Finovate Alumni News


  • Neener Analytics Completes Proof-of-Concept with Jamaican Payday Lender.
  • Personetics Brings Cognitive Banking to Romania’s Banca Transilvania.
  • Hyperwallet’s Partnership with Lyric Brings Advance Royalty Payments to Artists
  • SumUp Facilitates Cashless Donations for the Church of England.

Around the web

  • AutoGravity announces new partnership with Infiniti.
  • New alliance with Mainsys helps bolster Temenos presence in Belgium.
  • Currencycloud unveils Global Collections to enable customers to receive cross border payments with less cost and less friction.
  • Flywire and Flutterwave partner on cross-border payments & receivables in Nigeria.
  • Cardlytics announces Q4 and full year 2017 financial results.
  • Somerset Trust Company selects Digital Onboarding for fully automated new account activation.
  • Finicity announces integration agreement with Ellie Mae to provide its digital asset verification solution through Ellie Mae’s Encompass platform.
  • expands use of Paydentity from iSignthis for China eKYC.

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.

Finovate Alumni News

Around the web

  • TechCrunch talks with HackerOne CEO Marten Mickos on bug bounties and the value of white hat hackers.
  • Cardlytics bolsters executive ranks with pair of new group presidents: Randall Beard and Shannon Johnson.
  • American Banker interviews new SoFi CEO Anthony Neto.
  • First Data goes live with Clover Mini and Clover Flex smart terminals in Germany and Austria.
  • Chetu earns Best Custom Business Software Developer Award from US Business News.
  • Ivan Nabalon, CEO and founder of Best of Show winning Electronic IDentification discusses the mainstream potential for cryptocurrencies.
  • ChartIQ teams up with Trading Central to provide technical insights and tool to traders.
  • Blockchain healthcare platform HealthCombix partners with NuCypher.

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.

Cardlytics Becomes the First Fintech to Go Public in 2018

Cardlytics, which originally filed plans to go public on January 12, has made its IPO official today. On the NASDAQ this morning, the data-driven marketing company issued 5.4 million shares under the ticker symbol CDLX. The offering is expected to close on February 13, 2018, subject to closing conditions.

To celebrate this momentous event in the company’s 10-year history, Cardlytics CEO and Co-Founder Scott Grimes and COO and Co-Founder Lynne Laube, rang the opening bell on NASDAQ this morning. Grimes said, “We believe becoming a publicly-listed company on the NASDAQ will help Cardlytics continue to strengthen our partnerships with banks, drive meaningful consumer engagement, and help brands make their marketing more relevant and measurable through our Purchase Intelligence platform.”

In an analysis on Seeking Alpha, Gary Alexander noted that the market cap of $273 million places Cardlytics “on the small extreme of the IPO spectrum.” However, he added that because Cardlytics is the first fintech– and even the first technology company– to go public this year, “it’s bound to get attention for signaling appetite in the IPO markets.”

Atlanta-based Cardlytics, which launched in the heart of the Great Recession, has raised a total of $203 million and counts ITC Holding Co., Kinetic Ventures, Canaan Partners, Polaris Venture Partners, and TTV Capital among its investors. In the nine months ending in September 2017, the company logged losses of $16 million on sales of $91 million.

Cardlytics leverages algorithms and machine learning to normalize raw purchase data and make it useful for marketers. The company offers solutions for both marketers and banks, including:

  • Insights: helps marketers make better business decisions across marketing, store operations, and real estate planning by viewing into customers’ actual purchase behavior.
  • Measure: leverages sales data to help marketers measure and optimize their marketing strategies
  • Purchase Intelligence: allows marketers to advertise within a native banking environment to capture new clients with the use of loyalty and rewards

At FinovateFall 2013, Cardlytics demoed its geolocation application, a solution that sends bank customers ads and offers based on their location. Last month, the company appointed Sathish Gaddipati as Chief Technology Officer. Most recently, Cardlytics earned a spot on the Tech Tribune’s list of the 10 Best Tech Startups in Atlanta.

Finovate Alumni News


  • Cardlytics Becomes the First Fintech to Go Public in 2018.

Around the web

  • The Banker’s Tech Talk interviews FinanceIT CEO Michael Garrity.
  • Tinkoff Bank launches development hub.
  • Icon Solutions announces strategic GDPR partnership with Digital Control Room.
  • Larky expands partnership with Sharetec.
  • Zebpay adds support for Ripple’s XRP.
  • Pindrop helping PSCU block $1 million in fraud in one month.

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.

Cardlytics Appoints New CTO

Data-driven marketing company Cardlytics is reinforcing its troops for the new year. The Atlanta-based company has appointed Sathish Gaddipati as Chief Technology Officer.

Gaddipati has been promoted to the new role, having previously served as Cardlytics’ Senior Vice President and Head of Technology. As CTO, Gaddipati is charged with leading platform engineering, technical product management, software development, data engineering, quality assurance, and IT operations.

Gaddipati, who has been with Cardlytics for a year, said that he realized the company “was the perfect fit for me.” He added, “It’s incredibly gratifying that our combined efforts have allowed us to continue providing sophisticated technology to leading financial institutions, and I look forward to working on exciting future developments.”

Prior to joining Cardlytics, Gaddipati, who has an MS in Industrial Management from the Indian Institute of Technology, held roles at The Weather Channel, The Walt Disney Company, NCR Corporation, InterContinental Hotels Group (IHG), Sun Microsystems, and Omnitracs.

Founded in 2008, Cardlytics has raised $203 million in funding. The company demoed its geolocation application at FinovateFall 2013. In 2016, Cardlytics analyzed approximately $1.3 trillion in U.S. purchase spend. Scott Grimes is CEO and cofounder.

Finovate Alumni News


  • Credit Karma Teams with American Express to Offer Advance Tax Refund.
  • Insuritas Launches i-Insure Platform with 42 P&C Carriers.
  • Finova Financial’s New Fundraising Process Leverages Cryptocurrency to Serve Non-Accredited Investors.

Around the web

  • interviews BRIDGEi2i Analytics Co-founder and CTO Pritam Kanti Paul.
  • Entrepreneur names Kabbage, Cardlytics, BlueVine among top 360 best entrepreneurial companies in America.
  • launches Accountant Partner Program.
  • Global Debt Registry earns spot in IBM mentoring program for blockchain app developers.
  • Moven founder and CEO Brett King discusses the AI race between China and the U.S. on CNBC’s Closing Bell.
  • Wall Street Journal leverages Quid to spot fraudulent entries on FCC website during net neutrality debate.

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.

Finovate Alumni News


  • AlphaPoint Names New CEO, Plans for New Public Blockchain Network.
  • FI.SPAN Enables Banks to Maximize the Opportunity of Open Banking.

Around the web

  • Thomson Reuters enhances ESG data monitoring capabilities for its Eikon solution.
  • Symphony Software Foundation adds to its Open Developer Platform.
  • Turkiye Garanti Bank, Turkey’s second largest private bank, to deploy customer analytics technology from NICE.
  • Cardlytics taps Jed Murphy as new U.K. Head of Strategy and Innovation.
  • Avoka bolsters executive ranks with two new SVPs, Director of Sales.
  • Moxtra wins spot in Prudential PRU Fintegrate program.
  • Wealth management platform aixigo wins Banking IT-Innovation Award from Business Engineering Forum of the University of St. Gallen in Switzerland.

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.


Finovate Alumni News


  • Klarna Celebrates Year-Over-Year Sales, Profit Gains.

Around the web

  • Fox Business highlights BILLSHARK in feature on “low-effort” savings strategies. See BILLSHARK at FinovateFall in New York next month.
  • Cardlytics to enable the new mobile rewards strategy from SunTrust.
  • Asseco signs four-year agreement to provide support for the electronic bookkeeping system for Poland’s Ministry of Justice. Join Asseco next month in New York for FinovateFall.
  • Zighra Receives Patent for Proprietary AI-Powered Continuous Authentication Platform.

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.

12 Alums Earn Their Place on Inc. 5000 List

Inc. released its lists of the fastest-growing 5,000 private companies in the U.S. and Europe this week. Eight Finovate alums made the U.S. list and four earned spots on the Europe list. To qualify*, companies were required to be privately-owned and independent.

Inc. 5,000 U.S.

Overall in the U.S., financial services companies saw a 151% growth rate, while IT services experienced 112% growth, security 171% growth, and software grew 134%. Out of the 5,000 companies listed in 28 industries, here are the eight Finovate alums that earned their place on the list:

Alkami Technology

  • Rank: 176
  • 2016 revenue: $11.9 million
  • 3-year growth: 24x
  • Founded: 2009
  • Employees: 192
  • Ranked number 11 in top software companies, number 8 in top Dallas companies, and number 13 in top Texas companies.

Alkami debuted under the name iThryv at FinovateSpring 2009 in San Francisco.


  • Rank: 361
  • 2016 revenue: $26.1 million
  • 3-year growth: 12.2x
  • Founded: 2012
  • Employees: 273
  • Ranked number 24 in top software companies and number 10 in top North Carolina companies.

nCino debuted its bank operating system at FinovateEurope 2017 in London.

Tango Card

  • Rank: 373
  • 2016 revenue: $10.6 million
  • 3-year growth: 11.6x
  • Founded: 2009
  • Employees: 57
  • Ranked number six in top Seattle companies and number six in top Washington companies.

Tango Card debuted its Rewards as a Service API at FinovateFall 2016 in New York.


  • Rank: 449
  • 2016 revenue: $172 million
  • 3-year growth: 9.8x
  • Founded: 2009
  • Employees: 325
  • Ranked number 24 in top financial services companies, number 14 in top Atlanta companies, and number 16 in top Georgia companies.

At FinovateSpring 2015, Kabbage debuted the Kabbage Card. Kathryn Petralia, the company’s President, Chief Operating Officer and Co-Founder, will be featured on our Digital Lending Summit panel on September 13. Register today to save your spot.

Lighter Capital

  • Rank: 634
  • 2016 revenue: $6.4 million
  • 3-year growth: 7.1x
  • Founded: 2010
  • Employees: 36
  • Ranked number 10 in top Seattle companies and number 11 in top Washington companies.

Lighter Capital debuted its Next-Generation Loan Analysis & Monitoring at FinovateFall 2013 in New York.


  • Rank: 771
  • 2016 revenue: $11.4 million
  • 3-year growth: 5.9x
  • Founded: 2012
  • Employees: 59

defi SOLUTIONS showcased its loan origination solution at FinovateSpring 2014.


  • Rank: 1069
  • 2016 revenue: $112.8 million
  • 3-year growth: 4x
  • Founded: 2008
  • Employees: 325

At FinovateFall 2013, Cardlytics showcased its geolocation application.


  • Rank: 1912
  • 2016 revenue: $100 million to $500 million
  • 3-year growth: 2x
  • Founded: 2005
  • Employees: 100 to 249
  • Is a five-time Inc. 5,000 honoree
  • Awarded as a Best Place to Work

Payoneer showcased its Commercial Account at FinovateAsia 2013.

Inc. 5,000 Europe

This is Inc’s third annual ranking of private companies in Europe, based on three-year revenue growth. In its analysis, Inc. ranked Paris, Romania, Sweden, Slovakia, and London as the top five regions with the highest number of fastest growing companies in Europe. Four Finovate alums landed on Inc.’s Europe list this year:

True Potential

  • Rank: 900
  • 2015 revenue: $52.6 million (€44.9 million)
  • 3-year growth: 6.9x
  • Founded 2010
  • Employees: 29

True Potential demonstrated impulseSave at FinovateFall 2014


  • Rank: 909
  • 2015 revenue: $32.9 million (€28.1 million)
  • 3-year growth: 6.9x
  • Founded: 2004
  • Employees: 111

Zopa showcased its P2P lending platform at FinovateSpring 2008.

Fidor Bank AG

  • Rank: 4413
  • 2015 revenue: $35.5 million (€30.3 million)
  • 3-year growth: 2x
  • Employees: 148

At FinovateEurope 2011, Fidor Bank demonstrated its Fidor Pay account.


  • Rank: 4183
  • 2015 revenue: $42.9 million (€36.6 million)
  • 3-year growth: 2.9x
  • Founded: 2001
  • Employees: 522

Truphone showed off Truphone Mobile Recording at FinovateEurope 2014.

*Other qualifying criteria include

  • Have started earning revenue by March 31st, 2013
  • Had revenue no less than $100,000 in 2013
  • Had revenue no less than $2,000,000 in 2016
  • Revenue in 2016 exceeds revenue in 2013

Cardlytics Closes $12 Million Round

Card-linked offers company Cardlytics has raised $12 million, according to an SEC filing and a report from BizJournals, which reported the round was led by a new, strategic investor with contributions from existing investors. The name of the strategic investor was not disclosed. This round brings Cardlytics’ total funding to $200 million.

Atlanta-based Cardlytics was founded in 2008. The company’s first product was a card-linked offers solution, Cardlytics Direct. This flagship product allows financial institutions to provide merchant-funded rewards within its online or mobile banking application to boost customer loyalty. Almost 10 years later, big-name financial institutions such as Bank of America, PNC, MasterCard, and Fiserv use Cardlytics Direct.

The hype of card-linked offers peaked around 2012, and Cardlytics appears to have undergone a bit of restructuring since then. In April of 2016, the company laid off 15 percent of its workforce and while there is still demand for consumer rewards, the company’s attention has expanded to capitalizing on the data gathered from consumer interactions. In 2016, Cardlytics began leveraging the wealth of consumer spend data, launching Platform Solutions for retailers and marketers to gain insights on consumer spending behavior and optimize marketing strategies.

Cardlytics demoed its geolocation application at FinovateFall 2013. Scott Grimes is CEO and cofounder.