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. Hear from: Max Grande, VP, Market Vertical Solutions, Onbe Julie Muhn, Senior Research Analyst, Finovate The post Putting the Recipient First: How to Prioritize the Customer Experience in Your Payments Strategy appeared first on Finovate.       

Torn paper white background simple handmade craft A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%. ComplyCo ComplyCo offers the visibility and control needed to effectively oversee digital environments, leveraging end-user session recordings to support monitoring and observability for non-technical teams. Features Provides investigative controls for an organization’s digital environments Includes population-based monitoring Offers version control and effective testing Who’s it for? Financial institutions offering products of their own or through partnerships with fintechs in a digital environment. FinTech Insights FinTech Insights is an AI-powered competitive analysis platform for banks and fintechs. By analyzing digital banking offerings, FinTech Insights enables faster UX research, product releases, and innovation. Features FinTech Insights GPT allows users to: Receive actual and actionable insights in seconds Streamline product research processes from months to minutes Make faster, bullet-proof decisions with accuracy Who’s it for? High-street banks, credit unions, community banks, regional banks, challenger banks, fintechs, and digital banking providers. Quavo Fraud & Disputes Quavo Fraud & Disputes is the leading provider of innovative dispute management solutions for issuing financial organizations. Launch is an all-new offering of their proven dispute management system. Features Requires zero onboarding time for immediate use Offers an affordable base product that scales with FIs Fully compliant with regulatory and network standards Delivers highly automated dispute management systems Who’s it for? Banks, fintechs, processors, and credit unions of all sizes, and any organizations subject to regulation E/Z dispute resolution or serving institutions subject to it. Scamnetic Scamnetic’s everyday solution helps consumers detect every type of scam in real-time, removing human error from the equation. Their patented, AI technology can be easily integrated into enterprise platforms. Features Scan&Score: Auto or quick scan with real time message validation IDeveryone: C2C authentication and verification before payment ScamIntervention: Proactive call center support pre-or-post scam Who’s it for? Banks, credit unions, payment providers, small-to-medium sized businesses helping their customers, members, and employees stay safe, especially from scams using their name. Setuply Setuply is an AI-powered client onboarding and lifecycle management platform for B2B solution providers purpose-built to accelerate revenue recognition and profitability. Features Delivers real-time insight into the revenue at stake to prioritize work Offers scalable and repeatable onboarding processes Increases client engagement and collaboration Who’s it for? B2B service and implementation providers. Telesign Telesign delivers their 2024 Fraud Protection Insights with PowerBI. Features Learnings from Telesign, the DI and Communications Security leader Proof of Concept data Delivers 2024 fraud vector insights Over 200 investigations analyzed since September 2023 Who’s it for? Banks, credit unions, fintechs, and e-commerce SMB and enterprise businesses. Vine Financial Vine Financial is a cutting-edge commercial lending platform that is highly configurable and supports the entire loan lifecycle. With AI, it automates everyday tasks that tie up employee time. Features Offers AI-assisted document import, financial analysis, and document generation Includes extensive configuration capability to support each FI’s workflows Eliminates the need for an expensive third-party CRM Who’s it for? Banks, credit unions, private lenders, venture capitalists, private equity, and any other industries requiring financial analysis and due diligence. The post FinovateFall 2024 Sneak Peek Series: Part 2 appeared first on Finovate.      Related StoriesFinovateFall 2024 Sneak Peek Series: Part 1FinovateFall 2023 in 1,224 PhotosFinovateFall 2023: AI, the Fintechification of Everything, and Why Boring is the New Black 

The summer heat usually comes with a slowing of news activity, and while this is generally still holding true this summer, there have been some notable merger and acquisition activity throughout the past few months. This season, the fintech landscape has had its fair share of strategic moves, as companies look to expand their capabilities, enter new markets, and expand on their offerings. These acquisitions are not just reshaping individual companies but they are also working to build out what the future of financial technology will look like. As venture capital funding has dwindled over the past few years, the fintech sector has had to get creative in staying afloat. That may be one reason why we are seeing a growth in deal numbers. Let’s dive into the top 10 fintech acquisitions so far this summer. Pluto acquired by Robinhood Robinhood, a commission-free trading platform that aims to democratize finance acquired Pluto, a fintech startup focused on personalized financial planning and investment tools. Deal Details: Financial terms were not disclosed. The deal is expected to close in Q3 2024. Strategic Rationale: Pluto’s AI-driven tools will enhance Robinhood’s financial advisory capabilities. Impact on Industry: The deal may encourage other trading platforms to improve their advisory services, increasing competition. Future Outlook: Integrating Pluto’s technology will help Robinhood offer personalized financial advice, boosting user engagement and retention. Theorem acquired by Pagaya Pagaya, an AI-driven asset management firm that focuses on portfolio optimization through machine learning and big data acquired Theorem, a provider of financial analytics and modeling tools. Deal Details: The specific financial terms of the deal remain confidential. Strategic Rationale: Theorem will strengthen Pagaya’s AI and data analytics capabilities, resulting in robust investment strategies. Impact on Industry: Pagaya’s purchase highlights the importance of AI in asset management, pushing competitors to innovate. Future Outlook: Pagaya’s platform will demonstrate enhanced analytical power, offering more value to institutional clients. Aion Bank acquired by UniCredit UniCredit, a leading European commercial bank that offers a wide range of banking services, acquired Aion Bank, which is known for its digital banking services and innovative financial products. Deal Details: Financial details of the deal were not disclosed. Strategic Rationale: Aion Bank will help UniCredit expand its digital banking capabilities and customer base. Impact on Industry: The deal will help to increase competition in digital banking, driving more customer-centric services. Future Outlook: Integrating Aion Bank’s technology will enhance UniCredit’s digital offerings and expand its market reach. Envestnet acquired by Bain Capital Bain Capital, a private investment firm that focuses on private equity, venture capital, and credit, acquired Envestnet, a provider of integrated portfolio, practice management, and reporting solutions. Deal Details: The deal is valued at approximately $4 billion. Strategic Rationale: Envestnet’s long-standing expertise will help Bain Capital enhance its capabilities in financial technology and wealth management solutions. Impact on Industry: The move will bring Envestnet into the private sector. Future Outlook: Bain Capital’s acquisition may fuel demand for other private equity firms to buy out wealth management fintechs. Salt Labs acquired by Chime Chime, a digital bank known for providing fee-free banking services, acquired Salt Labs, an employee savings and rewards program. Deal Details: Financial terms were not disclosed, but some sources report that the deal could close for as much as $173 million after Chime provides an up-front payment of $14 million. Strategic Rationale: Salt Labs will enhance Chime’s offerings by integrating employee savings and rewards programs. Impact on Industry: Integrating Salt Labs will help Chime promote financial wellness and engagement among employees, setting a new standard for digital banking services. Future Outlook: The combination of Salt Labs with Chime Enterprise will expand Chime’s client base through employer channels. Rooam acquired by American Express Financial services giant American Express has acquired Rooam, a mobile payment and digital tipping platform for the hospitality industry. Deal Details: Financial specifics were not disclosed. Strategic Rationale: American Express is expected to expand its mobile payment capabilities in the hospitality sector. Impact on Industry: The purchase will fuel demand for more innovation in mobile payment solutions that increase convenience for users and businesses. Future Outlook: Integrating Rooam’s technology will improve American Express’s digital payment offerings and customer experience. Funding Circle acquired by iBusiness Funding Small business funding solutions provider iBusiness Funding acquired Funding Circle, a peer-to-peer lending marketplace focused on small business loans. Deal Details: Financial terms were not disclosed. Strategic Rationale: Funding Circle will expand iBusiness Funding’s lending capabilities and customer reach. Impact on Industry: The move will help strengthen small business lending options, ultimately supporting economic growth and entrepreneurship. Future Outlook: Integrating Funding Circle’s platform into iBusiness Funding will enhance iBusiness Funding’s lending solutions and expand its market reach. Invoiced acquired by Flywire Flywire, a global payments enablement and software company, acquired Invoiced, an accounts receivable automation platform. Deal Details: Financial specifics were not disclosed. Strategic Rationale: Invoiced is expected to enhance Flywire’s payment solutions by adding advanced accounts receivable automation. Impact on Industry: The deal promotes efficiency in payment processing and receivables management solutions. Future Outlook: Flywire will benefit from integrating Invoiced’s technology, which will offer comprehensive payment and receivables solutions and improving cash flow management. Screena acquired by ThetaRay ThetaRay, a provider of AI-powered transaction monitoring technology, has acquired Screena, a cybersecurity firm specializing in fraud detection and prevention. Deal Details: Financial terms were not disclosed. Strategic Rationale: The deal will strengthen ThetaRay’s fraud detection capabilities with Screena’s advanced cybersecurity technology. Impact on Industry: The move enhances current fraud prevention measures, which will increase security in financial transactions. Future Outlook: Integrating Screena’s technology will improve ThetaRay’s AI-driven fraud detection and prevention solutions. LemonSqueezy acquired by Stripe Financial infrastructure platform Stripe acquired LemonSqueezy, a platform for managing digital product sales and subscriptions. Deal Details: Financial terms were not disclosed. Strategic Rationale: LemonSqueezy will expand Stripe’s capabilities in digital product sales and subscription management. Impact on Industry: The deal will promote innovation in digital commerce, providing businesses with more comprehensive tools. Future Outlook: Stripe will enhance its existing offerings with LemonSqueezy’s capabilities, further supporting digital entrepreneurs. Photo by Lisa Fotios The post Top 10 Fintech Acquisitions of Summer 2024 (So Far) appeared first on Finovate.       

NCR Voyix is selling its digital banking business to private equity firm Veritas Capital. The deal is expected to close by the end of 2024 for $2.45 billion in cash plus a future contingent installment of up to $100 million. NCR Voyix, which recently split from NCR, expects the move will help it focus on its core software and services offerings for restaurants and retailers. Digital commerce provider NCR Voyix is simplifying its operations this week. The Georgia-based fintech has agreed to sell its cloud-based digital banking business to an affiliate of private equity firm Veritas Capital. Under the terms of the agreement, NCR Voyix will sell its digital banking unit for $2.45 billion in cash plus a future additional installment of up to $100 million, contingent on terms. The deal is expected to close by the end of 2024. NCR Voyix launched its digital banking platform in 2014 and has since evolved significantly. The banking suite aims to offer its 1,300 financial institution clients a comprehensive banking environment for their 20 million active retail and commercial banking customers. For retail banking, NCR Voyix provides online and mobile banking, personal financial management, and customer engagement tools. For commercial banking, the platform includes services such as cash management, treasury services, and business banking solutions. “Our Digital-First solution suite has been strategically designed to grow and expand with our customers over time as their retail and business banking distribution and customer engagement strategies evolve,” said NCR Voyix Executive Vice President and President of Digital Banking Brendan Tansill. “Veritas brings a proven track record of successfully executing similar business carveouts and subsequently driving growth. We look forward to working alongside their experienced team as we continue to pursue commerce and banking innovations that help our customers and their users succeed.” Veritas’ CEO and Managing Partner Ramzi Musallam said that NCR Voyix’s digital banking platform shows “significant runway for growth.” He added that the purchase represented a significant opportunity to invest in a solution that will empower a range of financial institutions. For NCR Voyix, the deal is a byproduct of efforts to streamline its operations to focus on its core software and services offerings for restaurants and retailers. The move comes after NCR separated its ATM-focused business from its digital commerce operations in October of 2023. The company will use the proceeds of today’s deal to accelerate select financial objectives, including de-levering its balance sheet, which will allow for greater strategic investment in NCR Voyix’s core businesses. As company CEO David Wilkinson explained, “This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.” Photo by Lukas The post NCR Voyix Sells Digital Banking Business to Veritas Capital appeared first on Finovate.       

Customer analytics platform unitQ secured a strategic investment from Zendesk Ventures. The amount of the investment was undisclosed. unitQ had raised $41 million in funding to date. unitQ made its Finovate debut at FinovateFall 2021 and returned to the Finovate stage a year later for FinovateSpring in San Francisco. Here’s some funding news that slipped beneath our radar this summer: AI-powered customer analytics platform unitQ has secured an investment from Zendesk Ventures. The amount of the funding was not disclosed, but it turns Zendesk from a unitQ customer into a strategic investor, as well. “We chose unitQ after evaluating and trying different solutions in the market,” Zendesk VP of Global CX Operations Shawn Slipy said. “The granularity and speed at which unitQ is able to deliver actionable customer insights is above and beyond what others could offer, and we’re grateful for our continued partnership.” unitQ had raised $41 million in capital ahead of the June investment, according to Crunchbase. The current investment comes amid Zendesk Ventures’ determination to back companies that are leveraging AI to enhance both customer and employee experience. The venture fund will provide unitQ with access to CX and AI experts to help drive innovation and assist the company in recruiting talent, growing unitQ’s customer base, and building its brand. “We’ve experienced the power of Zendesk’s community first-hand and are excited to explore joint go-to-market efforts with Zendesk’s ecosystem of customers, technology partners, and evangelists,” unitQ CEO and Co-Founder Christian Wiklund said. “Partnering with Zendesk means joining forces with a leader that opens doors to top-tier talent and industry networks. We’ve gained more than just funding – we’re now connected to a community and receive tailored mentorship to help our company’s growth.” Customer service platform Zendesk leverages AI agents, workflow automation, and human agents to help businesses provide better service to customers and make workplaces more efficient for employees. The company has more than 100,000 customers in 160 countries and territories and 5,450 employees. Zendesk launched its Zendesk Ventures global venture fund in June with a mission to provide emerging companies with capital, CX and AI expertise, as well as strategic partnership opportunities – especially for AI-first companies. “Every organization is on a path to becoming AI-driven, and we’re eager to form partnerships with companies leading this new era,” Ben Barclay, SVP of Strategy, Corporate Development, & Transformation at Zendesk, said. unitQ made its Finovate debut at FinovateFall 2021, and returned to the Finovate stage the following year for FinovateSpring in San Francisco. In the time since then, the company has launched a range of new solutions, including its Impact Analysis Tool and its generative AI engine for measuring product quality, unitQ GPT. This spring, unitQ added Product Analytics to its User Feedback Platform to enable institutions to view and analyze real-time user feedback along with behavioral analytics data. In recent months, the company has also forged partnerships with Chess.com, streaming media platform Plex, and most recently with product analytics platform Amplitude. Founded in 2018, unitQ is headquartered in Burlingame, California. Photo by Timur Saglambilek The post unitQ Secures Investment from Zendesk Ventures appeared first on Finovate.       

Card issuing platform Marqeta has signed a five-year deal with Varo Bank to serve as the financial institution’s issuer processor. The partnership will enable Varo Bank to offer a range of new products including digital wallet tokenization via Apple and Google Wallets for its cardholders. Headquartered in Oakland, California, Marqeta was founded in 2010. Card issuing platform Marqeta has signed a five-year deal with Varo Bank to serve as the financial institution’s issuer processor. Marqeta’s ability to blend virtual, tokenized, and physical card-issuing technology with faster speed-to-market was among the factors cited by Varo Bank in teaming up with the fintech. “We sought an issuer partner that complements our unique position as both a technology company and a regulated financial institution,” Varo Bank CEO Colin Walsh explained. “This partnership with Marqeta enables us to offer cutting-edge card issuing technology, giving our customers enhanced ability to view and manage their transactions efficiently. This advancement aligns perfectly with our mission of financial empowerment.” Widely recognized as one of the first nationally-chartered consumer-based techbanks in the U.S., Varo Bank offers fee-free checking accounts, high-yield savings accounts, secured credit-building credit cards, instant payment solutions, and free ATM access at more than 40,000 locations. Varo Bank’s mobile app enables customers to review and improve their financial health, and now, courtesy of the institution’s partnership with Marqeta, the bank will enable digital wallet tokenization with Apple and Google Wallets for its cardholders. “Marqeta is proud to announce this deal with Varo Bank, which relies on the latest payments and banking technologies to help Americans who are striving to get ahead,” Marqeta CEO Simon Khalaf said. “Varo’s mission is aligned with ours and we can’t wait to start innovating with the Varo team, enabling their customers to see transactions in real-time thanks to Marqeta’s APIs.” Marqeta is an alumnus of our developers conference series, FinDEVr. The company presented its technology at our event in Silicon Valley in 2016. In the years since then, the Oakland, California-based fintech has grown into a major, modern card issuing platform operating in 40 countries and processing more than $160 billion in volume in 2022. The company’s partnership news with Varo Bank comes less than a month after Marqeta announced that it had become the first issuer processor in the U.S. that was certified to enable Visa Flexible Credential, a product that provides access to multiple funding sources from a single payment card. Photo by Kyle Glenn on Unsplash The post Marqeta Inks Five-Year Exclusive Issuer Processor Partnership with Varo Bank appeared first on Finovate.       

Founders are what make the fintech world go around. Without their grit, willingness to take risks, desire to enhance the status quo, and determination to bounce back after failure, fintech wouldn’t be here. At FinovateSpring earlier this year, we spoke with four fintech leaders– Robbie Heeger, President and CEO and Endaoment; Alexandra McLeod, CEO and Founder at Parlay Protocol; Gwyneth Borden, Founder and CEO and Remynt; and Christian Widhalm, CEO and Bloom Credit– shortly after they stepped off the Finovate demo stage. We asked each of them for advice on pitching a product through a demo approach, refining presentations, and communicating their company’s value proposition. Lessons from Finovate – Shaping your fintech showcase approach Evolution through Feedback – Refining Fintech Presentations for Future Success Unlocking Demo Success – Key Strategies for Communicating Fintech Value Propositions Mastering Audience Appeal – Crafting Tailored Demos for Investors, Experts & Clients How to prep for FinovateSpring – Fintech product demo tips Photo by RDNE Stock project The post Streamly Snapshot: Fintech Founders on How to Communicate through Demos appeared first on Finovate.       

Digital banking solutions provider Blend has forged a partnership with instant payments-as-a-service company Astra. The partnership will integrate Astra’s Card to Account payment solution directly within Blend’s Deposit Account application flow. This will enable Blend customers to drive digital engagement beyond the initial application capture, lowering abandonment rates and helping consumers complete applications faster. “Today consumers expect a frictionless, real-time product experience, and that starts at account opening,” Astra CEO and Co-Founder Gil Akos said. “Financial institutions and fintechs need to deliver a best-in-class onboarding flow to win new customers – instant account funding is the perfect solution, leading to improved activation rates of 30% or better on day one. We’re proud to partner with Blend to offer this experience to their customers.” Funding by card is an increasingly popular option given the relative inconvenience of other methods, such as ACH transfers. By comparison, funding new accounts via debit cards is a faster and more seamless process (no routing or account numbers to remember). And because cards only enable transactions up to the available balance, card funding also helps avoid potential overdrafts when using ACH transfers, a risk for consumers who may have limited funds or irregular cash flow. Further advantages include accelerated onboarding, more activated accounts, reduced abandonment, a smoother application experience, and less manual intervention. Blend noted in a statement that card funding is also one of the more popular ways for consumers to fund new accounts. The company pointed to one of its customers, a major credit union, that reported that 82% of their new deposit accounts were funded using Astra card funding. Another credit union customer of Blend said that 66% of its consumers preferred funding via Astra card compared to other methods. Card funding for Blend Deposit Accounts is now generally available for all customers. Astra offers a platform for instant payments that enables product teams to embed payments into their solutions. The company’s API facilitates seamless fund transfers between bank accounts and cards, providing a fast, secure, and built-for-scale alternative to traditional fund transfer methods such as ACH. Astra launched its first, end-to-end instant payment solution with FedNow in the fall of 2023. In December, the company announced a partnership with merchant connectivity platform Knot to enable seamless card switching with instant funding. Founded in 2016, Astra is headquartered in Menlo Park, California. Blend demoed its technology at FinovateSpring 2016. At the conference, the company demoed its Data-Driven Mortgage solution which leverages high-fidelity data sources to drive down origination costs, maintain digital compliance, and provide a positive user experience for borrowers. Last month, Blend announced its acquisition of applied AI company nuvu, and expanded its partnership with DataIQ. In May, Blend secured an investment of $150 million from technology-focused private equity firm Haveli Investments. Headquartered in San Francisco, California, and founded in 2012, Blend is a publicly-traded company on the NYSE. Trading under the ticker BLND, the company has a market capitalization of $678 million. Nima Ghamsari is CEO and Co-Founder. Photo by KEHN HERMANO The post Blend Teams Up with Instant Payments-as-a-Service Specialist Astra appeared first on Finovate.       

PayPal is launching Fastlane, a one-click guest checkout experience for online merchants. Fastlane automatically recognizes shoppers based on their phone number or email address, and autofills information forms in the checkout flow. PayPal first unveiled Fastlane in January, and has been testing the solution with select merchants and ecommerce sites, including BigCommerce. Fintech pioneer PayPal is launching Fastlane, its guest checkout tool, for all U.S. merchants this week. Fastlane aims to accelerate the guest checkout experience to help users complete their purchase in as little as one click. Merchants can integrate Fastlane into their existing online checkout flow to create a simpler, faster checkout experience for the 43% of consumers who prefer a guest checkout experience. By using the customer’s email, Fastlane recognizes shoppers early in the guest checkout process and allows them to access their saved information with a one-time passcode sent via email. After entering their passcode, users can autofill the information in the checkout flow and complete their purchase in as little as one click. When Fastlane does not recognize a shopper, it allows them to create a Fastlane profile by opting in during their purchase process, enabling faster transactions in the future.The tool does not require users to fill out forms or remember passwords. “Fastlane by PayPal significantly reduces the time consumers spend using guest checkout – making for a more seamless checkout experience,” said PayPal President and CEO Alex Chriss. “With Fastlane, we are bringing an accelerated guest checkout to businesses of all sizes helping them to drive more sales.” PayPal unveiled Fastlane in January and has since tested the technology with select businesses, including merchant SaaS provider BigCommerce, which is among the first ecommerce sites to test PayPal’s Fastlane. Over the past several months of trialing the technology, BigCommerce saw a 32% reduction in time it took for customers to check out. Additionally, as company CEO Brent Bellm noted, “Results from early-adopting test customers show that Fastlane users convert more than 80% of the time, which is up to a 50% improvement over guest shoppers who do not use Fastlane. For BigCommerce enterprise customers using PayPal, the Fastlane experience further improves on our checkout conversion rate of 71%.” Fastlane is available for U.S. merchants on PayPal Complete Payments and PayPal Braintree, as well as via platforms including Adobe Commerce, BigCommerce, Salesforce Commerce Cloud, and others. Photo by Martin Dusek The post PayPal Makes Fastlane Generally Available to U.S. Merchants appeared first on Finovate.       

A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%. Eko Investments Eko Investments‘ white-label solution allows 10,000 banks and credit unions to offer digital investing directly on their existing banking platform. Features Offers digital investing natively integrated into digital banking Supplies pre-made portfolios and self-selection of stocks, bonds, or ETFs Makes end-users feel like they are investing with their FI via 100% white-labeling Who’s it for? Banks and credit unions of all sizes. Fizen Technology Verify by Fizen Technology is an all-in-one compliance screening platform for banks. Verify consolidates essential checks like KYC and OFAC, simplifying compliance, reducing risk, and enhancing efficiency. Features Featured checks: Negative news Politically exposed person (PEP) Secretary of State Who’s it for? Banks, credit unions, and fintechs. Further Further connects consumers to the best credit unions for their needs, helping them achieve financial wellness and freedom. Features Consumers can: Access pre-approved offers and funds easily Monitor their credit score for free Receive personalized financial insights and recommendations Who’s it for? Gen Z and Millennial consumers (21 and above). GenRPT GenRPT is an AI-driven insights and reporting platform that allows users to generate visual reports from databases in plain English, supporting SQL, Excel, PDF, CSV formats, and more. Features Connect to any database – structured or unstructured Interact in plain English, without any prior technical knowledge Generate visual reports in seconds on the go Who’s it for? Banks, insurance companies, NBFCs, individuals, CXOs, CDOs, CIOs, asset management companies, payment providers, and SMEs. TodayPay TodayPay is the world’s first instant payments network and inventor of Refunds as a Service, giving merchants an alternative payment method to issue instant refunds to customers. Features Offers a cheaper refund payment method to credit cards Issues refunds instantly (average time of 26 seconds for consumers to receive refunds) Allows consumers to choose refund payment methods, including cashback Who’s it for? Merchants, retailers, brands, marketplaces, insurers, card issuers, and logistics companies. Union Credit Union Credit is the pioneering marketplace for credit unions, enabling them to offer one-click loan options to new members within their daily activities, thereby boosting new member acquisition efforts. Features Allows credit unions to set product specific funding limits, marketing spend limits, lender underwriting criteria, rates, and more Supports all consumer loan products Captures census tract data on consumers for CDFI tracking Who’s it for? Credit unions and community banks. The post FinovateFall 2024 Sneak Peek Series: Part 1 appeared first on Finovate.      Related StoriesFinovateFall 2023 Sneak Peek: Union CreditFinovateFall 2023 in 1,224 PhotosFinovateFall 2023: AI, the Fintechification of Everything, and Why Boring is the New Black 

Ready to level up your networking game at FinovateFall? We’re here to help! At FinovateFall 2024, which is taking place September 9 through 11 in New York, we’re launching a new, personalized meeting platform called LevelUp. Introducing LevelUp LevelUp, Finovate’s new meeting program, is designed to help banks and financial institutions participate in tailored, valuable meetings. The goal of the meetings is to help our financial institution attendees efficiently find providers offering solutions that suit their requirements and ultimately meet critical business needs. Seamlessly Integrated LevelUp will be embedded into the FinovateFall agenda. We will offer time slots throughout the event to allow you to meet six solutions providers in an efficient, quickfire meeting format. To ensure you are meeting with companies offering real solutions to your challenges, we have hand-selected the best fintechs to optimize your time. How It Works Personalized Matches: Upon registering for FinovateFall, you’ll have the opportunity to detail your specific business challenges and needs. Our platform will then match you with the most relevant fintech providers. Efficient Scheduling: LevelUp slots are strategically placed within the event agenda, ensuring that you have ample time to participate without missing other key sessions and presentations. Focused Interactions: Each meeting slot is designed to be quick and focused, allowing you to get straight to the point and determine if the provider’s solution is right for your institution. Why LevelUp? Targeted Networking: Meet only with providers who are pre-vetted and matched to your specific needs, saving you time and effort. Optimized Agenda: The seamless integration of LevelUp within the event schedule ensures that you maximize your time at FinovateFall. Enhanced Collaboration: By focusing on relevant matches, you can build meaningful partnerships that drive real business results. Join Us at FinovateFall 2024 Don’t miss out on this opportunity to revolutionize your networking experience. Whether you’re looking to explore new fintech innovations, solve specific business challenges, or simply expand your professional network, LevelUp is here to make it happen. Register now for FinovateFall 2024 and take the first step towards leveling up your networking game. We can’t wait to see you there! For more information and to register, visit our FinovateFall 2024 page. Header photo by Fab Lentz on Unsplash Photo by Cytonn Photography on Unsplash The post Level Up Your FinovateFall Experience with Personalized Networking appeared first on Finovate.       

In partnership with financial literacy platform Doshi, Yorkshire Building Society is offering online financial education to first-time prospective homebuyers. The new free tool, available on the YBS website to customers and non-customers alike, walks new homebuyers through the entire home-buying process. Doshi made its Finovate debut earlier this year at FinovateEurope in London. Yorkshire Building Society (YBS) has teamed up with gamified financial literacy platform Doshi to launch an online educational program for first-time prospective homeowners. The new tool is available in the mortgage section of Yorkshire Building Society’s website, and guides borrowers through the process of applying for a mortgage and buying their first home. The program walks prospective homeowners through the entire home-buying journey, including how to prepare for buying a home, how to secure financing, understanding the various steps of the home-buying process, and the importance of maintaining their home once they’ve made their purchase. The program explains important concepts and potentially unfamiliar terms, and provides a timeline of the overall process. The tool is available free of charge to both YBS customers and non-customers. “Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible,” Doshi CEO Daniel Rose said. “Our program demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers.” The new offering comes in the wake of research conducted by YBS that indicated that a lack of knowledge about the home-buying process was a major barrier for would-be homeowners. YBS noted that only 18% of those surveyed felt knowledgeable about the mortgage process, with even fewer respondents – 14% – saying that they knew what financial factors were key when applying for a mortgage. The survey further indicated that only 45% of respondents believed that a good credit score was an important factor in securing a mortgage. Only 34% stated that the ability to repay debts was important when it comes to obtaining the financing necessary to buy a home. “We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialing this new learning tool, aimed at helping first-time buyers understand more about the home-buying process,” YBS senior manager for digital mortgage and enabling services Geddy Meguyer said. The third-largest building society in the U.K., Yorkshire Building Society is a financial services mutual organization that offers savings, investing, insurance, and mortgage products. Headquartered in Bradford, West Yorkshire, YBS had total assets of more than £60 billion as of December 2023. Along with its assets – the Chelsea Building Society, the Norwich and Peterborough Building Society, Accord Mortgages, and savings business Egg – known as the Yorkshire Building Society Group, the group employs more than 3,000 and serves a membership of three million. YBS’s partnership with Doshi is the latest effort by the building society to support first-time homeowners. This spring, YBS launched its £5k Deposit Mortgage product, which enabled first-time homebuyers to buy a property worth up to £500,000 with a deposit of only £5k, rather than the typical 5% down payment. The idea behind the £5k Deposit Mortgage was to deal with the biggest obstacle prospective homebuyers tend to face – raising the funds for a down payment. Doshi made its Finovate debut at FinovateEurope 2024 in February. At the conference, the company demoed its white-label app, which leverages personalized learning journeys and community rewards to turn complex topics into engaging experiences. Doshi’s AI-powered financial assistant technology is built for banks, credit unions, and fintechs, and is available as an app, a plug-and-play web module, as well as via API. Doshi was founded in 2021. The company is headquartered in London. Photo by Pixabay The post Yorkshire Building Society Partners with Doshi to Educate for First-Time Homeowners appeared first on Finovate.       

Bilt Rewards received $150 million in a funding round led by Teachers’ Venture Growth. The new round brings the company’s total funding to $710 million. The funding comes six months after Bilt Rewards’ January investment round, which valued the company at $3.1 billion. Bilt Rewards, a rewards program that allows renters to earn points for paying rent on time, announced it has received $150 million in funding this week. The venture round was led by Teachers’ Venture Growth, while existing and new investors, such as Vanderbilt University Endowment and the University of Illinois Foundation, also participated. Bilt Rewards was founded in 2021 to help landlords collect on-time rent payments by incentivizing residents with tailored benefits. In addition to rewarding on-time rent payments, Bilt’s platform also offers rewards when residents spend at partner merchants, enabling merchants to drive more business from local customers and acquire new customers as new residents move to the area. The company will use today’s investment to further expand its neighborhood loyalty program with merchants across the U.S.  “Bilt Rewards has created a unique loyalty program to empower renters,” said Teachers’ Venture Growth Senior Managing Director Rick Prostko. “We’ve seen the positive reaction from both customers and all those involved as part of their ecosystem. We are excited about the opportunity to work with Ankur and the full management team and find ways to support them as a value-add partner.” Today’s investment, which boosts Bilt’s total funding to $710 million, comes about six months after Bilt’s last investment round led by General Catalyst and Eldridge. The $200 million raise, which closed in January, valued the company at $3.1 billion. As part of the January round, Bilt appointed Ken Chenault, former American Express CEO, as company chairman. “In January, we recognized Bilt’s unique capture of loyalty in the previously untapped rental payments space,” said Chenault. “Today, Bilt is rapidly becoming the leading platform for driving neighborhood commerce. By connecting residents, property owners, and local businesses, we’re creating a powerful ecosystem that benefits all parties involved.” Bilt Rewards is currently partnered with seven of the 10 largest multifamily housing owners in the country. The fintech, which is expanding to single-family homes and condominiums, plans to scale its resident loyalty program to include mortgage payments later this year. “This funding accelerates our vision of rewarding Americans for how they live and spend in their communities,” said Ankur Jain, CEO of Bilt Rewards. “We’re rapidly growing our neighborhood loyalty program, expanding into essential categories like healthcare, gas, and groceries. With members in all 50 states, we’re building a comprehensive platform that benefits residents, property owners, and local businesses across the country.” Photo by SevenStorm JUHASZIMRUS The post Bilt Rewards Lands $150 Million for Resident Loyalty Program appeared first on Finovate.       

A major sell-off in the stock market is giving investors jitters as August begins in earnest. Funding news for companies in lending and wealth management leads the fintech news this week. Be sure to check back over the next few days for the latest updates and announcements. Lending U.K.-based SME lender Shawbrook partners with nCino to automate loan origination. Alternative financing company for mid-sized SMEs, ThinCats, secures a £75 million mezzanine facility. Loyalty and rewards Bilt Rewards receives $150 million investment at a valuation of $3.25 billion. Digital banking Missouri Central Credit Union partners with Bankjoy to enhance its digital banking capabilities. Banking technology and Banking-as-a-Service (BaaS) innovator Mbanq launches new suite of white-label mobile digital banking apps. Wealth management Financial advisor platform Savvy Wealth secures $26.5 million in Series A funding. Payments International trading broker Markets.com selects Worldpay to monitor its global payments processing and fund disbursements. Payments platform Thredd introduces Chief Client Officer Brian Kieley. Cybersecurity Fingerprint Cards appoints David Eastaugh as Chief Strategy and Technology Officer. Financial literacy and education U.K.-based Yorkshire Building Society teams up with financial education company Doshi to provide online program for first-time prospective homeowners. Photo by Karolina Grabowska The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

This week’s edition of Finovate Global highlights recent fintech news from India. A strategic partnership between financial software applications and marketplace company Finastra and Tech Mahindra, announced today, will help corporate banks accelerate their digital transformation journeys. Specifically, the partnership will make Tech Mahindra the exclusive global implementation partner for Finastra’s Cash Management platform. Tech Mahindra will also become the preferred partner for Finastra’s Trade Innovation and Corporate Channels solutions in the U.S., Canada, and Europe. “This is an important partnership that aligns closely with our commitment to helping our customers navigate today’s challenges and embrace much needed digitalization,” Finastra CEO Simon Paris said. “The broad portfolio of services and deep experience offered by Tech Mahindra are a valuable complement to our modern and open software. With this combination, we look forward to propelling the digital transformation of even more banks and financial institutions around the world.” The partnership will enable the two companies to offer a variety of cross-functional solutions across digital advisory, system integration, integrated infrastructure, and cloud services. These solutions will help corporate and institutional banks streamline and digitalize their operations. Financial institutions will further benefit from faster time to value for customers courtesy of faster implementations and upgrades. “This partnership brings together two global leaders in digital transformation and financial services applications to help corporate banks scale at speed,” said Tech Mahindra CEO and Managing Director Mohit Joshi. “We believe our joint efforts will redefine the way banks digitize to improve their profit margins.” Founded in 1986, Tech Mahindra is an international IT services and consulting company, headquartered in Pune, India. Part of the Mahindra Group, Tech Mahindra has more than 147,000 employees in 90+ countries serving 1,100+ clients. The firm offers solutions and expertise in verticals ranging from banking, insurance, and telecommunications, to media, entertainment, and retail. The first Indian company to earn the Sustainable Markets Initiative’s Terra Carta Seal, Tech Mahindra is publicly traded on India’s National Stock Exchange (NSE) and has a market capitalization of $17.8 billion (₹1.5 trillion). The product of a union between Finovate alum Misys and D+H in 2017, Finastra offers software and solutions for financial institutions across lending, payments, treasury and capital markets, as well as retail, digital, and commercial banking. The company’s technology for banks helps them develop their direct banking relationships and to grow through new channels such as Banking-as-a-Service and embedded finance. More than 8,000 institutions – including 45 of the world’s top 50 banks – rely on Finastra’s technology. The Reserve Bank of India (RBI) has been making fintech, financial, and economic news of late. On the fintech side, the RBI has granted cross-border payment licenses to three fintechs: BillDesk, Amazon Pay, and Adyen. These licenses will enable these companies to operate as cross-border payment aggregators and, ultimately, to offer their customers payment services for both imports and exports. The RBI has been actively encouraging many fintechs to secure payment aggregator licenses; more than 20 companies have been granted PA licenses to date. In many of these instances, the RBI has suggested that companies interested in cross-border payments in particular apply for these licenses. Another firm that recently secured its PA license for cross-border payments for import and export from the RBI is Cashfree Payments. In order to secure PA licenses, fintechs must register under the Financial Intelligence Unit-India (FIU-IND) in order to become authorized to process transactions. Fintechs must also maintain a minimum net worth of Rs 15 Cr ($1.8 million) during application, a sum that will increase to Rs 25 Cr ($2.9 million) after March 2026. Speaking of payments, the RBI is now a part of Project Nexus. The first project from the payments sector of the Bank for International Settlements (BIS), the project seeks to connect the Faster Payment Systems of four Association of Southeast Asian Nations (ASEAN) countries – Malaysia, the Philippines, Singapore, and Thailand – and India. While India’s RBI has collaborated with a number of other countries via its Unified Payments Interface (UPI) to support bilateral payments, RBI’s participation in Project Nexus is the first time the bank has officially joined a multilateral project of this scope. Additional countries are expected to be added over time. The project will help small and medium-sized businesses in India make faster, less expensive, and more reliable cross-border payments. To this end, the project will also make it easier for Indian banks to offer cross-border payment services to a broader range of countries. Speed and greater transparency are also among the benefits highlighted by observers. Are you a fan of CBDCs? This week, the RBI reported that its central bank digital currency (CBDC) pilot has five million users and 420,000 participating merchants as of June 30. According to Reuters, transactions in the digital rupee are running at a pace of 100,000 a day, significantly below lofty expectations and hopes of one million transactions a day by 2023. It has also been pointed out that the digital rupee may suffer from competition with the country’s popular faster payments system, UPI. Nevertheless, the digital rupee may be getting a bit of a boost courtesy of cryptocurrency exchange Bybit, which launched digital rupee payments on its platform this week. According to Cointelegraph, the digital rupee will be available as a wallet-based payment option, along with the exchange’s payment options in rupees via bank transfer, third-parties such as Paytm, and India’s Unified Payments Interface (UPI). “By incorporating the eRupee payment, Bybit aims to elevate the payment experience for INR (Indian rupee) users, fostering trust and reliability in every transaction,” said Bybit sales and marketing director Joan Han. “Furthermore, this initiative is expected to attract a wider pool of merchants to the platform, driving business growth and expanding the reach of Bybit’s services within the market.” Founded in 2018, Bybit is the second-largest cryptocurrency exchange by trading volume in the world, with more than 37 million users. Here is our look at fintech innovation around the world. Middle East and Northern Africa Faye, an insurtech startup based in Israel, raised $31 million in Series B funding. Egyptian B2B platform Cartona secured $8.1 million in a Series A extension round led by Algebra Ventures. Israel-based financial crime detection company ThetaRay acquired screening company Screena. Central and Southern Asia Bangladesh-based fintech Nagad teamed up with Huawei Technologies. The Reserve Bank of India approved cross-border payment licenses for BillDesk, Amazon Pay, and Adyen. Texas-based migration fintech Vesti announced an expansion to Bangladesh, India, and Pakistan. Latin America and the Caribbean Caribbean-based PROVEN Bank partnered with Ireland’s Fenergo to enhance its transaction monitoring and AML operations. Mexican fintech platform for the underbanked and microbusinesses Aviva raised $5.5 million in funding. Ripple teamed up with the National Federation of Associations of Central Bank Servers (Fenasbac) to promote fintech innovation in Brazil. Asia-Pacific ADVANCE.AI launched its KYB business intelligence service to enhance its operations in Singapore and Malaysia. Financial solutions firm Opn announced a strategic partnership with BigPay as part of its expansion in Thailand. Australian lender ANZ acquired Suncorp’s banking business. Sub-Saharan Africa Flutterwave secured a Payment Service Provider license from the Bank of Ghana. Techpoint Africa looked at MTN Nigeria’s fintech revenue growth in the first half of the year. Tanzanian fintech Nala raised $40 million in Series A funding. Central and Eastern Europe Poland’s Comarch announced a strategic partnership with DSK Bank. Bank of Russia pledged to launch a digital ruble by July 2025. Leanpay, a buy now pay later and POS lending platform based in Slovenia, raised EUR 10 million in Series B funding. Photo by flashing Moment The post Finovate Global India: Digital Transformation, Cross Border Payments, and the Digital Rupee appeared first on Finovate.       

Polish IT solutions provider Comarch announced a strategic partnership with DSK Bank. The partnership will help accelerate a strategic digitization program the bank launched in 2021. Comarch has been a Finovate alum for more than a decade, making its Finovate debut at FinovateEurope 2013 in London. Comarch, an IT solutions provider and systems integrator based in Poland, has forged a strategic partnership with DSK Bank. The partnership will accelerate the Bulgaria-based financial institution’s ongoing strategic digitalization efforts, which began in earnest in 2021. “We are delighted to support DSK Bank in achieving its digitalization goals with our cutting-edge IT solutions,” Comarch Group CEE Director Piotr Kusek said. “This partnership underscores our mutual commitment to introducing innovative strategies that will transform the banking landscape and elevate financial services to a new level.” An international IT business solution provider, Comarch employs 6,400 engineers, business consultants, marketing specialists, and other professionals who help optimize operations and business processes for companies in a wide variety of verticals including telecommunications and financial services. Comarch’s clients include BP Global, Telefónica Global, and Vodafone Germany. Part of the OTP Banking Group, DSK Bank is Bulgaria’s largest bank. The institution was founded in 1951, and has total assets of more than $15.8 million (€14.74 million). In the spring of 2022, DSK Bank teamed up with another Finovate alum, Backbase, to support its digital transformation efforts. Founded in 1993 and headquartered in Kraków, Poland, Comarch made its Finovate debut at FinovateEurope 2013. Within a few years, the company reported revenues in excess of PLN 1 billion, hired its 5,000th employee, and opened its 90th worldwide office. Comarch launched its modern financial platform for business, Apfino, in 2021, and unveiled Poland’s first commission-free shopping platform, Wszystko.pl, in 2023. This year, the IT solutions provider has extended its partnership with Dutch telecommunications operator KPN, teamed up with insurance company P&V Group – which will adopt Comarch’s Employee Benefits solution – and announced a collaboration with UAE-based telecommunications company and ICT player du. Last month, Comarch joined the European Loyalty Association, partnered with charitable organization The Blind Loyalty Trust, and secured accreditation as a Peppol Service Provider in Malaysia. Photo by Mat Kedzia The post Comarch Forges Strategic Partnership with DSK Bank appeared first on Finovate.       

B2B payments facilitator Monto is exiting stealth with a $9 million funding round. The Seed funding round was led by Scale Venture Partners. The company plans to use the funds to scale its growth in the U.S. There’s a new entrant in the B2B payments space. B2B payments facilitator Monto emerged from stealth this week, simultaneously announcing a $9 million Seed round. Scale Venture Partners led the investment, while Verissimo Ventures, F2 Venture Capital, Firsthand Alliance, Room40 Ventures, and individual investors also participated. “Our investment in Monto is the result of years of work focusing on the CFO suite and the intersection with procurement. We are very well aware of the evolution of and pain points in this trillion-plus dollar market,” said Scale Venture Partners’ Alex Niehenke. “Monto is the only company that solves the one-off workflow problem for AR teams. It is the missing piece for any AP platform, without it, suppliers suffer.” Monto will use today’s funds to further invest in technological improvements, as well as to fuel its U.S. expansion. As a starting point, the company is opening its first U.S. office in New York City. Founded in Tel Aviv, with offices throughout the globe, Monto seeks to help make ACH and RTP B2B payments collection as easy as tapping a card. Business finance teams can use the company’s payments tool to receive payments from their customers’ third-party payment platforms, AP portal, or supplier portal, including Workday, QuickBooks, SAP, and Microsoft Dynamics. The payments simplification helps companies reduce Days Sales Outstanding (DSO) and eliminate manual work by consolidating financial data from numerous sources. Monto’s clients include large enterprises from various industries, including Shutterstock, TechTarget, Miro, and G2. Since launch, the company has helped its customers facilitate nearly $1 billion to buyers in more than 300 portals. Monto’s founders, Maya Cohen and Nitsan Yerushalmi, previously worked implementing ERP systems in finance departments. “Monto is a strategic decision for CFOs, future-proofing them against a landscape where most, if not all, customers will soon use portals,” said Cohen, who now serves as the company’s CEO. “With Monto, getting paid by customers will be fully automatic, a concept we call ‘zero-touch,’ and we succeed in achieving that by working with, not against, the portals, an important distinction.” Photo by airfocus on Unsplash The post Monto Exits Stealth, Lands $9 Million to Rethink B2B Payments  appeared first on Finovate.       

Loan intelligence system company Parlay will join Mastercard’s Start Path Small Business program. Parlay is one of eight companies selected. Parlay’s technology complements a bank’s or credit union’s loan origination system to streamline and enhance small business loan processing. Parlay made its Finovate debut at FinovateSpring 2024 in May as part of our Sustainability & Inclusion Scholarship program. Parlay, which offers an AI-powered Loan Intelligence System (LIS) to help community banks and credit unions boost small business loan volume, is one of eight startups selected to participate in Mastercard’s Start Path Small Business program. The incoming cohort consists of startups that have shown “dedication to democratizing financial tools and providing cutting-edge services for SMEs,” Mastercard noted in a statement. The statement underscored specific functions – such as spend management, onboarding, risk monitoring, loan approvals, and embedded finance solutions – that innovative fintech startups are helping digitize for small businesses. Joining Parlay in the upcoming cohort of the program are Ballerine, Boost, CredibleX, Digi, Merge, Prime Dash, and RedOwl. The four-month program will give these startups the opportunity to leverage Mastercard’s network and subject matter expertise to forge product partnerships that help small businesses digitize their operations. Parlay’s embedded fintech software helps lenders achieve a 64% increase in approved loans and an 87% reduction in manual underwriting workload. A white-label solution that complements loan origination systems, Parlay’s technology enables lenders to generate high-quality loan packets and maximize the eligible applicant pool. The company’s LIS also offers readiness insights to help businesses improve their creditworthiness; pre-screening to identify prime, marginal, and ineligible candidate pools; and pipeline analytics to enable loan officers to monitor applicant progress and underwriting eligibility. “After a decade of work in economic development, our team realized that 77% of small businesses still struggle to access affordable capital and lack the insights need to navigate the lending process,” Parlay founder and CEO Alex McLeod said in a statement announcing the final eight startups invited to join the program. “We envision a future where community lenders, powered by Parlay’s AI-driven loan intelligence system, can get millions more small businesses approved for loans using unique, personalized insights that help both lenders and borrowers.” Parlay made its Finovate debut at FinovateSpring in May as part of our Sustainability & Inclusion Scholarship program. The program is designed to spotlight underrepresented founders, as well as startups that are tackling issues such as climate change, diversity, and financial inclusion. Scholarships provide startups with complimentary demo participation, as well as the ability to network with our 2,000+ senior-level fintech attendees, fellow demoing companies, and more. Past scholarship winners include Best of Show winning companies like Debbie, which won Best of Show at FinovateFall 2023, as well as Kobalt Labs and Remynt, both of which won Best of Show at FinovateSpring 2024. Founded in 2022, Parlay is headquartered in Alexandria, Virginia. Photo by Tim Mossholder The post Parlay Wins Spot in Mastercard Start Path Small Business Program appeared first on Finovate.       

equipfi is launching Plan Your Purchase, a BNPL solution that offers consumers financing for their purchase before they make the transaction. Consumers can use Plan Your Purchase to take out loans ranging from $500 to $2,000. Plan Your Purchase is integrated directly into a bank’s existing digital banking app, offering more control over the user experience. BNPL-as-a-Service provider equipfi unveiled a new solution this week called Plan Your Purchase. The new tool empowers banks and credit unions to allow their account holders to take out pre-qualified installment loans from their bank before they make a purchase. equipfi calls Plan Your Purchase a “pre-purchase BNPL solution,” meaning that the bank offers the consumer financing for their purchase before they make the transaction. Plan Your Purchase is integrated into a bank’s existing digital banking app to provide personalized BNPL offers directly to the customers. This makes it easy for users to get the financing they need to make a qualified purchase without a credit check, additional applications, new logins, upfront cost, or dependency on merchant integration. Using Plan Your Purchase, pre-approved consumers can take out loans ranging from $500 to $2,000. The consumer can view and accept the loans immediately, and the funds are available within moments. “There are many moments in an account holder’s lifetime when timely access to small loans make a big difference,” said Bryce Deeney, co-founder and CEO of equipifi. “By streamlining the loan acceptance process and positioning it in the digital banking experience, Plan Your Purchase helps financial institutions give account holders access to cash flow they already qualify for wherever and whenever they need it.” By delivering the tool through banks, equipfi puts the bank in control, allowing them to leverage consumer data to provide more personalized offers. Putting the bank in the driver’s seat also allows the bank to control credit pre-approvals to suit their own risk tolerance and offers them more control over the user experience. The integrated approach also can help banks maintain their top-of-wallet position by offering split payments using existing debit cards. This is different from traditional BNPL providers, which rely on a credit-focused approach. This integration can also help banks drive engagement and loyalty by leveraging transaction data to generate personalized offers and streamline the user experience within their familiar banking app​. Arizona-based equipfi was founded in 2021 to bring the benefits of BNPL financing directly to banks and credit unions. Among the company’s clients are Kane County Teachers Credit Union in Illinois, SunWest Credit Union in Colorado, FedFinancial Federal Credit Union in Washington, D.C., and Eagle Community Credit Union, which is one of the first to go live with Plan Your Purchase. Photo by Nataliya Vaitkevich The post equipifi Launches Pre-Purchase BNPL Solution appeared first on Finovate.       

There was a time when robo-advisory represented the peak of fintech’s contribution to the wealth management industry. And these services continue to be popular options for a new generation of savers and investors. The Statista Market Forecast indicates that the robo-advisor market worldwide is expected to grow by more than 6% by 2028, with more than 34 million investors relying on robo-advisors. At the same time, enabling technologies like machine learning and AI are generating new ways for fintechs to bring the benefits of technological innovation to the wealth management industry. But it is important for fintechs to avoid building solutions in search of problems. What are some of the real trends and true pain points in the industry that fintechs may be able to help solve? Democratization One major theme in wealth management is democratization. For generations, wealth management has been the province of, to put it bluntly, the wealthy. Services were often expensive and opaque for the growing number of upper-middle class and middle-class investors of the 1980s and 1990s. There is still a healthy market for high net worth investors, of course. But we have seen a major trend toward leveraging technology to make some wealth management services that were previously available only to the elites accessible to investors of lesser means. There is also another way of looking at democratization in wealth management. In the same way that technology is enabling average investors to access increasingly sophisticated wealth management services, so is technology making it possible for smaller providers to compete with larger wealth management rivals. Fintechs that can help smaller firms and family offices do more with less may find significant opportunities among the growing group of wealth management entrepreneurs. Personalization Personalization has increasingly been seen as table stakes in financial services, and with good reason. Whether you are involved in payments or lending or ecommerce, the ability to get relevant products and services in front of your customers is paramount. Not just knowing what customers might want but also being able to deliver is what separates those businesses that gain new customers and keep the ones they’ve got, from those who struggle to do so. Fintechs can enhance the customer experience by, for example, ensuring that wealth managers can communicate with clients in their channels of choice – and are able to bring significant functionality to those interactions in those channels with video or co-browsing. Knowing which customers are more likely to respond positively to new or alternative investment strategies, for example, or to other complementary products or services can go a long way toward building better engagement and loyalty. Operations One of the less flashy areas where fintech technologies can help drive innovation in wealth management is in back-office operations. This is also where enabling technologies like artificial intelligence (AI) and machine learning are delivering Automation 2.0 to intelligently streamline manual tasks and complex procedures. This trend, which has brought speed, accuracy, and cost-cutting to industries throughout financial services, is one that will benefit wealth management service providers significantly. Moreover, many of the other trends in wealth management – such as the challenges of managing (and securing) ever-growing volumes of data, keeping up with evolving regulatory changes – are made possible by operations teams that have these powerful, enabling technologies at their disposal. For wealth management service providers who are not yet maximizing their teams or these technologies, fintechs can help them close the gap. Decisioning From buy-and-sell decisions to strategic portfolio allocations, wealth management is about making good, consistent decisions. Not only do wealth management service providers constantly seek to improve their investing strategies – one area where fintechs can provide specific expertise – but also these firms need to think about more than just maximizing returns. Keeping portfolio volatility at an acceptable level based on the risk tolerance and profile of the individual investor is just one example of another important function of the successful wealth manager. Making good decisions is also about accountability. Having systems in place that ensure that processes are explainable and auditable is critical to accountability. It is also vital to an institution’s ability to learn, adapt, grow, and improve. Compliance Keeping up with the latest regulations is important for all financial service providers – and wealth management companies are no different. As mentioned previously, one of the biggest benefits of enabling technologies like machine learning, AI, and Automation 2.0 is the ability for firms to track regulatory changes and ensure that their operations are able to meet new standards. An article earlier this year in Financial Planning listed 10 separate regulatory issues that wealth management firms are likely to face this year, from regulations on marketing language to rules governing digital assets. Moreover, many wealth management firms have internal rules and mandates based on the type of investments they offer and to whom. As such, remaining compliant with an institution’s own governing policies is also a challenge for which regtechs in our industry can provide assistance. Growth One of the most exciting ways that fintechs can bring innovation to wealth management services providers is to enable them to grow and expand their businesses by offering services that, while complementary, could be difficult to offer (much less integrate) without technology partners. Whether through APIs or embedded finance, there are a range of complementary services that fintechs can provide to wealth managers. From insurance to estate planning to secure document digitization and storage, fintechs are able to provide services that wealth management customers often need, but are inclined to get elsewhere. By adding these solutions and services to their product mix, wealth managers can dramatically increase their capacity to grow. Photo by Charles DeLoye on Unsplash The post 6 Ways Fintechs Can Foster the Next Generation of Wealth Management appeared first on Finovate.