Finovate Alumni News

On Finovate.com

  • Twitter Talk: The Top Tweets from FinovateSpring 2017
  • FinDEVr Alum Quovo Raises $10 Million

Around the web

  • TransferWise unveils new APAC hub in Singapore.
  • Temenos adds open banking, PSD2-based services to its MarketPlace initiative.
  • Ten FIs join Ripple’s cross-border, blockchain network.
  • Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
  • Qumram wins “Best RegTech Company” in 2017 FinTech Breakthrough Awards.
  • Pendo Systems completes first full deployment of the Pendo Data Platform and receives certification as a Women’s Business Enterprise.
  • Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
  • Jay Shah promoted to CEO of Personal Capital
  • Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.
  • Jumio wins Best Fraud Prevention Platform Category in FinTech Breakthrough Awards.

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 Alums Populate RegTech Top 100 Power List

RegTech_image

Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Finovate Alumni News

On FinDEVr.com

Around the web

  • PaySimple unveils new Service Point of Sale (sPOS) platform.
  • NY State Department of Financial Services to allow Coinbase to offer Ethereum and Litecoin to customers in New York.
  • Backbase to locate new R&D center in Cardiff, Wales.
  • Revolut announces £4 million crowdfunding investment round and launch of subscription service.
  • Scalable Capital founder and CEO Adam French earns spot on 2017 PAM Top 40 Under 40 roster.
  • Innovate Finance names Nous Global Markets, Moxtra, and Qumram as finalists in its Pitch360 fintech startup competition.
  • WePay customers can now use Apple Pay on the Web and Google’s Android Pay on the Web for increased revenue generation.

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

Around the web

  • Youth savings specialist Virtual Piggy rebrands as REGO Payment Architectures.
  • IBM provides blockchain support for Singapore fintech, Invictus.
  • Qumram wins Growth Stage Startup of the Year at Swiss FinTech Awards 2017.
  • Tradeshift brings on David Ahrens as its new chief marketing officer.

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.

Spring Forward: FinovateSpring 2016 Alums Top $200 Million in Funding

FinovateSpring2016_scene

With FinovateSpring 2017 coming next month, we thought we’d take a look back at how the alums from our last spring conference a year ago have fared on the fundraising front.

And after a quick review, it seems that investors continue to be interested in the innovations of Finovate alumni. In fact, even without the $1.8 billion Golden Gate Capital spent on its acquisition of Neustar late last year ($2.9 million with debt included), the alums from FinovateSpring 2016 have had an impressive year of fundraising. While the specific funding amounts for a number of alums were not officially disclosed, our review shows more than $200 million raised by 20 FinovateSpring 2016 alums over the past year alone.

Among the bigger deals of the past year, the $72 million raised by OurCrowd stands out. OurCrowd, a crowd investing platform for venture capital, was founded in 2013 and is headquartered in Jerusalem, Israel. With a growing network of more than 17,000 investors, OurCrowd has raised $400 million on its platform, providing funding for 110 companies. Also noteworthy was the $29 million raised by FinDEVr/Finovate alum NYMBUS in two separate fundings in August and February. NYMBUS is an innovator in developing advanced, cloud-based core banking systems. Known as a “bank in a box” NYMBUS technology gives smaller banks and credit unions the ability to compete with larger FIs when it comes to providing customers with the latest digital banking services.

So to help get you ready for FinovateSpring 2017, here’s a list of the investments scored by alums from last year’s conference. And remember you can see live demos from all 20 of our fundraising FinovateSpring 2016 alums in our Video Archives.

February 2017

  • FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding
  • Qumram’s Regtech Offering Lands $1.49 Million
  • Empyr Raises $3 Million in Funding

January 2017

  • ForwardLane Raises $1.1 Million in New Funding
  • Earnix Receives $13.5 Million in Growth Capital from New and Existing Investors

December 2016

  • Cyberfend Acquired by Akamai Technologies for Undisclosed Amount

November 2016

  • Sezzle Raises Seed Funding Ahead of Shopify Debut ($1.85 million)
  • Neustar Acquired by Golden Gate Capital for $1.8 Billion (including debt $2.9B)

October 2016

  • ThreatMetrix Picks Up $30 Million in Growth Capital from Silicon Valley Bank (debt financing)

September 2016

  • OurCrowd Pulls In $72 Million
  • WealthForge to Raise $2.5 Million in New Convertible Note Offering
  • OneVisage Earns Seed Funding in Round Led by Polytech Ecosystem Ventures (amount undisclosed)

August 2016

  • CUneXus Closes $5 Million Series A
  • Automobile Title Lending Platform Finova Financial Raises $52.5 Million
  • NYMBUS Raises $12 Million in Round Led by Vensure Enterprises

July 2016

  • Linqto Announces New Venture Funding from Keiretsu Capital (amount undisclosed)

June 2016

  • NICE Funding! CallVU Raises $3 Million
  • Civic Announces New Debt Financing from Blockchain Capital (amount undisclosed)
  • savedroid AG Completes €1 ($1.1 USD) Million Seed Round; Announces Beta Launch
  • Cyberfend Earns Undisclosed Non-Equity Assistance from MasterCard Start Path Global Program.
  • BanQu Secures $100,000 in Financing (convertible note)

Are you a FinovateSpring 2016 alums whose funding we missed? Send us an email research@finovate.com and we’ll be happy to make the update.

Qumram’s Regtech Offering Lands $1.49 Million

Screen Shot 2017-02-21 at 2.49.07 PM

Here’s more proof that regtech is coming of age– Switzerland-based Qumram closed on $1.5 million in funding today. This brings the company’s total funding to $6.2 million.

Today’s funds come from Madrid-based Mundi Ventures, a technology-focused VC firm that also operates in Barcelona, London, and Seattle. In addition to the funding, Mundi will provide due diligence support and will offer Qumram access to corporate executives, new markets, and new customers via the Mundi Club, a global network of 500+ Spanish business leaders.

Regarding the purpose of the new round, Qumram CEO Patrick Barnert said, “These funds are continuously applied to international expansion, with strong focus on the financial services markets of Europe, the U.K., and U.S.A. Qumram has already gained great traction in the US. Our first client win was Russell Investments, and other financial institutions followed soon after.”

Founded in 2011, Qumram offers banks technology that lets them record and replay all digital activity and interactions with clients. The movie-like playback gives banks an auditable record for compliance purposes. In addition to facilitating compliance, Qumram offers internal and external fraud detection, as well as actionable insights that inform banks how to improve the user experience. At FinovateFall 2016, the company showcased its regulatory compliance tool that facilitates client communication. In September of last year, Qumram debuted a social media recording solution that is compliant with WhatsApp and in August won Swisscom Startup Challenge 2016.

Finovate Alumni News

On Finovate.com

  • Spiff Partners with Nordea Liv to Launch Mobile Savings App.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Qumram’s Regtech Offering Lands $1.49 Million

On FinDEVr.com

Around the web

  • TransferWise announces integration with Facebook Messenger.
  • Valiant Bank to deploy new customer engagement platform from Backbase.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Malauzai reports record growth for 2016.
  • Santander’s VC arm invests undisclosed amount in Personetics.
  • Standard Chartered leveraging WeChat’s online payment gateway to launch e-commerce solution for corporates.

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

Around the web

  • Qumram wins “Most Innovative FinTech” at 4th Annual WealthBriefing Swiss Awards for 2017.
  • Jack Henry presents newlly-resdesigned Banno website.
  • Intuit deploys VersaPay ARC for its SME customers and accountant clients.
  • ChartIQ to provide Fidessa with HTML5 charting options. See ChartIQ at FinDEVr New York next month.
  • Temenos acquires long-time partner Rubik Financial for $50 million.
  • Dwolla looks at how Bento used Access API for ACH-powered fund transfer to develop its platform.
  • Clutch recognizes Softjourn as one of the top web and software developers in the Ukraine. Join Softjourn in New York next month for our developer’s conference, FinDEVr.
  • PYMNTS.com features CSI globalVCard on the eve of its global expansion.
  • Credit Karma unveils new free tax preparation service.

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

  • “Roots Rock: eMoney Advisor Reports Breakout Revenue Metrics for 2016″
  • Check out this week’s “FinDEVr APIntelligence”
  • Nubank Raises $80 Million in Series D Funding”
  • “Finovate Debuts: Agreement Express Helps Advisers Offer Non-Intrusive Onboarding”

Around the web

  • Nostrum CFO Neil Warman re-elected to Confederation of British Industry (CBI) regional board.
  • Qumram wins 2016 Private Banking International (PBI) award for Outstanding Front-End Digital Solutions Provider.
  • Ovum recognizes Backbase as digital banking platform market leader.
  • Comarch partners with TrustWeaver to make e-invoicing cross-border compliant.
  • True Potential listed in the Deloitte Technology Fast 500 EMEA for the fourth consecutive year.
  • Fundable profiles DAVO’s funding since its 2011 launch and its milestone of 800 clients.
  • Orca Money interviews Scalable Capital CEO Adam French.
  • Luxoft wins Best Enterprise Systems Integrator in Constellation Research’s 2016 Enterprise Awards.
  • Zopa takes home two awards at the AltFi Awards and wins Best P2P Lending Platform at the F5 Awards.
  • InComm partners with MOL Global to launch PlayStation Network prepaid products to be distributed through 7-Eleven stores in Indonesia.

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.

Fintech Trending: RegTech Reality Check, Blockchain Bandwagon, and IBM’s New Wallet

makecompliancegreatagain_redhat

Hat, courtesy of Alloy, a customer-onboarding specialist that debuted at FinDEVr in October.

The dream of RegTech is alive at Finovate

Deloitte recently asked what we should make of regtech in a new report titled, “RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks.” To the extent that regtech represents technologies, strategies, and solutions designed to help firms better meet regulatory obligations, remain compliant, and/or secure their processes, there may be less new here than meets the eye. Compared to insurtech, regtech firms have been prominent players in the fintech firmament for years.

To its credit, Deloitte is aware of the “old-is-new-again” aspect of regtech. The report notes that “while the name is new, the marriage of technology and regulation to address regulatory challenges has existed for some time with varying degrees of success.”

Indeed. Consider companies like Gremln (F14), which demonstrated a social media platform specifically for regulated industries, and Finect (F13), which unveiled a compliant communication platform for financial professionals. Qumram (F16) provides software that helps ensure complaint communication by recording digital interactions from web, social, and mobile channels.

My Virtual Strongbox (F14) introduced the kind of secure document-storage technology that can help FIs better manage customer documentation. Global Debt Registry, another F14 presenter, provides compliance and risk-management solutions to the account-management industry. OutsideIQ (F16) enables FIs to uncover regulatory risk using a combination of machine learning and human analysis. FundAmerica (F15), arguably one of the most explicitly regtech companies to demo at Finovate, provides crowdfunding platforms with APIs for a wide variety of “mission-critical, back-end regulatory requirements.”

Additionally, there are a sizeable number of credit risk analysis innovators such as QCR (F15), CreditHQ (F16), and FICO (FD16); companies like Avalara (FD15) that help merchants recognize and satisfy sales-tax requirements (or by that token, even a VATBox (F15) that helps recover VAT fees for international travelers); and cloud-based auditing technologies like those available from Auvenir (F16), whose identity as a fintech company was a topic of our deliberations.

And all of this is to say nothing of the even larger number of security and authentication specialists whose technologies—at least by Deloitte’s definition—can be considered regtech. Note that Deloitte’s Ireland-based rundown of regtech companies includes Finovate alum Trustev (F14), whose online ID-verification technology is very much in the same category as dozens of other security, authentication, verification, anti-fraud innovators.

The question as to whether regtech as a “thing” (as the millennials say) can be separated from the broader fintech discussion is likely more of a marketing decision than anything else. Clearly regtech has the ranks; the issue is to what degree does distinguishing them as a type of innovator apart from the larger fintech world make it easier for these companies to attract top talent, develop necessary solutions, and raise the capital to drive and grow their businesses. From the perspective of fintech in general—and Finovate/FinDEVr in specific—we’re happier having regtech innovating from “inside the tent,” as opposed to being outside the tent trying to find a way in.

See also:

Blockchain bandwagon

Two more major players jumped on the blockchain bandwagon. IBM (FD16) showed its Hyperledger at FinDEVr last week and Visa (FD14) announced its cross-border payment system built on blockchain-like distributed ledgers, an apparent challenge to Swift. The technology is powered by Chain (FD15) which counts Visa, Capital One (FD15) and Citibank as investors. According to Javelin Strategy, banks will invest $1 billion this year in blockchain initiatives.

Mobile payments gets another huge player

Speaking of IBM, one of the more surprising announcements at Money2020 was the launch of IBM Pay, a private-label mobile payments and POS system. Details are sketchy, but in the IBM video below, it appears to be a Starbucks-like QR code system. It’s part of IBM’s Watson Commerce initiative.