Finovate Alumni News

On Finovate.com

  • 44 Alums Populate CB Insights’ Fintech 250 List.

Around the web

  • ProfitStars named a 2017 Top Workplace by The Tennessean for Third Consecutive Year.
  • Top Image Systems seeing momentum from eFLOW AP solution in 2017.
  • Digiliti Money (formerly Cachet Financial) adds new features to its Select Mobile Deposit and Select Business Merchant Capture solutions.
  • CNBC: Tradeshift hoping to ready initial public offering.
  • CoverHound partners with eHealth to expand insurance ecosystem for consumers and small business owners.
  • Payfone to unveil “One-Time Password-Killer.”

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

  • StockViews Closes Second Round Equity Funding, Earns FCA Authorization.

Around the web

  • EverSafe picks up $250,000 in capital from JP Morgan as one of eight FinLab startup winners.
  • Affinity Plus FCU ($2 billion in assets) to deploy Fiserv’s Architect platform to power its online and mobile banking services.
  • Trusted Key CEO Prakash Sundaresan looks at changing customer expectations, security challenges, and the shifting regulatory landscape through the lens of FinDEVr London.
  • Payfone wins patent for technology that fights SIM swap fraud.
  • Ghana’s Premium Bank chooses NetGuardians’ anti-fraud solution, FraudGuardian.
  • LendingTree acquires DepositAccounts for undisclosed sum.
  • AutoGravity unveils partnership with Fletcher Jones Auto Group.

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.

Payfone to Power Mobile ID Authentication for Zelle

There’s been a lot of hype around real-time P2P payment app Zelle, which is launching at select banks this month, aiming to take on Venmo and PayPal as the leading P2P payment platform. Facilitating the launch, Zelle has tapped New York-based Payfone as a key partner.

Payfone signed an agreement with Early Warning Systems, the parent company of Zelle (formerly clearXchange), which was launched in 2011 in a joint effort among Bank of America, Capital One, JP Morgan Chase, U.S. Bank and Wells Fargo. Under the agreement, Zelle will leverage Payfone’s mobile identity authentication and risk assessment solutions to streamline client enrollment and authentication for transactions.

Rodger Desai, Payfone CEO, said that the company is “uniquely positioned” to provide “instant mobile authentication,” something he described as a crucial element in faster payments. Desai added, “Collaborating with Early Warning to help add further seamless security to Zelle is a shining example of how Payfone makes customer transactions safer and smoother.”

Eric Woodward, group president of the Risk Solutions business at Early Warning, said that Payfone will “significantly simplify” enrollment for new Zelle users via a “non-intrusive” user experience. “This helps us balance the requirements for speed and security in the faster payments space,” Woodward said.

Founded in 2008, Payfone originated as a mobile payments company. It has since pivoted to focus on authentication solutions, processing millions of signals per day to authenticate and score transactions with its new Lotus Trust Score. The company currently authenticates 10 million transactions per day and by year end it anticipates that number will reach 50 million transactions.

Finovate Alumni News

On Finovate.com

  • Cardlytics Closes $12 Million Round.
  • Payfone to Power Mobile ID Authentication for Zelle.

Around the web

  • PayNearMe facilitates $1.6M in child support payments for the state of Michigan.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.
  • Expensify and Bill.com deepen integration for shared 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.

Payfone Lands $23.5 Million in Funding

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Mobile authentication company Payfone closed a $23.5 million round of funding today. BlueCross BlueShield Venture Partners and Andrew Prozes led the round, while new investors Strauss Zelnick, Maclab Development Group and Transaction Network Services, along with existing investors RRE Ventures, Opus Capital, Relay Ventures, Early Warning Services, American Express Ventures, Verizon Ventures, and Rogers Venture Partners also contributed.

This Series E round brings the New York-based company’s total funding to just over $66 million and bolsters Payfone’s Board of Directors with the addition of Mike Spadafore of Sandbox Industries and Andrew Prozes, the former CEO of LexisNexis.

When it launched in 2008, Payfone sought to fight the mobile payments battle but pivoted just over 3 years ago to focus on mobile authentication solutions. In its former life as a payments company, Payfone launched 1 Touch Checkout at FinovateFall 2012 in New York. Today, the company offers a non-intrusive authentication option for end clients that uses the identity of their mobile phone to offer persistent protection against fraud.

At the 2015 Fierce Innovation Awards, Payfone won the Over-the-Top (OTT) Monetization and Customer Security categories. In 2016, the company deployed its technology at a Tier-1 bank in the U.S., marking 50 million bank accounts protected by Payfone.

Finovate Alumni News

On Finovate.com

  • AnchorID Adds Apple, SolarCity Vet Mark Roe to Board of Directors.
  • Equifax Shakes Up Mortgage Tech with Castlight Partnership
  • Payfone Lands $23.5 Million in Funding

Around the web

  • Pakistan’s Samba Bank to deploy new core banking technology from Temenos.
  • Infosys’s core banking software Finacle goes live at Nepal’s Sunrise Bank.
  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • Mitek partners with the American Cancer Society, supporting mobile fundraising with its mobile deposit and MiSnap technology.
  • Check Point Software partners with Attivo Networks to improve fraud detection.
  • DAVO Technologies has just been approved as a Certified Electronic Return Originator (ERO) with the California State Board of Equalization.

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

  • Check out this week’s “FinDEVr APIntelligence”
  • “Loan Matchmaker Lendio Posts 2015 Growth Numbers”
  • “Open API! Shamir Karkal to Head BBVA’s New Developer Platform”

Around the web

  • eWise expands data aggregation network to include institutions in Singapore and Thailand.
  • Peel Hunt Technology’s sector report highlights Featurespace.
  • ThreatMetrix enters into agreement with FUJI SOFT to provide online fraud solutions to Japan.
  • Lending Club opens to retail investors in Maryland and North Dakota, bringing its total to 45 states and Washington D.C.
  • Striata makes its Secure Document Repository (SDR) available for general release.
  • Spend Matters interviews Cedric Bru, Taulia CEO.
  • Zooz taps former Worldpay executive Chester Ritchie as its new EVP of sales and development.
  • Temenos announces plans for $500 million refinancing of its banking facilities.
  • Payfone deploys at an additional tier-1 bank in the U.S., now protects 50+ million U.S. accounts.

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.

ID Analytics, Payfone Win at 2015 Fierce Innovation Awards

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ID Analytics won first place in its category at the 2015 Fierce Innovation Awards: Telecom Edition. The company impressed judges with its ID Connect solution, launched in September, which makes it easier to onboard and enroll customers digitally.

IDAnalytics_logoID Connect validates identity with a minimal amount of information, helping businesses increase conversions and lower abandonments. The solution auto-fills application fields and risk assesses the user in seconds. The SaaS technology can be combined with ID Connect Photo, which uses a government-issued ID card to populate fields.

Also taking top honors at the event was Payfone. Payfone won the Over-the-Top (OTT) Monetization category with its Payfone Signature technology, and also won the Customer Security category with its Identity Certainty Platform.

Payfone_logo_Nov2015Payfone Signature is a deterministic, trusted mobile identity that, according to the company, “cannot be forged, cloned, spoofed, or hacked.” The technology uses data from the mobile network operator level to “permanently bind, verify, and subscribe” mobile identity at the account level. The result is what Payfone calls “a persistent mobile ID.” Identity Certainty leverages the Signature technology to provide organizations with the ability to provide seamless yet secure access to sensitive business information.

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The Fierce Innovation Awards span 24 different categories and feature an additional six companies singled out for “Best in Show” recognition. Judges for this year’s competition included representatives from the Verizon Innovation Program, TeliaSonera International Carrier, Comcast, and T-Mobile USA. Companies were judged based on:

  • technological innovation
  • financial impact
  • market validation
  • compatibility with existing network environments
  • end-user customer experience

Founded in 2002 and headquartered in San Diego, ID Analytics demonstrated its platform at FinovateFall 2015. Payfone demoed its 1 Touch Checkout solution at FinovateFall 2012. Payfone was founded in 2008 and is based in New York City.

Finovate Alumni News

On Finovate.com

  • “Thinking Capital and Flybits earn Deloitte’s Technology Fast 50 Canada Awards”
  • “ID Analytics, Payfone Win at 2015 Fierce Innovation Awards”

Around the web

  • American Banker features PayActiv in a look at budgeting apps.
  • Let’s Talk Payments presents a roundup of wealth managers turned robo-advisers, including Nutmeg.
  • Yodlee features how DoubleNet Pay enables automatic bill pay and financial health for employees.

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.

IDology Announces “Significant” Strategic Equity Investment in Payfone

IDology_homepage_Oct2015

IDology, an identity-verification specialist out of Atlanta, has made a strategic equity investment in mobile authentication startup and fellow Finovate alum, Payfone.

Terms were not immediately available, but the investment was described as “significant” by IDology, according to reporting at American Banker. And as part of the investment, IDology has integrated Payfone’s network authentication into its ExpectID Mobile solution.

With this move, IDology will add both network authentication and transaction monitoring to its ID verification and anti-fraud solutions. ExpectID Mobile works by establishing a persistent mobile identity for each consumer that can be maintained through multiple life cycle change events. The mobile identity is resistant to mobile fraud tactics and can be created with or without ID verification.

Payfone_homepage_Oct2015

IDology CEO John Dancu added that the partnership reflects IDology’s commitment to mobile technology that “strike(s) a balance between convenience and security” and provides “frictionless access to products and services.” Payfone CEO Rodger Desai called IDology an “excellent strategic partner” and said the new relationship also would be an opportunity for his company to fight fraud in markets such as alternative finance and payment gateways.

Recent headlines for IDology include the fall 2015 launch of its email validation technology, ExpectID Email in September, and picking up the Southeastern Software Association Impact Award from the Technology Association of Georgia in the Technology Solutions Provider category in May. A finalist in the 2015 Business Intelligence Group (BIG) Innovation Awards, Payfone made a major pivot two years ago to focus its technology away from payments and toward authentication. Read more about Payfone in an interview with Desai in the New York Business Journal.

Founded in 2003, IDology demoed its ExpectID Enterprise solution at FinovateFall 2012 in New York. Payfone also made its Finovate debut at the fall conference in New York in 2012. Founded in 2008 and headquartered in New York City, the company demonstrated its 1 Touch Checkout solution.