Finovate Alumni News

On Finovate.com

  • Bambu Wins Strategic Investment from Franklin Templeton.

Around the web

  • NBKC Taps Gro Solutions for Consumer Account Opening; Partners In Development of Business Account Opening Solution.
  • Pymnts: ShopKeep Enters Small Business Lending Market.
  • CSI globalVCard Partners with Mutual of Omaha Bank.
  • Mastercard partners with Garmin to offer customers a contactless payment watch.
  • American Banker looks at the partnership between D3 Banking and First Tennessee Bank.
  • Ping Identity to provide hub for UK Open Banking framework.
  • Braintree introduces support for Apple Pay and Android Pay in Australia.
  • MyChoiceTech reviews Eversafe, an anti-fraud solution geared toward seniors.

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

  • Mountain America CU Chooses Digital Banking Platform from Alkami Technology.

Around the web

  • i-exceed to power CANDI, a fully digital banking branch of Canara Bank. Come see i-exceed demo at FinovateFall next month.
  • PYMNTS.com highlights Flywire’s progress in Asia.
  • SocietyOne Celebrates Five Year Anniversary Of Helping Customers.
  • Visions FCU Implements Gro Solutions’ Digital Sales Platform to streamline new member acquisition. Check out Gro Solutions at FinovateFall next month.
  • First Alliance Credit Union Latest to Implement Larky Engagement Platform.
  • Fenergo earns top spot in the 2017 RegTech Performance Report for second year in a row.
  • Chase and OnDeck agree to continue collaboration on small business lending solutions.
  • NICE unveils its compliance recording solution, NICE Compliance Center.
  • Eugene Danilkis, CEO and co-founder of Mambu, talks digitization, credit scoring, and lending to small businesses.

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

  • Personal Capital Extends Series E Round by $40 Million.
  • Conversational AI Comes to USAA Courtesy of Clinc.
  • nCino Inks 100th Customer in Pacific Western Bank.

Around the web

  • Actiance Introduces First Compliance and Archiving Solution for WeChat and WhatsApp.
  • Xero expands Stripe partnership for automated reconciliation.
  • DBS, Xero unveil bank feed integration for SMEs.
  • ICT solution provider Telindus announces integration into the Ripple network.
  • LeanXcale earns a spot in the DB-Engines Ranking of relational and NoSQL database management systems
  • BioCatch granted patent for technology that detects remote access tools in order to spot malicious behavior.
  • Flybits launches new Experience Studio, announces partnership with Bouygues Energies & Services.
  • Wipro opens new Silicon Valley Innovation Center in Mountain View, California.
  • Micronotes partners with TimeTrade to bridge the clicks-to-bricks divide.
  • Credit Union CEOs Move 5 Millionth Member to Insuritas.
  • Gro Solutions to relocate its headquarters to Midtown Atlanta.

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

  • “Signifyd Raises $20 Million in Series B Led by Menlo Ventures”
  • “Ping Identity Launches New Features, Multi-Factor Authentication API”
  • “Trusted Knight Lands Series B Funding, Acquires Sentrix Web Technologies Assets”
  • “Live from London: FinovateEurope 2016 Demo Videos Now Available

Around the web

  • Minnesota-based Wings Financial Credit Union to deploy account opening technology from Gro Solutions.
  • NICE Systems announces strategic partnership with The Boston Consulting Group (BCG).
  • Cisco to serve as the “priority technology partner” to BBVA in new strategic alliance.
  • NYMBUS teams up with Geezeo, adding white label PFM technology to its full-stack, core banking platform.
  • Xerox enters into global reseller agreement with Top Image Systems.
  • Emirates NBD Group and the Open Bank Project launch a global competition for fintech startups.

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 Debuts: Gro Solutions Takes Mobile Account Opening Beyond ID Capture

GroHomepage

Gro Solutions, a subsidiary of Mobile Strategy Partners that offers digital banking services for financial institutions, launched a new addition to its mobile account opening solution at FinovateFall earlier this year.

Company facts:

  • Headquarters: Atlanta, Georgia
  • Founded: 2015
  • 30 full-time employees

Since Gro’s founders have all worked in traditional banks, they understand the need for an easy onboarding process. With its new carrier data integration, Gro Account Opening goes beyond typical driver’s license-capture with an alternative for customers who may be uncomfortable or unable to upload their license.

Instead of pulling data from a photo ID, Gro uses cell phone carrier data to verify identity and meet KYC and AML requirements. Here’s how it works: When the user applies for an account, GRO detects their mobile carrier; in this case, Verizon (screenshot left). When they click on the Verizon logo, GRO shows a disclosure and requests their ZIP code to verify the account (screenshot right).

GROScreenshots12

Pulling data from their Verizon account, GRO automatically populates the form.

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After verifying the Verizon information, customers manually enter sensitive information such as Social Security Number, date of birth, and mother’s maiden name. Next, GRO validates their email address and sends disclosures and legal documents.

After accepting the terms and conditions and signing the agreement, the customer answers out-of-wallet questions from Experian, TransUnion, or LexisNexis, and the process is complete.

To fund their new account, the user snaps a photo of their credit card using their mobile camera (see below) and signs their screen.

GROFundAccount

Gro also creates additional layers of security by integrating geolocation and parsing out email addresses to match the applicant’s name and/or company name.

What’s next?

The company is working on using data from LinkedIn to authenticate users with questions such as, “Where did you work 10 years ago?”

This fall, Gro was recognized by American Banker and BAI as a “fintech company to watch” as part of the 2015 FinTech Forward rankings.

Gro Solutions CEO David Eads and CRO Paul Mackowick demoed Gro Account Opening at FinovateFall 2015 in New York City, as seen here:

 

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Gro Solutions Takes Mobile Account Opening Beyond ID Capture”
  • “20 Alums Make the First Forbes Fintech 50″

Around the web

  • Kasasa wins 2 MarCom Gold Awards for its 2015 Kasasa Rewards Rush program.
  • Modest Money asks: “Are Personal Capital’s Financial Advisers for the Small-Time Investor?”

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

  • “Xignite Surpasses 50 Billion API Calls in a Single Month”
  • “Feedzai Unveils its New Antifraud Solution, Data Science Studio”

Around the web

  • Comarch supports insurance sales and after-sales service by automating sales force at UNIQA Poland.
  • Let’s Talk Payments talks about Photo Verify with Sarah Clark, Mitek VP of product.
  • AcceptEmail and Kansys team up to provide email billing and payment options to telecoms via OCPay.
  • Fiserv and Early Warning partner to enable real-time bill pay and deposit services for U.S. FIs (financial institutions).
  • Corporate One partners with Gro Solutions to expand credit unions’ digital platforms.
  • Mitek launches mobile multicheck-capture for Commercial Mobile Deposit.
  • USAA and Coinbase partner to bring bitcoin to USAA members.
  • The Daily Telegraph features SocietyOne.
  • Euronext launches sentiment analysis partnership with Heckyl Technologies.
  • GEICO employees get access to HelloWallet, helping them manage their 401(k).
  • Visa Inc. to Acquire Visa Europe.
  • DriveWealth teams up with CQG, Direct FX to launch new, multi-asset trading platform.
  • FX Street calls Ayasdi “the next evolution in science.”
  • Arxan Technologies extends its app-security protection to Apple TV.
  • Mobile World Magazine looks at Fastacash and its new partnership with Xpress Money Services.

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

Around the web

  • mBank partners with PayU to bring mTransfer Mobile to Poland.
  • WS Integration awarded Little British Battler status by Techmarketview.
  • BizEquity named one of the ‘Best Entrepreneurial Companies in America’ by Entrepreneur magazine’s Entrepreneur 360 Awards.
  • Bluepoint Solutions partners with Gro Solutions for mobile account opening.
  • Germany-based vaamo now enables customers to open accounts online.
  • Irish Mirror features Revolut among 8 startups “you need to know about” at the Web Summit in Dublin.
  • Forbes takes a look at how Dwolla is bringing real-time payment technology to CME Group.
  • BNY Mellon’s Leda Glyptis lists Heckyl Technologies among her personal favorite startups.

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.

American Banker’s “20 Fintech Companies to Watch” Features 11 Finovate Alums

FintechForward_AmericanBanker_BAIIn the same way that celebrities examine the memoirs of other celebrities to see if and how frequently their names are mentioned, I admit my first thought upon seeing American Banker’s roster of “20 Fintech Companies to Watch” was: “How many Finovate/FinDEVr alums?!”

American Banker’s “20 Fintech Companies to Watch” feature is a part of Fintech Forward, its collaboration with BAI. The goal of the partnership is to “identify the forces and trends that are motivating banks’ technology investment.”

Companies for the list were selected by a panel of judges from American Banker, BAI, Citi, Santander, and Rockland Trust, who focused on three criteria:

  • Does a company offer innovative technology?
  • Does it solve a real business problem?
  • Is it ready for prime time?

So with the bar set, here are the Finovate alums that made the cut.

Rounding out the top 20 were Untapt, Gigaspaces Technologies, IdentityMind Global, Addepar, Zenbanx, nCino, Moneythink, InAuth, and Iovation.

In addition to its “20 Fintech Companies to Watch,” Fintech Forward has produced its “Top 100 Companies in Fintech” and “Top 25 Enterprise Companies” rankings. Both rosters feature numerous Finovate and FinDEVr alums, as well.

Gro Solutions’ Account Opening Solution Limits Text Input to Reduce Abandonment

This post is part of our live coverage of FinovateFall 2015.

GroLogoGro Solutions demonstrated how its Account Opening solution reduces abandonment:

Gro Account Opening is the first and only solution on the market offering online, mobile web and native mobile app account-opening solutions for use by both financial institutions’ customers and employees. Gro Account Opening leverages an innovative, concise workflow along with a multilayered approach and other features to limit manual text input and reduce high abandonment rates. Whether online, on the go, or at the branch, financial institutions can open and fund new accounts in less than four minutes.

Gro presenters: CEO David Eads and CRO Paul Mackowick

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Product Launch: November 2014
Metrics: In 2014, Gro Solutions’ parent company Mobile Strategy Partners (MSP) increased its year-end revenues by more than 200%. This increase was largely due to strong market adoption of its digital account opening solutions, which led to the launch of Gro Solutions. Gro Solutions has 30 full time employees and expects to have at least 46 financial institutions live by late 2015.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Atlanta, Georgia
Founded: July 2015
Website: grobanking.com
Twitter: @grobanking