Backbase, Self-Directedness and the Power of Personalization

Backbase, Self-Directedness and the Power of Personalization

It’s hard out here for a bank. Your clients are, to put in bluntly, getting older, while the world around you just seems to get younger and younger every year.

“You have to understand who your clientele really is,” Vincent Bezemer, SVP of Americas for Backbase, explained in a recent conversation for Finovate TV. “Let’s face it: most institutions have an aging clientele. And that is really not indicative of what the future of banking should look like. There is this digital divide.”

Financial institutions – from Tier 1 banks to the credit union around the corner – are all working to figure out how to bring a 21st century digital experience to their customers. We caught up with Mr, Bezemer, a technology veteran with more than a decade of experience innovating in the CX space, to hear his thoughts on what institutions need to do in order to not just keep the customers they have, but to attract, engage, and retain new customers, as well.

On the importance of self-directness and becoming the kind of bank that people love

“…(T)here is this need for self-directedness. There is a large part of the population – inclusive of all the demographics – that simply does not want to engage with a person and, if they engage, they want to engage on their own terms.

Supporting that self-directedness – and giving our customers, the banks, and the credit unions the tools to compete in an omni-channel fashion when it comes to digital – is key. The experience on mobile, web, should all be the same. But also the processes should be the same. Whether I’m in collection cycle, whether I’m in a self-service cycle, or maybe when I’m originating products, I want those experiences to be the same. And if I need help, the bank’s team member actually sees that same view that I do as a customer has seen and they can help me with as little friction as possible.

On balancing the unique innovation needs of Tier 1 institutions compared to those of community banks and credit unions

We approach both sizes of our customer base with the same principle that is that we are a platform. As much as Amazon is an e-commerce platform and Netflix is a content platform and Uber is a mobility platform, we really approach it from a banking platform perspective.

With our proposition, you can take the platform as is and build on top of that, which is what a lot of Tier 1s want to do. They have built everything themselves. They basically had unlimited innovation power. But they saw that 80% of their IT budget was there to basically keep their legacy systems afloat. They are now seeing that all of these non-functionals – whether its from an auditing or security or entitlements perspective. They say, “why don’t we just outsource that? Why don’t we just get a product with a roadmap that is supported by hundreds of thousands of people in the Backbase ecosystem, so we don’t have to worry about that any more. Then we can apply our resources to actually create the experiences and the innovations that actually matter in our competitive landscape.”

On the nature of personalization in banking

I think in financial services specifically, personalization falls into two categories: one, do you understand your customer? Do you understand the moments of truth that matter to that customer when they start engaging with you for a certain product? And this is where market data, behavioral data, any type of database you can procure can really help you have that understanding.

But then the second kind of personalization is really a “mass personalization.” Can you give your prospective customer – and also existing customers – the feeling that they can tweak the product ever so slightly? Because if you can, you are relating more with the needs of that person.

So you want personalization in the top of the funnel, driving them to the moment of truth where you want to be there for them. And then, subsequently, you want to understand how you are going to create that process so that the customer feels that you truly listened and that they can make those small customizations.

Watch the rest of the conversation. And for more from our Finovate speakers, check out our Finovate TV YouTube playlist.


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Citibank Launches Citi Plus to Compete with Digital Banks

Citibank Launches Citi Plus to Compete with Digital Banks

After piloting the product last year, Citibank Hong Kong formally unveiled Citi Plus, its mobile-first bank designed for digital natives.

The new offering aims to help users “level up” their banking experience by providing financial education, personalized wealth management tips, and easy access to a range of investment products.

“Citibank Hong Kong has shown strong determination in the development of digital banking in recent years. Citi Plus is our latest initiative to bring digital natives a banking experience they admire,” said Citibank Hong Kong Consumer Business Manager Lawrence Lam. “Millennials were invited to participate in research and the co-creation process, through which we could better address target clients’ pain points, and help them grow their wealth via the new service.”

The platform’s gamified user experience encourages users to build their wealth by accomplishing fun tasks. The Citi Interest Booster, for example, enables users to earn higher interest rate of up to 1.8% on their savings by completing what Citi calls “missions.” These missions include tasks such as maintaining a certain balance, funding accounts, investing, exchanging currency, and spending with their Citi Plus card.

In addition to the gamification element, Citi Plus will offer savings goals, debit and credit cards with built-in rewards, easy money transfer capabilities, and a low threshold investment platform. The investment opportunities include access to stocks, money market funds, and mutual funds from Aberdeen Standard Investments, Allianz Global Investors and Franklin Templeton.

In the first three weeks after the pilot launched, Citi received 5,000 registrants interested in Citi Plus, which is open to Hong Kong residents only.

The millennial-friendly user interface and marketing, combined with features such as low-threshold investing, financial education tools, and high interest savings accounts, help Citi compete with the increasing number of challenger banks and neobanks that are enticing young users. Unlike this group of digital banks, Citi has a slight upper hand. That’s because the bank not only has a robust existing user base from which to draw new clients, it also has an established reputation and inherent consumer trust.

How Embedded Finance Trends Are Transforming These 3 Industries

How Embedded Finance Trends Are Transforming These 3 Industries

This is a guest post written by Shannon Flynn, managing editor at ReHack.com.

Embedded finance has taken the financial industry by storm. What started from banking-as-a-service (BaaS) has now developed into a full-blown feature that enterprises of all kinds are integrating.

The term embedded finance refers to companies that have historically been separate from financial services that now integrate them within a platform or app. During this integration, the company still retains control over the customer experience. It could be something as simple as paying a bill or something more complex, like full-fledged credit cards.

These trends are coming on strong. While they originated with banking services, embedded finance could end up becoming a bigger industry on its own. The reason for this growth can be seen in the following sectors.

Retail

The retail world has evolved and adapted to many historic changes, from e-commerce to new payment methods. Most recently, the COVID-19 pandemic has put the spotlight on online shopping. Apps are now using embedded finance.

Delivery apps adapted as food takeout skyrocketed into popularity throughout the pandemic. Users can now save their credit or debit card information to apps like Doordash and Grubhub. Specific apps for restaurants also offer embedded finance options.

Similar things are happening elsewhere in the retail world. Shopify has connected businesses and customers quickly and efficiently with new embedded tech channels. Financial information is saved for customers so payments are a breeze. On the other side of the transaction, the embedded financial tech includes a dashboard for retailers to view and manage profits and individual orders.

These kinds of integrations cut out the need for a bank or other financial institution. Instead, consumers can do it all themselves.

Automotive

The automotive industry has always done business through banks. When someone buys or leases a vehicle, dealers will contact a financial institution to better understand someone’s standing and credit. The industry is shifting, though.

Tesla is a key example of how embedded tech trends are impacting the automotive field. Shoppers can already use car sites and apps to pay their leases, but Tesla goes a step further and offers car insurance. It monopolizes on the opportunity to provide discounts.

Ridesharing has become a massive field. Through apps like Uber and Lyft, customers can call a car in minutes. These apps have evolved over time and now offer embedded financial services where customers can pay right from the app immediately after the driver drops them off.

This form of payment adds an extra layer of convenience that other services like taxis don’t offer.

Tech

In the past several years, big tech companies have gone from prominent to all-encompassing. Notably, Google and Apple have stepped up their financial services in a short period, offering things like Apple Pay and Google Pay. Customers can also use their Apple or Google wallets to store credit and debit cards. Moreover, Apple rolled out its first credit card in 2019.

These advancements mark a shift in the big tech world. Big companies are slowly separating from financial institutions and taking on those roles themselves. For instance, if you use your Apple Card from your Apple Wallet to pay for items, none of that interaction ever leaves the company’s control.

Embedded finance changes are happening on smaller scales in the tech world, too. Data and analytics companies may use tools like machine learning to adapt to consumer behavior when making purchases. They can then better enable companies in all industries to provide more embedded tech.

What the Embedded Finance Trends Mean

These three industries are pillars of innovation around the world. Banking-as-a-service has catapulted financial technology to the forefront of these fields, and embedded finance trends have become the norm. It may even outshine BaaS soon.

Physical branch locations decreased by 7% from 2015 through 2020 due to the rise in online banking. The turn to virtual resources is slowly taking over, which seems to be the natural progression of these industries — especially as the pandemic enforces the use of remote tech.

Embedded finance allows companies and consumers to operate independently from banks and financial institutions. This dynamic gives more agency to the industries themselves, helping to boost engagement and profits.

From here, more mobile apps and websites will directly incorporate financial resources into their dynamics. Big tech companies like Apple and Google are already pushing the boundaries of what embedded tech can do. Others are likely to follow suit.

The Convenience Factor

Embedding financial resources into industries that haven’t historically worked in finance is more than just a way for companies to engage consumers. They’re also a win for customers. After all, people tend to look for the most convenient ways to do things. Having everything in one place is a financial tech trend that is only going to grow from here.

Shannon Flynn is a technology and culture writer with two plus years of experience writing about consumer trends and tech news.

Low Code Platform OutSystems Scores $150 Million in New Funding

Low Code Platform OutSystems Scores $150 Million in New Funding

In a round co-led by Abdiel Capital and Tiger Global, low code application development platform OutSystems has raised $150 million in new capital. The funding gives the company a valuation of $9.5 billion, and will help fuel investment in its R&D and go-to-market strategies.

In a statement, OutSystems CEO and founder Paulo Rosado highlighted the challenges businesses face when it comes to keeping pace with innovation in an increasingly digital and software-run world. “Developers are a scarce resource in business today, and the complexities of traditional software development exacerbate the challenges most organizations face when tackling their digital transformation agenda,” Rosado said.

“By fundamentally changing the way software is built, OutSystems makes it possible for every organization to compete, innovate and grow with the developers they already have,” Rosado explained. “We’re focused on helping customers succeed with their most challenging digital transformation initiatives, and today’s announcement is an acknowledgment of our progress on that journey.”

OutSystems gives businesses the ability to deploy and manage critical applications at speed – from enhancing the customer experience to streamlining and automating processes to modernizing legacy systems. OutSystems leverages a visually-based, model-driven development approach to enable institutions to build differentiation into their solution, maximize the development talent on hand, and accelerate the process of concept iteration to uncover new viable ideas.

OutSystems ended 2020 with a strategic collaboration agreement with AWS and began this year working with Yorkshire Building Society (YBS) and U.K.-based law firm Shepherd and Wedderburn. OutSystems helped YBS develop and build a new online mortgage calculator that has helped increase conversions by 54%, and worked with Shepherd and Wedderburn to create client-facing, “Smarter Working” applications.

“OutSystems matched our vision for reusable architecture, robust application lifecycle management, and a visual approach that would allow developers to focus more on delivering business value instead of coding,” Shepherd and Wedderburn Head of Technology Steve Dalgleish said. “It has given us the speed and agility to deliver effective process and technology solutions – both internally and for our clients – including complex, large scale, high-profile projects.”

An alum of our developers conference, OutSystems presented “Low-Code: The Next Evolution in App Dev Platforms (Oh, and 5xFaster)” at FinDEVrNewYork in 2017. In their presentation, the company showed how it helped take a European retail bank, BPI, through a major digital transformation including solutions for mobile banking, internet banking, branch, and contact center.

With headquarters in Boston, Massachusetts and Lisbon, Portugal, OutSystems has customers in 87 countries around the world and partnerships with 350 corporations including AWS, Deloitte, and fellow Finovate alum Infosys.


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Sezzle Partners with Discover to Reach More Merchants

Sezzle Partners with Discover to Reach More Merchants

One of the major players in the Buy Now, Pay Later (BNPL) game, Sezzle, is teaming up with Discover this week. Through the partnership, Sezzle will work with select players on Discover’s network to provide their customers with additional payment options.

The merchants will be able to use Sezzle’s interest-free, BNPL payment technology to process payments on Discover’s network. Sezzle anticipates the partnership will help boost its business development efforts by connecting with Discover’s established relationships.

“Our merchant partners are always a top priority and we know that providing them with additional payment options, such as a buy now, pay later structure, can be beneficial, especially in the current economic environment,” said Discover’s SVP of Global Business Development and Acceptance Jason Hanson. “We are able to leverage our unique technology capabilities and vast network of merchant relationships to provide Sezzle the ability to grow its business and provide new payment opportunities.”

Founded in 2016, Sezzle currently reaches 2.2 million active customers. Last September, the company launched a virtual payments card that helps customers benefit from Sezzle’s BNPL tech when they make purchases at brick-and-mortar stores. The company launched on the Australian Stock Exchange in the summer of 2019 and has a current market capitalization of $1.1 billion.


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ING’s Czech Exit; Meet Germany’s Platform-as-a-Service Innovator Payever

ING’s Czech Exit; Meet Germany’s Platform-as-a-Service Innovator Payever

After 20 years as a player in the retail banking market of the Czech Republic, ING is calling it quits. The firm announced this week that it plans to withdraw from the country’s retail banking scene and is encouraging its customers to consider Raiffeisenbank Czech Republic as their alternative bank going forward.

ING expects to end its operations in the Czech Republic by the end of this year. The company has approximately 375,000 retail banking customers in the country and has worked with Raiffeisenbank to ensure the smoothest possible transition for ING customers to take advantage of the opportunity to transfer their savings and investments. This agreement is pending regulatory approval.

ING Group said that the decision in part reflects an assessment of whether or not operations “are likely to achieve the preferred scale in their market within a reasonable time frame. ING has more than 39 million retail and wholesale customers in 40 markets around the world.


We will stay in the CEE for this week’s Finovate Global Profile, which features payever, a German platform-as-a-service commerce solution for banks and insurance companies. Founded in 2013 and led by CEO Artur Schlaht, payever made its Finovate return last fall at our all-digital FinovateWest event. At the conference, the Hamburg, Germany-based company demonstrated its Commerce Infrastructure that enables banks and insurance companies to connect to hundreds of thousands of businesses – as well as million of consumers – online as well as at the point of sale.

Payever offers a variety of Business Apps that cover the entire sales cycle. The company’s Checkout solution gives customers wide access to a range of payment options without requiring the merchant to undergo complex integrations. With Shop, merchants can build their own online store in without needing any coding experience. The solution features design template as well as cloud hosting and support.

Payever’s PoS technology enables its partners to offer cashless payment acceptance using QR codes instead of expensive hardware. Other solutions offered by payever include a Studio to help merchants better display their wares digitally and Mail, an e-mail marketing solution for building newsletters, sending personalized offers and more – all without needing to code.

Check out payever’s demo from FinovateWest last year.


Here is our look at fintech innovation around the world.

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa


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Get Connected: FinovateFocus Tackles Digital UX

Get Connected: FinovateFocus Tackles Digital UX

If the debut of FinovateFocus next week (Thursday, February 25th) is anything like its preview – shared in-house a few days ago – then fintech fans who have been craving a truly 21st century digital fintech experience are in for a treat.

Today we’re taking a look at the first half of the event – FinovateFocus Connect – which runs for an hour starting at 9am Central. Connect features a roster of more than nine top fintech analysts and innovation specialists who will share their top takes on creating an optimal digital experience for your customers. Each three-minute presentation will be followed by a brief networking opportunity to ask questions and make connections with your fellow digital attendees – all based on preferences you determine in advance.

Here’s a peek at next week’s FinovateFocus Connect agenda.

  • Personalization and customization with data in the banking and payments industry
  • Earning customer trust in the digital age
  • Wealth Management: Competing for affluent digital-native clients
  • What do customers want: Meeting customer needs
  • Chatbots, AI, and automation as platforms for revolutionizing CX
  • APIs and Open Banking: Putting the customer in the driver’s seat
  • Boosting CX in banking with AI: Conversation banking and exploring back-end technology
  • Customer Experience 2021: Using data to drive CX strategy, business outcomes, and flawless execution

Remember, FinovateFocus: Digital UX kicks off Thursday, February 25. The Connect component of the event will lead off at 9am Central. The FinovateFocus Roundtable event will follow at 10:30 am Central.


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Blockchain.com Secures $120 Million in Funding

Blockchain.com Secures $120 Million in Funding

Cryptocurrency wallet provider Blockchain.com has picked up $120 million in funding. The Series A round featured participation from a sizable number of investors, including Access Industries, Lightspeed Venture Partners, and GV (Google Ventures) – among others. Blockchain.com’s total capital now stands at $190 million, and gives the London, U.K.-based firm a valuation of $3 billion.

In a blog post discussing the strategic financing, Blockchain.com CEO and co-founder Peter Smith highlighted the “immense optimism” toward cryptocurrencies displayed by a growing number of “serious, institutional investors.” He noted that the presence of major macro investors such as Louis Bacon’s Moore Strategic Ventures and Kyle Bass in Blockchain.com’s recent funding, and said it was “further proof that institutions are taking a serious look at their crypto strategy.”

And at Blockchain.com’s crypto strategy, as well. Smith noted that when the company began its Series A in 2014 – the same year it debuted at our developers conference, FinDEVr Silicon Valley – the company was powering “just over” two million bitcoin wallets. Today Blockchain.com powers more than 67 million wallets, representing more than $620 billion in transactions. Since 2012, Smith wrote “28% of all Bitcoin transactions … have occurred via Blockchain.com.”

Founded in 2011, Blockchain.com began by offering a blockchain information service, Explorer, and soon after introduced an open source bitcoin wallet to make it easier for investors to buy and sell cryptocurrencies. The company also unveiled Blockchain APIs that helped give a generation of bitcoin businesses the ability to provide services ranging from bitcoin wallet building to transaction verification.

Blockchain currently supports a cryptocurrency exchange, as well as an “exponentially growing” institutional business of digital asset trading, lending, and custody. Smith added that while the wallet remains “at the core” of Blockchain.com’s business, “our Institutional business is now significant enough to cover the entire operating cost of the business globally” in addition to providing further operating profits.


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Five Things to Know About CBDCs

Five Things to Know About CBDCs

By now you’ve likely heard of Central Bank Digital Currencies (CBDCs). With consumers’ lives taking place increasingly online and the recent boost in cryptocurrency usage and value, much of the global economy is ready to move from discussing CBDCs to formally implementing a CBDC strategy.

But though there has been some progress in this area, there is still a lot of confusion in the broader banking and fintech community. If you’re feeling a bit behind on the CBDC discussion, here are five things to know that can help you catch up:

Six countries are currently piloting CBDCs

While much of the world is struggling to wrap their heads around CBDCs, some countries are ahead of the game and already have pilot programs in place. Of these, the most well-known is China, but Thailand, the Republic of Korea, Ukraine, Sweden, and Uruguay are also actively piloting CBDCs. Additionally, Brazil reports it plans to formally launch its CBDC next year.

A handful of countries, including Canada, Venezuela, Cambodia, South Africa, and the UAE have made key developments with their CBDC programs.

Other countries are still in the research phase or have had no development.

Check out this interactive map from the Atlantic Council to learn more about each country’s progress.

CBDCs don’t necessarily need the blockchain

Many people associate CBDCs with Bitcoin, which can be a helpful way to think of distinguishing Central Bank currencies from fiat money in digital form. But while Bitcoin leverages the blockchain, CBDCs don’t necessarily need to.

That’s because blockchains are used when there is no central party to provide trust. When central banks serve as the trustworthy authority, however, this decentralization is no longer necessary.

In fact, according to a survey conducted last February by the U.K.’s Central Banking Magazine, only one reserve bank said that they planned to use a blockchain for the structure of distributing their CBDC.

There are two types of CBDCs

Many people don’t know this, but there are actually two types of CBDCs– wholesale and retail. Wholesale CBDCs facilitate clearing operations between the central bank and its member banks, while retail CBDCs are for the general public to use, taking the place of the bank note.

There will still be room for cash

CBDCs will work alongside cash, or fiat currency. While there are both negative and positive aspects to paper money and coins, there will still be a cash economy. CBDCs simply combine the convenience of a cryptocurrency with the stability and regulation of fiat currency.

CBDCs won’t harm banks

As Chris Skinner highlighted in a blog post recently, CBDCs have the potential to disrupt banks to the point making them obsolete. Because CBDCs are issued digitally, they could technically circumvent banks.

Skinner concludes, however, “The true role of banks, whether in a digital currency or cryptocurrency world, is to store and exchange value with trust. That’s why they’re regulated the way they are and why they exist the way they do. And that isn’t going away anytime soon.”


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SeedFi Secures $65 Million to Help Americans Build Credit

SeedFi Secures $65 Million to Help Americans Build Credit

Have you fallen into debt and can’t get up? Fortunately, there’s a new fintech on the scene that has dedicated itself to helping Americans build credit and savings – and get out of debt.

SeedFi, launched in private beta in 2019, announced today that it has raised $15 million in new equity – along with $50 million in debt financing. The Series A round was led by Andreessen Horowitz. Flourish, Core Innovation Capital, and Quiet Capital also participated.

“Our goal is to address the root cause of the problem and leave our customers better off than we found them,” SeedFi CEO and co-founder Jim McGinley explained, “so we’ve structured all of our products to generate savings and build credit.”

SeedFi COO and co-founder Eric Burton explained the savings/debt dilemma for many Americans in a conversation with Crunchbase News. He noted that the lack of savings in the event of an emergency is often the pre-existing condition that can lead to serious debt problems, which in turn, make it more difficult to save. “The insight we’ve learned is to combine savings with credit to address the immediate need for credit in a way that will leave them better off and down the path to a better financial future,” Burton said.

The San Francisco, California-based company plans to put the new capital to use growing its customer base and – with its bank partners – bringing products to market across the country. SeedFi also plans to add to its product offerings, which currently include two solutions: Credit Builder and Borrow and Grow.

“SeedFi is creating a suite of plans to address borrowers at various financial points in their lives,” Andreessen Horowitz General Partner Angela Strange wrote on the company’s blog earlier today. “Customers can start by saving as little as $10 a paycheck through SeedFi’s Credit Builder Plan, which enables them to build credit while they save. For those in need of money, SeedFi’s Borrow and Grow Plan gives customers the cash they need now and sets them up to save for the future.”

Many financial commentators are boasting about the high savings rates many Americans are achieving due to limited spending opportunities during the COVID crisis. Our “K-shaped” economic recovery means that many people are surviving – or even thriving – financially during the pandemic. But there are a significant number of Americans for whom COVID-19 has meant major financial hardship – including loss of income and an increase in consumer debt. For those Americans, fintechs like SeedFi are increasingly part of the solution.


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Opera Browser Launches Payments Solution and Digital Wallet

Opera Browser Launches Payments Solution and Digital Wallet

Opera, one of the top internet browsers, announced a suite of in-browser cashback and payment tools for ecommerce. The release of the tools coincides with the launch of Dify, Opera’s new digital wallet.

Dify is a standalone mobile app that will enable users to open a Dify checking account and make purchases using a free, virtual Mastercard debit card. The account also features a special shopping mode, which protects users’ data while they shop by disabling third party extensions.

“Every day millions of people shop online and make their payments using Opera browsers,” said Opera EVP Browsers & EEA Fintech Krystian Kolondra. “Opera has a track record of growing audiences and then improving their experiences to make them more engaging. We think this is one of the highest-potential areas: With Dify, we are making the browser and a superior wallet work better, together, to improve users’ shopping experience and also make it financially rewarding.”

At launch, the main incentive to opening a Dify account is the cashback feature. Shoppers will receive cash back for purchases made on Opera’s partner websites accessed through its browser and will receive additional cashback on purchases made using their virtual Dify Mastercard.

Opera has a larger vision for Dify’s future, however. The company plans to enable more wallet services like savings management, credit products, investment opportunities, and instant cashback.

Dify is currently available to users in Spain in beta. Opera says it plans to expand to more European markets in the future.

Today’s launch follows a recent expansion of online shopping. According to research from J.P. Morgan, last year ecommerce activity reached $863 billion (€717 billion). The bank’s reports indicate that many countries in Europe will continue to have double-digit growth this year.


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Mozo Acquired by Future PLC

Mozo Acquired by Future PLC

Australia-based financial comparison website Mozo has agreed to be acquired by British Media company Future PLC.

Future anticipates the purchase will fuel its global growth by creating a new revenue stream, adding a new financial services content arm in Australia, and growing Mozo’s market share.

Founded in 2008, Mozo is a B2C site that helps consumers compare offers on home loans, credit cards, and personal loans, as well as compare banking and insurance products. In total, the company compares more than 1,800 products from over 200 banking, insurance, and energy providers.

Monzo is also known for its personal finance resources. The company offers financial calculators and creates content to help guide readers through financial decisions and build their awareness of the finance world.

“We’re delighted to be adding Mozo to the Future family,” said Future CEO Zillah Byng-Thorne. “We are seeing the increasing convergence of content and price comparison and this acquisition supports our global growth ambition in this area.”

Mozo has raised $1.4 million (£1 million) via one round of funding. The company’s team of 45 employees works out of Sydney, Australia.


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