Finovate Alumni News

On Finovate.com

  • New Experian Credit Solution Brings Enhanced Predictive Performance
  • Finovate Global: Visa’s Minority Stake in Interswitch Creates Africa’s Latest Fintech Unicorn

Around the web

  • Avaloq completes acquisition of Derivative Partners.
  • TransferWise to offer $150,000 in prize money to Singaporean bank customers to help them defray the cost of hidden fees charged by their banks.
  • DefenseStorm completes (SOC)2 Type II Audit examination for its security data 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

  • 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.

TransferWise Teams Up with GoCardless to Launch Global Network for Bank Debits

GoCardless has teamed up with TransferWise to launch the first global network for collecting recurring payments via bank debit, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

Customers of recurring payments fintech GoCardless will be able to collect subscriptions, invoices and installments in over 30 countries, without having to open a new bank account in every relevant country or pay large foreign currency receiving fees.

The new network enables customers to collect payments via multiple bank debit schemes around the world through the GoCardless API, dashboard or partner integrations. The partnership claims that a direct integration to the TransferWise API will provide low cost, convenient and transparent pricing.

“Businesses today have global ambitions, but an antiquated, fragmented and opaque payment system is holding them back,” said Hiroki Takeuchi, CEO and co-founder of GoCardless.

“Our new network represents a major milestone in our mission to fix this broken system. Companies of all sizes can now tap into the only global network for recurring payments, built on the tried and trusted method of bank debit, with real exchange rates powered by TransferWise. This will take the pain out of getting paid and enable every business to operate in a way that’s truly borderless.”

Taavet Hinrikus, chairman and co-founder of TransferWise, added: “Together, we’re setting the new standard for business banking, using new technology to offer cheaper, faster, more transparent services that truly meet the needs of today’s businesses.”

Rolling out in phases from mid-November, the network will allow businesses to receive payments at the real exchange rate in GBP, USD, EUR, SEK, DKK, CAD, AUD and NZD.

TransferWise demonstrated its platform at FinovateEurope 2013. Founded in 2010 and headquartered in London, U.K., the company has raised more than $772 million in funding from investors including Vitruvian Partners and Lone Pine Capital. The firm’s competitors include fellow Finovate alums Revolut and Currencycloud.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500
  • TransferWise Teams Up with GoCardless to Launch Global Network for Bank Debits
  • Finovate Global: Saudi Arabia Bets Big on Fintech; Sberbank Unveils Russian Supercomputer

Around the web

  • Worldline and Bitcoin Suisse partner to enable use of cryptocurrencies at the point of sale.
  • Ripple’s RippleNet tops 300 customers.
  • Tink hires Stripe’s former head of EMEA banking as its new Country Manager for the U.K. and Ireland.
  • DemystData makes Equifax data assets available on its marketplace in expansion of current partnership.
  • Fenergo earns recognition from Chartis Research in its RiskTech 100 2020 report as a category leader for Client Lifestyle Management and Know Your Customer.
  • RISQ Intelligent Software International and Compliy win finalist spots in the Monetary Authority of Singapore’s Global FinTech Hackcelerator.
  • Sensibill named a “Company to Watch” in Deloitte’s Technology Fast 50 Awards.

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

  • Avaloq Seeks Exit: M&A or IPO?
  • eToro’s Latest Acquisition Boosts its Crypto Presence
  • IBM and Bank of America Partner on Public Cloud for Financial Services

Around the web

  • DefenseStorm names Chief Revenue Officer Steve Soukup as its new President.
  • NICE Actimize introduces its new Federated Learning capability that offers higher fraud detection via Collective Intelligence.
  • Fiserv inks global agreement with German grocery industry leader ALDI.
  • GoCardless to use TransferWise’s API, TransferWise for Business product, and provide TransferWise’s FX rates to its customers.
  • PayKey forms SBI PayKey Asia, a joint venture with SBI Holdings that will support the sales and market launch of PayKey across the region.
  • ThetaRay taps Moran Goldwein as SVP for Human Resources.
  • Infinex to integrate Jemstep’s Advisor Pro to deliver digital advice to Infinex’s client firms.

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

  • TransferWise announces that TransferWise for Banks is now live in the U.S, enabling FIs in the states to integrate with the international money transfer specialist.
  • Onfido forges strategic partnership with blockchain-based, e-voting provider Agora.
  • Digital mortgage solution provider BeSmartee integrates with cloud communications platform Twilio.
  • YUKKA Lab joins Deutsche Börse Venture Network.
  • Jack Henry & Associates earns spot in the top 15 of the IDC Financial Insights’ 2019 DC FinTech Rankings.
  • In partnership with Radius Bank, MaxMyInterest launches Max Checking, a new FDIC-insured offering with high-interest yields and no minimums or fees.
  • Salt Edge unveils its partner program to help companies get access to open banking channels.

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.

A Look at Fintech Talent in Singapore; Mobile Money Goes Live in South Sudan

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Central and Eastern Europe

  • Business Review looks at the potential for French-Romanian cooperation on fintech innovation.
  • Relex, a cryptocurrency-based real estate development investment platform, inks agreement with Belarus Currency and Stock Exchange.
  • Austrian telecom A1 to begin accepting cryptocurrencies as payment.

Middle East and Northern Africa

  • Emirates NBD introduces the first graduates of its fintech sandbox.
  • Qatar Financial Centre (QFC) joins the World Alliance of International Financial Centres (WAIFC).
  • Partnership between NilePay PLC and Zain South Sudan brings the first licensed mobile money service to South Sudan.

Central and Southern Asia

  • An investment of $110 million will help power Tala’s planned expansion into India.
  • Khalti, a fintech startup based in Nepal, wins the United Nations Fintech Innovation Fund.
  • Software Technology Parks of India establishes FinBlue, a Center of Excellence in FinTech, to support emerging fintech startups.

Latin America and the Caribbean

  • Argentina’s largest national private bank Banco Galicia integrates PFM technology from Strands.
  • Citi enables biometric authentication for its institutional clients throughout Latin America.
  • TransferWise announces launch of international transfers from Argentina.

Asia-Pacific

  • Standard Chartered Bank partners with SAP Ariba to bring financial supply chain solutions to companies in the Asia-Pacific region.
  • Japanese messaging platform Line teams up with Nomura to launch online brokerage firm geared toward younger, digitally-oriented traders.
  • Singapore FinTech Association and PwC Singapore look at the demand for talent in the local fintech industry.

Sub-Saharan Africa

  • Ghananian fintech Bezo Money is among the 11 startups to receive an $100,000 investment as part of its graduation from Pan-African incubator MEST.
  • Nigerian startup financial services startup Carbon posts its audited financial information online to promote transparency in the country’s tech market.
  • South African startup Ukheshe raises $500,000 (R7.6 million) for its app that provides payment services for the unbanked.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Revolut and Xero Partner on Expense Management Tool.

Around the web

  • Transferwise goes live with new debit cad for customers in Australia and New Zealand.
  • Finastra inks cloud banking deal with U.K. neo bank Gravity.
  • Argentina’s largest national private bank Banco Galicia integrates PFM technology from Strands.
  • Overbond to open three AI analytics labs in Montreal, Quebec, Canada to support R&D in bond pricing.
  • Vymo hires Rajesh Sabhlok as its new Chief Customer Officer, with an emphasis on Japan and APAC.
  • BlueRush announces strategic partnership with InfoSlips.
  • Artivest names Martin Bealieu, formerly executive chairman, as new CEO.
  • Lendio’s marketplace lending franchise program tops $50 million in loans facilitated via its platform.
  • Ignite Sales unveils the latest version of its customer engagement platform, Ignite Neuro 2.0.
  • Salt Edge increases the total number of connected banks in the E.U. to more than 300.
  • Experian unveils new configurations of its Ascend Analytical Sandbox.

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

  • NuData Security Gets a New CEO in Christopher Bailey.
  • CREALOGIX Adds New Mobile Functionality to LGT Vestra’s Digital App.

Around the web

  • Finastra announces partnership with intelligent automation software provider Xceptor.
  • PayPal launches new debit card for U.K. customers.
  • Revolut goes live with support for Apple Pay in 12 additional countries in Europe.
  • TransferWise unveils its borderless account in the U.S.
  • Salt Edge announces integrations with more than 200 banks across Europe.
  • CardFlight offers Level 2 credit card processing support for SwipeSimple.

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.

TransferWise Doubles Valuation with $292 Million Funding

UK-based international payments fintech TransferWise has doubled its value to $3.5 billion after raising $292 million in secondary funding, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The Telegraph reports that the round was led by investors including Lead Edge Capital, Lone Pine Capital and Vitruvian Partners. The Sir Richard Branson-backed firm also received investment from BlackRock and existing investors Andressen Horowitz and Baillie Gifford.T

TransferWise’s strategy of providing cheap exchange rates by using two local transfers for each transaction, instead of more expensive single international payments, has attracted more than five million customers since the fintech was founded in 2011.

According to The Telegraph, TransferWise will use the funds to take on 750 more staff over the next year.

“TransferWise is experiencing phenomenal growth and this investment is testament to that,” said Kristo Käärman, chief executive and co-founder. “We don’t need to raise funds on this trajectory, but we’re humbled by the persistent level of interest.”

TransferWise handles a transaction volume of $5.1 billion across its 12 global offices every month. The company demonstrated its technology at FinovateEurope 2013.