Finovate Alumni News

On Finovate.com

  • Virtual Card Platform Extend Raises $11 Million. See the company demo its technology live at FinovateSpring in San Francisco in May.
  • PayStand Unveils Automated Receivables Product.

Around the web

  • Lendio franchise opens in Phoenix.
  • Check Point partners with Google’s Cloud Identity to improve zero trust cloud access.
  • Coinbase introduces crypto Visa debit card for U.K. customers via partnership with Apto Payments.
  • Sberbank acquires majority stake in biometrics company Speech Technology Center.
  • Aite Group recognizes Featurespace as “Best in Class” in its latest report on fraud and advanced machine learning platform vendors.

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

  • Jack Henry & Associates named a top workplace by The San Diego Union-Tribune.
  • Raketech partners with Trustly for in-banner Pay N Play technology.
  • First Data launches Clover Mini and Clover Flex in Argentina.
  • Banco Original chooses FICO to launch digital 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 Global: Fintech News from Around the World

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.

Sub-Saharan Africa

  • Nigerian online accounting services specialist Accounteer announces plans to open new office in Nairobi, Kenya.
  • First Bank of Nigeria awards more than $14,000 in cash prizes to winners of its hackathon competition.
  • Absa Group of South Africa adds new functionality to its mobile app.

Central and Eastern Europe

  • Tinkoff Bank launches Tinkoff Junior mobile app for children and teenagers.
  • Sberbank unveils its new Payment Schedules solution, enabling users to configure the interface of Sberbank Business Online into an event feed format.
  • Top ten Ukrainian bank, First Ukrainian International Bank (FUIB) to offer banking services via messaging apps Viber and Telegram – with Facebook Messenger to be added by the end of the year.
  • Emerging Europe features Lithuania as “China’s fintech gateway to Europe.”
  • Polish vendor finance specialist LeaseLink joins loan syndication platform, Mintos.

Middle East and Northern Africa

  • The UAE’s Anglo-Gulf Trade Bank, a digitally-enabled trade bank, is announced, with operations to begin in early 2019.
  • TradeArabia looks at how fintech can help enhance trade in the Middle East.
  • Bahrain Fintech Bay launches Global Islamic & Sustainable Fintech Center (GISFC).

Central and South Asia

  • Bengaluru-based ClearTax India raises $54.6 million ($4 billion INR) in new funding.
  • Tez Financial Services, Pakistan’s first fully digital non-bank microfinance company, announces picking up $1.1 million in seed funding in a round led by Omidyar Network.
  • India’s Utkarsh Small Finance Bank (USFB) goes live with UP Retail Payments from ACI Worldwide.

Latin America and the Caribbean

  • PayStand expands operations to Mexico, forms regional partnership with StartupGDL.
  • Fidor and GFT extend partnership to the Americas markets.
  • Argentine fintech Ualá picks up $34 million investment from Goldman Sachs.

Asia-Pacific

  • Hong Kong-based mobile current account solution for the underbanked, Neat, raises $3 million in funding.
  • Accenture partners with Siam Commercial Bank’s fintech subsidiary, Digital Ventures, to co-launch blockchain trade solution. See Siam Commercial Bank at FinovateAsia in Hong Kong next week.
  • Indonesia’s OnlinePajak, a tax app provider, announced a $25 million investment in a round led by Warburg Pincus.
  • Fintech Futures takes a look at the “fintech battle” between China and the West.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

Around the web

  • iSignthis announces its Tier 1 JCB card acquiring service is now live in the EU/EEA.
  • CallVU to provide advanced biometric authentication technology to international credit card provider.
  • Jumio reports sales growth of 130% year over year for the first three quarters of 2018.
  • Capsilon teams up with Home Point Financial to streamline loan process.
  • The latest upgrade of SecureSafe features desktop encryption. In German.
  • NICE Actimize launches X-Sight, a financial crime risk management platform-as-a-service solution.
  • Alloy and Socure partner to automate digital identity verification and onboarding for financial institutions.
  • PayStand expands operations to Mexico, forms regional partnership with StartupGDL.
  • Tinkoff Bank adds 26 new currencies for its Black Card customers.
  • Identitii launches Overlay+ to enable Know Your Transaction. 
  • Jack Henry & Associates acquires BOLTS Technologies for its digital account opening solution.

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.

PayStand Announces Integration with Xero

Business financial management just got a lot easier for small businesses. B2B payments platform Paystand is teaming up with Xero to enable the cloud accounting firm’s customers to accept bank and card payments directly in sales orders and invoices. This will give Xero users a seamless, automated way to capture payments and reconcile them directly into their accounting systems. Paystand’s Xero plug-in, now available at the Xero Marketplace, will accelerate time to cash and help save SMEs money.

“Our goal is to transform commercial finance by automating the enterprise cash life cycle,” Paystand CEO Jeremy Almond said. He called the partnership “another step closer toward a frictionless payments infrastructure.” Paystand’s Xero plug-in provides support for ACH and Smart ACH/eCheck bank payments, as well as both debit and credit card payments – the only one of Xero’s plug-ins to do so.

The integration enables customers to make digital payments within the invoice which, once cleared, are reconciled in real-time. Payment information is tokenized and encrypted. And because the data is “saved without being visible”, the solution provides both security and seamless future transactions for the customer.

Blockchain-based B2B payments innovator PayStand participated in our developers conference FinDEVr Silicon Valley 2014. CEO Almond led a presentation titled Comparing the Strengths and Weaknesses of Different Payment Types, which looked at the relative advantages and disadvantages of card networks, eChecks/ACH, and digital currencies as payment options.

Last month, Paystand reported that it would participate in the fintech accelerator, Commerce.Innovated. In June, the company announced that it was expanding to Canada. Named one of The Silicon Review’s 50 Smartest Companies for 2017 at the beginning of the year, Paystand has raised more than $8 million in funding. The company includes BlueRun Ventures and LEAP Global Partners among its investors. Paystand was founded in 2013 and is headquartered in Scotts Valley, California.

Cloud accounting platform provider Xero also participated in our Silicon Valley developers conference in 2014. The company’s Head of U.S. Partnerships, David Pollack, presented Building an API-Driven Ecosystem for Small Business, and led a workshop and discussion on how Xero has grown its marketplace to more than 300 integrated applications. The company previously demonstrated its technology at FinovateSpring 2011.

Based in Wellington, New Zealand, Xero made headlines earlier this month with its acquisition of paperless accounting firm, Hubdoc, and the news that it would partner with U.K.-based GoCardless. In July, Xero announced a strategic alliance with fellow Finovate alum Gusto, an innovator in payroll, benefits, and HR management technology. A publicly traded company on the Australian Stock Exchange under the ticker “XRO”, Xero has a market capitalization of $3.7 billion (AUD$5 billion). Rod Drury is CEO.

Finovate Alumni News

On Finovate.com

  • Feedzai Brings Automated Machine Learning to the Fraud Fight.
  • DriveWealth and Bambu Join Forces on Roboadvisory Tool.

Around the web

  • Your Legacy Federal Credit Union to deploy core account processing technology from Fiserv.
  • CYBG (Clydesdale Bank and Yorkshire Bank) partners with The ID Co. to integrate DirectID into CYBG’s B mobile banking app.
  • Coinbase unveils crypto plugin to make it easier for e-commerce merchants to accept cryptocurrency payments.
  • Bloomberg: Quantopian makes $50 million allocation to one of its quants.
  • OurCrowd named Most Active Venture Investor in Israel by PitchBook.
  • Jack Henry & Associates and Mastercard deliver Priceless Surprises campaign to 1.8 million cardholders.

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

  • Socure Unveils Digital Identity Bot Aida.

Around the world

  • PayStand teams up with Silicon Valley Bank and First Data in fintech accelerator, Commerce, Innovated.
  • Hydrogen launches Hydro mobile app, a security and identity management app that leverages the public blockchain.
  • India’s self-driving mobility platform Zoomcar partners with identity verification specialist Onfido.

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.

PayStand Announces Canadian Expansion

Next generation payment solution provider PayStand is expanding into Canada. The Scotts Valley, California-based company announced that its digital payments platform will support domestic B2B commercial payments and help it earn a share of the Canadian payments volume that takes place over electronic funds transfer (EFT) – more than a third of which is B2B.

“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” Jeremy Almond, PayStand CEO, explained in the company’s press release announcing the expansion. He pointed out that PayStand’s infrastructure provides native support to Canada’s EFT and card payment technology, “essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or matter of payment.”

Founded in 2013, PayStand helps businesses access the “$550 billion stuck in pre-Internet paper, plastic, and manual processes.” By leveraging smart network and blockchain technologies, PayStand’s platform digitizes account receivables and automates processing. Its customers, representing verticals ranging from manufacturing to software services, use its Payments as a Service (PaaS) technology to integrate digital payments into their mobile apps, websites, ERP billing systems, and invoices.

An alum of our developer’s conference, PayStand presented Comparing the Strengths and Weaknesses of Different Payment Terms at FinDEVr 2014. At the event, PayStand’s Almond compared the relative advantages and disadvantages of card networks, eChecks, and digital currencies as payment options, and the value of flexible payment rails that provide multiple alternatives.

Earlier this year, PayStand announced B2B payments integration with SuiteCloud, which enabled quick fund transfer from 18,000 financial institutions and six major credit card brands. In January, PayStand was featured along with fellow Finovate alums Truphone and Featurespace in The Silicon Review’s 50 Smartest Companies of 2017 roster. The company has raised $8.3 million in funding, and includes BlueRun Ventures and LEAP Global Partners among its investors.

Finovate Alumni News

On Finovate.com

  • Kinetica Taps Dell for Hardware.

Around the web

  • Workfusion announces Smart Process Automation 9.0 — the newest evolution of its flagship AI-powered RPA software.
  • Trulioo and Acuant join forces on AML/KYC Compliance.
  • SnapCar and Revolut team up to offer instant payouts to SnapCar drivers (in French).
  • InComm achieves HITRUST CSF Certification to mitigate security and compliance risk.
  • Glassdoor lists PayPal as one of 20 companies that champion LGBTQ equality hiring.

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 the web

  • Scalable Capital Launches in Switzerland.
  • Gusto Partners with Accounting Platform Aplos.
  • Alfa-Bank Collaborates with HashCash to Bring Domestic Payments to the Blockchain.
  • ID.me Powering Single-Sign On for VFW’s Digital Platforms

Around the web

  • ACI Worldwide announces its UP Merchant Payments solution now available as a cloud-based service.
  • Truphone, Featurespace and PayStand win spots on The Silicon Review’s 50 Smartest Companies list for 2017.
  • Bank Info Security features Nick Armstrong, CEO and founder of identitii.
  • Walmart Labs veteran Adnan Habib joins Roostify as VP of Engineering.
  • Realty Mogul appoints interim Chief Investment Officer Chris Fraley as its official CIO.
  • Klarna extends its partnership with ACI Worldwide.

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.