Author: Julie Muhn (@julieschicktanz)

Former JP Morgan Exec Launches Refunds-as-a-Service Startup

Former JP Morgan Exec Launches Refunds-as-a-Service Startup
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • TodayPay, a new “refunds-as-a-service” startup, has launched out of stealth mode this week.
  • TodayPay is founded by former JP Morgan executive Jeremy Balkin.
  • TodayPay’s technology decouples the refund from the return logistics to pay customers their refund instantly in their TodayPay mobile wallet.

Jeremy Balkin is leveraging his expertise in the financial services industry to launch a new fintech. The former JP Morgan executive announced this week that TodayPay, what he is calling a “refunds-as-a-service startup,” has exited stealth mode.

At its core, TodayPay helps merchants give their customers instant refunds when they initiate a return. The service also offers the customer multiple options of how they want to receive the funds instead of simply defaulting back to the original payment method.

“I built TodayPay because I’ve seen firsthand how the speed of a payment can change somebody’s life,” said TodayPay Founder Balkin. “There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience.”

TodayPay offers four main products:

  • Better Refund, an API that decouples the refund from the return logistics to pay customers their refund instantly, while allowing merchants seven days to pay.
  • Refund Now Pay Later, which provides merchants with a pre-qualified credit line of up to $300,000 with up to 90 days to repay the funds. TodayPay takes on the risk of the return so that the merchant can focus on their working capital.
  • instarefund, a consumer facing widget embedded into a merchant’s existing return flow that helps them control the customer experience.
  • Management Portal, a merchant-facing dashboard to help businesses manage all transactions in one place and automate refunds and returns management.

These products may improve the returns experience for merchants, however, TodayPay adds a bit more friction onto the customer experience. That’s because customers receive their refund payment in a TodayPay digital wallet. While the digital wallet is already set up via the customer’s phone number, they still have to log into their TodayPay digital wallet to choose how they’d like to redeem their refund– into their bank account, onto their debit card, or via a gift card.

While TodayPay was in stealth mode, it built relationships to be integrated into Shopify, BigCommerce, Woo, and Magento. The company is backed by Soma Capital, and is working with Astra, Marqeta, and Visa for the digital wallet piece.

Photo by engin akyurt on Unsplash

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New Startup Showcase: Warp Takes on Payroll

New Startup Showcase: Warp Takes on Payroll
By Julie Muhn (@julieschicktanz) Posted on
Categories: Startups

I’ve always loved following innovations in the payments space. It is the one fintech sub-sector that touches everyone– regardless of net worth, social standing, or geography. And when it comes to payments, there is plenty of room for disruption, especially in payroll.

In this month’s new startup showcase, I’m taking a closer look into Warp, which was launched earlier this year by Ayush Sharma. At its core, Warp is seeking to help founders run their startups by offering them a way to outsource payroll operations– and the headaches that go along with payments and tax compliance.

At the root of the problem Warp is trying to solve is the wide variety of tax laws, both across the globe and within the U.S. These laws make it difficult for founders to navigate payroll for their remote workforce, especially when employees are located across multiple U.S. states or international boundaries. Because each region has different tax laws, founders can spend hours navigating poorly designed government websites to ensure they are complying with local laws.

A 2023 Y Combinator alum, Warp currently offers full-service payroll for U.S. employees and files and pays all federal, state, and local taxes. The company also helps startups pay contract workers and generates 1099 end-of-year paperwork. For domestic payouts, Warp automates payroll registrations and monitors for compliance. Companies that need to send payment across international borders can use Warp to pay contractors in more than 150 countries, with tools that generate compliant contract agreements in seconds.

Beyond payments, the New York-based company even does some light lifting when it comes to HR tasks. The company’s technology provides healthcare options with automated payroll deductions, generates offer letters, onboards new employees, approves invoices and reimbursements, and helps startups track PTO and time submissions.

Warp offers three pricing options from $49 per month (plus $20 per person) to $99 per month (plus $35 per person). Among the company’s competitors are Gusto, Rippling, and Deel.

Warp has received a total of $2.7 million in funding. The company received $500k from Y Combinator and $2.2 million from Abstract Ventures, HOF Capital, Shrug Capital, and others.

Photo by Jan Van Bizar

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Marqeta Introduces Embedded Credit Experiences

Marqeta Introduces Embedded Credit Experiences
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Marqeta
  • Marqeta launched a new credit card issuing platform to help brands offer embedded credit programs.
  • Using the new tool, fintechs and non-financial services companies can launch both consumer and commercial credit programs.
  • Marqeta’s new card program will allow brands to own the entire customer experience without having to send the customer to a bank website to access card information.

Card issuer Marqeta unveiled its new credit card issuing platform today. The new offering serves as a one-stop shop to help companies launch embedded card programs for both consumer and commercial users.

Marqeta’s new credit platform helps brands promote customer loyalty by enabling personalized rewards and can support any card type and any format. According to Marqeta CEO Simon Khalaf, the new platform will help brands “reimagine what a credit card can be” and engage with consumers “in a whole new way.”

As part of that reimagining, Marqeta’s new platform serves as a single location where fintechs and non-financial services companies can build a credit product that suits their consumers’ unique needs and embed the experiences within their existing app. Specifically, brands can own the entire customer experience and won’t need to send cardholders to a bank’s website to access card information.

The credit platform also provides a rewards engine that helps brands build reward programs that adapt to cardholder needs and preference. Additionally, Marqeta offers brands access to real-time customer data to help further customize cardholder products and– for commercial cardholders– provides a range of flexible funding models such as Net 30 Charge Cards, Receivables Purchase, and Revolving Credit.

“The possibility is huge,” Khalaf added, “but the incumbent solutions are simply not giving consumers what they need. We want our credit card platform to completely change the consumer experience and the brand loyalty equation.”

Today’s development comes courtesy of Marqeta’s January 2023 acquisition of Power Finance for $275 million. Power Finance was founded in 2021 to offer brands a credit card program management service. Power Finance’s platform allowed companies to outsource credit card management, customer experience, application decisioning, transaction processing, and more.

Founded in 2010, Marqeta enables clients to manage their own card programs and banking tools. The company offers configurable and flexible payment tools and customizes payment cards for their end customers. Marqeta is a publicly traded company listed on the NASDAQ under the ticker MQ. The company has a market capitalization of $2.83 billion.

Photo by Cup of Couple

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The CFPB Formally Proposes 1033 Open Banking Rule

The CFPB Formally Proposes 1033 Open Banking Rule
By Julie Muhn (@julieschicktanz) Posted on
Categories: Regulations

The U.S. Consumer Financial Protection Bureau (CFPB) took a step in the direction of formalizing open banking regulation today. The agency proposed a rule that would shift the financial services industry toward open banking, giving consumers control over their financial data.

The rule proposed today marks the CFPB’s first proposal to implement Section 1033 of the Consumer Financial Protection Act. Under Section 1033, the CFPB is charged with implementing personal financial data sharing standards and protections.

For the 100 million consumers that have authorized a third party to access their account data, this is welcome news. The rule would require banks to share consumer data (with the consumer’s permission, of course) with third parties in order to promote competition. It would also prevent companies from misusing or wrongfully monetizing consumers’ personal financial data.

“With the right consumer protections in place, a shift toward open and decentralized banking can supercharge competition, improve financial products and services, and discourage junk fees,” said CFPB Director Rohit Chopra. “Today, we are proposing a rule to give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices.”

The rule would also benefit the financial services industry as a whole by providing detailed technical standards on how consumer data sharing should work. The standards will contain safeguards to ensure industry standards are fair, open, and inclusive.

“Today, we’re celebrating a moment that our members – and millions of consumers across the country – have been waiting for: the CFPB’s release of its proposed rule creating a legally binding consumer financial data right,” said Financial Data and Technology Association Executive Director Steve Boms. “We strongly support the proposed rule, which will put consumers in full control of their financial data and empower them to choose the financial provider best suited to meet their unique needs. The proposed rule will create more competition and choice in the financial services marketplace, ultimately leading to better consumer outcomes.”

Not everyone in the industry sees the Section 1033 rule making proposal in a positive light, however. A handful of large incumbent institutions have long been of the opinion that their consumers’ financial data belongs to them and should not be shared with third parties. When banks offer third parties access to consumer data, they see it as losing out to competition.

The move comes two years after the CFPB first touched on the topic of open banking by issuing an advanced notice of proposed rule making to create formal regulation around open banking in the U.S. And while it is exciting to see the CFPB move in the direction of open banking, the formalization of rules around the topic becomes technical and complicated, given the range in size of the players involved. The agency is currently accepting comments on its proposal until December 29, 2023.

Photo by takahiro taguchi on Unsplash

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J.P. Morgan Payments Taps Trulioo for Identity Verification

J.P. Morgan Payments Taps Trulioo for Identity Verification
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Trulioo
  • J.P. Morgan Payments has selected Trulioo for identity verification tools.
  • Trulioo’s Person Match and Identity Document Verification will offer verification of consumers and businesses.
  • J.P. Morgan Payments processes more than $9 trillion in payments each day in over 160 countries and 120 currencies.

Trulioo announced today that J.P. Morgan Payments has tapped it for fraud prevention. JPM Payments will leverage Trulioo’s consumer and business verification tools.

“We chose [Trulioo] because of its breadth of personally identifiable data sources, impressive match rates, and global footprint,” said J.P. Morgan Payments Managing Director- Global Head of Trust & Safety Ryan Schmiedl. “Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond.”

JPM, which processes more than $9 trillion in payments each day in over 160 countries and 120 currencies, will leverage Trulioo’s global payments and trust and safety models. Specifically, JPM will use Trulioo’s Person Match and Identity Document Verification to offer verification of both consumers and businesses.

“With real-time access to hundreds of government registries, public records, data sources and document types, we can verify people and businesses globally, leaving no space for bad actors and, ultimately, help J.P. Morgan clients adhere to the highest of standards, no matter where their clients operate,” said Trulioo CEO Steve Munford.

Canada-based Trulioo, which was founded in 2011, helps organization navigate compliance by offering real-time verification of more than five billion people and 700 million business entities worldwide. Last month, Trulioo added intelligent transaction routing to its identity verification orchestration platform. The company has raised $475 million.

Photo by Eren Li

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Statement Raises $12 Million for AI-Powered Treasury Tools

Statement Raises $12 Million for AI-Powered Treasury Tools
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Statement has raised $12 million in Seed funding.
  • The funds come from Glilot Capital Partners, Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.
  • The company will use the funds to bolster its market launch strategies, speed up product development, and hire additional employees.

Cash flow intelligence company Statement has raised $12 million in Seed funding this week for its cash flow management platform. Today’s funds come from Glilot Capital Partners, Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.

According to TechCrunch, which broke the news, Statement will use the $12 million to bolster its market launch strategies and speed up product development. To fuel this growth, the New York-based company said it plans to expand its team to 35 employees by the end of 2024.

Launched last year by co-founders Idan Vlodinger and Shahar Lahav, Statement offers what it calls a “Cash Intelligence Platform” that provides enterprises a single, cohesive overview of their financial data in real time. The platform, which automatically categorizes transactions, connects with multiple banks and ERP systems to reflect real-time cash positions, show working capital analytics, automate accounts receivable reconciliation, and forecast cashflow using AI.

“Statement saves the office of the CFO hundreds of hours per month on manual data collection and enrichment, and hundreds of thousands to millions of dollars by being able to manage their money faster and better,” Vlodinger told TechCrunch. “CFOs deserve to work with great software, with a fantastic user interface, that has real-time data, and have the systems ‘speak’ to each other with true data reconciliation, so they can focus on growing their businesses.”

Armed with increasingly powerful AI-tools, more companies have been operating in this treasury management space, which used to be thought of as simply business financial management (BFM). Other companies offering financial management tools include Kyriba, international cash management provider Neo and HighRadius, which reached unicorn status in 2020.

Photo by Pixabay

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3 Reasons Youth Banking Tools are Having a Moment

3 Reasons Youth Banking Tools are Having a Moment
By Julie Muhn (@julieschicktanz) Posted on
Categories: List series, Youth market

Banks have discussed ways to target the youth market for years. Capturing a customer under the age of 18 builds brand loyalty at a young age, increases a customer’s potential lifetime value, leads to cross-selling opportunities as they age, and increases the parent users’ engagement.

While these benefits are well-known across the fintech space, the youth market can be difficult to tap into; banking tools for minors are not yet widespread. Things may be changing, however. Developments in the youth banking market have been peppering the news this year, starting with Acorns’ acquisition of GoHenry in April. Things have really started to pick up this fall, however. Here’s a timeline:

  • August 10: Greenlight launched a new solution to help teens begin building credit.
  • September 22: Invstr launched Invstr Jr., a digital bank and investing account for users under the age of 18.
  • September 25: The Reseda Group partnered with financial literacy platform Goalsetter to offer a white-labeled version of the app for its members.
  • October 3: Acorns announced the launch of a new premium tier that integrates access to GoHenry.
  • October 3: Youth investing platform Stockpile teamed up with Green Dot to offer debit cards to its users under the age of 18.

It appears that youth banking tools may be having a moment. But why now? Below are a few reasons behind the recent flurry of activity in the space.

Transfer of wealth

It’s been well-publicized that the largest transfer of wealth in history is currently taking place. In fact, Cerulli Associates estimates that in the next 25 years, older generations will transfer a total of $84 trillion to younger generations. As a result, these young recipients– many under the age of 18– will need a safe account to hold and grow their newfound wealth. Youth savings accounts and investing tools are a good starting place.

Millennials maturing as parents

A decade ago, much of the discussions in the fintech industry centered around how to serve new millennial clients. Millennials are a digital-savvy generation and now range between 27 and 42 years of age. This mobile-first generation is more likely to seek out banking tools for their kids online rather than take them into a branch to open their first savings account. The recent spate of banking and investing tools all suit the need for digital-first accounts for minors.

Competition

Success invites competition. As more companies succeed in gaining users in the youth banking space, more will join in. That’s why we’ve seen not only new players enter into the space, but also established institutions create new tools to serve the market. As these tools continue to generate attention by launching new features, entering new partnerships, and adding new clients, other fintechs will begin to enter the market.

Photo by Monstera Production

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Nova Credit Lands $45 Million in Funding for Alternative Credit Scoring

Nova Credit Lands $45 Million in Funding for Alternative Credit Scoring
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Nova Credit has received $45 million in Series C funding in a round led by Canapi Ventures.
  • The investment boosts Nova Credit’s total funding to $79 million.
  • Today’s funds will be used to broaden its product offering and scale its cash flow underwriting and income verification tool Cash Atlas.

Borderless credit data company Nova Credit has brought in $45 million in Series C funding this week. The investment– which was led by Canapi Ventures with participation from Kleiner Perkins, General Catalyst, Index Ventures, Y Combinator, Avid Ventures, Geodesic Capital, Harmonic Capital, Radiate Capital, and Socium Ventures– boosts the company’s total raised to $79 million.

The company will use the funds to broaden its product offering beyond cross-border credit reporting and scale its cash flow underwriting and income verification tool Cash Atlas. Along with Cash Atlas, Nova Credit also offers Credit Passport, an API that translates an international credit report into a local-equivalent credit score to allow newcomers to the U.S. to use the credit score of their home country.

To power these two products, Nova Credit leverages open finance to analyze consumer-permissioned transaction data for underwriting purposes. With insight from a prospective borrower’s cash flow, the company can underwrite the more than 60 million new-to-credit, new-to-country, and other thin-file consumers.

“Open finance data has been available for decades, but the industry has failed to assemble it into a suite of products that lenders can easily use to improve their customer onboarding and credit workflows,” said Nova Credit Co-founder and CEO Misha Esipov. “For years, Nova Credit has pioneered the use of consumer-permissioned data to enable the world’s most reputable businesses to approve more customers without compromising their risk and compliance standards.”

Nova Credit has seen growth in terms of revenues, partners, and geography since closing its $50 million Series B round in 2020. In the past three years, the California-based company has grown its revenue 10x and has added HSBC, Verizon, Scotiabank, Earnest, and Yardi to its partner roster, and has expanded its product reach to 20 countries outside the U.S., including Canada, the U.K., the UAE, and Singapore. 

In the future, Nova Credit plans to introduce new solutions ranging from new-to-credit and thin-file underwriting to customized KYC and verification solutions. “While cross-border credit remains critical to our strategy, we’re excited to broaden our offering and tackle a new set of industry challenges long unsolved,” explained Esipov. “This new capital fortifies our position to continue being a dependable partner to the many banks and lenders we serve and accelerates the pace of innovation in an industry very much in need of change.”

Photo by Dany Kurniawan

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When the CFPB States Banks Cannot Charge for “Basic” Customer Service

When the CFPB States Banks Cannot Charge for “Basic” Customer Service
By Julie Muhn (@julieschicktanz) Posted on
Categories: Julie's Column

The Consumer Financial Protection Bureau (CFPB) issued its first advisory opinion offering guidance on section 1034(c) of the Consumer Financial Protection Act (CFPA), which originally became effective in 2011. Section 1034(c) requires banks to reply for consumer requests for information and not charge them for customer service responses regarding their bank account. The CFPB calls charges such as these “junk fees.”

The issue stems from instances when the consumer needs to gather basic account information required for them to fix problems with their account or manage their finances. With today’s advisory opinion, the CFPB is seeking to stop large banks for charging their customers for requesting essential information they are entitled to under federal law. These “reasonable requests” include asking for original account agreements or information about recurring withdrawals from an account.

“While small relationship banks pride themselves on customer service, many large banks erect obstacle courses and impose junk fees to answer basic questions,” said CFPB Director Rohit Chopra. “While the biggest banks have abandoned the relationship banking model, federal law still requires them to answer certain customer inquiries completely, accurately, and in a timely manner.”

Who is impacted

The opinion applies to insured depository institutions and credit unions that offer or provide consumer financial products or services and that have total assets of more than $10 billion, as well as their affiliates.

What does it require

Banks and credit unions must comply with consumers’ requests for information regarding a financial product or service that they obtained from the institution. This includes supporting written documentation regarding customer accounts.

Why now

Because many households do not have a single, personal banker they can turn to for answers, they are often subject to phone trees and AI-powered chatbots to find information. As more banks attempt to save costs by swapping human agents for generative-AI-powered bots, some consumers may have to spend extra time sorting through irrelevant material and waiting on hold to get the answer they need.

“Large banks and credit unions possess information that is vital to meet these customer needs,” the advisory opinion states. “Too often, however, it can be difficult and time consuming for individual consumers to obtain a clear answer to questions or resolve an account issue.”

What is not included

While consumers have a right to receive information about their account, there are some expections. Banks and credit unions do not need to offer:

  • Confidential information such as an algorithm used to derive credit or risk scores
  • Information collected for the purpose of preventing fraud or money laundering
  • Information required to be kept confidential by law
  • Any nonpublic information, including confidential supervisory information

Photo by MART PRODUCTION

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Intuit QuickBooks Launches QuickBooks Bill Pay

Intuit QuickBooks Launches QuickBooks Bill Pay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Intuit, QuickBooks
  • QuickBooks launched QuickBooks Bill Pay to bring accounts payable automation and processes to small business clients.
  • The new product is integrated into the QuickBooks platform and aims to help users manage bill payments to vendors and contractors.
  • The announcement comes after the company ended a long-standing relationship with Bill.com.

Intuit’s QuickBooks unveiled QuickBooks Bill Pay today to bring accounts payable (AP) automation to its business users.

Aimed at small-to-mid-sized businesses, the new bill pay tool will help Quickbooks’ clients track and automate their bill payments within its platform. The new tool also includes a suite of financial and accounting tools such as digitized record-keeping, vendor management, and advanced controls with customizable permissions for teams.

By integrating a bill payment tool into its existing platform, the company makes it easier for business users to manage bill payments to vendors and contractors. Additionally, by bringing AP processes into a single solution, businesses will have better cash flow and money movement visibility and may mitigate missed and late payments.

“Across the QuickBooks platform, we’re revolutionizing money movement to improve the number-one problem small businesses face – cash flow – which impacts their success rates,” said Intuit Senior Vice President of the QuickBooks Money Platform David Talach.

With Bill Pay, businesses can:

  • Set permissions and rules to customize the bill approval process for different team members
  • Import vendor invoices and to automatically create a bill
  • Keep digital records of bills and payments in one place
  • Send electronic payments or paper checks without issuing and mailing them
  • View and file 1099s for vendors

“QuickBooks Bill Pay is a key addition to our ecosystem as we aim to deliver a singular, end-to-end financial solution for small businesses to manage their money. Integrating Bill Pay with our other money offerings enables our customers to leverage game-changing automation capabilities and have the visibility and clarity they need when it comes to their finances,” added Talach.

QuickBooks has a three-tiered pricing plan for the Bill Pay tool, ranging from free to $45 per month. The base level includes five free ACH payments per month while the upper tiers include more ACH payments per month, custom bill approval workflows, unlimited 1099s for vendors, and predefined team permissions.

Founded in 1983, QuickBooks is one of the oldest fintech solutions for small businesses. The company has undergone recent friction when it comes to integrated bill pay, having leveraged a partnership with Bill.com for several years, and later ending that relationship in favor of a partnership with Melio.

QuickBooks is owned by Intuit, a public company that trades on the NASDAQ under the ticker INTU and has a current market capitalization of $151 billion.

Photo by RDNE Stock project

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Till Financial Taps Astra to Bring Faster Money Transfers to Families

Till Financial Taps Astra to Bring Faster Money Transfers to Families
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Till Financial has selected Astra to bring instant money transfers to its users.
  • Till Financial offers a fee-free debit card and savings platform for kids.
  • The two will roll out more features “in the coming months.”

Family-focused financial platform Till Financial is keeping up with the times when it comes to faster payments. The Massachusetts-based company has tapped money movement platform Astra for instant money movement.

The partnership will offer Till users secure and instant fund transfers, meaning they won’t need to wait the traditional three-days for funds to clear. Astra will also remove much of the friction involved in funding the youth accounts.

“We are thrilled to join forces with Astra to bring Till to the next level,” said Till Co-founder Taylor Burton. “This partnership will enable us to deliver on our promise of serving the unique needs of our families through financial literacy and empowering kids to be smarter spenders by offering them the tools they need for instant, secure, and user-friendly fund transfers.”

Till was founded in 2018 to promote financial literacy among kids. The company offers kids a bank account, a debit card, and a goal-based savings account. The parent can set the kid’s allowance, control the card, and receive insight into kids’ spending and savings habits. Unlike other youth-based digital banking tools which generally charge around $5 per month, Till does not charge any fees.

“Our technology complements Till’s vision for free family banking perfectly, and we are empowering families to have greater control and flexibility over their financial activities,” said Astra CEO Gil Akos. “This partnership underscores Astra’s commitment to driving fintech innovation that directly benefits consumers.”

Till and Astra plan to roll out more features “in the coming months.”

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Wysh Founder Alex Matjanec on How Embedded Life Insurance Can Work for Customers

Wysh Founder Alex Matjanec on How Embedded Life Insurance Can Work for Customers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Speaker series, Wysh

The life insurance industry is anything but static. Technology has changed what is possible, consumer expectations have evolved, and financial habits have changed. One thing that hasn’t changed, however, is that people don’t like thinking about their own mortality.

Wysh is tackling these challenges with its embedded insurance product, a high-yield savings account that currently pays 4% APY and includes an additional life insurance payout of up to $10,000. I spoke with Wysh Founder Alex Matjanec at FinovateFall last month on his Best of Show-winning demo at the show, how Wysh works for customers in today’s interest rate environment, and how he views the future of the insurance industry. Check out our conversation below.

Photo by Einar Storsul on Unsplash

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