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April 13, 2022

On the wires

FIS Unveils Banking-as-a-Service Hub, Delivering Creative and Innovative Fintech Solutions to Financial Institutions of All Sizes

“Financial technology leader FIS ® (NYSE: FIS) today announced its Banking-as-a-Service Hub, enabling banks, credit unions, and fintechs to build the digital banking and payments ecosystems they need to deliver innovation to merchants and consumers. The FIS Banking-as-a-Service Hub provides a full suite of banking and payments capabilities for institutions of all sizes, allowing for more opportunities to deliver embedded finance solutions for superior customer experiences.”

April 12, 2022

On the wires

Finastra Collaborates With Microsoft to Bring Embedded Financing Options to Thousands of Businesses With Banking As a Service

Finastra today announced a Banking as a Service (BaaS) collaboration with Microsoft to bring new lending options to thousands of Small and Medium Enterprises (SMEs) – a sector severely underserved when it comes to accessing finance. SMEs using Microsoft Dynamics 365 will be able to access and unlock vital financing offers without leaving their business management platform.”

April 8, 2022

On the wires

BankProv Partners With Synctera to Create Card Program in Support of Banking-as-a-Service Model

“Synctera allows banking institutions to build new lines of business by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision for a connected marketplace filled with opportunities for FinTech developers and customers to have more access and options for managing their money. BankProv is the eleventh community bank in Synctera’s marketplace helping FinTechs to launch and scale their products. Synctera will focus on bringing a card program to BankProv’s partnerships with FinTechs that offer cryptocurrency related services including exchange, deposits, and payment services.”

February 1, 2022

On the web

Behind First Internet Bank’s Plan to Step up Banking As a Service

American Banker

“First Internet Bank is doubling down on banking as a service. It’s something the Fishers, Indiana, community bank has been doing on a limited basis for years — backing fintechs by handling tasks only a regulated institution is permitted to offer, such as Federal Deposit Insurance Corp.-insured deposits and checking accounts. The bank recently began working with a technology company, Synctera, to automate the process of connecting with fintechs and managing the flows of transactions and data back and forth through application programming interfaces.”

January 21, 2022

On the wires

Unit Releases First-of-its-kind Solution That Enables Companies to Launch Banking in Minutes

“Unit, the leading banking-as-a-service platform that empowers companies to embed financial services into their products, announced today that it has released a new pilot environment that enables companies to create live bank accounts and issue virtual cards in minutes. This pilot environment is a first-of-its-kind solution that allows companies to build accounts, cards, payments and more with real funds in minutes. Founders and developers are now able to sign up for a free account and instantly start building.”

November 4, 2021

On the web

October 19, 2021

On the wires

HSBC to Launch Banking As a Service

“HSBC is to launch a Banking as a Service (BaaS) offering that will enable customers to create and provide business banking services through their own platforms. HSBC and Oracle NetSuite, one of the leading cloud Enterprise Resource Planning (ERP) systems with over 27,000 customers worldwide, are working together to provide international payments and expense management services embedded into NetSuite’s new SuiteBanking solution. NetSuite customers will be able to automate accounts payable, accounts receivable and reconciliation processes, making it fast and simple to pay bills, send invoices, get paid and gain full cash flow visibility, all from within a unified system.”

October 13, 2021

On the wires

Temenos Selected by Green Dot to Help Build and Power the Digital Bank and Fintech’s Cloud-Based Processing Platform

“Temenos (SIX: TEMN), the banking software company, today announced that Green Dot Corporation (NYSE: GDOT) has enlisted The Temenos Banking Cloud as its platform of choice to power its direct digital bank and banking platform services (or “BaaS”) partners, enabling more feature-rich, secure and streamlined banking and payment experiences for customers, as well as scalable growth. Temenos’ robust and scalable cloud platform will power Green Dot’s technology stack, enabling the leading Banking Platform Services (BaaS) provider’s partners to embed financial services – including credit, payment, lending, DDA accounts and other features – into their ecosystems.”

October 4, 2021

On the web

Rize Raises $11.4M to Scale Its Embedded Fintech Service

TechCrunch

Rize , a fintech-as-a-service company that provides services to other firms, announced an $11.4 million Series A this morning. The funding event was led by Alpha Edison and Morpheus Ventures . A number of the startup’s prior backers also participated in the round. Rize is an interesting company in a competitive space; the market for building financial technology products for use by customers enjoys a great number of players . Rize hopes to compete by allowing its customers to leverage a single API for more than one account type, unifying its offering to a single developer hook.”

September 28, 2021

On the web

Swan Raises $18.7 Million to Provide Embedded Banking Services

TechCrunch

Embedded finance has been an important trend for the past few years in fintech. Companies that operate in this space provide financial services to other companies. Those clients act as a distribution channel for financial services with the embedded finance company acting as the backbone for all things finance. This way, some companies that don’t want to run financial services can still offer financial services. And other companies can specialize in API-based products that unlock some new features for their clients.”

August 4, 2021

On the wires

Synctera Signs on Marqeta and Mastercard As New Partners, Launches Card API and Adds New Community Bank

Synctera , a new solution for partnership banking at scale, today announced the signing on of Marqeta and Mastercard as FinTech partners, launched its Card API, and added Regent Bank as a new banking partner.      Synctera’s Cards-as-a-Service offering, launching this fall, will complement its existing FinTech as a Service capabilities and allow FinTechs to easily launch and manage consumer and business debit card programs.”

July 28, 2021

On the web

Solarisbank Raises $224M at a $1.65B Valuation to Acquire Contis, Expand API-based Embedded Banking Tech in Europe

TechCrunch

Solarisbank , a Berlin startup that provides a range of financial services by way of some 180 APIs that others use to build end-user-facing products (including basic banking and card services, lending, payments, and know-your-customer services) has raised €190 million ($224 million) in a Series D that values the company at €1.4 billion ($1.65 billion) and announced the acquisition of one of its competitors in the space, Contis .”

July 14, 2021

On the wires

Railsbank | Railsbank Raises USD$70m As It Continues Global Expansion

“Railsbank, the leading global Embedded Finance platform, has raised USD$70 million in its latest funding round…Railsbank will use the funds to further expand its various Embedded Finance products (Banking as a Service, Cards as a Service, and Credit as a Service) across Europe, Asia Pacific and North America, to help its customers remodel and democratise access to the financial services industry. The Railsbank platform is used by customers such as fintechs, telcos, supermarkets and consumer brands to innovate fast and radically improve the way millions of consumers and SMEs access, use and manage their money.”

July 2, 2021

On the wires

Tribe Payments Partners With ClearBank to Boost Banking Access for Fintechs

“We have partnered with ClearBank to provide our fintech customers with access to payment schemes using ClearBank’s award-winning agency banking and banking-as-service product sets. The partnership will strengthen our Bank Connect solution by allowing its fintech clients to quickly and easily integrate Faster Payments, CHAPS, BACS and Direct Debit payments to improve the functionality of their offerings. The integration will allow end-users to instantly make and receive funds from their account, as well as initiate salary payments via BACs, and set-up Direct Debits.”

June 29, 2021

On the wires

Finastra Survey Finds Banking As a Service (BaaS) Set to Make Significant Impact on Financial Services in Next 12 Months

Finastra research reveals that Banking as a Service (BaaS) and embedded banking services are set to have a notable impact on the industry in the next 12 months. Whilst all markets broadly anticipate this trend – 85% of respondents at global financial institutions – Hong Kong (92%), the UAE (90%) and Singapore (87%) expect the impact to be greatest. The ‘Financial Services: State of the Nation Survey 2021’ , also finds that most organizations are now deriving the benefits of Open Banking and Open Finance, with the latter considered the natural evolution for the sector. Globally, 94% of those surveyed agree that Open Banking is important to their organization, with 63% reporting that it’s enabled them to improve customer experience and 59% stating that it’s helped attract new types of customers.”

June 21, 2021

On the wires

Announcing Ambrook Wallet & Our Partnership With Stripe Treasury

“Ambrook has been working to bring modern financial management tools to farmers. We’ve made great progress in just nine months, helping thousands of farmers apply to over $7M in funding for their operations. We recently launched Ambrook Wallet, a business cash account powered by Stripe Treasury , in order to help farmers seamlessly get access to their funds. When farmers apply to financial assistance programs with their Ambrook Wallet, they can finish the process without reaching for their credit card, and then receive helpful notifications about their payout status.”

June 17, 2021

On the web

Unit Raises $51M in Accel-led Series B to Grow Its Banking-as-a-service Platform

TechCrunch

“We’ve all heard the phrase, “Every company is a fintech.”  But these days, that’s becoming more and more true as an increasing number of companies that are not even in the financial services space seek to add a fintech component to their offering. A group of startups poised to benefit from this shift are those offering banking as a service. One such startup, Unit , has raised $51 million in a Series B round to further its goal of making it possible for companies and fintechs alike to build banking products “in minutes.””

June 2, 2021

On the web

Synctera Raises $33M Series A to Pair Fintechs With Banks

TechCrunch

Synctera , which aims to serve as a matchmaker for community banks and fintechs, has raised $33 million in a Series A round of funding led by Fin VC. The raise comes just under six months after the fintech raised $12.4 million in a seed round of funding. New investors Mastercard and Gaingels also participated in the latest round, which included follow-on investments from Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures. Several angel investors put money in the Series A including Omri Dahan, Marqeta’s Chief Revenue Officer, Feedzai Chairman and CEO Nuno Sebastiao and Greenlight co-founder and CEO Tim Sheehan.”

May 12, 2021

On the web

Treasury Prime Raises $20M to Scale Its Banking-as-a-service Biz

TechCrunch

“This morning Treasury Prime , a banking-as-a-service startup that delivers its product via APIs, announced that it has closed a $20 million Series B. The capital comes around a year since the startup announced its Series A , and around 1.5 years since it raised its preceding round. For Treasury Prime, the new capital was an internal affair, with prior investors stepping up to lead its new round of funding. Deciens Capital and QED Investors co-led the round, with Susa Ventures and SaaStr Fund also putting cash into the transaction.”

May 4, 2021

On the wires

Agora Services Disrupts Banking-as-a-Service and Brings Challenger Bank Technology to Community Banks and Credit Unions for As Low As $5,000

“As the need of credit unions and community banks to accelerate their digital journey has skyrocketed post COVID, Agora Services, the challenger bank technology platform for community banks and credit unions , has developed two challenger style bank products for community banks and credit unions – Agora Teenz and Agora SMB. Built on Agora’s cutting-edge Banking-as-a-Service (BaaS) platform, banks can deploy these products in five weeks without core integration for as little as $5,000 and no monthly fee for the first quarter.”

April 16, 2021

On the web

Solarisbank Among First German Fintechs Mulling SPAC Deal

FinTech Futures

“Solarisbank, the German banking-as-a-service (BaaS) provider, is currently mulling the route of a special purpose acquisition company (Spac) merger to go public.  Solarisbank CEO Roland Folz According to Finance Forward, management and investors are currently discussing the sale to a listed company shell. Another round of financing, which would follow a $67.5 million Series C in June , is still on the cards, alongside a classic initial public offering (IPO). But management currently favour the Spac route, which could lead to an IPO in early 2022.”

March 18, 2021

On the web

Railsbank Enters Aus With Volt As Its First Local Banking Partner – AltFi

AltFi

“Banking as a service provider Railsbank has launched in Australia with local challenger bank Volt as its first client. Railsbank, which acquired large chunks of the former Wirecard UK business last Autumn, raised $37m in funding in November in part to fund such international expansion. As well as Australia, CEO and co-founder Nigel Verdon says Railsbank is planning to deepen its footprint in Japan, the Philippines, Thailand and Vietnam later this year. “This is a significant partnership for Railsbank as we continue not only our global expansion, but also strengthen our foothold in Asia Pacific,” said Verdon.”

March 2, 2021

On the wires

Treasury Prime Partners With Marqeta, Bringing Modern Card Issuing to Its BaaS Platform

“Treasury Prime, the leading Banking as a Service (BaaS) company, announced that it has partnered with Marqeta , the global modern card issuing platform, to bring Marqeta’s modern card issuing capabilities to the Treasury Prime API. For the first time, fintechs and other companies that want to embed banking services, can get access to both banking services and card issuing via a single API. The Treasury Prime-Marqeta partnership is live today with LendingClub Bank , National Association (successor to Radius Bank) and will be live in March with Piermont Bank .”

February 4, 2021

On the wires

Pacific Western Bank Selects Treasury Prime As Banking As a Service Provider

“Treasury Prime, the leading Banking as a Service (BaaS) company, announced today that after a competitive evaluation, Pacific Western Bank has chosen Treasury Prime as its technology provider to modernize its banking stack. Working with Treasury Prime, Pacific Western Bank will be able to offer API access to its banking systems as well as a digital platform for clients like fintech companies that want to embed banking services into their applications.”

January 7, 2021

On the web

Mambu Raises $135M at a $2B+ Valuation for a SaaS Platform That Powers Banking Services

TechCrunch

“Challenger banks, incumbent banks, and all of the many businesses that are making inroads into any kind of banking service all have something in common: when it comes to launching a new product like a credit line or a deposit or current account, these days many of them are opting not to build from the ground up, but are instead using third-party technology to power these services. Today, one of the big players in providing that tech is announcing a large round of funding to expand its business, underscoring the growth in this market.”

November 2, 2020

On the web

This is Goldman’s bet to break into a $32 billion industry serving the world’s biggest corporations

CNBC

Goldman Sachs wants to help any company in the world become a bank. The firm has just released software that allows clients to embed banking services into their own products as part of a push to break into the $32 billion a year industry managing cash for big corporations, according to Hari Moorthy , Goldman’s global head of transaction banking.”

Wise raises another $12 million to double down on embedded business banking

TechCrunch

“Fintech startup Wise has raised a $12 million Series A round. The company offers business bank accounts with an interesting go-to-market strategy. Wise partners with other companies so that they can offer bank accounts to their own customers. For instance, if you’re running a marketplace or an e-commerce platform that matches companies with individual customers, you can leverage Wise to offer bank accounts to your partner companies.”

On the wires

Radius Bank Launches Commercial API Banking Platform and Developer Sandbox

Radius Bank , a forward-thinking digital bank, announced today the next step in its partnership with API (application programming interface) banking leader Treasury Prime with the launch of their Commercial API Banking Platform and corresponding sandbox testing environment. With API Banking, Radius has expanded its Banking-as-a-Service (BaaS) digital platform by giving commercial clients leading-edge technology to help facilitate and simplify their corporate banking needs.”

October 20, 2020

On the web

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