Alviere has announced the launch of an embedded finance platform that will make it possible for brands to partner with banks to offer financial products like payment services, fund transfers, branded bank accounts, branded cards, and gift cards. Through the use of this platform, brands will be able to drive revenue, retain loyal customers and boost brand advocacy.
According to Yuval Brisker, co-founder, CEO, and President at Alviere, such a platform provides benefits for both the banks as well as the retail brands. Brands will be able to gain customers and revenue, while banks will be able to make their operations more efficient while still having access to customers for deposits and lender loans. Retail brands play the role of intermediaries between their customers and the banks.
Rather than seeing Alviere as a competitor, banks see the firm as an enabler that would spare them from handling client operations that are not very profitable on a daily basis while still bringing more customers into their fold. Thus, banks will have more time and resources to focus on products that are more profitable.
The number of bank branches in the US hit an all-time high in 2009, but this number dropped by more than 25% as banks closed down branches they had spent millions to set up as part of their bid to cut costs. Brisker identified this decrease in access to bank branches as a gap in the market and came up with the idea of Alviere as a platform that retail brands could use to bridge this gap.
Alviere's platform is backed by an AI-backed monitoring system that offers best-in-class security for real-time identification and fraud protection. Through a partnership with Alviere, brands can offer their customers a full range of payment solutions, including crypto and international transfers. Initially based in the United States, the firm is rapidly expanding to UK and EU markets after closing a $20 million Series A funding round in April 2021 and an additional $50 million in Series B investment in October 2021. Alviere also secured a funding partnership with one of the largest banks in the United States, Silicon Valley Bank, in June 2022 to fuel its drive to cater to the exponential growth in the global demand for embedded financial services.
Commenting on the services offered by the firm, Yuval Brisker, co-founder, CEO, and President of Alviere, said, "What we offer takes the e-wallet options that are currently offered by many e-commerce platforms to the next level. We make it possible for brands to offer a full range of financial products to their customers at multiple levels. Any brand with an existing customer base - whether it is a telco, a retailer, a shoe company, an automobile company, or a marketplace - can use our platform in a plug-and-play manner to deliver financial products and services to its customers. Our services extend to direct deposit government-insured checking and savings accounts, payment services, money transfers for both domestic and international transactions, cash withdrawals and deposits, as well as the standard credit, debit, prepaid, and gift card features, with the option of digital or physical cards."
Name: Yuval Brisker
Email: [email protected]
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