The Canadian biometrics company Nymi, working with TD Bank Group and MasterCard, says it’s completed the first wearable credit card transaction authenticated by the user’s heartbeat.
Financial solutions provider Envestnet has acquired a financial software company Yodlee, a financial data aggregator platform for around US$590 million.
Fundamentally altering the financial services industry and traditional banking methods, financial service technology (FinTech) companies are disrupting several existing sub-sectors of traditional lending markets.
Fintech labs, accelerators and hackathons are spreading around the world, from New York to London to Asia to Latin America. In New York, where it all started in 2010 with the FinTech Innovation Lab launched by Accenture and the Partnership Fund for New York City, the latest startup graduates have been announced from the 12-week mentoring program.
Berlin-based fintech firm WeltSparen has been working on a simple-but-brilliant way to boost people’s cash savings — one that investors seem to like. The company, known as SavingGlobal in the UK, just raised €20 million in a Series B round
The technology underpinning the cryptocurrencies such as Bitcoin, Litecoin and others, is “one of the first truly disruptive ideas from the fintech sector,” Deutsche Bank Research has said in an online post titled Blockchain – attack is probably the best form of defence.
RocketSpace announced today the launch of a business pitch contest focused on financial technology for the wearables market. Comerica Bank is the presenting sponsor, providing the full prize amount of $50,000 for the winning pitch.
The army of financial technology startups is attacking traditional banking services, and major banks are striking back. Recently my colleagues at CB Insights analyzed venture funding to startups harnessing emerging technology in big data, mobile e-commerce and social networks.