CB Insights and WireBarley Corp | October 07, 2022
Cross-border payment solution provider WireBarley Corp. was named a winner of the fifth-annual CB Insights Fintech 250 ranking, a prestigious list of the 250 most promising private fintech companies of the year.
WireBarley has been recognized for its achievements in the Mobile Wallets & Remittances section. Among South Korea-based financial services platforms, WireBarley and Toss have been selected as the winners of this year.
Established in 2016, WireBarley has expanded its presence among immigrants and students living abroad with its easy and low-cost mobile remittance service. WireBarley currently offers over 520 corridors for personal overseas remittance with 12 outbound and 45 inbound countries. WireBarley also offers cross-border remittance services for businesses of all sizes with strong compliance management system and FX transaction capability.
WireBarley has expanded its overseas remittance-focused service to a cross-border payment service by launching the 'WireBarley Global Card' in Korea in partnership with Visa since July 2022. The company has been selected into Visa Fintech Fast Track Program and acquired principal membership with Visa.
"We're honored to be recognized by CB Insights Fintech 250 list for the first time, As one of Asia's leading fintech companies, WireBarley has been solving pain points for more than 650,000 customers and 2,000 businesses worldwide. We will continue to deliver accelerated growth, disruptive innovation, and financial inclusion to enable convenient and borderless financial services around the world."
-John Yoo, CEO of WireBarley Corp
Through its efforts, WireBarley has been selected as the winner of the Financial Inclusivity sector at the G20 Digital Innovation Network (DIN) forum held in Bali, Indonesia in early September.
This year's Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance, Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe,said Brian Lee, SVP of CB Insights' Intelligence Unit.
The CB Insights research team selected these 250 winners from a pool of over 12,500 private companies, including applicants and nominees. They were chosen based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. The research team also reviewed over 2,000 of Analyst Briefings submitted by applicants.
Quick facts on the 2022 Fintech 250:
Equity funding and deals: The Fintech 250 cohort has raised over $115B in equity funding across over 1,100 deals since the start of 2017 (as of 9/20/2022). In 2021 alone, winners raised over $51B across 337 equity deals.
Unicorns: There are 159 companies with $1B+ valuations on the list.
Global Reach: Globalization is a key theme for this year's Fintech 250. The winners represent 33 different countries across the globe - 7 more than last year. Just over half (53%) of the selected companies are headquartered in the US, which is the fewest we've seen in the Fintech 250 since 2017. The UK came in second with 31 winners (12%), followed by India with 14 (6%), Brazil with 9 (4%), and Germany with 7 (3%).
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights.
About WireBarley Corp.
Established in 2016, WireBarley Corp. grew exponentially with a strong foothold in the Asia Pacific region. Recently, WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canada markets, for the first time as a Korean overseas remittance company. Headquartered in South Korea, it has multiple subsidiaries overseas, namely Australia, New Zealand, Singapore, Hong Kong, and the U.S. WireBarley's FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment player. With 12 outbound and 45 inbound countries, WireBarley currently offers over 520 corridors for personal remittance. The company recently adopted the B2B remittance platform, e-wallet service and multi-currency card; it seeks to be not only Asia's leading remittance company but to leap forward to become a global total payment platform.
Tonik | October 14, 2022
Tonik, the first neobank in the Philippines, claimed the honorable distinction as one of CB Insights' Top 250 most promising fintech companies worldwide.
CB Insights, a business analytics platform and global database, releases annually their selection of the top 250 private fintech companies in the world. Selected from over 12,500 organizations, they are chosen based on factors such as funding, marketing potential, tech novelty, and CB Insights' proprietary mosaic scores, among others.
Tonik was recognized as one of the most innovative and pioneering fintechs in digital banking, along with other game-changers such as Revolut, N26 and Monzo. Most remarkably, Tonik is one of only two Philippine companies in the list and is the only Southeast Asian fintech listed in the Digital Banking category.
Carrying on its momentum from its commercial launch in 2021 as the Philippines' first purely digital bank, Tonik's industry-leading interest rates and unique and bespoke products provide Filipino customers an innovative, secure, and uncomplicated way to take charge of their money through Tonik's revolutionary proprietary app. This enabled the neobank to secure over PHP 8B (USD 133M) in deposits in its first year of operation, a historic feat for a new bank in the country and onboard more than half a million customers.
The bank is now focused on rolling out a broad range of revolutionary digital consumer lending products, including cash loans, in-store loans, and most recently – home equity loans.
"We are grateful to CB Insights for recognizing Tonik in this prestigious list. It is truly an honor to be listed among the most promising fintech companies in the world. This recognizes the importance of technology as the key in driving more productive, efficient, and inclusive banking services for retail customers in the emerging markets,"
- Tonik Founder and CEO Greg Krasnov
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik's tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.
Bank of America | October 17, 2022
Bank of America's innovative online payment solution, Pay by Bank, is now available for euro currency payments. Delivered in conjunction with Banked Ltd., this development follows the UK launch of Pay by Bank in February this year and allows customers of e-commerce companies to pay directly from their bank account. This expansion illustrates how Bank of America is focused on delivering relevant C2B tools to help give its clients a competitive edge.
"Pay by Bank is a great example of how we develop technology with our clients' business models top of mind, For example, the Pay by Bank interface can be adapted by European market location and country which in turn, optimises the local user experience."
-Chris Jameson, head of Product Management, GTS EMEA at Bank of America
Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This creates a simple, fast and secure online checkout process that benefits consumers as well as merchants.
Our Merchant Services clients annually process 8.7 billion transactions (USD 438.3B by volume) online and in store, in the US, Canada and Europe, We are pleased to expand Pay by Bank for euro currency payments and continue to offer consumers more choice with how payments can be made online,said Natalie Willems-Rosman, head of EMEA Merchant Services at Bank of America.
Key capabilities of Pay by Bank include:
Reduces customer data storage – since a card is not required and it is an online 'account to account' payment, companies do not need to obtain and store customer card data.
Streamlines reconciliation – incoming payments are added to a company's receivables, so they can view everything together in one place.
Provides an enhanced customer experience – the user interface can be adapted by market location and country.
Makes online checkout simpler, faster and more secure:
easy and quick to set up by connecting to a company's existing payment system using APIs.
leverages the customer's bank authentication network.
avoids card processing fees.
Pay by Bank euro currency payments will initially be available in France, Germany and Spain and will continue in 2023 with the addition of new countries and currencies.
Bank of America is an award-winning provider of global transaction services and was most recently named the World's Best Bank for Payment and Treasury by Euromoney for the second year in a row.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Wagepoint | October 27, 2022
Canadian fintech company Wagepoint may be in the business of payroll, but it's the business of people that truly sets it apart. This week, Wagepoint was named one of Canada's 2022 Best Workplaces for Inclusion and Mental Wellness by Great Place to Work®, a global authority on high-trust, high-performance workplace cultures.
Unlike other tech industry awards, which are decided by panels and third-party judges, Wagepoint CEO Shrad Rao says this one feels especially meaningful – the results are entirely based on feedback from the company's 175 remote employees (lovingly referred to as a band of misfits!).
To earn a spot on the lists, at least 90 percent of employees must agree that they are treated fairly at work, regardless of gender, ethnicity, age or sexual orientation (inclusion) in an anonymous survey, and at least 75 percent of employees must agree that their workplace is psychologically and emotionally healthy (mental wellness).
"Of all the awards we have won, this one feels the most special, I set out to create a place where people feel included and accepted, regardless of their gender, sexual orientation, ethnicity, age, etc. And, it's one thing when you believe you've created that space, but a whole other thing when the people who are meant to be experiencing the feeling of 'acceptance' actually validate it, and anonymously at that! All that said, I do believe that each person in the company creates psychological safety, acceptance and inclusion for everyone else. So, this is a collective award – an ode to each one of us here at Wagepoint."
-Wagepoint CEO Shrad Rao
Wagepoint has always focused on carving out a uniquely "people first" approach in the fintech industry, based on the simple philosophy that, well, everyone is human!
For us, it's not a cliche when discussing company culture, It means remembering that we are people before we are employees, and making every decision in the business, and with each other, from that place, every single day,says Fallon Collett, Wagepoint's People and Culture Manager.
Before they are hired, Wagepoint employees chat with Rao during an informal culture call. They are encouraged to show up to work feeling safe to truly be themselves, and to create that safety for others. But this message isn't a one-hit-wonder; it is reinforced daily, and was the topic of Rao's culture talk during this summer's Wagestock, an annual in-person company retreat (kind of like summer camp, but for – ahem – "grown-ups"). During his talk, Rao touched on the company's operating principles, all rooted in creating a space of safety and trust. The principles include having realistic expectations of each other, seeking to understand where others are coming from, finding balance in decision-making and "knowing your why".
Mental wellness is also a priority at Wagepoint, with all employees entitled to 20 vacation days, in addition to personal and wellness leave, to recharge and do non-work ("people") things. The company offers mental health benefits, partners with People Connect to provide employees access to affordable counseling, creates special Slack channels focused on mental health tips and hosts a series of workshops on well-being topics such as sleep, grief and handling hard times.
By focusing on building an inclusive and mentally healthy team, both Rao and Collett say that Wagepoint is better-equipped to grow and serve another important group of people – its customers! "We treat our customers in the same way that we treat our employees," says Rao. "Happy customers start with happy teams."
Wagepoint has a 4.6 out of 5 rating on Glassdoor.com and was recently recognized with a Silver Stevie® Award in the Employee Engagement category in the 2021 Stevie Awards for Great Employers.
Wagepoint is a small-but-mighty fintech company on a mission to simplify payroll – and maybe even dare to make it delightful! Our online software was created just for small businesses, automating the most "ugh" parts of payroll – like calculating wages and reporting on taxes – so that our customers can get back to doing, well, literally anything else. Backed by the world's friendliest team, Wagepoint is always supportive, never stuffy and refreshingly human. Founded in 2012, we make payroll magic happen for more than 22,000 small businesses, accountants and bookkeepers across North America.