Finovate Alumni News

On Finovate.com

  • Analyst All Stars: Top Takes on Fintech’s Hottest Trends.
  • Artivest Inks Deal with WM Partners.

Around the web

  • Schmidt List podcast hosts ClickSWITCH CEO and Cofounder Cale Johnston.
  • LoanScorecard partners with LoanStream Mortgage to power QualONE.
  • Avaloq onboards Banque Morval onto Intesa Sanpaolo’s BPaaS solution.
  • Jumio joins NICE Actimize’s financial crime, risk management based ecosystem, X-Sight Marketplace.
  • CashFlows partners with Akamai to defend against cybercrime, including Distributed Denial of Service (DDoS) attacks.
  • Bpm’online wins Best CRM Solution for Enterprises at MarTech Breakthrough Awards.
  • Kony launches Conversational AI DevKit to enhance the customer experience.
  • Trustly appoints Louise Nylén as Chief Marketing Officer.
  • Expensify adds CPE credits to its accountant training and certification course.

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.

When Stockholm Met Silicon Valley: Trustly to Merge with PayWithMyBank

In a marriage between payments innovators from Sweden and Silicon Valley, Trustly has announced that it has agreed to merge with U.S.-based PayWithMyBank. The merger comes a little over a year after Nordic Capital announced taking a majority stake in Stockholm’s online banking payments provider.

“This transformative merger creates the first and only online banking payments network with transatlantic coverage and accelerates our path towards global coverage,” Trustly CEO Oscar Berglund said. He credited PayWithMyBank for being an online banking pioneer going back to 2000. “Together we’re thrilled to be able to offer merchants and billers a unique alternative to card payments,” Berglund said, “allowing them to accept payments from 600 million consumers across Europe and the U.S.”

According to Trustly spokesperson Meredith Popolo, the two companies will continue to operate under their own brands “for now.”

Just this week, we took a look at the rise in M&A activity among fintechs. The news that Trustly and PayWithMyBank will combine into a global payments entity with revenues of more than $120 million (€100 million) in 2018 serves as further evidence of this trend. The merger between payment specialists also supports the trend toward enabling consumers to pay directly from their bank accounts – cutting out the card networks altogether.

Trustly’s straightforward, three-step process makes it easy for consumers to shop and pay directly from their bank accounts. Via the Trustly option during checkout, users select their bank from a drop-down menu and log on as usual. Then they choose the account from which they want to pay, and confirm the payment with the authentication option of their choice. The technology helps merchants improve conversions and reduce churn while providing bank-grade security.

PayWithMyBank CEO Alexandre Gonthier pointed out that the idea to merge with Trustly was in some ways a function of demand. “Our large, U.S.-headquartered customers were all asking us to expand our consumer coverage globally beyond the U.S.,” Gonthier said. “So, joining forces with Trustly, the established leader in our space in Europe, was a natural strategic next step for PayWithMyBank, the emerging leader in the U.S.”

Redwood City, California-based PayWithMyBank was founded in 2012, and provides a high-UX conversion, high-payment authorization, low-cost, no-chargeback alternative to checks as well as other popular payment methods such as Visa, Mastercard, and PayPal. The firm’s client list includes Western Union, First Data, United Way, and a number of social media and telecommunications firms and utility companies.

As a result of the merger, Gonthier will serve as U.S. CEO, where he will oversee the U.S. market and report to Oscar Berglund, who will serve as Group CEO.

Founded in 2008, Trustly demonstrated the Direct Debit feature of its platform at FinovateEurope 2017. Direct Debit enables recurring charges and one-click payments on bank accounts, providing faster, safer transactions for customers and merchants.

More recently, Trustly announced a partnership with Collector Bank to bring instant payments to merchants in the Nordics. Last month, the company introduced its automated invoice payment solution, Pay Your Invoice, for both customers and merchants. With offices in Stockholm, Sliema, London, Orebro, Cologne, Barcelona, and Helsinki, the company celebrated adding its 300th employee this year.

Finovate Alumni News

On Finovate.com

  • When Stockholm Met Silicon Valley: Trustly to Merge with PayWithMyBank.
  • IBM Launches Hyper Protect Accelerator for Pre-Series A Startups.

Around the web

  • Multiple Finovate alums listed on Growjo’s list of 10,000 fastest growing companies.
  • Minna Technologies partners with Visa to enable subscription management through European retail banks.
  • Trust Science partners with Inovatec Systems Corporation to release an automated lending platform.
  • BeSmartee integrates with LoanBeam to streamline the mortgage loan application process.
  • Lendio CEO Brock Blake named EY Entrepreneur Of The Year finalist.
  • Revolut goes live in Australia as beta offering.

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

  • SoFi Announces $500 Million Investment Led by Qatar.

Around the web

  • Trustly launches automated invoice payment solution, Pay Your Invoice.
  • PayPal reaches $10 billion in small business loans issued via its business financing offerings.
  • Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
  • Kofax launches its Intelligent Automation software platform.
  • Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
  • Fenergo unveils a new suite of CLM tools, Digital Client Orchestration.
  • Trulioo named best identity verification and authentication solution at 2019 CNP Expo.
  • KyckGlobal partners with InComm to provide same-day pay to gig workers.
  • Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.

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.

Trustly and Collector Bank Bring Instant Payments to Nordic Merchants

A new collaboration between online banking e-payments innovator Trustly and digital bank Collector will bring instant bank payments to the checkouts of Nordic merchants of all sizes. The partnership seeks to take advantage of the popularity of online bank payments in the region; nearly one in three shoppers in Finland, for example, expressed preference for paying directly from their online bank, according to a recent report.

Trustly’s cross-border pedigree was an important factor for Collector Bank. Calling the company a “great match” on this score, the bank’s General Manager for Payments Mikael Anstrin said, “(Trustly’s) cross-border payment solutions are available in our all of our existing markets and its vast coverage also opens up the opportunity for us to expand into new geographies.”

Trustly enables users the ability to shop and pay directly from their bank accounts. Individuals can Pay with Trustly by simply choosing and logging into their bank, selecting the account from which they want to pay, and then confirming the payment with the authentication option of their choice. The company processes transactions to and from consumer bank accounts at more than 3,000 banks in 29 European markets.

“We’re delighted to partner with Collector and offer our fast, simple, and secure bank payment solution to their hundreds of merchants,” Chief Commercial Officer for Trustly, Johan Nord said. “The partnership is very much aligned with our strategy of delivering the best, most versatile and, for PSPs as well as merchants, most operationally easy-to-use bank payment solution in the markets where we operate.”

Trustly demonstrated its Direct Debit solution at FinovateEurope 2017. The technology adds support for recurring charges and one-click payments from a bank account, and offers the highest encryption standard available. More recently, the company teamed up with fellow Finovate alum Eurobits Technologies to help form the European Third Party Suppliers Association (ETPPAO, and announced that it had reached the 300 employee mark.

Founded in 2008, Trustly was acquired by Nordic Capital last spring. The company is based in Stockholm, Sweden.

Finovate Alumni News

On Finovate.com

  • Vymo Partners with Microsoft to Help Sales Teams Leverage AI.
  • Trustly and Collector Bank Bring Instant Payments to Nordic Merchants.
  • Fiserv Teams Up with Allegacy Federal Credit Union.

Around the web

  • Gartner recognizes Jscrambler in its 2019 Market Guide for Online Fraud Detection.
  • Fenergo launches new suite of CLM tools, Digital Client Orchestration, leveraging APIs to integrate front, middle, and back office systems.
  • Ping Identity unveils new cloud-based multi-factor authentication and single sign-on bundle do defend against identity-based cyberattacks.
  • Tinkoff Bank introduces its own branded online travel agency.
  • RightCapital announces technology integrations with advisor technology platform Capitect and independent research firm Morningstar.

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

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

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

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of 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

  • Best of Show Winner Capitalise Goes Live with Interactive Brokers.
  • Alt Credit Scorer Aire Scoops Up $11 Million in Growth Funding.

Around the web

  • Raiffesisen banks in Switzerland go live with Avaloq’s core banking system.
  • ID.me tops 10 million user milestone.
  • Fiserv launches new mortgage lifecycle integration solution, Mortgage Momentum.
  • Worldline announces expansion of its partnership with Rambus to provide ITSO smart tickets in the U.K.
  • The Paypers interviews Luke Flomo, Head of Ecommerce for Trustly.
  • BlueRush announces two new board members, Michael Beckerman and Paul G. Smith.

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.