Allied Payment Network Partners with MY CREDIT UNION

Allied Payment Network Partners with MY CREDIT UNION
  • Payments solutions company Allied Payment Network has partnered with MY CREDIT UNION of Bloomington, Minnesota.
  • The partnership will integrate Allied’s payment technology with the credit union’s Ultracs digital banking platform.
  • Headquartered in Fort Wayne, Indiana, Allied Payment Network made its Finovate debut in 2013.

Payments solutions provider Allied Payment Network will integrate its technology with MY CREDIT UNION’s Ultracs digital banking platform courtesy of a new partnership.

“Financial institutions like MY CREDIT UNION serve a critical role in their communities,” Allied Payment Network CEO Geoff Knapp said. “Their members aren’t just numbers; they’re neighbors and friends. They are allies for their community and we’re proud to be an ally for them.”

Headquartered in Bloomington, Minnesota, MY CREDIT UNION specializes in providing its members with financial wellness and banking solutions that “educate, empower, and engage.” Founded in 1957, MY CREDIT UNION has $380 million in assets, and serves its members via four branches as well as online.

MY CREDIT UNION President Greg Worthen credited Allied Payment Network for being a “community-focused organization.” He noted that this factor, among others, is what helped seal the deal. “With the combination of two, state-of-the-art platforms like Ultracs and Allied,” he said, “we’re confident we’ll be able to give our members the superior mobile-first experience they expect.”

Fort Wayne, Indiana-based Allied Payment Network made its Finovate debut in 2013 at FinovateSpring. Since then, the company has grown into a major paytech leader with 500 bank and credit union customers. Allied Payment Network offers a real-time, open-network payments model, and features a broad range of online and mobile solutions. These products and services include online billpay, P2P fund transfer, PicturePay, BizPay, PortalPay, A2A fund transfer, and Vault, a digital document storage solution.

In 2022, the company processed $3.6 billion in payment volume. This year, Allied Payment Network has forged partnerships with fellow Finovate alum Q2 in May, First Farmers Bank & Trust and Central Payments in June, Washington-based Commencement Bank and South Carolina-based United Community in September, and marketing firm Murphy & Company in October. The company also made a pair of C-suite hires in 2023. Allied began the year adding Kathi Klawitter as Chief Operating Officer. In July, the company introduced new Chief Information Security Officer James Dixon.

Allied Payment Network has raised more than $8 million in funding. The company includes Plymouth Growth among its investors.


Photo by Steven Van Elk

Eight Alums Raised More Than $984 Million in Q2 2022

Eight Alums Raised More Than $984 Million in Q2 2022

We may have missed an alum or two. But with the second quarter of 2022 in the books, here’s a look at our Finovate alumni funding for April, May, and June of this year.

As of our current count, eight Finovate alums have raised more than $984 million in Q2 of 2022. Of the eight alums that received funding in the quarter just ended, two – Allied Payment Network and Chekk – did not disclose the total amount of their investments.

Two of the quarter’s biggest investments were received in June, giving that month the lion’s share of capital raised by Finovate alums in the second quarter of the year.

Previous quarterly comparisons

  • Q2 2021: More than $2.8 billion raised by 14 alums
  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums

As we noted last year around this time, it is not unusual for second quarters to produce more moderate funding numbers compared to other quarters. And, as with last year, April proved to be an especially “cruel” month for fintech funding – at least as measured by our alums – with only FinovateEurope alum and relative newcomer Crowdz reporting funding that month.

That said, this year’s Q2 haul surpassed that of two of the previous five second quarters – and with significantly fewer alums participating.

Top Equity Investments

  • SumUp: $624 million
  • ThoughtMachine: $160 million
  • Backbase: $122 million

The top equity investment for the quarter was far and away the $624 million raised by London-based e-commerce innovator SumUp. In fact, all three of the top equity investments in Q2 of 2022 were greater than the largest investment in the previous quarter. SumUp’s massive capital infusion rivals all Finovate alum investments since NuBank raised $750 million in the second quarter of 2021.

Backbase’s fundraising of $122 million was notable because it was the first time the company had sought outside capital in its nearly 20 years of existence.


Here is our detailed alum funding report for Q2 2022.

April: $10 million raised by one alum

May: More than $178 million raised by three alums

June: More than $796 million raised by four alums

If you are a Finovate alum that raised money in the second quarter of 2022 and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by Pixabay

Alumni News– December 5, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgGreater Fort Wayne Business Weekly takes a look at Allied Payment Network and PicturePay.
  • Capital Resorts announces collaboration with Access Development.
  • Bank of Georgia buys Georgian arm of Ukranian-based PrivatBank for $51 million USD.
  • Live Mint features BankBazaar in a column on financial product aggregators.
  • Huffington Post interviews Lisa Pearson, CMO of Bazaarvoice.
  • Dwolla releases new apps for Android, iOS, and Windows.
  • Finovate Debuts: SAS Games Helps Kids Save for College by Playing Games.
  • ThreatMetrix Protected 10 of the Top 20 Online Retailers Against Fraud During Cyber Week.
  • Segmint partners with fan and consumer engagement software company, Phizzle, to deliver 1-to-1 engagements.
  • Credit Karma transitions to the VantageScore 3.0 Score provided by TransUnion.
  • Muthoot Finance picks FIS for ATM managed services, video surveillance, and network connectivity and switching.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– November 19, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgeFLOW Crowdbridge from Top Image Systems voted one of the three best ECM Solutions for 2014.
  • Technocular interviews WePay founder and CEO, Bill Clerico.
  • Allied Payment Network launches its new small business payments solution, BizPay.
  • Kapitall and Motif Investing both referenced in Investment News column on data visualization.
  • Kahuna Payment Solutions chooses e-SignLive by Silanis, bringing e-signatures into its lending platform for retailers.
  • Syd Youth partners with CSI globalVcard to promote Spend Secure.
  • Banking 20/20 interviews EyeVerify EVP of Global Sales & Marketing, Chris Barnett.
  • Silicon Republic features Fenergo software developer, Marcio Duarte.
  • Business Insider reviews FutureAdvisor.
  • Credit Sesame wins IMA Outstanding Achievement Award in Financial Services.
  • FinovateEurope 2015 Presenting Companies Revealed. Get Your Ticket this Week for Very Early Bird Pricing!.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– September 15, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMoven CEO Brett King says Apple Pay anticipates the end of physical bank cards.
  • United Way Worldwide now accepts bitcoin courtesy of Coinbase.
  • Monitise releases fiscal year 2014 financial results; announces new strategic partnership with Santander.
  • Business Spectator looks at how Apple, Google, Lending Club, and SocietyOne are part of “banking’s double disruption.”
  • Allied Payment Network announces integration of FlexPay with PicturePay.
  • Feedzai teams up with Azul Systems to speed its real-time data analysis.
  • The Washington Post features Betterment and HelloWallet.
  • Millicom and Kalixa partner to offer payment acceptance services for businesses and consumers in Africa and Latin America.
  • ProfitStars introduces Gladiator Hosted Network Solutions to enable FIs to move their IT infrastructures to the cloud.
  • Rippleshot, Braintree highlighted in Chicago Tribune column as examples of local contributors to the commerce infrastructure.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– August 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOink adds payment solutions provider Merchant e-Solutions to its Channel Partner program.
  • American Banker takes a look at Credit Karma’s plan to provide free, weekly credit reports to its 25+ million members.
  • Allied Payment Network announces 99.2% read success rate when processing payments via PicturePay.
  • Intuit to acquire tax filing software startup, KDK Software.
  • MorningStar’s Christine Benz interviews MaxMyInterest founder, Gary Zimmerman. See MaxMyInterest at FinovateFall 2014 in New York.
  • EZBOB reports boost in client volume.
  • Wall Street & Technology talks gamification and compliance training with True Office.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– February 25, 2014

Finovate-F-Logo.jpg

  • Netbanker considers why the BBVA Simple Bank deal is extraordinary.
  • American Association of Motor Vehicle Administrators selects Authentify for NSTIC Trusted Online Identities Pilot.
  • ThreatMetrix wins Most Innovative Anti-Malware Solution and Best Product Network Access Control Solution at 2014 Cyber Defense Mag Awards.
  • Tyfone unveils Fluide mobile banking platform.
  • PayPal to be the first payment provider on the latest Samsung Gear 2 smartwatches.
  • Lendio marks a year of record growth.
  • Kapitall announces $13 million in funding in round led by Linden Venture.
  • Wallaby launches Google Glass payment app.
  • ShopKeep POS wins global Gold Stevie Award for Sales & Customer Service for 2nd year in a row.
  • MasterCard partners with Syniverse to pilot location-based, anti-fraud service.
  • MoadBus to offer Allied Payment Network’s PicturePay.
  • ACI Worldwide to power online banking for Trustco Bank.
  • Bankers’ Bank to deploy Aptys SolutionsPayLOGICS originating and processing wire service.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– January 27, 2014

  • Finovate-F-Logo.jpgLending Club named #5 on Forbes’ Most Promising Companies List.
  • The Wall Street Journal mentions SecondMarket’s private shares trading market.
  • Doxo receives 2013 Award for best Software and App from the Seattle Award Program.
  • VentureBeat lists Xero and Expensify as 2 of the best back-office software applications for small businesses.
  • Billhighway Prepaid MasterCard named winner in eighth annual Paybefore Awards.
  • Bank Systems & Technology features Allied Payment Network’s Picture Pay mobile bill pay app.
  • FIS wins Frost & Sullivan Customer Value Enhancement award for FIS Mobile Wallet.
  • Credit Card Vault in the Cloud Spreedly Raises $500k.
  • Find Biometrics takes a brief look at 2013 and 2014 with EyeVerify’s Director of Marketing, Denise Myers.
  • DeviceFidelity announces availability of its IsisReady NFC cases for iPhone.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Allied Payment Network’s Partnership with Mitek Pays Off with PicturePay

Thumbnail image for AlliedPaymentLogo.jpg

Since adopting PicturePay, bank and credit union customers of Allied Payment Network have seen 5-15% month-over-month growth in transactions and 10% growth in retention rates for customers who used bill pay. This has taken retention rates as high as 98%.

This is the emerging bill pay landscape as seen from the partnership between Allied Payment Network and Mitek. With more financial institutions offering ways for customers to pay bills, a feature like mobile bill pay helps distinguish those FIs looking to maximize opportunities through the fastest growing transaction channel.

Allied Payment Network notes that half of the customers who use PicturePay never took advantage of online bill pay services in the past. And a big selling point for the technology is the ability to pay using the mobile device’s camera rather than having to type out information on a keyboard.
picturepay_homepage.jpg
The company was recently in the news with announcement of its partnership with ACI Worldwide to provide same day bill pay via PicturePay. Among the technology’s recent adopters is Ameriana Bank and, this year, Allied Payment Network announced its first credit union to deploy PicturePay.
Allied Payment Network teamed up with Mitek to present its PicturePay solution as part of the FinovateSpring 2013 event in San Francisco. See the company in action here.

Finovate Alumni News– December 19, 2013

  • Finovate-F-Logo.jpgThe Chicago Tribune lists Planwise, SigFig, Jemstep and FindaBetterBank as tools to fix your finances.
  • peerTransfer announces record setting 2013, bringing total customer base to 400 institutions.
  • Tradeshift brings in $15 million of a $57 million equity round.
  • Trustev brings in $500k from Notion Capital, Adding to the $3 Million it Garnered in October.
  • Business2Community features PaySimple.
  • Allied Payment Network teaming up with ACI Worldwide to provide same day bill pay via PicturePay.
  • Klarna acquires Sofort to become 10% of Europe’s $100 billion e-commerce market.
  • Les Muma, former Fiserv CEO, to join board of directors of FIS.
  • UAE’s Bank of Sharjah to offer CR2’s BankWorld-powered mobile banking app.
  • ayondo announces new features including open positions in profile view.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– August 22, 2013

  • FinovateLOGO.jpgForbes Magazine names FIS one of the 100 most innovative companies in the world.
  • BusinessManager from ProfitStars is driving revenue growth and customer acquisition for Great Western Bank.
  • Arroweye Solutions launches data-driven card marketing with CustomerConnect.
  • Ameriana Bank to deploy Picture Pay from Allied Payment Network.
  • Mashable takes a look at PayPal’s face-verification system for mobile payments.
  • Yodlee, Moven, and Mint featured in Wired column on the “banks of tomorrow.”
  • Narrative Science co-hosts this week’s InnovationChat at built in Chicago. See them demo at FinovateFall in September.
  • Segmint CIO David Hadley writes about building a cybersecurity framework today in BAI Banking Strategies.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– August 7, 2013

  • FinovateLOGO.jpgMasterCard CEO Ajay Banga announces MasterPass digital wallet now accepted by more than 20,000 merchants.
  • EyeVerify reaches finals in four categories of the 2013 Silicon Prairie Awards.
  • Ralph Marcuccilli, president and founder of Allied Payment Network, talks about the benefits of photo bill pay.
  • ProfitStars introduces hosted version PROFITstar Budget Manager, supported by Windows Azure for cloud computing. First Interstate Bank replaces Excel-based budgeting process.
  • U.S. PayPal users given option to withdraw money using MoneyGram.
  • London Loves Business blog highlights Nutmeg, Zopa, and Wonga as well-known London-based fintech startups.
  • Cardlytics names Jim Morgan as first CFO. Come see Cardlytics demo at FinovateFall in New York September 10 and 11.
  • PreCash launches PayConnect mobile and online bill pay platform.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.