Is Walmart a Fintech Company? 5 Reasons Why it May be Your Quietest Competitor

Is Walmart a Fintech Company? 5 Reasons Why it May be Your Quietest Competitor

Traditionally, we’ve talked about Amazon, Google, Apple, and Meta (formerly known as Facebook) as big tech companies with the potential to rise up as competitors in the banking and fintech space. However, there is one giant that is worth adding to this list– Walmart.

Walmart is not a fintech company, or even a tech company, it’s a retail firm. Or at least that’s what it was when Sam Walton founded it in 1962. But what does Walmart’s future look like? The company has made it clear that it will not only begin offering financial services, but will also evolve into a super app. On examining the company’s ambitions, it appears that Walmart may have what it takes to ascend as a competitor in the fintech space.

Below are five aspects of Walmart to consider when evaluating it as a potential competitor.

User base

As one of the most recognizable brands across the globe, Walmart comes with a large, built-in user base. The company sees 265 million customers worldwide each week, and many of those shoppers seek out Walmart as their primary retailer. Walmart+, the company’s $99 annual subscription service, counts 32 million members.

Once Walmart begins its formal foray into financial services in earnest, it will certainly not count all 32 million members as users right away. However, having a built-in, captive audience will help jump-start its user base and will lower customer acquisition costs.

In-app rewards

In both retail and financial services sectors, rewards create stickiness. As one of the oldest retail companies, Walmart has figured this out. Leveraging a partnership with Ibotta Performance Network, Walmart recently launched Walmart Rewards, a way for Walmart+ members to earn additional savings toward their future purchases at Walmart.

Checking account

Earlier this month, Bloomberg unveiled that Walmart plans to launch a digital bank account to serve its shoppers and 1.6 million employees. While no specific details have been released, it is clear that the digital bank will stem from One, which Walmart acquired in early 2022. One is a neobank that offers a debit card and boasts non-traditional products and services such as earned wage access, fee-free overdraft protection, and digital wallet integration.

Currently, One relies on Coastal Community Bank to provide banking services. It is not clear whether Walmart will continue to use that model, or if it will seek its own banking license. Walmart initially pursued a banking license in 2005. After two years, the company withdrew its application after receiving opposition from bankers and other credit institutions. Given hurdles involved in earning a banking license, my guess is that Walmart will rely on its relationship with a traditional bank like Coastal Community Bank.

For more clues into Walmart’s banking ambitions, I checked out job advertisements on LinkedIn. Walmart is currently hiring for a range of positions within its financial services arm. “We are starting some exciting ventures as we expand our financial services in various ways to engage and provide capabilities to our customers,” one of the job descriptions states.

Physical presence

Walmart has 11,501 physical retail stores across the globe. The largest U.S. bank, JP Morgan Chase, has fewer than half that number at around 5,080 physical bank branches. And for customers who are not into doing business IRL, Walmart has them covered, as well. The company just launched Walmart Land, a new immersive experience in Roblox.

If Walmart truly wants to become a large competitor in the financial services world, it already has more than enough physical infrastructure to do so.

Part of why this matters isn’t the sheer number of physical locations or square footage. Having these physical stores will impact who Walmart is able to serve, just as much as it will impact how many people it is able to serve. That’s because Walmart stores are typically located in rural and suburban areas– in other words, Walmart stores are close to non-urban customers who may not rely on their mobile devices as much as city dwellers, and therefore may not be comfortable maintaining an account at a digital-only bank. No smartphone? No problem, just drive down to Walmart and open up an account.

Super app

The term “super app” is used quite lightly in the fintech sector these days. However, Walmart is one of the few firms in the U.S. with the potential to evolve into a true super app. In a piece published earlier this year, Chief Research Officer at Cornerstone Advisors Ron Shevlin summarized Walmart’s potential as a super app. “Walmart’s DNA is efficiency and cost control—and that’s the ultimate promise of a super app for the supercenter,” said Shevlin.

Currently, the company’s app offers Walmart+ subscribers online grocery and retail shopping with free shipping; access to Scan & Go, a tool that enables shoppers to scan barcodes as they shop, pay with their phone using their card on file, and scan a QR code at the cash register before they exit the store. Subscribers also benefit from discounts of up to 10 cents off per gallon of fuel at 14,000 gas stations; and free access to stream movies and shows at Paramount+.

As it stands, Walmart’s app with the above services does not constitute a super app. In a blog post last year, I detailed a list of ten elements required for a super app. Here is what Walmart has and where it needs improvement:

  • Ecommerce: currently offers
  • Health services: currently offers vaccination services and provides medical care at locations in four U.S. states.
  • Food delivery: currently offers grocery delivery, but not prepared food delivery
  • Transportation services: currently offers fuel discounts and in-app fuel payments
  • Personal finance: does not offer, but is actively working on plans to do so
  • Travel services: does not offer
  • Billpay: does not offer
  • Insurance: does not offer
  • Government and public services: does not offer
  • Social: does not offer

Using that summary, Walmart receives a score of 4.5 out of ten on the super app scale, and it will likely progress in the next few years. Walmart has made it clear that it plans to create a super app. As Omer Ismail, CEO of Walmart’s One, told the Wall Street Journal, the company’s strategy “is to build a financial services super app, a single place for consumers to manage their money.”


Photo by Marques Thomas on Unsplash

PNC Bank Turns to Blend to Digitally Optimize its Mortgage Application Process

PNC Bank Turns to Blend to Digitally Optimize its Mortgage Application Process
  • Blend and PNC Bank announced a strategic partnership to help the bank digitally optimize its online mortgage process.
  • The partnership between Blend and PNC Bank comes in the wake of Blend’s Instant Home Equity product, launched in August.
  • Blend made its Finovate debut in 2016 and is also an alum of Finovate’s developer conference, FinDEVr.

A strategic partnership between PNC Bank and cloud banking software company Blend will help the financial institution digitally optimize its online mortgage application process. With its new mortgage application platform, PNC will enable its customers to digitally apply for a mortgage and import information such as bank and payroll data directly into the application simply by providing their credentials. Customers further will benefit from a single portal for tracking the status of their mortgage application, completing any additional tasks, as well as reviewing and electronically signing loan documentation. The portal also allows PNC’s mortgage loan officers to collaborate in real time with customers.

PNC EVP and Head of Mortgage Peter McCarthy called the partnership “an ideal combination of digital self-service technology and support for our customers as they navigate one of the biggest and most important purchases in their lifetimes.”

The strategic partnership announcement comes just over a month after Blend announced the launch of its automated instant home equity product. Integrating a range of recent enhancements to its mortgage suite, the solution provides income and identity verification, title, decisioning, property appraisal, and notarization. Lenders can use Blend Instant Home Equity to provide borrowers with a personalized offer that can be approved instantly and closed within a few days.

“Leveraging all that we’ve built on the Blend platform – for both Mortgage and Consumer Banking solutions – we’re able to deliver an instant home equity experience to help our customers ensure a seamless experience for applicants, grow their home equity businesses, and reduce costs to originate in a challenging marketplace,” Head of Blend Nima Ghamsari said.

Blend demonstrated its Data-Driven Mortgage solution at FinovateSpring 2016 and returned later that year to present its technology at our developers conference FinDEVr Silicon Valley. Founded in 2012 and headquartered in San Francisco, California, Blend enables financial services companies to process an average of more than $5 billion in transactions a day. The company leverages low-code, drag-and-drop design tools to enable developers to build new products quickly. Its platform is integrated with trusted services ranging from eSign to identity verification to help financial institutions deliver seamless customer experiences.

PNC Bank is a part of the PNC Financial Services Group, one of the largest diversified financial services institutions in the U.S. Offering retail banking to more than 12 million consumers and small businesses across the mid-Atlantic, Midwest, Southeast, and Southwest, PNC Bank also provides asset management services to affluent and ultra-affluent individuals and families, as well as corporate and institutional banking. As of June of this year, PNC Bank had $320 billion in assets under administration.


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Nova Credit Lands $10 Million from HSBC to Build Borderless, Consumer-Permissioned Credit Data

Nova Credit Lands $10 Million from HSBC to Build Borderless, Consumer-Permissioned Credit Data
  • HSBC has tapped Nova Credit to integrate the company’s Credit Passport, a cross-border credit data product.
  • As part of the partnership, Nova Credit received a $10 million investment, bringing its total funding to more than $79 million.
  • HSBC deployed Nova Credit’s Credit Passport at HSBC Singapore in May and plans to expand its use of the solution later this year to cover more country bureaus.

Consumer-permissioned credit bureau Nova Credit received $10 million in funding this week. The investment, which boosts the California-based company’s total funds to over $79 million, came from HSBC Ventures.

Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. Credit Passport essentially translates consumer credit across geographical borders, providing residents who are new to a country with access to financial products that require credit, such as loans or mortgages.

By leveraging Credit Passport, HSBC will have access to a customer’s translated credit history, after receiving permission from the customer. This not only increases HSBC’s potential client base, but it also increases the speed of the bank’s decisions.

“Accessing credit in a new market can be a challenge and is something we’ve been helping customers with for years,” said HSBC Group Head of Retail Banking and Strategy, Wealth and Personal Banking Taylan Turan. “We’re excited to be partnering with Nova Credit, to improve our ability to do this even more, with its innovative digital Credit Passport. We’re proud to be the first organization to offer this to customers in Singapore.”

HSBC Singapore integrated Credit Passport in May, enabling its applicants to offer the bank permission to access their global credit record and credit score. HSBC Singapore’s implementation of the tool also marked the first use of Credit Passport outside of the U.S.

HSBC elected to launch the use of the product in Singapore because thousands of its Singapore-based clients have recently moved to the country from India, where they have credit history. The bank plans to expand its use of the solution later this year to include customers with a credit history in Australia, the U.K., and the Philippines, and plans to cover more country bureaus in 2023.

Nova Credit launched in 2016 and has since built relationships with credit bureaus in more than 20 countries. Partnering with the credit bureaus has given the company consumer-permissioned access to over one billion credit profiles. Nova Credit also has partnerships with lenders including American Express, SoFi, Yardi, and Verizon.


Photo by Engin Akyurt

Pinwheel Launches Product to Leverage Real-Time Consumer Earnings Data

Pinwheel Launches Product to Leverage Real-Time Consumer Earnings Data
  • Payroll data company Pinwheel launched a tool called the Pinwheel Earnings Stream.
  • The new product offers data on past, current, and projected income.
  • According to Pinwheel, the data is most useful for earned wage access (EWA) offerings, but can also be used for financial wellness tools, underwriting, and more.

Income and employment data innovator Pinwheel announced its newest launch today. The company unveiled the Pinwheel Earnings Stream, a tool that offers up-to-date historical, current, and projected income data.

Pinwheel leverages machine learning and pay stub data to determine net earned wages for any work completed to create an accurate view of accrued and projected earnings. Earnings Stream uses analytics and intelligence to help make sense of this data.

Earnings Stream offers organizations three main benefits: accrued earnings, which shows wages a customer has earned so far in the current pay period; projected earnings, which estimates the earnings a customer will have by the end of the current pay period; and pay dates, a list of a customer’s projected pay dates.

By leveraging the projected earnings information from Earnings Stream, organizations can efficiently deploy an earned wage access (EWA) strategy. According to Pinwheel, Earnings Stream has other use cases, as well, including “financial wellness tools, educational services, cash flow underwriting, and so much more.”

“We developed Earnings Stream to support our customers’ strategies to answer the consumer demand for EWA services, while they have long wanted to offer these products, it’s been nearly impossible to execute at scale throughout the fintech industry at large,” said Pinwheel Co-Founder and CEO Kurtis Lin. “EWA is a unique product because it benefits all parties. Consumers are excited about meaningful liquidity, financial institutions are happy to acquire customers, and employers are pleased to see their workers have less financial stress. I’m proud of our team for developing what we believe will be one of the fintech industry’s keys to building truly impactful EWA products.

Founded in 2018, Pinwheel aims to create a fairer financial system with its API that connects to more than 1,600 payroll platforms and more than 40 time and attendance platforms. In all, the system covers 80% of U.S. workers and more than 1.5 million employers. 

The New York-based company aims to offer fintechs the data needed to create financial tools for underserved populations, without taking on additional risk. “Many of our customers are working on exciting use cases that we’re excited to see hit the market soon,” said Lin.


Photo by Min An

Bank of America Unveils QR Code Sign-in for CashPro

Bank of America Unveils QR Code Sign-in for CashPro
  • Bank of America launched a new QR code sign-in for its CashPro offering.
  • Paired with biometrics, the new sign-in option takes advantage of the trend in favor of QR code technology as a verification and log-in solution.
  • Bank of America’s CashPro has received recognition from Celent, Global Finance magazine, The Asian Banker, and Treasury Management International (TMI).

One of the surprising fintech trends of the past few years has been the deployment of QR codes as an option to facilitate payments in an increasingly wide range of contexts. Today, Bank of America announced that it has launched a new QR code sign-in for its CashPro solution. This will enable Bank of America’s 500,000 CashPro users to scan a QR code with their mobile device and use their biometric information via the CashPro App in order to access the CashPro website. The new option will also alleviate the need for users to manually enter passwords.

“QR sign-in is a technology that’s familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro,” Global Product Head for CashPro in Global Transaction Services Tom Durkin said. “The technology kicks off a schedule of enhancements we plan to introduce to CashPro over the next 18 months that will further improve the simplicity and security of our award-winning platform.”

Bank of America’s CashPro offers a complete digital platform for managing payments, receipts, investments, FX, and trade. The technology enables users to conduct their banking business from anywhere via the CashPro App, viewing balances, approving payments in less than a minute, depositing checks remotely, and making payments. Businesses can leverage the CashPro API to access a wide range of treasury activities including payments, fraud prevention, liquidity optimization, and more. CashPro also has a forecasting feature. Powered by machine learning and predictive analytics, CashPro Forecasting provides visibility across all customer accounts – including accounts at other institutions – and helps firms better manage future cash flows. The technology, embedded in CashPro and unveiled at the beginning of the year, provides customizable, machine-generated, daily, weekly, or monthly forecasts and learns over time to make predictions smarter and increasingly accurate.

“Many companies today rely on manual, repetitive work to forecast their cash needs, leaving little time to analyze the data for making strategic decisions, which is the actual objective of the forecasting exercise,” Co-head of Global Commercial Banking, Global Transaction Services for Bank of America Ken Ullmann said. “With CashPro Forecasting, companies can automate their forecasting process while improving the accuracy of their predictions, all without making any IT investment.”

Among the world’s leading financial institutions, Bank of America serves 67 million consumer and small business clients with 4,000 retail financial centers. Bank of America also provides a digital banking experience with 55 million verified digital users. Serving customers throughout the U.S. and its territories, as well as 35 countries around the world, Bank of America is a publicly traded company on the New York Stock Exchange under the ticker symbol BAC. The institution has a market capitalization of $250 billion.


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Finovate, Hispanic Heritage Month, and Fintech Innovation in Latin America

Finovate, Hispanic Heritage Month, and Fintech Innovation in Latin America

This week’s Finovate Alumni Profile is a salute to Hispanic Heritage Month, an opportunity every year to recognize the achievements of Americans whose ancestors came from Central and South America, as well as Spain, the Caribbean, and Mexico.

Here are some of the Latino and Hispanic fintech leaders who have demonstrated their company’s innovations on the Finovate stage since our return to live events in the fall of 2021. We’re also taking this opportunity to highlight recent Finovate alums that are headquartered in Latin America and the Caribbean.


Able (FinovateFall 2022) empowers commercial lenders to quickly collect data from borrowers, streamline the loan process, and book loans faster. The company was founded in 2020 and is headquartered in San Francisco, California. Co-founder Diego Represas led the company’s demo at its Finovate debut earlier this month at FinovateFall.

Incognia (FinovateSpring 2022) is a privacy-first, location identity company that offers frictionless mobile authentication to banks and fintechs to help them lower fraud losses. Founded by CEO Andre Ferraz, Incognia is headquartered in Palo Alto, California. The company’s appearance at FinovateSpring in May of this year was Incognia’s Finovate debut.

Rillavoice (FinovateSpring 2022) offers conversation intelligence software that leverages AI to record, transcribe, and analyze conversations between bank branch associates and customers. The technology helps make bank managers more productive and enables reps to improve conversion rates by 30%. The New York City-based company was founded in 2019. CEO Sebastian Jimenez led the company’s FinovateSpring 2022 demo – Rillavoice’s first time on the Finovate stage.

Nufi (FinovateFall 2021) calls itself “the Legos of fintech.” The firm empowers companies to build financial products quickly while remaining compliant with relevant regulations. Specializing in markets in Latin America, the company’s Finovate debut in the fall of 2021 was led by Chief Operating Officer Ilich Nuñez. Nufi is headquartered in Monterrey, Nuevo Leon, Mexico, and was founded in 2020.

With its Tap on Phone technology, Symbiotic (FinovateFall 2021) allows anyone with a cellphone to accept contactless card payments. Founded in 2020 and headquartered in San Pedro, San Jose, Costa Rica, Symbiotic is the first company to secure the PCI-CPoC certification of the Tap on Pone technology on the American continent. CEO and founder Javier Chacón led Symbiotic’s FinovateFall 2021 demo of the technology.

Snap Compliance (FinovateFall 2021) is a regtech company that provides holistic compliance and risk management solutions. A one-stop shop for compliance management, Snap Compliance offers a pay per consumption subscription model that adapts to the customer’s risk models with multiple integration options – including no integration at all. The Costa Rica-based company was founded in 2019, and FinovateFall 2021 was its first live demo on the Finovate stage. Snap Compliance founder and CEO Alex Siles, along with Head of Expansion & Product Development Katherine Morales, led the company’s presentation.

Masterzon (FinovateFall 2021) offers a platform that transforms commercial documents into negotiable securities. The technology operates in real time efficiently and transparently, 24 hours a day, seven days a week. Co-founded by Elio Rojas in 2016, Masterzon is based in San José, Costa Rica. FinovateFall 2021 marked the company’s Finovate debut.

Fintech software developer IMPESA (FinovateFall 2021) includes some of the largest banks in Central America and the Caribbean among its B2B corporate customers. In its Finovate debut, IMPESA demonstrated its P2P payments app that offers customers card controls and gives banks new revenue opportunities. Mario Hernández, CEO and co-founder, co-led the company’s FinovateFall 2021 on stage demo. IMPESA is headquartered in San José, Costa Rica, and was founded in 2013.

Infocorp (FinovateFall 2021) was founded in 1994 and is headquartered in Montevideo, Uruguay. The company’s smart omnichannel platform and best of breed digital channels give banks fast and flexible solutions to enhance the customer experience. At the company’s FinovateFall demo in 2021, CEO Ana Inés Echavarren and Product Manager Gonzalo Laguna demonstrated Infocorp’s App of the Future, a user-centric, mobile native banking app.


Photo by Emma Bauso

Square Taps Visa for Instant Transfers in Canada

Square Taps Visa for Instant Transfers in Canada
  • Visa is expanding its integration with Square’s instant transfer feature into Canada.
  • Square’s Canadian merchant clients can access their funds in real time, instead of waiting for the next business day.
  • Instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time delivery of funds.

One of the themes at FinovateFall earlier this month was how organizations can leverage real time data. When it comes to the movement of money, timing is everything. So it’s no surprise to see Visa’s announcement this week that it will expand its integration with Square’s instant transfer feature into Canada.

Under the new integration, Square’s Canadian merchant clients can now access their funds faster than the next business day. When they link an eligible debit card, Square’s Canada-based merchant clients can transfer funds instantly to an external bank account.

Used for rapid merchant settlement, Square’s instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time funds delivery directly to bank accounts. As a result, businesses experience increased cash flow, which can be a major pain point, especially for small businesses.

“Cash flow management and more immediate access to funds is critical for small businesses to survive and thrive in a rapidly evolving payments ecosystem,” said Visa Canada’s VP and Head of New Payments Jim Filice. “Together with Square, we’re committed to supporting Canadian small businesses and helping to identify solutions that can benefit them by delivering fast, reliable and secure access to funds.”


Photo by Laura Tancredi

Which Fintech Trend Should We Be Paying Attention To?

Which Fintech Trend Should We Be Paying Attention To?

Fintech is a broad industry, and with the breadth of its sub-sectors comes a large range of trends that change year after year. But with all of the new, hot trends to follow, it’s impossible for banks and fintechs to focus on everything at once.

That’s why our team set out at FinovateFall earlier this month to ask people from across the industry what trend we should be paying attention to. We received a large range of answers, but here were the top picks:

  • Fraud mitigation and security
  • Business intelligence
  • Money movement and payments
  • Consumer-permissioned data
  • Processing data using AI
  • Financial inclusion
  • Embedded payments and embedded banking
  • Detailed transparency in machine learning solutions
  • Customer obsession and customer experience

Check out the full video below, which includes explanations and reasonings behind each of these trends:

We have several people to thank for answering this very broad question, including Gregory Wright, Executive Vice President and Chief Product Officer at Experian; Derek Corcoran, SVP Financial Services Strategy at Woodridge Software; Estela Nagahashi, EVP and Chief Operating Officer at University Credit Union; Bill Harris, CEO of Nirvana Money; Craig McLaughlin, CEO of Finalytics; Rikard Bandebo, Executive Vice President and Chief Product Officer at VantageScore; Kathleen Pierce-Gilmore, Head of Global Payments at Silicon Valley Bank; Lora Kornhauser, Co-founder and CEO at Stratyfy; Vivek Bedi, Author of You, the Product; Steven Ramirez, CEO of Beyond the Arc; and Chad Rodgers, Executive Vice President and Chief Operating Officer of Connexus Credit Union.


Photo by Andrea Piacquadio

Ethoca and ChargebackZero Team Up to Help Merchants Minimize Chargebacks

Ethoca and ChargebackZero Team Up to Help Merchants Minimize Chargebacks
  • Ethoca announced a partnership with India’s ChargebackZero to help merchants eliminate chargebacks.
  • The collaboration will integrate Ethoca’s chargeback alert technology into ChargebackZero’s Intelligent Dispute Prevention & Management Solution (iDPMS).
  • Ethoca made its Finovate debut in 2015 at FinovateFall. The company was acquired by Mastercard in 2019 for an undisclosed sum.

Ecommerce fraud and chargeback prevention company Ethoca has teamed up with India-based ChargebackZero to help merchants minimize chargebacks. The partnership will also bring greater transparency to consumer transactions, and make it easier for merchants to share the details of confirmed fraud and dispute incidents.

The collaboration will enable merchants to rely on a chargeback alert system that notifies them in the event of an impending chargeback. Notifications are made via the ChargebackZero dashboard, which combines a variety of alert types from card issuers with ChargebackZero’s dispute management tools. The alerts allow merchants to identify and revolve customer disputes with the customer’s issuing bank in near-real time. By preventing chargebacks, including chargebacks that occur post-authorization, the partnership will make it easier for merchants to accept more orders without increasing their exposure to potentially fraudulent activity.

Ethoca offers a suite of solutions to help merchants and issuers eliminate chargebacks, reduce card not present (CNP) fraud, recover lost revenue, and improve the customer experience with a better dispute resolution process. Ethoca’s Consumer Clarity solution connects issuers to merchant order and account history details in real time. This gives issuer call center agents with the data they need to manage real-time conversations with cardholders when disputes arise. Ethoca also offers its Ethoca Alerts technology, which provides issuers and card-not-present merchants with access to a global collaboration network that enables them to share fraud and customer dispute data in real time, rather than in weeks as is normally the case with chargebacks.

Headquartered in Toronto, Ontario, Canada, Ethoca made its Finovate debut at FinovateFall in 2015. In the years since then, the company has inked partnerships with fellow Finovate alum TSYS, as well as Pegasystems, BlueSnap, and Cartes Bancaires. Ethoca agreed to be acquired by Mastercard in the spring of 2019 for an undisclosed sum. Calling Mastercard “a natural home,” Ethoca CEO Andre Edelbrock said the acquisition would “bring our services to more places and more people, ultimately contributing to the beset possible online payment experience.”

Ethoca serves more than 5,400 merchants in 40+ countries and more than 4,000 card issuers in more than 20+ countries. Eight of the top ten North American ecommerce brands, 14 of the top 20 North American card issuers, and six of the top ten U.K. card issuers use Ethoca’s technology to eliminate chargebacks, prevent fraud, and recover lost revenue.


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A Look Back at the Biggest and Best FinovateFall Yet!

A Look Back at the Biggest and Best FinovateFall Yet!

60+ innovative demos. 100+ expert speakers. 1700+ influential attendees. The connections and ideas you need were at FinovateFall this year. Were you there?

Get a taste of the action below, and catch up on some of the unique insights from the experts who took to the stage!


Bill Harris, CEO at Nirvana Money, joins David Penn, Finovate Research Analyst, to discuss the vision and ambition behind starting Nirvana Money, what advice he’d give to new fintech founders, and why he predicts the demise of crypto.


Gregory Wright, Executive Vice President and Chief Product Officer at Experian, talked with Julie Muhn, Finovate Senior Research Analyst, to discuss the three principles for amplifying your innovation success: innovation with purpose, which helps drive impact for your consumers and their communities; innovation through scale, to get to “yes” faster and more often; and innovation with analytics, bringing together datasets in real time that we’ve never had before.


Julie Muhn, Finovate Senior Research Analyst, sat down with Ann Kuelzow, Global Head of Financial Services at InterSystems, to explore how businesses can get an accurate and (importantly) a real-time view of their data to guide their decisions, and why data fabrics are the future of data management.


David Penn, Finovate Research Analyst, was joined by Bernadette Ksepka, Assistant Vice President & Deputy Head of Product Development, FedNowSM Service at Federal Reserve System, to discuss the U.S. payments landscape, and how the upcoming FedNow service will modernize current payments infrastructure and pave the way for big changes and innovations.

Finovate Global Egypt: Our Conversation with Cartona CEO and Co-Founder Mahmoud Talaat

Finovate Global Egypt: Our Conversation with Cartona CEO and Co-Founder Mahmoud Talaat

This week, Finovate Global takes a look at fintech developments in Egypt, specifically the story of Cartona.

The company, just over two years old, is a B2B e-commerce marketplace that helps connect retailers with a curated network of suppliers and wholesalers. Cartona secured $12 million in Series A funding this summer, taking its total capital raised to $16.5 million according to Crunchbase.

Our conversation with co-founder and CEO Mahmoud Talaat includes discussion of the company’s role in the Egyptian financial services landscape, the current state of fintech in the country, and his plans for Cartona in the months to come.

Tell us about the founding of Cartona.

Mahmoud Talaat: Founded in August 2020 by Mahmoud Abdel-Fattah, Rafik Zaher and myself, Cartona is a B2B e-commerce marketplace. Cartona offers an asset-light marketplace that enables retailers to order their store needs digitally from a curated network of sellers.

Cartona began with a focus on solving the supply-chain and operational challenges for the fast-moving consumer goods industry (FMCG) by digitizing the traditional, predominantly offline, trade market.

Prior to Cartona, I was a former top executive at leading dairy company Lamar and experienced first-hand the need to make Egypt’s largely offline trade market more efficient. Cartona can greatly improve productivity and reduce waste in time and resources through the impact of its wide-ranging simplified processes.

What in your background gave you the confidence to launch Cartona?

Talaat: Cartona is my third entrepreneurial endeavor. My first job was at Lamar in 2012, back when it was still a startup and the products had not yet been launched. As CCO, I ensured that the new products were fully distributed in the market; handled the operations for many warehouses and created an indirect distribution network.

I then founded Speakol, a native advertising platform that connects publishers with advertisers, back in 2017 whilst still working at Lamar.  Speakol currently operates in Egypt, Saudi Arabia, and the UAE, and is a leading native advertising platform, generating around two billion paid views each month.

What role does the company play in Egypt’s financial services industry?

Talaat: Cartona embraces the vision of a cashless society, investing in embedded finance and payments. We offer pay after four days or pay in four equal installments every 7-10 days. We have made sure our product is easy to use and seamlessly integrated into the ‘check-out’ section for ordering, with collection being all digital or through our supplier network. Providing retailers with this technology-integrated financial solution not only boosts financial inclusion but also enables them to grow their business and provide customers with essential products at affordable prices. To supplement our core ordering business, embedded finance is what we believe is a key challenge and we see a clear need for it by retailers in the industry.

Your mission is to digitize Egypt’s traditional trade market. What does this market consist of? How does it operate now? Cash? Cards?

Talaat: Egypt’s trade market is mostly offline, regardless of whether retailers pay distributors through cash or cards. Our aim is to change this by propelling the largely offline trade market into the mainstream digital sphere, thereby streamlining operations for thousands of retailers.

What are the biggest challenges when it comes to digitizing Egypt’s traditional trade market?

Talaat: The execution of any business strategy – especially when it involves modernizing a traditional structure – inevitably comes with day-to-day hurdles as new infrastructure is put in place. But these hurdles are very surmountable and are as much an opportunity as a challenge.

One of the biggest challenges is our own impatience! But we are reassured to see the culture changing and recognizing how digitalization and supply chain innovation can have a tremendous impact in increasing efficiency. This is proven by our rapid scaling in a short period of time. We now work with 200 FMCG companies and have 60,000 users.

Your company recently secured $12 million in Series A funding. What does this accomplishment mean and what will the investment empower?

Talaat: The $12 million we recently raised in Series A funding will enable us to continue to build a strong, digitally connected network of retailers which is currently in the tens of thousands. The proceeds will further aid our nationwide expansion beyond the nine governorates in Egypt where we currently operate and help us grow our team and explore new verticals – expanding beyond our current FMCG-heavy product base.

Cartona prides itself in being “asset-light” and “capital-efficient.” What does this mean and why is it important?

Talaat: As an asset-light business built on enhancing agility, we do not own a single asset or vehicle we distribute. We are also capital efficient in the sense we balance spending on growth with having a clear path to profitability. We optimize capital to achieve this, and the consequent demonstrable, solid unit economics sets us apart. We are thus focusing on the basics – cost price + profit margin = selling point.

What is something about fintech in Egypt that outsiders may be surprised to learn?

Talaat: The fintech sector in Egypt specifically, is highly promising and has witnessed unprecedented growth in the last few years, being one of the MENA’s fastest growing sectors. The exciting aspect is that we’re still scratching the surface with fintech in the region. It still has great potential and can revolutionize some well-established industries that are still untouched.

What can we expect from Cartona in the months to come?

Talaat: The coming period will be a time to focus on internal and external growth. As already mentioned, we are focused on bringing our revolutionary role of digitizing the trade market to millions more people.

To date, we have grown our team to over 500 people, we are also prioritizing hiring more talent to help us reach our ultimate vision – empowering all stakeholders of Egypt’s traditional trade market.


Photo by Tamer Soliman

How to Move from a Product Focus to a Customer Focus: a Conversation with Vivek Bedi

At FinovateFall earlier this month, I sat down with author Vivek Bedi who delivered a keynote presentation later that week, to gain some insights on the customer experience. Specifically, Bedi discussed how organizations can shift from a product focus to a customer focus.

See his answer below and watch the video in its entirety for more on how business leaders can make smart decisions and how the financial services industry can keep up with a continuously changing world.

We always talk about it, right? How do we actually do it? Being in product for 20 years, I’ve realized, “geez, the customer is so important.” And there are a few things I’m going to talk about tomorrow.

The first is how do we become customer obsessed? I know we say that term a lot, but how do we actually make that happen in practicality…. Nine out of ten times, we’re not even using our own product day in and day out. Somebody else is. So how do we become in their shoes? So it’s really important– when I say customer obsession– is how do we really become the customer; feel their challenges, feel their pains, and feel their struggle.

The second area [I’m going to focus on] is that all customers’ feedback matters. It is so easy for us to gravitate towards “the good.” The customers that are our cheerleaders saying that we’re doing a great job. What about the naysayers? I actually found myself obsessing over time on folks that don’t like my product. Why don’t they like it? Are they just grumpy, or is there something there that I’m missing? The point is really obsessing about all different parts of the product lifecycle.

To watch more video interviews from FinovateFall, check out FinovateTV on YouTube. And whether you were at the event in person or not, check out the highlights below: