nCino’s Record-Setting IPO – We previewed the initial public offering from cloud banking innovator and Finovate alum nCino a few weeks ago. Yesterday, the Wilmington, North Carolina-based company made its debut on the Nasdaq, climbing more than 150% on its first day of trading.
The one-day gain for nCino, which trades under the ticker “NCNO,” was the biggest for a U.S. tech company IPO since the dot.com days. The “exponentially oversubscribed” offering was priced at $31 on Monday, above two previous, lower price ranges, and nCino sold just over eight million shares to raise $250 million. The pricing gave the company a diluted market capitalization of $3 billion.
MaxMyInterest Integrates with Morningstar – A new partnership between cash management solution provider MaxMyInterest and Morningstar will give financial advisors a broader range of options when it comes to delivering higher yields for their clients’ cash. Head of Morningstar ByAllAccounts David Johnson said the integration would help “solve the problem of zero-interest rates on cash or cash-like balances for investors.”
The initial integration between MaxMyInterest and Morningstar ByAllAcounts data aggregation service will feature the ability to deliver client balance data into 40 platforms used by financial advisors for client reporting. Morningstar ByAllAccounts leverages AI technology to collect, consolidate, and enhance financial data and, regardless of platform, deliver that information to clients for a unified view of their investment holdings.
Currencycloud Readies for EU Expansion – Currencycloud has been one of our busier alums in recent weeks. The company partnered with fellow alums Ripple and Mambu in June, accessing the former’s RippleNet to better serve SMEs in underserved regions, and teaming up with the latter in an integration that will enable financial services companies to deploy virtual accounts, payments and FX services faster.
This week we learn that the U.K.-based, B2B cross-border technology company has formed a new partnership – this time with Canadian payments and FX platform Shift Connect. The company is seeking Currencycloud’s help as it expands into the U.S., Europe, and the U.K.
Currencycloud also reported this week that it has been granted an e-money license from the Dutch Central Bank. The license, only one of seven the central bank issues to non-banks, will enable the company to store money, operate e-wallets, process payments, and collections. Currencycloud will also be able to “passport” its e-money license to other countries in the E.U., ensuring its ability to continue its expansion throughout Europe. This will remain the case for the company – headquartered in London – after the Brexit transition period is over, according to Currencycloud CEO Mike Laven.
“The Netherlands possess the perfect blend of factors to support our expansion in the E.U.,” Laven said. “It has a strong fintech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.”
Here is the latest news from our Finovate alums.
- Sezzle announces $60 million fundraising on Australian Stock Exchange, consisting of an institutional placement and a non-underwritten share purchase plan.
- Backbase expands in the Asia-Pacific, opening offices in Sydney and Melbourne, Australia.
- D1 Capital Partners invests $200 million for a 4% stake in TransferWise, sending the company’s valuation to $5 billion.
- United Federal Credit Union to deploy core banking technology from Fiserv.
- iProov teams up with IDV Pacific to support identity verification in Australia and New Zealand.
- Nordigen featured in Silicon Canals’ look at top tech startups from Latvia.
- NYMBUS teams up with Payrailz to enable financial institutions to access enhanced digital payment solutions.
- Marqeta to power new digital wallet from Swiss fintech YAPEAL.
- U.S. Secret Service to use blockchain analytics technology from Coinbase.
- Bankjoy inks a pair of credit union partnerships.
- ACI Worldwide announces that its Proactive Risk Manager and Model Generator solutions can now be deployed in a private or public cloud environment.
- Courtesy of a partnership with Paxos, Revolut had enabled cryptocurrency trading for its customers in the U.S.
- Swiss fintech Numbrs partners with TrueLayer to give its U.K. users access to open banking services.
- Onfido announces a trio of new identity verification partnerships, teaming up with European alternative lenders Bondora, Voima Gold, and EstateGuru.
- UAE-based Al Ain Finance to deploy Temenos Infinity and Transact solutions as part of an end-to-end digital transformation.
- International credit agency CRIF signs strategic partnership with SIA to offer open banking services in Italy and across Europe.
- Fintech Futures profiles Ukrainian bank, Privatbank.