Finovate, FinDEVr Alums Earn AWS Financial Services Competency Status

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Amazon Web Services has introduced a pair of new competencies as part of its AWS Competencies Program. The program is used by AWS to designate specific industry expertise or “competency” among its network partners. And this week we learned that one of these new competencies, AWS Financial Services, features a more than a handful of Finovate/FinDEVr alums.

Earning spots in the Risk Management category of AWS Financial Services Competency Partners were FICO (FD16), FIS-Prophet (F16), and NICE Systems (F15) Four alums – Avoka (F16), Corezoid (F16), Mambu (F13), and Moven (F16) – made up more than half of the companies in the Core Systems category. IHS Markit (FD16) earned a place in the Data Management category along with two other alums, Infosys (F09) and Wipro (F15).

Avoka CMO Don Bergal credited the AWS Cloud for enabling the company to deliver solutions with the speed, security, and regulatory compliance needed to serve “the largest financial institutions worldwide.” Mambu CEO Eugene Danilkis called AWS “the future of agile, cost-effective infrastructure” for both fintech companies and FIs. Speaking for FICO, which made its FinDEVr debut in New York this spring, CTO Stuart Wells said his company will increase the amount of its risk management and compliance technology available via the cloud “powered by AWS.”

The AWS Competency Program is designed to help customers use Amazon Web Services by connecting with company’s network partners in a variety of fields. For the Financial Services competency, these fields include banking and payments, capital markets, and insurance. Amazon Web Services made the new competency announcements at its re:Invent conference this week.

Finovate Alumni News

On Finovate.com

  • Finovate, FinDEVr Alums Earn AWS Financial Services Competency Status.

Around the web

  • FIS and Trunomi team up to build a data protection solution to help FIs comply with new EU regulations.
  • PYMNTS.com looks at Concur and its partnership with China DataCom Corporation.
  • Comarch to integrate EyeVerify into its Smart Finance and Corporate Banking solutions.
  • FinDEVr alum Symbiont hires Dr. Lisa Yin as new chief security officer and chief cryptographer.
  • D3 Banking Adds Over One Million Users to its Digital Banking Platform.
  • Hypepotamus interviews Kabbage’s new Chief Technology Officer, Amala Duggirala.
  • Cachet Financial Solutions develops new prepaid banking platform for CereTel.
  • Tuition.io wins 2016 Best In Biz Awards.
  • Financial Brand: Moven Promotes Financial Health With ‘Smart Savings Account’
  • RealtyMogul.com unveils new lower minimum of $1,000 for investment in its online REIT, MogulREIT I.
  • Business Standard profiles MarketsMojo and its algorithm-based approach to stock market analysis.

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.

SigFig to Power Digital Wealth Management for Citizens Bank

screen-shot-2016-12-01-at-8-56-35-amWealthtech veteran SigFig announced today it will power digital wealth management services for Citizens Bank. The Rhode Island-based bank plans to make the service available to its clients in early 2017.

The bank, which has $147 billion in assets and already offers tailored, advice-based services, is hoping the new integration “will drive greater value for customers by providing clear information, on-demand access, and even greater personalization.” The service will guide customers through their risk tolerance, help them determine their goals, and will offer a free investment check-up. They can also opt to use a paid service that directly manages their investments.

By leveraging SigFig’s digital capabilities, Citizens Bank will be able to serve a broader range of clients. In a press release, John Bahnken, president of Wealth Management at the bank said,

“By introducing this digitally-driven platform, we are creating an investing experience that meets a wide range of client preferences and goals – from those who are just starting to invest to those who simply prefer to manage some or all of their investing with the assistance of digital.”

Today’s news is the latest in a string of recent bank partnerships for SigFig. The San Francisco-based company recently agreed to offer wealth management services to Wells Fargo, UBS, and Pershing. Launched in 2007 under the name Wikinvest, SigFig is a wealthtech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011.

Finovate Alumni News

On Finovate.com

  • SigFig to Power Digital Wealth Management for Citizens Bank.

Around the web

  • IBM helps The Mahindra Group test blockchain technology to innovate supply chain finance in India.
  • Digital River World Payments integrates its online payments platform with ACI PAY.ON Payment Gateway from ACI Worldwide.
  • Bank Innovation looks at the Secure Private Login launched by Civic.
  • Avoka wins AWS financial services competency status with its account opening solution.
  • Kasasa named a BankNews Innovative Solution Award Winner.
  • PayPal revamps its business app with new capabilities.
  • CAN appoints Parris Sanz, chief legal officer, as the company’s interim CEO while CEO Daniel DeMeo takes a leave of absence.

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.

Calling All Fintech Developers for FinDEVr London 2017

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After successful events in Silicon Valley and New York, FinDEVr is expanding internationally next year. Like its predecessors, FinDEVr London 2017 will focus on the technology side of fintech.

Through an exciting dual-track, TED-style format, presenting companies will showcase new and trending fintech tools, technologies, platforms, case studies and tutorials to an audience of 400+ software engineers, CTOs, technology architects, and other technologists. This first international event will be held on June 12 & 13 at Tobacco Dock — a unique, tech-forward venue and the perfect fit for this unique, tech-forward event.

Presenting at FinDEVr is a great opportunity for companies seeking to reach a technical audience in the fintech and financial services industry to:

  • Drive adoption of APIs/platforms/SDKs
  • Showcase new technology and the inspiration behind it
  • Establish technical leadership of the industry while educating the market
  • Garner press recognition and gather feedback on innovations

Speaking submissions are now being accepted. For more information, please review the brochure for prospective presenting companies here: london2017.findevr.com/presenterpdf.

Then fill out the online application here: london2017.findevr.com/application.

And if you’d like to be in the room but not on stage, get your ticket to attend. A special launch ticket deal is available for the month of December — a £750 savings on list price. This deal expires on December 23, though, so register soon.


FinDEVr London 2017 is partnered with BiometricUpdate.com, Finmaps, Fintech Finance, Harrington Starr, Mercator Advisory Group, SecuritySolutionsWatch.com and Women Who Code.

Seattle-Based Finagraph Completes $5 Million Financing

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In a round led by Moody’s Corporation, financial business data specialist Finagraph has raised $5 million in funding. The company, which demoed at FinovateSpring 2013 as BBC Easy, will use the fresh capital for both product development as well as increasing its market reach in North America.

“Finagraph streamlines the data collection process by replacing weeks of back-and-forth emails and phone calls with the click of a button, instantly transferring financial and credit information,” Finagraph CEO James Walter explained. “Harnessing the power of technology to automate the exchange of financial information between parties is transformative,” he said.

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Pictured (left to right): Finagraph co-founders James Walter (CEO) and Corey Ross (VP Sales) demonstrating BBC Easy at FinovateSpring 2013.

This is not the first time Moody’s has expressed interest in the company. Earlier this year, we reported that Moody’s had taken a minority stake in Finagraph, though the amount of the investment was not disclosed. At the time, Mark Almeida, President of Moody’s Analytics, said Finagraph’s technology would help “bankers make better, faster lending decisions for the growing SME market.” The current $5 million investment from Moody’s includes that funding from this spring, as well as recent contributions from other investors.

Finagraph’s flagship technology is its Finagraph Engine, which gathers, processes, and analyzes SME financial data quickly with 100% accuracy. Lenders can add the Finagraph Engine to their loan origination system or app to better collect key business data as well as compare performance against various benchmarks as well as varying time periods. Finagraph also provides its BBC Easy solution, which automates the borrowing base certificate process for lenders and SMEs, and Finagraph Academy, a collection of webinars and seminars for bankers and business owners that provide guidance on building client relationships, managing business finances, and more.

Founded in 2010 as BBC Easy and rebranding as Finagraph in 2013, the Seattle-based company demonstrated its Base Borrowing Certificate technology at FinovateSpring. In September, Finagraph’s technology was leveraged by Moody’s Analytics to build its MARQ portal, which automates the exchange of financial data between borrowers and lenders, generating the MARQ small business score in the process.

Finovate Alumni News

On Finovate.com

  • Seattle-Based Finagraph Completes $5 Million Financing.

Around the web

  • TSYS inks agreement to process debit transactions for Virgin Money’s U.K. customers.
  • Marcus by Goldman Sachs deploys Infosys Finacle core banking technology.
  • FIS to offer Early Warning’s Zelle Network P2P service as part of real-time payments package.
  • Corezoid achieves Amazon Web Services (AWS) Financial Services Competency status.
  • Cachet Financial Solutions rolls out prepaid mobile-money-platform upgrade.
  • Tradeshift launches two new joint ventures in China to meet demand for supply-chain digitalization.
  • Cortera launches Cortera Decisions, a new automated scorecard platform.
  • Taulia to power supply-chain finance solution for Exostar.
  • CHROME FCU taps NYMBUS for SmartCore digital banking.
  • Ripple hires former CME Group executive Miguel Vias as head of XRP (extended resource planning) markets.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Five Degrees Raises $10 Million in New Funding

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A new investment of more than $10 million (€10 million) will help core banking technology provider Five Degrees focus on both product development and global expansion. The funding comes courtesy of new investor Karmijn Kapitaal and existing investors, 5Square and Velocity Capital.

Calling Karmijn Kapitaal “more than just a new shareholder,” Five Degrees CEO Martijn Hohmann said the investment was a “sign of trust in our belief that delivering top technology is about people and creating an environment that is about unconventional thinking brought to perfection.” Karmijn Kapitaal partner Hadewych Cels added that the investment in Five Degrees represented a “unique opportunity to broaden” his firm’s portfolio. “We see Five Degrees as a winner in FinTech,” Cels said.

Five Degrees’ Matrix digital banking platform provides retail and private banks with a fully automated solution that supports any product or channel via a web-based, mid-office environment connected to either the client’s legacy back-office or Matrix’s. The technology can be deployed in a variety of pre-set configurations ranging from retail and SME banking to micro finance. The Matrix platform was recently deployed by LeasePlan Bank.

Five Degrees demonstrated its back-office solution, Matrix Accounts, at FinovateEurope 2016. This past spring, Five Degrees was named to FintechCity’s Fintech50 2016 and won the Banking & IT category at the Dutch Fintech Awards. Last summer, Five Degrees announced the addition of new chief commercial officer, Peter-Jan van de Venn. Five degrees was founded in 2009 and is headquartered in Breukelen, The Netherlands.

Finovate Alumni News

On Finovate.com

  • “Five Degrees Raises $10 Million in New Funding”

Around the web

  • Through partnerships with Arvest Bank and First Tennessee Bank, D3 Banking adds 1+ million users to its digital banking platform.
  • Jack Henry partners with Early Warning to offer P2P payment service Zelle to FI clients.
  • TIS deploys cloud-based forms-processing integrated with Salesforce for electricity supplier Powercor Australia.
  • Credit Karma expands operations to Canada.
  • Lending Robot files to form pooled investment fund.
  • Xero launches Xero HQ for accountants and bookkeepers.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Lleida.net Brings Connectaclick to Ecuador’s Banco Pichincha

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Fresh off its performances at FinovateAsia and FinDEVr—where the company was awarded “Favorite Alum” by conference attendees—Lleida.net announces a partnership with the largest financial institution in Ecuador. The agreement will bring Lleida.net’s electronic notification and contracting technology, Connectaclick, to Banco Pichincha and its customers in Peru, Columbia, Bolivia, Panama, as well as Ecuador. “The agreement ratifies the interest of the banking sector for contracting and notification services as an added value for their clients,” Lleida.net CEO Sisco Sapena said. “We are proud that such a consolidated bank in Latin America entrusted us for an important and sensitive area for the company.”

Lleida.net’s data-validation technology provides businesses and other organizations with confirmation of both receipt and content of electronically delivered material. The company’s Connectaclick solution, active in more than 150 countries, enables e-signature contracts to be delivered from anywhere using any device, with proof of delivery provided via registered SMS, email, or invoice. “Keep in mind that (telecom) operators are considered trusted third parties in front of the law,” Sapena explained at our FinDEVr conference this fall, adding that the technology provides an additional level of assurance that satisfied legal notification requirements. “Depending on what we say on that certificate,” Sapena said, “and depending on the case obviously, people can be jailed.”

Founded in 1995 and headquartered in Lleida, Spain, Lleida.net demonstrated its registered email and electronic contracting technology at FinovateAsia 2016. In September the company announced that it had won a key U.S. patent it said marked a “turning point” for its plans to expand internationally. Earlier this year, Lleida.net launched its Platform4Shares campaign in which the company offered its services in exchange for equity shares. The initiative was modeled after MediatorEquity, in which advertising agencies provide services to startups in exchange for a stake in the company.