Finovate Alumni News

On Finovate.com

  • Revolut and TrueLayer Team Up to Ease Access to Open Banking Data.
  • Flybits Secures $35 Million in Series C Led by Point72 Ventures.
  • Launchfire’s Lemonade Takes Off as Standalone SaaS Brand.

Around the web

  • Avaloq integrates OneSpan’s anti-fraud technology into its SaaS banking platform.
  • PayPal’s international money transfer acquisition, Xoom, goes live across Europe.
  • SumUp secures €330 million debt financing.
  • Ritholtz Wealth turns to Betterment’s Betterment for Advisors, a white label online investing solution, to power its Liftoff automated investment platform.

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

  • Spain Approves Neo as a B2B Challenger Bank.
  • Bill.com Boosts Support for International Payments Offering.
  • Xignite Forges Strategic Partnership with XPansion.
  • Bitbond Celebrates Successful STO; Raises More than $2.3 Million in New Capital.
  • PayPal’s Hyperwallet to make sure Limebike’s gig workers get paid for charging scooters.

Around the web

  • Baker Hill’s NextGen to power growth in commercial lending for Hawaii State FCU.
  • Digital Onboarding to grow engagement and provide the digital banking experience for Manatee Community FCU.
  • Daon to fuel security component of CTMS’ KYC and onboarding solutions aimed at banks in France.
  • Revolut unveils new tech hub in Berlin.

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.

Visa and PayPal’s New Deal

Just one day shy of Canada day, Visa and PayPal inked a deal to enable Canadian consumers to instantly access funds via Instant Transfer, a tool PayPal launched in the U.S. earlier this year.

While the U.S. service is powered via a partnership with JPMorgan Chase, PayPal’s Instant Transfer in Canada is powered by Visa’s push payments system, Visa Direct. The Canadian rollout of the new tool uses Visa debit card rails to move money from a customer’s PayPal account to their bank account in real time.

President of PayPal Canada Paul Parisi said that the company is focused on creating efficiencies for customers. “Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms,” he added.

The launch of Instant Transfer is expected to offer gig economy workers faster access to their earnings, which often are paid via PayPal or Venmo. The tool will also help PayPal compete with Zelle, a bank-owned P2P money transfer tool (and PayPal competitor) which relies on ACH to move funds, a process which often takes three days to complete.

PayPal charges the same for its Instant Transfer service as it does for its debit card transfer. Users pay one percent of the transaction up to $10.

PayPal was founded in 1998 and has a market capitalization of $138 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012. 

Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.

Finovate Alumni News

On Finovate.com

  • AIFC and Fidor Solutions to Boost Fintechs in Kazakhstan.
  • Visa and PayPal’s New Deal.

Around the web

  • Apex Clearing partners with Apex Crypto to launch cryptocurrency platform that helps financial advisors introduce digital currency trading into their clients’ portfolios.
  • Revolut taps banking veteran Richard Davies as Chief Operating Officer.
  • Klarna and BigCommerce expand partnership to also include Klarna’s European core markets.
  • eToro’s cryptocurrency wallet adds support for 120 ERC-20 standard tokens.

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

  • NuData Security Gets a New CEO in Christopher Bailey.
  • CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App.

Around the web

  • Finastra announces partnership with intelligent automation software provider Xceptor.
  • PayPal launches new debit card for U.K. customers.
  • Revolut goes live with support for Apple Pay in 12 additional countries in Europe.
  • TransferWise unveils its borderless account in the U.S.
  • Salt Edge announces integrations with more than 200 banks across Europe.
  • CardFlight offers Level 2 credit card processing support for SwipeSimple.

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

  • Plaid launches Investments to give developers and financial institutions the ability to build holistic views of customer investment accounts.
  • Equifax forges strategic alliance with GIACT Systems.
  • PayPal COO Bill Ready to leave company at the end of the year to “pursue entrepreneurial interests” beyond PayPal.
  • CurrencyFair announces its Come Home campaign offering Irish nationals living abroad the opportunity to win a €30,000 relocation package to return to Ireland.

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.

PayPal Democratizes Access to eCommerce Tools

With the launch of the PayPal eCommerce Platform PayPal announced this week, the alternative finance provider will be helping small businesses gain access to ecommerce tools typically reserved for larger businesses.

In the company’s blog post announcement, COO Bill Ready said, “The PayPal Commerce Platform is designed to meet the specific needs of marketplaces, e-commerce solution providers, crowdfunding platforms and more by bringing together the most comprehensive set of technologies, tools, services, and financing for businesses of all sizes around the globe.”

With the new tool, businesses can access PayPal’s 277+ million active users. They can also operate on a more global scale, leveraging PayPal’s capability to accept more than 100 currencies. Perhaps most notably, however, the PayPal eCommerce Platform takes care of two headaches– compliance and security. Changing regulatory compliance mandates and constantly evolving security standards can make it difficult for businesses to keep up. PayPal’s eCommerce Platform meets demands regulators across 200+ markets and provides AI-powered fraud detection tools.

Previously, these tools were reserved for leading platforms such as BigCommerce, Facebook Marketplace, Instagram, Lightspeed, and Yahoo! Small Business. PayPal eCommerce Platform enables more businesses, and ultimately more people, to participate in the digital economy. “We want to help more businesses get started, grow and thrive in today’s complex digital world. It’s that simple,” said Ready.

This week’s launch may have something to do with the company’s back-to-back acquisitions made last year. Last June PayPal purchased merchant payout platform HyperWallet for $400 million and just weeks later acquired fraud prevention and risk management specialist Simility for $120 million.

PayPal Commerce Platform is available in France, Germany, Italy, Spain, the United Kingdom, and the United States. The company hopes to expand it to more than 40 markets by the end of this year.

PayPal was founded in 1998 and has a market capitalization of $134.6 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012.

Tink Secures Strategic Investment from PayPal

PayPal has joined Team Tink.

Swedish open banking solution provider Tink announced today that PayPal is its latest investor and customer. In a blog post sharing the news, the Swedish company called the investment and partnership a “major vote of confidence in our tech and an indicator of the strength of the open banking movement in Europe.”

Today’s investment from PayPal adds $11.2 million (€10 million) to Tink’s capital, boosting the fintech’s funding total to more than $105 million. As Tink’s newest partner, the payments giant plans to leverage Tink’s account aggregation technology to enable its European customers to connect their bank accounts to their PayPal accounts.

“It’s a testament to the versatility of our technology,” the company wrote on its blog on Tuesday, “it can be implemented to improve a range of use cases for businesses big and small.”

Offering account aggregation and payment initiation services via a single, API integration – as well as data enrichment and categorization and PFM services – Tink empowers fintechs to maximize the opportunities of open banking. More than 1,400 developers are using Tink’s API platform to access financial data from hundreds of banks and financial institutions in markets across Europe. This access is paving the way for what the company called “the next generation of financial services.”

VP of global markets and partnerships for PayPal, Jennifer Marriner echoed Tink’s enthusiasm for the transformative potential of open banking. “Tink has developed the infrastructure and data services for this new financial world – and we’re excited to work together to continue to democratize financial services,” she said.

Today’s funding will help drive Tink’s continued expansion across Europe. In recent months, the fintech has partnered with NatWest in the U.K., Mash in Finland, and Lunar Way in Denmark. The company began the year with both a big funding – picking up $63 million (€56 million) in a round led by Insight Venture Partners – and a big expansion, going live in five new European markets. Tink demonstrated its API platform at FinovateEurope earlier this year. Founded in 2012, the company has 150 employees and 500,000 users of its PFM app.

PayPal and Braintree presented Making Payments Fun at our developers conference, FinDEVr Silicon Valley, in 2014. PayPal also demonstrated its Instant Account Creation solution at FinovateEurope 2012. Trading on the Nasdaq under the ticker symbol PYPL, PayPal has a market capitalization of $127 billion. The San Jose, California-based company was founded in 1998.

Finovate Alumni News

On Finovate.com

  • Tink Secures Strategic Investment from PayPal.
  • InComm Buys Hallmark Cards Subsidiary.

Around the web

  • ACI Worldwide makes strategic investment in Indian digital payments company Mindgate Solutions.
  • Currencycloud and VISA forge partnership to fuel innovation in cross-border and travel payments.
  • Trulioo partners with Refinitiv to improve access to digital identity solutions.
  • German open digital identity scheme yes.com to integrate into Signicat’s Digital Identity Platform.
  • Splitit appoints former Intuit and PayPal Exec to lead North American operations.

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

  • Dashlane Raises $110 Million for Password Security.
  • Strands Strikes Digital Banking Deal with Tech Mahindra.

Around the web

  • Paysend to launch crowdfunding campaign on Seedrs.com.
  • Ghana’s ARB Apex Bank reups with Temenos.
  • Exate Technologies joins OpenFin’s fintech ecosystem.
  • Forbes: PayPal’s Latest Milestone: $10 Billion In Small Business Loans.
  • Atlanta Small Business Network looks at how Fiserv delivers fraud prevention across the globe.

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.