Settle Archives - Finovate

Fintech Rundown: A Rapid Review of Weekly News

By David Penn Posted on March 25, 2024
Categories: Bankjoy, Bluefin, Bluefin Payment Systems, Currency Cloud, Equifax, Fintech Rundown, Insuritas, nCino, PaySend, Plaid, Revolut, Settle, VISA, Zafin

We’re starting off the week with a major acquisition in the U.K. lending space, as well as fintech funding news in payments, wealth management, and financial education.

Digital banking

Missouri-based Central Bank leverages Personetics’ AI-driven engagement platform to enhance financial wellness.

SaaS core modernization and transformation solution provider for banks Zafin unveils new tools – Dynamic Cohorts and Signals – to enhance customer personalization and engagement.

Digital banking experience platform Plumery announces availability on Google Cloud Marketplace.

Emporia State Federal Credit Union launches new app courtesy of a partnership with digital banking solution provider Bankjoy.

Bank integration provider AccessPay secures $24 million in equity and debt financing.

Payments

Paysend partners with Currencycloud to enhance its FX and treasury capabilities.

Integrated payments company Bluefin adds 23 new devices, 6 new applications, and three new key injection facilities (KIFs) to its Encryption Management Services P2PE Component listing.

Germany payment management platform NX Technologies raises $23.8 million (EUR 22 million) in Series B funding.

Stripe teams up with Amazon to power payments for Just Walk Out technology in Australia and Canada.

MENA-based payment gateway provider HyperPay inks a collaboration with Capital Bank.

Lending

Baker Hill forges new partnership with Dallas-based Harmony Bank.

ChargeAfter secures a patent for its embedded lending technology.

National Building Society agrees to acquire Virgin Money for $3.7 billion (£2.9 billion).

Desjardins partners with cloud banking firm nCino to leverage its Automated Spreading Solution to enhance lending.

Open banking

Dwolla expands its partnership with MX to power account aggregation and verification.

Open banking platform Link Money forges partnership with Silicon Valley Bank to enhance ACH processing and money movement for merchants.

Wealth management

Online trading and investing platform Robinhood launches rewards credit card for its Robinhood Gold subscribers.

Wealth-building platform Belong secures $3.7 million (£2.95 million) in pre-seed funding.

Multi-asset class investment accounting platform FundGuard raises $100 million in Series C funding.

Financial education

Wealth building and financial education platform Goalsetter closed a $9.6 million Series A extension round.

Cash management

Cash-flow management platform Settle launches Automatic 3-Way Matching for Purchase Orders.

Fraud prevention

Plaid forges partnerships with Sandbox Banking and RealPage to help fight fraud in the customer experience.

AI-powered fraud and risk platform DataVisor launches its end-to-end anti-money laundering (AML) solution.

Financial crime compliance company Napier AI reports that its customer Banco do Brasil has won the Celent Model Risk Manager 2024 Award for combatting financial crime.

Visa adds three new AI-powered risk and fraud prevention solutions.

Cryptocurrencies / Blockchain

Revolut and Layer 1 blockchain Sui team up to boost blockchain education and adoption.

Trading and investing platform eToro adds 12 new altcoins to its cryptocurrency offerings.

Identity management / verification

ID verification company AU10TIX unveils expanded Digital ID solution.

Insurtech

Rewards credit card company Yonder to offer its members a new travel insurance experience courtesy of a partnership with embedded insurance orchestration firm Qover.

New Jersey’s largest credit union, Affinity Federal Credit Union, partners with Insuritas to launch Affinity Insurance Agency.

PayPal Ventures and MassMutual Ventures lead $47 million Series C funding round for Indonesian insurtech Qoala.

Mortgagetech

Equifax UK teams up with Homely to help first-time homebuyers become “mortgage-ready.”

Photo by Madison Inouye

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Settle Launches Mobile App in Croatia; Sr. Pago Partners with American Express

By David Penn Posted on July 12, 2019
Categories: ACI Worldwide, Finovate Global, Jumio, MasterCard, RISQ, Settle, Sr. Pago, Temenos, Vymo

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.

Middle East and Northern Africa

RISQ Teams Up with Aion Digital to Boost SME Lending in MENA.
ACI Worldwide teams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has begun issuing digital banking licenses.

Central and Southern Asia

Bangalore-based neobank for workers NiYO raises $35 million in new funding.
WebMoney Transfer goes live with its WMY wallet in Uzbekistan.
India’s Recko, a company that provides AI-powered digital transaction reconciliation, picks up $1 million in seed capital.
Swiss payments technology company BPC opens offices in Pakistan.
Nikkei Asian Review highlights Vymo and its entrance to the Japanese market.

Latin America and the Caribbean

Jumio to power digital identity for Brazil-based BTG Pactual.
Mexico’s Sr.Pago announces partnership with American Express.
Mastercard Brazil partners with Airfox and banQi to bring lower-cost banking options to Brazilian customers.

Asia-Pacific

Bank of Thailand implements SimCorp Dimension to manage its reserve management and monetary policy operations.
Vietnam’s central bank warns against fraud in the P2P lending market.
Regulators in the Philippines introduce new rules governing crowdfunding.

Sub-Saharan Africa

Temenos to power digital transformation for Rwanda’s Bank of Kigali. The company will also replace core and front office legacy systems for South African microfinancier Barko
Ghana to launch universal QR code payment method later this year.
Mobile payments startup OPay raises $50 million in funding in round led by Sequoia China, IDG Capital, and Source Code Capital.

Central and Eastern Europe

Settle launches its mobile payments app in Croatia.
Czech-based fintech developer Turing Technology closes second round of funding.
Slovenia’s Telekom Slovenije introduces its mobile wallet.

Top image designed by Freepik

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on July 11, 2019
Categories: AI Foundry, BeSmartee, DemystData, eToro, Finantix, Hidden Levers, Jumio, Kyckr, On Deck Capital, Passport, Settle, Trulioo, WorldPay, Xceptor

On Finovate.com

HSBC Creates Private Banking Portal with Finantix

Trulioo Can Now Verify Customers in 4 New Countries

AI Foundry Adds Mortgage Document Modeling to its Automation Platform

HiddenLevers and First Rate to Improve Risk Analytics for Wealth Managers

DemystData Signs Two Year Agreement with Kyckr

YSEOP Garners $9.3 Million in New Funding Round

Around the web

Xceptor appoints former GBST exec as new COO.

eToro has launched a portfolio of firms involved in Facebook’s new digital currency Libra.

Jumio to power digital identity for Brazil-based BTG Pactual.

Settle launches its mobile payments app in Croatia.

Worldpay and the University of Cincinnati partner to fill business talent shortfall.

Coast Capital Savings teams with OnDeck to offer small business members financing options.

Scooter fleet company Spin joins Passport’s micro-mobility pilot program.

First Rate and HiddenLevers partner to provide risk analytics and business intelligence to the wealth management industry.

BeSmartee announces direct integration with private mortgage insurance provider Arch MI.

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.

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Alumni News– January 6, 2015

By David Penn Posted on January 6, 2015
Categories: Bluefin Payment Systems, CashStar, Fenergo, Fidor Bank, Global Debt Registry, Insuritas, Kreditech, Malauzai Software, Moven, P2BInvestor, PayPal, Personal Capital, Realty Mogul, Settle, TSYS

Accounts Receivable Management takes a look at Global Debt Registry.

Moven launches budgeting app on Motorola Moto 360 and Samsung Gear smartwatches.

TSYS names Thomas Boyer president of TSS Merchant Solutions.

Paymentandbanking.com recognizes Kreditech as FinTech Startup of 2014.

St. Louis Biz Talk quotes Malauzai Software’s Robby Ganer in a column on what to expect from mobile banking this year.

Gift cards from CashStar to be integrated into eBay Marketplace and PayPal Digital Gift store.

Fidor Bank plans for U.S. launch with undisclosed local bank partner.

Silicon Republic profiles senior Java developer at Fenergo, Sheila Fernandez.

FinovateEurope early bird deadline extended through this Friday, January 9. Lock in your spot and we’ll see you in London.

Ukraine-based Settle launches restaurant pre-order app in San Francisco.

Personal Capital now manages $1+ billion in investments for clients. It tracks $120 billion for 700k registered users.

Northpointe Bank hires Insuritas to power its insurance agency.

P2Binvestor names Krista Morgan CEO.

Bluefin Payment Systems announces its PCI-validated, point-to-point encryption solution, PayConex, is now certified for mobile payments.

Jilliene Helman, founder and CEO of Realty Mogul, earns a spot on Forbes’ list of “30 Under 30 Rising Stars of Enterprise Technology.”

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.

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Ukraine-Based Settle Launches Restaurant Pre-Order App in San Francisco

By Julie Muhn (@julieschicktanz) Posted on January 5, 2015
Categories: Settle

Ukraine-based Settle aims to minimize the time consumers spend waiting in line for their food or beverage. Its mobile pre-order app enables customers to reserve a table at a restaurant, pre-order, and pre-pay, so that after the meal they walk away without waiting for the check.

Today the company announced that it is launching in San Francisco later this month.

Settle is working from its foundation in Kiev, Ukraine and Moscow, Russia. Since launching late last year, users have made 3,500 transactions at 20 restaurants.

We detailed the user experience for Settle customers and merchants last October in our Finovate Debuts series. Aside from a pre-order service for customers, Settle also offers a point of sale system for merchants, as well as a loyalty program to acquire and maintain their customer base.

To see a live demo of Settle, check out its FinovateFall 2014 video.

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Alumni News– October 23, 2014

By Julie Muhn (@julieschicktanz) Posted on October 23, 2014
Categories: Bionym, CardFlight, Digital Insight, Flint Mobile, Forte Payment Systems, Insuritas, Intuit, Jingit, PayPal, Settle

Jingit’s Head of Product, Chris Ohlsen, weighs in on loyalty and rewards.

Check out Finovate Debuts: Settle.

Intuit launches developer experience and global app store for QuickBooks Online, including payments API.

Anovia Payments partners with CardFlight to offer mobile point of sale solutions to merchants and developers.

Richwood Bank hires Insuritas for its insurance agency solution.

Bionym forges own path to biometric harmony with the Nymi band.

Forte CEO Jeff Thorness comments on why omnichannel is not just a buzzword.

MECU to provide members with digital banking services from Digital Insight.

PayPal’s Venmo earns a spot on VentureBeat’s list of 13 must-own apps for your smartphone.

Flint announces Verizon-led $9 million investment round.

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.

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Finovate Debuts: Settle

By Julie Muhn (@julieschicktanz) Posted on October 21, 2014
Categories: Settle

The Finovate Debuts series introduces new Finovate. alums. Today’s feature is BioCatch, which demonstrated its invisible authentication methods at FinovateFall 2014.

Settle
Settle’s technology focuses on connecting merchants with their customers. Its built-in ordering system, combined with a loyalty platform and merchant dashboard, are tailored for restaurants and bars.

The stats

Founded August 2014
$1.8 million in funding
15 employees
50,000 users
500+ merchant partnerships for their loyalty/rewards platform

The experience
To create a better customer experience, Settle provides merchants tools, including:

Point-of-sale system
Customer-facing pre-order system
Loyalty platform
Merchant analytic tools

How it works:

Customers

Using the Settle app on an iOS or Android device, customers make a payment at business’ Settle point-of-sale system.

At checkout, customers review their order and select the Pay button. For service-based merchants, such as a coffee shop, bar, or cafe, the customer also selects the tip amount.

The transaction is paperless, with the receipts emailed.

To gather feedback for the merchant, customers are prompted to rate their experience.

At restaurants and coffee shops, customers can place their order ahead of time and skip the line. The system also manages reservations.

Merchants

Settle offers a merchant platform that makes entering orders easy. It also helps cashiers personally connect with returning customers. When a Settle user walks in the door, the system prompts the cashier with the customer’s name, their usual order, and notes about the person (i.e., always in a hurry).

Aside from the point-of-sale interface, Settle comes with two compelling features:

1) Loyalty

Since the loyalty platform does not require stamps, cards, or checking-in, it is a low-friction way to encourage repeat purchases.

The Settle system incentivizes users to spend more in order to receive a larger discount. In the example below, the user needs to spend a total of 3,000 Ukrainian Hryvnia (around $230) to receive a permanent, ongoing 10% discount.

2) Merchant tools

With Settle’s Smart Engine, merchants see recent customer activity and can download a spreadsheet detailing new and returning customers, their purchase frequency, the total amount spent, average check amount, and how much they tip. Merchants can also evaluate their sales over time (see graph below).

On the employee side, the system shows ratings for each waiter, along with the number of clients handled per check, and how well they are tipped.

The recommendations engine detects anomalies, such as decline in overall sales or average check, and advises how to fix the issue. Additionally, it automatically creates a list of customers who have not returned, and sets up a discount offer to entice them back.

The back-end system also enables merchants to push special deals and messages based on certain parameters, such as average spend and birthday month. Once the offers are sent, merchants can measure their effectiveness by seeing how many opened the message and redeemed the offer.

These examples illustrate the mobile purchasing experience, but Settle can also be used online. For both in-person and online purchases, customers are required to confirm the payment on their mobile device. This built-in two-factor authentication creates a more secure experience.

What’s new

The Settle app is currently working in Ukraine, Russia, and other Eastern European countries. It has plans to expand into Europe and is considering the U.S. market. For this expansion, it is seeking a U.S. bank partner.

Settle’s newest development is a P2P payment platform. Users can pay other Settle users by simply selecting their name, entering the amount, and the confirming payment. To see this work in action, check out Settle’s live demo from FinovateFall 2014.

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Settle Gives Merchants a 3-in-1 Point of Sale Solution

By Julie Muhn (@julieschicktanz) Posted on September 23, 2014
Categories: FinovateFall 2014, Settle

This post is part of our live coverage of FinovateFall 2014.

Settle debuted a POS that merchants can integrate into their existing solutions:

“The Settle technology comes in 3 forms: 1) Customer app that allows users to make orders, pay, get loyalty bonuses and offers from establishments, and carry out P2P transactions, 2) A Settle tablet with an accompanying app that enables accepting and managing orders, viewing customers’ profiles and offering personalized customer service, 3) A merchant dashboard with a smart analytics of sales, staff performance, and a rich customer CRM.

Settle provides its POS solution for merchants and can be integrated into merchant’s existing POS system as well. Settle can offer white label solutions for bank apps and provide small personal loans.”

Presenting: Stas Matviyenk, CEO and Anna Polishchuk, COO

Product Launch: August 2014

Metrics: $1.8M raised, 15 employees, 50,000 users

Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions

Settle

HQ: Kyiv, Ukraine

Founded: August 2014

Website: hellosettle.com

Twitter: @hellosettle

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FinovateFall 2014 Sneak Peek: Part 2

By David Penn Posted on August 21, 2014
Categories: Backbase, BioCatch, blooom, FinovateFall 2014, FinovateFall 2014 Sneak Peek, iBillionaire, Patch of Land, Settle

If you missed the first installment of our FinovateFall 2014 Sneak Peek series, click here for Part 1.

A few days ago we introduced you to BizEquity, Gremln, Hoyos Labs, Knox Payments, NopSec, and Rippleshot. Today we present another six companies that will be demoing on stage in New York in September.

FinovateFall 2014 is live in New York City on September 23 and 24. And with last year’s show a sell-out, we’re expecting even bigger things in 2014. So save your spot at this year’s show; click here to register today.

Backbase is a software company helping banks in the digital era.

Features:

Beautiful digital banking experience for end customers
Full control over the digital strategy by the bank
Backbase Marketplace to unite vendors and banks looking for fintech innovation

Why it’s great:

Backbase Engage helps banks regain control over their digital strategy.

Presenters:

Peter Chapman, Principal FinTech Strategist

Before joining Backbase, Chapman worked as VP emerging technologies at First Trade Union Bank. Frustrated by the lack of control of the banks to own their digital future, he joined Backbase to fix this.

Jelmer de Jong, Global Head of Marketing

De Jong focused his career on helping companies get the most out of new technologies. He has a strong focus on startups, B2B, product management and marketing.

BioCatch provides innovative online fraud-prevention solutions that dramatically reduce friction and fraud, giving customers confidence to expand their business.

Features:

The Cognitive Biometrics technology enables BioCatch to detect intruders, bots, and fraudsters.

Why it’s great:

BioCatch: Less friction. Less fraud.

Presenters:

Uri Rivner, Co-Founder and VP Business Development & Cyber Strategy

Rivner is recognized globally as an industry expert on Cybercrime and advanced threats. He is a regular speaker in the leading Security and Cyber conferences, and writes a cyber-security blog.

blooom has developed a revolutionary way to open the eyes of 401(k) investors, by outsourcing the management of their 401(k) accounts, regardless of where custodied.

Features:

We don’t use complicated charts or line graphs with a gazillion indecipherable colors
We make it easy to operate (no Ph.D in Finance required)
We rebalance the account, rather than just make recommendations

Why it’s great:

Blooom allows investors to ditch their current strategy of ignoring-it, meaning-to-get-around-to-it, and hoping-for-the-best!

Presenters:

Chris Costello, Co-Founder and Certified Financial Planner

Costello has 20 years experience and builds the model used to generate 401(k) recommendations, allowing blooom users to tap into advice traditionally only available to investors with a gazillion dollars.

Randy AufDerHeide, Co-Founder and Chief Technology Officer

AufDerHeide handles all the fancy, schmancy IT stuff. If it involves computers, code, Internet stuff, he’s the guy. He also makes everythin
g work smoothly, helping deliver a great experience to bloom users.

iBillionaire taps into the investment strategies of Wall Street billionaires and provides unique and exclusive data on investment activity and trends.

Features:

Provides insights into billionaire investment portfolios and stock picks
Sends real-time alerts on buys, sells, and prices
Allows users to track their own portfolios and the iBillionaire Index

Why it’s great:

With iBillionaire, anyone can invest like a billionaire.

Presenters:

Raul Moreno, Co-Founder and CEO

Moreno is a serial entrepreneur with a background in finance and tech. His previous ventures include social app discovery platform, Kinetik, and he previously worked as an analyst at GFG Capital.

Patch of Land is a peer real estate (P2RE) lending marketplace presenting its real-time, due-diligence engine.

Features:

Proprietary risk and credit-modeling system increases accuracy of risk profiling
Full-stack integration with existing platform and processes
Significant scale and velocity of underwriting

Why it’s great:

We are creating an efficient, scalable system for underwriting and complex real estate lending transactions and pricing risk appropriately.

Presenters:

Brian Fritton, CTO

Fritton is a seasoned eCommerce expert who oversees the development of Patch of Land’s in-house platform and leads the research and implementation of our technology initiatives.

Settle is a mobile-payment platform built to create greater customer loyalty by hastening the checkout process while improving the overall customer experience.

Features:

Bridge mobile payments and loyalty
Target marketing to consumers based on their paying behavior
Transfer P2P cash easily

Why it’s great:

Settle brings easy mobile payments to customers and allows merchants to make the most of customer data.

Presenters:

Stas Matviyenko, CEO

Matviyenko studied in Austria, worked for the Ukranian government (banking research). Founder at Advice Wallet (the biggest mobile loyalty program in CIS countries), believes in mobile payments, geek.

Anna Polishchuk, COO

Polishchuk has a Masters degree in international business and is passionate about design and technology. She worked as Market Research Analyst at an international company and co-founded Advice Wallet.

Our Sneak Peek series continues on Tuesday with another six companies that will demo their fintech innovations at FinovateFall 2014 next month.

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FinovateFall 2014 Sneak Peek: Part 2

By Julie Muhn (@julieschicktanz) Posted on August 21, 2014
Categories: Backbase, BioCatch, blooom, FinovateFall 2014, FinovateFall 2014 Sneak Peek, iBillionaire, Patch of Land, Settle

If you missed the first installment of our FinovateFall 2014 Sneak Peek series, click here for Part 1.

Backbase is a software company helping banks in the digital era.

Features:

Beautiful digital banking experience for end customers
Full control over the digital strategy by the bank
Backbase Marketplace to unite vendors and banks looking for fintech innovation

Why it’s great:

Backbase Engage helps banks regain control over their digital strategy.

Presenters:

Peter Chapman, Principal FinTech Strategist

Jelmer de Jong, Global Head of Marketing

De Jong focused his career on helping companies get the most out of new technologies. He has a strong focus on startups, B2B, product management and marketing.

BioCatch provides innovative online fraud-prevention solutions that dramatically reduce friction and fraud, giving customers confidence to expand their business.

Features:

The Cognitive Biometrics technology enables BioCatch to detect intruders, bots, and fraudsters.

Why it’s great:

BioCatch: Less friction. Less fraud.

Presenters:

Uri Rivner, Co-Founder and VP Business Development & Cyber Strategy

Rivner is recognized globally as an industry expert on Cybercrime and advanced threats. He is a regular speaker in the leading Security and Cyber conferences, and writes a cyber-security blog.

blooom has developed a revolutionary way to open the eyes of 401(k) investors, by outsourcing the management of their 401(k) accounts, regardless of where custodied.

Features:

We don’t use complicated charts or line graphs with a gazillion indecipherable colors
We make it easy to operate (no Ph.D in Finance required)
We rebalance the account, rather than just make recommendations

Why it’s great:

Blooom allows investors to ditch their current strategy of ignoring-it, meaning-to-get-around-to-it, and hoping-for-the-best!

Presenters:

Chris Costello, Co-Founder and Certified Financial Planner

Randy AufDerHeide, Co-Founder and Chief Technology Officer

iBillionaire taps into the investment strategies of Wall Street billionaires and provides unique and exclusive data on investment activity and trends.

Features:

Provides insights into billionaire investment portfolios and stock picks
Sends real-time alerts on buys, sells, and prices
Allows users to track their own portfolios and the iBillionaire Index

Why it’s great:

With iBillionaire, anyone can invest like a billionaire.

Presenters:

Raul Moreno, Co-Founder and CEO

Moreno is a serial entrepreneur with a background in finance and tech. His previous ventures include social app discovery platform, Kinetik, and he previously worked as an analyst at GFG Capital.

Patch of Land is a peer real estate (P2RE) lending marketplace presenting its real-time, due-diligence engine.

Features:

Proprietary risk and credit-modeling system increases accuracy of risk profiling
Full-stack integration with existing platform and processes
Significant scale and velocity of underwriting

Why it’s great:

We are creating an efficient, scalable system for underwriting and complex real estate lending transactions and pricing risk appropriately.

Presenters:

Brian Fritton, CTO

Fritton is a seasoned eCommerce expert who oversees the development of Patch of Land’s in-house platform and leads the research and implementation of our technology initiatives.

Settle is a mobile-payment platform built to create greater customer loyalty by hastening the checkout process while improving the overall customer experience.

Features:

Bridge mobile payments and loyalty
Target marketing to consumers based on their paying behavior
Transfer P2P cash easily

Why it’s great:

Settle brings easy mobile payments to customers and allows merchants to make the most of customer data.

Presenters:

Stas Matviyenko, CEO

Anna Polishchuk, COO

Our Sneak Peek series continues on Tuesday with another six companies that will demo their fintech innovations at FinovateFall 2014 next month.

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