Finovate Alumni News

On Finovate.com

  • “Tink Pulls in $10 Million to Launch Virtual Bank”
  • “TSYS to Leverage Featurespace’s Machine Learning Fraud Capabilities”
  • “Narrative Science Teams Up with Vermilion, Bringing Advanced NLG to Portfolio Commentary”
  • “New Investment for Personal Capital Takes Valuation to $500 Million”
  • “Zopa to Offer Auto Loan Refinancing”

Around the web

  • TIBCO introduces integration-software solution, Project Flogo and translytical database for big data, TIBCO Graph Database.
  • InFakt accounting system integrates with Valuto open API.
  • Micronotes launches downloadable trial version of Micronotes Cross-Sell Basic.
  • eToro appoints Robert Brown as new non-executive director in the U.K.
  • Socure expands coverage for global watchlist filtering and sanctions compliance.
  • Philippine-based credit union groups to build payments and banking platform based on technology from Temenos.
  • Robotic automation technology from NICE Systems helps prevent credit card fraud at Italian bank, Banca Popolare di Sondrio.
  • Finovate newcomer Student Loan Genius adds Honest Dollar co-founder Henry Yoshida as vice president of partnerships and product strategy.

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 Debuts: Valuto’s Open API Offers Multi-Currency Accounts

ValutoHomepage

In an increasingly global economy, Valuto’s multicurrency account helps small businesses send and receive payments in five different European currencies. Valuto integrates into systems such as SaaS accounting, ERP and invoicing systems, and other tools businesses already use daily. The multicurrency account leverages Valuto’s P2P currency exchange marketplace offering a foreign-exchange solution at a lower cost than banks.

Valuto believes financial services should be flawless. Since the biggest obstacles for consumers exist in international transfers and foreign exchange, they decided to tackle this market first. “We believe that businesses deserve the convenience of having their banking operations fully automated,” said Matthew Harris, director of strategy and partnerships.

Company facts:

  • 110 employees
  • €3.2 billion in turnover in 2015 (€9.2 billion since being founded)
  • 360,000+ registered users
  • Headquartered in Poznan, Poland
  • Founded in November 2009
ValutoStageIMGPictured left-to-right: Founder and CEO Michał Czekalski; Matthew Harris, international business development and partnerships; Lukasz Olek, founder and chief product officer onstage at FinovateEurope 2016.

In the company’s FinovateEurope 2016 demo, Valuto launched its open API, showing how to integrate a multicurrency account into an SaaS accounting system. Once the open API is integrated into an SMB’s existing platform, they can issue cross-border invoices to make and collect payments in multiple countries and currencies.


ValutoHarrisAt FinovateEurope, we chatted with Matthew Harris, director of strategy and partnerships for Valuto, to get more insight:

Finovate: What problem does Valuto solve?

Harris: Valuto is an innovative solution that bypasses expensive intermediaries such as banks or FX brokers. It is a cost-effective service that facilitates everything from foreign exchange to sending and receiving transfers in local currencies across several European countries. Valuto provides its customers faster settlement times than those offered by the banks due to our network of client-safeguarded bank accounts situated throughout Europe. Finally, which is what we unveiled at Finovate Europe this year, the Valuto open API (makes it) possible to integrate Valuto functionalities into services such as desktop, SaaS accounting, e-invoicing, P2P investment marketplaces and B2B e-commerce sites.

Finovate: Who are your primary customers?

Harris: At the moment our primary customers are SMEs and sole traders. Nevertheless, in recent months we have seen a significant uptake from individuals who have seen value in our service.

Finovate: How does Valuto solve the problem better?

Harris: Valuto users, especially SMEs and sole traders, can enjoy terms and conditions usually reserved for large corporate clients by the banks. When using Valuto, there are no middlemen, meaning Valuto customers can use our currency-exchange marketplace to exchange between one another, thus bypassing expensive spreads charged by the banks.

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Moreover, Valuto cuts out the middlemen by offering domestic, localized payouts and pay-ins from our network of bank accounts. This is why Valuto transfers are transparent, predictable and inexpensive.

A typical cross-border transfer passes through several correspondent banks, each taking a percentage off the initial payment amount. This is why traditional cross-border transfers are complex, erratic and costly.

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With Valuto, transfers are transparent, predictable and inexpensive.

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Valuto to Valuto (V2V) is a unique transfer option available to Valuto customers. Everyone who has a Valuto account and sufficient balance can transfer funds to another Valuto customer. The transfer is completely free and will be visible on the recipient’s account within seconds.

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Finovate: Tell us about your favorite implementation of your solution.

Harris: My favorite implementation of Valuto would have to be the integration of the Valuto multicurrency payment account into an SaaS accounting solution in order to automate payments, collections and reconciliation. We will go live with our first integration March of this year.

Finovate: What in your background gave you the confidence to tackle this challenge?

Harris: Valuto is a brand new project, and was created by individuals with extensive proven track records of developing innovative financial services and products. Valuto’s co-founders, Michał Czekalski and Łukasz Olek, began their careers by establishing Internetowykantor.pl, one of the largest companies on the online currency-exchange market in Poland. Now they are introducing Valuto as a modern solution for clients across Europe.

Finovate: What are some upcoming initiatives from Valuto that we can look forward to over the next few months?

Harris: In the upcoming months we will launch a new API function designed for P2P investment platforms. It’s a unique feature that will make us stand out from our competition on the market. We’ve seen a lot of fintech solutions aimed at the banks so we wanted to direct our next project to helping fellow fintech providers continue to disrupt the banking sector.

Finovate: Where do you see Valuto a year or two from now?

Harris: We see Valuto as a major player throughout Europe and several other major economies globally. Additionally, our customers can expect numerous new functionalities added to the multicurrency payment account, leading to our goal of creating a modern, connected bank similar to the internet of things. Apart from that, we expect Valuto to be integrated into everything from SaaS accounting platforms to P2P investment marketplaces and more.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding”
  • “Stephen Ritter Joins Mitek as Chief Technology Officer”
  • “Kreditech Lands $11 Million to Close Series C Round of $103 Million”
  • “Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts”

On FinDEVr.com

  • “Destination FinDEVr: A Geography of Architects, Builders, and Engineers”

Around the web

  • CU Anytime to deploy channel management software solution from NCR and INETCO.
  • Let’s Talk Payments features Temenos, Strands, NYMBUS, and Infosys Finacle in a look at banking software companies. See NYMBUS at FinDEVr New York next week.
  • Entrust Datacard and Trend Micro team up to provide businesses with better data encryption and authentication technology.
  • American Banker features StreetShares.
  • Xerox and Tradeshift partner to deliver digital procurement and accounts payable services.

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.

 

FinovateEurope 2016 Best of Show Winners Announced

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With winter winds whipping up white caps on the typically mild-mannered Thames, another FinovateEurope is officially in the books.

We could not be more grateful to all those who demonstrated their latest fintech innovations live on stage in front of our record-setting audience here at Old Billingsgate Market Hall. After two days of demos, our attendees have weighed in on which technologies will earn the coveted title of Best of Show.

So with no further ado, let’s take a look at what our 1,500+ fintech fans feel are the innovations that are getting us that much closer to a world of better engagement, friction-free and secure payments and e-commerce, and broader financial opportunities for all.

Here are the Best of Show winners of FinovateEurope 2016 (in alphabetic order):


Capitalise-(capitali Capitali.se 
for its technology that uses natural language to enable trade automation, turning investment ideas into auto-managed investment portfolios.

 

drivewealth-logo DriveWealth for its cloud-based/API technologies that enable real-time, fractional share investing and trading in U.S. equities for mass retail investors around the world.

 

Eyeverify---Hi-Res EyeVerify for its biometric authentication, Eyeprint ID technology that turns an ordinary selfie into a key that protects your digital life.

 

IDscan---Hi-Res IDscan Biometrics for its market-leading, digital, onboarding suite with a powerful, state-of-the-art facial  recognition algorithm.

 

SwipeStox---Hi-Res SwipeStox for its mobile social trading app that allows anyone to trade forex, market indicies, and CFDs by copying single trades.

 

Valuto---Hi-Res Valuto for its multi-currency account powered by an open API that enables seamless integration with SaaS accounting, e-invoicing, B2B marketplace, and e-commerce platforms.

FinovateEurope 2016 was a blast, and we hope you enjoyed the conference as much as we enjoyed hosting it. As always, a thousand thanks to everyone who attended, sponsored, partnered with, and demonstrated their latest fintech innovations at FinovateEurope 2016. We’ll see you next year!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballot were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from FinovateEurope 2015 are here. Best of Show winners from FinovateSpring 2015 are here. Best of Show winners from FinovateFall 2015 are here.

 

Finovate Alumni News

On Finovate.com:

  • A Cartographer’s Guide to FinovateEurope.

Around the web:

  • Thinking Capital to power new Staples Business Loans program for small businesses in Canada.
  • Markit lands three new customers for its KY3P (Know Your Third Party) platform, including fellow alum, Luxoft.
  • VentureBeat looks at Expensify and its plans for European expansion.
  • Currency One launches Valuto in Europe. See the live demo at FinovateEurope next week in London.
  • American Banker: OnDeck Capital adds former E-Trade exec to board.
  • Insuritas to power insurance solution for Bank of England and Bank of England Mortgage.

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.

 

FinovateEurope Sneak Peek: Valuto

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FEULogowithDateA look at the companies demoing live to 1,500 fintech professionals. Register today.

 

Valuto offers a corporate level, multi-currency account for SMEs, a centralized location to facilitate everything from foreign exchange to sending and receiving cross-border payments.

Features

  • Domestic payouts and collections via our network of European bank accounts.
  • Free and instant payments between Valuto users.
  • Integrates seamlessly with other technology via Valuto open API

Why it’s great
Via the Valuto API, users will be able to connect their Valuto payment account to third-party systems in a safe and secure way.

Presenters

Valuto_LukaszOlekLukasz Olek, Chief Product Officer and Founder

Olek balances his time between getting key deliverables out the door in the short term, while simultaneously inspiring people around him to find ways to improve the core product.
LinkedIn

 

Valuto_MichalCzekalskiMichal Czekalski, CEO and Founder

Czekalski at age 25 started his first company, Internetowykantor.pl, leveraging the internet to help individuals and companies exchange currencies at a fraction of the cost of the incumbents.
LinkedIn

 

Valuto_MatthewHarrisMatthew Harris, International Business Developments and Partnerships

Not content with just offering Valuto to users in Poland and the Czech Republic, Harris has taken the role of expanding the brand’s reach across Europe and beyond.
LinkedIn

Finovate Alumni News

On Finovate.com

  • LendUp Raises $150 Million in Series B; Expanded Credit Facility”
  • Fiserv Buys ACI Worldwide’s Community Financial Services Division for $200 Million”

Around the web

  • Tradeshift partners with (RED) to facilitate donations to the Global Fund to fight AIDS, tuberculosis and malaria.
  • Payoneer selects AU10TIX to enhance online customer ID authentication and record generation.
  • AlphaPoint appoints Scott Scalf as EVP of Development Operations.

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.