Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

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Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.

 

Finovate Alumni News

On Finovate.com

  • Blooom Surpasses $1 Billion in Assets Under Management.

Around the web

  • Yelp Partners with TrueAccord to Deliver Digital Collections and Streamline Data Loop for Customer Engagement.
  • Lending Club Closes Second Self-Sponsored Securitization to Further Expand Investor Access.
  • Finovera and Payveris partner to launch Payveris BillManager.
  • Signifyd Guarantees Fraud Protection for Magento Commerce Merchants.

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

  • Turnkey Lender Raises $2 Million in Series A.
  • Enhancing the Customer Experience in Financial Services.
  • New Partnership Turns PayPal into Apple App Store Payment Option

Around the web

  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.
  • Passport launches parking payment app, Passport Canada, for students at Simon Fraser University.
  • Strategic partnership will integrate Key Lifestyle Indicator technology from Segmint with financial services solutions from IBM.

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

Signifyd Raises $56 Million to Fight eCommerce Chargebacks

Signifyd launched in 2011 to mitigate e-commerce chargebacks and this week landed $56 million to continue the fight. The Series C round, which brings the company’s total capital to $87 million, was led by Bain Capital Ventures with contributions from Menlo Ventures, American Express, and other existing investors.

The company will use the funds to expand its team of engineers and fraud experts. Specifically, Signifyd plans to double its current engineering team over the course of the next year. Signifyd will also scale its fraud protection technology to serve enterprise merchants in the U.S., Europe, and Asia. This will continue an already impressive growth curve. The company now protects 5,000 merchants and in the past year experienced a 20x growth in transaction volume, 4.5x YOY revenue growth, and increased its workforce to more than 100. This 50% increase in employees from the year prior prompted the expansion to a new office to accommodate the growth.

Signifyd’s Guaranteed Fraud Protection, which it debuted at FinovateSpring 2013, helps shift fraud liability away from online retailers by offering a 100% guarantee against fraud or chargebacks on every order. The company stands behind its technology by reimbursing clients for “any fraudulent transactions that slip through the cracks.” Enabling technologies such as machine learning and AI offer a scalable approach that can be implemented with large, enterprise retailers.

Among Signifyd’s recent partnerships are Salesforce Commerce Cloud, Magento, Accertify, and ThreatMetrix. The company has received multiple honors recently, including multiple wins in the American Business Awards earlier this week. It has also been recognized by Entrepreneur, Forbes, and Bloomberg, and has been named one of the Bay Area’s Best Places to Work by the San Francisco Business Times and Silicon Valley Business Journal.

Finovate Alumni News

On Finovate.com

  • Signifyd Raises $56 Million to Fight eCommerce Chargebacks.
  • Token Picks Up $18.5 Million to Help Banks Rise to the Challenge of PSD2.

Around the web

  • Wipro signs on as founding member of Enterprise Ethereum Alliance (EEA).
  • PayNearMe adds 8,000 CVS Pharmacy Stores to its network cash acceptance locations.
  • D3 Banking announces enhancements to its small business banking 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

Around the web

  • CardFlight unveils new line of mobile card readers to support secure EMV and NFC contactless payments.
  • Jack Henry & Associates announces strategic services agreement with First Data and PSCU.
  • Gartner recognizes OutSystems as a leader in enterprise high productivity application platform as a service technology.
  • Signifyd honored by American Business Awards.
  • Backbase to power digital banking for Zensar.
  • Cortera to power small business credit risk data for LexisNexis
  • Coinbase adds support for Litecoin

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

  • LendUp Lands $100 Million Credit Facility.
  • LikeFolio Begins Licensing Brand-Mapping Database.
  • Euronext Invests $10 Million in Algomi; Expands Joint Venture Agreement.

Around the web

  • Yoyo hires former PayPal GM Simon Moran as first VP of Commercial.
  • Fiserv expands its Florida contact and servicing center by 22%.
  • Trustly partners with UATP to enable online bank payments for airfare.
  • NICE extends real-time authentication across all voice channels.
  • The Asian Review covers Ayondo’s upcoming listing on the Singapore Exchange.
  • Signifyd wins Finance Monthly’s 2017 Fintech Award for Fraud.

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

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

  • Lleida.net wins 20-year European patent for its registered email technology.
  • Savedroid adds money-saving, AI-based algorithm to its personal finance app.
  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • France’s PayPlug to deploy ACI PAY.ON Payments Gateway from ACI Worldwide.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • GMC Software awarded the Xplor Application of the Year Award.
  • Striata named a Visionary in Gartner Magic Quadrant for Customer Communication Software.
  • Signifyd joins Salesforce Partner Program.

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 the week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: Uniken Introduces Relationship-Based Authentication”
  • BlueVine’s $49 Million to Fuel Product Expansion”
  • Empyr Powering Yelp’s New Cash Back Program”

Around the web

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Scalable Capital hits €100m in assets 10 months after launch in Germany and 4 months after U.K. launch
  • vaamo receives license for portfolio management by German supervisory authority BaFin.
  • Morningstar’s HelloWallet launches free student-loan calculator.
  • Signifyd and ThreatMetrix team up to combine machine learning and digital IDs to reduce ecommerce fraud.
  • Cartera Commerce launches Offerlink, a free Google Chrome web-browser extension to help online shoppers save money.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • Kalypton wins the Dassault Systemes 3DS fintech challenge.
  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit-transfer scheme.
  • Overbond integrates DBRS credit ratings into its platform.
  • DarcMatter earns first-place honors at Next Money Shanghai Semifinal Pitch competition.

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.