Finovate Alumni News

On Finovate.com

  • Financial Identity as a Service Innovator Juvo Teams Up with DOCOMO Digital
  • SheerID Lands $64 Million for Segmented Identity Verification

Around the web

  • HackerOne awards $3,500 in bounties to a pair of researchers who discovered vulnerabilities on its own platform.
  • AlphaPoint adds support for margin trading to its platform.
  • Bank of Georgia goes live with a new smart personal financial management (PFM) solution, mBank, developed by Strands.
  • Installment payment solution Splitit announces a new partnership with chiliPAD sleep system maker, Chilli.
  • Tradeshift integrates with fraud protection specialist SiS-id to reduce payments fraud.
  • Xero launches Pay with TransferWise, a new domestic bill payment solution to help U.K. customers pay and manage bills.
  • Pendo Systems teams with WSN to help customers navigate digital transformation.

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.

Splitit Secures Partnerships with Shopify, Divido

The buy-now-pay-later e-commerce specialist Splitit has picked up a pair of new partnerships in recent days.

The company announced this week that its Buy Now Pay Later (BNPL) solution will be available across Shopify’s network of 800,000+ merchants in 20 different countries. Splitit also has teamed up with point-of-sale financing company Divido to make its BNPL offering available to the company’s 1,000 banks, merchants, and partners. The Divido integration will go live initially in the U.K., and shortly afterwards launch in the U.S.

“The feedback we consistently receive from merchants is that consumers are looking for better ways to manage their cash flows,” Splitit CEO Brad Paterson said. He highlighted the high number of credit card holders and the upwards of 70% of balances that remain untapped, and said that Splitit provided a better way for consumers to manage cash flow.

Paterson added that improving cash flow for consumers was a good deal for merchants, as well. “By making customer purchases on credit cards more affordable, merchants are also converting more sales and growing their average transaction values, delivering significant benefit to everyone involved,” he explained.

Splitit’s partnership news comes as the company, which debuted at FinovateFall 2014 as PayItSimple, announced a string of agreements with a diverse set of U.S. brands ranging from sleep technology specialists to luxury retailers to accountancy services. Paterson referred to the new agreements as part of the company’s growth strategy in North America, a strategy that also includes plans for new leadership in the region. Current CEO Paterson was previously in charge of North American operations and will relinquish those responsibilities once a replacement is in place.

Over the summer, Splitit announced a partnership with GHL ePayments that will make its installment payment offering available to 2,000+ online merchants in Southeast Asia. Also this year, the company teamed up with EFTPay to bring its buy now pay later solution to merchants in Hong Kong and Macau. Australia-based retailer Kogan announced in July that it would offer Splitit’s payment option, making it the first retailer in the country to do so.

Founded in 2013, Splitit is headquartered in New York. The company has offices in London, and an R&D center in Israel. Splitit has raised more than $43 million in funding, most recently including a post-IPO equity fundraising of $20.5 million (A$30 million) closed in May.

Finovate Alumni News

On Finovate.com

  • Splitit Secures Partnerships with Shopify, Divido.
  • Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong.
  • OurCrowd Teams Up with Toyota in Search for Tech Talent.
  • Saving for What Matters: A Q&A with INSPIRAVE Founder and CEO Om Kundu.

Around the web

  • FinovateFall Best of Show winner Cinchy earns $500,000 cash prize as one of the winners of the 2019 VentureClash competition.
  • Signicat unveils new capabilities, including a new technical interface and new third party integrations, that extend the reach of its digital identity verification technology.
  • Arkose Labs VP of Marketing and Strategy Vanita Pandey and Senior Producer Hedda Peters win Women in Cybersecurity honors at the Cyber Defense Global Awards sponsored by Cyber Defense Magazine.
  • nCino partners with Seacoast Bank ($8.6 billion in assets).
  • iProov earns a finalist spot in the 2019 Go:Tech Awards.
  • Compliance and risk management firm Middesk brings its business verification tool to the Dwolla Partner Ecosystem.
  • Kinetica opens office in Melbourne, Australia.
  • Ping Identity adds to its North European operations with a new office in Utrecht, Netherlands.

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

  • Revolut Hires JP Morgan to Manage $500 Million Funding Round and Issue $1 Billion Loan.

Around the web

  • Alfa-Bank launches cross-border payment pilot project with Novolipetsk Steel Company, Commerzbank, and Vesuvius.
  • Divido and Shopify to offer Splitit’s monthly installment payment solution to customers.
  • Zippia names Stratifyd a great place to work.

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

  • Scalable Capital Raises $28 Million.
  • Finicity Launches Student Loan Account Verification.

Around the web

  • Splitit announces partnership with music software provider Ableton.
  • Jack Henry reports partnerships with 57 community financial institutions in fiscal 2019.
  • Western Union deploys customer journey optimization solution, Nexidia, from Nice Systems.
  • Venmo launches instant transfers to bank accounts.
  • Quadient unveils new archived document and data retrieval solution.
  • Euromoney features BioCatch in its look at the fintech scene in Israel.
  • SuperMoney tops $2 billion in loan requests via its online lending marketplace 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.

Splitit Brings Installment Payment Options to ASEAN Merchants

A new partnership between Splitit and payment service GHL ePayments will make Splitit’s installment payment solution available to more than 2,000 online merchants in Malaysia, Thailand, Indonesia, and the Philippines. The deal will allow GHL to offer Splitit’s installment payment option to its customers, and enable Splitit to grow its presence in the Asia-Pacific region, according to company CEO and co-founder Gil Don.

“We are delighted to offer GHL merchants a simple way to boost sales and improve customer satisfaction by offering interest-free installments at the checkout,” Don said. “Splitit’s payment solution is a highly effective way for merchants to ease eager travelers’ budget woes, while increasing brand loyalty for merchants.”

Splitit enables consumers to divide the cost of online purchases into no interest, no fee monthly installments. Consumers can use their existing debit or credit card to make purchases from participating online merchants, choose the Splitit option, and receive instant approvals. The company notes that merchants have seen an 11% decrease in cart abandonment, a 12% increase in sales, and an 80% increase in average order value (AOV) after deploying the technology.

Danny Leong, Group CEO of GHL Systems Berhad, praised Splitit as a unique addition to the suite of solutions GHL provides to its merchant partners. “Splitit’s non-lending offering is unlike any other payment player’s and we believe this partnership will help us continue our growth as ASEAN’s trusted payment experts,” Leong said. One of the major merchant acquirers in the ASEAN region, GHL processes more than $241 million ($350 million AUD) in total online and offline transaction value each month across its merchant network. The firm manages more than 368,000 point of sales in Malaysia, the Philippines, Thailand, Indonesia, Singapore, Cambodia, and Australia.

Making its Finovate debut as PayItSimple in 2014 at FinovateFall, the company rebranded as Splitit a year later as part of an emphasis on serving “all members of the credit card payment ecosystem.” More recently, the company partnered with EFTPay to bring its installment payment option to merchants in Hong Kong and Macau, and teamed up with Australian retailer Kogan. Splitit also bolstered its executive ranks this summer, adding former Intuit and PayPal executive Brad Paterson to lead its North American operations.

Based in New York City, Splitit announced a post IPO equity round in May, raising $20.7 million ($30 million AUD). The funding followed the company’s successful IPO on the Australian Stock Exchange at the beginning of the year. Trading under the ticker SPT, Splitit has a market capitalization of $200 million.

ACI Invests in Indian Payments; Brazilian Fintech Picks Up $200M from Japan

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.

Central and Southern Asia

  • ACI Worldwide invests in Mumbai, India-based payments innovator, Mindgate Solutions.
  • Pakistan’s Bank of Khyber to deploy new core banking system from Temenos.
  • Infosys earns recognition as a ‘leader’ in the IDC MarketSpace: Worldwide IT Service Management (ITSM) Implementation Services 2019 Vendor Assessment.

Latin America and the Caribbean

  • Brazilian fintech Creditas picks up $200 million investment from Japan’s Softbank, boosting the company’s valuation to $700 million.
  • Crowdfund Insider reveals the 3 Biggest Fintech Trends Shaping Latin America.
  • Amero-Isatek to open its first brick and mortar cryptocurrency exchange in Mexico’s Nuevo Leon, Monterrey.

Asia-Pacific

  • Splitit partners with EFTPay to bring installment payments to merchants in Hong Kong and Macau.
  • Vietnam’s MSB (Maritime Bank) picks SunTec for its customer centricity system.
  • Morocco-based BMCE Bank of Africa to leverage technology from Temenos to drive new corporate banking and trade finance operation in China.

Sub-Saharan Africa

  • Global Finance investigates the rise of Africa’s entrepreneurial class in the private banking industry.
  • Finextra looks at three reasons why fintech is driving change in Africa.
  • Standard Bank introduces new Mastercard-powered ditital trade solution, SimplyBlu, for SMEs in South Africa.

Central and Eastern Europe

  • Wallet, the PFM app from Prague-based fintech BudgetBakers, earns license from Czech National Bank to join the bank’s APIs.
  • New lending platform for “multi-credit” services, Omnicredit, goes live in Romania.
  • Global Finance interviews Alexey Krgulov, Acting Director of Digital Business Platform with Sberbank.

Middle East and Northern Africa

  • Turkey’s Isbank partners with Russian PSP Yandex.Checkout to support e-commerce between the two companies.
  • Disrupt Africa features MerQ, an Egyptian startup that leverages AI to promote financial literacy.
  • AMEinfo publishes its report on banking and fintech in the Middle East and Africa.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Mastercard’s Mobile Payment Service Pay by Bank Teams Up with Yoyo.
  • Trulioo Teams with Refinitiv for Financial Inclusion.
  • Workfusion Brings Robotic Process Automation Global with New Partnership.
  • OneSpan Unveils its Secure Agreement Automation Solution.

Around the web

  • Splitit (formerly PayItSimple) announces partnership with Hong Kong-based EFTPay.
  • bpm’online launches its new tool for collaborative process design, bpm’online Studio Free.
  • Wipro to acquire digital engineering and manufacturing solutions firm, International TechneGroup Inc. (ITI).
  • Business Cloud UK interviews Andrew Bud, CEO and founder of Best of Show winner, iProov.
  • Four Finovate alums – Digital Onboarding, Gremlin Social, Voleo, and Neener Analyticsearn spots in the fourth Venture Center FinTech Accelerator program sponsored by Fidelity Information Services.
  • Inside Secure ships Whitebox Designer, a new software security tool.
  • Featurespace to power transaction monitoring for Permanent TSB.
  • Jumio wins the 2019 Fortress Cyber Security Award for Authentication and Identity from the Business Intelligence Group.

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

  • Tink Secures Strategic Investment from PayPal.
  • InComm Buys Hallmark Cards Subsidiary.

Around the web

  • ACI Worldwide makes strategic investment in Indian digital payments company Mindgate Solutions.
  • Currencycloud and VISA forge partnership to fuel innovation in cross-border and travel payments.
  • Trulioo partners with Refinitiv to improve access to digital identity solutions.
  • German open digital identity scheme yes.com to integrate into Signicat’s Digital Identity Platform.
  • Splitit appoints 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.

Splitit Expands Payment Options with Debit Card Installments

Splitit, formerly PayItSimple, expanded its offerings this week by launching its installment payment solution for debit cards. The new functionality is available for shoppers at participating merchants in the U.S. and Europe.

The debit card payment tool enables customers to split their purchases of $400 or less into three interest-free monthly payments using their debit card. This is available alongside the company’s flagship offering, which allows customers to split the cost of an item into up to 12 interest-free payments using their credit card, without a credit check or the need to take out a line of new credit.

The New York-based company anticipates the expansion will grow consumers’ purchasing power and allow merchants to offer more payment options and increase sales revenue. Gil Don, CEO and co-founder of Splitit said, “With millions of dollars’ worth of purchases at stake, retailers must ensure a seamless, efficient and customer-centered checkout process, and Splitit is the only payment method solution that truly does this – with no applications, no interest and instant approval. We are happy to be increasing consumer purchasing power, which translates to better outcomes for customers and retailers alike.”

Founded in 2013, Splitit serves 800 merchants in 25 countries. The company launched as PayItSimple at FinovateFall 2014. In June 2016, Splitit launched a plugin in Shopify’s app store that allows merchants using Shopify to integrate Splitit into their checkout process.