Finovate Alumni News

On Finovate.com

  • IdentityMind Global Raises $10 Million to Fuel Global Growth.
  • Coinbase Launches Crypto eCommerce Acceptance.
  • Roostify Lands $25 Million to Disrupt the Mortgage Industry.

Around the web

  • Revolut partners with payment issuer processor GPS ahead of APAC launch.
  • Ripple teams up with Saudi Arabian Monetary Authority (SAMA) to begin cross-border payments pilot program using xCurrent.
  • NICE Actimize brings financial crime, risk and compliance technology to global provider of core banking systems technology.
  • South Africa’s Absa Bank goes live with Finastra’s CLS platform, PAYplus.
  • CASHOFF wins finalist spot in PFM & Robo Advice category of Innovate Finance’s 2018 Pitch360 competition.
  • Microsoft features Onfido. Come see Onfido at FinovateEurope next month!
  • Softtek and Mambu launch banking platform as a 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.

Forbes Names 17 Finovate Alums on the Forbes Fintech 50

Forbes has released the third* Fintech 50 list, which this year features 17 Finovate alums, many of which have made the list for the third time. The Fintech 50 list highlights the top private fintechs that have operations, customers or impact in the U.S. The list excludes public companies and divisions of public companies.

Here are the alums honored in this year’s compilation:

Ayasdi

Among 22 newcomers to this year’s list.

Betterment

The company’s third time making the list.

Blend

Among 22 newcomers to this year’s list.

Blockchain

Among 22 newcomers to this year’s list.

Chain

The company’s third time making the list.

Coinbase

The company’s second time making the list.

Credit Karma

The company’s third time making the list.

Feedzai

Among 22 newcomers to this year’s list.

Gusto (formerly ZenPayroll)

The company’s second time making the list.

Kabbage

The company’s second time making the list.

Kensho

The company’s third time making the list.

Plaid

The company’s third time making the list.

Qapital

The company’s second time making the list.

Ripple

The company’s third time making the list.

Symbiont

Among 22 newcomers to this year’s list.

Symphony

The company’s second time making the list.

TransferWise

The company’s third time making the list.

In 2016, the list contained 20 Finovate alums, including Betterment, Chain, Coinbase, Credit Karma, Gusto, Kabbage, Kensho, Klarna, Motif, Personal Capital, Plaid, Qapital, Quantopian, Ripple, Signifyd, SoFi, Symphony, TransferWise, TrueAccord, and Xignite.

The list from three years back also contained 20 Finovate alums. Algomi, Betterment, Braintree, Chain, Credit Karma, HelloWallet, Kensho, LearnVest, Motif, Personal Capital, Plaid, Prosper, Quantopian, Ripple, Simple, TransferWise, TrueAccord, Vouch, Wealthfront, and Xignite made the list.


*Forbes skipped this compilation for 2017.

UAE Exchange Partners with Ripple

Is there anyone who still doubts that governments and financial institutions in the Middle East are committed to taking advantage of distributed ledger technology? If so, the announcement today that the UAE Exchange has joined Ripple’s RippleNet network is a reminder that when it comes to the blockchain: MENA means business.

“Incorporating Ripple’s blockchain technology into our payments systems will bring customers and enhanced, new payments experience,” UAE Exchange Group CEO Promoth Manghat said. “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”

Ripplenet is an enterprise blockchain network that features more than 100 participating banks and FIs. Via the network, members are able to conduct real-time messaging, clearing, and settlement of financial transactions for their banking and payment clients. In joining the network, UAE Exchange becomes the largest payment solutions provider in the Middle East to use Ripple’s technology for real-time, worldwide, payment processing.

“We choose to focus on solving inefficiencies in key corridors where payment flows are significant and growing,” Global Head of Infrastructure Innovation for Ripple, Dilip Rao said. “Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”

Ripple and its technology have been gaining momentum along with the broader growth in interest in the blockchain, cryptocurrencies, and distributed ledger technology. Earlier this month, the company announced that Banco Santander would leverage its technology to offer same day mobile international payments. In January, Ripple launched a trial project with MoneyGram in which the remittance services specialist will use XRP through Ripple’s xRapid service and explore integration with Ripple’s API for businesses, xVia.

Founded in 1980, UAE Exchange has nearly 800 branches in 31 countries – with nearly 150 branches across the seven Emirates and 17 branches in Dubai metro stations. Headquartered in Abu Dhabi, UAE has more than 9,000 employees and more than 15 million customers worldwide using its remittance services.

Making its Finovate debut as OpenCoin at FinovateSpring 2013, Ripple currently has more than 100 customers around the world. The company’s digital asset XRP, available on more than 50 exchanges globally, is used by banks and payment providers to better enter new markets and keep costs low. With offices in San Francisco, New York, London, Singapore, Sydney, Luxembourg, and Mumbai, Ripple has raised more than $90 million in funding, and counts Santander Innoventures, SBI Investment, IDG Capital Partners, and Core Innovation Capital among its investors.

Interested in fintech developments in the Middle East? FinovateMiddleEast comes to Dubai, UAE, February 26 and 27, for two days of keynotes, panel discussions, and live fintech demonstrations. 

Finovate Alumni News

On Finovate.com

  • Dwolla Lands $12 Million.
  • Larky Deepens Partnership with Core Processing Solutions Provider Sharetec.
  • Stash Raises $37.5 Million, Launches Custodial Accounts.
  • NetGuardians Inks Agreement with FirstOntario Credit Union.

Around the web

  • InComm subsidiary On-Line Strategies launches partnership with National Bankcard Services to enable prepaid at the gas pump.
  • Neustar expands its DDoS mitigation defense network in EMEA.

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

  • Cardlytics Becomes the First Fintech to Go Public in 2018.

Around the web

  • The Banker’s Tech Talk interviews FinanceIT CEO Michael Garrity.
  • Tinkoff Bank launches development hub.
  • Icon Solutions announces strategic GDPR partnership with Digital Control Room.
  • Larky expands partnership with Sharetec.
  • Zebpay adds support for Ripple’s XRP.
  • Pindrop helping PSCU block $1 million in fraud in one month.

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 Larsen, Armstrong, Garlinghouse Among Crypto’s Richest

Mirror, mirror, on the wall … Who has reeled in the biggest cryptocurrency haul of them all?

Forbes has published its first – and hopefully not last – list of the richest “secretive freaks, geeks, and visionaries” in the world of cryptocurrencies. And on a list that features widely-known tech luminaries like Cameron and Tyler Winklevoss (“the Winklevoss Twins”), and Tim Draper, Forbes’ roster of cryptocurrency’s richest also features a handful of Finovate alums including Chris Larsen and Brad Garlinghouse (founder and current CEO of Ripple, respectively), as well as Brian Armstrong, CEO of Coinbase.

Not just that, but by Forbes’ estimation, Chris Larsen is the richest person in cryptocurrency, with an estimated crypto net worth between $7.5 billion and $8 billion. Armstrong comes in at between $900 million and $1 billion in crypto net worth, with Garlinghouse’s crypto net worth estimated between $400 million to $500 million.

Introducing their new roster, Forbes noted that they based their rankings using the “estimated holdings of cryptocurrencies, post-tax profits from trading crypto-assets and stakes in crypto-related businesses” as of January 19, 2018. Additionally, in order to qualify for the list, cryptocurrency investors needed to have holdings valued at at least $350 million.

The publication acknowledges that there may be richer crypto investors out there who were inadvertently overlooked. Additionally, Forbes concedes that its estimated valuations of cryptocurrency investments may be “wide of the mark.” But the editors suggest that the list remains valuable for the same reason its list of the Forbes 400 richest Americans first published in 1982 was of value: by “(making) the world a better place by shining a light on the invisible rich.”

See the full list. In addition to the names and estimated cryptocurrency wealth figures, the Forbes feature shared some additional interesting data on the Kings (and they are all men, by the way) of Crypto. They found, for example, that the average age of cryptocurrency’s richest was 15 years younger than the average age of their Forbes 400 wealthiest Americans (42 years old versus 67). The article also noted the average price change in 2017 of the most common cryptocurrencies (more than 14,000% for Bitcoin, Ethereum, and XRP). The piece also included an interesting comparison of daily price volatility of various assets, with gold at the low end of 0.7%, shares of Apple stock at 1.37%, and XRP topping the list at 16.75%. Whee!

Finovate Alumni News

On Finovate.com

  • Onfido to Power KYC for Arro Money.
  • IdentityMind Global Introduces Anti-Fraud Solution for ICOs.
  • Entrust Datacard Teams with Gemalto.

Around the web

  • Fiserv sells 55% of Lending Solutions business to Warburg Pincus.
  • Lendio announces new Lendio franchise in New Hampshire’s Seacoast Region.
  • Financeit appoints Dante Tamburro as general counsel and Chief Compliance Officer.
  • Ripple to power instant payments to China courtesy of new partnership with LianLian International.
  • The Future Laboratory leverages technology from Quid to build its Trends of the Trends 2018 report.
  • Mint2Save reviews universal mobile wallet app, Soundpays.
  • Gartner recognizes NICE as a leader in Workforce Engagement Management for a second year in a row.
  • PYMNTS interviews Jumio Director of Product Management, Reinhard Hochrieser on the challenges of abandonment in online banking.
  • Expensify unveils website enhancements to improve credit card import, simplify billing currency section.
  • Lend Street Financial and Marqeta earn spots in The Tech Tribune’s list of the 10 Best Tech Startups in Oakland.
  • National Australia Bank (NAB) to allow business customers to make payments directly via Xero’s accounting platform rather than its own online banking site.

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.

Banco Santander to Leverage Ripple Tech to Offer Same Day Mobile International Payments

Banco Santander announced that the mobile app it plans to launch in the first quarter of this year will feature instant payments powered by technology from Ripple. The new service will enable customers to make same-day, cross-border payments.  P2P payments, a digital wallet, and PFM functionality will also be part of the app

Using its own internal staff, the Spanish bank has piloted the technology for the past 18 months. The testing involved Apple Pay transactions between £10 and £10,000 and relied on Touch ID to ensure secure logins. Santander said it believes it will be “one of the first global banks to roll out distributed ledger technology based payments for individuals” and expects to initially launch the app in four countries simultaneously (believed to be Spain, Brazil, the U.K., and Poland, see below).

News of the new solution was sleuthed in part by analysts participating in Banco Santander’s 2017 earnings presentation which featured the below slide previewing the firm’s plans for same day mobile international payments in “3 clicks & 40 seconds.”

“The need for finance has evolved from providing a Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle,” said a representative of Banco Santander in Coinspeaker last week. “At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.”

This news comes just a few months after Santander U.K. announced that it will partner with American Express to use Ripple’s technology for cross-border, B2B payments. Interviewed earlier this year, Head of Technology Innovation at Santander UK, Ed Metzger, praised Ripple’s advantages over SWIFT. “We chose Ripple because of its speed, transparency, and certainty … these three characteristics provide relief to the pain points of international payments.”

Making its Finovate debut as OpenCoin at FinovateSpring 2013, Ripple is based in San Francisco, California and was founded in 2012 by Chris Larsen. Last month, the company launched a trial with MoneyGram that will include leveraging XRP for remittances and the potential integration of Ripple’s xVia, an API that facilitates sending payments across multiple networks using a standard interface.

Ripple introduced its Infrastructure Innovation Initiative in December, an effort to help central banks, regulators, and market infrastructures test and pilot blockchain-based solutions. In October, the company launched a new accelerator program and incentives to encourage banks to become more involved in blockchain technology.

With more than $93 million in funding, Ripple includes Santander Innoventures, SBI Investment, Core Innovation Capital, and IDG Capital Partners among its investors. Brad Garlinghouse was appointed CEO of the company in the fall of 2016.

Finovate Alumni News

On Finovate.com

  • Trunomi Closes $3.5 Million Round from CloudScale Capital.
  • Veridium to Power Biometrics for Nordea.
  • Personal Capital Launches Socially Responsible Investing.
  • Coupa Software Teams Up with Tuition.io.
  • Banco Santander to Leverage Ripple Tech to Offer Same Day Mobile International Payments.

Around the web

  • Lend Academy: StreetShares’ Unique Focus Gives Them an Edge in the Small Business Lending Market.
  • Jumio’s Q4 Revenues Up 96% Year-Over-Year.
  • Capital One UK’s use of TSYS Foresight Score with Featurespace wins TCP Award.
  • Xero announces ACH integration with Stripe.
  • Finance Monthly names ACI Worldwide Fraud Innovation Firm of the Year for its UP Payments Risk Management solution.

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

  • Moven Enterprise Launches in Japan, Lands $23 Million from SBI Holdings.
  • nCino Reels in Investment from SalesForce Ventures.
  • London-based lender EZBOB Raises $21 Million in New Funding.
  • Bitbond Launches Alternative Investment Fund in Partnership with 1741 Fund Management.

Around the web

  • TIBCO appoints Matt Quinn as COO, Nelson Petracek as CTO.
  • Revolut launches ability to buy, hold, & sell Bitcoin, Litecoin, & Ethereum in just 30 seconds directly from the app.
  • Savedroid launches feature that lets you fulfill your wishes at Amazon and Co. with a discount.
  • KIVA Group team with MX to offer AFCU members mobile banking app.
  • UK technology retailer Maplin integrates Klarna’s pay later option.
  • Ephesoft appoints Russ Hubbard as Chief Revenue Officer.
  • PayNearMe partners with Ria to make paying for international money transfers easier.

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.