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Apiture to Power Commercial Digital Banking for FORUM Credit Union

Apiture to Power Commercial Digital Banking for FORUM Credit Union
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Apiture, Daily news
  • FORUM Credit Union has selected Apiture’s Business Banking solution to enhance its commercial digital banking experience.
  • FORUM Credit Union anticipates the move will expand its commercial member base.
  • “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield.

Digital banking solutions provider Apiture announced today that FORUM Credit Union will use the fintech’s digital banking capabilities to power its commercial digital banking suite.

FORUM, a $2.1 billion, not-for-profit cooperative based in central Indiana, selected Apiture’s Business Banking solution to enhance the online and mobile banking experience for its commercial members. The credit union is also hoping to expand its commercial member base. FORUM was interested in Apiture’s ability to create a customized tool that integrates with its existing retail banking solution.

“As a member-owned organization with the mission of ‘helping members live their financial dreams,’ FORUM is committed to providing technology solutions that optimize our members’ banking experience,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees.”

Apiture was founded in 2017 to help credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm.

“We are proud to partner with FORUM Credit Union to support its growth objectives and drive member satisfaction,” said Apiture CEO Chris Babcock. “With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, our Business Banking solution will empower FORUM to deliver a fully featured banking experience that supports businesses of all sizes.”

Headquartered in Wilmington, North Carolina, Apiture also has offices in Austin, Texas. The fintech has raised $69 million from investors including T. Rowe Price, Live Oak Bank, and others.

Photo by Alesia Kazantceva on Unsplash

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FinovateFall 2024 Sneak Peek Series: Part 3

By Madeline Clines Posted on
Categories: Abrigo, Bancography, Diadem Capital, Efigence, FinovateFall 2024, FinovateFall 2024 Sneak Peek, iDENTIFY, Nest Bank, Rapid Finance, Winnow

A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%.

Abrigo

Abrigo has been trusted by 2,500+ financial institutions for over 20 years to fight financial crime. The organization’s FinCrime suite includes market leading AML and fraud solutions.

Features

  • Offers AI/ML-powered check image analysis
  • Delivers nationwide consortium of check fraud data
  • Includes configurable rules engine

Who’s it for?

U.S. banks and credit unions.

Bancography

Branches consume sizable capital and noninterest expense costs. Bancography Plan maximizes those investments by identifying opportunities to deploy new branches and reconfigure or close current ones.

Features

  • Examine prospective merger candidates
  • Identify overlapping branches and forecast attrition
  • View full pro forma financial impact, before and after closures
  • Detect impacts on efficiency ratio and ROA

Who’s it for?

Banks and credit unions.

Diadem Capital

Diadem Capital is a deal flow engine and fundraising solution connecting private companies to private capital ranging across venture capital, private equity, venture debt, and non dilutive funding sources.

Features

Diadem Capital helps investors and lenders streamline due diligence, showcasing only the top prospects. Founders get one-to-one intros to otherwise inaccessible investors.

Who’s it for?

Diadem Capital is a two-sided marketplace catering to any private capital provider looking for deals and private company looking for capital. It is sector, stage, and geography agnostic.

iDENTIFY

iDENTIFY revolutionizes banking with a data validation tool that seamlessly integrates legacy and modern tech, transforming raw data into actionable insights for banks.

Features

  • Offers real-time data validation
  • Delivers seamless integration
  • Provides enhanced insights

Who’s it for?

Banks and credit unions.

Nest Bank & Efigence

Nest Bank, Poland’s first AI-enhanced bank, offers entrepreneurs and individuals innovative payment methods and personalized services. Efigence is a technology company that has been in operation since 1995.

Features

  • Expense tracking: Monitors and categorizes spending
  • AI-driven predictions: Forecasts future trends from users’ past actions
  • Placing instructions: Makes money transfers or issues virtual cards

Who’s it for?

Nest! has a diverse range of clients: Individuals and entrepreneurs who drive over 50% of Poland’s GDP.

Rapid Finance

Rapid Finance empowers enterprises to streamline their small business lending program. Lynx helps users take control of their data and unlock its potential.

Features

  • Offers comprehensive and holistic 360° views of customers
  • Advanced AI and analytics provides real time insights and patterns
  • Customizable rules engine allows users to automate decision making

Who’s it for?

Banks, credit unions, fintechs, neobanks, lending institutions, payment processors, insurance companies, lending and banking platforms, investment banks, wealth management firms, and more.

Winnow

Winnow AI leverages the power of LLP and NLP artificial intelligence. It allows customers to get lightning-fast answers to basic legal questions around topics that Winnow covers.

Features

  • Quickly answers basic legal questions
  • Generates responses based on Winnow’s 60,000+ attorney-reviewed legal requirements
  • Reduces time and effort typically spent on legal research

Who’s it for?

Banks, credit unions, fintechs, and lenders.

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Wealth Management and the Fight over Fees, Annuities, and Fiduciary Responsibility

Wealth Management and the Fight over Fees, Annuities, and Fiduciary Responsibility
By David Penn Posted on
Categories: David's column

Should more financial advisers be treated as fiduciaries? Even for one-time financial recommendations like a 401(k) rollover?

The Washington Post recently published an article looking at the battle over the needs of recent retirees on one side and what critics have called “lucrative broker commissions” on the other. At issue is an effort by the Biden administration to force brokers to act as fiduciaries, which means that they must place client needs above all else, including their own paychecks. The administration is especially concerned about what happens when millions of Americans retire or roll over their retirement savings in favor of tax-advantaged accounts such as IRAs. This is a huge market; the federal government estimates that these transactions are valued at more than $770 billion in 2022.

In many, if not most instances, these transfers from 401(k)s and similar products into IRAs is unremarkable. But the administration is looking closely at some transfers, in which investors’ retirement money is invested in instruments such as annuities. Annuity products, in which retirees give funds to an insurance company that provides them with a fixed, annual payout, not only often have costly restrictions – such as big penalties for early withdrawals and caps on returns – but also can be more lucrative products for insurance agents to sell compared to other investments. This – from the Biden administration’s perspective, and that of some consumer advocates – creates a conflict of interest that can lead to savers being steered toward investments that are not optimal for them.

As such, Biden’s Department of Labor extended fiduciary duties under the Employee Retirement Income Security Act to cover one-time recommendations issued to retirement investors. This puts a number of activities traditionally not covered by the fiduciary rule, including those rollovers noted above, under the rule. The policy was finalized in April and was set to take effect next month.

For their part, critics of the administration’s policy see the attempt to change regulations as a “costly, illegal federal mandate.” In an unsigned statement (ahem!) one of the organizations that sued to stop the Biden’s administration, the American Council of Life Insurers, warned that new fiduciary requirements could “deprive millions of consumers of access to much needed retirement financial guidance and protected lifetime income products.”

So far, the courts – and Congress – have agreed with the critics. Congress made initial moves toward invalidating the new rules in July, with a congressional committee passing a resolution to overturn the rule. Additionally, two federal judges have separately blocked the Biden administration from implementing the rule in September. And industry groups, sensing a major change to their business model, have geared up to persuade politicians that an expansion of the fiduciary rule “would be potentially devastating for the insurance industry,” according to one such group, the Federation of Americans for Consumer Choice.

Indeed, impact would be felt. Morningstar reported that investors in annuities could save more than $32 billion over the next ten years – with insurance agents enduring major restrictions in their commissions.

Could an extension of fiduciary responsibility become as significant a campaign topic as the debate over taxing tips? It’s hard to say. But I’ll be on the lookout to see whether or not the Trump or Harris campaigns decide there’s advantage to be had by backing fewer regulations – or retiree rights – when it comes to the role of fiduciary responsibility.

Interested in wealthtech? Check out our feature on the six key ways fintechs drive innovation in wealth management. And be sure to read our primer on wealthtech at FinovateFall next month, Client Centricity and the Rise of Alternative Assets.

Photo by Birmingham Museums Trust on Unsplash

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Baker Hill Brings on New CEO

Baker Hill Brings on New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Baker Hill, Daily news
  • Baker Hill has appointed Andy Ivankovich as CEO.
  • Ivankovich is taking the reigns from former CEO John Deignan.
  • Ivankovich founded iLendx and oversaw Fiserv’s lending and deposit software products and services division.

Small business lending solutions provider Baker Hill announced this morning it has appointed Andy Ivankovich as its new CEO. Ivankovich takes the place of John Deignan, who has served as Baker Hill CEO since 2017.

Baker Hill tapped Ivankovich for his background in lending technology. After serving in the U.S. Air Force, he spent his early career managing a $14 billion lending portfolio as a product executive with USAA. During his time as a banker, he developed and was named as inventor on USAA’s lending technology patents. Ivankovich went on to become the founder of iLendx, which he sold to Fiserv in 2018. After the acquisition, he stayed on to oversee Fiserv’s lending and deposit software products and services division.

“I am truly honored to be appointed Baker Hill’s Chief Executive Officer and look forward to building upon the strong foundation Baker Hill has built over its 40-year history,” said Ivankovich. “Baker Hill is consistently recognized as a leading fintech company with world-class products. The team has cultivated a reputation for driving innovation in lending for banks and credit unions to better serve their communities. I am proud to join this team of experts and look forward to leading Baker Hill through its next stage of growth and ushering in a new era of innovation for our clients.”

In his new role, Ivankovich aims to promote innovation across the company’s product suite to ultimately enable financial institutions to modernize their lending operations.

“Andy has demonstrated forward-thinking leadership throughout his career, and he is well-acquainted with Baker Hill’s mission,” said Chairman of the Board for Baker Hill and former CEO of Wolters Kluwer Financial and Compliance Services Brian Longe. “His product and client focused approach, entrepreneurial background, and forward-thinking innovation make him an excellent choice to lead Baker Hill.”

Founded in 1983, Baker Hill offers banks and credit unions a SaaS solution for commercial, small business, and consumer loan origination, as well as risk management tools. The company, which most recently demoed at FinovateFall 2021, has recently formed partnerships with Harmony Bank, Union Bank, and Amalgamated Bank.

Last spring, Baker Hill agreed to be acquired by private equity firm Flexpoint Ford for an undisclosed amount. The acquisition offered Baker Hill access to Flexpoint’s resources and expertise, including its experienced team and capital to fund ongoing product innovation and acquisitions.

Photo by Jake Hills on Unsplash

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Sustainable Fitch Integrates with SESAMm to Enhance its ESG Scores and Ratings Offering

Sustainable Fitch Integrates with SESAMm to Enhance its ESG Scores and Ratings Offering
By David Penn Posted on
Categories: Alumni News, Daily news, SESAMm
  • Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution.
  • The integration will help Sustainable Fitch offer a more comprehensive ESG insights to asset owners and asset managers.
  • SESAMm won Best of Show in its Finovate debut at FinovateEurope 2022 in London.

ESG data and analysis provider Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution. The integration will enable Sustainable Fitch to provide more comprehensive ESG insights to its asset owner and manager clientele.

The addition of SESAMm’s analysis will improve decision-making and help guide investment and due diligence. The partnership will also help provide broader data coverage for both public and private market data analysis.

“Working with SESAMm’s technology allows us to leverage their advanced solutions to enhance our ESG Scores and Ratings offering,” Sustainable Fitch Global Head of ESG Analytics Gianluca Spinetti said. “By integrating SESAMm’s extensive data coverage, we can offer our clients more comprehensive ESG insights.”

Headquartered in New York, Sustainable Fitch is a research firm that provides data, tools, analysis, and insights for the fixed-income market. The company provides ESG ratings, Second Party Opinions, thought leadership, and more to help individuals and institutions make informed decisions when it comes to ESG impact.

Launched in 2022, Sustainable Fitch has been recognized by Environmental Finance as one of the top five largest global Second Party Opinion providers. This year, the company won “Best Specialist ESG Ratings Provider” at the ESG Investing Awards and “Best ESG Data Provider/Vendor” at the Inside Market Data Awards & Inside Reference Data Awards.

“We are excited that a recognized leader in ESG analysis is using our insights for their ESG analysis,” SESAMm CEO Sylvain Forté said. “Our AI-powered text analysis will provide deeper insights and broader coverage, helping Sustainable Fitch to deliver high-quality ESG data and ratings.”

SESAMm won Best of Show in its Finovate debut at FinovateEurope in London in 2022. The company most recently demoed its technology at FinovateFall 2023, where the French AI firm showed an integration of ChatReveal, its proprietary generative AI solution. Bringing advanced chatbot technology to the SESAMm platform, ChatReveal examines more than 23 billion articles on five million public and private companies. The technology identifies if the company is the subject of ESG controversies or issues to help private equity firms and financial institutions better understand the potential risk of companies in their portfolios.

Last month, SESAMm unveiled its ESG Controversy Risk Exposure Heatmap. The solution delivers an overview of environmental, social, and governance risks to provide an easy way to visualize and assess a company’s reputational profile. This enables users to focus on particular areas of concern and prioritize next steps.

Headquartered in Paris, France, SESAMm was founded in 2014. The company has raised more than €50 million in funding and includes Elaia, Opera Tech Ventures, The Carlyle Group, and NewAlpha Asset Management VC among its investors.

Photo by Chris F

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Experian, Fintech Rundown, Kobalt Labs, NayaOne, Prosper, SigFig, Socure

We’re midway through August, and while everyone attempts to sneak in their final summer vacation days, the fintech news continues on. While we’ve seen a handful of acquisition news headlines so far this summer, I expect things to tick up slightly this fall.  Stay tuned throughout the week to read the latest news this week as we post updates and evolutions.

Embedded banking

ClearBank secures Dutch banking license and expands to Europe.

Fraud, security, and identity

Socure unveils selfie reverification solution with deepfake detection.

Experian acquires behavioral analytics company NeuroID for its fraud detection capabilities against AI-enabled fraud.

UFS acquires Safe Systems for undisclosed amount.

Payments

Billtrust introduces new Chief Product Officer Corrie DeCamp.

GoHenry by Acorns teams up with Google Wallet for new Fitbit Ace LTE integration.

Amazon and Barclays launch new co-branded credit card for U.K. users.

Conduit lands $6 million for cross border payments.

HPS/PayMedix acquires TempoPay to further expand and simplify healthcare payments.

Small business banking

Small business financial platform Lili announces strategic collaboration with business decisioning and analytics firm, Dun & Bradstreet.

Payroll services provider CloudPay receives $120 million in new funding.

Banking news

Scotiabank announces agreement to acquire 14.9% equity interest in KeyCorp.

Lending

Consumer lending company Selina Finance inks five-year mortgage servicing agreement with Phoebus Software.

Real estate and asset-backed lending infrastructure provider Setpoint secures $31 million in Series B funding.

Prosper reaches milestone of reaching 2 million customers.

Cryptocurrency and DeFi

SEC sues crypto firm NovaTech for fraud.

Wealth management

Digital wealth management solutions company SigFig unveils new AI capabilities for its financial advisor collaboration platform, Engage.

Wealth management solution provider FusionIQ forges strategic partnership with wealth management software company interVal.

Regtech

Third-party risk management specialist Kobalt Labs joins the NayaOne Tech Marketplace.

Photo by Anne Hoang on Unsplash

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LianLian Selects Thredd to Bring its Card Program to APAC

LianLian Selects Thredd to Bring its Card Program to APAC
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • LianLian Global has tapped Thredd to help it launch a virtual card program in the APAC market.
  • Thredd will power LianLian’s Yueda virtual card product.
  • The news comes weeks after Thredd initiated partnerships with TerraPay and Spendbase.

Digital payment solutions company Thredd announced a partnership with global payments company LianLian Global to help the Singapore-based company launch its virtual card program in the APAC market.

LianLian, which specializes in cross-border settlement services with instant payouts, selected Thredd to power its Yueda virtual card product. Designed to facilitate cross-border payments and financial management for businesses, Yueda provides comprehensive payment services, including multi-currency support, payment collection, and fund transfers, tailored specifically for the needs of businesses in a range of industries, including e-commerce, international B2B trade and travel, engage in international trade and commerce.

Founded in 2007 and headquartered in London, Thredd offers digital payment solutions to help businesses simplify financial transactions. In addition to the virtual card service that LianLian will use, Thredd also delivers card issuance, payments processing, card controls, risk and fraud, digital wallets, and cross-border payments solutions.

“Utilising Thredd’s virtual card issuing capabilities we will be able to deliver on our ambitious growth plans for 2024 and beyond,” said LianLian Global Co-CEO Tim Shen. “We have already secured payments licenses covering eight [regions], including mainland China, China, Singapore, the U.S., the U.K., Luxembourg, Thailand, and Indonesia. We are delighted to find a partner in Thredd who can support us with virtual cards that will ensure that no matter where a client needs to send a payment, it will be supported. Access to a local team of experts who speak our language has made the implementation and ongoing operations seamless.”

Today’s announcement comes after Thredd partnered with TerraPay in June to support virtual card payments for the travel industry. Thredd has also recently launched in the U.S., having secured its second U.S. client, Spendbase, in June.

Photo by Clay Banks on Unsplash

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Finovate Global Philippines: Mynt’s Millions and Opening the Door for More Digital Banks

Finovate Global Philippines: Mynt’s Millions and Opening the Door for More Digital Banks
By David Penn Posted on
Categories: Finovate Global, Temenos

This week’s edition of Finovate Global highlights recent fintech news from the Philippines.

Philippine mobile payments company Mynt, the firm behind super app GCash, has secured an investment of $393 million courtesy of an investment from Mitsubishi UFJ (MUFG). The funding comes at virtually the same time as the company reported another $393 million investment, this one from Philippines-based conglomerate Ayala Corporation.

“We are thrilled to welcome MUFG as a new strategic partner,” said Mynt President and CEO Martha Sazon. “With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development, and its expertise in multiple industries will accelerate GCash’s mission.”

The investments give the Filipino firm a valuation of $5 billion, and gives MUFG an 8% stake in the company. Ayala’s share climbs to approximately 13%.

A subsidiary of Globe Telecom, Mynt’s GCash is used by more than 90 million individuals to buy prepaid airtime, pay bills, send and receive funds, transact with merchants, and access savings, credit, insurance, and investment products.

“GCash is an indispensable infrastructure for everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company,” MUFG Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group Yasushi Itagaki said. “With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”

MUFG’s investment comes at a time when the banking group has been funding a range of regional fintechs that are helping bring financial services to the underbanked. Among these fintechs are Ascend Money, a super app based in Thailand, as well as Grab of Singapore and Akulaku of Indonesia.

Earlier this year, Globe Telecom suggested that the super app may launch as a public company in the Philippines next year. This week, Bloomberg reported that the company may pursue a Philippine digital banking license, as well.

Mynt’s GCash is a big deal in the Philippines when it comes to mobile fintech apps. But how big are mobile fintech apps in the Philippines? A new report from UnaFinancial noted that among Southeast Asian nations mobile fintech app adoption has been strong overall, but nowhere more so than in the Philippines where mobile fintech app penetration reached 63% by May of this year. Malaysia was second at 55%. Interestingly, fintech powerhouse Singapore registered 45%, tied with Thailand and behind Indonesia’s 49%. Vietnam showed 32% mobile fintech app penetration.

Why such a strong performance for mobile fintech apps in the Philippines? The UnaFinancial analysts cited a handful of factors including the large number of unbanked Filipinos; regulatory support for developing digital financial technologies; a sizable, tech-savvy youth population; and growing rates of Internet adoption. Digital wallets and payment apps remain the most popular mobile fintech apps, with mobile banking apps making a strong second place showing. One area of particular growth is lending apps, which increased their share of mobile fintech apps from 1% to 5% between 2019 and 2024.

The report noted that the Philippines is likely to remain the regional leader in mobile fintech app adoption. But recent growth in Indonesia’s fintech sector has UnaFinancial predicting that Indonesia could take the second spot from Malaysia by the end of 2030.

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, will lift its moratorium on the granting of new digital banking licenses starting on the first of January 2025.

The move will allow as many as ten digital banks to operate in the Philippines. Currently, six digital banks have been licensed to operate in the country since the introduction of the Digital Banking Framework in 2020. This week’s announcement will allow as many as ten digital banks, opening the door for the granting of an additional four licenses. Both new applicants as well as existing banks are eligible to apply, though the BSP noted that the licensing process will be “stringent.”

Additionally, the BSP made clear in a statement that it is looking for innovation rather than more of the same. “Applicants must bring something new to the table,” said bank governor Eli M Remolona, Jr. “We want to see unique product and service offerings that are different from that offered by the existing market players.”

BSP’s announcement contrasts with a recent decision by the Hong Kong Monetary Authority, which has suspended its issuance of new digital banking licenses.

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Photo by charlesdeluvio on Unsplash

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Payoneer to Acquire Skuad for $61 Million

Payoneer to Acquire Skuad for $61 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Payoneer
  • Payoneer is acquiring HR platform Skuad.
  • The deal is set to close for $61 million in cash and may include an extra $20 million in contingent funds and restricted stock units, depending on conditions.
  • Payoneer plans to integrate Skuad’s payroll and contract management solutions into its own offerings.

Hours after I published a piece highlighting summer acquisition activity in fintech, I woke up to this news: global digital commerce company Payoneer announced today that it has acquired HR platform Skuad.

While the purchase is slated for $61 million in cash, it could close for as much as $81 million. That’s because Payoneer may also pay an additional $10 million, contingent on Skuad’s performance metrics, and offer $10 million in restricted stock units, depending on key employee vesting.

“To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs,” said Payoneer CEO John Caplan. “We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.”

Skuad was founded in 2019 to help businesses automate payroll management, local compliance, and taxation of their employees. The Singapore-based company, which has raised $19 million, helps businesses compliantly hire employees across more than 160 countries. Skuad also assists its clients in global payroll, allowing their employees to receive payment in their choice of 100+ currencies.

Founded in 2005, Payoneer offers multi-currency accounts and payment services to two million businesses across 190 countries. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

Payoneer, which plans to integrate Skuad’s payroll and contract management offerings into its own, announced the acquisition of Skuad in an earnings announcement this week. Also during that call, Payoneer revealed a record revenue of $240 million, which is up 16% from last year’s figure.

“Twenty-five percent of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record and contractor management capabilities — so there is significant cross-sell potential with this acquisition,” the company said in a news release.

Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. in 2021. The company listed on the NASDAQ in June of that same year under the ticker PAYO and has a current market capitalization of $2.41 billion.

Photo by Pixabay

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Wealthtech at FinovateFall: Client Centricity and the Rise of Alternative Assets

Wealthtech at FinovateFall: Client Centricity and the Rise of Alternative Assets
By David Penn Posted on
Categories: FinovateFall 2024, Speaker series, Wealthtech

For the first time, Finovate will offer a dedicated wealthtech/wealth management track at FinovateFall. Featuring keynote addresses, power panels, and more, our new wealthtech track will cover topics ranging from the rise of alternative assets to the role of technology and digitization in helping meet the needs of a new generation of investors.

“I’m really excited about the new Wealthtech track we’re offering at FinovateFall this year,” said Greg Palmer, host of Finovate. “So much innovation is taking place on the wealth management side of the fintech industry right now, and there are a lot of opportunities out there. Customer demographics are shifting, new assets are gaining popularity, and new technologies are raising the bar for every industry. It’s a crucial time to be paying attention to the space.”

Over the next few weeks, we’ll share a preview of the wealthtech content we have in store for you this year at FinovateFall. Today, we’re highlighting a pair of Power Panels that will take place on Day Three, September 11, of the conference.

Both of these Power Panels will be moderated by April Rudin, CEO and Founder of The Rudin Group. LinkedIn.

The Rudin Group is a global wealth management/wealthtech marketing consultancy serving banks, wealth management firms, fintechs, and wealthtechs.

The Future of Client Centricity in a Tech-Disrupted Wealth Landscape

Our Power Panel on the Future of Client Centricity will examine ways in which technology has altered the landscape of wealth management. The panel will discuss the impact of the Great Wealth Transfer from Baby Boomers to Millennials and what wealth managers should do to meet a new generation of investors’ growing preference for digital solutions and tools.

Andrea Finan, Head of J.P. Morgan Self-Directed Investing, J.P. Morgan Wealth Management

Finan is responsible for developing strategy, driving scale and profitability, and expanding capabilities to serve the firm’s Self-Directed and broader Wealth Management clients. She has 20 years of experience in financial services and is well-versed in creating high-performing digital products. LinkedIn.

Ali Geramian, Managing Director, Anthemis

Geramian is currently a Partner at Anthemis, where he steers the Anthemis ecosystem and investor relations platform to catalyze mutual value creation, collaboration, and transformative partnership opportunities across the firm’s global portfolio companies and strategic investor base. LinkedIn.

Michelle Julia Ng, Software Engineer, Apple

Ng is a software engineer with Apple. Educated at Stanford University (double majoring in Computer Science/Artificial Intelligence and History), Ng brings experience in the practical application of emerging technologies – including system intelligence, machine learning, and robustness analysis – having worked with Apple’s Vision Pro and Watch products. LinkedIn.

How Will Technology Transform How Alternative Assets are Managed?

This Power Panel will look at the rise of alternative assets through the lens of a shift toward diversification, a search for yield, a demand for uncorrelated returns, and a growing desire among a new generation of investors for investment opportunities that are aligned with their personal values. The Panel will also discuss how enabling technologies – from AI to the blockchain – will influence the way alternative assets are managed.

Bundeep Singh Rangar, CEO of Fineqia

A thought leader in blockchain technologies, Rangar is CEO of Fineqia International. Fineqia is a digital asset business that builds and targets investments in early and growth-stage technology companies. An investor in digital industries, Rangar has raised venture capital from entities such as Rakuten and secured private equity investment from U.S. financial institutions. LinkedIn.

David Teten, Venture Partner at Coolwater Capital

Teten is a Partner with Coolwater Capital. Known as the “Y Combinator for Emerging VCs,” Coolwater offers an accelerator for emerging VC fund managers and invests as a limited partner, into general partnerships and fund management companies. Coolwater also invests directly into startups. He is Chair of PEVCTech, a community of investors in private companies using AI, technology, and analytics to generate alpha. LinkedIn.

Photo by Morgan Housel on Unsplash

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Happy Money Teams Up with Method Financial to Help Consumers Pay Debt

Happy Money Teams Up with Method Financial to Help Consumers Pay Debt
By David Penn Posted on
Categories: Alumni News, Daily news, Method Financial
  • Unsecured loan provider Happy Money announced a strategic partnership with Method Financial.
  • Happy Money will use Method’s financial liability connectivity APIs to help credit union members better manage credit card debt.
  • Headquartered in Austin, Texas, Method made its Finovate debut earlier this year at FinovateSpring in San Francisco.

Happy Money, an unsecured loan provider that works with credit unions, has forged a strategic partnership with Method Financial. The company will leverage Method’s technology – a suite of liability connectivity APIs – to help Happy Money members consolidate and pay off high-interest credit card debt.

“Happy Money is helping consumers across the country access the capital they need to reach their goals in partnership with credit unions and other community-focused lenders,” Method CEO and Co-Founder Jose Bethancourt said. “With the integration of our technology, they are ensuring the process is as seamless, quick, and efficient as possible, creating value for all involved.”

Happy Money offers consumers personal loans with a low interest rate and a single, fixed payment to help them pay off high-interest credit card debt. Integrated into the Happy Money platform, Method’s liability connectivity APIs will facilitate more accurate identification of members’ outstanding credit cards, as well as real-time live balance retrievals and balance transfers. All this takes place without members having to enter account numbers or passwords.

Since the partnership began, Happy Money reports that its members have connected more than 50,000 accounts via Method’s APIs. Moreover, millions of dollars in consumer debt have been consolidated monthly through Method’s connectivity and payment rails. Together, Happy Money and Method have facilitated more than $7 million in balance transfers for Happy Money members.

“At Happy Money, we believe that prioritizing borrowers’ well-being is a winning strategy,” Happy Money Head of Product and Design Nick Pesce said. “Our platform allows consumers to meet their financial goals and enables credit unions to diversify their portfolios and grow.”

Founded in 2009, Happy Money is headquartered in Torrance, California. Since inception, the company has served more than 300,000 members and funded more than $6 billion in loans through partnerships with community-focused lenders. Happy Money has raised more than $337 million in capital, according to Crunchbase. Anthemis and TruStage Ventures are among the firm’s investors.

Method made its Finovate debut earlier this year at FinovateSpring, where the company demoed its connectivity, data, and payments APIs. Method’s technology enables lenders, fintechs, and financial institutions to leverage comprehensive, real-time credit data, evergreen connections, and integrated payment rails to offer customers personalized lending and financial management experiences.

Via a single integration, Method enables access to liabilities held at more than 15,000 financial institutions in the U.S., representing 95% of all outstanding consumer debt. The company has helped 200,000+ users connect more than $22 billion in consumer debt to their preferred financial institution.

Headquartered in Austin, Texas, Method was founded in 2021. The company’s investors include Andreessen Horowitz, Truist Ventures, and Leonis Capital.

Photo by Jeswin Thomas

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Putting the Recipient First: How to Prioritize the Customer Experience in Your Payments Strategy

Putting the Recipient First: How to Prioritize the Customer Experience in Your Payments Strategy
By Lili Nguyen Posted on
Categories: Finovate Webinar, Sponsored

 📅 Wed, August 21, 2024     🕙 10:00 am ET     ⌛ 1 hour

In today’s instant digital economy, providing your customers with a unique experience can translate to a crucial advantage for your firm. Your payments strategy plays a critical role in this.

Join this webinar and discover how to design a customer-centric payments strategy driven by choice, convenience, and speed.

Key takeaways:

  • Understanding Customer Needs: Learn how to identify and analyze the specific needs and preferences of your customers when it comes to payment options.
  • Seamless Payment Processes: Explore strategies for creating smooth and frictionless payment experiences that enhance customer satisfaction.
  • Discover: Find out how to personalize payment experiences to build stronger customer relationships and loyalty.

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