Finovate Alumni News

On Finovate.com

  • Biometrics Tech Firm ID R&D Receives $5.7m Funding.
  • Bento for Business Hires on Two C-Level Appointees.

Around the web

  • Gusto opens office in New York City.
  • PayActiv adds Dan Quan to advisory board.
  • Citrix Analytics and Ping Identity partner to enable contextual access.

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

  • Equifax Buys PayNet for Commercial Lending Data.

Around the web

  • Ron Shevlin looks at the effects PayActiv’s technology has on the paycheck industry.
  • Thrive Global interviews Lynne Laube, COO and co-founder of Cardlytics.

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.

PayActiv and Visa Help Workers Access Earned Wages Earlier

PayActiv’s campaign to transform traditional payroll and help workers get access to earned pay when they need it just won a big new ally.

The company announced late last week that it was partnering with Visa and will leverage the company’s Visa Direct real-time push payments platform to enable PayActiv’s partner businesses to offer real-time deposits. Earned wages for employees of PayActiv partners will be available in real-time via a Visa debit or reloadable prepaid card – and PayActiv is offering its own branded Visa Prepaid Card for the occasion.

“With financial stress our industry needed earning enlightenment,” PayActiv CEO Safwan Shah said. “The PayActiv Visa Prepaid Card is exactly that – a game changer and a win-win solution. Employers can get better retention, recruitment and engagement, and employees can get on a path of holistic financial wellness with timely access to their earned but unpaid wages.”

PayActiv said that the use of its Visa Prepaid Card can help employees avoid fees that might otherwise lower take-home pay by as much as $200 a month. Accepted anywhere Visa debit cards are accepted, the PayActiv Visa Prepaid card has no monthly fees, no fees for loading earned wages on the card, and no cardholder fees when transacting with U.S. merchants or making cash withdrawals from MoneyPass ATMs.

“Visa Direct is helping to power a fundamental shift in how employees access wages they have already earned, outside of the traditional two-week payroll cycle,” SVP for Global Commercialization of Visa Direct Cecilia Frew said. “We are proud to be partnering with PayActiv to offer additional choice and flexibility to employers and employees when managing their financial well-being.”

PayActiv demonstrated the Saving in Units of Time feature of its platform at FinovateSpring 2016, winning Best of Show. Founded in 2013 and headquartered in San Jose, California, PayActiv announced a partnership with Walmart last fall, adding the retail giant to the number of locations where PayActiv employee members can access earned wages in cash. Also last fall, PayActiv scored a $20 million investment in a Series B round led by Generation Partners that doubled the company’s total funding.

Visa, which celebrated its 60th birthday last year, made its Finovate debut at FinovateSpring 2010. The company is also an alum of our developers conference, presenting its Visa Checkout solution at FinDEVr SiliconValley 2014. The global payments and financial services giant trades on the New York Stock Exchange under the ticker “V,” and has a market capitalization of $330 billion.

Finovate Alumni News

On Finovate.com

  • PayActiv and Visa Help Workers Access Earned Wages Earlier.
  • Temenos Drives Digital Transformation for Africa’s Vista Bank.
  • iSignthis Inks Banking and Payments Deal with Ibanera.

Around the web

  • BioCatch adds touchscreen pressure as a new behavioral biometric value.
  • NCR, Bluefin, and Powertranz team up to support POS card processing for Caribbean quick serve restaurants.
  • Experian launches Singapore-based incubator, Experian X Labs.
  • ETFLogic unveils ETFLogic Pages, a new platform for analyzing exchange-traded funds.
  • Minna Technologies and Exate earn spots in the fourth edition of ING’s FinTech Village.
  • BlueRush deploys its Individeo platform with a large Colombian bank courtesy of a partnership with Bee Concept.
  • Inspire Federal Credit Union goes live with NYMBUS.

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

  • Swych Powers WeChat’s Travelex Pay Service.

Around the web

  • Bento for Business partners with payroll and HR company Cast & Crew
  • PayActiv announces Walmart as Destination to Pick Up Cash-Based Earned Wages.
  • TechCrunch: Blockchain startup Blockchain to launch hardware wallet in partnership with Ledger.
  • Monetate and Bazaarvoice partner on product recommendation strategies.
  • CLA selects Expensify for its clients’ receipt tracking and expense reporting app.

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.

PayActiv More than Doubles its Funding with Fresh $20 Million

Employer-provided financial wellness platform PayActiv is receiving some wellness of its own this week in the form of $20 million. The Series B financing round was led by Generation Partners, with contributions from existing investors  Ziegler Link•Age Fund II and affiliate funds of Softbank Capital.

Combined with its previous investments totaling $13.5 million, today’s round more than doubles PayActiv’s total funding, which now adds up to $33.5 million. PayActiv will use today’s investment to expand its platform, accelerate growth, and develop more financial solutions for workers across the globe.

Mark Jennings, Managing Partner at Generation Partners, said that his firm chose to invest because it believes PayActiv has “the potential to positively change the lives of millions of workers, while also growing a profitable and successful business.”

The California-based company has experienced significant growth since its launch in 2012, expanding six-fold in the past year alone. Contributing to that growth was a large-scale contract signed with Walmart in December of 2017 and an agreement with ADP in July of 2018, which makes PayActiv’s services available to more than 600,000 businesses across the U.S.

Commenting on the growth, John Hawkins, Managing Partner at Generation Partners, said, “PayActiv has created a massive positive impact on the relationship between employees and employers. Already, they are settling more than $100 million in earned wage access transactions each month, and the company estimates that employees are avoiding an estimated $10 million each month in eliminated late charges, overdraft fees, and interest charges.”

As part of the deal, Hawkins will join the PayActiv Board of Directors.

At FinovateSpring 2016, PayActiv CEO and Founder Safwan Shah demonstrated how the PayActiv app encourages saving by helping users approach saving in units of time vs. percent of income. Earlier this fall, NPR featured PayActiv as Walmart’s payday loan alternative and in May the company was highlighted in the Wall Street Journal as a better alternative to payday loans.

Finovate Alumni News

On Finovate.com

  • PayActiv More than Doubles its Funding with Fresh $20 Million.

Around the web

  • IdentityMind Global selects Oracle Cloud Infrastructure to host its trusted digital identities regtech platform
  • Adobe launching Magento Payments with PayPal’s Braintree for payment processing.
  • Tangerine partners with Meniga for digital banking.

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

  • Credit Karma Buys Mortgage Platform Company.

Around the web

  • Coin Telegraph: Ripple partners with three crypto exchanges as part of XRapid solution
  • Insuritas partners with Alabama One Credit Union and Alabama One Agency Insurance Services to provide insurance offerings for members.
  • figo receives ZAG license and enables ‘License as a Service’ through RegShield.
  • NPR features how PayActiv helps Americans avoid payday loans.
  • MX named one of fastest growing companies in Utah for 2018.

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.

PayActiv Partners with ADP Marketplace

Courtesy of a new partnership, clients of ADP will get access to PayActiv’s Financial Wellness Platform. PayActiv announced last week that the workplace holistic financial wellness services provider will join the ADP Marketplace. This ecosystem of business apps will expose more than 600,000 employers representing 26 million workers to PayActiv’s technology.

“Companies leveraging ADP Marketplace can save as much as $50,000 annually for as few as 100 employees enrolled in PayActiv,” company CEO and founder Safwan Shah said. “Our holistic approach towards financial wellness is a win for both employers and employees.”

PayActiv provides a way for employers to help their employees better manage their financial lives. The company enables workers to get financial relief between paychecks – for example 50% of their already earned income – rather than relying on expensive payday loans or credit cards. PayActiv calls its strategy “timely earned wage access” or EWA and says the platform can be leveraged by both small businesses and larger companies to support not just timely EWA, but intelligent savings and budgeting, financial literacy, and counseling, and more. The platform is voluntary for workers, intuitive, and on-demand.

“Having timely access to earned income alleviates additional debt on already financially stressed individuals,” ADP Marketplace General Manager Craig Cohen said. “By offering PayActiv’s services via the ADP Marketplace, our customers’ employees now have on-demand access to money they’ve earned and can avoid costly alternatives.

PayActiv demonstrated its financial wellness mobile app at FinovateSpring 2016, winning Best of Show. Designed to help the underserved and working poor access quality banking services, PayActiv provides instant cash access, bill pay, bank transfer, savings and budgeting tools, and more.

Headquartered in San Jose, California, PayActiv has raised more than $17 million in funding. The company includes SoftBank Capital, Plug and Play Ventures, and RTA Capital among its investors.

Finovate Alumni News

On Finovate.com

  • Xero Buys Paperless Accounting Firm Hubdoc
  • NestReady Collaborates with Alterna Savings on Home Buying Solution.
  • PayActiv Partners with ADP Marketplace.
  • IdentityMind Global to Help ZED Network MTOs Meet KYC, AML Compliance.

Around the web

  • ProfitStars to automate commercial lending for Ion Bank.
  • Fenergo earns Top Performer status in the Overall Rankings of the RegTech 2018 Report.
  • One World Identity highlights Averon as a Company to Watch in its annual report on innovations in identity and authentication. See Averon at FinovateFall 2018 in September.
  • Arxan experiences double-digit revenue growth, expands global reach.
  • Flashtalking and Neustar partner to fill the void created by the removal of DoubleClick ID.
  • Insight on Business interviews Dwolla’s Stephanie Atkin.
  • Immervox features Bluescape and CRMNext in its list of Five Companies Leading the Charge in the Changing Workplace.

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.