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.

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.

Xero Announces Partnership with IT Management Solutions Provider Kaseya

Cloud-based accounting platform for small businesses Xero has signed a deal with IT management solutions provider, Kaseya, that will provide direct integration between BMS by Kaseya and Xero. Kaseya’s business management solution supports the back-end operations of managed service providers (MSPs) and mid-market enterprises (MME); the integration will ensure synchronized financial and operational data between both Xero and Kaseya’s platform.

General Manager for Cloud Computing at Kaseya Jim Lippie said, “As the industry’s only next generation PSA (professional services automation), BMS empowers our customers to be more profitable and operationally efficient through easy to access data capture and analysis.” He added that it was critical for PSAs to stay innovative in order to avoid what he called “the problems inherent in first-generation PSA solutions,” and pointed to Kaseya’s new relationship with Xero.

“Our latest partnership with Xero provides an added layer of financial intelligence that can be leveraged within BMS’ single pane of glass,” Lippie said. “This powerful integration saves our MSPs countless hours of admin and back office time.” Specifically, MSPs will be able to see client information such as invoice history, payment status, credit status, and products and services purchased in one location. Accounting departments benefit from seamless synchronization of operational data such as tickets and time tracking.

This week’s partnership news is accompanied by an announcement that Xero has opened its “newest and largest global office” in Wellington, New Zealand. The new HQ now supports more than 650 Xero staffers who were previously working in three separate locations around the city.

Founded in 2006, Xero demonstrated the Business Identification feature of its cloud-based accounting platform at FinovateSpring 2011. The company also participated in our developers conference, FinDEVr Silicon Valley 2014, presenting “Building an API-Driven Ecosystem for Small Business.”

The partnership with Kaseya is Xero’s second of 2018. The company announced an agreement with DBS (the Development Bank of Singapore) in January, which will give the bank’s small business customers the ability to have their transactions automatically imported to their Xero accounts. Last fall, Xero was named to KPMG/H2 Ventures’ Fintech 100, and teamed up with Worldpay to simplify invoicing for small businesses.

With more than 1 million subscribers, Xero’s technology integrates with more than 600 business apps. The publicly-traded company has a market capitalization of $3.4 billion ($4.7 billion NZD) and is currently trading on both the New Zealand and Australian stock exchanges under the ticker symbol “XRO.”  Xero is planning to transition to a sole listing on the Australian exchange later this year.

Finovate Alumni News

On Finovate.com

  • Fenergo Forges Strategic Partnership with Arachnys.
  • Personetics Powers New Intelligent Financial Assistant Didi from Israel Discount Bank.

Around the web

  • Thomson Reuters introduces investment research marketplace on Eikon to further MiFID II compliance
  • Xero opens new Wellington headquarters.
  • Trustly to expand its Pay N Play gaming payment product.
  • Zopa’s investor community lends 3 billionth pound to U.K. consumers.
  • Pendo Systems targets the insurance sector with Pendo Machine Learning Platform.
  • InComm expands gift card assortment in grocery partners with new brand offerings.

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.

Xero Teams with DBS on Small Business Account Feeds

Cloud accounting platform Xero has added the Development Bank of Singapore (DBS) as a bank partner this week. By teaming up, the two aim to help their mutual small business clients manage their finances.

The partnership will allow small business customers who use DBS IDEAL, DBS’s online business banking platform, to opt in to have their bank transactions imported automatically into their Xero account every day. This automatic transaction data feed enables businesses to gain a holistic view of their financial standing while avoiding manual data entry.

This bank partnership is one of many the New Zealand-based company has undertaken. Xero is currently integrated with more than 80 Australian banks, 20 New Zealand banks, eight banks in the U.K., four banks in the U.S., five banks in Asia, and one bank in South Africa. Rod Drury, Xero CEO and Founder said, “We are working with more than 140 financial and fintech organizations around the world to establish a global financial web which securely opens up data flows that can help de-risk lending and enable small businesses to access much-needed capital so that they can prosper.”

DBS has more than 280 branches across 18 markets. This expanded reach will help Xero access more small business clients in the region, which experiences particular difficulty arranging direct bank feeds. Singapore requires businesses to apply via paper forms that can take up to 10 days to set up. In fact, the region seems to have a particular difficulty in this area. A recent survey of 150 non-Xero SMEs in Singapore found that small business owners:

  • Spend an average of 15+ hours a month manually importing and reconciling their bank statements
  • Almost 30% spend between 20 and 40 hours a month manually reconciling
  • More than 67% cited manual bank statement reconciliation as a challenge in managing operations

Joyce Tee, DBS Group Head of SME Banking said, “By enabling SMEs to manage their finances in a much more efficient manner, we hope that they can better manage their business and make more informed decisions.”

Xero most recently presented at FinDEVr San Francisco 2014 when the company’s Head of U.S. Partnerships David Pollock spoke about building an API-driven ecosystem for small businesses. At FinovateSpring 2011, CEO Rod Drury debuted the company’s Business Identification solution. The company recently ranked number 16 on the KPMG and H2 Ventures Fintech 100 list. In November of last year, Xero partnered with Worldpay to facilitate e-invoicing for small businesses.

Finovate Alumni News

On Finovate.com

  • Xero Teams with DBS on Small Business Account Feeds.
  • Zopa Boosts Executive Ranks with Trio of C-Level Hires.
  • SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO.
  • Trulioo Launches KYC Tool to Connect MNOs.
  • Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked.

Around the web

  • Atomico uses Quid for the 2017 State of European Tech report.
  • Bobsguide interviews Lisa Shields, CEO of FI.SPAN.
  • Thomson Reuters unveils Wizcorp, a digital gateway that will provide customers with data on more than 1.8 million Indian private companies.
  • FICO partners with European regulatory risk analytics consultancy, 4most.
  • Finastra announces new partners to its FusionFabric.cloud open architecture.

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.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars

Finovate Alumni News

Around the web

  • eToro taps George Verbitsky as managing director for Russia.
  • Stratumn tests use of blockchain technology in enhancing information flows for French insurers.
  • Xero and Worldpay partner to make invoicing easier for SMEs.

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

  • Symbiont Wins Distributed Ledger Technology Award for a Second Year in a Row.

Around the web

  • FinTech Insider News interviews Revolut founder and CEO Nikolay Storonsky.
  • Diebold Nixdorf SVP of Software Alan Kerr talks omnichannel ecommerce with PYMNTS.com.
  • Betterment’s Nick Holeman discusses spotting bull markets on CNBC.
  • CardFlight to power mobile POS offering from Beyond.
  • Quotatis Pro highlights Xero in its list of top apps to help you run your business.
  • Neustar joins Visa ID Intelligence as a digital identity partner.
  • PayNearMe teams up with New York City Department of Finance to enable parking ticket fines at more than 100 area 7-Elevens.

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

  • Nubank Reaches Out to Brazil’s Underbanked with Addition of Digital Accounts.

Around the web

  • Built In Colorado names Gusto, Ping Identity, Personal Capital, Xero, PaySimple, Vantiv in its list of Top 100 digital tech companies in Colorado.
  • Compass Plus among the first software vendors to connect to the MirAccept 2.0 platform from NSPC.

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.