Argentina’s Veritran Earns $225 Million Valuation, Joins Finovate’s Largest Latin American Cohort To Date

Argentina’s Veritran Earns $225 Million Valuation, Joins Finovate’s Largest Latin American Cohort To Date

Low-code fintech platform provider Veritran has secured a strategic growth investment from Trivest Partners, a private equity fund based in Miami, Florida. The specific amount of the investment was not disclosed, but the company did report that funding gives the Buenos Aires, Argentina-based firm a valuation of $225 million.

“Today marks a major milestone for Veritran’s team, as we embark upon a new chapter of becoming the next fintech unicorn,” Veritran CEO and co-founder Marcelo Gonzalez said, “while continuing to democratize access to the digital economy.” Gonzalez highlighted Trivest Partners’ successful track record of working with “founder-owned businesses” and said the collaboration would help Veritran expand “into new geographies and reach new customers.”

Founded in 2005 and maintaining offices in the U.S., Spain, Mexico, Colombia, Uruguay, Chile, Peru, and Guatemala, Veritran offers a low-code platform that helps companies integrate new, enabling technologies into their legacy systems. Companies looking to enhance customer engagement via digital channels ranging from mobile banking and digital wallets seek out Veritran’s technology to future-proof their retail and corporate banking operations, as well as digital payments and onboarding processes.

With 50 bank clients and 25 million users, Veritran processes 25 billion transactions a year on its platform. In August, the company announced that it had partnered with Visa to promote push payments, tokenization, and Click to Pay projects in Latin America and the Caribbean. The previous month, Veritran teamed up with behavioral biometric-based online fraud detection platform Revelock to help banks reduce fraud losses and call center costs. The partnership with Revelock – a Feedzai company – followed Veritran’s collaboration with another biometric technology company, FaceTec, which brought its facial recognition technology to the Buenos Aires-based firm’s low code platform.

Veritran’s funding announcement comes less than a month before it makes its return to the Finovate stage at FinovateFall in New York. The company will join what may be the largest contingent of Latin America-based fintechs ever assembled at a Finovate event (see below).

FinovateFall 2021 takes place at the Marriott Marquis Times Square in New York City, September 13 through 15. For more information, including how to attend our autumn fintech conference live or on-demand, visit our FinovateFall hub today.


Here is our look at fintech innovation around the world.

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean


Photo by Florencia Potter from Pexels

Walgreens Launches Scarlet to Promote Financial Wellness for Customers and Patients

Walgreens Launches Scarlet to Promote Financial Wellness for Customers and Patients

The company that strives to be America’s most-loved pharmacy is the latest retailer to get deeper into the banking business. Courtesy of a partnership with InComm Payments, Walgreens announced today that its bank account and debit card product, Scarlet, is now live. The new card is powered by Mastercard, issued by MetaBank, and available exclusively at more than 9,000 Walgreens locations in the U.S., as well as online and on the Walgreens mobile app.

In addition to credit and debit solutions, Scarlet offers Walgreen Cash rewards, and personal financial planning and payment tools ranging from early direct deposit and billpay to mobile check capture and money transfer to other Scarlet accountholders. Maria Smith, VP of Payments & Financial Services at Walgreens, put the new offering in the context of other financial services initiatives from the company, including the Walgreens mobile wallet, remittances, ATMs, third party banking services, and the company’s “recently launched myWalgreens Credit Card.”

“With a focus on our customers’ health and wellbeing,” Smith said in a statement “Walgreens is pleased to expand our financial services offerings with Scarlet, and further expand the broad spectrum of financial solutions that are accessible to the customers, patients, and communities we serve.”

The latest evolution in the 12-year partnership between Walgreens and InComm was announced back in the spring, and was heralded as part of the drugstore chain’s “alternative profit strategy” and a “broader initiative” to offer a wider range of services to its customers. The collaboration between the two companies, the latter a Finovate alum since 2011, also supported the relaunch of Walgreens’ branded gift card program, including boosting distribution of Walgreens’ gift card offering – physical and digital – across B2B, loyalty, rewards, and e-commerce channels.

“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities,” InComm Payments President Stefan Happ said earlier this year when the collaboration was announced. “This new product offering will establish Walgreens as a destination for financial services, building on Walgreens’ legacy as a one-stop shop for pharmacy and convenience.”


Photo by Ben Cheung from Pexels

FinovateFall 2021 Sneak Peek: Fundica

FinovateFall 2021 Sneak Peek: Fundica

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Fundica’s award-winning, AI-powered, funding search engine helps financial institutions elevate their small business advisory services and acquire valuable insights on their prospects and clients.

Features

  • Retain and engage customers with a licensed funding search engine
  • Generate a regular flow of new business leads
  • Help your small business customers prosper

Why it’s great
Fundica will make you a better and more complete funding advisor by effortlessly extending your service offering at scale.

Presenter

Mike Lee, CEO and Co-Founder
Lee has held leadership roles in technology organizations, secured over $300 million in government funding, and holds Engineering, MBA and CFA designations.
LinkedIn

FinovateFall 2021 Sneak Peek: Symbiotic

FinovateFall 2021 Sneak Peek: Symbiotic

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Symbiotic‘s Tap on Phone is a technology that allows anyone to accept contactless card payments just with a cellphone.

Features

  • Anyone can accept contactless card payments with just a cellphone
  • Disruptive technology of payments that allows cost effective growth and velocity
  • Only company certified PCI-CPoC in the Americas

Why it’s great
Accept contactless card payments with just a phone.

Presenter

Javier Chacon, CEO and Founder
Chacon is an experienced leader in digital strategy with 28 years in the banking industry. He is an award-winning fintech entrepreneur and innovator, and a technology professional with an MBA with honors from INCAE Business School.
LinkedIn

FinovateFall 2021 Sneak Peek: Zeta

FinovateFall 2021 Sneak Peek: Zeta

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Zeta is a banking tech company that provides modern, cloud-native, fully integrated solutions for FIs. Globally more than six issuers use Zeta to power 10+ million cards.

Features

  • Fully integrated credit solution – mobile app, processing, core, payments, and backoffice
  • 100% API coverage – supports open banking and BaaS
  • Ability to launch programs rapidly in weeks

Why it’s great
Zeta allows FIs to launch feature-rich credit programs rapidly, cost-effectively, and with increased income from these offerings.

Presenter

Bhavin Turakhia, Founder
Turakhia, serial entrepreneur and billionaire, is the founder of Zeta, Nova, and Radix. He has been building successful bootstrapped businesses since 1997.
LinkedIn

FinovateFall 2021 Sneak Peek: Snap Compliance

FinovateFall 2021 Sneak Peek: Snap Compliance

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Snap Compliance is a RegTech SaaS solution provider for holistic compliance and risk management, anti-money laundering monitoring, operational risk management, and international sanctions verifications with adaptable technology.

Features

  • Consolidates 36+ sources for local and international sanctions lists for verification
  • Operationally manages risk and maturity assessments
  • Monitors web news and easy integrations

Why it’s great
A one-stop shop for holistic compliance management, Snap Compliance offers a pay per consumption subscription model that adapts to your risk models with multiple options for integration – or no integration at all.

Presenters

Katherine Morales, Head of Expansion and Product Development
Morales is a developer of organizations and humans, with a Master’s degree in technology innovation. She is passionate about sorting chaos into systemic success, eternally curious, and a serial listener.
LinkedIn

Alex Siles, CEO and Founder
Siles is an anti-money laundering and risk specialist with 15+ year of experience, educated in software development and technology innovation. He’s also a trail and marathon runner at heart.
LinkedIn

FinovateFall 2021 Sneak Peek: ForwardAI

FinovateFall 2021 Sneak Peek: ForwardAI

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

ForwardAI, an accounting and financial data aggregator, is releasing its intelligent banking and accounting validation technology PreciseMatch to aid financial institutions and small business lenders.

Features

  • Cross-validates banking and accounting data (no more garbage in, garbage out)
  • Highlights risky small business borrowers
  • Works automatically through API with no manual effort

Why it’s great
With PreciseMatch, small business lenders can automatically make lending decisions using cash flow insights from validated accounting data, eliminating the need for manual credit decisioning.

Presenter

Nick Chandi, CEO and Co-Founder
Chandi is CEO and Co-Founder of ForwardAI, an accounting and financial data aggregator that offers access and analysis to financial institutions, lenders, and fintechs.
LinkedIn

FinovateFall 2021 Sneak Peek: Dreams

FinovateFall 2021 Sneak Peek: Dreams

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Dreams‘s Engagement Banking Platform is a revolutionary way of engaging banking customers rooted in cognitive and behavioral science. Dreams makes customer experience deeply personal and emotional.

Features

  • Motivate users to save more money than ever
  • Nudge users towards investing their savings into funds
  • Help users to manage their unsecured consumer debt

Why it’s great
Dreams makes customer experience deeply personal and emotional, based on a scientific method developed over eight years in collaboration with leading research institutes including Harvard and UCLA, among others.

Presenter

Elena Vallin, COO
Vallin is Dreams’ COO & CFO with 15+ years in financial services. She has led strategic development within start ups and global companies, and held positions at Klarna and JPMorgan.
LinkedIn

FinovateFall 2021 Sneak Peek: Masterzon

FinovateFall 2021 Sneak Peek: Masterzon

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Masterzon‘s platform contacts sellers with investors of financial services in real time efficiently and transparently. The platform operates 24 hours a day, 7 days a week.

Features

  • Complementary back office as a sub-platform, dedicated exclusively to issues of maintenance, support and liquidation of operations
  • Innovative negotiation mechanism
  • Transparent and efficient technology

Why it’s great
Masterzon is a platform that transforms commercial documents into negotiable securities.

Presenters

Elio Rojas, CEO and Co-Founder
Rojas is an economist with more than 20 years of experience in the Costa Rican stock market sector.
LinkedIn

Jordan Wong, Software Developer
Wong has participated in the design and development of the main Masterzon platforms.
LinkedIn

FinovateFall 2021 Sneak Peek: QuickPenny

FinovateFall 2021 Sneak Peek: QuickPenny

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

QuickPenny is a free bank API that enables interbank peer to peer and merchant payments directly from the user’s bank application or website without having to transfer money through PayPal.

Features

  • Payment happens directly from the user’s bank application
  • QuickPenny securely maps bank account numbers to URL addresses
  • QuickPenny leapfrogs the physical card network

Why it’s great
QuickPenny enables PayPal features like peer to peer and merchant payments for banks. Users pay directly from their bank application or website without having to transfer money through PayPal.

Presenter

Andrew Hendel, CEO and Founder
Hendel worked in finance for 15 years across hedge funds, private equity, and investment banking. He graduated from Stanford University with a MS and BS, Phi Beta Kappa and Tau Beta Pi.
LinkedIn

FinovateFall 2021 Sneak Peek: R3

FinovateFall 2021 Sneak Peek: R3

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

R3 Sandbox for Digital Currencies is a learning and development platform for CBDC experimentation used by global financial institutions and regulatory bodies.

Features

  • Understand digital currency
  • Transact with CBDCs
  • Access wholesale CBDC SDKs

Why it’s great
The Sandbox for Digital Currencies enables central banks, commercial banks, exchanges, payment providers, and more to collaborate in a ‘ready-made payments ecosystem’ to evaluate CBDCs.

Presenters

Austen Appleby, CBDC Product Strategist
Appleby works with central banks, commercial banks, payments service providers, and large corporates in designing and implementing digital currency solutions.
LinkedIn

Alisa DiCaprio, Head of CBDC Strategies
DiCaprio is the Head CBDC Strategies at R3 in New York City. She is a trade economist with experience in both the public and private sectors on digital transformation.
LinkedIn

Prelim Brings Low Code Integration Capabilities to Community Banking

Prelim Brings Low Code Integration Capabilities to Community Banking

Courtesy of San Francisco, California-based fintech Prelim, community banks and credit unions will have new tools to connect with enabling technologies and systems to enhance their offerings to their customers and members. A specialist automating the customer experience for financial institutions of all sizes, Prelim has unveiled a new proprietary framework technology that, with a single line of code, will enable smaller FIs to connect their core systems with mobile and commercial banking, digital account opening, and treasury management solutions.

“We enable community FIs to more effectively compete in the marketplace by providing a modern, efficient customer journey by leveraging the easy-to-use API connectors,” Prelim founder and CEO Heang Chan said. In a statement, Chan highlighted the operational and resource challenges that most community banks and credit unions must overcome in order to provide the same high-level of digital customer service as their larger, more tech-savvy rivals. “By distilling system interfaces down to a single line of code, we are bringing a new level of accessibility, control, and convenience to financial institutions as they implement their digital roadmaps,” Chan explained.

Founded in 2017, Prelim has raised $2.1 million in seed funding from investors including S2 Capital, Fuel Capital, and Liquid 2 Ventures – as well as angel investor Max Altman and Flexport founder and CEO Ryan Petersen. A Y Combinator alum, Prelim unveiled enhanced digital account opening functionalities for business banking accounts in May, as well as a Status Center tool to make it easier for financial institutions to collect and manage business client data to facilitate pre-approvals and small business loan applications. The company unveiled its enhanced capabilities to support treasury origination and management services in June.

Prelim includes Pacific Western Bank, Climate First Bank, and Advantage Credit among its customers. The company says that some of the biggest banks in the country use its white-labeled, low-code/no-code technology to automate and enhance the digital experience.