Connect with us

Fintech

Trustly Launches Instant Payouts for U.S. Users

Published

on


Trustly, the company that helps customers pay directly from their bank account, launched Instant Payouts for U.S. users this week.

The service helps U.S. businesses provide their clients with near-instant payouts to their bank accounts. Instant Payouts in the U.S. is made possible via a partnership with Cross River Bank, which participates in The Clearing House’s (TCH) RTP network, a real-time payments rail.

Trustly’s business users can fund payments with Cross River Bank, which will send RTP payments on their behalf to their customers’ accounts at other participating RTP banks.

“The RTP network provides a platform for financial institutions and their corporate users to create innovative new payment products for their customers,” said TCH SVP of technology and Innovation Bijan Chowdhury. “Trustly’s partnership with Cross River Bank to deliver Instant Payouts to U.S. businesses and Cross River Bank’s use of the RTP network to send instant payments to the the businesses’ customers illustrates the power of the RTP network to boost innovation in the payments industry.”

Trustly was founded in 2008 and supports card-not-present payments for online merchants to offer a secure way for consumers to transact using their online banking access credentials. Last year, the company processed over $21 billion in transaction volume in its network. At FinovateEurope 2017, the company debuted Direct Debit, a payment offering that removes the pain of entering payment card information by allowing users to transact using their current account by entering their bank login credentials.

Trustly works with more than 8,100 merchants, helping them connect with 525 million consumers and 6,300 banks across 30 countries. The company has 500 employees across Europe, North America, and Latin America.


Photo by Luis Miguel P. Bonilla from Pexels

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://finovate.com/trustly-launches-instant-payouts-for-u-s-users/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

Published

on

PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

Continue Reading

Fintech

State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

Published

on

State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

Continue Reading

Fintech

More Than $1.1 Billion Raised by 14 Alums Q3 2021

Published

on


For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by John Guccione www.advergroup.com from Pexels

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

Continue Reading

Fintech

Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

Published

on


A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


Photo by Magda Ehlers from Pexels

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

Continue Reading
Esports5 days ago

The best teams in Hearthstone Mercenaries

Fintech3 days ago

PNC cuts nearly 600 apps for BBVA conversion

Aviation4 days ago

Vaccine passports for overseas travel to be rolled out this week

Esports3 days ago

New World team share details of upcoming server transfers in Q&A

Esports5 days ago

How Many Chapters are in the Demon Slayer Game?

Cyber Security3 days ago

Spotify Web Player

AI5 days ago

When to Contact an Attorney After a Car Accident

Esports3 days ago

How TFT Set 6 Hextech Augments work: full list and updates

Payments3 days ago

Everyone is building a wallet

AI5 days ago

5 Ways to Attract Clients with Law Firm SEO

Automotive3 days ago

This Toyota Mirai 1:10 Scale RC Car Actually Runs On Hydrogen

Blockchain6 hours ago

The Most Profitable Cryptocurrencies on the Market

Esports5 days ago

Demon Slayer: Kimetsu no Yaiba – The Hinokami Chronicles Character Tier List

Esports4 days ago

The 10 Legends of Runeterra characters most likely to turn into League champions

Low_Car33ElfynEvansScott-Martin.jpg
Automotive3 days ago

Evans and TOYOTA GAZOO Racing Seal Second in Spain

Cleantech4 days ago

US & Denmark Unveil Big Plans For Wind Power

Supply Chain4 days ago

Top 10 hydraulic cylinder manufacturers in China

Esports3 days ago

How to play Scream Deathmatch Game Mode in Call of Duty: Black Ops Cold War

Energy2 days ago

People’s Daily Online: uma pesquisa do Instituto de Zoologia de Kumming mostrou um aumento estável da população de pavões verdes, uma espécie ameaçada de extinção

Esports5 days ago

Only 6,900 pick’ems remain perfect after group B’s second round-robin at the 2021 World Championship

Trending