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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
PlaidlaunchesInvestments to give developers and financial institutions the ability to build holistic views of customer investment accounts.
Equifaxforges strategic alliance with GIACT Systems.
PayPal COO Bill Ready to leave company at the end of the year to “pursue entrepreneurial interests” beyond PayPal.
CurrencyFairannounces 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.
With the launch of the PayPal eCommerce PlatformPayPalannounced 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.
Swedish open banking solution provider Tinkannounced 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 BraintreepresentedMaking 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.
ACI Worldwidemakes strategic investment in Indian digital payments company Mindgate Solutions.
Currencycloud and VISAforge partnership to fuel innovation in cross-border and travel payments.
Trulioopartners with Refinitiv to improve access to digital identity solutions.
German open digital identity scheme yes.com to integrate into Signicat’sDigital Identity Platform.
Splititappoints 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.
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.
SoFiAnnounces $500 Million Investment Led by Qatar.
Around the web
Trustlylaunches automated invoice payment solution, Pay Your Invoice.
PayPalreaches $10 billion in small business loans issued via its business financing offerings.
Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
Kofaxlaunches its Intelligent Automation software platform.
Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
Fenergounveils a new suite of CLM tools, Digital Client Orchestration.
Trulioonamed best identity verification and authentication solution at 2019 CNP Expo.
KyckGlobal partners with InComm to provide same-day pay to gig workers.
Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.
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.
Citiintroduces biometric authentication for institutional customers in the APAC region.
With its IndiVideo solution, BlueRush and Chilean partner, Kunder, winBest Financial Services Online Video at the 2019 Internet Advertising Competition awards.
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.
Salt EdgeEarns Account Information Service Provider License from FCA.
Around the web
Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
PayPaljoins Series A round for Cambridge Blockchain.
EVRYpartners with ACI Worldwide to enhance its mobile payment service in the Nordics and Europe.
ProfitStarswins 2019 FinTech Breakthrough Award for Best Business Lending Platform
Capsilonexpands executive team, forms new product organization to drive mortgage innovation. Check out Capsilon’s newest tech at FinovateSpring in May.
Portland Business Journal: Tyfonebrings credit unions the digital tools members want.
Insuritaspartners with Nymeo FCU to launch digital insurance agency.
NestReady to power integrated homebuying experience for Resource Financial Services.
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.
Community Access from Urban FTBrings Digital Tools to Small Banks.
Around the web
PayPalteams up with JP Morgan Chase to offer instant transfer option.
Coinbase’sCustody service completes its first over-the-counter trade directly from offline storage.
HackerOne announces detecting vulnerabilities in up to 43 digital asset projects.
Ping Identitywins the DeveloperWeek 2019 Devies Award and the Info Security Global Excellence Award.
The Paypers interviewsModo CEO and founder Bruce Parker.
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 is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Latin America and the Caribbean
PayPalinvests $750 million in Argentina-based e-commerce company MercadoLibre.
First Data to acquire Brazilian electronic funds transfer (EFT) solution provider Software Express.
NCR, Bluefin, and Powertranz team up to support POS card processing for Caribbean quick serve restaurants.
BlueRushdeploys its Individeo platform with a large Colombian bank courtesy of a partnership with Bee Concept.
The Wall Street Journal looks at how global FIs are gaining interest in the Latin American alternative lending market.
Asia-Pacific
Experianlaunches Singapore-based incubator, Experian X Labs.
South Korean crypto company Kakao raises $90 million via private coin offering.
Thai Stock Exchange to launch a digital asset exchange next year.
Sub-Saharan Africa
Front office and core banking technology from Temenos to drive digital revamp for African challenger bank, Vista Bank.
Financial Software and Systems takes 46% stake in South Africa’s Ecentric Payment Systems.
South Africa’s second largest retail bank, Capitec, extends its partnership with ACI Worldwide.
ThreatMetrixteams up with Blue Turtle Technologies to help market its fraud prevention solution to customers in Africa.
Central and Eastern Europe
Tinkoff Bankreports 2018 highlights including launch of new mortgage app, a joint P2P money transfer offering with Sberbank, and more than 2.7 million new active credit customers.
iSignthisInks Banking and Payments Deal with Ibanera.
Bulgaria-based Software Group scores €18 million loan from Europe Investment Bank.
EU Startups features lending platform Inlock its look at 10 Hungarian startups to look out for in 2019.
Bulgaria’s Municipal Bank to deploy new core and payments solutions from Oracle.
Middle East and Northern Africa
Dubai International Financial Center (DIFC) launches $10 million fund for fintech startups in the MENA region.
IBMDebuts Blockchain Network for Cross-Border Payments.
Finovate Global:PayPal in Argentina; TemenosBacks African Challenger Bank.
Around the web
Envestnet to acquire PIEtech, maker of MoneyGuide, in $500 million deal.
HooYupartners with online lottery betting operator, Lottomart, to help the Gibraltar-based firm meet AML requirements.
Wiprolaunches its AI and machine learning-powered accounts payable, KYC, and other solutions on Amazon Web Services.
Polish neo bank Nest Bank unveils new lifestyle services module, Finanteq’sSuperWallet, to its mobile banking app.
FindBiometrics interviewsBiometric Signature ID CEO, President, and founder, Jeff Maynard.
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.
TickSmithTeams Up with CanDeal to Power DataVault Innovations.
First Wave of Demoing Companies for FinovateSpring Revealed.
Around the web
Aerospikelaunches suite of add-on modules, Aerospike Connect, to make it easier for businesses to integrate the company’s database.
Identitiirenews its partnership with HSBC Global Services (UK).
Onfidoappointed to the FIDO Alliance Board of Directors.
ACI Worldwideannounces the extension of its partnership with South Africa’s Capitec Bank.
IdentityMind Global to support Koi Trading’s AML Compliance-as-a-Service offering.
Gustoappoints Square’s former Head of Information Security Fredrick Lee as its new Chief Security Officer.
PayPaladds instant transfer feature for bank accounts.
Insuritas and ReliaQuote partner to offer ID theft protection to 10 million consumers.
Fenergoenables financial firms to digitally visualize risk in fight against financial crime.
GroundFloor partners with Dwolla to make payments more efficient for borrowers and investors.
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.
