Latest FinTech Startups News
By: Karen George
Tags: Latest News, Fintech Startups, Technology News, Financial Tech Review, Financial

Source: Financial Tech Review

Finix Extends Series B Round of Financing Round to $75 Million

Finix, the payments infrastructure company, has raised additional funding to help vertical Software-as-a-Service (SaaS) providers and fintech companies build better payment experiences for their merchants, bringing Finix’s total funding to $96 million to date. Lightspeed Venture Partners led the extension with participation from American Express Ventures.

“Businesses everywhere are turning to digital payments and SaaS tools to manage the challenges and changes brought on by the pandemic. We’re proud of the role we’ve played in helping our customers respond to new demands,” said Richie Serna, CEO, and Co-founder of Finix. “As we look to bring the power of embedded payments to more companies, we’re excited to have Lightspeed and American Express Ventures as investors who intimately know the software and small business worlds. The new capital allows us to bring in top-tier talent and more quickly pursue our goal of turning all software companies into payments companies.”

SaaS companies and fintechs like these are using Finix APIs to build and manage business-critical payments experiences for the same reasons they use cloud services: to reduce cost, increase flexibility, and accelerate time to market. And just like with cloud, as digital payments are adopted, the beneficiaries are increasingly..(read more)

PrizePool Receives $4.25 Million for Product Development

prizepool,a San Francisco, CA-based fintech startup, raised $4.25m in seed funding. Backers included Accomplice, Bling Capital, Coatue, SciFi VC, and World Innovation Lab and others.

“Now more than ever, Americans need to be saving money to protect their future,” said Frank Chien, co-founder, and CEO of PrizePool. “But we know that saving can be hard to prioritize, and our goal is to reduce the barrier to saving money by making it fun in two unique ways. First, we guarantee a total of $50,000 in real cash prizes every month, and second, our referral program makes saving a social activity — so that you can save and win together.” Chien and his co-founder, Joe Woo, sold their first company, LearnSprout, to Apple in 2015.

PrizePool gives customers a way to save and win real cash prizes guaranteed to a total of $50,000 every month. The company pays out a $25,000 Grand Prize each month, along with thousands of smaller prizes. All deposits are FDIC insured, by Evolve Bank & Trust, and there are no fees and no minimums to participate. It intends to use the funds to invest in product development, drive user acquisition, boost marketing initiatives, and build its team with new hires.

“When I met Frank and Joe, the founders, and saw their track record in tech and education, I knew they were serious about looking to build a business with the goal of getting people to focus on their financial lives in a unique and engaging way,” said Andy Chen, Partner, Coatue. “We believe this experience combined with the commitments to both guarantee monthly prizes and create a social, referral model sets PrizePool apart from others in the market.”

PrizePool’s unique referral program is designed to transform saving money from a solitary act to a shared, social, and even more rewarding experience. The program lets people save together with friends and family. When a PrizePool user refers a friend, they both win a 10 percent bonus when..(read more)

Viola FinTech Invests in EasyKnock’s Series B Round of Fianancing

The first-ever institutionalized residential leaseback company, EasyKnock, announced that Viola FinTech has joined its Series B funding round with a USD 5 million investment, taking the Series B total to USD 25 million. The latest investment by Viola FinTech demonstrates the company’s regard for EasyKnock’s operational excellence and technological brilliance. Viola’s enthusiasm to invest in PropTech is driven by its impact on the digital transformation of real estate transactions.

“One of the greatest promises of PropTech is that it enables not only digital transformation of the real estate transaction but more importantly liquidity in a very illiquid sector,” said Tomer Michaeli, General Partner, Viola FinTech. “EasyKnock provides exactly these two benefits, enabling cash strapped consumers to unlock the cash from their most valuable asset — their home, thus providing them an essential financial flexibility, which is critical especially in this time of unprecedented uncertainty.”

While the proptech industry has made significant progress moving from traditional models to online, there are opportunities to continue streamlining and access capital. Departments like financing, investing, and ancillary services have also remained complicated and mostly stagnant over the past several decades. EasyKnock is transforming this scenario by laying the groundwork for consumers to take advantage of the USD 6 trillion of trapped equity in the United States.

“Viola’s investment is further testament that traditional real estate and homeownership is in the midst of a dramatic transformation,” said Jarred Kessler, CEO of EasyKnock. “Tomer and his team understand that processes of the past are.. (read more)

Fifth Third Declared the Appointment of Linda W. Clement-Holmes to Board of Directors

Fifth Third Bancorp declared the appointment of Linda W. Clement-Holmes as an independent director of Fifth Third Bancorp, effective immediately.

“We are delighted to welcome Linda Clement-Holmes to our Board,” stated Greg D. Carmichael, chairman, president and chief executive officer of Fifth Third Bancorp. “As the former chief information officer for The Procter & Gamble Company, one of the world’s leading and most innovative consumer products companies, Linda is uniquely positioned to help us advance in the rapidly evolving technological landscape and embrace the opportunities for consumer-oriented financial services. We also welcome her leadership in diversity and inclusion, which will enhance Board oversight of this important area.”

In 2018, Clement-Holmes retired from Procter & Gamble after a 35-year career that culminated in chief information officer’s role. She is widely acknowledged as a leader in information technology, information security as well as digital and IT strategy. She also has been listed in Computerworld’s Premier 100 IT Leaders, Uptown Professional’s Top 100 Executives, and Black Enterprise magazine’s Top Executives. She is a fellow at the IT Senior Management Forum and a recipient of multiple awards, including the Howard University Global Visionary Leadership Award.

Clement-Holmes also has been a pioneer in inclusion and diversity. At Procter & Gamble, she served as the first chief diversity officer from 2010–2012. Then, she advanced to become the first African-American woman named..(read more)

OneAmerica Appoints Jose Martinez Chief Information Officer

OneAmerica appointed José Martínez (below right) as senior vice president and chief information officer (CIO) for the Indianapolis-based insurance and financial services company.

Martínez has been an interim CIO since November 2019 and served previously as vice president, IT infrastructure and application support, and vice president, business relationship management, and enterprise architecture, since joining the company in 2014. He will lead an IT team of over 500 associates and contractors supporting all enterprise functions.

“José is an exceptional technology and people leader who will take us to an entirely new level of innovation and performance in IT,” stated J. Scott Davison, chairman, president and CEO of OneAmerica. “His executive background in a variety of technology roles positions him well for his continued focus on strategy and execution and inspiring the IT team.”

Before joining OneAmerica, Martínez was vice president for communications as a service at Interactive Intelligence, managing all data centers globally for the company’s cloud product. He also served as the senior global delivery executive for IBM in Atlanta, where he was responsible for a broad range of IT outsourcing services for corporate clients.

“I look forward to driving the momentum of an organization that thrives and prides itself on business partnership rather than..(read more)