Envestnet Goes Aussie on Open Banking; BNPL Consolidates in the Americas

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One of the more interesting questions during a recent FinovateWest Digital panel on challenger banks asked: how important are partnerships to these digital newcomers? This week, one answer to that question came in the form of an announcement from Australia’s self-described “smartbank” – 86 400 – that it was teaming up with one of the global leaders in data aggregation and insights: Envestnet | Yodlee.

“The average Australians’ financial world can be very complex, with numerous accounts for numerous products across different financial institutions,” 86 400 CIO Brian Parker explained. “By partnering with Envestnet | Yodlee, we’ve given our customers the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money.”

Founded in 2017 and backed by Cuscal, Australia’s largest independent payments company, 86 400 offers no fee banking; card, mobile, and smartwatch-based payments; and competitive interest rates for both savers and borrowers. Via mobile app, 86 400 customers can easily monitor and manage their finances, functionality that will be significantly enhanced via the smartbank’s new relationship with Envestnet | Yodlee.

“Consumers don’t have to wait for Open Banking to access and use their own data,” Envestnet | Yodlee ANZ Country Manager Tim Poskitt said. “Envestnet | Yodlee’s data aggregation enables consumers to link their financial accounts with tools and products that deliver better financial outcomes. That’s what 86 400’s products provide.”

86 400, which takes its name from the total number of seconds in a 24 hour day, has forged partnerships in recent months with mortgage brokers like Mortgage Choice and Connective. Headquartered in Sydney, New South Wales, 86 400 won Best in Class at Australia’s International Good Design Awards. Robert Bell is CEO.


Maybe it is true, as fintech observer and wit Ron Shevlin suggested on Twitter recently, that the credit card issuers have to be scratching their heads a bit with the sudden popularity of the Buy Now Pay Later ecommerce craze-turned-trend. But as Homer Simpson famously put it, “we’re not succumbing to mass hysteria. We’re just jumping on the bandwagon.”

The latest news from the BNPL bandwagon features U.S. buy now pay later company Affirm, which announced that it would acquire Canadian BNPL outfit PayBright for $264 million (C$340 million).

“We built PayBright with the mission of making the everyday commerce experience simply better for Canadians,” company President and CEO Wayne Pommen said. “Partnering with Affirm gives us the opportunity to deliver on that promise on a much larger scale.” Pommen added that he was “delighted” at the opportunity to take “Buy Now Pay Later to the next level in Canada.”

Just where is that next level? PayBright currently has more than 7,000 retailer partners around the world, including companies like Samsung, Wayfair, and Oakley. And competition in the Canadian BNPL space has intensified of late; Australian BNPL rival Afterpay announced its expansion to the country in August.


Here is our look at fintech around the world.

Latin America and the Caribbean

  • BNamericas interviews Ruben Galindo, CEO of Mexican fintech CapitalTech on how the company has managed to serve its customers during the pandemic.
  • A partnership between FacePhi and Peruvian fintech TuSueldoYa will help businesses better manage cash advances during the COVID-19 crisis.
  • IBS Intelligence highlights four Mexican fintechs that are “transforming the financial sector”: Credijusto, Konfio, Clip, and Albo.

Asia-Pacific

  • Lightnet, a Singapore-based company that leverages blockchain technology to power its remittance offering, announces partnership with Siam Commercial Bank.
  • P2P lending marketplace Rai Capital goes live in Cambodia.
  • The Philippine Central Bank recognizes digital banks as a new bank category as part of a new regulatory framework.

Sub-Saharan Africa

  • A rare look at the evolving fintech ecocsystem in Cameroon.
  • Telkom, a telecommunications company based in South Africa, goes live with its digital wallet that enables WhatsApp based P2P mobile payments.
  • Nigerian payment infrastructure solution provider Airopay introduces a new digital payment app.

Central and Eastern Europe

  • Paysera expands to Albania, opening offices in the capital city of Tirana.
  • Polish fintech ZEN announces strategic partnership with Mastercard; goes live in 32 European markets.
  • U.K.-based cashless payment solution provider DiPocket chooses Lithuania for its office in the CEE region.

Middle East and Northern Africa

  • Emirates NBD introduces next-generation global corporate banking platform businessONLINE.
  • New report highlights Riyadh and Bahrain among “top fintech ecosystems to watch.”
  • Kuwait-based banking technology service provider VeriTech partners with Norway’s Zwipe to meet growing demand for contactless payments in the Middle East.

Central and Southern Asia

  • India-based cryptocurrency investment platform CoinSwitch Kuber announces plans for early December launch.
  • Fintech Futures takes a look at Indian challenger bank Finwego, which specializes in lending in the private school education space.
  • Swedish biometric company Fingerprint Cards teams up with Indian smartcard manufacturer M-Tech Innovations to launch contactless cards in India.

Photo by Ben Mack from Pexels

https://finovate.com/envestnet-goes-aussie-on-open-banking-bnpl-consolidates-in-the-americas/