Last month, Discover Global Network (DGN) announced its support of two fintech scholarship contests hosted by the Center for Financial Services Innovation (CFSI), an authority on consumer financial health, and Gefen Capital, an investment group representing U.S. and Israeli investors that focuses on investing in Israeli startups.
The contest winners, Lenny, Debitize, and PayKey, received financial awards from CFSI and Gefen Capital, and were given the opportunity to demonstrate their unique solutions in the DGN exhibition booth onsite at Money 20/20 in Las Vegas, the largest payments and innovation conference in the world. Each of the winners represent the emerging fintech sector and offer a glimpse at the breadth of the evolving payments market that DGN seeks to foster.
“We are committed to a partner-focused approach in the constantly evolving payments market,” said Amy Parsons, vice president of global commerce at Discover. “DGN has a long history of working with partners to deliver innovative experiences, and as a global network, can help partners more quickly achieve scale and access. Our involvement with CFSI and Gefen Capital represents a continuation of this tradition, as we offer startups the opportunity to bring their vision to a global stage.”
Congratulations to the winners of the CFSI and Gefen Capital Fintech Scholarship Programs. Descriptions of the business models provided by each winner are listed below.
Winners of the CFSI Money20/20 Fintech Scholarship Program include:
- Lenny is an app-based lending platform targeted toward millennials with an eye toward helping build credit scores. Users are able to request an initial credit line with potential balance increases available on a quarterly basis. Funds are provided either by direct deposit to a bank account or as peer-to-peer payments. Users are guided on a path to improve their credit scores by addressing five components: payment history, credit utilization, new accounts, credit mix and length of credit history. The combination of a mobile-first mentality coupled with not just credit, but credit education, makes Lenny a standout in emerging fintech.
- Debitize is a personal finance app that brings the surety of a debit card to the credit card experience. Debitize monitors your credit cards for purchases, automatically transferring money out of your checking account and into your Debitize account when a purchase is detected. Payments are automatically made from this account to the credit card issuer when the credit card bill is due, decreasing the risk of late payments. If a user does need to make a larger purchase, Debitize will attempt to optimize payments to reduce credit utilization and reduce the debt within the parameters set by the user. Automation to alleviate one of the biggest concerns for credit card users, overspending, and again education, help a millennial audience build their credit scores.
Winner of the Gefen Capital Fintech Scholarship Program:
- PayKey is a peer-to-peer payment service that enables payments within existing social networking apps like Facebook Messenger, WhatsApp, Twitter and more. By offering the service via a custom iOS keyboard, it allows users to stay within their favorite messaging apps and authorize to pay without leaving the chat. PayKey works directly with banks to address the security of payments through the keyboard. PayKey has unlocked a compelling puzzle with seamless integration of payments into existing social messaging.
For more information on partnering with Discover Global Network, please visit www.discovernetwork.com
Promotion of contest winners by DGN is limited to this event. We don’t advocate, support or promote the business of the contest winners, and make no representations or warranties regarding the goods or services offered by these companies. Please contact these companies directly for more information.