Klarna, the AI-powered global payments network and shopping assistant, today announced its entry into the subscription service model with the launch of Klarna Plus, issued by WebBank, now available to eligible US consumers through the Klarna app for a monthly fee of $7.99.  Klarna Plus allows members to maximize their Klarna experience through access to a variety of features and offers, including waived service fees on Klarna’s One Time Card product, double rewards points, and access to special deals with popular brands.

“Today marks an exciting milestone for Klarna with the introduction of our first-ever premium subscription service, Klarna Plus,” said David Sandstrom, Chief Marketing Officer, Klarna. “Our research indicates that dedicated Klarna users are looking for an enhanced shopping experience through a subscription model. Klarna Plus addresses this demand, allowing us to deepen our engagement with 37 million loyal US consumers, while also further diversifying a portfolio of payment and shopping solutions.”

The global subscription e-commerce market is thriving, projected to reach a valuation of US$2419.69 billion by 2028, fueled by evolving consumer shopping preferences including the continued proliferation of online retail and mobile shopping. Klarna Plus delivers a suite of premium benefits for a nominal fee. Available within the Klarna app, this new service builds on the innovative suite of best-in-class payments and shopping services, offering a subscription model that brings even more value to loyal Klarna shoppers by giving members access to a variety of exclusive offers and deals. 

Klarna Plus offers the following features at launch, with more coming soon:

• Double rewards point – Collect double points (2 points for every $1 spent) on purchases with Klarna rewards club.
• No service fees – Shop at any retailer outside Klarna's network to split payments into four interest-free installments using Klarna’s One Time Card, with no added service fees. This exclusive benefit can save loyal Klarna consumers ~$12 each month.
• Exclusive deals – Access special discounts at Nike, COACH, Macy’s, Instacart, and GOAT, totaling up to $30/month.

In addition, consumers who sign up for Klarna Plus can take advantage of a welcome offer, saving $8 on their first Klarna Plus purchase.

Klarna Plus’s debut comes during a period of substantial and continued growth for Klarna in the US market, as the company continues to evolve beyond Buy Now, and Pay Later into a 360-degree shopping and payments ecosystem. Over the past year, Klarna's US customer base has expanded by an impressive 32%, now reaching 37 million consumers. This growth is attributed to Klarna’s ongoing market innovation, with Klarna Plus being the latest addition to an expanding suite of US payments and shopping services, which today includes flexible payment options allowing consumers to pay now, pay later, or over time; as well as a comprehensive suite of shopping solutions including the AI-powered Klarna App, which now boasts over 7 million monthly users in the US. 

AffiniPay, the leader in online payments and software solutions for professionals, announced today the launch of generative AI embedded in its leading legal technology products, MyCase, CASEpeer, LawPay, and Docketwise.

“At AffiniPay, we believe generative AI can drive the type of efficiencies and insights that will result in better outcomes for our customers and their clients,” said Dru Armstrong, Chief Executive Officer of AffiniPay, parent company of MyCase, CASEpeer, LawPay, and Docketwise. “As a trusted technology partner, we have big plans to empower our customers with AI, and are excited to announce the launch of AffiniPay IQ.”

According to the newly released 2024 LawPay and MyCase Legal Industry Report, productivity is a key driver for generative AI investment, with 75% of law firms citing it as the top reason for their interest in AI. To meet this demand, AffiniPay is investing in generative AI and plans to roll out new solutions in a phased manner across the legal product suite. Starting with a MyCase beta, AffiniPay plans to extend various AI solutions to CASEpeer, LawPay, and Docketwise in the coming months.

The company’s vision is that customers will be able to utilize AI-powered conversational interface that will enable users to access their data and generate insights using natural language, directly within the interface. These future features will include:

• Case and firm search: Attorneys and staff can quickly get answers to their questions about a specific case or client, saving time in their day
• Intelligent insights: Law firms can receive customized recommendations to optimize intake, productivity, cash flow, and more
• Automation: Firms can create workflows, send payments, and open files - all by interacting with the platforms conversationally, just like they would with a trusted assistant

The first beta release of AffiniPay IQ features include document summarization and text editing, both of which will be woven seamlessly into the suite of AffiniPay’s legal products. Starting with MyCase and CASEpeer, the following AI features will be built into daily workflows:

• Document summarization: Empowers law firms to review case documents quickly using AI-generated summaries of their contents
• Text editing: AI-powered text editing embedded into the product to allow style updating, tone changes, and summarization

“We are committed to our responsible approach to innovation, and are excited to launch generative AI functionality into our software that serves our customers and their needs, and no one else,” said Bryan Thompson, Chief Technology Officer of AffiniPay. “This is the first of many thoughtful generative AI features that our team will be weaving into our product suite over the coming months.”

The second release of AffiniPay IQ features will include:

• Communication drafts: Attorneys and staff can quickly generate first drafts of client communications or invoice reminders
• Translations: Users can translate text into different languages instantly
• Task & event generation: Law firms can select and analyze text in notes, documents, or emails, and receive suggestions for tasks or events, saving time at every step
• Data population: Docketwise-specific AI feature that instantly extracts key information from copies of passports, drivers’ licenses, and birth certificates, to automatically populate immigration SmartForms

AffiniPay invites legal professionals to experience AffiniPay IQ from Jan. 29 - Feb. 2, during Legalweek in New York, where both LawPay and MyCase are sponsors.

The Formula One grid is charging into the 2024 season with a new look and new support. Today, Red Bull F1 Teams and Visa announced an unprecedented multi-year agreement where Visa will become the first global partner of both Red Bull F1 teams, bringing a new look team to the F1 grid in the form of Visa Cash App RB, formerly Scuderia AlphaTauri.

Visa’s first new major global sports sponsorship in more than 15 years, the agreement encompasses the Visa Cash App RB team, corresponding title partnership on the F1 Academy team entry, and the Oracle Red Bull Racing team. The Visa logo appears on both the Oracle Red Bull Racing and Visa Cash App RB cars as well as the F1 Academy entries from the respective teams.

“This is a groundbreaking partnership, and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet,” said Frank Cooper III, Chief Marketing Officer, Visa. “This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”

Visa Cash App RB Races into the Future

Visa Cash App RB Drivers Yuki Tsunoda of Japan and Daniel Ricciardo of Australia will sport a newly designed Visa and Cash App-inspired car livery and driver’s kit when the F1 2024 racing series kicks off in Bahrain on February 29. The full livery unveil will take place during a special Las Vegas event on February 8.

Beyond the high-impact branding opportunities with Visa Cash App RB, the two companies are committed to both propelling the team to excellence on the grid and providing cardholders opportunities to get closer to the action through team activities including behind-the-scenes access, driver meet and greets, merchandise and elevated hospitality at races.

“It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story,” said Peter Bayer, Chief Executive Officer of the newly named Visa Cash App RB team. “Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1. We have a bold vision for the team led by myself and Team Principal, Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”

Championing Equality in Motor Sports

Visa has long been committed to women’s empowerment and economic advancement through sponsorship platforms. Furthering that commitment, Visa and Cash App will join Red Bull to champion Visa Cash App RB in the F1 Academy series. The all-female driving series takes place at seven select F1 tracks over the same weekend as the F1 races. This livery will also be unveiled during February’s special event.

“We’re thrilled to embark on this journey with Visa and Red Bull,” said Catherine Ferdon, Head of Brand, Cash App. “The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there’s no greater unifier than sports. With the continued growth of Formula One in the US, this sponsorship allows us to deepen our relationship with Formula One fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers. We have a history of elevating emerging talent and look forward to sponsoring a team known for developing incredible up-and-coming drivers.”

“The birth of Visa Cash App RB is a hugely significant moment,” said Oliver Hughes, Chief Marketing Officer at Red Bull Technology. “The new identity is not simply a name change, it’s the start of a thrilling new journey designed to take the team to new levels of competitiveness and that’s demonstrated in the presence of one of the world’s most iconic brands as the team’s title partner. But, like the team, Visa is firmly focused on the future, expanding from its world-leading position in its core business to become a global pacesetter in the development of digital financial services for everyone, everywhere. Matching that commitment to future finance, Cash App joins the team as a key partner and as one of the most downloaded finance apps. The team’s new identity as Visa Cash App RB leans into a future in which the team charges towards the front of the grid every weekend.”

PayPoint and Citizens Advice Stevenage today announced the successful launch of a new online customer support product initially implemented in a trial phase from September 2023.   

The trial saw Specialist Debt Advisors at Citizens Advice Stevenage help develop and use PayPoint’s AIS Customer Support Tool, an AI-powered Open Banking solution, that has cut the time spent by Debt Advisors’ gathering and reviewing financial information of individuals seeking help from an average of three weeks per case to just minutes.

Unprecedented potential

Historically, Debt Advisors have relied on a provision of financial information in paper form such as bills, invoices, statements, and others. They have then undertaken a manual review assessing the chronology and severity of a person’s financial situation before providing their debt advice and details of their options.

Now, following consent from the individual in question, PayPoint’s AIS Customer Support Tool is able to review and summarise a client's financial circumstances in real time in less than a minute. This unprecedented time saving has enhanced the resource that Debt Advisors can commit to providing actionable advice to people, as well as improve the attrition rate of the number of people who seek help from Citizens Advice Stevenage to actually receive it. As an online tool, it has also enabled people less able to leave home to undertake face-to-face appointments to access the service more easily.

Charlotte Blizzard-Welch, CEO, Citizens Advice Stevenage, said: “We help more than 500 people a week and last year were hitting new records across the range of areas we provide assistance with, including debt management. This led us to seek out new technologies that could help us operate more efficiently and ultimately offer more support to the growing number of people that need it. 

“There are a number of routine challenges in assisting people with advice over their financial circumstances. These include relying on supplied paperwork to be accurate and up to date, lengthy waits for new statements or bills requested from suppliers or banks and the fact that sometimes, by the time our advisors have the information they need, someone’s financial circumstances may have evolved.

“The trial of PayPoint’s AIS tool has enabled our advisors to achieve an almost instant, real-time view of people’s financial circumstances, meaning they can offer their advice faster and more efficiently and reduce the number of clients who drop out of support because of difficulty in gathering data. Its impact upon wider application, in increasing the number of people we can help take action against debt, are hard to overestimate. 

Jo Toolan, Client Services Director, PayPoint said: “Our work to date with the team at Citizens Advice Stevenage is indicative of our mission to help organisations implement technological solutions that bring tangible business impact. The work of Citizens Advice is hugely valued and important in supporting people from all across the UK every day. I look forward to our continued partnership in the roll out of this tool and exploring ways in which it can be applied to the wider network with similar results.”

Wirex, a leading Web3 money app, is proud to announce the integration of Liquity's LUSD and LQTY tokens, expanding its comprehensive selection of supported cryptocurrencies. 

Users can now seamlessly engage in buying, selling, and utilizing Liquity tokens for everyday transactions with 50 million merchants in 200+ countries through the Wirex app.

Liquity, a decentralized borrowing protocol, empowers users to access interest-free loans by leveraging Ether as collateral. The loans are issued in LUSD, a decentralized stablecoin pegged to the USD that is collateralized by ETH. The protocol has achieved a significant milestone, marking 1,000 days since the deployment of its smart contracts on the Ethereum mainnet. Over these 1000 days, the protocol has issued over $4.7 billion in loans and currently has a TVL of $700M. These loans are co-secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort. Liquity as a protocol is non-custodial, non-upgradable, and governance-free.

Notably, the immutable nature of these contracts has ensured stability, coupled with an impeccable security track record since inception. LUSD stands out as a reliable and secure stablecoin and has been rated as the safest stablecoin to hold by stablecoin ratings agency BlueChip.

"We are excited to continue expanding our cryptocurrency offerings and provide our users with access to innovative projects like Liquity. The integration of LQTY and LUSD in the Wirex app aligns with our commitment to empowering users and simplifying their cryptocurrency journey," said Pavel Matveev, CEO & Co-founder of Wirex.

Sam Lekhak, Head of Growth at Liquity, commented: "Liquity is excited to integrate with Wirex to bring our decentralized borrowing protocol to a wider audience. The inclusion of LUSD and LQTY within the Wirex app enhances the utility of Liquity tokens, providing users with a seamless experience in using these assets for day-to-day transactions."

The Wirex integration opens new possibilities for crypto users, allowing them to leverage their LUSD and LQTY tokens effortlessly for everyday transactions. Beyond simple buying and selling, Wirex offers a suite of features including Cryptoback™ to enhance the overall user experience.

Philipp Povel, Co-Founder and co-CEO of Mondu said, ”This financing will significantly bolster our European expansion, enabling us to ramp up expansion across the European market and develop additional payment solutions to benefit business customers. This step further strengthens our commitment to driving innovation and value in the B2B BNPL ecosystem. We are grateful for the continued trust and support from VVRB and look forward to our ongoing partnership.”

Ralf Magerkurth, CEO of VVRB, added, “Building on the success of our partnership in Germany and Austria, we remain steadfast in our belief in Mondu’s business model and its potential for growth. Our commitment extends beyond borders, as we are excited to support their expansion into other European countries further. This step is a testament to our confidence in Mondu’s vision and capabilities, and we are proud to be a part of their journey towards reshaping the industry across Europe.”

Revolut, the global financial super app with more than 35 million customers worldwide, today launches Mobile Wallets, a new quick and easy option to send money abroad.

Mobile Wallets redefines remittance experiences by offering a low-friction, intuitive process. Users send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses. Mobile Wallets reduce potential risks associated with some traditional payment methods such as money being sent to the wrong account details or money being stuck with banks. Now, Revolut customers in the UK and most European countries (EEA) can send money to Bangladesh (bKash), and Kenya (M-Pesa) using Mobile Wallets, with other wallet routes expected to be launched soon.

Countries like Bangladesh and Kenya heavily rely on Mobile Wallets for various transactions, making Revolut's entry into these two markets timely and impactful. Customers can now seamlessly send money to bKash, and M-Pesa directly from their Revolut app, offering a handy mobile payment option for expats and international students living abroad.

Akshat Mittal, General Manager for Revolut International Payments, said,“We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. Sending money home is a problem many expats face so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.

“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”

Central 1 — a leading financial services provider to Canada’s credit unions and financial institutions — is pleased to announce a strategic partnership with Flinks, Canada’s leader in the open, consent-based exchange of financial data.

Through this partnership, Central 1 is taking an important step in enabling open banking opportunities and optionality in the credit union system.

“Open banking is all about putting control back into the hands of Canadians, allowing them to move their funds and financial information seamlessly between financial institutions and partners of their choice,” said Sheila Vokey, Central 1’s President & CEO. “As we await an official open banking regime in Canada, Central 1’s partnership with Flinks will bring much of the open banking functionality our credit union and financial institution clients have been asking for and support optionality over the long term. We are thrilled to be part of this movement in Canada.”

Founded in 2017, Flinks is a pioneer in open banking in Canada, having launched data portability programs with a number of renowned Canadian financial institutions, such as National Bank of Canada and EQ bank. By way of Central 1, Flinks’ Outbound solution will provide credit union and financial institution members and customers better control over their financial data and allow them to safely and efficiently share their financial data with various third-party applications without the need to share their banking credentials.

Flinks enables credit unions and financial institutions to accelerate and launch an open banking program today while ensuring it meets future regulations. The solution also includes accessing and distributing Open Banking API connections to a network of hundreds of fintech and application partners.

“This is an exciting time for our institution and the broader credit union system,” said Brian Harris, CEO of the newly formed Beem Credit Union. “There are now clear signs of progress towards an open banking regime in Canada. These developments will improve the member experience and foster greater competition in the financial services sector in Canada. Through Central 1, the system will be able to take advantage of open banking functionalities now and be prepared for Canada’s federal framework.”

The Central 1 and Flinks solution is expected to be available to Central 1’s credit union members and financial institution clients by mid-2024.

“The credit union system provides critical banking choice to Canadians. We are excited to round out this offering through Central 1 with progressive, accessible functionality that will significantly enhance the member and client experience and help credit unions and financial institutions to compete,” said Yves-Gabriel Leboeuf, CEO, Flinks.

Silverfort, the leading identity protection company, today celebrates raising $116M in series D funding, bringing the total amount raised to $222M. Brighton Park Capital (BPC) led the round, with participation from existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8. Mike Gregoire, founding Partner at BPC and former CEO of CA Technologies and Taleo, will join Silverfort’s Board of Directors as the company scales and continues its journey to transform and lead the identity security market.

The investment follows another record year of more than 100% growth where Silverfort added tens of millions in new Annual Recurring Revenue (ARR), and hundreds of new enterprise customers, including the largest global financial services, manufacturing, and retail companies. Ranked as the #1 Best Startup Company to Work For in Israel for the second consecutive year, Silverfort intends to grow its global team, already located across more than 15 countries and will use the additional funds to expand its platform with new innovative product modules and accelerate its go-to-market strategy with an emphasis on channel partnerships.

Compromised identities and credentials are the #1 tactic for cyber threat actors and ransomware campaigns to not only break into organizational networks but to spread inside networks. A core reason identity is the most vulnerable element in the enterprise attack surface, is the market misperception that Identity and Access Management (IAM) providers—who are in charge of managing identities—are capable of securing identities. In reality, they are not in a position to secure identity effectively, due to two major limitations:

1. The migration to hybrid and multi-cloud environments resulted in fragmented, complex enterprise environments: 92% of companies are forced to use a combination of cloud-native and on-prem identity solutions, often from multiple vendors. Each of these solutions operates as a ‘silo’, with its own local security controls, without understanding the broader context of the user’s activity and without any consistent enforcement across the organization.  
2. Many critical resources found at every company cannot be protected by IAM and identity security solutions. Resources such as command-line interfaces (used in most data breaches), legacy systems, service accounts (non-human identities), file shares and databases, IT/OT infrastructure, amongst others, are regularly used by attackers as the easiest way to access sensitive networks and avoid the existing security controls.

Silverfort spent years purposely designing its platform to eliminate the silos and blind spots that identity security suffered from for many years, which no other solution has managed to address so far. The platform extends modern identity security measures to every enterprise resource, on-prem and in the cloud, including systems that no other solution can protect, effortlessly and instantly. It enables Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), Identity Security Posture Management (ISPM), and real-time protection for privileged users and service accounts —an attacker’s prime target. By enabling these modern identity security controls holistically, even for previously unprotectable assets, customers can stop identity-based attacks everywhere (including by some of today’s most dangerous threat actors) and comply with regulations and cyber insurance requirements.

“Silverfort is one of the rare companies that has successfully envisioned how a large market will need to transform to solve a tough problem – in this case, identity security,” said Mike Gregoire. “The company has a track record of building innovative products at scale that exceed customer expectations, combined with excellent go-to-market execution. Silverfort’s deep market expertise and vision for the identity security market, as well as their ability to build a winning team and culture, are second to none. We’re thrilled to join Hed, Yaron, and the rest of the Silverfort team on the next phase of their journey to not only reshape the identity security market but lead it.”

Fimple has achieved significant success in the field of financial technologies by launching its state-of-the-art core banking platform at Dünya Katılım in just 1.5 months. This fast and innovative step was recorded as a turning point in the finance sector.

While the deployment of banking platforms usually takes months when using conventional methods, Fimple’s innovative approach radically shortened this process. Thanks to Fimple’s scalable and ecosystem-friendly platform with plug-and-play features, the construction of core banking platforms can now be done much faster.

Bringing a new breath to the financial sector, Fimple simplifies the work of industry players by enabling institutions to customize according to their own dynamics. While keeping its products continuously competitive and compliant with regulations, Fimple allows financial institutions to focus on their business models and customers. Mücahit Gündebahar, CEO of  Fimple emphasized the key factors behind their success: “Launching a participation bank platform in 6 weeks was possible thanks to our experienced team and focus on customer satisfaction. With a sustainable service model, Fimple solves fundamental needs such as continuous competitiveness and regulatory compliance of the product’s technology and function set, while financial institutions can fully focus on their business model, products, and customers.”

İkram Göktaş, CEO of Dünya Katılım, stated that one of the main reasons for choosing Fimple was the company’s ability to provide simple and effective solutions. Göktaş also emphasized the importance of the team’s flexibility, benevolence, and the ability to develop without the need for dedicated IT support, in addition to the microservices architecture.

Abdurrahman Çınar, CIO of Fimple, described the installation process at Dünya Katılım: “Thanks to its modern microservices platform, the Fimple system can technically get a bank up and running in just a few days.” The system was successfully transferred to the bank’s data center without any data loss and was operational in a short time.

Fimple’s success demonstrates the speed and capacity of digital transformation in the financial sector. The company’s innovative approach and strong technical platform offer new and effective solutions to financial institutions. This fast and effective banking platform setup serves as a model for other players in the sector. In addition to its technological achievements, Fimple has also taken significant steps in the financial field. The company raised $2 million in its first investment round and later collected an additional $3.5 million in a bridge investment round led by APY Ventures, aiming to secure Series A funding in the third quarter of 2024.