Big week for fintech: financial inclusion, open banking, e-commerce, and change savings – Friday Deal Book for 01/12/2018

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements from across the identity industry. Here’s a quick peek at what you need to know for the week ending Jan. 12, 2018.

Petal raises $13M for credit scoreless credit card

As our current system stands, a consumer needs proof of financial stability before applying for a credit card and gaining access to the benefits of the financial system. As a result, many people are unfortunately prevented from gaining access and suffer. To remedy that problem, Petal’s product records a user’s behavior and transaction history to form a user profile that empowers them to have access to financial benefits that would not have been possible in a traditional system. [Read More]

Mobile banking software, Alkami, raises $70M

Led by Georgia Atlantic, Alkami closed their series D round on Tuesday. A member of the large open banking push, they offer solutions for financial institutions to provide their customers with a consistent online banking experience across platforms. Currently experiencing rapid growth, Alkami was ranked the 11th Fastest Growing Companies in 2017 Inc. 5000, and 1st in Texas. Keep your eyes open for them as excitement over open banking continues to grow. [Read More]

Mylo announces $2.5M for spare change savings

With an innovative approach to savings, Mylo allows users to invest the change from everyday purchases. For example, a grocery store credit card purchase of $15.67 is rounded up to $16, with the remaining .33 cents invested automatically. Mylo’s indirect approach has seen great success, and with most millennials having less than $1,000 in their bank, it couldn’t be needed more.[Read More]

Taipei-based startup, Citiesocial, grabs $2.75M

Alibaba created the non-profit, Alibaba Taiwan Entrepreneurs Fund, with a mission to identify and invest in innovative startups across Asia. Citiesocial was the latest company to reap the benefits from this program. Uniquely positioned as an e-commerce platform for startups and maturing companies, Citiesocial hopes to use the capital to move into China, South Korea, and Japan through major partnerships. Their competitive advantage is their influence with younger demographics. [Read More]