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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
The funding round featured the participation of U.K. pension fund giant Railpen. This week’s funding brings TransferMate’s total capital raised to $130 million and gives the company a valuation of more than $1 billion.
“By combining our technology and our global license network, we empower software providers, banks, and fintechs to deliver payments dramatically faster and cheaper than the traditional SWIFT system,” TransferMate co-founder and Executive Chairman Terry Clune said. “We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”
A global B2B payments infrastructure-as-a-service company, TransferMate specializes in streamlining, digitizing, and automating the manual operations required in order to facilitate the payments process. Used by banks, software companies, and fintechs alike, TransferMate’s embedded payments technology enables businesses to grow globally and pay locally. The company’s world-class compliance program, powered by a sizable portfolio of payment licences, features embedded security tools to defend against fraud and money laundering, and provides predictive risk assessments and real-time response solutions.
“Our commitment to deliver real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payment infrastructure of choice for the world’s leading procure-to-pay and spend management platforms,” TransferMate CEO and co-founder Sinead Fitzmaurice said. “This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitize their B2B payments within the core software that they use to conduct their day-to-day activities.”
Founded in 2010 and headquartered in Kilkenny, Ireland TransferMate is a subsidiary of Clune Technology Group. Last fall, the company announced a partnership with ComplyAdvantage, a specialist in customer onboarding and transaction screening and monitoring.
Banking technology provider Temenos is launching ESG Investing-as-a-service.
The tool will help banks and wealth managers offer a digital experience that allows end customers to build an investment portfolio that reflects their values.
The move comes amid a time of major growth for ESG investing, which is expected to exceed $53 trillion by 2025.
ESG investing has been on the rise for the past couple of years. According to Bloomberg, money held in sustainable mutual funds and ESG-focused ETFs rose by 53% in 2021 to reach $2.7 trillion and ESG assets are on track to exceed $53 trillion by 2025. Banking software provider Temenos has taken note of this and is launching a new tool to help banks and wealth managers compete in the new environment.
Temenos’ ESG Investing-as-a-service, which can be run in the cloud or on-premise, combines Temenos’ market data management and digital capabilities such as filtering, scoring, and modeling techniques with external data feeds. The company generates easy-to-understand ratings to evaluate hundreds of ESG factors such as carbon footprint, water usage, diversity and gender equality, and executive compensation.
“At Temenos, our purpose is to power a world of banking that creates opportunities for everyone,” said Temenos Product Director of Wealth Alexandre Duret. “With the new ESG Investing service, we will help private banks and wealth managers to become compliant, and their customers invest with a purpose. Available as a service on our open platform for composable banking, it provides a fast track for our banking clients to launch innovative ESG investment products underpinned by robust, compliant processes, including new MiFID rules applicable in the EU from August 2022.”
Banks and wealth managers can leverage the tool to create ESG compliant products, with a lower cost of development. Ultimately, they can offer a digital experience that allows end customers to choose investments that they feel good about and build a portfolio that reflects their values.
Temenos serves 3,000+ banking and financial institutions worldwide representing 1.2 billion end customers. The Switzerland-based company has embedded sustainability practices into its own operations with ESG governance, reporting, and measurable targets. The Carbon Disclosure Project awarded Temenos an A- rating along with platinum recognition.
What a week it was in San Francisco, as FinovateSpring landed back in the tech capital of America!
And as much as this show felt familiar, being back in the same city again didn’t mean that we’re returned to 2019.
We come back to find a very different fintech ecosystem. There are surface-level similarities between where financial services is now and where it was in 2019, but the last few years have brought about dramatic changes all over the world. And more changes and challenges are coming. There are so many factors affecting everyday consumers and their finances that it’s hard to keep up with them all, but the short version is that consumers need help, and it’s up to us as an industry to provide the tools and technologies that people need to secure their financial futures.
The good news is that creativity in fintech abounds, and so do new ideas. Our attendees saw both on display over the three days, as innovative demoers and industry experts took to the stage to share their insights and vision for the future of fintech. And now it’s your chance to get a piece of the action, wherever you are in the world.
Auto loan refinance company Caribou received $115 million in Series C funding last week.
The company now boasts $190 million in total funding and touts a $1.1 billion valuation.
Caribou will use the funds to further invest in its platform, create new products, and expand its team.
Auto loan refinance company Caribouclosed on $115 million in an oversubscribed Series C funding round late last week. The investment brings the Washington, D.C.-based company’s total raised up to $190 million and boosts it into the fintech unicorn club with a valuation of $1.1 billion.
Goldman Sachs led the round, which drew contributions from new investors Innovius Capital and Harmonic. Existing investors, including Accomplice, CMFG Ventures, Curql Fund, Firebolt Ventures, Gaingels, Moderne Ventures, Motley Fool Ventures, and others also contributed.
Caribou will use today’s funding to further invest in its platform, create new products, and expand its team.
Formerly known as MotoRefi, Caribou was founded in 2016. The company helps its customers save an average of over $100 per month on their car payments by partnering with lenders and facilitating refinances. Caribou partnered with SoFi in April of last year to white-label its auto refinancing technology for SoFi’s 3.8 million customers. The company also offers a digital insurance marketplace that lets users browse quotes from a range of auto insurance providers.
“With the costs of car ownership soaring, and macroeconomic headwinds negatively impacting people’s finances, we believe that it’s more important than ever to help people save money,” said Innovius Capital CEO Justin Moore. “Caribou has established itself as the go-to platform to refinance their auto loan and we are excited for all that is to come.”
Over the past four years, Caribou has refinanced more than $1.5 billion in loans and scaled its workforce from 40 employees to 500. Kevin Bennett is CEO.
For the first time since 2019, FinovateSpring was held before a live audience of more than 1,000 fintech professionals, analysts, entrepreneurs, and observers. The energy at the San Francisco Hilton in Union Square was palpable. Attendees arrived early and stayed late – even on a sunny Friday afternoon with the delights of the City by the Bay beckoning.
With the event concluded, what did we see, what did we learn, and what do we know now about the state of fintech that we did not know a week ago? Here are a few thoughts on where we are as an industry and where we might be going.
Embeddable You (Me and Everything Else)
If there was one theme that dominated an event as diverse in ideas as FinovateSpring it was: “embeddedness”. Companies are looking to leverage embedded finance to make banking and investing more streamlined and accessible. Futurists are predicting the rise of smart technologies – including intelligent toilets (!) – that would use embedded technology to help users better manage their physical wellness. The ability to bring both intelligence and connectedness to an ever-growing range of products and services is a trend that looks likely to dominate both technology in general and fintech in specific for years to come.
As more than one main stage presenter noted, the embedded finance revolution brings new heat to a handful of fintech trends that arguably were in danger of cooling down. On the demo side, FinovateSpring featured companies committed to helping banks and businesses alike maximize the embedded opportunity with solutions that will enable them to pursue new customers, launch new lines of business, and grow revenues in new ways.
Among our presentations were deep dives into who was likely to benefit the most from embracing embedded finance (Daniel Haisley of Apiture’s Embedded Banking – Debunking the Myths), as well as strategies that banks can follow in order to make money from the embedded finance phenomenon rather than be disrupted by it (Sam Kilmer of Cornerstone Advisors’ How Embedded Finance Can Generate Over $100 Billion in Revenue for Banks).
What We Know from Best of Show
Our FinovateSpring attendees awarded Best of Show trophies to six companies at this year’s event. Is there anything in their selections that we can use to learn more about what fintech enthusiasts are enthusiastic about when it comes to the latest in fintech innovation?
Every one of the six companies that won Best of Show honors last week was innovating in a different aspect of fintech. Embedded finance and data management (Array and FinGoal). Financial wellness and alternative financing (Spave and QuickFi). Innovations in employee training, education, and retention (Horizn and Keep Financial Technology). This year’s FinovateSpring Best of Show winners paint a picture of fintech innovation that is, in some ways, a little different from and more diverse than what we tend to see everyday in the fintech headlines.
Who’s right: the fintech “buzz” or the Finovate Best of Show winners? On one hand, continued carnage in the crypto space may help moderate the voices of digital asset partisans and steer their efforts toward more in-demand solutions. After all, as one clever fintech observer noted, no one believes that the president of El Salvador had planned to risk his country’s economy on a cryptocurrency that has behaved like an overvalued tech stock. On the other hand, the top picks from our attendees demonstrate a combination of perennial challenges – safe, affordable financing, data access and cleanliness, improving workplace conditions via training and incentives – as well as novel, innovative responses that have always been the hallmark of fintech in general and of Finovate in specific.
Crypto and the Metaverse: The Dogs That Didn’t Bark
Fintech analyst Glenn Sarvady of 154 Advisors made an insightful observation last week when he noted an absence of demoes looking to leverage the current buzz surrounding the metaverse. There was a keynote address from an actual Metaversean – namely, Deepanjan De, Head of Industry, Financial Services, with Meta (formerly Facebook). De discussed how financial services companies can leverage the “creator renaissance” to future-ready their businesses on the final day of FinovateSpring. But that presentation aside, there was precious little to be said about the metaverse even, as Sarvady pointed out, from companies that looked pretty obviously like they were based on the metaverse.
The relative absence of cryptocurrency-related conversations and live demonstrations was also noteworthy. Certainly recent events in the cryptocurrency world have dampened much of the enthusiasm for digital assets that has characterized the fintech conversation for the past few years. But with the exception of Cion Digital, Coinme, and Polymesh, the demoing companies of FinovateSpring 2022 were more focused on solutions to problems that, in some respects, have been long-standing ones. These include access to credit, access to data, access to wellness and financial self-improvement. If cryptocurrencies – and the metaverse for that matter- are able to respond to these core financial concerns, we yet may see a lasting, more enduring place for these technologies on the agendas of fintechs and financial services companies.
The Palmer Report: “Worry Cripples Activity”
Finovate VP (and host of the Finovate Podcast) Greg Palmer set the tone on the very first day of FinovateSpring with an inspiring address on worrying. Mindful of the difficult times we have been going through in recent years – from political polarization and the pandemic to the war in Ukraine and economic uncertainty around the globe – Palmer also urged us to be mindful of the dangers of living life in what amounts to a defensive crouch.
“The innovators and thought leaders you’re about to hear from aren’t worrying,” Palmer announced from the stage on the morning of Day One of FinovateSpring. “Well, they’re not just worrying. They’re building. They’re looking forward. They’re focused on what’s possible now that wasn’t possible before. And we all need to join them.”
Financial enablement platform Array announced a partnership with Jack Henry Associates to embed its credit management and identity protection solutions into Jack Henry’s Banno Digital Platform.
Among the institutions to adopt the technology is Washington-based Timberland Bank.
Array is a two-time Finovate Best of Show winner, earning its most recent award at FinovateSpring 2022 last week.
Array, a financial enablement platform that specializes in embeddable solutions for financial institutions, announced a partnership with fellow Finovate alum Jack Henry. The partnership will integrate Array’s credit management services, identity protection tools, and offer engine into Jack Henry’s Banno Digital Platform. The combination of technologies will give customers personalized credit and financial insights via their preferred financial institution partners.
“The financial services ecosystem exists to enable consumers to improve their financial health,” Array Director of Strategic Partnerships Jacob Bouer said. “This movement is both necessary and urgent. If financial institutions do not offer credit monitoring and identity protection products, consumers will find them elsewhere.”
By leveraging the Banno Digital Toolkit, Array has been able to help financial institutions better serve their customers and members by enabling them to securely access and monitor their credit directly from their bank or credit union. Not only does the integration give better service to customers, it also helps banks boost digital engagement, grow revenues, and expand opportunities for both new lending and credit. Among the institutions to take early advantage of Array’s technology is Timberland Bank, headquartered in Washington. The bank’s EVP and COO, Jonathan Fischer, praised the partnership for providing “the tools necessary to engage and educate customers on their credit health, which strengthens relationships and ultimately improves our community’s well-being.”
Among the solutions available to bank customers via the collaboration are customized credit score simulators, score factors, debt analysis, alerts, and more. The technology helps educate bank customers by giving them greater awareness of their credit information and history, and enables them to make better decisions on how to improve their financial lives.
Founded in 2019 and headquartered in New York, Array demoed its technology last week at FinovateSpring in San Francisco. At the conference, the company earned its second Best of Show award for its platform that democratizes data accessibility while simultaneously protecting privacy and ensuring consent. Martin Toha is founder and CEO.
Blockchain-driven financial platform BlockFi has partnered with purchase-based intelligence firm Cardlytics to launch BlockFi Offers.
The new rewards program will enable BlockFi cardholders to earn up to 10% crypto back on select purchases.
BlockFi Offers rewards can be accrued on top of BlockFi’s existing 1.5% crypto back on all purchases.
Earning crypto is about to get easier for users of BlockFi, a blockchain-driven financial platform. That’s because the New Jersey-based company is partnering with purchase-based intelligence firm Cardlytics to launch a new rewards program called BlockFi Offers.
The BlockFi Offers rewards program will allow BlockFi’s Rewards Visa cardholders to earn up to 10% crypto back when they use their card to make purchases at select brands and restaurants. Participating retailers include Shake Shack, H&M, Finish Line, Costco, Meta Quest, Jared, and more.
“Partnering with BlockFI to bridge the gap between crypto and traditional financial institutions to deliver a flexible solution for their customers to shop, pay and be rewarded is very exciting,” said Cardlytics FI EVP Farrell Hudzik. “As blockchain and digital currencies become more accepted, it is imperative that we facilitate universal redemption opportunities.”
The crypto rewards launching today can be earned on top of BlockFi’s 1.5% crypto back on every purchase. Cardlytics automatically adds the offers to each cardholder’s BlockFi account at the end of every month.
Founded in 2017, BlockFi seeks to bridge the gap between cryptocurrencies and traditional financial and wealth management products. Since launching its Rewards Visa credit card, BlockFi has added more than 85,000 cardholders and distributed more than $26 million in crypto rewards to those users.
BlockFi Offers will be available to all BlockFi Rewards cardholders before the end of this month.
Cardlytics, which has been facilitating rewards and offers since launching in 2008, also helps marketers gain insight into consumer behavior by analyzing where and when consumers spend their money. The company went public on the NASDAQ under the ticker CDLX in 2018 and has a current market capitalization of $986 million.
Unit received $100 million in Series C funding this week.
The funding boosts the company’s total investment to $170 million and brings its valuation to $1.2 billion.
The company, which will unveil its business credit card in the next few months, will use the investment to accelerate its product development and expand into credit offerings.
Banking-as-a-Service company Unit has reached unicorn status this week after a $100 million Series C round. The investment brings the California-based company’s valuation to $1.2 billion and boosts its total funding to $170 million.
Insight Partners led today’s round and existing investors Accel, Better Tomorrow Ventures, and Flourish Ventures also contributed, along with new investors Moving Capital and Stepstone.
“Unit has established itself as the leader in the banking-as-a-service space, backed by the overwhelming positive customer feedback and traction they have shown over the last year,” said Insight Partners Co-Founder and Managing Director Jeff Horing. “The company has been able to onboard high-growth tech companies of all sizes, from startups to publicly listed enterprises, with their superior technology, speed, and reliability. We are bullish on the future of embedded finance and see Unit as the platform of choice for companies big and small.”
Unit was founded in 2019 to help companies build banking products such as bank accounts, cards, payment products, and lending tools into their existing offering. The company will use today’s funding to accelerate product development and expand into credit offerings. Unit will launch its first business credit card product in the next few months and aims to add more credit products in the future.
“Credit is the clear next step of growth and we believe it will be the most important wave in financial services in the coming years,” said Unit CEO and Co-Founder Itai Damti. “With this new round of funding, Unit will be able to empower the companies best suited to offer credit with the technology and infrastructure to make that a reality.”
Unit has experienced impressive growth over the past year, riding the banking-as-a-service wave that has been sweeping fintech. The company added more than 140 customers over the past year and, over the last six months, Unit’s transaction value has grown 7x to $2.6 billion. Among the company’s clients are AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.
The votes have been cast and counted! Meet the winners of Best of Show for FinovateSpring 2022:
Array for its financial enablement platform, specializing in embeddable tools and white label solutions, used by leading financial institutions. Demo.
FinGoal for its insights platform that cleans, enriches, and analyzes personal financial data to better understand users and provide actionable insights. Demo.
Horizn for its platform that helps banks globally accelerate digital banking knowledge, fluency, and adoption with both customers and employees. Demo.
Keep Financial Technology for its innovation that solves the hiring and retention challenges of companies by introducing a new form of employee compensation called Cash Vesting Plans. Demo.
QuickFi for its 100% digital, self-service, mobile equipment financing platform that enables business equipment financing in minutes. Demo.
Spave for its all-in-one financial wholeness app that allows users to effortlessly save and give as they spend. Demo.
Our thanks to all of our demoing companies, our sponsors, our partners, and – of course – our attendees – for continuing to make FinovateSpring such a success. Thank you for being a part of our annual spring fintech conference. We’ll see you again next year!
Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2022 conferences are below:
Core banking expert Thought Machine raised $160 million in Series D funding.
The investment was led by Temasek and saw participation from Intesa Sanpaolo, Morgan Stanley, Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.
Thought Machine’s valuation now totals $2.7 million, double the valuation it held last fall.
Core banking innovator Thought Machinelanded $160 million in a Series D funding round which values the company at $2.7 billion. This number is two times than the valuation the company received at the close of its Series C round in November of last year.
Today’s investment was led by Temasek and saw participation from Intesa Sanpaolo and Morgan Stanley, as well as existing investors Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. As part of today’s agreement, Lloyds Banking Group has extended its license agreement with Thought Machine until 2029.
“This new round of funding bringing Temasek, Morgan Stanley, and Intesa Sanpaolo into the business is our statement of intent: we intend to become the leader in core banking technology, and are being deployed by the biggest, most successful banks around the world,” said Thought Machine Founder and CEO Paul Taylor.
Thought Machine already operates in New York, Singapore, and Australia, and will soon be available in Latin America. The company will use the funding to fuel further global expansion into the Asia Pacific region, as well. Specifically, Thought Machine is scoping out Vietnam, Thailand, Indonesia, and the Philippines.
The company will also use a portion of today’s investment to expand on the capabilities of its existing core banking offering and explore new product lines. “We will use this new capital to accelerate our expansion plans, serve more clients around the world, and continuously refine the capabilities of our core banking platform and other products,” explained Taylor.
With 500 employees and $563 million in funding, U.K.-based Thought Machine has been working to transform the core banking space since 2014. Among the company’s clients are Lloyds Banking Group, Standard Chartered, Atom bank, Monese, SEB, and JP Morgan Chase.
Challenger bank Greenlight launched a credit card, the Family Cash Card.
The card offers up to 3% cash back and allows users to automatically invest the rewards into a mutual funds or ETFs.
This is Greenlight’s first credit card and first product marketed to parents.
Family-focused fintech Greenlightrevealed plans this week to launch a credit card called the Family Cash Card. This is the Georgia-based company’s first credit card as well as its first card marketed at parents.
Launching in partnership with Mastercard and issued by First National Bank of Omaha, the credit card offers up to 3% cash back when users spend more than $4,000 per month. While parents can opt to have the rewards deposited into their bank account, they can also automatically invest their rewards into a set of recommended mutual funds and ETFs. If they want more options, users can invest the rewards via the Greenlight app.
“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” said Greenlight Co-founder and CEO Tim Sheehan. “At Greenlight, we’re focused on helping families build healthy financial futures. With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education.”
Sheehan told TechCrunch that, while Greenlight liked the idea of the rewards accruing into a 529 plan that would help parents pay for their childrens’ education, the company decided that more users would appreciate traditional investment vehicles. “We looked at the 529, and we just decided, after talking to really a lot of parents, that they basically valued flexibility over the small tax benefit of the 529. Essentially, they said, I would rather have the flexibility and not be penalized to use the money for anything my family needs,” said Sheehan.
Founded in 2014, Greenlight offers a money management platform for families that helps five million parents and kids gain skills to manage their earnings, savings, spending, giving, and learn to invest via a debit card, companion app, and educational resources. Last April, the company raised $260 million in a round that valued the company at $2.3 billion.
If you measure the beginning of fintech as 1886, the industry has had a very long time to get things right. Even if you consider 2007 as the birth of fintech, we have still had 15 years to deliver on the promises of improving and automating banking and finance.
In a panel at FinovateEurope titled, “Power Panel: What Do We All Need To Go Away & Think About?” the Financial Data and Technology Association’s Head of Europe Ghela Boskovich (pictured on the right in the photo below) declared that fintech has failed, citing the millions of underbanked citizens across the globe.
There are, of course, two sides to the coin. Below, we take a look at how fintech has failed, along with the wins the industry has accomplished over the years.
Fail
Underbanked populations are still left in the dark There have been hundreds of solutions created specifically to help underbanked populations. Some are very specific, like the ones that help people build up their credit score by reporting on-time rent payments. Others, such as niche challenger banks, offer a host of tools under one solution. Despite these efforts, 22% of American adults are either unbanked or underbanked. The industry is either not creating effective solutions or not reaching the right people.
Integrations are broken Even though many U.S. consumers do not know what the term “open finance” means, they are well aware of its implications. With very few exceptions, banks and fintechs don’t share customer data effectively. Users either need to manually input their financial data or they are continuously asked to re-authenticate to make data aggregation possible.
Open banking regulation is non-existent in the U.S. While Europe has been enjoying the benefits of open banking since its mandates went into effect in September 2018, the U.S. is still behind. However, President Joe Biden signed the Executive Order on Promoting Competition in the American Economy last July. The order urges the CFPB to implement rules supporting open banking.
Fraud is rampant Consumers have been struggling to safeguard not only their digital identity but also their personally identifiable information and payment credentials since before the dawn of the internet. Fraud incidents have increased dramatically in the past few years, further proving that the industry has a lot to do to stay ahead in this subsector.
Digital identity is flawed Having users prove they are who they say they are has always been a headache in the fintech industry. Keeping track of login credentials has consistently irked users, and fraudulent account takeovers has proven that a username and a password aren’t enough. While many biometric authentication methods would have seemed futuristic to us two decades ago, many still cause too much friction in the user experience and aren’t enough to keep bad actors away.
Real-time is still a dream While the blockchain has helped bring some transactions, authentications, and approvals into near-real time, the concept of instant banking activity is still far from reality. Consumers are still waiting three days for bank payments to clear. The U.S. Federal Reserve’s FedNow service has been working on a fix for this for years and is now piloting the solution. However, the target launch date isn’t until 2023.
It’s easy to identify these shortcomings, especially when there’s so much promising innovation to look forward to. However, let’s take a look at some of the ways the fintech industry has fulfilled its promises to make users’ financial lives easier, simplified, and more informed.
Win
Helped underbanked populations Though the number of unbanked consumers is still shockingly high, fintech has done a lot to help populations with no access to a bank account. The war on payday lending may be one of the brightest examples of this. Fintech has not only helped to highlight the hazards of payday lenders, the industry also has created tools such as earned wage access to help employees smooth out their cashflow and meet their financial obligations on time.
Supported digital-first customers The fintech industry has come a long way since the implementation of SMS banking in 2007. Even though it was such as simple innovation, only a handful of banks offered banking via text. Compare this to where the industry is today. Even the smallest financial institutions offer rich digital banking tools that can pack an entire bank branch’s worth of activity into a client’s smartphone.
Made banking available any time (even if transactions still don’t clear after hours) By supporting digital-first and digital-only customers, the fintech industry has also helped consumers who prefer to bank in-branch. That’s because users can still accomplish many banking activities, such as a loan application, even after branches have closed.
Provided plenty of employment opportunities for all of the recovering bankers out there This one is self-explanatory. How many times have you heard someone in the fintech space describe themselves as a “recovering banker”?
