NewFinserv (2024)

24/06/2021

Stash … says the addition of PayGrade deepens its commitment to education and helping average US users invest. PayGrade equips administrators and teachers with an “immersive personal finance curriculum” designed around simulated banking and investing. Stash says it is going to “quickly expand” to include digital tools for parents to teach and reinforce money skills at home. “With PayGrade, Stash will provide teachers, parents, and children with interactive tools to learn effective money management skills that will last a lifetime.”...

http://finserv.news/2021/06/24/financialinclusion-financialliteracy-us-investment-app-stash-acquires-financial-literacy-platform-paygrade/

Stash … says the addition of PayGrade deepens its commitment to education and helping average US users invest. PayGrade equips administrators and teachers with an “immersive personal finance curric…

24/06/2021

Zeller offers EFTPOS payment terminals, fee-free spending accounts and free business Mastercards to users. The company says it will use the funding to rapidly accelerate development for its integrated business banking platform... “Over 80 percent of merchants who have signed up for Zeller had an existing business banking relationship with an incumbent. Our team hears how frustrated these business owners are by the lack of service and support they receive, and that they’re paying incredibly high fees for outdated EFTPOS hardware and underdeveloped banking technology,” said Ben Pfisterer, Zeller CEO and co-founder.

http://finserv.news/2021/06/24/sme-banktech-business-banking-startup-zeller-raises-a50m/

Zeller offers EFTPOS payment terminals, fee-free spending accounts and free business Mastercards to users. The company says it will use the funding to rapidly accelerate development for its integra…

24/06/2021

The startup offers payment tools for non-financial brands, but it’s able to strengthen its offerings by allowing a host of fintech companies to contribute to its open-source libraries. As embedded finance takes off, Moov is focusing on building a payments toolset that other companies can tap into without having to “learn all of the stuff,” says co-founder and CEO Wade Arnold....

http://finserv.news/2021/06/24/paytech-inside-moovs-two-sided-approach-to-partnerships/

The startup offers payment tools for non-financial brands, but it’s able to strengthen its offerings by allowing a host of fintech companies to contribute to its open-source libraries. As embedded …

23/06/2021

The app will reward “conscious consumers” for sustainable purchasing choices as it bids to “embark on a revolution of purpose-driven, digital banking”. Users will be given impact points that can be spent, saved and tracked via the app. They can then choose to use their impact points to support charities focusing on issues like gender inequality, world hunger and ocean pollution....

http://finserv.news/2021/06/23/sustainablefinance-novus-partners-visa-and-railsbank-to-launch-sustainable-banking-app/

The app will reward “conscious consumers” for sustainable purchasing choices as it bids to “embark on a revolution of purpose-driven, digital banking”. Users will be given impact points that can be…

23/06/2021

The bank plans to add more cryptocurrencies to the platform at a later date The new service was made available to Swiss clients on Monday and currently only includes Bitcoin trading and custody services, with the aim of extending it to other cryptocurrencies in the future. BBVA says it is limiting this new crypto service to Switzerland because it has “an ecosystem where there is clear regulation and widespread adoption of these digital assets”....

http://finserv.news/2021/06/23/cryptocurrency-digitalassets-bbva-switzerland-launches-bitcoin-trading-service-for-private-banking-clients/

The bank plans to add more cryptocurrencies to the platform at a later date The new service was made available to Swiss clients on Monday and currently only includes Bitcoin trading and custody ser…

23/06/2021

The bank has begun trading bitcoin futures with Galaxy Digital, the crypto investment firm founded by Mike Novogratz… The trades represent the first time that Goldman has used a digital assets firm as a counterparty since the investment bank set up its cryptocurrency desk last month... The moves by Goldman, the preeminent global investment bank, may reverberate on Wall Street and beyond as banks increasingly face pressure from clients who want exposure to bitcoin....

http://finserv.news/2021/06/23/cryptocurrency-digitalassets-goldman-sachs-ramps-up-bitcoin-trading-in-new-partnership-with-mike-novogratz-s-galaxy-digital/

The bank has begun trading bitcoin futures with Galaxy Digital, the crypto investment firm founded by Mike Novogratz… The trades represent the first time that Goldman has used a digital assets firm…

22/06/2021

Splash Financial, a digital lending platform that connects borrowers to financial product lenders, has raised $44.3 million… “This funding round brings us another step closer to realizing our company vision — creating a faster and less expensive financial world,” said Steven Muszynski, founder and CEO of Splash Financial... Splash allows borrowers to compare financial products and shop through a network of lenders. The company currently offers student loan refinancing and private student loans and does not charge application fees, origination fees or pre-payment penalties.

http://finserv.news/2021/06/22/lendtech-digital-lending-platform-splash-raises-44-3-million/

Splash Financial, a digital lending platform that connects borrowers to financial product lenders, has raised $44.3 million… “This funding round brings us another step closer to realizing our compa…

22/06/2021

Novo, a New York-based banking platform for small businesses… Launched in 2018, Novo claims to have processed over $1 billion in transactions for its customer base of more than 100,000 small businesses. The company was also named both CNBC’s Best Business Checking Accounts of March 2021 and Money Magazine’s Best Business Checking Accounts of 2021. “Novo’s robust and flexible underlying infrastructure will allow our team to introduce a variety of features and integrations in the coming year that we’re confident small businesses will love using,” says Tyler McIntyre, CTO and co-founder.

http://finserv.news/2021/06/22/sme-us-banking-start-up-novo-lands-40m-in-series-a-round/

Novo, a New York-based banking platform for small businesses… Launched in 2018, Novo claims to have processed over $1 billion in transactions for its customer base of more than 100,000 small busine…

22/06/2021

Founded in 2019, the UK-based fintech currently facilitates open banking payments across its network of 5,000 banks in the UK and EU. Tom Greenwood, CEO of Volt, says: “Instant payments are set to dominate the global payments landscape and will become the new normal. “It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors.”

http://finserv.news/2021/06/22/paytech-volt-raises-23-5m-to-build-global-instant-payments-network/

Founded in 2019, the UK-based fintech currently facilitates open banking payments across its network of 5,000 banks in the UK and EU. Tom Greenwood, CEO of Volt, says: “Instant payments are set to …

21/06/2021

is developing a blockchain platform for investors to buy and sell shares in closely held companies and other assets… gathered $48 million in a fundraising round co-led by Morgan Stanley. Morgan Stanley sees “this as the future of finance -- a future platform for finance,” Securitize Chief Executive Officer Carlos Domingo said in an interview. “The market potential is huge.”...

http://finserv.news/2021/06/21/digitalassets-morgan-stanley-backs-blockchain-with-investment-in-securitize/

[Startup Securitize Inc.] is developing a blockchain platform for investors to buy and sell shares in closely held companies and other assets… [it] gathered $48 million in a fundraising round co-le…

18/06/2021

Digital lending platform Splash Financial has secured $44.3 million in a new Series B funding round. The firm helps borrowers shop and compare financial products from a network of lenders. It claims to be “one of the national leaders” in refinancing student loans, boasting 100,000 accounts and more than $6 billion in refinancing requests. “The expectation of consumers today is to be able to compare, shop and save on their financial products all while in the comfort of their own homes… This funding round brings us another step closer to realising our company vision — creating a faster and less expensive financial world.”

http://finserv.news/2021/06/18/lendtech-splash-financial-lands-44m-in-series-b-funding-round/

Digital lending platform Splash Financial has secured $44.3 million in a new Series B funding round. The firm helps borrowers shop and compare financial products from a network of lenders. It claim…

18/06/2021

Temenos says the “agile technology” of its platform will enable Société Générale to deliver “sophisticated corporate banking products and services” to “stay ahead of the curve”. Société Générale is swapping existing legacy systems with a suite of Temenos replacements across 13 countries in Europe and Asia. It’s deploying Temenos Transact for corporate banking functionality and Temenos Payments to drive the payments side, with a focus in Asia....

http://finserv.news/2021/06/18/banktech-societe-generale-plans-transaction-banking-switch-up-with-temenos/

Temenos says the “agile technology” of its platform will enable Société Générale to deliver “sophisticated corporate banking products and services” to “stay ahead of the curve”. Société Générale is…

18/06/2021

With more than 140,000 clients and over £3.5 billion in assets under management, Nutmeg is the UK’s biggest digital wealth manager. … Nutmeg CEO Neil Alexander says the firm “will form the bedrock of the bank’s retail digital wealth management offering internationally over the long term”. Nutmeg will complement the launch of JP Morgan’s digital bank Chase, which is due to launch in the UK later this year.

http://finserv.news/2021/06/18/wealthtech-jp-morgan-acquires-digital-wealth-manager-nutmeg/

With more than 140,000 clients and over £3.5 billion in assets under management, Nutmeg is the UK’s biggest digital wealth manager. … Nutmeg CEO Neil Alexander says the firm “will form the bedrock …

17/06/2021

Stripe Identity uses artificial intelligence (AI) and machine learning (ML) technology to securely verify the identities of users from over 30 countries. To prove their identity, users take a photo of their government ID and a live selfie, which is then matched with the ID. Businesses can also request that users key in additional information to be checked against third-party records for additional security....

http://finserv.news/2021/06/17/digitalid-stripe-launches-ai-based-identity-verification-tool/

Stripe Identity uses artificial intelligence (AI) and machine learning (ML) technology to securely verify the identities of users from over 30 countries. To prove their identity, users take a photo…

17/06/2021

Klarna CSS offers Klarna’s partner retailers across Europe an increased customer reach and budget savings to boost their return on advertising spend and drive traffic from high shopping intent consumers. In addition, the Klarna comparison shopping page will provide new opportunities for brands to reach browsing consumers with their products. “... With this new product, we enable retailers to list their Google Product Listings Ads more efficiently....

http://finserv.news/2021/06/17/ecommerce-klarna-launches-klarna-comparison-shopping-service-across-europe/

Klarna CSS offers Klarna’s partner retailers across Europe an increased customer reach and budget savings to boost their return on advertising spend and drive traffic from high shopping intent cons…

17/06/2021

“We’re just scratching the surface of what’s possible with modern card issuing… I feel fortunate to be in the position I’m in, leading a company of incredibly talented people as we take the next step in enabling modern money movement for many of the world’s leading innovators.” … Marqeta was one of a number of fintechs that saw its business boom during … pandemic....

http://finserv.news/2021/06/17/creditcards-top-three-takeaways-from-marqetas-16-billion-ipo/

[Marqeta founder and CEO:] “We’re just scratching the surface of what’s possible with modern card issuing… I feel fortunate to be in the position I’m in, leading a company of incredibly talented pe…

16/06/2021

“We see huge demand to invest money in the capital markets instead of leaving it in bank accounts,” Scalable Capital co-CEO and co-founder Florian Prucker said. “Our clients can access fully managed globally diversified ETF portfolios and – in the same app – self directed trading in shares, ETFs, crypto currencies, and funds. We also provide a market-leading offering of ETF, stocks, and crypto monthly savings plans....

http://finserv.news/2021/06/16/wealthtech-roboadvisor-scalable-capital-secures-180-million-in-new-funding/

“We see huge demand to invest money in the capital markets instead of leaving it in bank accounts,” Scalable Capital co-CEO and co-founder Florian Prucker said. “Our clients can access fully manage…

16/06/2021

On the consumption side of personal finance, managing credit is one of the most important aspects of financial wellness. And for more than a decade, Credit Sesame has been among the more innovative companies in this space. From its origins as a hub for financial planning tools, insights into credit scoring, and advice on smart borrowing, Credit Sesame has grown into a leader in the financial wellness industry with new solutions like its Sesame Cash debit account, which topped one million customers less than a year after emerging from its beta launch....

http://finserv.news/2021/06/16/lendtech-credit-sesame-scores-51-million-completes-zingo-acquisition/

On the consumption side of personal finance, managing credit is one of the most important aspects of financial wellness. And for more than a decade, Credit Sesame has been among the more innovative…

16/06/2021

… Money Minx aims to build a “Personal Finance OS” for every household. The platform is designed to help people track all of their investments — yes, including crypto and NFTs — in one place, in whatever currency. The company claims that its AI can also go a step further, and help people spot opportunities in their portfolio as well as catch potential risks....

http://finserv.news/2021/06/16/wealthtech-money-minx-aims-to-build-a-personal-finance-os-for-the-everyday-investor/

… Money Minx aims to build a “Personal Finance OS” for every household. The platform is designed to help people track all of their investments — yes, including crypto and NFTs — in one place, in wh…

15/06/2021

As mobile payment usage increases, companies that offer fraud prevention services and identity verification are an integral part of the payments ecosystem. Mastercard’s acquisition of Ekata for $850 million showcases the incredible value that identity verification with venture capital funding may be able to attract. Ekata found its success in providing financial institutions with APIs that determine transaction risk via personal information such as your email address, phone number, and physical address, according to ZDNet....

http://finserv.news/2021/06/15/digitalid-paytech-mastercard-purchases-identity-verification-company-ekata-its-6th-known-acquisition-to-exceed-a-100m-purchase-price/

As mobile payment usage increases, companies that offer fraud prevention services and identity verification are an integral part of the payments ecosystem. Mastercard’s acquisition of Ekata for $85…

15/06/2021

… The company is launching a new product called Stripe Identity — a self-serve tool that companies can use to verify user identities, with Stripe managing the customer data in an encrypted format, using computer vision and machine learning to “read” and match up government IDs with live selfies. Stripe says the service works in as little as 15 seconds....

http://finserv.news/2021/06/15/digitalid-paytech-stripe-goes-beyond-payments-with-stripe-identity-to-provide-ai-based-id-verification-for-transactions-and-much-more/

… The company is launching a new product called Stripe Identity — a self-serve tool that companies can use to verify user identities, with Stripe managing the customer data in an encrypted format, …

15/06/2021

Clair allows HR technology and gig companies to offer free instant cash advances to hourly workers and helps workers avoid predatory payday loans.. Clair also offers fintech services including API, mobile apps, spending and savings accounts to workers. The service directly integrates into HR platforms, provides free access for workers and is already used by over 1.5 million hourly and gig workers… Clair was founded by Nico SImko, Alex Kostecki and Erich Nussbaumer in October 2019......

http://finserv.news/2021/06/15/wealthtech-clair-which-helps-advance-wages-for-workers-raises-15-million/

Clair allows HR technology and gig companies to offer free instant cash advances to hourly workers and helps workers avoid predatory payday loans.. Clair also offers fintech services including API,…

11/06/2021

Today’s round was led by Berkshire Hathaway, which contributed $500 million... NuBank was founded in 2013 to serve the underbanked population across Brazil, a group that adds up to 30% of the country’s population. Today, the digital challenger has 40 million customers and offers a robust range of banking services including a debit card, insurance, loans, small business accounts, and P2P payment tools....

http://finserv.news/2021/06/11/digitalbanking-nubanks-750-million-funding-round-proves-digital-challengers-are-still-in-the-game/

Today’s round was led by Berkshire Hathaway, which contributed $500 million… NuBank was founded in 2013 to serve the underbanked population across Brazil, a group that adds up to 30% of the c…

11/06/2021

Marqeta, launched in 2010, provides software for companies to provide and manage their own credit cards. The company draws almost 70% of its revenue from payment processor Square, pulling that money from net interchange fees set by the card networks and paid by card holders... Although lead underwriters Goldman Sachs and JPMorgan priced the company in the $20 to $24 range per share, research and advisory firm IPO Boutique says that Marqeta’s IPO was drawing high demand......

http://finserv.news/2021/06/11/paytech-payment-infrastructure-provider-marqeta-ipos-above-range-at-27/

Marqeta, launched in 2010, provides software for companies to provide and manage their own credit cards. The company draws almost 70% of its revenue from payment processor Square, pulling that mone…

11/06/2021

Splitit... the company empowering consumers to use their existing line of credit to pay in installments, announced a partnership with ChargeAfter, the leading global network of personalized buy now pay later (BNPL) and point-of-sale financing for merchants, adding Splitit to complement its existing portfolio of consumer financing offerings. Merchants using ChargeAfter can now offer their shoppers Splitit, a more intuitive and flexible way to leverage the hard-earned credit on their existing credit cards to spread payments out over time....

http://finserv.news/2021/06/11/bnpl-splitit-bnpl-to-be-embedded-in-chargeafter-pos/

Splitit… the company empowering consumers to use their existing line of credit to pay in installments, announced a partnership with ChargeAfter, the leading global network of personalized buy…

11/06/2021

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote. The price of bitcoin was up 5% to $34,239.17 shortly after the vote.

http://finserv.news/2021/06/11/cryptocurrency-el-salvador-becomes-first-country-to-adopt-bitcoin-as-legal-tender-after-passing-law/

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote. The price of bitcoin was up 5% to $34,…

10/06/2021

The buy now, pay later frenzy isn’t going anywhere as more consumers seek alternatives to credit cards to fund purchases. … A new fintech company is out to help consumers finance big-ticket items that are considered more “must have” than “nice to have”... More specifically, Kafene is focused on helping consumers with credit scores below 650 purchase retail items such as furniture, appliances and electronics with its buy now, pay later (BNPL) model....

http://finserv.news/2021/06/10/bnpl-financialinclusion-kafene-raises-14m-to-offer-buy-now-pay-later-to-the-subprime-consumer/

The buy now, pay later frenzy isn’t going anywhere as more consumers seek alternatives to credit cards to fund purchases. … A new fintech company is out to help consumers finance big-ticket items t…

10/06/2021

Europe’s largest digital wealth manager Scalable Capital announced Wednesday that it has raised a $180m Series E, making it the sixth German fintech unicorn. The round was led by Chinese technology company Tencent, which has also backed local fintechs like N26, Lydia and TrueLayer... “We see huge demand to invest money in the capital markets instead of leaving it in bank accounts....

http://finserv.news/2021/06/10/wealthtech-scalable-capital-fundraise-gives-germany-its-sixth-fintech-unicorn/

Europe’s largest digital wealth manager Scalable Capital announced Wednesday that it has raised a $180m Series E, making it the sixth German fintech unicorn. The round was led by Chinese technology…

10/06/2021

Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers. The deal with special-purpose acquisition company (S**C), VPC Impact Acquisition Holdings III Inc (VPCC.N), includes a $210 million investment led by Tiger Global Management, with additional participation from Wellington Management and Corbin Capital Partners…...

http://finserv.news/2021/06/10/lendtech-mark-cuban-backed-banking-app-dave-to-go-public-in-4-bln-spac-merger/

Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It currently has 10 million customers. The deal with special-purpos…

10/06/2021

This new Shopping feature allows UK Klarna users to shop at any online retailer, regardless of whether they’re partnered with Klarna or not, and split the payment into three interest-free instalments – eliminating the need to use a credit card. It will also integrate monthly budgets and personal spending limit functionalities for users to set and remain in control of their spending....

http://finserv.news/2021/06/10/bnpl-klarna-launches-major-new-product-update/

This new Shopping feature allows UK Klarna users to shop at any online retailer, regardless of whether they’re partnered with Klarna or not, and split the payment into three interest-free instalmen…

09/06/2021

Marqeta, the technology platform for card issuers, is going public next week. Marqeta is scheduled to price its deal on June 8 and trade the next day, a person familiar with the situation said. With roughly 530.2 million Class A and Class B shares outstanding, Marqeta could be valued at more than $12 billion. Goldman Sachs and JP Morgan are lead underwriters....

http://finserv.news/2021/06/09/cards-marqeta-aims-for-valuation-of-more-than-12-billion-the-ipo-is-next-week/

Marqeta, the technology platform for card issuers, is going public next week. Marqeta is scheduled to price its deal on June 8 and trade the next day, a person familiar with the situation said. Wit…

09/06/2021

British-Polish startup Walletmor has lunched the ultimate contactless wearable, a biopolymer payment device that can be implanted just under the surface of the skin. Available for €199, the implant is the size of a small safety pin and about half a millimeter thick, consisting of an integrated circuit and a metal sheath acting as an antenna. The biopolymer was created by scientists from laboratories of VivoKey Technologies Inc....

http://finserv.news/2021/06/09/paytech-walletmor-rolls-out-payment-implants/

British-Polish startup Walletmor has lunched the ultimate contactless wearable, a biopolymer payment device that can be implanted just under the surface of the skin. Available for €199, the implant…

09/06/2021

The venture arm will reportedly look at two types of projects: - Capability providers delivering core infrastructure in areas where the market is going, including identity and risk management, faster and more seamless money movement and embedded financial services - End-user platforms that are directly providing innovative financial services to consumers and businesses around the world Founded in 2016, Rapyd’s global payments network connects companies to “all the ways the world likes to pay.”...

http://finserv.news/2021/06/09/paytech-rapyd-unveils-venture-arm-for-digital-commerce-payment-innovation-globally/

The venture arm will reportedly look at two types of projects: – Capability providers delivering core infrastructure in areas where the market is going, including identity and risk management…

08/06/2021

Mobile proximity and peer-to-peer (P2P) payments have hit the mainstream, thanks to a pandemic-driven upswing in digital payments. As more brands actively promote contactless payments, new players are stepping into the ring. Most notable among these has been PayPal, which enabled QR code payments in May 2020. This move could encourage adoption of the technology among its 305 million users, especially as other players add popular retail partners that may bring customers onboard....

http://finserv.news/2021/06/08/paytech-whats-pushing-growth-in-proximity-mobile-payment-usage/

Mobile proximity and peer-to-peer (P2P) payments have hit the mainstream, thanks to a pandemic-driven upswing in digital payments. As more brands actively promote contactless payments, new players …

08/06/2021

Paul Diegelman and Paul DeSaulniers talk about improving consumer financial health. Credit bureaus generally don’t include positive utility payments in credit scores. Only negative payments like late or missed payments are reported to the bureaus. Utility companies are also unwilling to report fully to credit bureaus. Experian spent some time talking to utility companies about reporting more consumer payment information with little success before it turned its attention to consumers and consumer consent to furnish their own data to the bureau....

http://finserv.news/2021/06/08/financialinclusion-a-story-of-two-pauls-financial-wellness-credit-scores-and-data/

Paul Diegelman and Paul DeSaulniers talk about improving consumer financial health. Credit bureaus generally don’t include positive utility payments in credit scores. Only negative payments like la…

08/06/2021

The wallet will have an initial roll out in 2022… the new digital wallet will securely store important documents, payment details, and passwords It allows users to log into government sites, pay bills, and register for services using a single ID. Access is provided through fingerprint or retinal scan. EU officials plan to keep data access to the wallet strictly governed, to prevent commercial firms gaining access to user data. Signing up to the wallet is not obligatory.

http://finserv.news/2021/06/08/paytech-eu-plans-new-digital-wallet-for-payments-across-all-27-nations/

The wallet will have an initial roll out in 2022… the new digital wallet will securely store important documents, payment details, and passwords It allows users to log into government sites, pay bi…

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