The minds behind lately defunct peer-to-peer funds app Mezu have launched a fintech enterprise in Alviere, whose core platform, The HIVE, “streamlines and automates the supply of a broad array of economic services and products,” in keeping with the corporate.
Developed by Mezu founders Yuval Brisker and Pedro Silva, and co-headquartered in Cleveland and Portugal, Alviere gives what it describes as a plug-and-play platform for embedding monetary providers into companies that may vary from cable suppliers and resort chains to gaming.
Per a information launch: Alviere’s HIVE is a complete know-how suite that, like its title, is designed to be a hub for any monetary services and products. The HIVE is powered by a complicated, strong, high-velocity ledger, in addition to an AI-based fraud safety and identification administration engine that gives highly effective oversight, compliance and advertising capabilities. It was constructed from the bottom as much as be simply deployed in any geography, any nation and in any regulatory framework.
Services and products companies can select embody: banking by way of Federal Deposit Insurance coverage Corp.-insured direct-deposit accounts; accounting; enterprise intelligence and analytics; card processing and gateway ACH/EFT; multi-currency, cross-border funds; debit and pay as you go card issuing.
“We all know from our personal expertise the ache it takes to get a monetary service to market, so we launched Alviere and The HIVE to assist firms like us to alleviate the ache,” stated Brisker, Alviere co-founder and CEO, in a press release. “We’re excited to announce the launch of The HIVE, which is essentially the most superior and full Monetary Providers as a Platform (FsaP) available on the market as we speak. It is far more than Banking-as-a-Service, incorporating many extra capabilities than related choices.”
Alviere debuts simply a number of days since Mezu was shut down.
Mezu launched in June 2018 backed by $10 million in investor help led by Pittsburgh’s Draper Triangle Ventures. JumpStart Inc., Draper Associates, the Ohio Innovation Fund and North Coast Angel Fund had been additionally concerned.
Brisker had described Mezu as a third-generation cost system. It was designed to compete with the likes of cost apps like PayPal, Venmo, Sq. Money, and Zelle, differentiating itself with a privacy-minded platform. Mezu launched a digital debit card in partnership with Mastercard in 2019 and labored to entice customers with incentives like payback promotions and video games.
However it seemingly struggled to compete with dominance of different platforms.
The corporate introduced that the platform was shutting down Aug. 11 with anybody who nonetheless had cash of their accounts being mailed a verify for the stability.
Previous to Mezu, Brisker based, grew and finally bought B2B SaaS firm TOA Applied sciences to Oracle Corp. in what’s believed to be one of many largest venture-backed exits an Ohio firm has ever drawn.
Alviere is instantly out there for deployment throughout the U.S. and Canada and might be increasing by year-end, in keeping with the corporate.