The Faves of FinovateAsia: A Brief History of Best of Show Winners

With FinovateAsia less than one week away, it’s worth noting that the history of our Asian conference is a short, but illustrative one. Consider this: of the twelve companies awarded Best of Show from our three FinovateAsia conferences in 2012, 2013, and 2016, more than half are multiple-time Best of Show winners, having impressed audiences in London, Silicon Valley, and New York City, as well as Singapore and Hong Kong. And three of the companies have also been the targets of major acquisitions: IND Group by MisysEyeVerify by Ant Financial, and Yodlee by Envestnet.

So, other than winning multiple Best of Show awards and being acquired by major players in finance and technology, what have the Best of Show winners of FinovateAsia from last year been up to in the time since? See for yourself below.

FinovateAsia 2016Best of Show

Alpha Payments Cloud (demo)

The biggest news for Alpha Payments Cloud since winning Best of Show at FinovateAsia 2016 is likely the company’s comprehensive rebranding as Alpha Fintech in September. The move was designed to affirm the company’s status as “fintech’s first end-to-end middleware,” using a single API and UI to connect merchants and vendor suppliers across “the entire payments, risk, and commerce spectrum.”

Oliver Rajic, Alpha Fintech CEO added “Now with Alpha, (acquirers and gateways) can evolve to enable the right vendor combination for each unique requirement … thereby extending and enhancing their core solution subset.” Alpha Fintech has already made its first agreement under the new rebrand, teaming up with Payture, a major payment gateway in the CIS region. “Among the early adopters of the Alpha Fintech /Payture integration are businesses in Russia’s e-travel consumer market, which the company says is one of the largest segments of Russia’s e-commerce market.

Dynamics (demo)

Multiple-time Best of Show winner Dynamics announced a partnership with LG Electronics earlier this year. The agreement would put Dynamic’s Wireless Magnetic Communication (WMC) technology in LG Pay. The integration will enable LG mobile phones to transmit traditional magnetic stripe information wirelessly to traditional magnetic stripe readers.

“Dynamics has been building wireless magnetic communication solutions for nearly a decade and is widely considered the founder of the programmable magnetic stripe industry,” Dynamics CEO Jeff Mullen said. “Dynamics’ best-in-breed technology will help LG Pay reach hundreds of millions of new payment environments.”

EyeVerify (demo)

Acquired by Ant Financial Services Group just months before making its Best of Show-winning demonstration at FinovateAsia 2016, EyeVerify has hardly rested on its laurels. This summer, for example, the company partnered with fellow Finovate alum Daon, adding Eyeprint ID to Daon’s IdentityX platform. But the biggest headlines from this multiple Best of Show winning company have to do with their rebrand as ZOLOZ back in August.

“When I announced almost a year ago that Ant Financial acquired EyeVerify, I said we want to do more,” company founder and CEO Toby Rush wrote at the company blog. “Today we publicly commit to providing a hosted identity platform that helps people manage their digital lives.” Rush described an initiative to bring identity services to the underserved and underbanked consumers of Asia, with plans to ultimately bring hosted identity solutions to markets in North America and Europe.

Finn.ai (demo)

With two Best of Show awards in two Finovate appearances, intelligent banking assistant developer Finn.ai must be doing something right. Finn.ai earned a spot in Payment Canada’s pitch competition, Dragon’s Den, and was recognized over the summer by Capegemini’s global InnovatorsRace and at the VivaTech conference in Paris, France. Finn. ai also announced a few days ago that ATB Financial would use Finn.ai’s technology to offer its 700,000 customers the first, fully-featured, AI-powered virtual banking assistant on Facebook Messenger.

But in addition to making friends and influencing people, Finn.ai is raising capital, as well. The company raked in $3 million in new funding in October, and plans to use the financing to help add technical talent to its team, as well as support the company’s expansion in the U.S. and around the world. Banking industry veteran, Carrie Russell, who will join Finn.ai as Strategic Executive Adviser, noted the importance in helping banks “move beyond transactional banking to build deeper, more personal relationships with customers.” Russell added “I believe Finn.ai is the right partner to do this, acting as a proactive virtual assistant to help customers understand, plan and take action to improve their financial lives.”

The rest of our FinovateAsia Best of Show winners are listed below:

FinovateAsia 2013Best of Show

FinovateAsia 2012Best of Show

FinDEVr APIntelligence

Our first developers conference in the U.K. is just over a month away. If APIs and SDKs are just a few of your favorite fintech acronyms, then join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.

FinDEVr 2017 London is a part of London Tech Week, which runs from June 12 to June 16.

On FinDEVr.com

  • Symbiont Gains “Strong Partner in Asia” with Investment from Hundson Technologies.

Upcoming FinDEVr 2017 London alum news

  • Check Out Our Exclusive Interview with ISARA CEO, Scott Totzke.
  • Our latest FinDEVr Features Are Up. Meet Kontomatik and IdentityMind Global.

Alumni updates

  • Kontomatik earns top 50 spot in the 2017 Dutch FinTech Awards. Join Kontomatik in London for FinDEVr in June.
  • ACI Worldwide’s point-to-point encryption solution earns PCI P2PE compliance validation.
  • Thoma Bravo to Acquire Lexmark’s Kofax.
  • MapD partners with Continuum Analytics & H2O.ai, to form the GPU Open Analytics Initiative.
  • Thinking Capital to offer SMB financing options to TouchBistro POS clients.
  • Token Picks Up $18.5 Million to Help Banks Rise to Challenge of PSD2.
  • PayNearMe adds 8,000 CVS Pharmacy Stores to its network cash acceptance locations.
  • CardFlight unveils new line of mobile card readers to support secure EMV and NFC contactless payments.
  • Gartner recognizes OutSystems as a leader in enterprise high productivity application platform as a service technology.
  • Malauzai’s Vantiv Partnership to Leverage OnDot’s CardControl Tool.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

 

Thoma Bravo to Acquire Lexmark’s Kofax

Customer engagement and analytics company Kofax is undergoing its second acquisition in as many years this week. The company announced it will be acquired by private equity firm, Thoma Bravo.

The acquisition includes all of Lexmark’s Enterprise Software business, which is made up of three entities; Kofax, ReadSoft and Perceptive Software. Terms of the deal, which is expected to close Q3 of 2017, were not disclosed. Once the deal is finalized, Kofax and ReadSoft will be combined into a single, newly independent Thoma Bravo portfolio company. The new entity will operate under the Kofax brand and will be led by President of Lexmark Enterprise Software, Reynolds Bish.

Regarding the acquisition, Seth Boro, Managing Partner at Thoma Bravo said that he is “thrilled to partner with Reynolds and his management team under the Kofax brand as a new Thoma Bravo portfolio company.” Boro siad that Kofax’s “vision to digitally transform and simplify initial customer interactions with businesses, or what they term the First Mile” offers an opportunity for Thoma Bravo.

Kofax was recently named by Forrester as a leader in ECM Transactional Content Services. Last month, the company announced the availability of ReadSoft Online R9, an automated accounts payable solution. And in March, a top 10 global bank deployed Kofax Mobile Credit and Debit Card Framework and the Kofax Mobile Capture Platform.

Finovate Alumni News

On Finovate.com

  • Thoma Bravo to Acquire Lexmark’s Kofax

Around the web

  • Top Image Systems selected by CIOReview as one of the 20 Most Promising SAP Solution Providers of 2017.
  • KTLA features password management platform Dashlane.
  • MapD partners with Continuum Analytics & H2O.ai, to form the GPU Open Analytics Initiative.
  • Thinking Capital to offer SMB financing options to TouchBistro POS clients.

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.

FinDEVr APIntelligence

FDLD17_EventLogoV1_wdate(large) (1)We saw some great stuff at FinDEVr New York last month; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

  • Xero sees $26.4 Million investment

Alumni updates

  • Money management app, TD MySpend from TD Bank, closes in on one million users.
  • ACI Worldwide broadens its relationship with Ant Financial Services mobile payment provider, Alipay.
  • PayPal teams with Android to launch a new way to pay.
  • i-exceed earns Gartner Magic Quadrant recognition as notable vendor in Asia Pacific for mobile app development platforms.
  • Former Kabbage CTO Amala Duggirala joins Regions Bank as its new CIO.
  • FICO announces partnership with economic empowerment non-profit, Operation HOPE.
  • Forrester names Kofax a leader in ECM transactional content services.
  • OutSystems launches global partner program, connecting integrators, resellers, and consultants to its low-code development platform.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: collectAI Brings Omnichannel Engagement to Debt Collection.

Around the web

  • Geezeo to provide PFM tools to FI clients of Computer Science Professionals (CSPI) in new partnership.
  • Fenergo adds former HSBC executive Spencer Lake as board vice chair.
  • FICO announces partnership with economic empowerment non-profit, Operation HOPE.
  • Forrester names Kofax a leader in ECM transactional content services.
  • OutSystems launches global partner program, connecting integrators, resellers, and consultants to its low-code development 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.

Finovate Alumni News

On Finovate.com

  • Meniga Scores $8 Million to Help Banks Leverage their Data.

Around the web

  • Visa Checkout achieves 20 million enrolled accounts milestone.
  • Kreditech adds two new independent board members.
  • Tradeshift unveils major platform update, Magellan 1.
  • Kofax launches cloud-based document capture and invoicing solution, ReadSoft Online R9.
  • Mitek announces reaching $1 trillion deposit milestone for its Mobile Deposit solution.
  • OutSystems picks up SOC 2 Type 1 attestation report affirming quality of company’s internal controls and processes. Check out the company’s presentation from FinDEVr  2017 New York.
  • NIBC Direct partners with AdviceRobo to help it pro-actively flag mortgage clients that could fall into default.
  • Blackhawk Network Launches Website for Reward Prepaid Cards in Canada

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.

FinDEVr APIntelligence

FDNY17-Logo-RevFinDEVr New York will be here in just two short weeks! Check out company features and take a look at the previews from upcoming presentations. And of course, don’t forget to register today to save!

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.
  • PwC Brings Blockchain PoC to London’s Specialty Insurers
  • Shwayhat Steps Up: GreenKey Technologies Announces New CEO
  • Scotiabank and AlphaPoint Wrap Up Blockchain Trial
  • Check out these previews from upcoming FinDEVr New York presentations:

Alumni updates

  • BBVA Compass adds cash-back incentive to stimulate interest in mobile banking app.
  • OutsideIQ teams up with Genpact to bring better risk management, KYC, and AML compliance solutions to banks.
  • Bluefin Payment Systems joins forces with The Pinnacle Corporation, bringing point-to-point encryption (P2PE to the latter’s Palm POS platform.
  • Top 10 global bank deploys mobile capture technology from Kofax.
  • IBM forges strategic partnership with Salesforce, connecting AI platforms IBM Watson and Salesforce Einstein.
  • Arxan Application Protection named Best IoT product at the 2017 Cybersecurity Excellence Awards.
  • Kontomatik nominated at the Dutch FinTech Awards 2017.
  • Mambu goes live in the Americas with new offices in Miami and new regional managing director.
  • PayPal partners with Oro ecommerce platform.
  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Dallas News features Bruce Parker, founder and CEO of ModoPayments.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • FundAmerica Unveils New RegTech Tools.
  • Qapital Raises $12 Million, Adds Debit Card Functionality

On FinDEVr.com

  • Check out these previews from upcoming FinDEVr New York presentations:

Around the web

  • OutsideIQ teams up with Genpact to bring better risk management, KYC, and AML compliance solutions to banks.
  • Ixaris Technologies unveils its Open Payments Cloud platform for developers at upcoming hackathon.
  • Top 10 global bank deploys mobile capture technology from Kofax.
  • IBM forges strategic partnership with Salesforce, connecting AI platforms IBM Watson and Salesforce Einstein.
  • Bluefin Payment Systems joins forces with The Pinnacle Corporation, bringing point-to-point encryption (P2PE to the latter’s Palm POS platform.
  • CB Insights lists NetGuardians on the regtech map.
  • WeInvest piloting roboadvisory service with OCBC Bank.
  • eWise to power customer loyalty app for Gini.

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.

Why PropTech and MortgageTech Are the Future of Fintech

If this is the first time you’ve heard the term proptech, it won’t be the last. Proptech (also known as real estate tech or REtech) and its subset mortgagetech have been around since 2014. Here’s why 2017 is poised to place proptech among the ranks of wealthtech, insurtech, regtech.

This year has already been favorable to mortgagetech and proptech companies. SoFi, for example, is about to close a massive, $500 million round, its competitor LendingHome topped $1 billion in mortgage loan originations last year, and RealtyShares has seen over $300 million raised on its platform. According to CB Insights, since 2012 the real estate technology sector has closed 817 deals worth $6.4 billion. Of that amount, $2.6 billion closed in 2016 alone, which represents a 40% increase from that sector’s funding in 2015.

In the U.S., there are a handful of reasons 2017 will be favorable to real estate. Interest rates are projected to rise for the second time, millennials are starting to buy their first homes, and investors are looking to diversify out of the volatile stock market. On top of all of this, regulations are slated to loosen under the Trump administration, and changing in regulation brings opportunities for innovation.

Players

The broader category of proptech can be broken down into four basic segments.

1- Mortgagetech
These are mostly B2B companies specifically focused on facilitating part of all of the mortgage application process. They do not lend or service the loan.

2- Digital mortgage lending companies
These online lenders facilitate the mortgage application process and service the loan.

3- Real estate investment tech
Companies in this category are focused on the investment aspect of commercial and residential real estate.

4- Pure property plays
These don’t have a fintech angle but play a role in the broader proptech industry. Since this category is out of scope for this blog, this list only encompasses a fraction of companies in this category. Check out CB Insights’ coverage of commercial real estate technology for more.

What’s ahead in 2017

  • Expect to see more mortgagetech-bank partnerships along the lines of Roostify’s recent deal with JP Morgan Chase. As banks try to gain a competitive edge for market share, more established banks will need to leverage mortgagetech offerings.
  • We’ll see more niche alt-lending solutions such as SoFi that facilitate the application process and save borrowers on closing costs.
  • Expect to see more players offering real estate investment technology, coupled with some consolidation in real estate crowdfunding companies.
  • Outside of fintech, we’ll see more platforms aimed at cutting out the middle person, the realtor; and more business models such as Knock and GoldenKey that make the selling process easier.

You don’t have to take my word for it

We posed the question, How do you see proptech/ mortgagetech growing in 2017? to these Finovate alums working in the space. Here’s how they responded:

BhatRajesh Bhat, CEO and cofounder of Roostify:

“We expect to see further widescale adoption of digital mortgage solutions – to the point where one should expect it to be table stakes in 2018. We should also expect to see more players emerge in the space as investors see larger market adoption and validation.”

 

Screen Shot 2017-02-23 at 9.52.53 AMLinda Schicktanz, Chief Advisor of CK Mack*:

“If there is one area ripe for fintech innovation, it’s real estate investing. Why put 30% down just to gain massive management headaches when you can now invest in rental cashflow online with very similar returns? Fintech and Real Estate are like peanut butter and jelly, they just go together!”

Screen Shot 2017-02-23 at 8.30.31 AMNima Ghamsari, cofounder and CEO at Blend:

“There is going to be an explosion in the use of data driving the mortgage process in 2017. Both Freddie Mac and Fannie Mae have announced their data initiatives toward the end of 2016, and lenders are starting to push consumer financial data aggregation into the core components of their customer experiences. This ties in nicely to the industry-wide push forward to a more digital, end-to-end process that started in 2016.”

Screen Shot 2017-02-24 at 4.07.54 PMJilliene Helman, CEO at RealtyMogul

“The impact of digital technology on the real estate industry and mortgage technology is still in its infancy, but I see both less experienced and more sophisticated investors, alike, moving toward a process that takes place entirely online. With over $250 million of capital invested and 100,000 registered investors on the platform, RealtyMogul.com is a testament to this change. The more that technology can offer real estate borrowers and lenders transparency, as well as the efficiency of process and convenience, the faster both sides will adapt.”


*Full disclosure: I’m related to Linda Schicktanz. Yup– she’s my mom.