Misys Launches FusionBanking Essence Islamic

Misys Launches FusionBanking Essence Islamic
By David Penn Posted on
Categories: Misys

MisysFusionIslamic_homepage_May2015

When you think of the underbanked, the Islamic world may not immediately come to mind. But the launch of Misys FusionBanking Essence Islamic banking solution suggests that the Finovate Best of Show winning banking innovator has been thinking about the sector for awhile.

Calling Islamic banking ripe for disruption, Mahmoud Tallat—product manager, FusionBanking Essence Islamic—pointed to the sector’s growth of more than 17% a year compared to its poor return on equity (12.6%) compared to the rest of the industry (25%). He also highlighted the importance of getting both Sharia-compliance and superior service right: A survey by PricewaterhouseCooper showed only 52% of Islamic banking customers believe their bank to be “truly Islamic.”

With regard to service, this means both providing the unique tools and resources required for Islamic banking, as well as increasing the number and quality of products available to customers. Misys notes that the average products per customer in conventional banking is more than twice that in Islamic banking (4.9 compared to 2.1).

Decades ago, Misys brought online the first Islamic bank in the United Kingdom, Al Rayan Bank, formerly the Islamic Bank of Britain. Misys believes that its platform experience—embrace of technology, 24/7 response, and social aspect—put it in the unique position to help “ambitious Islamic banks … accumulate new customers and increase their share of wallet.”

FusionBanking Essence Islamic features pre-configured, Sharia-compliant products, including Murabaha and Finance Ijara instruments. The platform uses these “pre-defined micro workflows” to give banks more control over individual elements of an Islamic banking product: In other words, it has already streamlined those regulatory elements that traditionally have made Islamic banking more complex and costly.

Founded in 1979 and headquartered in London, Misys has made three appearances on the Finovate stage, most recently in February at FinovateEurope 2015. Nadeem Syed is CEO.

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Bitcoin-based P2P Lending Platform Bitbond Raises $670,000

Bitcoin-based P2P Lending Platform Bitbond Raises $670,000
By Julie Muhn (@julieschicktanz) Posted on
Categories: Bitbond, Funding

BitbondBrowseloans

Global bitcoin-lending platform Bitbond today announced receipt of $670,000 (€600,000) in an angel funding round. Combined with its $220,000 (€200,000) seed round in August 2014, the startup’s funding now totals just under $900,000.

Early investor, Point Nine Capital, led the round, and a host of angel investors also contributed. Business angels include:

  • Florian Heinemann
  • Uwe Horstmann
  • Christian Vollmann
  • Felix Jahn

The Berlin-based company counts 10,000+ registered users from 120 countries. Bitbond’s goals for the new funding are to grow its user base and increase activity in emerging markets underserved by traditional lenders.

Since launching to the public in July 2013, Bitbond has originated more than 600 loans through its platform.

Bitbond’s mission is to make global borrowing and lending more accessible, and it does that by using bitcoin to create a global market for small business loans.

You can find an in-depth look at Bitbond’s platform in our Finovate Debuts series.

At FinovateEurope 2015 in London, Bitbond debuted its Autoinvest feature that uses an algorithm to allocate lenders’ funds automatically and according to their preferences.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, Azimo, Coinbase, Digital Insight, Fiserv, Intuit, Lendio, LifePay, Lighter Capital, Malauzai Software, Misys, PayNearMe, PayPal, Sekur.me, WePay

On Finovate.com

  • Bitcoin-based P2P Lending Platform Bitbond Raises $670,000
  • WePay Closes $40 Million Series D Round Led by FTV Capital
  • Misys Launches FusionBanking Essence Islamic

Around the web

  • SEKUR Me debuts Apple Pay for online purchases featuring universal buy-button and one-click mobile payments.
  • Intuit launches Sync with PayPal to help SMBs simplify tasks with QuickBooks online data-integrations.
  • LifePay announces plans to expand into Southeast Asia in wake of ipoxPro acquisition.
  • The Guardian highlights Azimo as a “well-established” alternative to banks regarding money-transfer overseas.
  • NYSE’s new Bitcoin Index is powered by Coinbase.
  • Anheuser-Busch Employees Credit Union to deploy online- and mobile-banking solutions from Digital Insight.
  • Merck Sharp & Dohme Federal Credit Union adds processing and additional solutions from Fiserv.
  • Community Banks and Credit Unions go live with Touch ID in mobile banking through Malauzai Software.
  • Arxan appoints Sam Rehman as chief technology officer.
  • Nerdwallet features Seattle-based Lighter Capital.
  • Bankless Times talks with Brock Blake, Lendio CEO, about the company’s success.
  • PayNearMe to offer its cash payment service to Telinta’s service-provider customers.

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.

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Mobile Youth Banking: Union Bank’s Yuby is a Good Start for the Grade-School Set

Mobile Youth Banking: Union Bank’s Yuby is a Good Start for the Grade-School Set
By Jim Bruene Posted on
Categories: DoughMain, FamZoo, PlayMoolah, Youth market

yuby_homeEven if you don’t have young children, I’m sure you’ve noticed how even pre-teens these days are hunched over their smartphones. So, if you want to get your core customers’ kids engaged with the bank, your strategy pretty much must begin with, and can probably end with, mobile.

Banks haven’t really been able to devote resources to mobile youth banking as yet. The financial crisis hit at the same time the iPhone came out (unrelated, I believe), so it wasn’t really until the dust settled a few years later that v1.0 (adult) mobile banking was introduced. Now, most banks have a solid v2.0 in place and can start developing niche services for certain segments of their customer base.

Union Bank is one of the early entrants in mobile youth banking. It launched a dedicated app a year ago (press release) called Yuby (see landing page below). It was built for them by Mutual Mobile, an app developer which has also worked for Finovate alum Clover.

How it works
The app is very basic (see inset) and includes no ties to actual account data at Union Bank or anywhere else. Basically, it does just three things:

  1. Money tracking: Kids can add or subtract money from their virtual account, but only if a parent authorizes the transaction with a parental PIN—to be typed into the app on the child’s phone; there is no dedicated “parent app.” A simple transaction feed (below) shows the flow of funds in and out of the account.
  2. yuby_transflowBasic chore list: It’s easy to add a chore, but there is no tracking or integration with the child’s allowance.
  3. Wish list: The app includes an area to establish multiple savings goals. And it automatically explains how long it will take to save for the goal if the child’s entire allowance is devoted to it.

Thoughts:
This is a great way to start. It’s a simple app, which means no integrations, no security audits, or compliance issues. No personal info is saved (other than a photo), so privacy is not an issue. Basically, it’s a mobile version of a sheet of paper and a pencil. But it’s much more engaging to port those simple functions to a mobile app, where a child/parent can always find it.

This is a good app for the grade-school set. However, it needs a functionality upgrade for the teen crowd. While older kids can still use it, once they are old enough for a debit or prepaid card, the app needs integration to actual bank accounts, both the child’s and parents’.

Resources:
At our Finovate events, we’ve seen a number of youth-banking use-cases presented, usually around debit and/or prepaid. The most recent from CBW Bank, who just last week showed us a glimpse of the future with an iOT integration that would allow parents to control fuel purchases for a specific vehicle (video coming later this week here).

There have been a number of memorable youth banking demos over the years, though none were specifically mobile-optimized. Of the six listed below, only FamZoo and PlayMoolah are known to be active at this time. The other four, in our view, were simply too early, or too complex, to make a business out of youth-banking services. Here are links to the demo videos:

Finally, there is Skill-Life’s Money Island, which was Finovate’s first youth-banking demo in fall 2009. The company was snapped up in 2010 and is now the basis of BancVue’s financial education service.

———

Union Bank Yuby Landing Page (link)

unionbank_yuby_lander

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Ripple Labs Reels in $28 Million, Eyes Asia Expansion

Ripple Labs Reels in $28 Million, Eyes Asia Expansion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Ripple

RippleScreenshot

Back in January, we speculated about a funding round for Ripple Labs. Today, the organization behind the Ripple Protocol officially announced it closed the venture round, which totals $28 million. Added to the three rounds the company received in 2013, the San Francisco-based company’s total funding stands at $37 million.

Major investors in the new round include:

  • IDG Capital Partners
  • Venture arm of CME Group
  • Seagate Technology
  • AME Cloud Ventures
  • ChinaRock Capital Management
  • China Growth Capital
  • Wicklow Capital

This global mix of venture capital and strategic investors aligns with Ripple’s focus on banking in tandem with worldwide corporate treasury use-cases. Dave Morton, senior VP, finance and treasury at Seagate Technology says, “With its real-time settlement capabilities, we recognize the opportunity for Ripple to reduce money-transfer costs, create transparency, and increase working capital in corporate treasury use-cases.”

Larsen plans to use the funds to expand into Asia and facilitate customer onboarding by supporting more access to liquidity in the Ripple system. Also supporting the Asia expansion effort, IDG Capital partner’s Li Feng will join Ripple Labs’ board of directors. Feng was an early investor in Baidu, Tencent, Xiaomi and CreditEase.

According to Chris Larsen, CEO and co-founder of Ripple:

Our mission is to modernize decades-old payments infrastructure with IP-based technology so value moves around the world as freely, easily, securely and transparently as information on the web today. Financial institutions, market makers and corporations are laying the foundation for this internet of value, contributing and providing liquidity for global payments. With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers.

Ripple seeks to create another set of rails for international money-transfer by functioning as a distributed-payments technology that connects the world’s disparate financial networks to securely transfer funds in any currency in real time.

Ripple Labs debuted as OpenCoin at FinovateSpring 2013.

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Planwise Raises $750,000, Nearly Doubling Total Capital

Planwise Raises $750,000, Nearly Doubling Total Capital
By David Penn Posted on
Categories: planwise

Planwise_homepage_May2015

Personal finance management specialist Planwise has raised $750,000 in new seed funding. The round was led by Homeloans Ltd., an Australia-based, listed lender, and featured participation by angel investors from Silicon Valley and Australia,

The investment brings the company’s total funding to $1.6 million.

Planwise provides consumers with a variety of tools to help with major financial milestones, from buying a car and managing personal loans to picking the right mortgage. The funding coincides with the launch of PlanwiseConnect, a home-buying/affordability browser plug-in that integrates with every property website in the United States, according to Planwise founder and CEO Vincent Turner.

PlanwiseConnect is being marketed directly to consumers. But lenders can license the technology and provide it to their potential mortgage customers, making sure to remain a part of the home search process.

Planwise was founded in 2011 and is headquartered in San Francisco, California. Planwise demoed its technology as part of FinovateFall 2011 in New York.

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Credit Sesame Raises $16 Million in New Funding

Credit Sesame Raises $16 Million in New Funding
By David Penn Posted on
Categories: Credit Sesame

CreditSesame_homepage_May2015

Q. What’s one of the few things more exciting than demoing your technology at Finovate this spring?

A. Having a $16 million investment waiting for you when you return home.

That’s the story of Credit Sesame, which combined its latest appearance at Finovate with news of $16 million in new funding.

The Series D round was led by Syncora Alternative Investments, and featured participation from IA Capital, Inventus Capital, Globespan Capital, Menlo Ventures, and other investors. IA Capital Partners served as an adviser to Syncora. The additional funding will help the company expand its credit and loan-management services; “ramp up” marketing; and open offices in San Francisco. Credit Sesame’s total capital stands at more than $35 million.

Credit Sesame specializes in helping consumers get access to and track their credit and loan data. The service provides free credit scores and monitoring, including daily alerts, identity-theft protection, and analytics tools to help consumers better manage their personal credit, or choose the right mortgage or auto loan. Credit Sesame has more than five million registered users, and monitors more than $128 billion in loans.

A five-time Finovate alum, Credit Sesame was founded in 2010 and is headquartered in Mountain View, California. The company launched its co-branded service with Siri integration at FinovateSpring 2015, featuring partner, Iontuition. The video of the demonstration will be available in our Video Archives section by the end of the week.

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P2P Lending Meets High Street Banking as Metro Bank Partners to Lend Via Zopa

P2P Lending Meets High Street Banking as Metro Bank Partners to Lend Via Zopa
By David Penn Posted on
Categories: Zopa

Zopa_homepage_May2015

Great Britain’s first P2P lender Zopa has teamed up with Metro Bank to combine P2P lending with “high street banking.” The first-of-its-kind deal makes Metro Bank the first bank in Great Britain to lend via a P2P platform.

Metro Bank will lend customer deposits through the platform. The bank has £3 billion in deposits and typically lends half that amount. Zopa currently provides £45 million in consumer loans a month, and has lent more than £850 million since inception.

A few metrics on Zopa:

  • More than £50m in interest earned by Zopa investors
  • More than 170,000 borrowers and more than 50,000 active lenders
  • Average loan size £7,500
  • Average historical return to lenders: 5%
  • Historical bad debt: 0.25% since 2010

The deal will make it possible for Zopa to expand significantly the loans it provides. Zopa co-founder and CEO Giles Andrews underscored the point in a statement, noting that the arrangement is a “clear sign that Zopa is a trusted platform not only for consumers, but also institutions to deploy their funds.”

Closer relationships between institutions and P2P platforms has drawn criticism from some who say that institutional participation will crowd out individual investors. Against this, Zopa notes that loans are allocated at random between institutions and individuals, and that both investors earn the same rates of interest based on loan length.

Founded in 2005 and headquartered in London, Zopa demoed its technology as part of FinovateStartup 2008.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Avoka, Bill.com, BillGuard, Cloud Lending, Coinbase, Credit Karma, Credit Sesame, D3 Banking, INETCO Systems, Intuit, Jumio, Kabbage, Kony Solutions, Kreditech, MasterCard, On Deck Capital, PayItSimple, PayPal, planwise, Prosper, Ripple, TransferWise, Trulioo, ValidSoft, Venmo, WePay, Zopa

On Finovate.com

  • PayItSimple Pulls in $10 Million Line of Credit
  • Ripple Labs Reels in $28 Million, Eyes Asia Expansion
  • P2P Lending Meets High Street Banking as Metro Bank Partners to Lend via Zopa
  • Credit Sesame Raises $16 Million in New Funding
  • Planwise Raises $750,000, Nearly Doubling Total Capital

Around the web

  • Fox Small Business News names 11 Finovate alums in list of Hot Fintech Startups to watch.
  • Edenred México S.A. incorporates INETCO’s Insight software platform.
  • D3 Banking taps Jeffrey Walker as chief information security officer.
  • MasterCard launches P2P payments service, MasterCard Send, to help businesses reimburse rebate consumers without checks.
  • nTrust to deploy ID verification technology from Trulioo.
  • North American Savings Bank (NASB) partners with ACI Worldwide for online, mobile banking and billpay.
  • Avoka, Bill.com, BillGuard, CoinBase, Credit Karma, Jumio, Kabbage, Kreditech, OnDeck, Prosper, TransferWise, Trulioo, Venmo and WePay earn spots on Inc.com’s “20 Financial Technology Startups You Need to Know.”
  • ImageWare selects ValidSoft’s voice biometrics solution.
  • Kony teams with Citrix, to offer customers a mobile app solution from mobile design and development to enterprise mobility operations.
  • Altifi.com features Cloud Lending Solutions’ Cloud Lending Exchange.
  • ZD net: Intuit tightens PayPal integration with data synchronization app.

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.

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PayItSimple Receives $10 Million Line of Credit

PayItSimple Receives $10 Million Line of Credit
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, PayItSimple

PayItSimpleHomepage

Installment-based payment platform PayItSimple is off to a good start this week. The company announced today it received a $10 million line of credit from New York-based Simpel Management.

The funds will be used to enable merchants on the PayItSimple platform to offer their customers an interest-free way to purchase large ticket items in multiple installments using their existing credit cards. While customers pay over time, merchants receive the entire payment up front.

PayItSimpleCheckout

For an in-depth view of how it works, check out our previous coverage.

PayItSimple debuted at FinovateFall 2014 in New York.

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FinovateSpring 2015 in the Press

FinovateSpring 2015 in the Press
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2015

FinovateSpring2015PressIMG

As always, we had a blast watching the 71 companies demo their new tech live in front of the FinovateSpring audience in San Jose. It’s almost as fun to relive the conference through post-event press coverage and Twitter highlights.

Below is the press coverage so far. We’ll be adding articles as they are published throughout the next few weeks. If we missed your coverage, please send an article link to julie@finovate.com).

Aite
2015 FinovateSpring Spree
by David Albertazzi’s
Link

American Banker
Accenture Teams with Moven to Develop Digital Banking Tools
by Jacob Passy
Link

Mitek Debuts ID Scanning Tech for Account Opening
by Penny Crosman
Link

New Banking App Aims for the Instagram Set
by Mary Wisniewski
Link

Asaahi
Finance and IT of fusion, hear how far to Finovate founder (in Japanese)
by Miyaji Yu
Link

Investment net settlement in the IT venture wave application of the U.S. financial (in Japanese)
by Miyaji Yu
Link

Bank Innovation
CIBC First to Launch Funds-Transfer for Apple Watch
by JJ Hornblass
Link

In the Bank Account of the Future, Context is King
by Philip Ryan
Link

Moven Preps PayPal Integration, Global Growth
by Philip Ryan
Link

Barbara Friedberg Personal Finance blog
Finovate, a Glimpse into Your Money-Tech Future
by Barbara Friedberg
Link

Beyond the Arc blog
Finovate 2015 Day 1: video commentary on financial innovation and fintech
by Steven Ramirez
Link

Finovate Spring 2015: Fintech innovation for banking and wealth management
by Steven Ramirez
Link

The Latest in Financial Services Innovation from Finovate
by Steven Ramirez
Link

Video interview with JP Nicols, Bank Innovators Council
by Steven Ramirez
Link

Biometric Update
SayPay Technologies, VoiceVault to deliver voice-biometric payments solutions
by Justin Lee
Link

Boston Financial Data Services
Friction is the Enemy of Speed
by Matthew Gould
Link

CBanque
FinovateSpring marque le retour du PFM
Link

CMO.com
What You Missed At Finovate: Social Banking Experiences
by Michael Hinshaw
Link

CU Times
Community FIs Out-Innovating Big Banks: Onsite Coverage
by Roy Urrico
Link

Finovate Emphasizes Engagement: Onsite Coverage
by Roy Urrico
Link

Finovate Presenters Share Innovations: Onsite Coverage
by Roy Urrico
Link

Mobile Tech Innovation Vital: Onsite Coverage
by Roy Urrico
Link

Payment Technology in the Cards: Onsite Coverage
by Roy Urrico
Link

Sizing Up Small Business Lending: Onsite Coverage
by Roy Urrico
Link

Dwolla blog
5 of our Favorite Demos from Finovate Spring
by Mariah Young
Link

The Financial Brand
3 Fintech Innovation Trends Banking Should Watch
by Steven J. Ramirez
Link

New Moven App Encourages Savings, Eliminates Product Silos
by Jim Marous
Link

Financial Services Club
Brett King’s Moven 4.0 wins Best in Show at Finovate
by Jim Marous
Link

Finextra
Moven and Accenture team up to sell digital tools to banks
Link

The Fintech Blog
My Take on Finovate
by Michael Halloran
Link

Finovate blog
FinovateSpring 2015 Best of Show Winners Announced
by David Penn
Link

Forbes
Moven Takes Its Mobile Banking Global with Accenture
by Tom Groenfeldt
Link

iontuition blog
Credit Sesame, iontuition join forces to empower students
Link

Javelin Strategy & Research blog
Dear Fintech, Give People Meaningful Experiences, Not Gold Stars
by Meg Cain
Link

Finovate Showed That Fintech is Becoming Personal. Will Banks Have the Confidence to Be “Creepy,” Too?
by Ian Benton
Link

Lazy Man and Money
Who Wants In on the DRAFTApp Private Beta?
Link

Lend Academy
Cloud Lending Solutions Launches Loan Application Exchange
by Ryan Lichenwald
Link

Let’s Talk Payments
Breaking: Finovate Announces the Winners of its FinovateSpring 2015
Link

PFM App Moven Joins Forces with Accenture to Transform Digital Banking Solutions
Link

This Cloud Solution Provides Apple Pay-Like Payment Experience to Android Users
Link

Mitek Blog
Cool. Fast. ID Verification.
by Amber
Link

Mobile Payment Magazine
Dream Payments Mobile POS Device Presented @Finovate
by Peter Goggin
Link

Mobile Payments Today
Stratos upgrades digital card-issuance strategy
Link

Money Marketing
Ian McKenna: Dispatches from Finovate (Day one)
by Ian McKenna
Link (sign-up wall)

Ian McKenna: Dispatches from Finovate (Day two)
by Ian McKenna
Link (sign-up wall)

MoneySummit
Essential Fintech Reading: 9-15 May 2015
by Jon Ogden
Link

Nerd Wallet
NerdWallet Gets $64 Million on Road to $1 Billion Valuation as Money Pours Into Fintech
by Michael Halloran
Link

Payment Law Advisor
Finovate Summary
by Davis Wright Tremaine
Link

The Paypers
Accenture and Moven partner for digital banking solutions
Link

PYMNTS.com
Kabbage’s Next-Phase Finserv Solution for SMBs
Link

Mitek’s New Mobile Tech Verifies Driver’s Licenses
Link

SizeUp blog
Beyond the Arc: Emerging Theme of Small Business in Fintech with SizeUp FI
Link

The Street
Wells Fargo, Schwab Mingle with Disruptive Financial Tech Start-Ups at Finovate
by Michael HalloranFollow
Link

Taxes.about.com
10 Emerging Financial Technology Apps with a Tax-Angle
by William Perez
Link

TechCrunch
Credit Monitoring and Debt Management Service, Credit Sesame, Raises $16 Million
by Sarah Perez
Link

Vouch Raises $6 Million Series A for its Social Network for Credit
by Sarah Perez
Link

Visible Banking
Moven Demoes its Impulse Saving App on the Apple Watch
by Christophe Langlois
Link

Wall Street Journal Blog
Vouch Raises $6 Million for Loans Backed by Borrower’s Social Network
by Lizette Chapman
Link

WealthManagement.com
Finovate Spring 2015: 72 Startups Demonstrate New Fintech Products
by Ryan W. Neal
Link

Finovate Spring 2015: 7 Wealth Management Innovations, Day 1
by Ryan W. Neal
Link

Finovate Spring 2015: 7 Wealth Management Innovations, Day 2
by Ryan W. Neal
Link

Wharton Magazine
Finovate 2015: Reporter’s FinTech Notes
by Paulynn Yu
Link

William Mills Agency Blog
FinovateSpring 2015, Day 1: Afternoon Recap
by William Mills III and Steven J. Ramirez
Link

FinovateSpring 2015, Day 2: Afternoon Video Recap
by William Mills III & Steven J. Ramirez
Link

FinovateSpring 2015, Day 2: Morning Video Recap
by William Mills III & Steven J. Ramirez
Link

FinovateSpring 2015, Video Interview with Beyond the Arc and CCG Catalyst
by Steven J. Ramirez
Link

FinovateSpring 2015, Video Interview: Beyond the Arc and Fin Mason
by Steven J. Ramirez
Link

Live Blog at FinovateSpring 2015, Day 1
by William Mills III and Steven J. Ramirez
Link

Live Blog at FinovateSpring 2015, Day 2
by William Mills III and Steven J. Ramirez
Link

Morning Video Recap, FinovateSpring 2015
by William Mills III and Steven J. Ramirez
Link

Yodlee Interactive blog
Highlights from FinovateSpring 2015: Fintech Innovators and Yodlee Sense
by Jenna Cheng
Link

A huge thank-you to everyone who spent their nights and weekends covering the event!

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Feedzai Announces More than $17 Million in New Funding

Feedzai Announces More than $17 Million in New Funding
By David Penn Posted on
Categories: Feedzai

Feedzai_homepage_May2015

Finovate confirmed by email this morning that data science specialist Feedzai raised $17.5 million in new funding in a round led by Oak HC/FT. The capital takes Feedzai’s total to more than $22 million, and will help the company grow its engineering and sales talent to help meet demand for the company’s anti-fraud technology.

Participating along with Oak HC/FT in the Series B financing round were existing investors Espirito Santo Ventures and Sapphire Ventures (formerly SAP Ventures). Oak HC/FT will send two of its own, General Partner Patricia Kemp and Venture Partner Jonathan Weiner, to serve on Feedzai’s board of directors.

Kemp highlighted Feedzai’s big data science and machine learning background as key to her firm’s decision to invest. Feedzai’s technology analyzed more than 18 billion transactions in 2014, equaling more than $760 billion in payment volume. The company’s Fraud Prevention API for developers handled transaction growth of more than 300% “in late 2014.”

Feedzai_Sebastiao_FEU2014_stage

Feedzai CEO Nuno Sebastiao presented Feedzai Fraud Prevention at FinovateEurope 2014 in London.

Feedzai is one of a growing number of innovators leveraging big data/data science and machine learning for corporate clients. And while the Feedzai’s Fraud Prevention Suite is the company’s signature technology, its platform provides actionable, real-time business insights that go beyond risk and fraud management to give institutions the ability to tap into the “hidden value in the data to drive revenue growth.” Covering transactions and data flows across channels, Feedzai includes enterprises as diverse as First Data, Coca-Cola, and Vodafone among its customers.

Founded in 2008 and headquartered in San Mateo, Calif., Feedzai demonstrated its Fraud Prevention Suite at FinovateEurope 2014 in London. Nuno Sebastiao is CEO

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