FinovateFall Sneak Peek: ARM Insight

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

ARM Insight’s synthetic data process unlocks the value of data by delivering actionable insights from hard-to-access financial transaction data while ensuring privacy is protected.


  • Privacy data protection: reduce the use of raw data
  • Regulation compliance: manage privacy and data obligations
  • Product innovation: use artificial intelligence/machine learning tools to enable data-driven innovation

Why it’s great
Synthetic data is the breakthrough data set for maximizing your data potential while minimizing your risk. It is the future of data and you should be using it now.


Steve Shaw
Shaw is responsible for the overall marketing, branding, and communications strategy for the company. He has over 20 years of marketing experience at startups and Fortune 500 companies.

Jonathan Chin
Chin oversees overall product strategy. He started building websites at the age of 13 and later developed professional experience in corporate finance and accounting for technology companies.

FinovateFall Sneak Peek: BlueRush

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

IndiVideo is BlueRush’s interactive personalized video platform. IndiVideo improves marketing and sales performance across the buyer journey from acquisition to engaging statements and customer care.


  • Seamless CX, improved conversions and ROI
  • Higher customer engagement and satisfaction for increased up/cross-sell
  • Data-driven customer insights for improved sales and marketing performance

Why it’s great
Predictive analytics and customer data flow through IndiVideo for intelligent video production. Customer interactions with each video are captured for data analysis and deeper customer understanding.


Ted Mercer
From chartered accountant to sales consultant, Mercer leads the sales team at BlueRush, searching for new ways to drive value for leading financial institutions using interactive, personalized video.

FinovateFall Sneak Peek: Eigen Technologies

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

Eigen’s NLP software goes to work on your documents, extracting information to answer your unique questions. Eigen puts the power of machine learning (ML) in your hands.


  • Puts the power of ML in your hands
  • Enables you to build a ML model with 20 to 50 examples
  • Can be used by anyone

Why it’s great
Eigen’s natural language processing (NLP) software is highly flexible and easy to use.


Lewis Liu
Liu co-founded Eigen Technologies in 2014 after earning his physics Ph.D at the University of Oxford. He started his career with McKinsey in London.

FinovateFall Sneak Peek: Horizn

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

Horizn’s award-winning platform equips frontline employees and customers directly with the knowledge needed to improve customer experience and dramatically increase digital adoption across all channels.


  • Gets employees and customers fluent on the latest digital innovation
  • Improves customer experience and drives digital adoption
  • Combines simulation microlearning methodology with gamification and analytics

Why it’s great
Using Horizn, banks increased digital adoption by 25% and brought call center times down by 45 seconds. Using the in-branch demo with non-digital customers, up to 20% converted to digital banking.


Steve Frook
VP of Sales, Frook is focused on working closely with financial service companies to significantly increase their adoption/awareness of new and existing innovation.

Robin Dindayal
COO and well-respected leader, Dindayal joined Horizn six years ago and has been integral in helping Horizn develop into an industry leader.

3E Software’s Teslar Scoops Up $1.8 Million

3E Software’s portfolio management system Teslar boosted its total funding to $2 million this week. This news comes thanks to a $1.8 million investment from the Independent Community Bankers of America (ICBA).

“We provide the solutions necessary for community banks to operate more efficiently and effectively, while focusing on what matters most: exceptional customer service,” said Teslar CEO and Founder Joe Ehrhardt. “This investment and ICBA’s support will provide resources to grow our team and continue advancing our technology, furthering our mission to help community bankers prosper.”

The Arkansas-based company will use the funds to add to its workforce, specifically in its client support, marketing, and technology development departments. Teslar graduated from ICBA’s ThinkTECH accelerator program earlier this year where its demo won the Banker’s Choice Award for Most Impactful Solution.

Teslar offers a lending and credit management SaaS solution that offers banks a holistic tool for managing credit and lending operations. At FinovateSpring 2015, Ehrhardt demoed how Teslar serves as a one-stop shop for lenders.

A full 60% of the company’s staff are former bankers, a pedigree which offers them insight into the headaches often faced during the lending process. This group of former bankers relies on what they call the “four pillars:” empowering bankers, integrating multiple systems, streamlining processes, and making it scalable. These objectives translate into everything from a toolset to manage loan reviews, to loan portfolio management, exceptions management, and more.

Innovation in the lending space is becoming increasingly relevant as bankers are taking a second look at their loan portfolios to make sure they are recession-proof. Solutions like Teslar offer a faster way for loan officers to close deals and minimize risk.

FinovateFall Sneak Peek: Instnt

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

Instnt Inc. is the first customizable, risk and compliance liability insured, online account opening and onboarding service for businesses.


  • Increase revenue by reducing your rejection rates
  • Shift your risk and compliance costs and loss liability for onboarding with a single line of code
  • Cut operating costs by outsourcing onboarding

Why it’s great
Instnt helps improve business’ approval rates


Sunil Madhu
Madhu is a serial entrepreneur with IPO and acquisition exits including Socure (Series C, venture backed), Hopskoch (M&A exit to WPP), Securent (M&A exit to Cisco), and Netegrity (IPO).

Mimi Salcedo
Salcedo was the first Product Manager at Simple Finance and went on to co-found WinWin (acquired in 2019). She is now Instnt’s co-founder and VP of Product.

Payments startup Doxo targets customers frustrated by bank bill pay solutions

Doxo, a bill payment aggregator with 50,000 billers and more than 3 million customers, is growing its customer base by adding bill pay solutions where banks fall short. Co-founder and CEO Steve Shivers said the Seattle-based company acquires customers because its platform can add billers that banks typically don’t include, such as highway toll accounts …Read More

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N26 pursues US market with ads that speak to customer pain points

New York City commuters this week will have their first exposure to European banking brand N26 through ads posted on subway cars. The Berlin-based company launched its mobile banking product to U.S. customers this summer, and it’s using a traditional ad campaign  — on subways, taxis and buses — to build brand recognition among U.S. consumers. The ads will roll out in Chicago and San Francisco in mid-September.

N26 ad

The ads focus on the aspects of banking, which N26 discovered through user research, that are top of mind for its target consumers: speed of signup, no-fee transparency, security, peace-of-mind through activity notifications and early payday deposits.

The tagline, “mobile banking the world loves,” is based on replicating the brand’s success in Europe and playing on many consumers’ dissatisfaction with their banking institutions, said Marie Le, U.S. head of marketing at N26. “A lot of the things that you see [in the ads] has been informed by user research at the very beginning,” she added. “Love is a core part of that campaign. We wanted to leverage our successes in Europe, [and] there’s an opportunity for us to build an ongoing relationship with our customers.”

Building a brand through traditional advertising is a playbook employed by many large fintech startups, including TransferWise, SoFi and BBVA-owned digital banking brand Simple — all of which have ran ads on the New York City subway. For tech startups, subways are seen as a cost-effective way to reach a broad swath of the population that’s essentially captive. “It’s become a rite of passage for startups and tech companies in New York,” Jennifer Fitzgerald, chief executive officer of Policygenius, told Bloomberg. “You’ve made it when you’ve got your subway ads.”

Asked about its choice of cities for the ad campaign, Le stressed that N26’s focus is across the U.S., but the ad campaign is zeroing in on areas where the brand will likely have more resonance: urban populations that are likely to be receptive to a banking product from a tech company. “It’s really important for us to be on the East Coast, [the Midwest] and the West Coast. We also wanted to consider where there is a demographic with a high usage of technology.”

N26’s U.S. ad strategy was conceived in-house, but the visuals were done in collaboration with ad agency DiNoto.

Fintech News Issue #232

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Seattle software engineer in Capital One breach charged with hacking 30 different entities

Seattle software engineer in Capital One breach charged with hacking 30 different entities

A federal grand jury in Seattle indicted a former software engineer with wire fraud and computer data theft involving a total of 30 different companies, just one month after she was arrested on charges of hacking the data of 106 million customers and card applicants at Capital One. 

Paige Thompson, who goes by the online moniker “erratic,” and has been in custody since her July 29 arrest, will be arraigned Sept. 5 in U.S. District Court in Seattle. She faces up to 25 years in prison. 

According to court filings, Thompson allegedly created a scanning software that allowed her to identify the customers of a cloud computing firm and penetrate their firewalls before illegally downloading reams of data. She also used stolen computing power to mine cryptocurrency, a practice known as cryptojacking. 

Court records show that an international telecommunications firm and a public research university from another state were among the companies and other organizations she attacked.

Cover image: iStock

Topics: Bitcoin, Card Brands, Cryptocurrency, Mobile Payments, Regulatory Issues

Companies: Capital One

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LeasePlan Bank Opts for Ohpen’s Core Banking Tech

Cloud banking provider Ohpen has migrated close to one million Dutch and German savings accounts of LeasePlan Bank to its core banking engine in the bank’s major technology overhaul, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).

The project was completed by migrating the aforementioned accounts and more than 17 million historical records. The smooth transition was the result of a close collaboration between LeasePlan Bank and Ohpen, the vendor said.

“We set out to reduce our IT complexity and improve the flexibility, reliability and efficiency of our services, whilst wanting to avoid any negative customer impact as much as possible during the transition phase,” said Sander Frons, director at LeasePlan Bank.

Frons believes that the migration and implementation to the purely cloud-native Software-as-a-Service (SaaS) solution from Ohpen was a textbook example of how such an operation should be run.

Angelique Schouten, board member at Ohpen, observed that “more and more financial organizations want to increase the digitization of their technology stack, and at the same time want to decrease their IT complexity”.

In the case of LeasePlan Bank, the Ohpen Platform replaced a number of legacy solutions, including Flexcube from Oracle FSS, which were installed on-premise. The new platform is hosted on the Amazon Web Services (AWS) cloud.

Ohpen demonstrated its core banking platform at FinovateFall 2012. Founded in 2009 and headquartered in Amsterdam, The Netherlands, the Ohpen announced earlier this year that NPM Capital had acquired a 35% stake in the company. Ohpen began 2019 with a big change at the top, appointing its Chief Operational Officer Matthijs Aler as CEO. Aler replaced Ohpen founder Chris Zadeh, who will continue to serve as chairman of the company’s board of directors.

Ingenico enters deal with Yoozoo on epayments for video games

Ingenico enters deal with Yoozoo on epayments for video games

Ingenico Group entered an agreement through its Ingenico ePayments unit to provide payments in support of the international expansion of Yoozoo Games, the distributor of popular video game titles such as Game of Thrones: Winter is Coming. 

Yoozoo Games will use Intenico Connect, a mobile-first platform that allows payments across multiple devices. 

“With game releases planned for Europe and North America in the near future, we expect to attract gamers from all over the world,” Liu Wanquin, vice president of overseas publishing at Yoozoo Games, said in the announcement. “As we expand internationally, we have to make online payments seamless and safe, both across different regions and across different devices. 

Cover image: Courtesy of Ingenico

Topics: Handsets / Devices, Mobile Apps, Mobile Payments, Region: EMEA, Technology Providers, Transaction Processing

Companies: Ingenico

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How prepaid and eGifts can boost engagement in the payments space

How prepaid and eGifts can boost engagement in the payments space

By Theresa McEndree, vp of marketing at Blackhawk Network

If you’re not familiar with Mary Meeker’s annual internet trends report, add it to your reading list. Every year, the venture capitalist highlights insights into consumers’ online behaviors, and many apply to the payments industry. 

A lot of these internet trends illuminate ways payments professionals can best engage with customers moving into the future. Of particular note is how digital branded payments — payments tools like virtual prepaid and egift cards that can be company branded — can be used to drive action.  

Skipping costly customer acquisition pursuits

The costs of attracting new customers are rising as consumers become increasingly informed in their shopping decisions. The pace is often unsustainable since customers’ revenue potential simply isn’t always cost-effective. 

Meeker suggests inexpensive promotions like free trials to manage costs and attract customers. Leveraging popular forms of branded payments like prepaid, gift card and egift rewards have been proven to encourage social media interactions, increase basket size and more.

eGifts are also effective tools at boosting loyalty because consumers appreciate their flexibility and versatility. They can be delivered quickly (often within minutes) and redeemed in-store, online and via mobile for what the recipient chooses. Offering smart ways for existing customers to remain engaged with your brand helps circumvent the need to claw for attention in crowded, saturated markets.

Leveraging gift card ecommerce opportunities 

Meeker reports that ecommerce now accounts for 15% of retail sales — with a growth rate far exceeding brick-and-mortar. 

In addition to being beneficial payments tools, branded payments in the form of gift cards are lucrative products to sell online in digital or physical form. According to Mercator Advisory Group, gift card sales are projected to reach $171.5 billion in 2019. Yet research from NAPCO found that fewer than half of the world’s most prominent retailers successfully execute online gift card programs; this is where businesses can have an edge. 

By stocking their digital shelves with gift cards, making gift cards easy to find online and enabling seamless checkout — just like they would at a brick-and-mortar — businesses can tap into the vast online buying potential currently being overlooked.

Gaming and streaming

Meeker’s report found that the number of worldwide gamers grew to 2.4 billion last year and tens of millions pay to subscribe to gaming services and streaming platforms. Unlike games of the past, newer titles like Fortnite have more than a singular goal to save the princess or complete certain missions. They are now a way for people to interact with each other socially, feature events to watch others play (just like sports on TV) and offer in-game experiences outside of the game itself such as miniature, limited-time-only contests to test players’ skills. 

Despite the fact that gamers are digitally advanced and interact digitally with brands, many global customers rely on gift cards and prepaid cards to gain access to the digital ecosystem. Whether it is buying gift cards in your local store with cash or parents using gift cards as a budget-management tool, branded payments are a critical hub fueling gaming growth. Gaming isn’t cheap, and branded payments like open-loop prepaid cards and gift cards can help drive online revenue outside of traditional credit and debit card payments. 

And there’s an added perk for parents or those sticking to a budget; these cards are loaded with limited funds—helping prevent users from racking up unwanted or unmonitored charges on a credit card. Some can also be reloaded when funds are depleted. These digital payments connections provide several touchpoint opportunities that make first time and repeat purchases easy.

Including imagery at checkout

People are increasingly using images to communicate thanks to technology developments like faster wifi, the proliferation of social media and sophisticated mobile device cameras. Branded payments like gift cards ride this wave because they act as mini billboards in peoples’ wallets —digital or physical. 

Businesses have a prime opportunity to display their brand prominently (for free!) during the payments process — which can’t be circumvented. This reinforces the brand experience and creates a positive interaction that resonates.

Mary Meeker’s report provides loads of data payments industry professionals can leverage to better reach people. Using branded payments like gift cards and egifts, businesses can better retain loyal customers, attract new ones and avoid missed opportunities to drive revenue.

Cover image: iStock

Topics: Loyalty Programs, Mobile Marketing, Mobile Payments, Trends / Statistics

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The Magic Of Pasta Made With Vegetables (And Patience)

Kids love spaghetti and meatballs more or less universally, and have for most of remembered history. Parenting and food fads for kids have changed a lot over the last two decades, but the intrinsic appeal of spaghetti to children under the age of 10 is hard to overstate.

Which is why Mason Arnold found himself with a big problem when wheat gluten fell off the menu at his house after a doctor told him his two young children weren’t able to properly process it.

“I didn’t want them to miss out on spaghetti and meatballs,” said Arnold. That led him to found Cece’s Veggie Co., which makes noodle and rice alternatives out of fresh vegetables for kids that can’t eat the traditional grain-based version, or for parents looking to give their pasta-loving offspring a healthier alternative to empty carbs.

“And as a parent, you always want your kids to eat more vegetables, too,” he told Inc.

Before building a business, Arnold’s first goal was much smaller. He just wanted to create substitutes for things his kids would otherwise want to eat, were it not for the forbidden wheat gluten contained within them. It wasn’t until 2015 that Austin-based Cece’s Veggie Co. launched in earnest — but as it turned out, that just happened to be the perfect time for the young firm to plant its flag in the rapidly growing world of gluten-free products and offerings.

Because Arnold is far from the only parent who has found himself looking for a gluten-free option for children who are unable to digest it — and hoping that product might also taste good and not be a collection of high-tech preservatives.

The numbers back up that assertion: worldwide, the gluten-free pasta market is expected to grow to $1.28 billion by 2025, up from $909.8 million in 2017, according to a report earlier this summer by Allied Market Research. And that growing hunger among consumers for gluten-free pasta products has pushed grocery stores  to stock more on their shelves — a trend in the market that has pushed Cece’s Veggie Co. from a kitchen table operation to placement in around 3,500 Whole Foods, Kroger and Costco stores across the U.S., and $25 million in revenue in 2018.

Still, early days for the firm were slow going. Cece’s was totally bootstrapped in those days — to the extent that the company’s payroll was paid via Arnold’s personal credit card a couple of times during its first year in business. In 2016 a $100,000 loan from angel investors and a $1 million convertible note helped matters, but the firm still struggled to keep up with back orders.

It wasn’t until 2017 when the firm raised $14 million in a private equity round that it was able to build a proper manufacturing factory and begin making veggie pasta at scale.

The secret to making veggie-based pasta, Arnold said, is to understand at base what pasta really is for most people — a sauce delivery mechanism.

“Most people use pasta to shove sauce into their pie hole,” Arnold said. “The goal was to most closely replicate traditional pasta and give people that comfort food experience.”

The “comfort food experience” according to Arnold, means the product can’t just basically resemebly pasta, it has to behave like pasta. It needs to hold and absorb sauces correctly. When the customer sticks their fork into the plate, he said, they want the “veggiccine” noodles made from butternut squash to wrap themselves around the fork properly.

The market for veggie noodles has grown, and Cece’s Veggie Co. still faces challenges. Because its noodles are made from fresh produce, their shelf life is a comparatively short two weeks. And hiring workers can be a challenge, because all the products need to be assembled in a cold room to keep them optimally fresh.

“It takes a wonderful kind of person to do that and to do it well,” Arnold said.

But today the firm is about 200 workers strong and is working on its next line of veggie-based noodle goods — a ramen soup kit made with veggie noodles. And although the market is an increasingly competitive place and one more crowded with ever larger competitors, Arnold remains optimistic about the future.

The firm, he said, has already grown larger than he ever would have imagined in its early days when he was just trying to solve the problem of dinner for his gluten-intolerant children, because the market has grown — and it shows every sign it will continue to do so.


Latest Insights: 

The August 2019 Payments And The Platform Economy Playbook, aims to help platform payments decision-makers identify and manage the risks and rewards inherent in optimizing their operations and navigating real-time challenges.

Blockchain revenue is on track to hit $10B

Blockchain technology revenue is on track to reach almost $10 billion by 2023, according to the “Blockchain and Distributed Ledger Technologies” report by ABI Research. The report found that revenue is growing with blockchain applications despite a significant decrease in initial coin offerings in 2018.

Some of the factors driving this growth include:

  • Blockchain-as-a-service offerings.
  • VC funding hitting $3.1 billion in 2018.
  • Growth in platform-agnostic solutions.

“While the crypto-winter has dampened spirits somewhat despite successful completion of many pilots, the dip in enthusiasm is temporary and will serve to filter out the superficial and fraudulent offers from the market,” Michela Menting, blockchain and digital security research director at ABI Research, said in the report.

Topics: Blockchain, Trends / Statistics, Venture Capital

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Switzerland's Temenos acquires digital banking SaaS provider Kony for $559M

Temenos, a Switzerland-based banking software provider, has agreed to buy Kony Inc., the Austin, Texas-based provider of SaaS for the digital banking industry, for $559 million, plus an earn-out of another $21 million. 

Temenos said the acquisition will significantly boost its capabilities and product line in North America. Kony offers a product called the Kony Digital Banking Experience to large and mid-market banks and credit unions, which includes a suite of mobile apps to help banks deliver omnichannel experiences using artificial intelligence, augmented reality and banking through wearable technology. 

“This is the largest and most strategic acquisition in the history of Temenos,” Takis Spiliopoulos, CEO of Temenos, said on a conference call.  “The acquisition will enable us to create the richest and most technologically advanced digital banking product globally.” 

The digital front office banking software market is estimated to be $23 billion wordwide and $9 million in the U.S., according to the company.  

He said the deal gives Temenos additional scale, expertise, credibility and clients in the U.S. Temenos sells a digital front office product called Temenos Infinity, which helps banks with customer acquisition, onboarding, account servicing and retention and has more than 500 banking clients around the world. 

Kony chairman and CEO Thomas Hogan will become president of Temenos North America and join the Temenos Executive Committee when the transaction closes. The deal is expected to close early in the fourth quarter, Spiliopoulos said. 

Topics: Mergers & Acquisitions, Mobile Banking, Region: Americas, Region: EMEA

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Flywire And VPBank Team Up On Tuition Payments

Vietnam Prosperity Bank (VPBank) and Flywire, a tuition payment company, have joined forces to make it easier for Vietnamese students to make international tuition payments.

According to a release, Flywire will allow the students to make payments in VND in the method that they choose, which includes bank transfers, which are very popular in the country. 

The process will take care of the necessary documentation and regulations required by law. 

Flywire has processed more than $12 billion in payments for over 2,000 educational institutions around the world. The platform has a single point of management and handles all aspects of the payment process, from billing through reconciliation. 

“Vietnam is one of the fastest-growing countries of origin for international students around the world, and as the country’s economy continues to grow at a rapid rate, so too does the number of Vietnamese families sending children to study abroad,” said Ryan Frere, vice president of global payments for Flywire. “Many of Flywire’s client schools in the U.S., Canada, U.K. and Australia already have large Vietnamese student populations. Our collaboration with VPBank makes it significantly easier for those schools to serve students at higher levels in this important market.”

Leaders in the country, including the prime minister and the State Bank of Vietnam, want to increase the digitization of banking. They want a greater focus on non-cash payments and they want to streamline administrative features to help with efficiency for not just the country as a whole, but individuals as well, the release said.

“The cooperation with Flywire demonstrates the bank’s dynamic thinking and actions, which reaffirms its advantages in technology, its ability to capture market demand and create the most convenient experience for customers,” said a VPB spokesperson.

Flywire is based out of Boston, and has offices in Chicago, London, Manchester, Valencia and Tokyo, among other locations. 


Latest Insights: 

The August 2019 Payments And The Platform Economy Playbook, aims to help platform payments decision-makers identify and manage the risks and rewards inherent in optimizing their operations and navigating real-time challenges.

Rapyd teams with Hong Kong's TNG Fintech to boost cashless transactions

Rapyd teams with Hong Kong's TNG Fintech to boost cashless transactions

Photo provided by Rapyd

Rapyd, a fintech as-a-service startup, has partnered with TNG Fintech Group Inc., a Hong Kong-based digital wallet operator, to boost cashless transactions. 

The partnership will add TNG wallet — one of the city’s leading e-wallets — along with more than 10 other e-wallets that form the “global e-money alliance” platform to the list of more than 500 payment methods Rapyd already offers, according to a company release.

As a result, Rapyd’s customers will now be able to accept payments from TNG’s e-wallet users, even if they don’t have — or choose not to use — a credit or debit card while shopping online, the company said.

Like other payments platforms, such as Adyen, Stripe and PayPal, Rapyd aims to make the complicated and costly process of sending payments across borders easier. Via a collection of API-enabled services, the platform automates the behind-the-scenes steps — such as funds collection, funds payouts, currency transfers, ID verification and card issuing — to simplify sending money to a business or merchant in another country. 

“Hong Kong is an incredibly vibrant small business market, and we are giving large regional enterprises as well as local merchants opportunities to increase their revenue by enabling them to accept the locally-preferred payment methods used by consumers from anywhere around the world,” Joel Yarbrough, Rapyd’s VP for Asia Pacific, said in the release.

Earlier this year, Rapyd raised $40 million in Series B funding led by General Catalyst and Stripe.

Topics: Mobile Apps, Mobile Banking, Mobile/Digital Wallet, Region: APAC

Companies: Rapyd

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Fintech and Blockchain: Where Silicon Alley Meets Hyperconverged Infrastructure

You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. “Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan. I hope that doesn’t give you dot-com bubble flashbacks because, now, this same location is a hotbed of investment into fintech and blockchain acceleration that is driving financial digital transformation and touching almost every line of business.

The Future of Silicon Alley and Silicon Valley are Intertwined with Financial Institutions

Partnerships between FIs and fintech players are rapidly on the rise. Fintech companies need to capture readymade customers and have access to core processing platforms while the FIs need the innovation to spur growth and protect being disintermediated from their franchise. To that end, FIs are not only procuring fintech solutions as they would a traditional vendor, but they are also engaging directly with the ecosystem to provide residency, partnership, investment, or outright acquisition.

The natural question is why would Nutanix, a Silicon Valley company focused on driving large-scale enterprise adoption of Hyperconverged and Enterprise Cloud infrastructure, want to put any focus on nascent fintech and blockchain startups? The reason is Nutanix is hungry to be an integral participant in innovation and positive disruption as it is happening. Nutanix delivers a unique platform that provides an optimal, secure and agile environment to iteratively develop and deploy these transformative financial solutions.

Fintech is a Hybrid of On-Premise and Public Cloud Implementation

Resoundingly, the implications are that FIs and fintech players are interdependent in ensuring these solutions are going to be seamlessly adopted by their mutual customers. A successful fintech solution will need to minimally account for and integrate across these component parts:

  1. User Experience (UX)
  2. Application Services
  3. Data Services
  4. Technology Operations

One of the overwhelming concerns of fintech startups looking to partner with FIs is that they will become hopelessly bogged down by legacy infrastructure and arduous testing and implementation methodologies. This has led fintech providers to advocate for completely utilizing public cloud with a simple API and data sharing agreement in some cases brokered by their cloud provider.

Alternatively, FIs see the solution as inherently requiring a hybrid cloud implementation whereby regulatory, privacy, security and reputational risk will demand tighter on-premise controls, especially pertaining to data usage. These concerns are only heightened with very public and damaging cases of data misuse and security breaches.

Why Hyperconverged Infrastructure is Compelling for Fintech & Blockchain Implementations

Hyperconverged Infrastructure (HCI) can successfully bridge the gap by providing the same speed-to-market, provisioning experience and cost advantages of public cloud with the control and maximum data security of on-premises. Financial institutions looking to develop, pilot and implement fintech and blockchain solutions can build labs and go into production without having to compromise their governance, risk and compliance policies. This is a compelling hybrid cloud infrastructure value proposition that should be considered.

Kevin Lash, Head of Financial Services Strategy & Solutions, Nutanix

Business Losses to Cybercrime Data Breaches to Exceed $5 trillion by 2024

A new report from Juniper Research found that the cost of data breaches will rise from $3 trillion each year to over $5 trillion in 2024, an average annual growth of 11%. This will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm.

The new research, The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024, noted that while the cost per breach will steadily rise in the future, the levels of data disclosed will make headlines but not impact breach costs directly, as most fines and lost business are not directly related to breach sizes.

Cybersecurity Breaches to Increase Nearly 70% Over the Next 5 years

The Human Element Remains Key, Despite AI Advances

Cybercrime is increasingly sophisticated; the report anticipates that cybercriminals will use AI which will learn the behaviour of security systems in a similar way to how cybersecurity firms currently employ the technology to detect abnormal behaviour. The research also highlights that the evolution of deep fakes and other AI-based techniques is also likely to play a part in social media cybercrime in the future.

In spite of cybersecurity becoming increasingly part of corporate culture, it is not necessarily gaining traction with system users. As a result, Juniper Research expects that security awareness training will become an increasingly important part of enterprise cybersecurity practice. The gains that can be made by increasing human awareness of cybersecurity can make more efficient use of cybersecurity spending, which Juniper Research expects to rise by only 8% per annum in the forecast period.

“All businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts,” remarked research author Susan Morrow. “As social engineering continues unabated, the use of human-centric security tactics needs to take hold in enterprise security.”

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