Finicity Scores $42 Million Series B in Round Led by Experian

Finicity Scores $42 Million Series B in Round Led by Experian

finicity_homepage_december2016

Real-time financial data-aggregation provider Finicity will use $42 million in new capital to drive new product development, especially financial management and payment solutions for the credit decisioning market. The Series B round was led by Experian (F12), included a venture debt facility from Bridge Bank, and featured participation from Finicity’s existing investors.

Finicity CEO and co-founder Steve Smith said the funding represented a belief in his company’s vision of transforming the financial data services market. “The emergence of the open financial web, and our ability to access and analyze account data, is enabling new thinking in financial services,” Smith said. “This will improve existing processes and lead to better financial decisions for individuals and the institutions that serve them.”
finicity_stage_fs2015

From left:
Finicity Data Services President Nick Thomas and CTO Chip Whitmer demonstrated TxPUSH API at FinovateSpring 2015.

Finicity’s recent certification as a credit-reporting agency was a hint that the financial data-aggregation services veteran might add credit decisioning to its set of solutions. To start, Finicity will focus on making the loan origination process more efficient, in part by “digitiz(ing) the legacy pen-and-paper process of asset and income verification.”

Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity demonstrated its TxPUSH API for fintech apps at FinovateSpring 2015, and presented “The Launch of Real-time Transaction Push” at FinDEVr New York 2016. In September, the company unveiled its ACH Account Verification API and, in August, Finicity won the Finance API of the Year award from API World.

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

forbes innovators list

We love seeing alums called out in the numerous “most innovative” articles. Usually, those skew to young private startups. But the recent Forbes list of innovators, limited to large public companies (minimum market cap = $10 billion, with 7 years of public ownership), didn’t disappoint. Four financial technology companies made the top-100 list, and all four have appeared on the Finovate stage. Interestingly, financial services firms are excluded by Forbes on the grounds that they “have no measurable investment in R&D.” (I am sure many readers would argue that point).

Here are the financial fab-four in order of their finish (the innovation premium is the extra value investors place on their growth vs. their enterprise value, methodology):

Note: Experian will be showing its latest tech at Finovate this week as well (sneak peek)

FinovateFall Sneak Peek: Experian Fraud & Identity Solutions

FinovateFall Sneak Peek: Experian Fraud & Identity Solutions

Experian_CrossCore_homepage_August2016

FF2016-Logo-wdate-largeA look at the companies that will demo live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Experian’s CrossCore allows you to integrate fraud and identity technology from multiple providers to reduce friction and false positives—meaning more growth for your business.

Features:

  • Operate efficiently with single sign-on to multiple systems
  • Easily create, deploy, and manage strategies that deliver confidence in transactions
  • Quickly make dynamic strategy changes

Why it’s great
Collaboration is power. With every part of your fraud and identity solution working together through a single API, identifying and communicating potential threats has never been easier.

Experian_AdamFingershPresenters

Adam Fingersh, GM and SVP, Fraud and Identity Solutions
Fingersh, general manager of Experian’s fraud and identity business, is responsible for all aspects of those businesses in North America.
LinkedIn

 

Experian_JohnSarrealJohn Sarreal, Senior Director, Product Management
Sarreal is responsible for the integration of FraudNet products and technology into the overall fraud and identity strategy and oversees product development for the CrossCore platform.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Slice Launches Smart Shopping Assistant Extension for Chrome
  • SelfScore Raises $7 Million to Bring Credit to International Students

Around the web

  • Temenos to provide core banking solutions for international microfinance specialist, Microcred.
  • US Bank Wealth Management to launch automated investing courtesy of new partnership with FutureAdvisor.
  • Entersekt brings its Transakt technology to the Middle East in collaboration with IST Networks.
  • Fortune follows CBW Bank’s journey.
  • Lighter Capital launches $25 million AppExchange Fund for Salesforce partners building AppExchange apps.
  • Crowdfund Insider interviews Rob Frohwein, Kabbage CEO and co-founder.
  • Xero named most-loved accounting software for second year in a row.

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.

Ready for a Sneak Peek? How to Best Prepare for FinovateFall

Ready for a Sneak Peek? How to Best Prepare for FinovateFall

StageIMG

To give you a sense of the many new ideas at the upcoming FinovateFall conference in New York, we’ve launched our Sneak Peek series. Eight companies are featured each week leading up to the 8/9 September event (tickets now available).

In the meantime, here is a quick summary of the 66 announced companies (six more are in stealth mode). It’s a lot to take in; pace yourself!

  • Agreement Express offers an an end-to-end platform that helps traditional financial institutions automate labor-intensive parts of the customer onboarding process to remain compliant while quickly opening customer accounts.
  • Aleo’s marketplace uses e-procurement, e-commerce and supplier financing bundled in a single open platform to offer small and medium enterprises an online procure-to-pay solution.
  • AutoGravity’s mobile-first digital marketplace helps digitally minded customers, looking to buy and finance a vehicle, circumvent the inefficiencies of the auto-financing process by leveraging the full potential of their smartphone.
  • Avoka’s customer-acquisition platform integrates multiple fintech services to help banks, wealth managers and insurers use mobile and digital channels to onboard customers.
  • Backbase offers 60-second onboarding for financial services companies to accelerate customer acquisition with a simple, fast, and seamless omnichannel onboarding journey.
  • Bankjoy offers developers a banking API for a modern, real-time, holistic interface for credit unions and community banks.
  • Bitbond’s automated, international credit-scoring mechanism compares small business-loan applicants from different countries by using machine learning and data from the applicant’s business accounts.
  • Bluescape offers large financial services companies a highly interactive, visually collaborative platform that uses real-time, cloud-based architecture that’s ultra-scalable, all-capturing, and accessible anytime from any device.
  • BondIT offers financial advisers and portfolio managers a data-driven solution that uses machine learning advanced algorithms to manage fixed-income portfolios and solve optimization challenges.
  • brandCrowder has developed an alternative investment platform focusing on branded franchises. It leverages 45+ years of franchise-operations experience to help retail investors finance franchises, helping to bring them to market quicker.
  • Clinc’s mobile, voice-activated personal financial adviser uses artificial intelligence to help consumers get answers to financial questions and tasks.
  • Consdata offers banks and financial institutions a comprehensive platform for e-form management and customer-communication complexities.
  • Currencycloud’s dedicated API services use intelligent APIs to help businesses with the cost, limitations, and boundaries of existing payment infrastructure.
  • Daon bridges convenience and security by offering financial services companies a mobile biometric authentication platform that turns a smartphone into a mobile capture device.
  • Divy’s app and social investing community uses an approachable interface and engaging content to help first-time and emerging investors access direct marketing and financial literacy material.
  • Dynamics offers issuers and their cardholders interactive payment cards and an authorization-based, real-time loyalty processing system.
  • ebankIT’s platform offers financial institution clients an omnichannel experience.
  • Econiq’s Conversation Hub uses color-coded conversations to help bank and insurer frontline staff, and operational management and executives avoid disconnected customer conversations in branches and contact centers.
  • Envestnet | Yodlee offers millennials a solution for measuring financial health and promoting a healthy financial lifestyle.
  • Experian CrossCore is a single platform that helps manage customer identities, fraud-prevention tools, workflows and decision strategies in an easy-to-use and scalable format.
  • EyeVerify’s Eyeprint ID offers banks and other financial services companies eye biometrics via smartphone cameras for convenient, secure and private authentication.
  • Featurespace’s ARIC Engine helps financial services clients spot and prevent fraud attacks in real time using adaptive behavioral analytics.
  • Finicity offers an API for companies to build financial apps.
  • Fiserv helps financial institutions enable social finance by providing customers access to a safe, collaborative bank-secured social funding product.
  • Full Profile uses the blockchain and smart contracts for real-time settlement and reporting of physical agri-commodities to help farmers, buyers, banks and government counter party and credit-risk exposures.
  • FutureVault’s cloud-based filing cabinet helps financial service providers and their clients organize asset documents and accounts using a secure, structured and collaborative B2B2C cloud environment.
  • GainX’s SaaS platform uses decades of market research and leading-edge technology to help large financial institutions overcome innovation and adaption failures.
  • GoodData helps large banks, credit-card processing and insurance companies commercialize and monetize their data using a scalable, manageable and secure platform that is exclusively designed for data products and embedded analytics.
  • iBank Marketing offers millennials a multifunction digital wallet to help them achieve personal goals around life events by using its local eco-system that bridges consumers and small- to medium-sized enterprises.
  • identitii uses tokens and blockchain to help financial institutions with KYC, CTF and AML compliance using an information layer over legacy systems.
  • InSpirAVE’s social e-commerce platform curates advice and financial support from the user’s friends and family, financial institutions, and merchants. It helps multiply savings, for big-ticket purchases for customers who otherwise may not be able to afford them, by placing important goals for life’s special moments within reach, without the crushing burden of debt.
  • KORE’s platform transforms enterprise applications, online banking and mobile apps into personalized, conversational engagements to help financial institutions meet customer-experience expectations using the power of bots and simplicity of messaging.
  • LendingFront’s lending platform leverages a cloud-based system that furnishes small businesses with capital using their cashflow data.
  • Lidya offers African small- to medium-sized enterprises access to finance using online receivables-based lending and proprietary credit scoring.
  • Liferay’s Digital Experience offers banks a richer understanding of customers by orchestrating personalized customer experiences.
  • M1 Finance places assets held in low-yielding cash accounts into an asset-linked bank account and intuitive investment platform.
  • MapD’s Immerse helps quantitative hedge fund and asset managers query datasets with billions of rows in real-time by applying the parallel processing power of GPUs to the challenges of databases, visualization and analytics.
  • MarketX’s cross-border investment platform helps international investors with the lack of liquidity for U.S. startup shares and limited access to U.S. pre-IPO investment opportunities.
  • ModoPayments offers financial companies a digital payments hub to connect disparate sources of value to diverse destinations using Modo’s COIN technology.
  • Moonraft Innovation Labs helps banks innovate and evolve by rapidly adapting to changing market needs using Catamera, its unique customer experience delivery framework.
  • Moven’s growing platform reaches the millennial, mobile first, digital native audience by bringing banking (specifically savings) into the moment.
  • MX helps financial institutions become true advocates for their account holders by using analytics to power a revolutionary category of data-driven money management.
  • nanoPay offers a payments and loyalty solution for merchants.
  • Overbond’s digital platform offers transparency, efficiency, and liquidity in the fixed income market for corporate issuers, investors, and dealers.
  • Personetics offers financial services providers a digital personalization platform that uses real-time, ultra-scalable predictive analytics to keep customers engaged in the digital age.
  • ProActive FinTech uses a phone app and debit card featuring unlimited mini bank accounts and pre-purchase categorization to help millennial moms with cash-flow management.
  • QE Data offers commercial banking systems a real-time predictive model for net cash-flows that uses machine learning, rich visualization, speedy deployment and real-world banking experience.
  • Qumram uses 100% real-time, video-like recording of every mouse movement, keystroke and button click to help financial services organizations with compliance and transparency issues relating to digital business.
  • RightCapital’s financial and tax-planning platform helps advisers deliver unbundled, quality financial planning and tax-planning services. It works to efficiently and digitally help consumers with the lack of viable business and technology solutions.
  • SaleMove offers financial institutions a live engagement platform to help sell and service complex financial services products online. The platform uses instant video chat and guided browsing with no downloads or installations.
  • Sindeo’s self-directed consumer rate quote and prequalification tool simplifies home financing and refinancing using an integrated platform that offers consumer, real estate partner, and adviser tools that conform to CFPB regulation and ensure a simple and easy consumer experience.
  • SpeechPro’s customer onboarding solution offers multichannel access to help CTOs, developers and other technologists focus on KYC, identity and verification.
  • Swych’s mobile gifting platform offers gift-card recipients a better way to buy, gift, and manage gift cards.
  • Tango Card’s RaaS API 2.0 uses simple-yet-complete delivery technology and domain expertise to help enterprises deliver incentives efficiently and effectively.
  • TokBox’s Financial Services Accelerator Pack offers banks and financial organizations secure and easy-to-embed, real-time communications technology.
  • TransUnion’s interactive data-visualization solution uses big data and analytics to connect and interpret consumer financial data for lenders.
  • Trulioo’s GlobalGateway uses traditional and cyber ID data sources to offer banks, financial services providers, and online marketplaces secure access to reliable, global data sources for instant ID-verification.
  • Trusona’s anti-replay and TruToken technology offers an insured identity platform for sensitive assets.
  • Unbill’s API enables companies to offer bill pay in their app or technology platform without complicated integration or high costs.
  • Uniken’s REL-ID, a card-not-present approval solution, uses mobile API tool kits and DMZ software appliances to help enterprises secure mobile communications.
  • Urban FT’s enhanced, white-label digital banking platform gives financial services organizations, wireless carriers, and other consumer-facing organizations a long-term, competitive advantage that makes their brand integral to customers’ daily financial and online social activities, financial tools, and social features.
  • Xentral Station’s supply-chain funding app helps vendors of all sizes receive cash for trade financing within 24 hours.
  • Zenmonics uses a single, common platform to help banks and their customers minimize friction in customer engagement with channelUNITED.
  • Zooz offers an agnostic, cross-border payments platform to help merchants act on payment processes and save money to maintain their client base.

Stay tuned on the blog for more detailed descriptions. And don’t forget to register now to reserve your spot.

Finovate Alumni News

On Finovate.com

  • Refundo Previews Mobile Tax Filing App Connect

Around the web

  • Entersekt to bring its 2FA technology, Transakt, to Nigeria via partnership with First Authentication Services Ltd (FASL).
  • Inc.com features Stuart Frankel of Narrative Science on the “keys to startup success.”
  • Experian launches anti-fraud platform, CrossCore, in South Africa.
  • True Potential opens up its portfolios to all U.K. advisers.
  • Corporate Insight features iQuantifi in a look at best practices in goal-setting apps.

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.

Experian and Neustar Partner to Empower Marketers with More Data

Experian and Neustar Partner to Empower Marketers with More Data

Proving that data is power when it comes to marketing, two Finovate alums with massive amounts of data have combined forces. Neustar and Experian began working together late last month to pool their data to help marketers find and onboard customers.Screen Shot 2016-07-08 at 7.54.12 AM

The solution combines Neustar’s Omnichannel Onboarding, a data onboarding solution, with the new digital data co-op from Experian Marketing Services, as well as Experian’s data quality, matching logic and global media partnerships.

The end result is a solution that will enable marketers to pool their customer data, allowing Neustar and Experian to find customers online. The companies are calling it a “digital data exchange.” In an interview with Beet.TV, Brienna Pinnow, Experian’s director of product marketing, said that by bringing together the “two huge data leaders” the companies are “taking onboarding to the next level.” Pinnow describes the offering as a “paid plus co-op sort of mentality,” and added, “Now you can reach even more people because we have such a large linkage pool for advertisers to leverage.”

26921703840_8f53012cb8_kNeustar’s Andrew Artemenko, senior director of digital strategy, debuted PlatformOne at FinovateSpring 2016

Founded in 1999, Neustar debuted PlatformOne at FinovateSpring 2016. PlatformOne helps marketers identify and understand their customers while offering insight into reach and frequency. The Virginia-based company recently partnered with Twitter in Spain to help marketers optimize their campaign spending by offering insights using its MarketShare DecisionCloud planning tool.

Experian last demoed at FinovateFall 2012, where it debuted Premium Pre-qualification a credit-screening tool. Late last month the company announced that Freddie Mac will leverage Experian’s FICO scores to offer investors the information they need to value credit-risk transfer securities.

Finovate Alumni News

On Finovate.com

  • Experian and Neustar Partner to Empower Marketers with More Data
  • Financial Guard Acquired by Legg Mason

Around the web

  • FIS wins “Most Disruptive” award at 2016 PYMNTS.com/Alexa Challenge.
  • Corezoid’s Alexander Vityaz talks chatbots and the mobile OS market in Venture Beat.
  • iSignthis to provide automated, digital KYC solution for TRADOLOGIC.
  • Cachet Financial launches two new enhancements to its Select Business Merchant Capture Solution.
  • Dwolla hints at a new dashboard for white-label integrations.
  • Entrepreneur interviews Josh Reeves, Gusto co-founder and CEO.
  • Jwaala now powers mobile banking for Avadian CU.

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

  • Mitek Partners with Harland Clarke to Improve RDC Security”
  • Pindrop Raises $75 Million for Phone-printing Authentication”

Around the web

  • Gate City Bank ($1.9 billion in assets) chooses DNA core account processing platform from Fiserv.
  • Powered by FIS, the Venture Center is now accepting applications for its VC Fintech accelerator.
  • Venmo adds in-app merchant payments.
  • Algomi wins Risk Magazine’s “Trading Technology Product of the Year for the Buy-Side” for a second year in a row.
  • Experian enhances Small Business Credit Share program.
  • Credit Karma surpasses milestone: serves 50 million users who use Credit Karma to manage $3 trillion in debt.
  • Check Point releases new hardware to address cyber security and protection.

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.

Finovate Alumni News

On Finovate.com

  • AlwaysOn’s OnFinance Top 100 Features 30 Finovate Alums
  • SaveUp Purchased by Chicago-Area Entrepreneur Paul J. Burt

Around the Web

  • Turk Ekonomi Bankasi (TEB) launches digital banking service developed by Monitise.
  • Dragon Wealth earns spot in Startupbootcamp FinTEch’s inaugural Singapore program.
  • Ayeyarwady Bank (AYA Bank) to deploy Bankworld ATM platform from CR2.
  • Virtual Piggy hires Viant Capital to provide financial advice on strategic options.
  • MasterCard presents its PFM “in-reach” benefits-platform to help issuers engage millennials.
  • iQuantifi teams up with MTSU Jones College of Business to produce inaugural Millennial Money Mindset Survey.
  • Motif updates its iPhone app to enable search-and-browse capability of motif catalogues directly from the app.
  • FreeAgent launches first iOS app to help manage invoices and expenses on the go.
  • PYMNTS features predictions from Blackhawk Network, Bluefin Payments, CashStar, Experian, FIS, Fiserv, and SimplyTapp.
  • Xero Denver named Top Workplace by Denver Post.
  • American Banker examines how Malauzai is helping small banks get a head start on Apple Watch.
  • PayPal confirms bitcoin acceptance option in SEC filing.

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.

Alumni News– January 26, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMIT Technology Review features Feedzai and Zumigo in a discussion on mobile authentication technologies.
  • Loan origination platform LoanLaunch (formerly Common Origination Platform) now available from Fiserv.
  • Experian partners with BillGuard to boost effectiveness of its anti-fraud solution, ProtectMyID.
  • Misys unveils FusionBanking Lending.
  • American Banker takes a look at the relationship between Google and Lending Club.
  • Kabbage named one of America’s top 100 Most Promising Companies 
  • Coinbase to open the first regulated Bitcoin exchange in the U.S. 
  • Actiance announces support for IBM Verse and IBM Connections Social Cloud.
  • Credit Sesame launches iOS app with Siri integration in its credit monitoring feature.
  • Google Wallet partners with WePay to put its Instant Buy API in 200,000 e-commerce shops.
  • TransferWise Raises $58 Million in Round Led by Andreessen Horowitz.
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.

Alumni News– November 10, 2014

  • Finovate-F-Logo.jpgNHS Choices selects Narrative Science to Assist with Delivery of Healthcare Information.
  • Visa using Kofax TotalAgility to deploy enhanced data and invoice management in Asia Pacific.
  • PostFinance integrates Strands PFM in their new digital banking platform.
  • BNN interviews Bionym CEO on how its Nymi band could work for payments.
  • The Australian Business Review considers how SocietyOne is contributing to the P2P lending boom.
  • Livemint.com features Bankbazaar.com’s growth.
  • Hoyos Labs launches iOS & Android password manager that uses the user’s face to log into websites.
  • BillGuard and Experian Data Breach Resolution partner to offer an advanced ID protection suite.
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.