Robo advisor Betterment is now that much closer to achieving unicorn status – courtesy of a $70 million investment from Sweden’s Kinnevik. The investment takes Betterment’s total capital to $275 million, and gives the robo advisor a valuation estimated at $800 million, reports Finovate (Banking Technology’s sister company). Praising the “strong partnership” between his firm and Kinnevik, Betterment CEO […]
Financial wellness company DoubleNet Pay has closed $4 million in seed funding. The investment, which marks the Atlanta-based company’s first round of funding since it was founded in 2013, comes from TTV Capital and Fuqua Investments, reports Finovate (Banking Technology’s sister company). The 12-person company will use the funds to boost product development and bolster sales. […]
It’s been a busy time for second- and fiscal third-quarter earnings reports. Features Bank of America, Amex, Blackhawk Network and Visa. Banking Technology’s sister publication Paybefore reports. Bank of America (BofA) has beaten analyst expectations with earnings per share of 46 cents on revenue of $22.829 billion for the second quarter ended 30 June 2017. […]
Subas Roy, chairman of the newly launched International Regtech Association (IRTA), provides an insight into the state of regtech in the US and further opportunities.
Lending-as-a-Service (LaaS) specialist LendKey raised $13 million in Series C funding this week, reports Finovate (Banking Technology’s sister company). The round consisted of both equity and debt financing ($8 million of the former, $5 million of the latter) and was led by Maine-based North Atlantic Capital. Also participating in the investment were existing investors DFJ, Gotham […]
The average cost of a Notice of Proposed Penalty is estimated at $150,000 including the penalty itself and the added costs for consultants, personnel, remediation of legacy records, etc. Compliance is far less expensive than the alternative.
Melissa Global Intelligence, a provider of global contact data quality and identity-verification solutions, announced that its technology is fueling know your customer (KYC) and anti-money laundering (AML) initiatives for Meta Payment Systems, one of the largest prepaid card issuers in the US. Meta relies on Melissa to provide “a 360-degree view” of the customer, including […]
Mobile banking technology provider Urban FT has completed its acquisition of US software firm iParse, which, CEO Richard Steggall tells Banking Technology‘s sister publication Paybefore, will help the company provide a “mobile plug-in” for financial institutions. Steggall says the quicker, cheaper option compared with core processing integration will open up feature-rich mobile banking apps to […]
BNP Paribas has been hit with a $246 million fine by the US Federal Reserve System relating to past misconduct in its foreign exchange (FX) business. The Paris-based bank says it will pay the fine and has settled Federal Reserve allegations that it failed to keep its FX traders from using electronic chatrooms to manipulate […]
The partnerships keep coming for PayPal. Following recent news that the company is partnering with Apple for payments on iTunes and in the App Store, among other places, the company is now expanding its partnership with Samsung to enable PayPal as a payment method in any channel Samsung Pay is accepted, according to the PayPal blog. Banking […]
Mobile banking technology firm Urban FT has completed its acquisition of iParse LLC
Utah-based Zions Bancorporation has gone live on TCS Financial Solutions’ Bancs core system with the transition of its consumer lending business over to the platform. The core transformation program, titled “FutureCore”, is divided into phases and consumer lending for the seven affiliate banks is the first phase to go live, with other phases to follow. […]
Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) are partnering with New York-based Entrepreneurs Roundtable Accelerator (ERA) for business development and tech innovation. According to Sumitomo Mitsui, ERA is New York’s largest and oldest tech accelerator, with 140 portfolio companies involved in a variety of markets. These firms have a combined market […]
Document capture and data analytics company Ephesoft landed $15 million in Series A funding from Mercato Partners. This marks the company’s first round of funding since it was founded in 2010, reports Finovate (Banking Technology’s sister company). “Mercato’s investment will help Ephesoft realise its vision of liberating meaning through machine learning technology,” says Ike Kavas, Ephesoft’s founder. […]
Junction National Bank (JNB) in the US state of Texas has signed to replace its legacy core banking software with iCore360 from Data Centre Inc (DCI). On the way out is the solution provided by Sharp BancSystems (SBS), now owned by Nymbus.
FitPay Inc, a US-based provider of payment, credential management and authentication platform services, is planning to offer prepaid capabilities on wearable and other devices connected to its FitPay Payment Platform.
Core banking software provider Finxact has made its Open Core API available through its sandbox for fun times in innovation. The firm says its API is transparent and granular, enabling banks to have full access to their customer data. Finxact adds that it is the first core banking provider to join the Open API Initiative. […]
Financial Resources Federal Credit Union in the US state of New Jersey has implemented Roostify’s mortgage technology platform.
Deutsche Börse will invest $10 million in New York-based Trumid Financial – a fintech firm offering an electronic trading network for corporate bonds. The $10 million gives Deutsche Börse a minority stake as an add-on to Trumid’s previously disclosed $28 million financing made earlier this year, and which included Chinese financial firm CreditEase. Hauke Stars, […]
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the US.
India-based Infosys plans to open its next technology and innovation hub in North Carolina and hire 2,000 “American” workers in the state by 2021 – which is a dream within a bigger dream. This investment is part of its ambitions, revealed in May, to open four US hubs in the US and hire 10,000 “American” […]
First Data has completed its acquisition of US payments processor firm CardConnect for about $750 million in cash including the repayment of debt. As Banking Technology reported earlier, the Fintech Acquisition Corp acquired FTS Holding Corporation in July 2016 and renamed it CardConnect. At that time, it traded shares of CardConnect on Nasdaq at approximately […]
Wellspring Credit Union, a $48 million entity in the US state of Texas, has gone live with a new core processing system supplied by Utah-based tech developer FLEX.
Vantiv, a US-based payment processing and technology provider, and Worldpay, its counterpart in the UK, have reached “an agreement in principle on the key terms of a potential merger”.
A UK citizen living in New York is facing fraud charges brought by the US Securities and Exchange Commission (SEC) in relation to two bogus investment schemes.
Granger National Bank (GNB) in the US state of Texas has found a replacement for its legacy Tinisys core banking system, which is being sunsetted by provider Temenos/Trinovus.
How did BankMobile become the largest digital bank in the US? Luvleen Sidhu, the bank’s co-founder and chief strategy officer, shares the strategy.
Is PayPal’s investment in online lender LendUp a hint that the underbanked may not remain the underserved for long?
Baxter Credit Union (BCU) is launching a network of unmanned, video-only branches this year, and will be using Vidyo’s cloud-based video collaboration technology.
SnoCope CU, a small credit union in the US state of Washington, is revamping its core processing technology with CUProdigy. The new cloud-based platform will replace Fiserv’s Galaxy solution.
Venmo is planning to introduce a physical debit card to supplement its payments app.
Greater Wyoming Federal Credit Union has ditched its incumbent core software provider for Fiserv. The credit union has implemented Fiserv’s Portico core processing and digital banking system on a hosted basis.
Valley National Bank, a $23 billion regional bank holding company headquartered in northern New Jersey, is undertaking a widespread technology refresh to improve customer experience and profitability.
Morgan Stanley has unveiled an innovation lab with the aim of promoting diversity top of the agenda. According to the Financial Times, which has seen an application form, a four-month programme will begin in July and end in a symposium that will “expose companies to potential investors through showcase presentations”. The FT says any start-up […]
PayPal users in the US will soon be able to speed up money transfers to their bank accounts via eligible debit cards linked to their PayPal account. Bill Ready, EVP, COO, PayPal, says it expects that funds “will typically be available in your bank account in a matter of minutes, although some banks may take […]
Texas-based Lone Star Credit Union has become the 50th live site for the Keystone core processing system, supplied by Corelation.
Sandia Laboratory Federal Credit Union (SLFCU), the largest credit union in the US state of New Mexico, is modernising its front-to-back office technology with Alkami Technology and Corelation.
Rhode Island-based Citizens Bank is partnering with Bottomline Technologies to unleash a brand spanking new online and mobile banking platform for its commercial and business banking clients. The new digital banking platform offers a suite of cash management and payment services. The application features simplified transactions; integrated payment workflows; user personalisation with self-service capabilities; and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Minnesota-based Affinity Plus Federal Credit Union has selected Fiserv’s Architect platform for a digital banking overhaul. The credit union will use Architect to help its online and mobile customers in branches, over the phone, and through digital channels. Dave Larson, president and CEO, Affinity Plus Federal Credit Union, says Fiserv has “the size and expertise […]
