Innovation

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/Innovation

Prosper raises $20m; names Wells Fargo's Vermut CEO

US peer-to-peer loan marketplace Prosper has raised $20 million in a funding round led by Sequoia Capital and appointed Stephan Vermut, founder of Merlin Securities, as CEO.

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Iowa introduces Dwolla option for tax payments

The US state of Iowa is set to let residents pay some of their taxes using Dwolla, a local digital transactions start up.

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Ribbit Capital raises $100m for financial innovation fund

Ribbit Capital, a new Silicon Valley-based venture capital fund focused purely on investing in innovative, tech-led financial services firms, has launched after closing its own $100 million fund.

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Turkey's IsBank integrates ATM and mobile for cardless withdrawals

Turkey's IsBank has integrated its mobile banking platform with its ATMs, enabling customers to set up a withdrawal through their handset and then complete it by scanning a QR code on cash machine screens.

/Innovation

Green Dot takes 'Silicon Valley' approach; launches mobile-only bank account

Green Dot Bank has launched a full-service bank account specifically designed to operate on a mobile phone.

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Barclays banks on cloud and Linux to slash development costs

Barclays Bank plans to slash software development costs by 90% by building a private cloud infrastructure and moving more applications to machines running the Linux open source operating system.

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Card rules may force mobile Movenbank to offer plastic

US start-up Movenbank, which has positioned itself as a mobile-only, cardless, branchless bank, may be forced to offer companion, plastic cards to customers in order to be compliant with MasterCard rules.

/Innovation

Merrill Face Retirement tool gives consumers a harrowing peek at their future selves

In an effort to shock users into saving more for their retirement, Bank of America's Merrill Edge investment advisory unit has introduced a social tool that ages a picture of consumers, enabling them to see how they will look years down the line

/Innovation

Intuit pilots UK chip and PIN mobile card reader

Intuit has begun piloting a tweaked, chip and PIN version of its GoPayment mobile credit card processing app and hardware in the UK.

/Innovation

BBVA ups its Game with Foursquare check-ins; Gartner plays down gamification hype

Spanish bank BBVA is to use social networking site Foursquare to enable online interaction across its physical branch network and encourage more customers to participate in its gamification efforts through the BBVA Game portfolio.

/Innovation

MasterCard and Absa launch dual debit-credit card with built-in display

South Africa's Absa and MasterCard have unveiled a dual contactless debit and credit card which also includes a display screen for passcodes that secure online payments.

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New York to host FinTech Startup Weekend

New York is to host its first ever FinTech Startup Weekend in early December, pairing developers with vendor APIs, entrepreneurs and business and marketing executives in a 48-hour race to create innovative financial applications.

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PayPal goes after Oz and Amsterdam high streets

In its latest incursions into the high-street, PayPal has begun testing two different mobile-based payments systems, one in Australia and another in Amsterdam.

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BillGuard, Plastyc and Simple agree to share customer data with CFPB

The US Consumer Financial Protection Bureau (CFPB) has convinced innovative finance start-ups BillGuard, Plastyc and Simple to share their anonymised customer data to help identify behaviours and trends.

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Retail banks increase innovation spending despite tough economy

Despite a tough economic climate, the vast majority of retail banks around the world are still increasing their spending on innovation, with online and mobile services seen as priorities, according to a survey from Infosys and Efma.

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Bloomberg, king of the proprietary desktop, launches App Portal

Bloomberg has launched an App Portal that gives its 315,000 desktop terminal subscribers access to applications created by third party developers.

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UBank gathers transaction data for spending comparison site

NAB unit UBank has launched a site that pulls together anonymous transaction data to identify trends and allow visitors to compare their spending with that of their fellow Aussies.

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La Caixa FinAppsParty doles out prizes

An application that uses mobile geopositioning to locate la Caixa customer retailers and to share information about them via social networks has won the EUR10,000 prize for the best widget created during the Spanish bank's second annual FinAppsParty.

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Finextra TV: iZettle launches in the UK

Swedish start-up iZettle, which provides technology that turns mobile phones into payment terminals, has teamed up with wireless operator EE to launch in the UK.

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Allianz invites start-up pitches for innovation pilots

German banacasurer Allianz is inviting early stage start-up companies to pitch applications for pilot projects in big data, social media, mobile and sponsorship.