Capco and Savana | November 17, 2022
Capco, a global technology and management consultancy dedicated to financial services, and Savana, an industry leader in building financial software for banks and fintechs, today announced a strategic partnership to accelerate banks' transformation journeys and drive continuous digital product innovation.
The partnership brings together Capco's deep domain knowledge, creative culture and strong relationships with leading financial institutions, and Savana's technology expertise and digital delivery platform. It will support banks in overcoming the technical challenges they face in meeting evolving customer expectations and needs for seamless modern omnichannel experiences.
While digital transformation is ongoing in the banking space, many challenges have yet to be resolved. Legacy technology components and the complexity of banking operations are hampering banks' ability to effectively differentiate, scale, and meet consumers' evolving needs. In particular, many banks have yet to convert their cores, but require an immediate onramp to API banking to automate processes, launch products faster, and deliver consistent user experiences.
Savana's core-agnostic digital delivery platform eliminate silos within a bank's technology ecosystem and automates servicing for bank teams and customer-originated requests. Capco has a successful track record in implementing agile methodologies to optimize banks' transformation journeys. In partnership, they will speed time to market for institutions via new customer-focused digital products and services.
"Savana's platform addresses the fragmented processes and technology barriers that are preventing banks from automating operations and delivering consistent customer experiences across channels. We're excited to leverage this transformative technology to help our bank clients achieve true end-to-end digitalization and more swiftly deliver innovative products and services to consumers."
-Kaylin Kugler, Partner, North American Banking at Capco
Mike Wolfel, CEO at Savana, said We're proud to partner with Capco and work hand in hand with their business and technology experts to help banks overcome barriers to digitalization and growth. We can help banks to unlock next-generation, customer-centric banking operations and to thrive in today's competitive landscape. Together Savana and Capco will solve these problems for institutions seeking a path forward.
Capco, a Wipro company, is a global technology and management consultancy specializing in driving transformation in the financial services and energy industries. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and energy clients. Capco's cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent.
Savana unlocks next-generation, customer-centric banking operations through the industry's first and only digital delivery platform. Leveraging unmatched banking knowledge and expertise, Savana solves the issues that arise during digital transformation or in creating and launching a new bank. Redefining customer-first operations, Savana is powering the future of banking.
FINANCIAL MANAGEMENT, PAYMENTS
Wedge Financial and Fiserv | December 20, 2022
Wedge, the fintech company on a mission to make consumer's dollars go farther by bringing the power of the markets and programmable payments to everyday spending, is bringing its capabilities to AppMarket from Fiserv, a collaborative online marketplace where financial institution clients of Fiserv (NASDAQ: FISV) can easily access transformative technology. This will allow Wedge to bring its technology to more financial institutions more efficiently and accelerate its growth trajectory. In addition, Wedge will leverage a real-time fintech ledger and debit issuing capabilities from Fiserv to further its goal of revolutionizing consumer spending.
Wedge is an innovative fintech solution that allows users to spend from multiple fiat accounts and assets with a single card. Wedge is positioned to disrupt the payments space with its ability to simplify a user's wallet, while giving them more upside than achievable with conventional credit and debit offerings. Wedge gives users the power to use their stocks, crypto, ETFs or cash for purchases in the way that works best for them, while earning rewards and benefitting from market movements. Wedge users keep their bank and funding relationships coupled with a new, intuitive way to spend.
"We have an opportunity to disrupt the payments space and shift how consumers think about optimizing their day-to-day spending needs moving forward, We are incredibly excited about working with Fiserv, and the positive impact we can have in our industry and for consumers."
-Billy Roberts, Wedge CEO
Approximately 40% of U.S. banks and credit unions are supported by Fiserv technology and services. The availability of Wedge via AppMarket from Fiserv will enable financial institutions across the country to offer this innovative technology to their accountholders.
Consumers today are particularly interested in options that simplify the payment experience while enabling their dollars to go further, By facilitating availability of programmable payments via AppMarket, we're empowering our clients to connect their accountholders with the fintech experiences they desire, all through their trusted financial institution relationship,said Sunil Sachdev, head of Fintech and Growth, Fiserv.
About Wedge Financial, Inc.
Wedge provides the first digital wallet and spending app of its kind that lets users fund everyday purchases by using any asset in their Wedge wallet, including cryptocurrencies, stocks, and cash. Wedge is reinventing everyday spending by giving users the choice of selecting the optimal asset to use at checkout to save on purchases by taking advantage of real-time market movements.
Fiserv, Inc. (NASDAQ: FISV) 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 and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World's Most Innovative Companies by Fast Company for two consecutive years.
Marqeta | January 31, 2023
On January 30, 2023, Marqeta, the world's leading modern card issuing platform, announced that it reached an agreement to acquire Power Finance, Inc. ('Power'), a provider of software for managing credit card programs. The transaction is anticipated to close in the first quarter of 2023, subject to the fulfillment of customary closing conditions.
Simon Khalaf, the newly-appointed CEO at Marqeta, expressed, "We're thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology." He added, "We thoroughly examined possible acquisitions to more quickly establish Marqeta's leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta's platform with a best-in-class tech stack for credit card program management."
(Source – Business Wire)
Meanwhile, Randy Fernando, CEO of Power Finance, will now oversee the product management of Marqeta's credit card platform as part of this deal.
The merging of Marqeta and Power platforms will enable the former's customers to create customized credit solutions that meet the changing needs of consumers and businesses. Both organizations were founded on these product ideas to meet developers' current and scalable needs. This arrangement allows Marqeta customers to introduce many credit products and structures, including Power's data science toolbox and Marqeta's rewards innovations. The company intends to swiftly improve its credit offering after acquiring Power.
Randy Fernando, Co-Founder and CEO at Power Finance, stated, "Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure." He added, "At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale."
(Source – Business Wire)
Subject to customary adjustments, the purchase price comprises $223 million in cash, of which about one-third is due over two years, subject to certain conditions, while $52 million is subject to a 12-month milestone.
With the first open API platform, Marqeta makes issuing cards and processing payments lightning-fast and efficient. The company's platform was designed to facilitate a novel payment experience across a wide range of apps and services that are used regularly. Currently, it employs more than 800 people in the United States, the United Kingdom, Europe, Canada, and Asia-Pacific. Its products are used by industry leaders in digital banking, lending, e-commerce, on-demand services, and more. The company has broad agreements with banks and card networks like Visa, Mastercard, and Discover.