Strands Strikes Digital Banking Deal with Tech Mahindra

Fresh off its appearance at FinovateSpring, digital money management software developer Strands has announced a new strategic partnership with Tech Mahindra. The IT services and consulting firm will leverage Strands’ AI- and big data-powered technology and financial services expertise to help its clients enhance the customer experience with more contextual and personalized solutions.

“Our white-label digital money management solutions give financial institutions an edge over the competition, speed up internal processes, and help them reap the benefits of a more engaged relationship with their customers,” Strands CEO Erik Brieva said. He added that the strategic partnership would “accelerate the delivery of tangible business value.”

Strands uses big data and advanced machine learning to provide a range of offerings including personal and business financial management, customer-linked offers, insights-driven analysis with its Engager product, and open banking via its API hub. With more than 600 implementations to date, the company seamlessly integrates its technology into bank’s existing systems and, by giving FIs more relevant insights into their customer’s wants and needs, delivers both relationship and smarter banking at the same time.

Tech Mahindra’s Global Head of Banking, Financial Services, and Insurance, Gautam Bhasin put the partnership with Strands in the broader context of the company’s TechMNxt charter. The charter calls on the company to support a partner ecosystem to facilitate the development of solutions based on “next generation” technologies like artificial intelligence.

“Our collaboration with Strands will further enable us to implement this unique digital financial solution to enhance end-customer experience and faster time to market of products and services by banks, as well as increase return of investment for our customers,” Bhasin said.

A multinational Indian IT, integrated engineering solutions, and BPO provider, Tech Mahindra was founded in 1986 and is based in Pune. With $4.9 billion in revenues in 2018, the firm is a subsidiary of the Mahindra Group, and has more than 121,800 workers in 90 countries. The highest ranked non-U.S. company in the Forbes Global Digital 100 roster last year, Tech Mahindra has more than 900 clients around the world. Chander Prakash Gurnani, who won top honors at the CEO World Awards last fall, is CEO and Managing Director.

In collaboration with Mastercard, Strands demonstrated its SME Cash Flow Manager Enhanced by Mastercard Technology earlier this year at FinovateSpring. The solution gives business owners actionable insights to help them save time and money, as well as the ability to monitor Quickbooks data within their digital banking experience. SME Cash Flow Manager enables financial institutions to offer the kind of digital financial management solutions that will lead to greater engagement between FIs and their SME customers.

Founded in 2004, Strands maintains offices in Barcelona, Spain; Miami, Florida; Buenos Aires, Argentina; and Kuala Lumpur. The company has raised more than $55 million in funding, and includes Dalbergia, Sequel Venture Partners, Indigo Investment Corporation, and Debaeque among its investors.

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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


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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.

FinovateSpring Sneak Peek: Strands and Mastercard

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.

Strands and Mastercard’s SME Cash Flow Manager is a tailor-made digitalization tool for SME banking using cutting-edge business financial management solutions.


  • Deliver actionable insights and help business owners save time and money
  • Monitor Quickbooks data within digital banking experience
  • Place Mastercard solutions within customer’s digital user journey

Why it’s great
Strands and Mastercard’s joint cash flow solution allows a financial institution to deliver a suite of SME digital finance tools that empower the bank to become the business owner’s trusted advisor.


Jay Singer, SVP, Global Small Business Segment, Mastercard
Singer has 20+ years of leadership experience in the payments industry across marketing, portfolio management, and product development. He currently leads Mastercard’s Global Small Businesses Segment.

Cesar Richardson, General Manager, Strands Americas
Richardson helps banks re-build digital experiences that increase customer engagement, boost online conversion, and unlock the value of consumers’ behavioral data.

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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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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

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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: Ant Financial’s Big Buy; Neobanks Ready for Takeoff

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.

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Top image designed by Freepik

Strands, Mastercard to Develop Cash Management Platform for SMEs

Strands and Mastercard are working together to provide issuing banks with an integrated platform of digital cash management and commercial payment tools designed for SMEs, reports Antony Peyton of FinTech Futures (Finovate’s sister publication).

According to the duo, Strands’ business financial management (BFM) will use Mastercard’s digital payment technology to deliver solutions to these businesses to understand their finances, project short-term cash flow and see personalised recommendations for customised solutions.

“SMEs are the backbone of the global economy and represent one of the biggest potential sources of revenue for banks; yet they are typically offered banking solutions designed with the retail customer in mind. Our in-house research shows that 61% of SMEs place cash flow management as one of their top three priorities to help them secure their financial future,” said Erik Brieva, Strands’ CEO.

Strands’ BFM solution helps manage accounts payables, receivables, budgets and provisions and is powered by a layer of artificial intelligence (AI) and machine learning models.

For example, SME users can predict income, expenses, forecast balances, receive alerts and notifications, and recommend products and/or services.

Going forward, Strands adds that users of this BFM platform will also have access to Mastercard In Control, which can help businesses track the use of commercial credit cards, Mastercard Merchant Match Tool to identify merchants that accept credit cards as a form of payment or Mastercard Easy Savings to provide loyalty rewards at select merchants and retailers.

Strands has done more than 600 bank implementations with over 100 million customers in 36 countries. Clients include Barclays, BBVA, Santander, Commercial Bank of Africa, Deutsche Bank, and Huntington.

Founded in 2004 and headquartered in Barcelona, Spain, Strands demonstrated its white-label BFM solution at FinovateAsia 2017. The technology leverages Strands’ API Hub, as well as machine learning, to enable banks to better analyze and understand the preferences and behaviors of their SME clients. Banks can then use these insights to make recommendations to help them improve their businesses.

Strands has raised $55 million in funding, and includes Dalbergia, Debaeque, Sequel Venture Partners, and Indigo Investment Corporation among its investors.

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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.