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Reseda Group Invests $2M in Five Fintech Startups

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Reseda Group Invests $2M in Five Fintech Startups

Reseda Group, a wholly owned credit union service organization (CUSO) of MSU Federal Credit Union (MSUFCU), today announced it is investing more than $2 million to support five emerging fintech companies – Strivve, Facteus, Pocketnest, Tandem and Ascent – as part of its commitment to discover and elevate innovative technology and solutions to revolutionize the credit union industry and member experience.

Reseda Group invests $2M in dynamic fintech startups transforming the credit union industry and member experience.

“We are pleased to support this group of dynamic fintech startups that are transforming the way credit unions engage with their members and members engage with their money,” said April Clobes, President and CEO of Reseda Group and MSUFCU. “As the credit union industry continues to embrace fintech partnerships to build out stronger digital experiences and new growth opportunities, Reseda Group is proud to help foster next-generation technologies and make them more accessible to credit unions.”

Reseda Group’s fintech investments include:

  • Strivve, a startup based in Seattle to help credit unions increase card usage and transaction volume by providing cardholders a way to instantly add or update cards online through its platform. It utilizes first-of-its-kind automation to instantly place any new or reissued credit card on any online account – at one time, in one place.
  • Facteus, a leading data-as-a-service (DaaS) company headquartered in Portland, Ore., specializing in providing comprehensive consumer spending data to businesses in the financial sector, retail, government, research, and beyond. Through its innovative, AI-driven platform, the company delivers actionable insights derived from alternative data sources, empowering clients to make data-driven decisions.
  • Pocketnest, a Detroit-based, fintech mobile app that licenses and white-labels its financial wellness software to financial institutions and employee wellness programs to coach their communities to comprehensive financial wellness – while driving business growth and identifying revenue opportunities.
  • Tandem, a platform that is creating the infrastructure to capture the entire household’s financial product purchases from day one. Tandem helps Gen Z and Millennial couples navigate their first money milestones and ultimately their financial futures by introducing them to life-stage relevant financial products.
  • Ascent, a New York startup building the next-generation data platform that provides financial institutions with the tools and knowledge required to service their customers.

The investment in Pocketnest follows its pilot with five credit unions, including MSUFCU, where it is now fully available to all members. Tandem is also currently in pilot at MSUFCU, and both Ascent and Strivve will be launching pilots with the credit union this summer.

About Reseda Group

Headquartered in East Lansing, Michigan, Reseda Group is a wholly owned credit union service organization of MSU Federal Credit Union (MSUFCU). Formed in 2021, Reseda Group helps credit unions remain relevant and competitive by delivering the best products and services to their employees and member-owners through investing in strategic partners that bring innovative technology, digital resources, and credit union industry solutions to market.

Fintech

SquaredFinancial introduces its Social Trading tool on MetaTrader 4, a functional solution that proffers convenience and efficiency

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As part of its commitment to meet traders’ investment needs and offer them convenience and efficiency, industry-leading fintech firm SquaredFinancial introduces its Social Trading on MetaTrader 4 platform (MT4). This functional solution gives traders, who should have an understanding of the potential risks, easy access to copy trading on this industry-standard and go-to-choice platform.

MT4 enthusiasts, whether beginners or professionals, can now mirror top-performing trading strategies with full control of their positions. As such, traders can utilize SquaredFinancial’s Social Trading regardless of the MetaTrader platform they prefer. It is a cross-server solution that allows MT4 traders to copy the strategies of professionals on MT5. It is also possible for MT5 traders to follow strategies on MT4.

Since its inception in 2005, and with nearly two decades of stability and expertise in the fintech industry, SquaredFinancial has banked on technology to offer financial inclusion, reliable quality service and a seamless trading experience to its clients from different backgrounds. Traders interested in this product are invited to visit the company’s website at sqfin.com to open an account and start their journey.

About SquaredFinancial

SquaredFinancial is a well-capitalized FinTech firm founded in 2005. It aims at becoming a one-stop shop that meets investors’ financial needs. With around two decades of experience in financial technology and trading, it offers global solutions to traders of different generations and backgrounds, who are looking for an intuitive and sophisticated investment gateway. It is led by market experts and leadership veterans who share a passion for trading and a vision to reshape the industry landscape. As a regulated firm, it provides investors with an online platform backed by cutting-edge technology that offers the opportunity to trade a wide range of instruments from different asset classes.

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UK-based fintech Nuke From Orbit raises £500k pre-seed funding to deliver smarter smartphone security

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The funding will propel Nuke From Orbit’s innovative approach to smartphone security and fuel the expansion of their partner base as the startup prepares to launch their partner portal.

Nuke From Orbit, a fintech startup based in the UK, has raised £500,000 in a pre-seed round to take its product to market. The startup, which aims to revolutionise mobile security, attracted leading investors with its innovative approach to protecting financial accounts and personal identifiable information (PII).

The funding comes from several UK-based companies and investors, including Oliver Bridgen, Co-Founder & COO of specialist FX broker Ballinger Group, and Jordan Hallows, founder of Wey Bridging Finance.

Mobile phone theft is increasing, with one reported stolen every six minutes in London. With smartphones increasingly used to run people’s lives, having a phone stolen is no longer just about replacing a handset; there is critical, valuable data stored on it. If criminals access it, the potential financial and reputational damage can be significant. Nuke From Orbit was founded to tackle this rising problem by providing the instant invalidation of stolen data. It cancels bank cards, secures digital accounts (banking apps, email, digital wallets, social media, etc.), and blocks the device SIM in a single action.

”We are thrilled for the support from our investors who believe in our mission to safeguard mobile data. This investment is not just a financial boost, but a propelling force that will catapult us towards expanding our partner base as we gear up to launch our dynamic partner portal.

Our focus is clear: we’re on a mission to halt cybercriminals in their tracks, ensuring that people’s invaluable data remains secure and out of reach from prying eyes. While this monumental task has only been partially tackled before, with the backing of our investors, we’re now in a power-packed position to turn this ambition into reality.

We’re not just aiming to disrupt the mobile security market, but we’re on a journey to redefine it. A huge thank you to our investors for believing in us and supporting us as we embark on this exciting adventure,” said James O’Sullivan, CEO and founder of Nuke From Orbit.”

Lead investor Bridgen added, “The knock-on effects of mobile phone theft is a huge problem that no one has adequately got to grips with. After analysing the size of the addressable market, I was confident to support Nuke From Orbit’s mission to combat the growing threat of cyber and financial crimes.”

Nuke From Orbit will partner with financial, telecommunications, social media, De-Fi and other technology providers who give users access to platforms through mobile applications and interfaces.

The company will use the funding to prepare the technology for public beta testing in the UK market in late 2024 and expand the team to bring partners on board. Subsequently, Nuke From Orbit plans to take the service global, prioritising countries with high smartphone adoption, higher crime rates and strong traction in modern financial services such as Open Banking.

About Nuke From Orbit:

Founded in 2023, Nuke From Orbit is a UK-based company developing a service that allows subscribers to block access to multiple services and accounts simultaneously, avoiding account compromise issues and monetary loss when their smartphone gets stolen.

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Japanese Fintech Leader Smartpay, partners with Chubb Insurance to accelerate digitization of the Japanese Insurance Industry, Anticipated to Surge to 80 Trillion Yen (USD $500 Billion) by 2027

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The partnership between Smartpay, one of Asia’s fastest growing fintechs and Chubb, a world leader in insurance with operations in 54 countries and territories, has been established for the development of digital insurance products for Japanese consumers needs.

The need for service innovation in the Japanese insurance industry

In the Japanese insurance industry, innovation is expected to respond to the changes in the digital economy requirements from consumers post-COVID.

  1. Demand for more efficient and smoother digital user experience with personalized insurance purchase processes and real-time support
  2. Easy payment processes with digital-first security measures and strong consumer data protection.
  3. The insurance market will be primarily made up of digital purchases, adding 80 trillion yen by 2027.

Why Smartpay and Chubb are partnering:

Sam Pemberton-Ahmed, CEO and Founder of Smartpay, says “The vision we have as partners is ’embedded insurance’. Embedded insurance allows consumers to purchase insurance that complements the products they are purchasing, such as furniture and travel packages, at the point of checkout. By integrating insurance into the customer journey at checkout and providing it in a personalized manner, users can purchase insurance seamlessly at a price that suits their needs.”

Japan’s Travel Insurance Market is estimated to be USD 678.89 Mn in 2023 and is expected to reach USD 1523.76 Mn by 2028, growing at a CAGR of 17.55%. 47% of Japanese travelers who have purchased travel insurance since the pandemic are seeking a new way to buy travel insurance different from the traditional methods. Embedded insurance is expected to lead the way in new practices to buy insurance and drive the growth of the expanding Japanese insurance market.

Making ‘Embedded Insurance’ that Drives Insurance Market Growth More Accessible with Smartpay and Chubb.

Sam Pemberton-Ahmed says, “We are honored to collaborate with Chubb’s world leading team and insurance products to integrate with our Japanese leading payment and digital finance solutions.”

In December 2022, Smartpay launched “Smartpay Bank Direct”, Japan’s first and only digital financing service that allows customers to pay for online purchases straight from their bank accounts. This service has given Japanese consumers who prefer not to pay by credit card (which is 70% of purchase in Japan), a digital payment method that aligns to their needs and provides convenient digital financing and installments.

Smartpay is the only payment company in Japan that has signed and integrated with the 20 largest banks in Japan and over 200 credit unions thus accessible to 90% of Japan’s population with bank accounts. Smartpay Bank Direct was developed with the Japan Electronic Payments Promotion Organization (JEPPO).

Addressing security concerns, Smartpay uses industry best practices, including user verification, two-factor authentication, biometric security, data encryption, and 3DS. Prioritizing security, Smartpay introduced 3D Secure ahead of the mandatory introduction by Japan’s Ministry of Economy, Trade, and Industry.

Chubb has a strong track record in leading digitalization and technological innovation with partnerships in the insurance industry. An example is their partnership with the Southeast Asia-based super app Grab, which started in 2018. This collaboration allowed Chubb to provide insurance products to millions of Grab users. Additionally, Chubb teamed up with Brazil’s Nubank to offer fully digitalized life insurance. This partnership enabled local customers to access a wide range of financial services.

By combining Smartpay’s achievements of various domestic initiatives, such as Smartpay Bank Direct and Chubb’s innovation in the insurance field, the two companies will provide innovative digital insurance solutions in the future, starting with embedded insurance in Japan.

Smartpay Corporation, which provides the digital financing service “Smartpay” (Headquarters: Minato-ku, Tokyo, Managing Director and Chief Revenue Officer: Naoya Otsubo, hereinafter referred to as “our company”), has entered into a business partnership with Chubb Insurance, a Japanese subsidiary of the world leader in insurance, Chubb Group (hereinafter referred to as “Chubb”), for the development and provision of digital insurance products.

About Smartpay

Smartpay is introducing several first-to-market features in Japan for both consumers and merchants. For consumers, Smartpay is the first in Japan to offer no interest, no late fees, and free of charge services. It provides the only checkout process with credit card or direct from bank account that takes less than 10 seconds and with a hassle-free fully automated installment experience. Additionally, there is no need for consumers to visit a convenient store for installment payments or have cash ready for delivery, and there is no information sharing anxiety for consumers with merchants they don’t know. The service offers three installments over an eight-week period.

For Japanese merchants, Smartpay takes all the fraud risk, which is critical as we transition to digital payments. It manages all fraud chargebacks, saving money, time, and resources for merchants. Smartpay’s integration process is fast, requiring only a day with its highest quality SDKs and APIs compared to the industry norm of two weeks. Apple Pay and Google Pay are automatically integrated into the Smartpay solution, saving merchants from costly integration resources. Additionally, Smartpay offers free e-commerce training for 10,000 Japanese merchants to learn e-commerce best practices in increasing website conversions, attracting new customers, and increasing the average order value for businesses.

About Chubb Insurance Japan

Chubb Insurance Japan provides property and casualty, accident and health, automobile, travel and other types of insurance to both individuals and businesses. Chubb Insurance Japan has over 100 years of experience in the Japanese market, through its predecessor companies, the longest among all foreign insurers in Japan.

Chubb Insurance Japan is rated AA- by Standard & Poor’s (as of March. 2024).

About Chubb Group and Chubb Limited

Chubb is a world leader in insurance.  With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. We combine the precision of craftsmanship with decades of experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes.

Chubb is also defined by its extensive product and service offerings, broad distribution capabilities, direct-to-consumer platform partnerships, exceptional financial strength and local operations globally. The company serves multinational corporations, mid-size companies and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.

Chubb has $228.8 billion in assets and reported $57.5 billion of gross premiums written in 2023. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.(As of March 2024)

Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.

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