Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Photo by Tirachard Kumtanom from Pexels

How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.


With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.


Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

Finovate Alumni News

Around the web

  • Bankjoy inks partnerships with a trio of Indiana and Texas-based credit unions: Las Colinas FCU, Fort Financial CU, and Mobility CU.
  • Polish telecom Cyfrowy Polsat to take minority stake in Asseco Poland.
  • Nutmeg CEO Martin Stead will leave his post in early 2020, and will be replaced by CFO and COO Jason Alexander.
  • Datasine forges technology partnership with digital marketing platform Mapp.
  • MacKay Municipal Managers chooses open architecture digital platform from Artivest for its financial advisors.

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.

SoftBank Showers Latin American Fintechs with Millions in New Capital

SoftBank Backs Latin America

Last week, the international fintech buzz was all about the booming investment in African startups. As you can see in our sub-Saharan Africa section below, that buzz continues as analysts wonder how African fintechs can best leverage their good financial fortunes of late.

But this week, it’s all about Latin America as fintechs from Mexico to Argentina lock in triple digit investments. What’s especially interesting is that two of the week’s biggest beneficiaries – Konfio and Uala – have the same participating benefactor in SoftBank.

The investment in Argentina’s Uala was the first time the Japanese-based firm had funded a company from Argentina, but not SoftBank’s first funding in the region. The firm invested $1 billion in Colombian delivery app Rappi in April of this year. SoftBank has a deeper history investing in Mexican startups, having funded payments startup Clip and used car buying platform Kavak. SoftBank is also especially active in Brazil; the firm led a $140 million round for the country’s e-commerce solution provider VTEX in November.

FinovateEurope Goes to Berlin!

It’s not too early to start thinking and planning for 2020 – especially with our first conference right around the corner in February.

After six years of basing our annual European fintech conference in London, Finovate is crossing the channel and setting up our stage in Berlin, Germany next year. Our new FinovateEurope location will also feature a new event format designed to ensure attendees maximize their time at the conference. Take a look at our developing agenda to see what we have in store February 11th through the 13th.

Here’s our weekly look at fintech around the world.

Asia-Pacific

  • Singapore’s FinAccel, maker of Kredivo, raises $90 million in round led by Asia Growth Fund and Square Peg.
  • Maybank Group, the fourth largest bank by assets in Southeast Asia, goes livewith Avaloq’s banking suite.
  • South Korea announces plans to launch opening banking system before year’s end.
  • Vymo brings AI-powered sales coaching to insurance giant Sompo.

Sub-Saharan Africa

  • Can Africa’s fintech startups learn from the experience of M-Pesa? TechCrunch considers the opportunities now available thanks to recent positive funding trends.
  • A partnership between Smartstream and Union Systems will help African FIs digitize their post-trade environments.
  • QuartzAfrica takes a look at the “niche ecosystems” that are developing amid Africa’s rapidly expanding fintech industry.

Central and Eastern Europe

  • Berlin, Germany-based SME digital banking platform Penta teams up with SumUp.
  • First Investment Bank (Fibank) goes live with the first, PSD2-compliant, open banking platform in Bulgaria.
  • Tinkoff GDRs will be included in MOEX Russia indices next month.

Middle East and Northern Africa

  • Sudan’s Nile Bank is the latest FI to choose Oracle’s Flexcube core banking solution.
  • Temenos teams up with Egyptian National Post Organization.
  • Dubai Financial Services Authority inks fintech pact with Luxembourg’s Commission de Surveillance du Secteur Financier.

Central and Southern Asia

  • DriveWealth helps Indian investors access U.S. stocks via new partnership.
  • Indian banking technology provider TCS Financial Solutions migrates three credit unions to a cloud-version of its TCS Bancs system.
  • Paysend introduces worldwide money transfers to Uzbekistan.
  • Sri Lanka’s central bank examines the possibility of applying blockchain technology to streamline KYC processes for FIs.

Latin America and the Caribbean

  • Uala, a money management app from Argentina, raises $150 million in Series C round led by Tencent and SoftBank.
  • Mexican SME credit assessment specialist Konfio closes $100 million investment from SoftBank.
  • MercadoLibre picks up $125 million loan from Goldman Sachs.

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.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • RightCapital Inks Strategic Partnership with Financial Advisor Association

Around the web

  • Envestnet | Yodlee forges data sharing agreement with JP Morgan Chase.
  • Temenos partners with CWB Financial Group.
  • DriveWealth teams up with SBI Thai Online Securities, bringing access to U.S. stocks to Thai investors.
  • Open banking platform Tink announces expansion to Portugal and Italy.
  • New partnership with Smart Pension will enable Revolut to offer its business customers the ability to automate monthly pension contributions.
  • Artivest announces new partnership with Wellington Management.
  • Paysend introduces worldwide money transfers to Uzbekistan.
  • Jumio takes home top honors in the “Software Security Enterprise Product of the Year” category at the 2019 Best in Biz Awards.
  • Finastra inks deal with Pancreta Bank of Greece to deploy its Fusion Risk solution to help automate regulatory reporting.

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

  • 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.

Finovate Alumni News

On Finovate.com

  • Mambu and nCino Co-Create Banking Solution for B-North.
  • Kabbage Acquires Radius, Adding Insights of Millions of SMEs to its Platform.

Around the web

  • Paysend reaches one million customer mark for its card-to-card money transfer service, Global Transfers.
  • Tinkoff goes live with Pulse, a free social network for 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.

Paysend Garners $10.6 Million in Funding

Cross-border remittance startup Paysend has received a money transfer of its own this week. The London-based company landed $10.6 million (£8.5 million) in Series B funding, bringing its total raised to $30.7 million.

There’s no word on an updated valuation but before today’s round, the company was valued at $155 million.

The investment comes courtesy of GVA, which contributed almost $5 million (£3.95 million), as well as a Seedrs crowdfunding campaign that brought in $5.6 million (£4.6 million). Launched last month, the Seedrs campaign garnered contributions from investors, including Plug and Play and Digital Space Ventures, which co-led the round.

Regarding company’s decision to crowdfund the round, Paysend CEO Ronald Millar said, “This funding round has been the next step in our journey to create money for the future, and we’ve been delighted that we’ve been about to open it up to our customers in order to give them the opportunity to join us on the exciting next phase of the Paysend journey.”

Paysend, which demonstrated its Global Account at FinovateSpring 2018, competes with the likes of Transferwise and CurrencyFair to help users request money from 50 countries and send money across 70 countries. On a monthly basis, the company facilitates more than 2 million transactions totaling $55 million for its 900,000 users.

The company recently released Pays XDR, its own digital currency. Pays XDR is a stable coin backed by cash reserves, matched to the proportion of the International Monetary Fund’s Special Drawing Rights.

Adding to its already busy year, in May Paysend launched Paysend Link, an app that allows users to send money to anyone with just their phone number. Fund recipients can immediately transfer payments they receive to their Mastercard, Visa, or UnionPay card. The money is immediately available to use or to withdraw.

Finovate Alumni News

On Finovate.com

  • ID R&D’s Voice Biometric Solution Satisfies Need for Speed, Omni-Channel Reach.
  • Finovate Global: Open Banking Advances in Nigeria; Singapore’s soCash Secures $6M Series B.
  • Paysend Garners $10.6 Million in Funding.

Around the web

  • PassTime partners with masterQueue to help locate and contact customers for debt collection.
  • Five Degrees is selected to join the Kickstart innovation program.
  • Voleo, Neener Analytics, Gremln Social, and Digital Onboarding all successfully complete 2019 FIS Fintech Accelerator program.

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

  • ABBYY Unveils New SDK for Mobile Web Capture.

Around the web

  • Identitii’s tokenization technology powers HSBC’s Digital Accounts Receivable Tool (HSBC DART).
  • Fiserv’s FlexWage now allows earners to receive their salary on their own schedule.
  •  LendingClub extends balance transfer to more borrowers.
  • Berkshire Bank partners with Finastra to launch real-time payments.
  • Belgian online lender Buy Way deploys e-signature solution from OneSpan.

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.

Paysend Reaches Crowdfunding Goal of $5.3M

London-based fintech Paysend announced late last week that it had reached its fundraising goal of $5.3 million (£4.2 million) after a three-day campaign on Seedrs. The company noted that more than 200 investors have participated in funding round, which was led by VC’s Plug & Play, Digital Space Ventures, and Marcorp Fintech. The funding puts Paysend’s total capital at more than $25 million and gives the company a valuation of more than $158 million (£1.25 million).

“We believe that (transferring money) should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this,” Paysend CEO Ronald Millar explained. He blamed the banking and payments industry for “conditioning” customers into believing that the difficulty of transferring money justified the complex process that most bank customers endure. “I have always been a firm believer that earning money can be tough but spending shouldn’t be,” Millar said.

The company said the funds will be used to fuel Paysend’s international expansion goals, including new partnerships with FIs. Paysend is currently active in 70 countries around the world, and Millar noted that the company is adding new customers at a pace of 2,000 a day. In fact, Paysend’s funding announcement comes as the company reports adding another six countries to its money transfer network. India, South Africa, Sri Lanka, Nepal, Pakistan, and Turkey are all slated to be brought onboard this year.

“We are on a major expansion path,” Millar told The Courier UK. “We’ve just launched the global account and we want to continue to grow the business and establish the operational team and launch more marketing.”

Founded in 2016 and headquartered in London, U.K., Paysend demonstrated its Global Account at FinovateSpring 2018. The solution enables users to store both fiat and crypto currencies in their wallet, exchange funds between currencies, send funds to other Global Accounts, and make payments from their account both online and in-person. The account comes with a prepaid card (both physical and virtual) that can be linked to the currencies in the user’s wallet, enabling them to make everyday transactions in the currency of their choice as easily as spending with a debit card. Users can also use their Global Account card to withdraw cash in 125 currencies.

Paysend has more than 750,000 users of its technology, and facilitates more than two million transactions a month. In May, the company announced the launch of its new payments app, Paysend Link, which enables users to send money to anyone, anywhere using only the recipient’s mobile phone number. Also in May, Paysend reported that its new stablecoin would be available on the Stellar Network this summer.

Finovate Alumni News

On Finovate.com

  • Synapse Receives $33m for Backend Fintech.
  • Paysend Reaches Crowdfunding Goal of $5.3 Million.

Around the web

  • Worldline and Trapeze deliver a hands-free payment solution for public transport.
  • Sberbank to Open First Branch in McDonald’s Restaurant.
  • James Hale appointed Head of Product at alternative investing firm Artivest.
  • Finastra named 2019 Microsoft Alliance Global ISV Partner of the Year.

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

Around the web

  • Startup Here Toronto features Sensibill.
  • Paysend announces expanding network and latest funding round.
  • Tinkoff announces the launch of Tinkoff Capital management company.
  • Entrust Datacard completes acquisition of nCipher Security.

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.