Fiserv, Inc, a leading global provider of payments and financial services technology solutions, today announced a strategic relationship with Bakkt (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets. The combination of expansive capabilities from Fiserv, including the ability to move funds into and out of mobile wallets, with Bakkt’s digital asset platform will enable practical uses of crypto and emerging asset classes.
A future integration of Bakkt into the Carat omnichannel ecosystem from Fiserv will allow businesses to pursue new options for B2B and B2C payouts, loyalty programs, and transactions, all with crypto assets accessible via a digital asset wallet. Merchants will be able to deliver innovative consumer experiences through a simple integration to Carat and roll out new digital asset offerings that are right for their brand and customers.
“Carat is a trusted solution for businesses, including fintechs, that want to access a broad range of commerce-enabling capabilities, such as the ability to accept and disburse funds, from a single provider,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “Bakkt will be leveraging these capabilities while also working with us to build emerging merchant experiences that help bring crypto assets into the mainstream.”
“This partnership with Fiserv marks an important moment as we together create opportunities for consumers to seamlessly and at their own pace introduce digital assets into their daily habits,” said Sheela Zemlin, Chief Revenue Officer at Bakkt. “Whether it be buying bitcoin from within a financial institution’s app, redeeming loyalty points from their favorite restaurant for merchandise, using a digital asset wallet, or getting paid in bitcoin for their side gig grocery delivery runs, consumers will have new opportunities to participate in the digital economy.”
In addition to innovating on new digital capabilities for merchants, Fiserv and Bakkt plan to introduce Bakkt technology that supports consumers’ ability to buy, sell, and hold crypto assets to Fiserv financial institution clients.
“Fiserv is in a unique position to connect merchants and financial institutions utilizing a unified digital asset platform, laying the foundation for an integrated digital asset ecosystem that can bring value and convenience to our clients and their customers,” said Sunil Sachdev, Head of Fintech at Fiserv.
Fiserv, Inc. aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s consumer platform, now available through the recently-released Bakkt App and to partners through the Bakkt platform, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA.
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.
Nium, a leader in global payments and card issuance for businesses, today launched the fintech industry's first global Crypto-as-a-Service (CaaS) solution and announced the extension of its Banking-as-a-Service (BaaS) solution to the U.S. Initial API-based elements from the new Crypto-as-a-Service offering will allow financial institutions to add in-demand capabilities for cryptocurrency investment. The cryptocurrency investment services will support five cryptocurrencies in the U.S. in 2021, with the list of supported currencies growing to 20 in 35 countries in 2022.
Nium's Crypto-as-a-Service platform launches at a time when crypto has emerged as one of the most popular investment asset classes. Total market capitalization of all cryptocurrencies totals US$2.19 trillion, making the asset class the world's 8th largest economy by gross domestic product.1 More than US$112 billion in cryptocurrency is traded per day. To help banks, businesses and neo-financial institutions quickly capitalize on this demand, Nium offers simple API-based access to its crypto investment services. Through one API connection to its platform, clients can embed capabilities to buy, sell, and hold crypto, all supported by Nium with KYC, regulatory and compliance monitoring, brokerage, custody, and processing of the cryptocurrency. These initial offerings will be followed by a roadmap of additional crypto services, including stablecoin wallets and crypto payment acceptance.
Our global clients are seeking more and more ways to differentiate their core offerings with the most innovative fintech services. Our embedded finance solutions accelerate the road to innovation for all businesses. With seamless API-based connections, we offer access to modular fintech elements for payments and card issuing - and now, crypto. The elements can be embedded, fast and easy, into most applications, helping companies go further, faster."
Prajit Nanu, Co-Founder and CEO at Nium.
Nium's Crypto-as-a-Service solution includes:
Comprehensive Cryptocurrency Investment Services: Embed cryptocurrency investment services into any application, including ability to buy, sell, and hold popular digital currencies, such Bitcoin, Ethereum and Litecoin. These services are powered by Paxos Crypto Brokerage, a regulated enterprise-grade solution.
Stablecoin Support: Provide clients with a stablecoin investment option. Nium supports Pax Dollar USDP (powered by Paxos) which is regulated and 100% backed by US Dollars and cash equivalents, allowing end users to immediately exchange between the stable currency and other cryptocurrencies.
Cryptocurrency Compliance Services: Integrate services quickly and easily, with ready-to-go compliance services including KYC and AML monitoring, and Nium handling the brokerage, custody and processing of the crypto for customers.
Available now: Be one of the first businesses to access this service now in the U.S.
Nium's Banking-as-a-Service Suite Expands to U.S.
Nium has also announced it is extending its complete Banking-as-a-Service solution to the United States. Nium has one of the most globally comprehensive solutions for pay-outs, pay-ins, and card issuance. Any of these solutions can be integrated either as stand-alone services or as part of a comprehensive Banking-as-a-Service suite. Nium supports pay-outs to as many as 190 countries (85 in real time) in 100+ currencies and pay-ins to 35 markets. On the card issuing front, Nium's reach expands to 33 countries - already issuing 31 million physical and virtual cards globally. This is all supported by 11 global financial licenses and a robust suite of regulatory and compliance technologies.
After rapid growth in APAC and Europe, today's announcement by Nium signals that the company is poised for success in the world's largest market, particularly with the new inclusion of card issuance in its American offering. According to IBIS World, the credit card issuing market in the U.S. is estimated at US$156.7 billion, growing at 10.3% year over year in 20212. This massive market is poised for continued growth as more and more cards are launched to serve niche consumer segment needs. Nium helps businesses get to market fast with new card products, in as little as four weeks - all with a single API connection.
Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services via one API. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries - 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 33 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium owns the broadest license portfolio, covering 11 of the world's jurisdictions, enabling seamless global payments and rapid integration, regardless of geography.
Nium was named to the CB Insights Fintech 250 (2020, 2021), which highlights the most promising Fintech companies globally.