Last Week in Fintech
The fintech space witnessed new deals, partnerships and launches in recent days. Here is all the news from last week that financial entrepreneurs need to know:
1. Mambu Launches Fintech Program
Last week, SaaS banking platform Mambu announced the launch of a fintech startup program. Mambu has come together with leading accelerators and incubators, including 500 Startups, Startupbootcamp, Techstars and Citi Accelerator, to kick-start this startup program. In fact, Mambu expects to sign more partners in the coming months.
This new initiative will allow startups to quickly and cheaply build innovative financing products by leveraging the Mambu platform.
“The banking industry is being disrupted with innovative fintech startups who are digitally integrated, customer-centric, simple and agile,” says Eugene Danilkis, CEO of Mambu. He adds, “Mambu wants to enable these digital disruptors to get to the market quicker by utilizing our platform, and building their vision on top of it.”
“The Mambu fintech startup program has the potential to help our accelerator startups change the world faster and easier, as it takes away a lot of tech-headache,” says Nektarios Liolios, co-founder and CEO of Startupbootcamp.
2. Two Former Bank of America Merrill Lynch Managing Directors Start Fintech Company
Paul Richards and Giles Hutson are the latest former senior bankers to join the financial technology rush. Richards previously served as managing director and co-head of EMEA Debt Capital Markets and Corporate Banking at Merrill Lynch. Giles Hutson, on the other hand, served as managing director at both Merrill Lynch and Morgan Stanley.
Last Monday, the two executives announced the launch of Insignis Asset Management, a cash management company that collates multiple bank accounts for wealthy clients. Richards and Hutson have been working on the project for 15 months, and already have 10 banks signed up to offer their savings accounts through this platform.
Insignis will offer a cash deposit service to high-net-worth clients that will electronically distribute money to other bank accounts that give the best returns.
“The cash deposit industry is experiencing dramatic changes, and these present great opportunities for frustrated savers and cash managers,” Richards said in a statement. “With low interest rates and the tedious process of moving cash between accounts, increasing their return on those assets has been complex and time consuming.”
3. Invest 2016 Explores Digital Disruption in Investment, Savings and Advice
On June 16 and 17, Invest 2016 brought together technology and strategy executives from across the wealth management community to explore the changes and the digital future of the market.
Over 750 executives from banks, investment institutes, broker-dealers and other segments of wealth management discussed how the industry’s landscape is being radically altered. Traditional leaders and new players are now bringing technology-driven solutions that offer better user experience, more investment options, lower fees and greater transparency.
Nathan Stevenson of Forwardlane, a cognitive advisory platform for wealth management and financial institutions, discussed how artificial intelligence is driving a paradigm shift in financial services. “Be bold, take that first step, talk to us about using AI in your wealth management practice,” said Stevenson.
Another session led by Neesha Hathi, head of client experience and digital platforms for individual investors at Charles Schwab, explored how digital innovation is enabling wealth management firms to drive efficiency, cut costs and enhance client experience. Hathi laid special emphasis on the importance of integrated technology for any advisory firm.
Last Week in Digital Health
With new developments on a day-to-day basis, health tech is another rapidly evolving industry. These three key updates from last week gave digital health enthusiasts lots to talk about:
1. Validic and Omnicom Health Group Partner Together
Leading digital health platform Validic and communications and healthcare strategy organization Omnicom Health Group announced a strategic partnership last week. The two leading industry names aim to help healthcare companies navigate the connected market and develop new solutions that integrate data from wearables and biometrics.
This partnership is no surprise, given that the accumulation of remotely collected patient data is becoming a necessity in health care and pharma.
“With new connected health devices introduced daily, we, and our global clients, recognize that digital communications and solutions are more impactful leveraging actionable patient data,” says Jo Ann Saitta, chief digital officer at Omnicom Health Group.
Chris Edwards, chief marketing officer at Validic, says, “We are excited to be working with Omnicom, as they have a proven track record of helping major industry brands leverage health care technology in creative and impactful ways.”
2. Medtronic Partners with Canary Health to Fight Diabetes
Canary Health, provider of digital health self-management programs, recently announced a partnership with medical device company Medtronic. This partnership is Medtronic’s first step into prediabetes care.
As per the terms of the deal, Medtronic will resell Canary Health’s self-management programs to health plans and providers. As a result of this partnership, the scale of Canary Health’s CDC-recognized Diabetes Prevention Program (DPP) will have a much broader reach.
Annette Brüls, president of diabetes service and solutions at Medtronic, said in a statement, “This new relationship with Canary Health enables us to offer healthcare organizations broader, deeper and more holistic diabetes management solutions that improve clinical outcomes and bend the cost curve, as we pursue value-based healthcare models.”
3. Jean Luc Neptune Announces Resignation from Blueprint Health
Physician, digital entrepreneur and technologist Jean Luc Neptune is a well-known name in health tech. Jean has lead several innovative healthcare projects, including the Living Lab for Digital Health. Prior to his current role as executive director at Blueprint Health, Jean served as senior vice president at Health 2.0.
On June 14, Jean announced on Twitter that he would no longer be serving as accelerator director at Blueprint Health. While he will discontinue his role at the end of this month, Jean said that he will remain a partner at this startup accelerator program and its investment fund.
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