Fintech, Finance, Technology, Banking Highlights – 28 March 2018

nCino Brings Commercial Banking Transformation to TD Bank

NCino, the worldwide leader in cloud banking, today announced that TD Bank, America’s Most Convenient Bank, is adopting nCino’s Bank Operating System across its corporate and commercial lending divisions in 2018 as part of a digital transformation.

The first wave of TD Bank users, within the TD Equipment Finance business, is already live on the nCino Bank Operating System and additional employees across corporate, commercial and business banking will continue to adopt the platform. As a result of these deployments, TD’s business lending customers can expect to receive faster decisions to their loan requests and have enhanced visibility into the loan process. Additionally, TD Bank’s sales, underwriting and credit risk management teams will also be able to collaborate more easily on deals and gain deeper insights into the bank’s commercial lending portfolio.

“As the bank continues to deliver on its vision to transform commercial lending, it’s essential that we have the best tools and technology to help our customers achieve their financial objectives,” said Anthony Sasso, president of TD Equipment Finance. “nCino is bringing that vision and experience to life for TD employees. With the platform, we have easier collaboration between teams and better productivity to improve our service and turnaround times for our customers.”

Used car fintech startup Oodle has grabbed £100m from Citigroup

Banking giant Citigroup is throwing its weight behind fintech startup Oodle Car Finance – with the announcement of funding for a £100 million warehouse facility.

The partnership, following £60 million of equity investment from the global investment firm KKR last year, is another sign of the growing confidence that some of the world’s largest financial institutions have in the company’s bold vision to revolutionise the industry.

Oodle Car Finance is breaking the mould of a lender in the used-car market by merging car search and finance into one seamless digital process. This rapid online operation pairs customers with their perfect cars, some of the UK’s best car dealers and finance, in just a few minutes.

The fledgling fintech from Oxford has already received over a £1.18 billion worth of finance applications and using PPC (Pay Per Click) have generated over 100,000 click-throughs to their dealer partners websites. By working in partnership with some of the best car dealers and by bringing them closer to car buyers, Oodle believes it can
achieve its ultimate mission to create a best-in-class consumer experience, where both customers and dealers reap the benefits.

Qatar Airways and Wirecard expand collaboration to offer Alipay at Doha Airport

Wirecard, one of the leading providers of digital financial technology, is expanding its collaboration with Qatar Airways by partnering with Qatar Duty Free (QDF) to offer Alipay as a mode of payment from April in selected QDF retail outlets at Hamad International Airport (HIA) in Doha for Chinese travelers.

As a wholly owned retail subsidiary of Qatar Airways, QDF operates over 90 unique retail stores with over 185 points-of-sale (POS). After years of successful cooperation with Wirecard in the field of payment processing services since 2013, Qatar Airways and Wirecard have extended the partnership in order to capitalize on the worldwide tourism boom from China.

Due to its luxurious offerings and large brand portfolio, QDF is optimally positioned to attract Chinese tourists. Luxury goods such as handbags, shoes and apparel are the most in-demand products for Chinese travelers. By accepting Alipay payments, QDF is appealing to a large and fast-growing target group. With over 600 million active users in China, Alipay is the world’s largest mobile payment network, sharing approximately 54.1% of China’s mobile payment market by total transaction volume.

Sydney Angels funds QPay $570k to steal millennial students from banks

Australia’s first ever student marketplace app, QPay, has raised $570,000 from a series of high profile investors, including Sydney Angels and the Sydney Angels Sidecar Fund 2, to break into student banking through the release of a student-targeted QPay MasterCard.

QPay aims to use the QPay MasterCard to capture the largest cluster of millennial consumers at the point when they’re most likely to begin making serious financial decisions – when enrolled in tertiary education.

“University is the time when life decisions start to become quite future-focussed, especially regarding our finances,” said Andrew Clapham, Co-Founder of QPay.

“We might be weighing up the amount of student debt we can responsibly accrue, and what return we might expect to receive career-wise. We could be trying to save for a deposit on a property, and wondering the best place to deposit our cash. Or, we might simply be getting a handle on our first experience with budgeting outside of Mum and Dad’s house.