This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
For a second year in a row, Finovate is commemorating Black History Month by showcasing those Black and African-American founders and executives who demoed their company’s fintech innovations on the Finovate stage in 2022.
Ariam Sium – VP of Product with FinGoal
Sium not only leads Product at FinGoal, the self-described “Listener. Thinker. Doer” also led FinGoal to a Best of Show award at FinovateSpring last year. In her role at FinGoal, Sium said that she uses the tenets of focus and value to govern each product decision made in the rapidly changing world of fintech.
FinGoal most recently demoed its technology at FinovateFall in September. The Boulder, Colorado-based company offers an insights platform that helps financial institutions better understand their customers.
Joseph Akintolayo – CEO and Founder of Deposits
Akintolayo is a “builder of ethical products that solve complex problems in fintech, insurtech, and social enterprise.” As CEO and founder of Deposits, Akintolayo heads a startup that offers banks, brands, and communities a plug and play solution to deliver financial services such as payments and lending, without requiring coding experience.
Deposits made its Finovate debut at FinovateFall in September. The Dallas, Texas-based company was founded in 2021.
Left to right: Joseph Akintolayo and Samuel Ailemen of Deposits
Samuel Ailemen – Director of Mobile and Identity at Deposits
As Director of Mobile and Identity at Deposits, Ailemen helped lead the company’s demo at FinovateFall 2022. A fraud prevention expert who is “building cool stuff everywhere”, Ailemen leverages his talent as “a software engineer who loves research” to solve real-world problems using new technologies.
Nathan Gibbons – Chief Experience Officer at QuickFi
Gibbons oversees the customer experience at QuickFi, a company that provides “nearly instant,” self-service 24/7 term financing to business equipment buyers. Demoing the company’s technology at FinovateFall last year, Gibbons and colleague Jillian Munson earned QuickFi its first Finovate Best of Show award.
A C-suite executive with QuickFi since 2018, Gibbons previously spent more than 11 years as Project Manager and later Vice President with First American Equipment Finance. QuickFi was launched by founders of First American Equipment Finance in 2018.
Michael Duncan – CEO and Founder of Bankjoy
Founder and CEO of Bankjoy, Duncan demoed his company’s Business Banking Platform at FinovateFall 2022. The company he launched in 2015 offers a range of modern banking technology solutions, including mobile and online banking, as well as a banking API.
Before founding Bankjoy, Duncan spent more than four years as a Programmer/Analyst and later Software Development Manager at Michigan First Credit Union.
Michael Broughton – CEO and Co-founder of Altro
Broughton co-founded and is CEO of Altro, a solution that helps consumers build credit through non-traditional recurring payment processes such as rent and even monthly subscriptions to services like Netflix. Altro’s app is free-to-use, and helps increase financial literacy while boosting existing credit and helping stabilize credit histories. The company made its Finovate debut last May at FinovateSpring.
Broughton is also Vice Chairman of the Board of Directors for the USC Credit Union (since 2017), and was both a Scout at Sequoia Capital and a Thiel Fellow at The Thiel Foundation.
Christen Wright – Head of Product at Spave
As Head of Product at Spave, Wright was part of the three-person demo team that won Best of Show at the company’s Finovate debut last May at FinovateSpring. Spave is a financial wholeness solution that enables users to easily save and donate as they purchase products and services. The Spave app provides purchase tracking and analysis, goal setting, group giving, and more.
Wright has a diverse background, having served in senior management roles at AT&T and Delta Air Lines. A member of 100 Black Men of Atlanta, a mentoring and empowerment organization for African American youth, Wright is a graduate of the University of Georgia’s Terry College of Business, where he earned an MBA.
Anthony Heckman – as Director of Sales at unitQ
Heckman was part of the founding team at unitQ, a company that turns customer insights into data-driven decisions for firms ranging from Chime to fellow Finovate alum Klarna. At FinovateSpring 2022, Heckman led the company’s live demo of its unitQ monitor, which serves as a centralized, searchable, repository for customer feedback.
Heckman founded TWC Advisors in October of last year. The firm specializes in providing go-to-market and sales support to early-stage, high-growth, VC-backed startups.
Cion Digital announced a rebrand to UPTIQ this week.
The new name is designed to reflect the company’s focus on bringing financing solutions to wealth managers and advisors.
Headquartered in Texas and founded in 2021, the company made its Finovate debut at FinovateSpring 2022.
Financial intelligence platform provider Cion Digital, which made its Finovate debut at FinovateSpring last May, has rebranded. The Austin, Texas-based company announced this week that its new name is UPTIQ. The new moniker is designed to underscore the company’s commitment to bring its lending solutions to businesses in the wealth management industry.
“As our business model evolves, we want our name to reflect who we are and what we do,” company Chief Marketing Officer Katie Robinson said. “UPTIQ reflects the results we expect our solutions to bring to advisors and their clients – the upward movement we want for all our stakeholders. We want to inspire and establish our trustworthiness as a partner to financial advisors.”
UPTIQ offers a platform that enables wealth advisors to grow their AUM by providing loans to help finance purchases, liquidity, and working capital. The company’s Financial Intelligence Platform leverages data analytics and AI to ensure clients are offered financing solutions that match their goals and preferences. The company has secured partnerships with a number of lenders such as Credibility Capital, Bank 34, and Celtic Bank that have made their lending solutions available on the platform.
“With the UPTIQ Financial Intelligence Platform, wealth advisors can collaborate with lenders and their clients throughout the loan origination process and feel confident they’ve identified the best loan product to meet their clients’ needs,” UPTIQ founder and CEO Snehal Fulzele said. “Our new name reflects the value we offer to all stakeholders.”
UPTIQ will also offer wealth managers and advisors other services in addition to financing. These offerings include access to deposits, alternative investments, and insurance. The goal is to enable wealth managers to grow their businesses by offering more holistic services that encompass more than traditional wealth management.
Founded in 2021, the company demoed its Crypto Dealership Platform at FinovateSpring 2022. The technology, a blockchain orchestration platform, enables auto dealers and other retailers of “big ticket” items to accept cryptocurrency as payment. The company ended last year with a new partnership, teaming up with fellow Finovate alum upSWOT to bring embedded finance solutions to wealth managers and commercial loan brokers to help them serve their SME customers. UPTIQ raised $12 million in seed funding a little over a year ago in a round led by Green Visor Capital and 645 Ventures.
It’s the first day of Black History Month, and this year’s theme is Resistance. We’ll be serving up related coverage all month, and today’s piece sets the scene.
In an effort to highlight Black founders in our industry, we gathered a list of 70 fintechs with Black founders. This is far from an exhaustive list of fintechs with African American founders, but it is a good representation of diverse, relevant* companies.
Helps reduce delinquencies and increase revenue while helping people pay off debt sooner and with fewer penalties Founders: Diana Frappier, Phaedra Ellis-Lamkins
Empowers general partners and limited partners to focus on building enduring relationships and investment opportunities Founders: Adam Ginsburg, Alex Robinson, Yonas Fisseha
Enables secure and seamless data transmission using the ultrasonic data technology Founders: Chris Ostoich, Chris Ridenour, Josh Glick, Nikki Ridenour, Rodney Williams
Provides a financial advice platform that powers SmartAdvisor, a marketplace connecting consumers to financial advisors Founders: Michael Carvin, Philip Camilleri
Offers a social investing platform where you can talk about investments with friends and make trades on the market. Founders: Darian Bhathena, Jack Phifer, Michael Liu, Roger Cawdette
An all-in-one platform that offers financial tools to help creators grow their business Founders: Arabian Prince, Chris Mendez, Chris Schwartz, James Jones Jr.
Provides a community finance platform where members request and fund emergency needs Founders: Jarrel Carter, Rodney Williams, Taylor Bruno, Travis Holoway
Offers a lending platform that provides short-term financing to qualified TV and Film productions Founders: Janelle Alexander, Jon Gosier, Josh Harris, Mickey Vetter
Helps essential professionals buy homes and build financial security near the communities they serve Founded: Alex Lofton, Jesse Vaughan, Jonathan Asmis
Offers a relationship-based lending application that simplifies and automates loans between friends, family, and trusted relationships. Founders: Dennis Cail, Michael Seay
Provides a rewards and loyalty infrastructure for banks and businesses in Africa Founders: Harshal Gandole, Madonna Ononobi, Simeon Ononobi, Suraj Supekar
Offers an Automated Mortgage Advisor that simulates buying a home with multiple lenders to determine mortgage approval odds and affordability impact based on lifestyle Founders: Bryan Young, Steven Better, Tim Roberson
Provides an operating system for active investment management, powering investment products, and experiences for retail investors Founders: Clayton Gardner, Joe Percoco, Max Bernardy
Offers a global split payment platform built for co-creators on any project, anywhere Founders: Adam Clabaugh, Mangesh Bhamkar, Marcus Cobb, Rachel Knepp
Enables lenders to open more accounts by showing users the actions necessary to meet eligibility for their financial goals Founders: Abb Kapoor, David Potter
Provides an AI-powered 401K alternative stock investing platform helping everyday investors retire early Founders: Ben Malena, Johnathon Albercrombie, Lakeisha Turner, Ronnie Green
Partners with mortgage lenders to offer a seamless digital homebuying experience for their clients Founders: Frederick Townes, Marcos Carvalho, Mauro Repacci
Risk management and compliance software company Ncontracts unveiled its new risk management suite, Ncontracts RPM, this week.
Ncontracts RPM integrates four of the company’s solutions — Nrisk, Nvendor, Ncomply, and Nfndings – into a combined offering that will help FIs leverage data to enhance risk and compliance management.
Headquartered in Tennessee, Ncontracts made its Finovate debut at FinovateFall 2022 in September.
Integrated risk management and compliance software provider Ncontractslaunched its risk management suite this week. The Ncontracts RPM Suite blends risk, vendor, compliance, and finding management solutions to help boost efficiency and drive better-decision making. Known separately as Nrisk, Nvendor, Ncomply, and Nfindings, the combined elements of Ncontracts’ RPM Suite help financial institutions turn data into the kind of relevant, actionable insights to reduce the burden of risk and compliance management.
“Financial institutions need better, more comprehensive risk management tools to successfully respond to digital disruption, economic uncertainty, regulatory change, staffing shortages, and other challenges,” Ncontracts CEO Michael Berman said. “Our RPM suite brings knowledge and insights to our clients to create a high-performing system that helps financial institutions efficiently leverage data to drive success.”
Headquartered in Brentwood, Tennessee, and founded in 2009, Ncontracts made its Finovate debut at FinovateFall 2022. With a customer base of more than 4,200 financial institutions, mortgage companies, and fintechs in the U.S., Ncontracts offers a cloud-based technology solution that encompasses vendor, organizational, audit, and compliance risk management.
In the months since the company’s Finovate appearance in September, Ncontracts added C-suite talent in the form of new Chief Customer Officer Melissa Outlaw, new Chief Sales Officer Michelle Amato, and new Chief Human Resource Officer Cathy Guthrie. Named to the Inc. 5000 roster of the fastest-growing private companies in the U.S. for the fourth year in a row in 2022, Ncontracts raised $1.1 million in funding prior to being acquired by Gryphon Investors in 2020 for an undisclosed sum.
“The risks facing financial institutions are multiplying and becoming more complex, and no bank, regardless of size, can justify using spreadsheets today to manage the process when the stakes are so high,” Gryphon Investors Software Principal Jon Cheek said when the acquisition was announced. “Ncontracts’ software has made it easy for financial institutions of all sizes to manage the spectrum of complex risks and regulations facing them today.”
American Express is launching American Express Business Blueprint, a set of digital cash flow management tools for small businesses.
Small businesses can access the MyInsights cash flow solution within Business Blueprint at no charge.
Business Blueprint evolved out of Kabbage, an alternative lending startup that the company acquired in 2020. With the launch of Business Blueprint, the Kabbage brand is now retired.
Cash flow management tools are not new to fintech, but the industry gets excited when card giant American Express launches new tools. That’s the case today– the company unveiledAmerican Express Business Blueprint, a set of digital cash flow management tools for small businesses.
Business Blueprint offers small business users digital financial products, payment card management tools, and cash flow insights via its MyInsights tool. The platform offers to lighten the load of small business owners by helping them manage cash flow, take out a loan, pay bills and vendors, check their account balances, deposit checks, accept card payments, and more. Additionally, the tool projects cash balances out to 30 days and sends spending alerts, as well as enables users to view and redeem their membership rewards points.
“Business Blueprint marks a critical next step in American Express’s vision of becoming a digital one-stop shop for small businesses’ financial needs, whether to manage their cash flow, make payments, get paid, or access working capital,” said company Group President of Global Commercial Services and Credit & Fraud Risk Anna Marrs.
American Express is onboarding small businesses onto Business Blueprint for free, and offering its MyInsights cash flow solution to them at no charge. That’s because the company is looking to sell businesses on its small business lending products, including:
American Express Business Line of Credit for a commercial line of credit ranging from $2,000 to $250,000 with interest rates ranging from 2% to 27%, depending on the term
American Express Business Checking for a digital business checking account that earns 1.30% APY on balances up to $500,000, and the ability to earn Membership Rewards points
American Express Payment Acceptfor accepting all major card payments from customers online
The new offering is rising out of the ashes of Kabbage, an alternative lending company launched in 2009 that American Express acquired in 2020. As Kabbage Co-Founder Rob Frohwein explained in a post on LinkedIn, “The end of era – for me and my Kabbage from American Express colleagues. Our company is fully integrated with Amex (and I’ve been gone for over a year).”
Frohwein went on to reminisce about how the day his team named the company “Kabbage.” One of the company’s early investors, Nicholas Steele, wanted to go with the name Cabbage. However, the “C” was changed to a “K” when the team discovered the cost of the Kabbage domain name was $73,800 cheaper. “Congrats to all Kabbagers – old and current. You may now refer to our business as Business Blueprint, but you’ll always bleed green and think twice when you enjoy actual cabbage in your salad or soup,” Frohwein added.
Getting that signature on the contract is a great feeling reflecting weeks, months, or, sometimes, years of effort. However, this moment is only the beginning of the process of earning the confidence and realizing the mutual benefits for both parties. During the client onboarding process, you lay the foundation of trust with your customer, a crucial factor in client retention.
With a 77% customer retention rate*, optimizing the customer onboarding process is crucial. Improving your onboarding process without comprehensive data and insights is like navigating with no map. Establishing and keeping track of the right onboarding metrics is the key to accomplishing this.
In this webinar, our group of talented onboarding expert panelists will discuss the best metrics to put in place to help deliver the optimal customer onboarding experience for your organization. We’ll start with a review of the most popular metrics. Panelists will share the best practices for introducing these metrics into your company and helping make the process tracking a sustainable operating practice. We’ll also share some helpful tips and resources to help you get started.
B2B payments and invoice networking operator TreviPay announced a partnership with B2B cashflow specialist Cloudfloat.
The goal of the partnership is to help stimulate business opportunities for both companies. TreviPay serves the enterprise market. Cloudfloat specializes in serving small and medium-sized businesses.
TreviPay made its Finovate debut last September at FinovateFall in New York.
B2B payments and invoice networking innovator TreviPay has partnered with B2B cashflow specialist Cloudfloat. The collaboration is designed to bring new business opportunities to both parties: TreviPay – with $7 billion in transaction volume across 34 countries – serves mostly the enterprise market while Cloudfloat specializes in serving small and medium-sized businesses. Via the partnership, the companies expect to serve as valuable references for each other’s respective customer type.
“TreviPay is delighted to be a referral partner with Cloudfloat,” TreviPay Managing Director, APAC, Piers Gorman said. “As the B2B payments landscape matures, there is a significant runway to support all areas of the B2B economy. With opportunities for merchants of all sizes, our referral relationship with Cloudfloat will help bring best-in-class payment options to businesses of all sizes.”
Cloudfloat, founded in 2020 and headquartered in Australia, provides small and medium-sized businesses with time-of-purchase financing, enabling them to make full, timely purchases without immediately impacting cashflow. The financing comes with terms up to 90 days, with no interest charged. The company has realized month-on-month growth of 10% since inception, serving businesses in verticals ranging from hospitality and construction to retail and digital services. “This partnership presents a tremendous opportunity for our business because it unlocks business opportunities which have the potential to help us grow exponentially,” Cloudfloat founder and CEO Aleem Habibullah said.
TreviPay made its Finovate debut last September at FinovateFall in New York. At the conference, the Overland, Kansas-based fintech demoed its Small Business Supplier Payments Network (SBSN). The network provides a way for banks to grow their small business product suite via a solution that enables them to tap into the small business, B2B trade credit market.
Moov landed $45 million to refine its API that creates a modern payment stack.
Commerce Ventures led the round. Additional contributors include Andreessen Horowitz, Bain Capital Ventures, Visa, and Sorenson Ventures.
Moov’s total funding now sits at $77.5 million.
Modern money movement innovator Moov is going places. The Iowa-based company landed $45 million in a Series B financing round, bringing its total raised to $77.5 million.
As far as the company’s plans for the new funds, Moov Founder and CEO Wade Arnold said, “This new round of capital will help us refine our platform, address new payments use cases, and scale everything we’ve built so far. We’re a small and mighty team, so we’re looking forward to onboarding even more talented people…”
Moov will also use today’s funding to fuel its conference that fosters collaboration in the developer community. The company’s fintech_devcon event takes place once a year to share fintech building deep dives, best practices, and new ideas.
Arnold founded Moov in 2017 to offer a simpler way to move money. The company creates a cloud-based API that creates a modern payment stack that includes acquiring, ledgering, issuing, and disbursements. Since launch, Moov has built integrations to all major card brands, The Clearing House, and the Fed. The company won the Visa Everywhere Initiative in 2021 and was recently ranked on Built In’s list of top 50 fully remote startups and Purpose Job’s Best Remote Places to Work in 2023.
Understanding the impact Moov’s money movement platform has had in the fintech community, doesn’t even require a visit to the company’s website. The list of investors in today’s round– which was led by Commerce Ventures– includes big names such as Andreessen Horowitz, Bain Capital Ventures, Visa, and Sorenson Ventures. What’s more, Moov closed this Series B round in the midst of a difficult funding environment. While many fintechs have been able to close Seed rounds and even some Series A rounds, VCs have typically holding back on later stage rounds.
Trulioo unveiled a new global identity verification platform this week.
The new offering combines both individual and business verification with no-code workflow building, low-code integrations, and more into a single platform.
A Finovate alums since 2014, Trulioo won Best of Show in its most recent Finovate appearance at FinovateEurope last March.
Identity verification specialist Trulioolaunched a new global identity verification platform this week. The new offering combines individual and business verification solutions with no-code workflow building, low-code integrations, and more in a single platform. The platform will give companies the ability to provide a streamlined onboarding experience, as well as the kind of intuitive user experiences that help build both trust and inclusivity.
“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” Trulioo CEO Steve Munford said. “We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.”
With a single contract, the new offering will enable Trulioo customers to readily access:
Personally identifiable information matching
Identity document verification
Utility data for proof of address
Business verification for in-depth person-of-significant-control
Ultimate-beneficial-owner verification
Watchlist screening and monitoring
Anti-fraud capabilities
“Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality,” Trulioo Chief Product Officer Michael Ramsbacker said. “We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”
Founded in 2011 and headquartered in Vancouver, Canada, Trulioo has been a Finovate alum since 2014. Demoing its latest technology on the Finovate stage most recently at FinovateEurope 2022 in London, Trulioo won Best of Show for its GlobalGateway Business Verification to Identity Verification workflow. This functionality, using Trulioo’s GlobalGateway Orchestration, enabled easy-to-do business verification, simple verification of owner identities, and world-class orchestration and workflow building.
The company’s new product launch this week comes as a growing number of businesses are pursuing opportunities in online commerce, mobile payments, and digital currencies. And while these avenues represent significant innovation and progress, they also bring with them new concerns over fraud and financial crime. Being able to know your customer, know your business, identify money laundering and more have become critical – and complex – compliance issues for businesses of all sizes. As such, it is as important for growing companies to have a verification solution that is customizable to their particular needs and workflows, while at the same time providing the requisite scale to support rapidly expanding enterprises. This is especially true when it comes to international expansion.
Trulioo’s platform reaches more than five billion consumers in 195 countries, and enables companies to access more than 450 data sources globally to provide broad, comprehensive identity and business verification. The company has raised more than $474 million in funding from investors including TCV, which led Trulioo’s $394 million Series D round in 2021; and Goldman Sachs, which led the company’s $52 million Series C in 2019.
European fintechs in search of venture capital funding are in luck this spring. The Startup Booster Program at FinovateEurope, taking place March 14 through 15, has been crafted to help early stage companies pitch their new ideas in front of investors from across the U.K. and Europe.
Fintechs that are less than five years old and haven’t closed a Series A round can apply now for the opportunity to have two hours to network and pitch their innovation to an audience of VCs, angels, corporate venture studios, and accelerators. Some of the investors participating in this year’s program include:
Here are three reasons why early stage, European companies in search of venture funding should make this year’s Startup Booster Program a priority:
Two-hour investor networking reception All startups accepted into the Startup Booster Program will have a table to pitch, ask and answer questions, and make an impression.
Your three-minute pitch video and pitch deck are shared with investor attendees Finovate provides startups with guidance and best-practices to make an engaging, three-minute pitch video. We’ll also share your video with the investor audience and event attendees.
A full event access pass for only £600 per ticket Startup Booster participants receive special, discounted tickets to FinovateEurope that grant access to the entire event for only £600 per ticket. That’s a discount of £1,199 when compared to the current rate of £1799 for general audiences.
We’re also hosting a dedicated stream with content aimed to help early stage companies on their journey towards growth. Session topics include discussions on scaling your startup, selecting the right funding, landing a bank client, regulations, and a look at the newest opportunities in the space.
Since we launched in 2007, we’ve actively looked for ways to foster growth in the fintech industry. Helping early stage companies find access to funding is one way we’re doing so– which helps build and better our industry, as well. If you meet the criteria listed above, apply today.
Digital communications platform Eltropy and collections platform provider AKUVO announced a new partnership, integrating Eltropy’s texting functionality into AKUVO’s Aperture solution.
The integration will enhance the collections process for community financial institutions (CFIs).
Eltropy made its Finovate debut in 2017 and returned to the Finovate stage last year for FinovateFall in New York.
A newly-announced partnership between digital communications platform Eltropy and cloud-based collections platform provider AKUVO will enable credit unions to leverage the texting capabilities of Eltropy’s platform to enhance collections operations. Now, credit unions, community banks, and other community financial institutions (CFIs) will be able to access Eltropy’s texting communications platform from AKUVO’s Aperture solution.
“Integration between Eltropy and AKUVO’s Aperture will provide collectors with a powerful texting platform to guide their account holders through a proactive, effective collections experience,” AKUVO Chief Revenue and Operating Officer Steve Castagna said.
Headquartered in California and founded in 2014, Eltropy made its Finovate debut in 2017 and most recently demoed its technology at FinovateFall 2022 last September. At the conference, Eltropy demoed its Eltropy One offering, an all-in-one omni channel solution that lets financial institutions manage both inbound and outbound member and customer communications from a single console. Text, secure chat, video, voice, co-browse, chatbot, and secure file exchange are among the functionalities Eltropy provides – all in a secure and compliant fashion.
In addition to facilitating the delivering of seamless omnichannel customer experiences, Eltropy’s platform leverages AI to help CFIs better resolve issues and consumer inquiries. The technology detects both subjective conditions like consumer sentiment and mood as well as objective data like specific relevant keywords and phrases to provide real-time guidance and personalized recommendations. The company’s partnership with AKUVO, according to Castagna, underscores a shared “visionary approach” to using both data and analytics to help enhance the financial wellness of members and customers.
“One of our primary goals in 2023 is to build stronger integrations with vendors who have strengths in areas of need from our CFI customers, so we look forward to partnering with AKUVO who is making waves in the collection industry with their Aperture platform,” Eltropy VP of Strategic Partnerships Jason Smith said.
With $25 million in funding, Eltropy closed out 2022 with new partnership announcements with digital banking solutions provider Tyfone and credit union lending technology company Origence. Also last year, Eltropy acquired both video banking company POPi/o and AI conversational intelligence platform Marsview.ai. Ashish Garg is Eltropy’s founder and CEO.
Marqeta is acquiring credit card program management platform Power Finance.
The company will add Power Finance’s credit card program management capabilities to its own card issuing platform.
Financial terms of the deal were not disclosed.
Global card issuer Marqeta agreed to acquire credit card program management platform Power Finance. Terms of the deal, which is scheduled to close in the first quarter of this year, were not disclosed.
Power Finance was founded in 2021 by CEO Randy Fernando and CFO Andrew Dust to offer credit card program management services to companies seeking to create new credit card programs. The company’s platform takes care of credit card management, customer experience, application decisioning, transaction processing, and more. And because Power Finance is pre-integrated with third-party data vendors, it saves companies time when setting up KYC and underwriting processes.
“Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure,” said Fernando. “At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale.”
Once the deal is finalized, Fernando will lead the product management of the Marqeta credit card platform.
Marqeta will leverage the acquisition by adding Power Finance’s credit card program management capabilities to its own card issuing platform. “It will allow us to accelerate processing revenue derived from credit programs, and improve our competitive positioning when competing for new deals, offering our customers a holistic credit card program management solution,” Marqeta said in a blog post announcement.
Marqeta launched its card issuing platform in 2010 to enable clients to manage their own card programs. The company offers configurable and flexible payment tools and customizes payment cards for their end customers. Earlier this month, Marqeta launched a Web Push Provisioning Solution to enable consumers to transact from their mobile wallets without having to download a separate mobile app.
Marqeta is a publicly traded company listed on the NASDAQ under the ticker MQ. The company has a market capitalization of $3.54 billion.
