Tink’s $100 Million Monday; Azimo’s C-Suite Shakeup Promotes Experience and Diversity

It is hard to imagine having a better start to your week than Plaid had seven days ago when the innovative fintech (and Finovate alum) announced that it had agreed to be acquired by Visa for $5.3 billion.

But the €90 million ($100 million) raised by Swedish open banking platform Tink on Monday is nothing to sneeze at. In fact, the funding, which is the company’s largest to date, is a reminder that investment interest in (and funding for) companies dedicated to developing the infrastructure that connects consumers, banks, and the financial technologies is very much in abundance.

“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to successfully develop financial services in the future,” Tink co-founder and CEO Daniel Kjellén said in a statement.

Tink demonstrated its platform most recently at FinovateEurope 2019. For more on this year’s Finovate event in Europe kicking off next month, visit our FinovateEurope 2020 page.


Azimo, one of our earliest FinovateEurope alums, announced a pair of big changes at the top to begin the new week.

The London-based money transfer firm, founded in 2012, promoted its COO Richard Ambrose to CEO back in August, as Azimo founder Michael Kent took what TechCrunch referred to as a lateral move to become executive chairman. Today, Fintech Futures, Finovate’s sister publication, reports that the company has appointed Dora Ziambra to the post of Chief Operating Officer. Azimo also promoted its head of finance Tatiana Okhotina to the post of Chief Financial Officer.

“We’re fortunate to have the depth of talent to fill these top roles internally,” Ambrose said in a statement. “We’re lucky too that Azimo will continue to benefit from the experience and leadership of these two outstanding women.”


Here’s our weekly roundup of the latest news from our Finovate alumni:

  • Union Bank to leverage technology from FIS for core banking.
  • Italy-based CREDEM leveraging Worldline’s Payment and Liquidity Hub software CRISTAL to process Target2 payments
  • POS software Vend partners with Klarna to offer retailers more flexible payment options.
  • U.K. food retailer The Co-operative to deploy ACI Worldwide’s fraud management solution, ReD Shield.
  • A partnership between TransferGo and Currencycloud will enable the money transfer company to enter 14 new markets.
  • YellowDog forges reseller agreement with Annex Pro.
  • Bankable cozies up with Plaid to allow its bank customers to connect with their users’ bank accounts.
  • Ohpen appoints former Tesla marketing leader Corinne Aaron as new head of marketing.
  • Segmint to acquire WAND’s Product and Service Taxonomy division.
  • CuneXus celebrates 2019 success with a 40% year-over-year increase in consumer reach.
  • TransUnion expands partnership with Payfone.
  • PayPal reaches $10 billion in charitable donations processed.
  • California approves Sezzle’s lending license.
  • People’s Bank selects NYMBUS’s SmartMarketing and SmartOnboarding solutions.
  • Ayondo ends its European social trading business.

Alumni Features and Profiles

Three Key Lessons We Learned from Plaid – Unless you’ve been living under a rock, you’ve probably heard that Visa is acquiring Plaid for a deal that’s worth $5.3 billion. The fact that they were so widely used at such an early stage is a testament to the quality of their code, but there are also a few key lessons to take away from their success.

ITSCREDIT’s Joao Pinto on the Digital Lending Opportunity –  ITSCREDIT is a spinoff from ITSECTOR and is a fairly new player in the digital lending space. In this interview, Pinto talks to us about the digital lending opportunity, how his company fits into the current state of this fintech subsector, and what we can expect to see next.

Kasasa Enhances its Take-Back Loan – Community bank marketing expert Kasasa announced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan.

Our latest FinovateEurope Sneak Peeks Are Up! Meet Dorsum, CASHOFF, Tensorflight, Trulioo, W.UP, Horizn, Glia, and BLECKWEN.

Plinqit Brings Rewards-Powered Financial Literacy to First Community Bank – One day in the distant future, children will be educated in basic financial literacy as readily as they are taught algebra. Until then, solutions like Plinqit from HT Mobile Apps will be valuable tools for credit unions and community banks looking for novel ways to engage and educate their members and customers.

Credit, Data, and Cryptocurrencies: Graychain Rebrands as Credmark – The company that is bringing credit data clarity to the cryptocurrency industry is entering 2020 with a new name.

Tradeshift Lands $240 Million as it Inches Toward Profitability – The San Francisco-based company will use the investment to boost expansion efforts and gear toward a “direct path to profitability in the near future.”

Fintech, Financial Services, and the Case for 5G – Calling 5G “something banks aren’t even thinking about,” Celent SVP Dan Latimore said, “we believe the effects of 5G are going to be subtle and profound over time.”

Backbase-as-a-Service Helps Banks Leverage the Cloud to Innovate and Scale – The solution makes the company’s broad portfolio of digital banking offerings available to FIs looking to accelerate their ability to develop and offer new technologies to customers.

Also on Finovate.com

Visa to Acquire Plaid in $5.3 Billion Deal – “Today marks an important milestone for our company and for fintech,” company co-founder and CEO Zach Perret wrote on the Plaid blog earlier today. “What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.”

Not Another 2020 Trends Prediction Post (Seriously, It’s Not!) – We’re taking a look at the trends you can expect to see on stage next month at FinovateEurope. To keep things simple this year, we assessed the themes at a very high level and broke them down into three categories: the big, the little, and the trends in-between.

Singapore’s Digital Banking License Space Race Accelerates – Is there anyone out there who is NOT trying to secure a digital banking license in Singapore? The Monetary Authority of Singapore announced last week that has received 21 applications for digital bank licenses

MogoSpend Offers Credit, Cashback, and Help Reducing Your Carbon Footprint – The new digital spending account from Canadian fintech Mogo does more than help Canadians get control of their finances. The solution also offers cardholders generous cashback rewards and a way to make a positive impact on the environment by reducing their carbon footprint.

Getsafe Expands its Insurtech to the U.K. – If your insurance company is offering you drone insurance, you know it’s not your grandmother’s insurance agency. Germany-based insurtech Getsafe does just that– and the company announced today it is expanding its home contents insurance offering (though, sadly, not its drone insurance offering) to users in the U.K.

Raisin’s New Acquisition Gives Company Access to the U.S. Market – European deposit marketplace Raisin announced today it acquired New York-based Choice Financial Solutions. 

French Fintech Lydia Locks in $45 Million – TechCrunch reported this morning that French mobile payment app Lydia has raised $45 million (€40 million) in a round led by Tencent.

Visa’s Tap to Phone Brings Contactless Payments to mPOS – With Visa’s Tap to Phone app arriving pre-installed on the new, enterprise grade smartphone from Samsung, a broad range of merchants will have access to yet another way to accept payments from customers. 

INTL FCStone Acquires International Bank Transfer Firm – Headquartered in Germany, GIROXX offers international bank transfers and currency hedging. INTL FCStone plans to leverage this technology to expand its current client base to small-and-medium-sized enterprises (SMEs).

Finovate Alumni News

On Finovate.com

  • Signicat Inks Payments Verification Partnership with Twikey

Around the web

  • Citi goes live with Citi Global Collect, a new cross-border B2B payments tool.
  • Sezzle opens new office in Toronto, Ontario, Canada.
  • Finastra hires Lisa Fiondella as Chief Data Officer.
  • ZagTrader wins full certification for its market making technology from Bourse Kuwait.
  • Optimove extends partnership with multiplatform gaming service provider Funstage.
  • Revolut taps Pierre Decote as its new Chief Risk Officer.
  • Signicat teams up with Twikey on payments.

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

  • Jumio Partners with Philippines Remittance Provider I-Remit

Around the web

  • Sezzle’s Karen Hartje wins recognition from Minneapolis/St. Paul Business Journal as its 2019 CFO of the Year.
  • FIS earns number one ranking for risk management and compliance technology solutions from Chartis RiskTech100 for the fifth year in a row.
  • Kinetica announces integration of NVIDIA RAPIDS to enhance performance of its Active Analytics Platform.
  • Fintech Finance interviews Personetics’ President of the Americas Jody Bhagat.

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

  • Sezzle announces its availability via Visa’s CyberSource payment management platform.
  • Klarna to open its latest House of Klarna pop-up store in Manchester next month.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

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.

Sezzle Raises $30 Million in IPO

Alternative ecommerce payments company Sezzle made its public debut this week. The Minneapolis, Minnesota-based company listed on the Australian Stock Exchange (ASX) under the ticker SZL.

Within two hours of listing, Sezzle was being traded 82% above its opening price of $0.83 (AUD $1.22). The company was ultimately able to raise $30 million on its first day of trading. Sezzle will use the funds to attract more retailers to its platform, which currently boasts just over 5,000 merchants. The company will also enhance support for its 430,000 clients.

Why Australia? Sezzle is the first one to admit it has no plans of operating in Australia in the near future. The company’s reasoning for listing on the ASX is that the country’s investors are more familiar with Sezzle’s buy now, pay later model since one of its rivals, Afterpay, is based in Melbourne. Sezzle CEO Charlie Youakim explained this in further detail during an interview with Bloomberg yesterday.

Sezzle allows customers to split their payments into multiple installments

Sezzle’s technology, which allows customers to split their ecommerce purchases into four installments with only 25% down and no fees, is only available for shoppers in the U.S. and, as the company just announced this week, Canada. It is also available for merchants regardless of their location across the globe as they seek to expand their North American customer base.

When asked about international expansion, Youakim told Bloomberg in an interview, “The product lends itself to expanding internationally,” he said. “We’re researching new markets but the vast majority of our focus is in North America.”

The company makes money not by billing users, but by charging merchants, which face a 6% + $0.30 fee on each transaction. And the model seems to be working. From March 2018 to March 2019, Sezzle’s merchant sales grew by 16x to $28.3 million. In exchange for the fee, merchants are paid upfront and don’t inherit the risk of the customer not paying back all of their installments.

Sezzle demoed its alternative payment platform at FinovateFall 2018. Prior to today’s IPO the company had raised almost $117 million.

Finovate Alumni News

On Finovate.com

  • Xignite to Power WealthSimple’s New Stock Trading App.
  • Kony Secures $37 Million in Financing from BMO.
  • Sezzle Raises $30 Million in IPO.
  • Vymo Reels in $18 Million for its Intelligent Sales Assistant.

Around the web

  • Deal sealed: Fiserv completes acquisition of First Data.
  • Visa announces strategic partnership with SME banking service Open.
  • eToro enables retail customers to invest in drone technology via its latest portfolio.
  • iGTB to enhance trade finance operations for two Raiffeisen banks, Niederosterreich-Wien and Landesbank Steiermark.
  • CREALOGIX to power new consumer digital investment platform from MeDirect Group.
  • JP Morgan Chase ends loan origination partnership with OnDeck.
  • ThetaRay brings on Idan Keret as Chief Customer Success Officer.
  • GreenDot offers customers 3% cash back on online and in-app purchases and a savings account paying 3% APY.
  • Fintech Finance interviews Olga Feldmeier, Smart Valor CEO.
  • Redrock Biometrics secures a perfect score in Level 1 Presentation Attack Detection confirmation testing by iBeta.
  • SpyCloud expands into Europe, the Middle East, and Africa.

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

  • Finovate Global: Brazil-Mexico Fintech Bromance Continues; Iran to Build Blockchain Network

Around the web

  • TSYS agrees to merge with Global Payments in all-stock deal valued at more than $21.5 billion.
  • Onfido to provide ID document verification and facial biometric technology for new background check solution from Checkr, Connect IDV.
  • Vents Magazine highlights Trustly’s Pay’N Play technology.
  • The 2019 Aspire Leaderboard recognizes Quadient as overall leader for CCM for the second year in a row.
  • Star Tribute profiles Sezzle and its plans to go public in Australia later this 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

  • Conversational AI Fintech Clinc Raises $52 Million in Series B.
  • Kabbage and Azlo Launch Mission Street Capital to Help Fund SMEs.

Around the web

  • Mastercard unveils its Mastercard Innovation Engine, an API-based platform to enable easier deployment of digital customer experiences.
  • Sezzle teams up with Bank of America Merchant Services, who will serve as the fintech’s digital card processor.
  • Plaid earns recognition as one of the Best Workplaces from Inc.com.

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.

Sezzle Raises $5.6 Million in New Funding

Alternative payments specialist Sezzle has raised $5.6 million in funding in advance of its debut on the Australian Securities Exchange (ASX) later this year. The financing was led by Continental Investors of Chicago, and featured participation from a total of 10 investors. Sezzle plans to raise $6 million in the current round, which was described as a “pre-IPO” round by the Australian Financial Review.

Sezzle hopes to raise between $20 million and $30 million via initial public offering on the ASX. The company admits that it has no plans to begin operations in Australia, and that the listing on the ASX was to take advantage of the investment interest that Afterpay, a Sezzle rival based in Melbourne, has enjoyed since its own arrival on the ASX. Sezzle CEO Charlie Youakim noted that investors in Australia have been quicker than investors in the U.S. to embrace what he called “the potential of the payment method.”

Sezzle empowers consumers by enabling them to make purchases and pay for them in four, interest-free installments, payable every two weeks. The company’s merchant partners have recorded higher average order value and higher conversion rates since adding Sezzle to their checkout systems. More than 3,500 stores currently offer Sezzle as an option.

Sezzle’s funding comes just a few months after the company announced that its Shop Now Pay Later option would be available on the 3dcart ecommerce platform. Founded in 1997, the Florida-based, Inc. 5,000 company has more than 22,000 merchants using its technology to build and manage online stores and shopping carts, and engage in content marketing.

“By providing our merchants with an easy way to allow customers to finance their purchases, we open up possibilities for both retailers and customers,” 3dcart founder and CEO Gonzalo Gil said.

Sezzle demonstrated its technology at FinovateFall 2018. Founded in 2016 and headquartered in Minneapolis, Minnesota, the company was named to American Inno’s Top Minnesota Startup Fundings of 2018 in December, the same month the company announced the hiring of new Chief Risk Officer Jamie Kirkpatrick.

Also late last year, Sezzle picked up a $100 million line of credit from Connecticut-based investment firm, Bastion. The financing helped Sezzle promote its pay-in-2019 initiative with online retailer Tobi during last year’s holiday season. Sezzle also partnered with Priority Payment Systems last fall, which began offering Sezzle’s alternative payment option to the 174,000+ merchants on its network.

Finovate Alumni News

On Finovate.com

  • OnDeck Expands to Equipment Financing.

Around the web

  • Australia’s Volt Bank goes live with Temenos digital banking platform.
  • Finastra taps Eric Duffaut as President and Global Head of Operations.
  • BlueRush reports record level of business activity in its fiscal 2019 Q1 report.
  • Sezzle earns a spot on American Inno’s list of the Top Minnesota Startups Fundings of 2018.
  • Coinbase adds four Ethereum tokens – Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) to its Coinbase Pro 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

  • Finovate Alums Digital Onboarding, ForwardLane, and SizeUp Join MassChallenge’s 2019 FinTech Inaugural Program.
  • CB Alerts Portal from Ethoca Helps Carte Bancaires Merchants Fight Fraud.

Around the web

  • Agreement Express and TD Ameritrade Institutional deliver straight-through account opening to Veo Platform.
  • Gusto’s Flexible Pay is now available to employees directly in Texas through a newly created subsidiary Gusto Capital LLC.
  • AlphaPoint announces support for Stellar Lumens.
  • Lincoln Financial Group unveils new partnership with eMoney Advisor.
  • Sezzle hires former Target, TD Bank executive Jamie Kirkpatrick as its new Chief Risk Officer.
  • Averon co-founder and COO Lea Tarnowski earns finalist spot in Banking Technology Awards’ Women in Technology Leadership category.
  • Coinbase introduces instant PayPal withdrawals for U.S. customers.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.

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

  • Finicity CEO Steve Smith honored as a 2018 HousingWire Vanguard.
  • Ohpen launches the Ohpen API Portal (OAP) in beta.
  • PYMNTS talks with Entersekt SVP of Product Niel Bester about consumer trust.
  • Kony teams with PSECU to deliver digital banking technology.
  • Hudson River Financial FCU selects Digital Onboarding to enhance new member experience with updated onboarding

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.