FreedomPay Forges Strategic Partnership with Micro-Donation Charity Pennies

FreedomPay Forges Strategic Partnership with Micro-Donation Charity Pennies
By David Penn Posted on
Categories: Daily news
  • FreedomPay, a digital commerce platform, forged a strategic partnership with micro-donation charity Pennies this week.
  • The partnership will integrate Pennies into FreedomPay’s technology stack.
  • Based in London, Pennies has facilitated nearly 200 million micro-donations since inception.

Digital commerce platform FreedomPay announced a new strategic partnership with micro-donation charity Pennies this week. Via the partnership, FreedomPay will integrate Pennies into its technology stack in what FreedomPay SVP of Global Product Delivery Tony Hammond called “a significant milestone in the fusion of commerce and philanthropy, empowering businesses to create a meaningful impact while ensuring a smooth payment experience for their customers.”

FreedomPay offers a Next Level Commerce platform that gives merchants a cloud-based solution for fast, secure payments. FreedomPay helps ensure that merchants have access to the most modern payment types and technologies. The company also supports alternative payment methods such as mobile wallets. FreedomPay manages billions of payment transactions a year; has more than 1,000 POS, PMS, kiosk, web, and mobile integrations; and serves customers in more than 75 countries around the world.

Launched in 2010 and headquartered in London, Pennies has partnered with more than 120 brands and facilitated nearly 200 million micro-donations. The company’s technology enables consumers who are paying by card or digital wallet to add a small donation to their purchase when transacting with participating brands. All of the funds raised by Pennies go to charity, whether or not the transaction takes place in-store, online, or in-app. The company has helped raise millions of pounds to fund charities in the U.K., the Republic of Ireland, and elsewhere. This week’s announcement means that FreedomPay merchants will be able to enable the Pennies micro-donation option as part of their transaction process.

“FreedomPay’s values align with Pennies own commitment to making giving simple, every day, ensuring customers have affordable ways to donate and enabling brands to generate real social impact,” Pennies CEO Alison Hutchinson said.

Headquartered in Pennsylvania, FreedomPay was founded in 2000. The company has raised more than $23 million in funding, and includes Goldman Sachs, Core Capital Partners, and TPG among its investors. Last month, FreedomPay renewed and expanded its strategic partnership with Lloyds Bank. In September, the company announced the integration of Amazon’s ID service into FreedomPay’s platform.

“With FreedomPay’s commerce tech, consumers and merchants gain access to world-class technology, including our seamless tokenization capacity,” FreedomPay President Chris Kronenthal said when the Amazon integration was announced. “This feature enhances data security while delivering the seamless, personalized experiences consumers love.”

Photo by Pixabay

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Digital Conversations Platform Eltropy Integrates with Fiserv’s Portico

Digital Conversations Platform Eltropy Integrates with Fiserv’s Portico
By David Penn Posted on
Categories: Alumni News, Daily news, Eltropy, Fiserv
  • Digital conversations platform Eltropy has integrated with Fiserv’s account processing platform Portico.
  • The integration will enable credit unions using Portico to use Eltropy solutions such as advanced Text, Video, and co-browsing.
  • Eltropy most recently demoed its technology last year at FinovateFall.

Digital conversations platform for community financial institutions (CFIs) Eltropy announced an integration with Fiserv’s full-service account processing platform Portico today. The integration will enable credit unions using Portico to leverage a variety of Eltropy communications solutions. These include advanced Text, Video, Secure Chat, co-browsing, screen sharing, and chatbots. And all of this functionality is contained within a single platform.

“This partnership with Fiserv allows us to boost efficiency and improve communications capabilities and security – including two-factor authentication – for even more community financial institutions,” Eltropy VP of Strategic Partnerships Jason Smith said. “This integration has the potential to elevate member engagement across all channels, equipping credit unions with the tools they need to thrive in today’s competitive landscape.”

Eltropy’s technology empowers credit unions to sync contacts, send promotional texts, and offer personalized, one-on-one conversations with members. The Portico integration will support communications between departments, facilitating secure and efficient interactions between lending, collections, sales, marketing and other internal sources.

The ability to sync contacts was a particular highlight of the integration. Eltropy’s sync-up feature enables credit unions to integrate member data with Eltropy’s Digital Conversations Platform. Unveiled last month, the Digital Conversations Platform unifies Eltropy’s Video Banking, Enterprise Texting, and Digital Contact Center solutions, and adds AI capabilities, as well. This integration will give credit unions comprehensive member insights that can drive member segmentation and make more personalized products and services possible.

“Integrating Eltropy’s innovative messaging capabilities into our Portico core banking platform allows credit unions to streamline communication and enhance member engagement,” Fiserv VP of Product Management & Strategy for Credit Union Solutions Vanessa Stock said. “Messages can now be sent directly from the application, cutting call center wait times and building stronger member relationships.”

A Finovate alum since 2017, Eltropy made its most recent Finovate appearance last September at FinovateFall. At the event, the company demoed Eltropy One, the firm’s all-in-one omni-channel solution that enables FIs to manage both inbound and outbound communications from a universal console. Eltropy has forged a number of new credit union partnerships this year, including alliances with InRoads Credit Union and Cyprus Credit Union. The company has also partnered with a number of fintechs, including fellow Finovate alums Akuvo, Q2, and Alkami.

Photo by Alex Andrews

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Key Themes & Changes in Wealth Management Client Experience and the Impact of Generative AI

Key Themes & Changes in Wealth Management Client Experience and the Impact of Generative AI
By lilinguyen Posted on
Categories: Finovate Webinar, Webinars

Upcoming Finovate webinar, Tuesday, 28 November, 11am ET / 8am PT, co-sponsored by Genesys and AWS

Hear wealth management experts from Genesys and AWS discuss how to navigate the changing client experience landscape. Learn how to leverage cloud technology to optimize your service model, balance shifting priorities, and enable goals-based wealth management. We’ll also explore how new technologies like generative artificial intelligence (AI) can enhance the client experience.

Webinar takeaways:

  • Learn about the evolution of the different service models, including Advisor-led, Self-serve and Hybrid approaches and growing client needs from UHNWI, HNWI, Family office, and Mass affluent customers
  • Gain a deeper understanding of client experience priorities including onboarding, service and channels, personalization, security, and education/financial literacy
  • Understand the potential and client use cases for generative AI – what’s real now and what’s coming next, the approach, and using it for internal vs. external workflows

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Real-Time Data Platform Hazelcast Introduces New Chief Technology Officer Adrian Soars

Real-Time Data Platform Hazelcast Introduces New Chief Technology Officer Adrian Soars
By David Penn Posted on
Categories: Alumni News, Daily news, Hazelcast

Real-time data platform Hazelcast has appointed a new Chief Technology Officer. Adrian Soars, a professional with more than 25 years of experience in financial services, will bring to the company his expertise in artificial intelligence (AI) and the implementation of high-performance data platforms.

“Adrian’s passion for solving complex problems and his experience designing real-time architectures for some of the world’s largest tech programs is a wealth of information we cannot wait to share with our customers,” Hazelcast CEO Kelly Herrell said.

Soars comes to Hazelcast after serving as Chief Technology Officer of AI company Napier. Previously, Soars held senior leadership positions at major investment banks and financial services companies. These firms include TD Securities, Standard Chartered Bank, and Deutsche Bank, among others. At Hazelcast, Soars will lead research and development (R&D) efforts to ensure the company’s continued strong technical leadership, as well as its ability to deliver competitive advantage to the firm’s customers. Soars will also lead enhancement initiatives on the Hazelcast’s platform. One major goal will be to lower the total cost of ownership of building, deploying, and maintaining real-time apps.

“The Hazelcast Platform is seriously impressive software and delivers true, real-time capabilities for enterprises,” Soars said. “And, when you factor in the platform’s unified architecture, it will make life easier for application development teams by mitigating the headaches all too common with a do-it-yourself approach,”

Hazelcast made its Finovate debut last year at FinovateEurope 2022. At the event, the company showed how its real-time data platform enables businesses to leverage a resilient and elastic memory resource for both data at rest and data in motion. Hazelcast’s technology provides real-time inventory and shipping data, detects fraud, and derives insights that enable innovations in products or services in microseconds – among many other use cases.

Founded in 2012, Hazelcast is headquartered in Palo Alto, California. This fall, the company was recognized in the Gartner Market Guide for Event Stream Processing (ESP) as a unified, real-time data platform. The recognition comes in a new category for Gartner, within the cohort of event stream processing technologies.

Hazelcast has raised more than $63 million in funding. Bain Capital Ventures and Earlybird Venture Capital are among the company’s investors.

Looking to demo your latest fintech innovation before an audience of bankers, investors, and financial services professionals? The application window for demoing companies for FinovateEurope 2024 is now open. Visit our FinovateEurope 2024 hub for more information.

Photo by eberhard grossgasteiger

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Cloud Payments Firm Volante Raises $66 Million in Strategic Funding

Cloud Payments Firm Volante Raises $66 Million in Strategic Funding
By David Penn Posted on
Categories: Daily news, Funding
  • Cloud payments modernization specialist Volante Technologies raised $66 million in debt and equity financing.
  • The round was led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated.
  • Volante Technologies will use the capital to accelerate its product roadmap, especially with regards to real-time payments solutions.

Cloud payments modernization company Volante Technologies has raised $66 million in combined debt and equity financing. The round was led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated in the investment. Today’s funding brings the company’s total outside capital raised to $116 million.

Vijay Oddiraju, Volante Technologies CEO, said that the investment will help “accelerate” the company’s product roadmap. This includes the company’s initiatives in global real-time payments, the UK New Payments Architecture (NPA), as well as domestic and cross-border ISO 20022 modernization. Oddiraju added that the funding will help Volante Technologies bring its Payments-as-a-Service solution to mid-tier banks in the U.S. and Europe. Oddiraju pointed to FedNow Instant Payments, The Clearing House RTP, and SEPA Instant Payments as developments that are driving opportunity in and adoption of “modern payments technology.”

Volante helps financial institutions modernize payments. This enables them to focus on executing their business models, pursue new opportunities, and scale their operations. The company offers real-time/instant payments connectivity, embedded preprocessing that works with existing technology to enhance customer service, as well as U.S. wire payments. Volante’s low-code financial integration platform enables users to leverage visual modeling to integrate with and orchestrate workflows to build a variety of financial, transaction-based services.

Nari Ansari, Managing Director at Sixth Street Growth, praised both the the company’s PaaS and low-code payments platform as offering “a compelling value proposition.” Ansari added that it was a good time for Volante to look to scale its operations in order to take advantage of FIs that are “increasingly prioritizing both investment in payments modernization and partnerships with fintech companies.”

Founded in 2001, Volante Technologies is headquartered in Jersey City, New Jersey. The company’s Payments-as-a-Service and low-code platform process millions of transactions and trillions in value every day. Four of the top five global corporate banks and two of the world’s largest card networks rely on Volante Technologies’ payments solutions.

Last month, the company was named to The IDC FinTech Rankings Top 100 for 2023. This marked the third year Volante had earned a spot in the IDC’s Fintech Top 100. In September, the company introduced new Chief Operating Officer David Weber.

Photo by Karol D

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An Overview of the Native American Fintech Scene

An Overview of the Native American Fintech Scene
By Julie Muhn (@julieschicktanz) Posted on
Categories: Thought Leadership

To celebrate the start of Native American Heritage month, we wanted to highlight the current landscape of the Native American fintech scene. There’s one problem– while the culture of Native Americans in the U.S. is vibrant and alive at the moment, tools to serve this group’s unique financial needs are not.

There are, however, a handful of organizations to highlight in this space.

Totem

Totem is currently the only fintech aimed at specifically serving indigenous people. The startup was founded in 2022 as a digital bank to serve Native Americans. The app not only offers direct deposit and a debit card, but also serves as a place where users can search information on tribal benefits and programs.

Native American Venture Fund

The Native American Venture Fund is a platform that offers impact investment opportunities to investors looking to support indigenous communities. The firm’s goal is “to leverage a tribe’s economic and legal advantages to develop and operate successful business enterprises and provide job opportunities for tribal members and the local community workforce.”

KeyBank’s Tribal-Specific Banking

KeyBank is very intentional in the way it serves its Native American clients. The Ohio-headquartered bank has a specific team to offer credit, treasury management, capital markets, investment management and public finance products to tribal nations.

First Nations Financial Management Board

While not in the U.S., Canada-based First Nations Financial Management Board allows indigenous people to be eligible to borrow at similar rates and terms as other governments in Canada. It also allows tribes to use different revenue streams like taxation, government transfers, and economic development as security for borrowing under the FMA.

Banks and Credit Unions

In addition to these financial services organizations, there are a small handful of banks and credit unions serving First Nations communities. Earlier this year, NerdWallet published a blog post listing 30 U.S.-based financial institutions.

Why the lack of tools and services?

This list needs some work. There are currently 574 Native American tribes and Native Alaskan villages that are spread out across cities and the 326 federally recognized Indian reservations. Most Native Americans have severely limited access to traditional financial services and rely on clunky websites and paper-based processes to receive and maintain benefits. As an example, I own a home that I rent out to a Native American family. Eight family members live in the home, and they pay their rent each month using four separate U.S. Postal Service money orders.

There are two main drivers behind the lack of credit opportunities, resources, and education for Native Americans. First, most Native Americans and tribal units are not wealthy. If a fintech wanted to serve this group’s particular needs, it may be difficult to monetize and scale. Second, each tribe has its own unique culture and many tribes also have their own constitution. What’s more, different tribal members receive unique sets of financial benefits and resources, which can be difficult to track and manage without the proper tools. Building one solution to fit all tribes’ needs would be a challenge. Can fintech do better?

Photo by RDNE Stock project

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Plaid Launches Consumer Reporting Agency to Leverage Cash Flow Data for Credit Risk Insights

Plaid Launches Consumer Reporting Agency to Leverage Cash Flow Data for Credit Risk Insights
By David Penn Posted on
Categories: Alumni News, Daily news, Plaid
  • Open banking innovator Plaid announced a new initiative to enable lenders to leverage consumer-permissioned cash flow data on prospective borrowers.
  • The new entity will serve as a consumer reporting agency that will build solutions that deliver ready-made credit risk insights using this information.
  • Founded in 2013, Plaid made its Finovate debut at our developers conference, FinDEVr, in 2014.

Is cash flow data the missing piece of the puzzle when it comes to completing the picture of a person’s creditworthiness? A new initiative from open banking innovator Plaid suggests that the answer is “yes.”

“Lenders and consumers alike know that traditional credit scores don’t tell the full story of someone’s financial life,” Plaid Head of Credit Mike Saunders noted at the Plaid blog on Monday. “Information on savings, income, or on-time rent payments is often left out of the picture, even though this data is critical to understanding someone’s ability to pay back a loan.”

The new entity, announced by Plaid today, will create solutions for customers who want to leverage consumer-permissioned cash flow data to access ready-made credit risk insights. It will serve as a consumer reporting agency, according to Saunders, that will help Plaid’s customers make smarter decisions on risk throughout the lending process.

Plaid is joining a growing cohort of fintechs that have determined that while there remains a place for traditional credit scores, there is much that these scores leave out. This undermines the ability of lenders to serve otherwise qualified borrowers. It also creates hurdles for potential customers – from the “thin-file” recently-arrived immigrant professional to the young adult struggling to rebuild their credit. “Putting cash flow insights to work unlocks opportunities for lenders to grow their business while managing risk,” Saunders wrote. “This fosters inclusion, expands credit access, and serves a broader set of consumer needs.”

The new initiative is still being fleshed out. But Plaid is confident that it can make a significant difference with cash flow data in two specific ways: availability and usability. With regard to making consumer-permissioned cash flow data available, Saunders pointed to Plaid’s existing relationships with lenders and property management companies like Mission Lane and Funnel, respectively. These firms have leveraged Plaid’s technology to source clean income and assets data on prospective borrowers.

Usability, the ability of businesses to integrate data into their decision models, is the second component. And this is where the new entity in particular comes in, building solutions that enable lenders to leverage cash flow data for credit risk insights. “Many lenders simply don’t have the time, money, or technical resources to develop insights on top of this detailed, transaction-level data by themselves,” Saunders wrote.

The company admits that it is still “in the early innings” of what Saunders called “the future of cash flow underwriting.” To this end, Plaid presently is offering its new cash flow insights as part of a limited release via the consumer reporting company.

News of Plaid’s new entity comes just days after the company reported that it was working with European payments company Adyen. The partnership will enable Adyen to introduce its pay-by-bank offering in North America by early next year. Last month, Plaid announced partnerships with cryptocurrency infrastructure platform Zero Hash and fraud and risk intelligence specialist Riskified. Plaid also introduced its first Chief Financial Officer last month: former Expedia CFO and Chief Strategy Officer Eric Hart.

Photo by Pixabay

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More PFM Shakeup: Status Money Shuts its Doors

More PFM Shakeup: Status Money Shuts its Doors
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Status Money
  • Peer comparison PFM Status Money is shutting down and has transferred its users to Quicken Simplifi.
  • Starting November 10, the Status Money website and app will no longer be available.
  • Status Money’s closing comes a week after Mint announced it will close its doors at the end of the year.

While many in the fintech industry are still processing Mint’s departure from the fintech scene, there appears to be more shakeup in the PFM world this morning. Budgeting service and social personal finance app Status Money has notified its users that it is shutting down.

“As part of our ongoing commitment to providing you with the tools you need to get ahead financially, we will be transitioning our member accounts, including yours, over to Quicken Simplifi,” the company said in an announcement on its website.

Status Money was founded in 2016 to help users aggregate, track, and manage their entire financial lives and compare their financial standing with their peers. This peer comparison capability stood out as Status Money’s differentiating factor. The feature allowed users to compare their spending in specific categories to others by age, zip code, and income level.

The New York-based company’s other tools allowed users to set goals and participate in discussions with other users. In 2020, the company launched a $20 per month premium tier that allowed users to chat with a financial advisor on a monthly basis.

Starting November 10, however, the Status Money website and app will no longer be available, but users will be able to use their existing credentials to log into Quicken’s Simplifi budgeting tool, which costs around $3 per month. Status Money has transferred each user’s personal information and data associated with their account to Quicken. The Status Money Rewards program, which paid users in cash and Bitcoin for referrals and for engaging in product recommendations, is no longer available.

Status Money, which demoed at FinovateSpring 2019, hasn’t released much more information regarding the transition. There is currently no word on whether Quicken acquired the entire company or just its users, nor has Status Money disclosed transaction details.

One thing is clear, however. This appears to be yet another nail in the coffin of PFM. In his recent piece in Forbes titled The Demise of Intuit Mint and Personal Financial Management, Cornerstone Advisor’s Ron Shevlin goes into detail of why PFM is a dying fintech subsector. He notes that consumers are looking for more than just tracking, but are instead drawn toward tools such as those that help them optimize the return on their savings, save money, and mitigate monthly bills.

As someone who still uses an offline Excel spreadsheet to budget each month, I would argue that there may still be a market for simple PFM tools. However, the consumer-facing fintech market is crowded. In order to survive, standalone PFM companies may fare better with a B2B approach by embedding their tracking tools within larger fintechs or financial services organizations. This meets the consumer where they are already are instead of imposing an additional app to keep track of.

Photo by Tima Miroshnichenko

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Mastering Personalization: The Key to Elevating Customer Experiences in Financial Services

Mastering Personalization: The Key to Elevating Customer Experiences in Financial Services
By lilinguyen Posted on
Categories: Finovate Webinar

Upcoming Finovate webinar, Wed 6 Dec, 10am ET / 3pm GMT, in collaboration with Yext

The financial services industry is undergoing significant transformation driven by evolving customer expectations, the macroeconomic landscape, and the consumer need for personalization across their experience.

In today’s financial services environment, consumers are asking more questions than ever. The days of using family advisors and banking institutions are over, and the age of the personalized banking experience is here.

Join this webinar and you’ll learn:

  • The current happenings in financial services
  • How consumer preferences are changing and why personalization is taking over the industry
  • Technology and tools to make personalization easy
  • And much more!

Led by Julie Muhn, Senior Research Analyst, Finovate, the panel will feature:

  • Shane Closser, Head of Industry/General Manager for Financial Services, Yext
  • Steve Ramirez, Advisor, Financial Services, Yext

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Finovate Global MENA: Tabby Raises $200 Million, Finastra Powers Innovation in Qatar, Kuwait Promotes Financial Wellness for Teens

Finovate Global MENA: Tabby Raises $200 Million, Finastra Powers Innovation in Qatar, Kuwait Promotes Financial Wellness for Teens
By David Penn Posted on
Categories: Finastra, Finovate Global, MasterCard

Tabby, a Buy Now, Pay Later platform based in Riyadh, Saudi Arabia, has secured $200 million in Series D funding. The round was led by Wellington Management. The investment gives the company a valuation of $1.5 billion, making Tabby MENA’s latest fintech unicorn. With participation from Bluepool Capital and existing investors STV, Mubadala Investment Capital, Arbor Ventures, and PayPal Ventures, the investment comes ahead of Tabby’s planned IPO in Saudi Arabia.

“Tabby set out with a purpose to reshape financial services – one that’s fair and responsible – and with this investment we can advance our mission across Saudi Arabia and the UAE,” Tabby CEO and co-founder Hosam Arab said. “We’re very happy to have Wellington Management lead this round given their deep expertise in financial services.”

Buy Now, Pay Later services are an interesting development especially in markets where access to credit and financing products is limited. Tabby reports 10 million users and more than 30,000 brands on its platform. These brands include to of the largest retail groups in the MENA region. Managing more than $6 billion in annualized transaction volume, Tabby notes growth in its presence in physical stores, now representing more than 20% of the company’s total volume.

Meanwhile, some 600 kilometers to the east, Qatar-based CQUR Bank has forged a partnership with digital banking solutions provider Finastra. CQUR Bank will implement a pair of Finastra’s solutions – Trade Innovation and Corporate Channels – to power its new online banking portal.

Trade Innovation is an end-to-end solution for frictionless trade and supply chain financing. Corporate Channels is a digital banking platform that gives CQUR Bank a single portal to unify a variety of services for corporate clients. These services include trade, cash, supply chain finance, lending, and treasury operations.

“Corporate customers are increasingly demanding faster, digital, and connected services from their bank that truly elevate how they manage their finances and pursue new avenues for growth,” Finastra Managing Director, MENAT Lending, Kamal El Khoury explained. “By delivering new services and improving the end-to-end customer experience, the bank can future-proof its business while continuing to enhance economic growth through trade and sustainable development.”

Formed out of a merger between Misys and D+H in 2017, Finastra is headquartered in the U.K. The company has more than 8,000 financial institutions, including 45 of the world’s top 50 banks, using its software solutions and services. Simon Paris is CEO.

This week, Kuwait Finance House (KFH) launched the first shari’a-compliant digital bank in the country. Named Tam Digital Bank, the new institution was hailed as a major milestone in KFY’s digital banking transformation efforts.

“With its modern, youthful design, user-friendly and efficient usage, along with innovative banking services backed with advanced technology, we are confident that Tam will fulfull customers’ desires and exceed their expectations,” KFH Acting Group CEO Abdulwahab lesa Al Rushood said. “At KFH, we take account of factors such as convenience, speed, quality, safety, and innovation in line with our motto ‘Easy Banking Experience’.”

In order to open a Tam account, customers must be at least 15 years old. They must also have a civil ID, and a smartphone to download the Tam app. There are no documents to present and no bank branch to visit in order to get started.

KFH Kuwait CEO Khaled Yousef AlShamlan underscored the importance of appealing to younger customers. “Through Tam, youth will receive many benefits, including opening an account, transferring student allowance(s), tracking expenses, transferring funds, in addition to rewards program, points, offers, and exceptional discounts that meet all their needs, as well as 24/7 customer service,” AlShamlan said.

A pioneer in Islamic Finance and Shari’a Compliant Banking, Kuwait Finance House was founded in 1977 as the country’s first Islamic bank. KFH sits at the center of the KFH Group banking network. This network includes 430 branches, more than 790 ATMs, and 8,600 employees. KFH’s Shari’a compliant products and services cover real estate, trade finance, and investments, as well as commercial, retail, and corporate banking. In addition to Kuwait, KFH operates in Bahrain, Saudi Arabia, the UAE, Turkey, Malaysia, and Australia.

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Photo by Abdullah Ghatasheh

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Better.com Helps Homeowners Shop for Insurance with the Launch of Better Insurance

Better.com Helps Homeowners Shop for Insurance with the Launch of Better Insurance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Better.com launched a new insurance shopping marketplace, Better Insurance.
  • The new shopping tool is available through Better’s insurance arm, Better Cover, which was launched in 2019.
  • Better is collaborating with insurance technology company Sure and Farmers Insurance-owned Toggle for the launch.

Homeownership platform Better.com unveiled a new insurance shopping marketplace. The new tool, Better Insurance, allows customers to purchase homeowners insurance completely online, with no brokers or in-person meetings.

Better Insurance is available through Better.com’s insurance arm, Better Cover, which the company launched in 2019 to offer a transparent insurance shopping experience.

“Insurance is a key component of the homebuying process that comes with its own unique set of risks and challenges. At Better, we are focused on leveraging technology to make products available that can reduce pain points across all facets of the homebuying experience, and insurance is no exception,” said Better CEO and Founder Vishal Garg. “As a public company, we are more motivated than ever to continue addressing timely issues for homeowners through our robust product offerings, and the Better Cover team is leading the charge with the launch of a more seamless, consumer-first insurance product.”

Better is leveraging two partnerships for the launch of Better Insurance. The New York-based company has white-labeled the tool in collaboration with insurance technology company Sure and Farmers Insurance-owned Toggle. Better is using Sure’s APIs to integrate embedded insurance infrastructure into Better Insurance, and has tapped Toggle for underwriting and help with designing and building the product.

At launch Better Insurance is available in three U.S. states: Arizona, Oregon, and Illinois. The company plans to roll out to more regions within the U.S. “in the coming months.”

Better.com was founded in 2016 to create a fully digital way for borrowers to shop for, apply for, and ultimately obtain a mortgage. Earlier this year, Better.com launched the One Day Mortgage, allowing borrowers to apply for and obtain a mortgage within 24-hours.

Photo by Klaus Nielsen

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The Closing of Mint Marks the End of an Era

The Closing of Mint Marks the End of an Era
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Credit Karma, Daily news, Mint
  • Intuit is closing down Mint, which it acquired in 2009.
  • Mint users are being directed to sign up for a Credit Karma account.
  • Founded in 2006, Mint is one of the oldest B2C fintechs.

For those of us who have grown up and grown old with fintech, January 1, 2024 will go down in history. That’s because Mint– which is arguably the first-ever direct-to-consumer fintech– is shutting its doors on that day.

Mint parent company Intuit announced earlier this week that it is folding Mint into Credit Karma and is inviting all Mint users to open an account at Credit Karma. “We know the most active Minters use Mint to monitor their cash flow and track their spending, and not only does Credit Karma offer these capabilities, but we’re able to take things even further for our members,” Intuit announced in a blog post.

As a bit of history, Intuit acquired Mint in 2009 for $170 million and purchased Credit Karma in 2020 for $4.7 billion. After acquiring Credit Karma, there was likely a bit of internal unrest at Intuit, since Mint and Credit Karma are essentially rivals. Both companies rely on advertiser spend via product referrals, and growing one brand would hurt the other.

Rolling Mint into Credit Karma will help Intuit double-down on sponsored advertisement revenue. The move will also build Credit Karma into a more robust competitor in the PFM space. Credit Karma was founded in 2007 to offer a flagship credit tracking and credit card comparison service and has since expanded to offer a tax filing service, checking account, savings account, credit-building credit card, and more.

It’s not surprising to see Mint’s demise. Intuit already started to cannibalize the brand earlier this year when it pulled Mint’s team in to build Credit Karma’s new Net Worth feature, a tool that enables users to view and track their net worth in a single place. Also, in a way, Mint died a long time ago. The company, which claimed 3.6 million monthly active users in 2021 but as of this year has had no material revenue, hasn’t released any new features or made any significant announcements in recent years. In fact, my last blog post about the company was titled, “Mint Brings User Interface into 2018.” Meanwhile, the company’s competitors in the PFM space were releasing their own banking tools, lending services, and investment tools. 

In the grand scheme of today’s fintech landscape, this announcement will have little impact. However, the news is worth noting for the sake of history. Mint– a company that at one point owned the entire fintech category– stood still while watching the entire fintech industry evolve around it. The company even demoed at the first-ever Finovate conference in 2007. Mint may have been able to keep up had it not been acquired by Intuit, but we’ll never know. Rest in peace, Mint (2006- 2023), and say hello to all of the other fintech ghosts on the other side for me.

Photo by Brett Sayles

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