JPMorgan and BlackRock are tapping startup Saphyre’s AI tools to automate the opening of custody accounts. The new solution allows for the digitization of account information entries, the pre-population of redundant data, and the elimination of manual processes and wet signatures.
Read MoreWealthsimple, a Canadian robo-adviser that also operates in the U.S. and the U.K., received conditional approval from Canadian Securities Administrators to test a cryptocurrency platform over a two-year period.
Read MoreEmpower Retirement, a subsidiary of Canada-based financial company Great-West Lifeco, will acquire robo-adviser Personal Capital for $825M on closing and up to $175 million for planned growth.
Read MoreData aggregator Yodlee, owned by Envestnet, launched a new offering called Insights Solutions, which allows companies to gain personalized views of clients’ finances.
Read MoreGrab, a Singapore-based ride-hailing company that operates in several markets across southeastern Asia, began offering financial products for retail consumers through its financial unit. The new products include a micro-investment service, loans, and “buy now, pay later” capabilities.
Read MoreTrue Link, a financial platform for older adults, confirmed a $35 million Series B fund raise, resources the company says will help it move into new product categories.
Read MoreLow-cost 401(k)s for small businesses continue to be in demand despite tough economic circumstances. This week, Guideline, a San Mateo, Calif.-based 401(k) provider for small businesses, raised $80 million in funding at a valuation of $500M.
Read MoreFintechs that specialize in rounding up customers’ spare change and investing those funds are getting a boost. Plum, a U.K.-based savings and investment app picked up $10 million in new funding as it plans European expansion.
Read MoreDiscount brokerage Robinhood raised $320 million as part of its Series F round, bringing its valuation to $8.6 billion. The company in May raised $280 million as part of the same round, signaling investor confidence in its growth and IPO prospects.
Read MoreAyco, a Goldman Sachs-owned financial company serving employers, expanded its product marketplace for employees this week, encompassing annuities, investment accounting, and tax services.
Read MoreAsset managers, wealth managers, insurance companies, and fintechs say they want data. But in reality, what they really want is answers.
Read MorePersonal Capital offers a free dashboard where users can pull together all their financial accounts for a holistic view of their assets and liabilities. CEO Jay Shah discusses the company’s notable growth during the past 16 months.
Read MoreWhat’s the future of human wealth managers in an age of passive investing, ETFs, and robo advisors? Joe Mrak, global head of wealth management at Refinitiv, says data and analytics will allow the next generation of tech-savvy wealth managers to add value and remain relevant.
Read MoreNews of the robo-advisor’s death may be premature. But they’ll soon be under the same pressure to outperform the market as the humans they’re replacing.
Read MoreIt seems a tired trope to say that financial advisors need to invest more in digital, but the fact remains that many advisory firms still lack the robust tech experience their younger investors want.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
