Alviere, the leading embedded finance platform enabling any brand to deliver financial products and services to its customers and employees, today announced that it had raised $70 million of new funding, the largest investment in this emerging sector of fintech to date.
In April, Alviere closed a $20 million Series A led by Viola Ventures and Viola Fintech, with the participation of CommerzVentures, Mitsubishi Capital Corporation, Wix.com Capital (NYSE: WIX), Draper Triangle Ventures, Cross River Bank Capital, CERCA Partners and more.
With the momentum Alviere has seen in the adoption of The HIVE, its embedded finance platform, the company quickly added another $50 million investment in a follow-on Series B. This latest round was led by prominent institutional fintech investors and includes the participation of existing investors Viola Ventures, Viola Fintech and CommerzVentures, as well as Cleveland-based, North Coast Ventures. This round also includes Opera Tech Ventures, the VC arm of BNP Paribas. This capital will be used to accelerate Alviere’s go-to-market plans as well as expand beyond North America to Europe and Latin America.
“Embedded finance technology is taking the decentralization of financial services to another level. Now any brand with an existing customer base - be it a telco, a retailer, a software company, a marketplace, or an automotive company - will be able to deliver a robust array of financial products and services to its customers,” said Yuval Brisker, CEO and co-founder of Alviere. “With Alviere’s industry leading technology and expertise, brands who never considered the idea, can now launch a highly lucrative, immediately profitable new line of business. Our embedded finance solution can easily and quickly deliver ‘everything personal finance’ to your customers, deepening customer relationships and insights while dramatically increasing bottom line revenue.”
Partnering with Alviere to utilize embedded finance services is a fast, low risk, low friction way for established companies to realize entirely new revenue streams. Brands can now easily offer their customers any of the financial services currently available in Alviere’s HIVE through one simple API.
All of the fintech offerings in HIVE are protected by AI-based security, fraud protection, a robust compliance & risk management program and regulatory licensing. The financial services that Alviere’s HIVE enables
brands to embed in their business include:
Direct Deposit FDIC-Insured Checking and Savings Bank Accounts
Debit, Credit, Prepaid Cards
Cash Pickup and Deposit
Domestic and International Money Transfer (Peer-to-peer remittance and beyond)
“The embedded finance revolution is shifting the face of banking, lending, and insurance away from traditional centralized big players to new entrants, led by established consumer brands and enterprises. We partnered with Alviere because we believe in the immense market potential of this emerging market. We looked far and wide, and when we discovered Alviere, we knew that this company’s team, product maturity and live deployments with Tier 1 multi-billion dollar brands differentiate it from anyone else in the market by a huge margin.”
Omry Ben David, General Partner at Viola Ventures
Brisker, a serial entrepreneur, was previously the founder and CEO of TOA Technologies (TOA), an early leader in cloud-based enterprise software. TOA’s solution was an innovator in the application of machine-learning to better manage and optimize the last mile of customer service in field service for tier one enterprises worldwide with customers like Telefonica (NYSE: TEF), Virgin Media, Dish Corp. (NASDAQ:DISH), Bosch Siemens, Foxtel, Home Depot (NYSE: HD), Liberty Mutual and more.
TOA was acquired by Oracle in July 2014 and is now known as Oracle Field Service.
Alviere’s funding comes at a time when embedded finance is expected to grow worldwide to become a $7.2 trillion market by 2030, according to a forecast from Simon Torrance. Last year, the Banking-as-a-Service market alone was valued $356 Billion in 2020, according to Verified Market Research.
Alviere provides the most complete embedded finance platform available today, empowering the world’s most visible, trusted and beloved brands to offer financial services to their customers for the first time. Alviere’s easy, powerful and future-proof platform and associated services allows any business to launch a new financial services line of business to dramatically increase profits, deepen customer relationships and insights, and increase satisfaction and retention.