FINANCE

Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

nCino | April 01, 2022

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations.

“The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.”

For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management.

“We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations. Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.”

Pierre Naudé, CEO of nCino

About nCino
nCino is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. 

About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. 

Spotlight

Corporations and small businesses represent a strong growth opportunity for financial institutions that are able to develop innovative ways to attract and retain these business customers. For institutions targeting the commercial market, a primary focus is delivering digital banking services for business accountholders.


Other News
MANAGEMENT

Novo Launches Boost for Faster E-Commerce Payments; Hires Kevin Phillips as EVP of Lending

Novo | May 23, 2022

Novo, the powerfully simple financial platform for small businesses, announced that the company has brought on Kevin Phillips, former CFO at small business lending company Kabbage, to launch and scale Novo’s lending business. Today, Novo is also launching Boost, making it the only financial platform that gives small businesses and freelancers same day access to payments received through e-commerce platforms.Introducing Novo Boost “While some fintech companies and banks claim to offer instant payouts, we saw that the market is filled with solutions that come with significant fees, or serve well-established corporations instead of the millions of small business owners and freelancers that would benefit most from faster payments, Novo Boost is free, and will be available to all Novo customers that process payments via Stripe — from the growing e-commerce store that employs 10 people to the freelance photographer who uses Stripe for her invoicing.” -Michael Rangel, CEO and co-founder of Novo. Small businesses often struggle to manage their cash flow because of a lack of credit, late customer payments or high fee banking services tailored towards enterprises. The technology behind Boost releases funds into a user’s Novo account shortly after a transaction is approved by the payment processor, as opposed to waiting as long as five days for the funds to be accessible. To take advantage of Boost, small businesses can create a free checking account at novo.co, and once approved, integrate with Stripe from within the Novo website or mobile apps. Novo can approve accounts within two days, and customers can set up the Novo integration with Stripe immediately. Novo plans on launching Boost on additional platforms over the next year. To learn more, visit www.novo.co/pd/lp-1. Announcing Kevin Phillips As Novo looks at its next stage of growth, we’re taking the small-business-centric principles that we used to design our award-winning checking account, and creating a financial platform that brings incredible functionality and user friendliness to all aspects of small business finance,” said Rangel. “That’s why we’re thrilled to bring on Kevin Phillips, a true pioneer in the small business lending space who developed one of the world’s most successful lending platforms from the ground up. As EVP of Lending at Novo, Kevin will create lending products that truly put small businesses first. Phillips is a world-renowned senior executive with a record of building high-growth start-ups as well as leading large, complex organizations. In 2011, Phillips was one of the first executives to join the Kabbage team, and over a decade built the company into one of the world’s most successful small business lending platforms. During his tenure at Kabbage, Phillips held multiple leadership positions, including CTO, CFO, and Head of Corporate Development. Prior to Kabbage, Phillips held C-level roles at a number of fast-growing technology startups, including CEO of Support Center Technologies and ZapMedia, COO and CFO at Scientific Intake, and CIO at S1. Phillips received his MBA from Georgia State University. “Virtually every small business fintech company markets themselves as being ‘great’ for their customers, but very few are successful in building out products and services that stay true to their mission,” commented Phillips. “Novo is one of the rare exceptions. The company already has a history of finding innovative, business-friendly ways to improve cash flow, and I look forward to expanding these cashflow-improving efforts in the coming years.” Phillips joins Novo at a time of significant growth for the company. Novo has surpassed $8 billion in lifetime small business transactions. Over the last year, Novo has also raised more than $130 million from leading fintech investors like Stripes Group and Valar Ventures, and added more than 100,000 new small business customers. About Novo Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here. Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.

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TECHNOLOGY,FINANCE

Finli Raises $6M to Bring Mobile-First Payment Management to Service-Based Businesses

Finli | July 11, 2022

Finli, a payment management platform built for service-based small businesses in the US, has announced the close of its $6 million Seed fundraising round, led by the Urban Innovation Fund. Motley Fool Ventures, M13, Alumni Ventures, and all existing investors also participated in the round. The new injection of funds will be used to expand Finli's team and business banking capabilities, moving towards becoming a holistic financial services solution. According to the U.S. Small Business Administration Office of Advocacy, 99.9% of US businesses are small businesses. Existing banking and administrative platforms have not built their solutions with the small business of today in mind, many of whom are utilizing five or more services to manage client billing and payments. "'Our mission is to provide underserved businesses with the financial tools that they need to manage and grow their businesses without taking on hefty fees or complicated workflows. By meeting them where they are, we are giving them back time and money, We intentionally built Finli to solve cumbersome business challenges so that owners and operators can focus on growing their business and not chasing payments." -Lori Shao, CEO of Finli Finli's platform is thoughtfully designed for businesses to manage all aspects of invoicing and payments communication, allowing them to use familiar tools and customers to easily pay outstanding invoices through their mobile devices. "Customers love Finli because it is so easy to use. The Finli team is totally dedicated to lifting up small businesses and owner-operators – and it shows, Many service providers are fearful of big tech taking advantage of them with hidden costs and complex integrations. Finli allows small businesses to regain control – delighting their customers and making more money in the process." -Clara Brenner, Co-Founder and Managing Partner at Urban Innovation Fund Finli's platform allows small businesses to invoice on the go: sending invoices, looking up customer information, creating recurring invoices and checking on payment status from a phone. New users are able to set up an account and issue an invoice in under one minute through their mobile device, desktop or any other device. There are zero merchant transaction fees for business bank-to-bank transfers. Cash and check payments can be reconciled through Finli's platform and businesses can manage collections through automated emails & text messages. Finli's seed round brings total funding to $9.5 million. Existing investors include Mac Venture Capital, Slauson and Co, Core Innovation Capital, Techstars and Muse Capital. For more SMB Resources, visit Finli's Finsider blog. About Finli Finli is on a mission to financially lift local communities. An all-in-one payment management platform built for service-based small businesses in the US, Finli allows businesses to manage invoices, payments and customer communication in a single platform. Join the thousands of businesses who have saved hours this week with Finli, visit www.finli.com. And for more business resources, visit Finli's Finsider blog

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TECHNOLOGY

Allot and Singtel Partner to offer Cybersecurity Services to Singtel’s Small and Medium Business Customers

Allot Ltd. | May 24, 2022

Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security-as-a-service (SECaaS) solutions for communication service providers and enterprises, announced today that it is partnering with Singtel to offer cybersecurity services to Singtel’s Small and Medium Sized Business (SMB) customers. Allot NetworkSecure is a network-based solution, offering zero-touch, clientless operation, requiring no application installation by the end customer. With NetworkSecure, CSPs can offer their customers protection from cybersecurity threats, including malware, viruses, phishing and ransomware and can enable customers to block inappropriate categories of web content for their employees. An easy-to-use interface provides branded alerts and reporting that help strengthen brand loyalty. NetworkSecure provides subscribers with a unified user experience on all devices for cybersecurity and content filtering, including configuration, reporting and alarm management. NetworkSecure makes it possible for customers to benefit from cybersecurity services with no IT expertise required. NetworkSecure can easily scale to millions of subscribers, making it an ideal solution for large and growing networks. “Our CSP customers around the world understand the cybersecurity needs of SMBs to keep their businesses running smoothly We are very pleased to have Singtel as our strategic partner.” -Weiming Li, VP Sales APAC for Allot About Allot Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1000 enterprises. Our industry-leading network-based security as a service solution is already used by over 20 million subscribers Globally.

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FINANCE

Verizon partners with Mastercard and FNBO to launch small business credit card

Verizon Business | June 21, 2022

Verizon Business announced that it is teaming up with Mastercard and First National Bank of Omaha (FNBO) to launch a credit card designed to bring value to small business owners. In the coming weeks, existing Verizon Business wireless customers with less than 100 lines and an online account will be eligible to apply for the Verizon Business Mastercard®, which rewards purchases on everyday business expenses such as eligible office supplies, technology, fuel, and more. "Mastercard has been a key partner to us on our journey to help our customers of all sizes transform their businesses and ensure they are truly future-ready,” said Tami Erwin, CEO of Verizon Business. “We are pleased to expand this partnership to include FNBO and bring this small business credit card to our customers at a time when we know they are seeking new avenues to expand their business, manage costs and maximize their use of new technologies to solve challenges to drive growth.” Here is how it works: The Verizon Business Mastercard®, which is issued by FNBO, will allow small business owners who apply and are approved to earn and redeem Verizon Business Dollars toward devices or accessories for their business. Benefits and features of the card will include: Earn Rewards on Eligible Business Purchases*: Earn 5% back on Verizon purchases, like paying your Verizon bill or buying devices from Verizon, during your first billing cycle after account opening;1 3% back on Verizon purchases after your first billing cycle;1 2% back on eligible gas; electronic vehicle charging and office supplies;2 and 1% back on other purchases.3 Get More for Your Business: Earn Verizon Business Dollars on eligible business purchases and redeem them later toward new devices or a Verizon Business wireless bill. New Cardholder Bonus: Eligible Verizon Business customers who apply and are approved will receive $50 toward their credit card statement after their first purchase on the card* (maximum one bonus per business account). No Annual Fee4: The Verizon Business Mastercard® has no annual fee or foreign transaction fees.4 Fill Your Digital Toolbox: The Verizon Business Mastercard® features World Elite Mastercard for Business® benefits to help small business owners reach new audiences and grow their businesses, including access to Microsoft Advertising, Zoho Social and Zoho Marketing Pal.5 Assess Your Digital Footprint: Cardholders will have access to Mastercard’s Digital Diagnostic assessment and Digital Doors program, which provides always-on resources for small business owners to set up shop online, grow and manage their business, accept payments, and keep their business protected. Safe & Secure Payments Experience: The Verizon Business Mastercard® is contactless enabled. Upon approval for the card, cardholders can begin making purchases immediately online, in app, and at the point of sale after adding it to their mobile wallet. Experience Peace of Mind: The Verizon Business Mastercard® offers Mastercard ID Theft Protection™, Zero Liability6 and Price Protection, in addition to 24/7/365 Global Emergency Services.5 This new offering is the result of a multifaceted partnership between Verizon Business and Mastercard to help provide solutions for the global payments and commerce ecosystems. The global leaders continue to work together to couple Verizon’s 5G connectivity with the power of the Mastercard network. Today’s announcement complements Verizon’s network-as-a-service foundation and supports its core areas of growth and innovation across mobility, nationwide broadband, mobile edge computing and business solutions, the value market and network monetization. “Today’s small business owner is looking for smarter, relevant, and customized digital financial products that accelerate their operations and make their lives easier,” said Chiro Aikat, Executive Vice President, Products & Engineering, North America at Mastercard. “We’re proud to extend our relationship with Verizon and FNBO to connect the small business segment through meaningful technology and benefits.” “FNBO has a rich history of helping small businesses grow and succeed, so we are excited to partner with such a respected brand as Verizon on the launch of their first program for small business,” said Jerry J. O’Flanagan, Executive Vice President, Partner Segment at FNBO. To find out if your business is eligible to apply for the Verizon Business Mastercard® when it officially launches, visit http://verizon.com/business-mastercard-comingsoon. ABOUT VERIZON Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control. ABOUT FNBO First National Bank of Omaha (FNBO) is a leader in the credit card partnership arena, with partners in a variety of industries including retail, travel, entertainment, automotive, oil, nonprofits and more. For over 60 years, FNBO has specialized in providing comprehensive credit card programs with personalized service to help its customers achieve their goals. Visit card.fnbo.com for more information. ABOUT MASTERCARD (NYSE: MA) Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

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Spotlight

Corporations and small businesses represent a strong growth opportunity for financial institutions that are able to develop innovative ways to attract and retain these business customers. For institutions targeting the commercial market, a primary focus is delivering digital banking services for business accountholders.

Resources