20 Finovate Alums Earn Spots on One World Identity’s Top 100 Influencers List

When you think about it, what’s cooler than being named to a Who’s Who list in the world of digital identities?

One World Identity, an independent identity research and strategy company that specializes in cybersecurity, digital commerce, and risk management, published its roster of the Top 100 Influencers in Identity this week. This year, 20 Finovate alums made the cut. The individual influencers – as well as the companies they work for- are listed below.

As with last year’s roster, this year’s list was compiled by taking nominations submitted via Twitter, LinkedIn, and at oneworldidentity.com. The staff and advisory council for One World Identity whittled down the initial list of more than 1,000 nominees to a final 100.

One World Identity began as a project from a group of Google employees back in 2015. The company was officially launched the following year as a way to help spur innovation and collaboration in the field of digital identities. Travis Jarae is founder and CEO.

Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked

Mobile identity company Juvo has received an investment from Samsung NEXT, an off-shoot of Samsung that launched in 2013 to create new software and foster a startup culture at Samsung. The amount of the investment was undisclosed and adds to the San Francisco-based company’s $54 million in equity funding.

The bigger story here is that the investment is a strategic one. Samsung will bring Juvo access to billions of underbanked prepaid users across the globe. This will help Juvo enable MNOs to increase smartphone adoption among prepaid mobile subscribers.

Juvo was founded in 2014 with a mission to “establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded.” The company’s tag-line sums this up as, “access for all.”

In today’s press release, Steve Polsky, founder and CEO of Juvo, explained that the investment and alignment with Samsung NEXT is important because it allows Juvo “to further realize our vision by being among the first to integrate financial identity into a hardware device and, with it, offer unprecedented access to greater financial services.” He added, “Samsung opens a critical piece of the ecosystem for Juvo, and its world class organization, market expertise, and reach will accelerate the Juvo mission, putting sophisticated technology in the hands of unbanked people and provide financial access to those who need it most.”

“At Samsung NEXT, we’re focused on working with entrepreneurs and startups that are creating truly impactful software and services–software and services that will transform the way we, as humans, interact with our devices, each other and the world,” said Patrick Chang, Principal at Samsung NEXT Ventures. “Juvo’s impressive traction from mobile operators and consumers offers an opportunity for us to tap into the next billion customers through more comprehensive financial inclusion and accessibility.”

Polsky demoed Juvo’s Identity Scoring at FinovateFall 2016. The company empowers underbanked consumers by offering them a single identity with which to access financial services across the globe. Juvo also incentivizes financially underserved consumers to build credit and access financial services by extending microloans.

Since launch, the company has attained a reach of more than 500 million subscribers across four continents and is deployed in 25 countries. Last fall, Juvo partnered with Malaysian mobile virtual network operator, Tune Talk.

Finovate Alumni News

On Finovate.com

  • Xero Teams with DBS on Small Business Account Feeds.
  • Zopa Boosts Executive Ranks with Trio of C-Level Hires.
  • SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO.
  • Trulioo Launches KYC Tool to Connect MNOs.
  • Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked.

Around the web

  • Atomico uses Quid for the 2017 State of European Tech report.
  • Bobsguide interviews Lisa Shields, CEO of FI.SPAN.
  • Thomson Reuters unveils Wizcorp, a digital gateway that will provide customers with data on more than 1.8 million Indian private companies.
  • FICO partners with European regulatory risk analytics consultancy, 4most.
  • Finastra announces new partners to its FusionFabric.cloud open architecture.

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

  • Fenergo Helps Santander Enhance Customer Onboarding Experience.

Around the web

  • Juvo partners with Malaysian mobile virtual network operator (MVNO), Tune Talk. Join Finovate as we return to the Far East for FinovateAsia in November.
  • Alpha Payments Cloud accentuates its end-to-end middleware technology in rebrand to Alpha Fintech.
  • Klarna completes acquisition of German online payment specialist, BillPay.
  • ID.me adds support for FIDO U2F (Universal Second Factor) Security Keys.
  • DefenseStorm wins 2017 IDC FinTech Rankings Real Results Award for Digital Trust and Stewardship.
  • Alpha FinTech (formerly Alpha Payments Cloud) and Market IQ shortlisted for inaugural FinTech Abu Dhabi Innovation Challenge in October. Join our first foray to the Middle East as Finovate comes to Dubai in December.
  • Hip Pocket founder Mark Zmarzly to help promote innovation and provide mentorship to fintech startups in Australia as part of new Queensland-sponsored initiative.

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.

Juvo Raises $40 Million in Round Led by NEA, Wing Venture Capital

In a round led by New Enterprise Associates (NEA) and Wing Venture Capital, mobile identity scoring specialist Juvo raised $40 million in new funding. The Series B, which featured participation from SignalFire and other existing investors, takes the company’s total funding to $54 million. Juvo will use the funds to drive global expansion, especially in Asia, Latin America, and Europe. The additional financing will also help Juvo grow its product offerings for the financially underserved.

“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission,” company CEO Steve Polsky said. “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services, and consumer mobile services.” Managing general partner at NEA  Scott Sandell called Juvo a company that was “helping to shape the innovation economy” and credited the San Francisco-based firm for “addressing a vital global need while providing distinct value to its partners.” Founding partner of Wing Venture Capital Peter Wagner, who will join Juvo’s board of directors as part of the investment and whose firm has been involved with Juvo “since their earliest days”, praised the company’s “potent combination of data, the mobile platform and the cloud to bring the power of identity to massive untapped markets.”

Pictured: CEO and founder Steve Polski demonstrating Juvo Identity Scoring at FinovateFall 2016.

Juvo works by teaming up with mobile phone operators and financial institutions to enable members of underserved communities to build financial identities. The company’s technology uses credit algorithms based on advanced data science to find creditworthy individuals among what Polsky says are the “two billion underbanked people in the world – most of whom have a mobile phone” and to ensure their access to financial services. Juvo has been a beneficial partner, as well, helping its operators lower churn by 50% or more, increase average revenue per user (ARPU) by up to 15%, and realize an average increase in subscriber lifetime value of 65%.

Juvo demonstrated its identity scoring technology at FinovateFall 2016. Headquartered in San Francisco and founded in 2014, Juvo is currently operating in 25 countries on four continents. Named to CB Insight’s Fintech 250 list in June, Juvo added Prosper president Ron Suber as strategic advisor in May and, last fall, the company partnered with Cable & Wireless to bring mobile credit services to customers in the Caribbean.

Finovate Alumni News

On Finovate.com

  • Alpharank Among Startups Graduating from VC Fintech Accelerator Empowered by FIS.
  • Juvo Raises $40 Million in Round Led by NEA, Wing Venture Capital.
  • Klarna Unveils Free P2P Payments Service, Wavy.

Around the web

  • Fiserv acquires mortgage tech solutions provider, PCLender.
  • Consorsbank picks technology from Germany’s figo to power its multibanking service.
  • PayU Colombia to deploy SaaS-based core banking technology from Mambu.
  • Trulioo’s GlobalGateway platform coverage extended to six Latin American countries.

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.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • NuCypher and Sureify Earn Finalist Spots at Startup Battlefield, MetLife’s Collab.

Around the web

  • Mobile identity scoring innovator Juvo appoints Prosper president Ron Suber as strategic advisor.
  • BBVA unveils new chatbot providing basic financial information over Facebook and Telegram.
  • IBM opens the doors on its Blockchain Founder Accelerator program for blockchain startups.
  • Spanish tax agency, AEAT, certifies Comarch’s Accounts Payable solution.
  • Puget Sound Business Journal Features Lighter Capital.
  • NuCypher wins finalist spot at Disrupt NY 2017’s Startup Battlefield.

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

  • Finovate Debuts: Juvo’s Identity Scoring Builds Credit for the Underserved.

Around the web

  • Techfoliance features Dyme, Personetics, and Finn.ai.
  • Cryptocoins news examines LendingRobot’s new automated hedge fund.
  • The CardLinx Association unveils Microsoft-developed, open source, card-linking software available to public.
  • Capital One forges strategic partnership with Bill.com and Gusto to develop financial management tools for SMEs.

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: Juvo’s Identity Scoring Builds Credit for the Underserved

screen-shot-2016-12-20-at-2-06-15-pm

4_juvoshop_homeThe name Juvo is Latin for help, aid, or delight. San Francisco’s Juvo lives up to that name by empowering consumers with a single identity with which to access financial services across the globe—a slick trick in relationship building that endears mobile operators to their clients as well.

In his demo at FinovateFall 2016, Juvo CEO and founder Steve Polsky explained the problem Juvo seeks to solve, saying, “Between 500 million and three quarters of a billion people around the globe have a phone, but not enough balance to even use it… the majority of them are unbanked or underbanked, they live in cash-based economies, they have no way to establish a financial identity, and no way to participate in the basic financial services that we all take for granted.”

Juvo’s real-time Identity Scoring technology chips away at this problem by combining data science with gamification to match mobile users with their identity. By extending microloans to users, Juvo incentivizes financially underserved consumers to build credit and access financial services. The company’s Identity Stack offers mobile network operators an API to derive customer analytics and insights to encourage customer engagement.

Company facts

  • $14 million in Series A funding
  • Active in 4 continents and 23 countries
  • Reaches 350+ million mobile users
  • Conducting 100 million purchase transactions per year
29175216083_3ccda4d692_kFrom left: Steve Polsky, CEO, founder, and Jason Robinson, VP product, demo at FinovateFall 2016

screen-shot-2016-12-20-at-2-19-37-pmWe interviewed Steve Polsky, CEO and founder of Juvo, to get more information about the company and its plans for the future.

Finovate: What problem does Juvo solve?

Steve Polsky: Juvo was founded with an overarching vision: to establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded. In partnership with mobile network operators, Juvo’s proprietary Identity Scoring technology uses data science, sophisticated credit algorithms, machine learning and game mechanics to create an identity-based relationship with anonymous prepaid users, opening up access to otherwise unattainable mobile financial services.

Finovate: Who are your primary customers?

Polsky: Juvo works with large mobile network operators around the world—such as Millicom; and Cable & Wireless Communications Limited—and we partner with financial service providers. We are currently in 10% of countries around the world, active in 23 markets on four continents, and have a reach of more than 100 million users.

1_juvolend_homeJuvo’s gamified balance screen

Finovate: How does Juvo solve the problem better?

Polsky: Juvo merges financial identity, credit scoring and mobile financial services in a single platform—the Juvo Identity Stack—to create an entirely new category: Mobile Financial Intelligence. Other companies may offer elements of what Juvo does, but none are proven to help mobile operators meet challenging KPIs around engagement, churn, ARPU and boosting financial inclusion.

For global carriers the benefits are immediate: more personalized, engaged relationships with customers; easier and more cost-efficient scalability as carriers undergo digital transformation; and immediate ROI—on average, a 10% to 15% increase in ARPU and as much as 50% reduction in churn. For financial service companies, Juvo opens up a user base of 5.7 billion prepaid subscribers worldwide, and for subscribers, Juvo provides an easy and transparent pathway toward financial inclusion.

Finovate: Tell us about your favorite implementation of your solution.

Polsky: I’m not sure I have a favorite, as each of our mobile operator-partners is doing exciting things with Juvo and seeing amazing results with their subscriber base. One particularly fun implementation has been with Cable & Wireless Communications Limited in Latin America, because of the very vocal reaction from their subscribers. There are thousands of positive mentions and reviews of the Juvo-powered app by Flow Lend users, and it is wonderful to hear from end users about how valuable the service is to them.

Finovate: What in your background gave you the confidence to tackle this challenge?

Polsky: The idea for Juvo came from a variety of personal experiences, particularly working with telcos over the years in developing countries. I saw firsthand untapped populations across the globe who are creditworthy, yet never given an opportunity to obtain even the most basic financial services many of us in the Western world take for granted. As a serial entrepreneur, I wanted to build another company with the right team and culture that could create something of value to have a real and lasting impact both for business and society.

The Juvo team is comprised of leading experts in their field who share a passion for creating and delivering a valuable solution to the world. We have extensive experience with mobile operators and a deep understanding of the power of data, particularly as it helps define and explain consumer internet behavior. The convergence of cloud services with big data, combined with a ubiquitous rise in smartphone adoption, gave us the pathway we needed to bring the Juvo vision to life.

Finovate: What are some upcoming initiatives from Juvo that we can look forward to over the next few months?

Polsky: We are excited to announce additional mobile operator launches around the world, share news of expansion into new regions of the world, including Europe and Southeast Asia, and continue to impact the lives of people in developing markets.

Finovate: Where do you see Juvo a year or two from now?

Polsky: We hope to see Juvo continue its expansion with mobile operators into new regions around the world, as well as further engage with financial service companies to offer high-value product and services beyond basic credit. It’s an exciting time for financial services, as technology has paved the way to open many avenues for expanding opportunities to new populations, and we hope to be at the forefront of this emerging fintech revolution.


CEO Steve Polsky, Juvo founder and Jason Robinson, VP, product showcase Juvo at FinovateFall 2016 in New York