unveils new fintech innovation hub.

Middle East and Northern Africa

  • The first digital business bank in the UAE, E20, goes live after 18 months in development.
  • Fintech Abu Dhabi announces strategic partnership with UAE Banks Federation.
  • Turkey’s Takasbank introduces blockchain-based, gold-trading platform.

Central and Southern Asia

  • Courtesy of a partnership with Amazon and Financial Software and Systems, United Bank of India launches voice-powered banking.
  • Sri Lanka’s Sampath Bank introduces new virtual teller machines in the country’s capital city of Colombo.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

Latin America and the Caribbean

  • Mexican alternative credit and debit services provider Klar raises $57.5 million in funding.
  • Mastercard brings its Tap on Phone payment acceptance solution to Costa Rica.
  • Brazilian fintech Creditas looks to lure away British technology talent disenchanted by Brexit.

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Finovate Alumni News

By David Penn Posted on
Categories: AdviceRobo, BeSmartee, Betterment, BLUERUSH, DriveWealth, Mambu, MasterCard, SumUp, ThetaRay

On Finovate.com

  • Betterment Now Wants Your Liquid Cash, Too.
  • Finovate Alums Honored at PayTech Awards 2019.
  • BlueRush Inks IndiVideo Deal with Nikia Dx.

Around the web

  • DriveWealth announces collaboration with U.S.-based registered investment advisor Vested Finance to give investors in India access to U.S. stock.
  • Mastercard forges new partnership with SumUp, boosting the number of electronic payment acceptance locations across 27 countries in Europe.
  • Singapore-based Cheers Paytech chooses core banking technology from Mambu.
  • New Zealand’s seventh largest bank, TSB, goes live with Temenos Infinity for online account opening and onboarding.
  • ThetaRay launches version 4 of its analytics platform to help banks detect and prevent cybercrime.
  • BeSmartee announces direct integration with real estate document collaboration and recording technology solution provider Simplifile.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: ClickSWITCH, Envestnet, Fiserv, Infosys, MasterCard, Revolut

On Finovate

  • ClickSWITCH to Power Digital Direct Deposit Switch for Current.
  • Standard Bank Leverages Mobile Teller Tech from Infosys Finacle.
  • Fiserv to Enhance Risk Management for Pan-American Life.

Around the web

  • New integration between Revolut and TrueLayer brings Open Banking to money management app Emma.
  • Via its Mastercard Send push payments solution, Mastercard and Evolve Bank & Trust team up to back Branch and similar companies to ensure prompt payment for gig workers.
  • Envestnet helps Voya Financial launch hybrid roboadvisory offering.

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.

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Settle Launches Mobile App in Croatia; Sr. Pago Partners with American Express

By David Penn Posted on
Categories: ACI Worldwide, Finovate Global, Jumio, MasterCard, RISQ, Settle, Sr. Pago, Temenos, Vymo

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.

Middle East and Northern Africa

  • RISQ Teams Up with Aion Digital to Boost SME Lending in MENA.
  • ACI Worldwide teams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
  • The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has begun issuing digital banking licenses.

Central and Southern Asia

  • Bangalore-based neobank for workers NiYO raises $35 million in new funding.
  • WebMoney Transfer goes live with its WMY wallet in Uzbekistan.
  • India’s Recko, a company that provides AI-powered digital transaction reconciliation, picks up $1 million in seed capital.
  • Swiss payments technology company BPC opens offices in Pakistan.
  • Nikkei Asian Review highlights Vymo and its entrance to the Japanese market.

Latin America and the Caribbean

  • Jumio to power digital identity for Brazil-based BTG Pactual.
  • Mexico’s Sr.Pago announces partnership with American Express.
  • Mastercard Brazil partners with Airfox and banQi to bring lower-cost banking options to Brazilian customers.

Asia-Pacific

  • Bank of Thailand implements SimCorp Dimension to manage its reserve management and monetary policy operations.
  • Vietnam’s central bank warns against fraud in the P2P lending market.
  • Regulators in the Philippines introduce new rules governing crowdfunding.

Sub-Saharan Africa

  • Temenos to power digital transformation for Rwanda’s Bank of Kigali. The company will also replace core and front office legacy systems for South African microfinancier Barko
  • Ghana to launch universal QR code payment method later this year.
  • Mobile payments startup OPay raises $50 million in funding in round led by Sequoia China, IDG Capital, and Source Code Capital.

Central and Eastern Europe

  • Settle launches its mobile payments app in Croatia.
  • Czech-based fintech developer Turing Technology closes second round of funding.
  • Slovenia’s Telekom Slovenije introduces its mobile wallet.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Banzai, Chatbots.Studio, CREALOGIX, Digital Onboarding, EVERFI, HackerOne, Jscrambler, Kyndi, MasterCard, Ping Identity

On Finovate.com

  • Best of Show Winner Banzai Teams Up with GreenPath to Boost Financial Literacy.
  • Digital Onboarding to Boost Customer Engagement for Manatee Community FCU.
  • Finovate Global: Settle Launches Mobile App in Croatia; Sr. Pago Partners with American Express.

Around the web

  • Mastercard acquires global payments firm Transfast.
  • Chatbots.Studio partners with Digital Flex Solution to become their first technical partner and adviser. Check out Chatbots.Studio at FinovateFall in September!
  • CREALOGIX wins Best Wealth Management User Interface at the 2019 Systems in the City Financial Technology Awards.
  • Sports Business Daily interviews Everfi Head of Global Partnerships Jon Chapman.
  • HackerOne achieves ISO 27001 certification.
  • Gartner’s 2019 Market Guide for In-App Protection recognizes Jscrambler for its client-side security technology.
  • Ping Identity earns Best Identity Management Solution honors at the 2019 SC Awards Europe.

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.

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Mastercard Works with P27 to Launch Real Time Payments in the Nordics

Mastercard Works with P27 to Launch Real Time Payments in the Nordics
By David Penn Posted on
Categories: MasterCard

Mastercard has teamed up with P27 Nordic Payments Platform to deliver fast, cross-border, multi-currency account to account payments across the Nordic region, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The partners claim this is a world first in terms of a real-time and batch multi-currency platform, which will offer immediate payments with lower costs, higher security and increased competitiveness.

P27 Nordic Payments Platform is owned by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.

After establishing the underlying infrastructure, the partnership will look to develop further common products and services based on the platform.

Javier Perez, president Europe at Mastercard, said the partnership is “evidence of Mastercard’s vision to drive real choice by being the trusted provider of new payment experiences and broadening our reach into fast bank account payment flows. The Nordic markets are global leaders in the development and usage of electronic payments and this new infrastructure will maintain their advantage over the rest of the world.”

Lars Sjögren, CEO of P27 Nordic Payments Platform, believes that the single interface will make it easier for banks to handle all payments, both domestically and internationally.

He added: “This is change for real. By joining forces across the Nordics, we will be able to develop instant payment solutions in a way that each country never would accomplish by themselves.”

Banks will benefit from real-time views of multiple active schemes, participant information, balances across schemes and a data-rich message set.

The new platform is subject to regulatory approvals and final investment commitments.

Earlier this year, Mastercard teamed up with fellow Finovate alum Strands to demo the Strands SME Cash Flow Manager enhanced by Mastercard Technology at FinovateSpring. The solution is a digitization tool designed specifically to help meet the needs of SME banking. Previously, Mastercard partnered with Vipera, to demo the Milan, Italy-based company’s SME-Pay mobile payment solution at FinovateEurope 2018.

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Mastercard’s Mobile Payments Service Pay by Bank Teams up with Yoyo

Mastercard’s Mobile Payments Service Pay by Bank Teams up with Yoyo
By David Penn Posted on
Categories: MasterCard, Yoyo

A new partnership between U.K.-based payment and loyalty marketing platform Yoyo and Mastercard’s mobile payment service, Pay by Bank (PbBa), will bring a new, secure and fast payment option – and merchant-specific, personalized rewards – to high street retail.

The new offering is expected for later in the year for both retail and bank customers. It will enable users to make transactions using Pay by Bank in physical stores, and earn retail specific loyalty, rewards, and other personalized offers.

“We are delighted to be working with Mastercard and Pay by Bank app,” Yoyo CEO Michael Rolph said. “We’ve always believed that adding both security and value to the payments process is crucial for the future of bricks and mortar retail, and this partnership is going to significantly enhance the customer experience for PbBa users.”

Pay by Bank was developed by Mastercard’s Vocalink division and enables consumers to make payments from their bank account via their mobile banking app without requiring additional password verification. Launched in 2016, the app offers bank grade security which, combined with Yoyo’s double tokenization technology, keeps payment data and user identity protected.

“The combined Yoyo and Pay by Bank app proposition will provide both customers and retailers with added speed and security at the point of sale,” Rolph said, “as well as an omnichannel payment and loyalty experience that is unrivaled in the market.”

With more than 1.5 million users – including 750,000+ active monthly users – and processing three million transactions a month, Yoyo demonstrated its retailer-specific bank card loyalty offering at FinovateEurope earlier this year. Just a few weeks ago the company announced that former Mastercard executive David Yates would join Yoyo as chairman.

In April, the company partnered with PAUL UK to help the French bakery launch its first mobile payments and loyalty app. Yoyo began 2019 teaming up with SOHO Coffee to build a payments and loyalty solution for the artisan coffee chain.

Founded in 2013, Yoyo has raised $60.3 million in funding. SOSV and Hard Yaka are among the company’s investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Bpm'online, Digital Onboarding, Featurespace, Gremln, INSIDE Secure, iProov, Jumio, MasterCard, Neener Analytics, OneSpan, SplitIt, Trulioo, Voleo, wipro, WorkFusion, Yoyo

On Finovate.com

  • Mastercard’s Mobile Payment Service Pay by Bank Teams Up with Yoyo.
  • Trulioo Teams with Refinitiv for Financial Inclusion.
  • Workfusion Brings Robotic Process Automation Global with New Partnership.
  • OneSpan Unveils its Secure Agreement Automation Solution.

Around the web

  • Splitit (formerly PayItSimple) announces partnership with Hong Kong-based EFTPay.
  • bpm’online launches its new tool for collaborative process design, bpm’online Studio Free.
  • Wipro to acquire digital engineering and manufacturing solutions firm, International TechneGroup Inc. (ITI).
  • Business Cloud UK interviews Andrew Bud, CEO and founder of Best of Show winner, iProov.
  • Four Finovate alums – Digital Onboarding, Gremlin Social, Voleo, and Neener Analytics – earn spots in the fourth Venture Center FinTech Accelerator program sponsored by Fidelity Information Services.
  • Inside Secure ships Whitebox Designer, a new software security tool.
  • Featurespace to power transaction monitoring for Permanent TSB.
  • Jumio wins the 2019 Fortress Cyber Security Award for Authentication and Identity from the Business Intelligence Group.

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.

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