Finovate Alumni News

On Finovate.com

  • Envestnet | Yodlee’s AI FinCheck Takes Financial Wellness to a New Level.
  • Blockbid Partners with LexisNexis Risk Solutions and ThreatMetrix.
  • Ignite Sales and FIS Team Up on Digital Engagement.

Around the web

  • Revolut goes live in Russia courtesy of partnership with QIWI.
  • Clinc brings its conversational AI technology to Turkey’s Isbank.
  • BBVA teams up with IPsoft to enhance service at its call centers in Mexico.
  • PYMNTS.com interviews BlueVine CEO Eyal Lifshitz on the “real value of invoice factoring.”
  • CFO Tech Outlook names Urban FT a top ten fintech solution provider.
  • NF Innova powering omnichannel banking for Halkbank ad Skopje.
  • Geezeo issues fully-fledged launch of Responsive Tiles PFM feature.

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

  • Best of Show winner Clinc launches Spotlight, the first self-service training program for conversational AI.
  • Cloud Lending Solutions recognized as a Top 10 Best Performing Salesforce Solution Provider for 2017 by Insight Success Magazine.
  • Ohpen Angelique Schouten named Chief Commercial Officer; Lydia van de Voort appointed to U.K. CEO post.
  • Auto financing offers from Santander Consumer USA now available on the AutoGravity app.
  • Pushfor wins public vote at inaugural Dublin Innovation Jam.
  • Members Heritage Credit Union launches member-owned insurance agency in partnership with Insuritas.
  • Lendio introduces new franchise in Gainesville-Ocala Florida region.

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.

Clinc Tops $4.5 Million in Annual Revenue; Hires Helen Yu as Chief Growth Officer

Conversational AI platform for banks Clinc topped off a year of “explosive growth” in 2017 by generating more than $4.5 million in annual revenue. The strong revenue numbers come as the Ann Arbor, Michigan-based, Finovate Best of Show winner announces the hiring of technology executive Helen Yu (pictured) as its Chief Growth Officer.

Calling Yu’s talents “hard to find,” Clinc CEO Dr. Jason Mars praised the former Hyperion, Oracle, and Adobe executive’s “tremendous knowledge, extensive experience and track record of transforming organizations.” These, Mars said, would be “an impactful asset to our team as we execute our aggressive growth plans, expand into additional verticals and achieve our mission to revolutionize and redefine experiences through conversational AI.”

Yu comes to Clinc most recently from Marketo, where she served as group vice president. While at the marketing software firm, Yu led the enterprise business from 5% of Marketo’s ARR (annual recurring revenue) to 50% within three and half years before the company was acquired by Vista Equity Partners in an all-cash, $1.79 billion deal. An Athena pioneer, the founder and CEO of the Tigon Advisory Corporation, as well as an advisor for Jebbit and the C-Suite Accelerator program, Yu studied at Cornell University and has a MBA from Loyola University in Chicago.

“The combination of Clinc’s market momentum, technical capabilities and diversified leadership team made this an irresistable opportunity,” Yu said. “There’s a massive opportunity ahead of us and I’m elated to help take Clinc to the next level.” Yu underscored the uniqueness of Clinc’s offering and praised the fintech’s execution, as well. “No one has accelerated from product launch to achieving 15x growth within the same year,” she said.

Founded in 2015, Clinc demonstrated its technology at FinovateFall 2016, earning a Best of Show award for its AI-enabled intelligent financial assistant. In November, the company announced that its technology was live in six countries, including Turkey, where the nation’s largest private bank signed a deal to deploy Clinc’s platform. Also last fall, Clinc announced a partnership with Enacomm to bring its AI chatbot technology to smaller, community banks and credit unions. 2017 also featured a deal with USAA  and the closing of a $6 million Series A round led by Drive Capital that took the company’s total capital to $7.75 million. Dr. Mars participated in our Finovate webinar “How to Make it In the Fintech Industry: 3 Start-Up Success Stories” last year.

Finovate Alumni News

On Finovate.com

  • Payfone Receives $23 Million in Funding from Synchrony Financial.
  • Clinc Tops $4.5 Million in Annual Revenue; Hires Helen Yu as Chief Growth Officer.
  • Payworks Completes $14.5 Million Series B Round.
  • Bankjoy Brings New Online and Mobile Banking System to SafeAmerica Credit Union.
  • Placecast Acquired by Ericsson’s Emodo.

Around the web

  • GreenKey Technologies to release its voice API through OpenFin’s plugin architecture
  • TipRanks offers stock tracking tool to manage investments and maximize returns.
  • Worldline selects VMware to accelerate innovation and time to market.
  • Japanese personal care company selects Top Image Systems’ eFLOW Extract accounts payable solution.
  • Kestra Financial to offer eMoney Advisor’s financial planning platform to its advisors.
  • TIBCO ranked first in Dresner Advisory Services 2018 Location Intelligence Market Study.

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

On Finovate.com

  • Japanese Telecom NTT to Distribute Trusona Technology in Japan.
  • RealtyMogul Introduces new President, Aaron Halfacre.
  • Tradeshift Launches Innovation Center to Bring the Blockchain to Business Commerce.
  • Payfone Teams Up with U.K. Mobile Network Operator.
  • Expensify Reports More than 1 Million New Users and Double the Partnerships in 2017.

Around the web

  • Auto Finance Excellence talks with AutoGravity CTO Sheng Wang, who discusses the company’s new security features.
  • Sam Maule talks with Kabbage founder Rob Frohwein.
  • F&M Bank selects Geezeo to enhance digital banking.
  • Kantox partners with BELLIN to help support SMEs expanding globally.
  • Mitek and IdentityMind announce integration to enhance their digital ID verification capacities.
  • Zopa re-opens its platform for new 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.

Clinc Goes Global With Deployments in Six Countries, Signs Deal with Turkey’s Biggest Private Bank

Conversational AI innovator Clinc has partnered with Işbank, the largest private bank in Turkey, which will deploy the Finovate Best of Show winner’s technology within its two mobile banking apps. The bank’s mobile banking app will provide users with a voice-activated intelligent personal assistant, while the bank’s mobile wallet payments app will feature Clinc’s AI brain and enable in-store payments and money transfers.

The announcement makes Işbank the first global FI to offer conversational AI with multi-language support. It also means that Clinc’s natural language platform, Finie, is now deployed in six countries and in 80 different languages. The partnership with Isbank alone will put Clinc’s technology in the hands of more than 4.5 million app users.

Clinc CEO and co-founder Dr. Jason Mars demonstrating Finie, a conversational AI platform, at FinovateSpring 2016.

“In contrast to the rule-based, bot-approach taken by all other vendors in the market, the fundamentals of our deep neural-network architecture enable us to break down the barriers to global adoption of conversational A.I.,” Clinc CEO Dr. Jason Mars said. “We can deploy to a bank in Istanbul or Singapore just as quickly and easily as we can deploy to a bank in Chicago or New York.”

Leveraging advanced natural language processing, machine learning, and deep neural networks, Clinc’s conversational AI platform is able to comprehend, recall, and respond to unstructured, everyday human speech. The technology understands speech patterns, word and sentence structure, and sentiment, surpassing other solutions that merely convert speech to text and rely on a set of pre-coded responses. This is also key to the multi-language capabilities of Clinc’s technology. “We’re miles ahead because the only other way to do multi-language is to start from scratch, and to code new rules and new grammar for every new language,” Mars explained.

Clinc demonstrated its Finie conversational AI technology at FinovateFall 2016, winning Best of Show. Last month, the company announced a partnership with Tulsa, Oklahoma-based Enacomm that will make it easier for smaller banks and credit unions to adopt AI chatbot technology. In August, Clinc integrated its technology with the Alexa skill for members of USAA.

Founded in 2015 and based in Ann Arbor, Michigan, Clinc has raised $7.75 million in funding and includes Drive Capital, Cahoots Holdings, Hyde Park Venture Partners, and individual investor Stuart Porter among its investors. Company co-founder and CEO Mars was named one of the Top 10 Most Innovative CEOs in Banking 2017 by Bank Innovation. Check out his thoughts on what it takes to become a successful fintech start-up in our roundtable conversation from earlier this year.

Finovate Alumni News

On Finovate.com

  • Vera for Mail Delivers Enterprise-Grade Encryption for Email.
  • Clinc Goes Global with Deployments in Six Countries, Signs Deal with Turkey’s Biggest Private Bank.

Around the web

  • IBERIABANK selects nCino to Support Growth and Enhance Client Experience
  • BlueVine wins Best Business Finance Provider, North America (Winner) in trade finance global awards.
  • Zighra receives second U.S. patent for passive authentication system.
  • Q2 announces financial services and technology veteran Christine Petersen as Chief Revenue Officer.

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.

Clinc Teams with Enacomm to Bring AI Chatbots to Small Banks and Credit Unions

You may have met Clinc’s artificial intelligence (AI) chatbot Finie at FinovateFall last year, where the company took home a Best of Show award. Today, thanks to a partnership with Enacomm, the Michigan-based company is making that chatbot more widely available.

Through the reseller agreement, Enacomm will distribute Finie to mid-tier banks, community banks, and credit unions. In a statement Clinc CEO Jason Mars described Enacomm as the “right partner” because the company shares Clinc’s “vision for modernizing the consumer banking experience.” Mars continued, “Teaming up with Enacomm will help us to empower a greater number of smaller financial institutions, like community banks and credit unions, with next-generation, voice-controlled AI technology that otherwise would be out of reach.”

Clinc’s Finie AI chatbot leverages machine learning and natural language to engage users in natural, human-like conversations about their finances without requiring them to learn commands or rules. Finie delivers real-time, personalized responses in chat format ranging from spending advice, balance information, and complex transaction details.

“Not only does intelligent interaction technology conserve resources, but Clinc’s advanced AI platform provides the best experience we’ve seen to enable customers to quickly and easily find the information they need to make informed decisions about their money through conversations with their bank accounts,” said Enacomm CEO Michael Boukadakis.

In August, Clinc announced a partnership with USAA. The startup agreed to power AI for the bank’s voice banking skill for Alexa, enabling USAA’s 12 million members to engage with Clinc’s AI chatbot regarding their finances. The skill is currently in a pilot phase.

Clinc was founded in 2015 by Mars and his fellow University of Michigan professors, Lingjia Tang, who serves as the company’s CSO; Michael Laurenzano, CTO; and Johann Hauswald, Chief Architect. Earlier this year, Clinc raised $6 million in Series A funding from Drive Capital, Cahoots Holdings, Hyde Park Venture Partners, and Stuart Porter. Those funds boosted Clinc’s total funding to $7.8 million.

Finovate Alumni News

On Finovate.com

  • Ledger Partners with Intel to Boost Blockchain App Security.
  • BioCatch to Power Behavioral Biometrics for Samsung SDS America.
  • Clinc Teams with Enacomm to Bring AI Chatbots to Small Banks and Credit Unions.
  • Finn.ai Powers Facebook Messenger’s First, Fully-Featured, AI-Powered, Virtual Banking Assistant.

Around the web

  • PayPal launches PayPal for Marketplaces
  • Forbes: Banks Wanted To Sink Kantox— Now They’re Vying For Its Technology
  • Zumigo’s  Zumigo Assure now prevents payment fraud even when card numbers are compromised.
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Finicity launches online platform that allows lenders to order, manage and monitor digital verification reports.
  • DAVO’s Sales Tax App, now available in the Square App Marketplace.
  • D3 Banking partners with P2P payments network, Zelle.
  • Behavioral biometric technology from BioCatch to be integrated into Samsung’s Nexsign platform.
  • Top Image Systems introduces its eFLOW AP solution for SAP.
  • Zafin offers its miRevenue platform as a cloud-based SaaS solution.
  • Scalable Capital provides BlackRock employees with streamlined access to its investment management services.

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

On the web

  • Braintree Powers RFID Payments for Eventbrite Attendees.

Around the web

  • Accion features Aneesh Varma of Aire on Medium.
  • Forbes: Blend Wants To Bring The $2 Trillion Mortgage Market To The Modern Era.
  • Seylan Bank selects Finastra (formerly Misys) for trade finance and corporate banking.
  • HSBC launches online data tool in collaboration with Xero, Sage and Intuit
  • TSYS President, COO Pamela A. Joseph resigns.
  • Actiance Announces Compliant Capture and Archiving Support for Microsoft Teams.
  • Blackhawk Network’s Hawk Incentives Launches Wallet-Enabled Prepaid Card for Promotions and Incentives.

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.