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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Fiserv has partnered with Plaid to offer its bank clients API-based connectivity to third-party applications on Plaid’s network.
The agreement leverages Fiserv’s AllData Connect to allow credential-free data sharing.
Fiserv has signed a similar consumer-permissioned data sharing agreements with Akoya, MX, and Finicity.
Digital banking and payments solutions company Fiserv has partnered with financial infrastructure fintech Plaid this week. The two have formed a data-sharing agreement that will offer Fiserv’s 3,000 bank and credit union clients API-based connectivity to the 8,000+ applications on Plaid’s network.
The data-sharing agreement, which will leverage Fiserv’s AllData Connect, will ultimately benefit the end consumer. The deal will help consumers who bank with Fiserv clients share their financial information with third-party financial apps and services such as Venmo, Chime, SoFi, and Betterment.
“Our partnership with Plaid allows banks and credit unions to empower consumers to access their financial information beyond the financial institution, while maintaining their trusted role at the center of people’s financial lives,” said Fiserv President of Digital Payments Matt Wilcox. “By facilitating access to a broad range of capabilities and experiences through third-party apps and services we are charting a course towards an open finance ecosystem that prioritizes data privacy, consumer access, and choice.”
Data sharing via API connectivity instead of an alternative such as screen-scraping offers end users a more seamless way to integrate their financial data into third-party platforms. The API connection also provides consumers more security than screen-scraping, a process that requires them to share their bank login credentials with a third party, which may not have the same level of security as a bank. The data sharing will be secure, transparent, and compliant with the anticipated regulatory guidance outlined by Dodd Frank 1033.
FDX Managing Director Don Cardinal called the relationship between Fiserv and Plaid “a leap forward for direct data sharing and great news for the ecosystem.”
Fiserv’s AllData Connect launched in 2020 and is part of the company’s AllData Aggregation product suite, a set of tools that enables credential-free data sharing. AllData Connect validates the consumer with their respective financial institution and issues a token employed by third parties to access and update that consumer’s data via the AllData Connect platform.
Fiserv signed a similar consumer-permissioned data agreement with Akoya in August and has also partnered with MX and Finicity for data sharing.
Fiserv was founded in 1984 and offers solutions that are used in nearly six million merchant locations and almost 10,000 financial institution clients. The company powers 12,000 financial transactions each second. Fiserv is listed on the NASDAQ under the ticker FI and has a market capitalization of $68.8 billion.
Plaid helps 12,000+ financial institutions offer their customers access to its network of 8,000+ third party financial services via a suite of APIs that connects consumers, financial institutions, and developers. The company also offers identity verification, balance checks, risk assessment scoring, transaction analytics, and more. Plaid was founded in 2013 and is headquartered in San Francisco, California.
Orum launched Verify, a new product to determine the validity of a bank account before initiating payments.
Verify is built on top of FedNow and is able to authenticate 100% of all consumer and business bank accounts held in the U.S.
Verify leverages the FedNow payment rail to provide businesses with account information in real time.
Real-time payments innovator Orum has launched a new product called Verify to determine whether a bank account is open and valid before initiating payments. Verify is built on top of FedNow and is able to authenticate 100% of all consumer and business bank accounts held in the U.S.– all within 15 seconds.
Orum’s Verify seeks to help businesses reduce fraud resulting from invalid credentials and mitigate the friction that consumers with valid bank accounts face when making a transaction. Regardless of the reason for the transaction failures, they are costly. A survey conducted in 2020 showed that 60% of business respondents reported losing customers as a result of failed payments and that failed payments lost the global economy more than $118 billion in fees, labor, and lost business in 2020.
“Lost time verifying accounts equals lost revenue and ultimately lost customers,” said Orum Founder and CEO Stephany Kirkpatrick. “This is especially true for business bank accounts, which are notoriously difficult to verify. Businesses need confidence they are debiting or crediting a real account to ensure the payment lands safely in the bank account, but most solutions today are slow or don’t include coverage for all B2B use cases. Verify – built on top of FedNow – has changed this equation, making it now possible to verify any type of bank account instantly.”
Today’s launch hinges on FedNow. Orum leverages the payment rail to provide real-time account information to businesses. The company uses a webhook to automatically send the data back to the business in real-time. This eliminates the need for the customer to get involved by confirming microdeposits or entering their bank login credentials.
Orum was founded in 2019 to serve as a single solution for accessing RTP, FedNow, Same Day ACH, ACH, and Wires. The company’s payment API orchestrates instant payouts, using AI to predict the availability of funds within an account and pre-authorize transactions.
Founded by Stephany Kirkpatrick, Orum has raised over $82 million from investors including Accel, Canapi, Bain Capital Ventures, Inspired Capital, American Express Ventures, and others.
Fraud and risk platform DataVisor launched its new AI Co-Pilot solution to enhance real-time fraud defense.
AI Co-Pilot includes AI-automated rule tuning, feature generation and automated debugging, and improved explainability among its features.
DataVisor made its Finovate debut last month at FinovateFall in New York.
Less than a month after making its Finovate debut at FinovateFall, fraud and risk platform DataVisor has launchedAI Co-Pilot. The new offering is a generative AI-facilitated fraud solution designed to catch fraud 20x faster than traditional methods.
AI Co-Pilot helps financial institutions detect fraud in real-time while at the same time reducing the number of false positives. This enables financial institutions to provide effective fraud defense without compromising the user experience with excessive friction.
DataVisor co-founder and CEO Yinglian Xie noted that innovation in the payment space required innovation in the fraud prevention space, as well. With bank transfer and payment fraud losses in the U.S. topping $1.58 billion last year, concerns over fraud risks can serve as an impediment to many financial institutions – especially smaller FIs and credit unions – when it comes to embracing instant payments and other new services that their customers and members want.
“Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention,” Xie said. “This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support.”
Among the new capabilities delivered by DataVisor’s AI Co-Pilot are AI-automated rule tuning to accelerate the fraud response and improve accuracy, feature generation and automated debugging, and improved explainability to ensure transparency.
“(AI Co-Pilot) considerably reduces the need for analyst resources,” Xie added. “This advancement signifies a pivotal step toward enhanced security and efficiency across the industry.”
Founded in 2013 and headquartered in Mountain View, California, DataVisor demoed its fraud and risk platform at FinovateFall last month. At the event, DataVisor’s Ryan Nichols and Kevin McWey showed how the technology’s rules engine, device intelligence, decision engine, and case management combine to enhance fraud detection and minimize losses.
DataVisor has raised more than $94 million in funding. The company includes CMFG Ventures and NewView Capital among its investors. Last month, DataVisor introduced new Chief Revenue Officer Kevin McWey. In July, the company announced that it had partnered with cyber and fraud threat intelligence specialist Q6 Cyber.
This week’s edition of 5 Tales from the Crypto features a pair of stories from cryptocurrency exchange Binance, concerns over crypto-crime and innovations in tokenization from JP Morgan Chase, and a look at a new product, a new partnership, and a new payments license.
Cryptocurrency exchange Binance announced that e-wallet service provider and payment gateway, SticPay will partner with Binance’s payment solution, BinancePay. BinancePay is a contactless, borderless, secure, cryptocurrency payment technology. SticPay will leverage the solution to enhance and streamline its users’ access to a range of leading cryptocurrencies.
SticPay has more than one million users and 5,000 corporate customers in 200+ countries. Courtesy of the new partnership, SticPay users will be able to fund their accounts directly via BinancePay. This will enable them to buy, sell, and send more than 70 leading cryptocurrencies faster and cheaper, which SticPay CEO Sean Park called the company’s mission. “Our users will be able to handle more cryptocurrencies, more efficiently than ever before,” Park said.
The BinancePay news comes just a few weeks after Binance announced that it would sell its Russian business to CommEx. The off-boarding process is expected to take up to a year. Binance said in a statement that the assets of Russian accountholders are safe.
Binance Chief Compliance Officer Noah Perlman noted that the company remained positive on the long-term growth of the cryptocurrency industry worldwide. Nevertheless, he added, “operating in Russia is not compatible with Binance’s compliance strategy.”
The parting of ways between Binance and Russia is total. The company noted that it will have no ongoing revenue split from the sale of its Russia business to CommEx. Binance also did not maintain any option to buy back shares in the business as part of the sale.
Sometimes the gods of cryptocurrency giveth and sometimes they taketh away. In recent weeks, JP Morgan has represented both tendencies with regards to its openness to crypto and digital assets.
A few weeks ago, we learned that JP Morgan Chase UK will ban its customers from making crypto transactions, beginning on October 16. The bank blamed a high number of fraud and scam incidents for its decision. Specifically, according to a bank spokesperson, Chase customers will be unable to buy crypto assets using a Chase debit card. They will also be unable to transfer money to a cryptocurrency account from a Chase account.
Chase is hardly the only financial institution to place limits on its customer’s ability to transact in cryptocurrencies. NatWest limited the amount of money customers can send to crypto exchanges back in March, citing concerns over “crypto criminals.” Santander Bank has also moved to prevent its customers in the U.K. from sending real-time payments to crypto exchanges.
At the same time, JP Morgan Chase has become increasingly interested in blockchain technology and the opportunities in tokenization. This week, JP Morgan unveiled its Tokenized Collateral Network (TCN). The new platform leverages blockchain technology to enable investors to use digital assets as collateral and, further, to transfer collateral ownership without having to transfer assets in the underlying ledgers.
The first public transaction using TCN involved JPMorgan and BlackRock. JP Morgan leveraged its Onyx Digital Assets tokenization platform to convert shares of a money market fund into digital tokens. Those tokens were then transferred to Barclays bank via TCN to be used as a security for an OTC derivatives exchange between JPMorgan and BlackRock.
“The tokenization of money market fund shares as collateral in clearing and margining transactions would dramatically reduce the operational friction in meeting margin calls when segments of the market face acute margin pressures,” BlackRock deputy global COO of cash management Tom McGrath said.
The hope for TCN is that the technology will reduce the number of settlement fails and provide near-instant real-time changes in ownership. TCN is live and a number of clients and transactions are reportedly on deck.
Cryptocurrency exchange Birake Exchange has turned toIDVerse to provide identity verification. The platform specializes in Masternode coins and will leverage its new relationship with IDVerse (formerly known as OCR Labs) to provide KYC and secure digital identity verification (IDV) during the onboarding process.
In a statement, the Romania-based Birake Exchange team underscored its belief in the future of cryptocurrencies and the importance of decentralization. “To mitigate fraud risks while fostering public confidence, judicious customer due diligence through identity verification has become a priority for us,” the team said.
Founded in 2018, the Birake Exchange refers to itself as a “white label crypto exchange” because it offers trading technology that enables its customers to build and brand their own crypto exchanges. The Birake Network has its own blockchain, which is powered by the Birake Coin (BIR).
As OCR Labs, IDVerse demoed its technology at FinovateAsia 2017, winning Best of Show. The company rebranded as IDVerse earlier this year.
Blockchain company Quant has introduced a new solution designed to make blockchain-based transactions more secure for financial institutions. The new offering, Overledger Authorise, helps FIs manage and integrate digital asset private keys with their own current enterprise key management systems. The technology covers the incompatibility gap between existing systems and blockchain private keys by managing the signing of blockchain transactions and key generation.
Quant founder and CEO Gilbert Verdian noted that the success of blockchain technology in banking will depend on innovations in other technologies. “We cannot unlock (blockchain technology’s) true potential without robust and future-proof solutions for cryptographic key management and transaction authorization,” Verdian said.
Overledger Authorise has been stress-tested successfully in Project Rosalind. Project Rosalind is a central bank digital currency project conducted by the Bank of England and the Bank for International Settlements.
Headquartered in London, Quant was founded in 2015.
Ripple’s Singapore-based subsidiary, Ripple Markets APAC, secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The MAS gave Ripple Markets in-principal approval earlier this year. The license paves the way for Ripple Markets APAC to issue digital payment tokens (DPTs).
Ripple CEO Brad Garlinghouse called Singapore “pivotal” to the company’s global business. Ripple established Singapore as its Asia Pacific headquarters in 2017. Garlinghouse referred to Singapore as “one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”
A Finovate alum since debuting as OpenCoin in 2013, Ripple has grown into a major enterprise blockchain solution provider for the financial services industry. Earlier this year, Ripple won a court ruling that its native cryptocurrency, XRP, was a digital token and “not in and of itself a ‘contract,’. As such, the court rules that Ripple was not guilty of selling unregistered securities – as accused by the U.S. Securities and Exchange Commission in 2020.
In the constantly evolving landscape of open banking, lenders are presented with a remarkable opportunity to redefine their underwriting processes. By harnessing the power of cash-flow data, lenders can elevate their precision in assessing customer risk and confidently explore untapped markets.
As open banking data becomes more accessible worldwide, a central question emerges: How can lenders effectively utilize this data?
Join us for a groundbreaking discussion led by industry experts in open banking, where we will delve into the current state of the open banking landscape in credit underwriting (B2C and B2B).
Discuss strategies on how to effectively:
Tag and categorize cash flow data
Extract valuable signals tailored to your use case
Combine data from multiple open banking sources
Optimize your underwriting infrastructure to better leverage cash flow data
Don’t miss this unique opportunity to gain invaluable insights into the future of underwriting and discover how open banking can empower your lending strategies.
Moderated by Julie Muhn, Senior Research Analyst, Finovate
On the panel:
Maik Taro Wehmeyer, CEO, Taktile
Abhinav Swara, VP and Head of Credit Risk, Bluevine
Moss-Davies comes to Treyd with 25 years of sales experience. The company anticipates Moss-Davies will bring growth and profitability to the company, which seeks to help small businesses “sell first, pay suppliers later.”
“Hiring a CRO of such calibre is a natural step in our global scaling journey as we progress towards profitability,” said company CEO and Co-founder Peter Beckman. “We quickly realised Colin was the right person to lead Treyd’s revenue operations through this next phase of expansion, and I am confident that his experience from revenue leadership in exceptional fintechs across multiple stages, together with his assured nature and all-embracing management style, will prove the perfect addition to our team here at Treyd.”
As part of his role at Treyd, Moss-Davies will work from the company’s London office help scale and unify the company’s commercial teams, align international offices, and bring new revenue opportunities.
“I am delighted to join a talented team with a great culture, very clear vision, and dedication to supporting SMEs,” said Moss-Davies. “Treyd’s ‘sell first, pay suppliers later’ service enables SMEs to sell inventory before it’s paid for, a truly beneficial service to retailers particularly during these tough trading times. My role will be focused on expanding adoption of the service in all markets and setting the organisation up for success as we scale globally.”
Treyd was founded in 2019 and pays for inventory upfront on behalf of its business clients. This frees up cashflow for small businesses to sell more of their products and ultimately promote growth. The Sweden-based company launched in the U.K. in 2022 and later that year saw a 5x increase in customer number and a 10x increase in revenue.
Treyd currently has 60 employees and has supplied $123 million (£100 million) in financing to its 600 supplier clients across five markets. The company closed a $12 million Series A extension last month, bringing the company’s total funding to over $25 million.
Data intelligence startup Curinos announced a new strategic collaboration with mortgage capital markets technology company Polly.
Polly will integrate Curinos’ market pricing data into its Product and Pricing Engine (PPE).
Curinos made its Finovate debut earlier this year at FinovateSpring.
Data intelligence startup Curinos has forged a new partnership with Polly, a company that provides mortgage capital markets technology. Polly will integrate Curinos’ market pricing data into its Product and Pricing Engine (PPE) to produce what both companies are calling the largest competitive dataset gathered from industry third parties.
“Our partnership will enable clients to seamlessly analyze their market position and support effective margin decisions without leaving their pricing engine,” Curinos EVP of Real Estate and Consumer Lending Brandonn Dukes explained. “These benefits will allow users to establish proactive margin management processes and remain competitive in any market environment.”
A product of the combination of Novantas and Informa’s FBX business, Curinos offers technology that helps financial institutions make better, faster, and more profitable data-driven decisions. Curinos’ technology facilitates access to comprehensive datasets and analytics, smart technologies, and connected behavioral insights, and can be applied across financial services ranging from deposits to lending.
A new Finovate alum, Curinos made its Finovate debut earlier this year at FinovateSpring. At the conference, the company demonstrated its Amplero Personalization Optimizer. Designed for high-impact use cases, the technology leverages innovations in marketing automation to deliver hyper-personalized omnichannel experiences in minutes, rather than months. Founded in 2021, Curinos also forged a partnership earlier this year with customer intelligence technology and service provider Touchpoint Group.
Polly Chief Revenue Officer Parvesh Sahi highlighted the way the new integration will help lenders, as well as enable Polly to accelerate its own efforts with regards to business intelligence. “Not only does this collaboration enable lenders to optimize their operations and maximize profitability with new data and services today, but it also lays the groundwork for Polly’s long-term data and analytics strategy,” Sahi said.
Founded in 2019, Polly helps banks, credit unions, and mortgage lenders automate and optimize the entire capital markets value chain. From rate lock to loan sale and delivery, Polly offers a vertically integrated capital markets solution that helps lenders scale their mortgage operations. The company is based in San Francisco, California. Adam Carmel is founder and CEO.
Content and technology company Thomson Reuterslaunched an e-invoicing product called ONESOURCEE-Invoicing this week, a tool that marries e-invoicing and tax compliance.
The new offering will be added to Thomson Reuters’ ONESOURCE software suite. It will not only help users manage global tax compliance– which is already available within the ONESOURCE software line– but will also bring in e-invoicing compliance by connecting financial systems and ERP systems.
Thomson Reuters has partnered with Pagero to leverage its Smart Business Network that connects buyers and sellers to exchange orders, invoices, payment instructions, and other business documents. Pagero will help automate the process and ensure compliance.
“Compliance with e-invoicing mandates is accelerating as a key priority, and historically it has not been an easy task, with regulations varying significantly across regions,” said Thomson Reuters Head of Product, Transactional Compliance Ray Grove. “We’re excited to be able to support businesses in overcoming these challenges with ONESOURCE E-Invoicing. This helps them accurately and efficiently meet compliance obligations – increasing confidence and peace of mind on what can be a daunting and ongoing task.”
ONESOURCE E-Invoicing offers a single location where customers can manage e-invoicing compliance across networks and borders with ERP and API integrations, and save time with automated e-invoice validation. In addition to e-invoicing and tax support, the ONESOURCE software suite also provides tax determination, indirect compliance, and a certificate manager.
The Canada-based firm, which is known for its news and media content as well as for its legal, tax, and compliance support, recently acquired Casetext, an AI-powered legal research technology company, for $650 million.
Thomson Reuters has demoed at two Finovate events– showcasing its App Store solution at FinovateFall 2012 and at FinovateSpring that same year. The company is listed on the New York Stock Exchange under the ticker symbol TRI and currently has a market capitalization of $57.33 billion.
A new survey from identity verification platform Trulioo reveals that nearly 80% of responding organizations have suffered from business identity theft. Business identity theft involves defrauding, extorting, or stealing money from a company. The data comes from Trulioo’s Global Know Your Business (KYB) Survey, conducted last month. The review included responses from 705 professionals in banking, payments, e-commerce, trading, health care, and the public sector.
“Our global KYB survey shows that 79% of companies have been affected by business identity theft,” Trulioo Chief Product Officer Michael Ramsbacker said. “Fraudsters all too often find an open door by using stolen business identities.”
In addition to the high number of companies reporting experience with business identity theft, the survey noted that more than a third of those responding (34%) said that they were not happy with their current business verification vendor. These respondents cited issues with data accuracy, international coverage, and meeting compliance regulations as the major challenges to effective and efficient business verification.
To this end, Ramsbacker underscored that Trulioo’s approach helps businesses deal with this specific attack vector by enabling companies to conduct business verification as part of the onboarding process. “(Our) platform allows our customers to deploy onboarding workflows that verify the user submitting the business information is affiliated with the business,” Ramsbacker explained. “Trulioo provides multilayered business verification and global data sources, all through one platform, to help organizations thwart those fraud threats and achieve compliance in countries around the world.”
More than 50% of survey respondents came from businesses reporting annual sales of more than $500 million. A majority of the survey respondents reported verifying more than 100 businesses a month. The survey respondents were geographically diverse, hailing from North America, Central and South America, Asia-Pacific, Europe, the Middle East, and Africa.
A Finovate alum since 2014, Trulioo won Best of Show for its demo at FinovateEurope last year. The company returned to the Finovate stage this March, showing how its global identity platform provided a comprehensive suite of services to verify both individuals and businesses. More recently, Trulioo launched its Advanced Global Person Match Services with Intelligent Routing offering. This solution adds to the capabilities of Truiloo’s Workflow Studio, a component of the company’s identity platform.
“The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems,” Ramsbacker explained, “enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage.”
Headquartered in Vancouver, British Columbia, Canada, Trulioo provides real-time identity verification of more than five billion people and 700 million businesses around the world. Founded in 2011, the company has raised more than $474 million in funding from investors including Goldman Sachs and Blumberg Capital. Steve Munford is CEO.
The acquisition includes 50,000 policies and boosts Getsafe’s total client roster to 550,000 customers.
Financial terms of the deal were not disclosed.
Germany-based Getsafeannounced this week it has acquired Luko Insurance’s German customer base, which includes 50,000 policies. Terms of the deal, which was approved by the German Federal Financial Supervisory Authority (BaFin) in late September, were not disclosed.
Adding Luko’s clients to its own roster, Getsafe now counts 550,000 customers across Germany, the U.K., France, and Austria. Integrating Luko’s clients, which was, as Getsafe CEO and founder explained was “as easy for us as launching a new product,” bolsters Getsafe’s European portfolio.
“Traditional insurance is broken for digitally savvy customers. They would never step into a broker’s office,” said Getsafe CEO and founder Christian Wiens. “We aim to become the go-to platform for 100 million young Europeans who will spend €300 billion on insurance in the next decade.”
Getsafe’s direct-to-consumer (DTC) model, which targets Europeans between 20 to 40 years old, offers liability, legal, drone, contents, health, dental, dog liability, pet health, private pension, and income protection insurance, as well as a children’s savings plan. This DTC model has proven compelling to users. Of the company’s customers, 35% use the app every month, an engagement rate that has resulted in strong growth. In fact, since Getsafe was founded in 2015, the company has doubled its revenue per customer every year.
“By eliminating intermediaries such as brokers and agents, we achieve much higher customer satisfaction scores than the industry average,” Wiens explained. “Additionally, our direct-to-consumer business runs with higher margins and is already operating profitably in our core markets.”
The deal comes four months after France-based Luko was bought by insurance giant Admiral Group, which acquired all but Luko’s German or Spanish operations.
Identity verification, risk assessment, and compliance solutions company Jumio has announced an expanded strategic partnership with NextWealth.
A data services provider, NextWealth will provide identity verification services and manage back office operations for Jumio.
A Best of Show winner and Finovate alum since 2013, Jumio has processed more than one billion transactions spanning 200+ countries and territories.
Identity verification and compliance solutions provider Jumio has expanded its strategic partnership with data services provider NextWealth. The move comes as the risk assessment company seeks to add to its ability to combat increasingly sophisticated fraud and financial crime challenges. Via the enhanced relationship, NextWealth will provide identity verification services for Jumio. This will include taking the lead role in back office operations for Jumio as the company looks to scale its business, while providing the same level of secure service.
“Now more than ever, when our automation and quality rates have reached record levels, partnering with NextWealth enables us to focus on our core business and technology objectives and support our customers wherever they do business across the globe,” Jumio Chief Technology Officer Stuart Wells explained.
NextWealth CEO Mythily Ramesh said that the expanded partnership would “further cement our position as one of the largest, pure play, AI/ML-driven data services players in the country.” Founded in 2009, the Bengaluru, India-based company serves businesses in fintech, e-commerce, healthcare, and other verticals. With seven centers in four states, NextWealth delivers more than 300 million data transactions.
A Finovate Best of Show winner and long-time alum, Jumio has processed more than one billion transactions from 200+ countries and territories. With its Jumio KYX Platform, the Sunnyvale, California-based company offers advanced identity proofing, risk signals, and compliance tools that help businesses establish and maintain customer trust. Jumio leverages a wide variety of enabling technologies – including automation, biometrics, AI, machine learning, liveness detection, and no-code orchestration – to enable its clients to better deal with the evolving nature of financial crime.
Last month, Jumio was named a Representative Vendor in the Gartner Market Guide for Identity Verification for a fifth consecutive time. Earlier this year, the company forged partnerships with Philippines-based Java developer Exist Software Labs, and composable frontend platform company Modyo.
Stockpile is adding a kids debit card as part of its retail investing product suite for minors.
The debit card will be powered by Green Dot’s banking-as-a-service tool.
The card will have built-in parental controls and oversight.
Youth-focused brokerage company Stockpile is adding a new product to its lineup this week. The company will begin offering minors a debit card as part of its retail investing product suite.
The payment card, which will be powered by Green Dot’s banking-as-a-service, will have parental spending controls. Parents can set up debit cards for their kids, set and control the access they’d like their kids to have, and maintain oversight over their spending.
“Green Dot’s depth of experience embedding seamless, innovative and value-driven financial tools into their partner ecosystems, along with their passion for providing accessible financial services to consumers and businesses, make them a great fit for Stockpile’s long-term vision and growth trajectory,” said Stockpile CEO Victor Wang. “Partnering with Green Dot adds a new dimension to Stockpile’s hands-on financial learning and access, and will deliver a seamless and responsible debit card experience as an educational stepping stone to investing.”
Stockpile plans to add more tools and functionality to its product suite in the future. Based on competing payment tools for minors, such as Greenlight and GoHenry by Acorns, Stockpile may add budgeting tools, giving options, and a savings account.
Founded in 1999, Green Dot offers direct-to-consumer digital banking tools as well as a B2B banking-as-a-service offering. According to the release, Stockpile is among the first of Green Dot’s partners to build and operate from its cloud-native banking-as-a-service platform.
“We’re proud to partner with Stockpile to embed powerful financial tools and experiences that fuel engagement and value for their customers,” said Green Dot Head of Enterprise Business Development, Embedded Finance Simran Singh. “We’re passionate about giving people and businesses access to seamless, affordable banking and financial tools that build financial confidence and prosperity, as well as partnering with companies like Stockpile that share our values, purpose and vision.”
Notably, this announcement comes the same week that Acorns unveiled a new premium tier that includes access to GoHenry in the U.S. and two months after Greenlightlaunched a new solution to help teens build credit.
