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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Symbiotic is presenting a disruption that will change the payments industry; a mechanism that enables a simple cellphone to accept contactless card payments with no additional devices required.
Features
Now anyone with a cell phone can accept contactless card payments
No additional devices required, just a cellphone
This solution can be integrated with apps that already exist very easily
Why it’s great Symbiotic represents a new paradigm where anyone can accept card payments with just a cellphone, no additional devices required. The possibilities are enormous and create a new era of applications in the payments industry
Presenter
Javier Chacon, Founder and CEO Chacon has been a banker for 26 years working in the finance industry. He is an expert in digital transformation, payment methods, and innovation, as well as an industry opinion leader in the field. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Qwil Messenger’s single chat app enables participants in any location to engage in branded, professional conversations with their companies, whilst meeting the most stringent security and regulatory requirements.
Features
Highly secure conversations and file transfers with full audit record
Deployable in minutes in any data center globally
APIs for integration and automation and connectors to enterprise systems
Why it’s great Qwil Messenger’s single chat platform replaces email for external communications on mobile and web, and works the way you want it to: as an integrated solution
Presenters
Laurent Guyot, CFO Guyot brings extensive experience in financial strategy, marketing, and capital raising, as well as a significant network of financial services contacts globally. LinkedIn
Peter Reading, CEO Reading has almost 20 years of experience designing and delivering technology-led change in the financial services sector. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Wallit is a rewards-based savings app that helps teens save and spend money with an easy way to earn cash rewards from brands and retailers.
Features
Transforms how brands, retailers, and consumers engage through mobile technology
Provides a consumer engagement platform for banks and credit unions
Enables consumers to earn cash rewards for goal-based savings
Why it’s great Wallit is a rewards-based saving app that empowers teens to manage money better with an easy way to earn cash rewards on everyday saving and spending.
Presenter
Mike Vien, CEO and Co-Founder Vien has more than 25 years of experience as an internet executive and entrepreneur in the financial services industry. LinkedIn.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
MoEngage is an Intelligent Customer Engagement Platform trusted by enterprises to personalize every customer interaction and drive better engagement, retention, loyalty and lifetime value.
Features
Bring together a unified view of your customers
Map out cross channel consumer journeys
Deliver personalized communication on the right channel and at the right time
Why it’s great MoEngage has been rated by clients among the highest in overall experience in Gartner’s Magic Quadrant 2019.
Presenters
Ehren Maedge, VP North America Maedge heads MoEngage’s business in North America. He is directly responsible for sales and customer relationships in the region. LinkedIn
Sagar Gore, Sr. Director – Solutions Consulting Gore is a seasoned MarTech professional with a rich experience of solutions consulting spanning around 15 years. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Get a glimpse of the future of financial wellbeing at the workplace with SalaryFits. The company will demo its easy and inclusive access to credit, as well as preview its newest feature, SalaryPay.
Features
Provides a cardless salary advance alternative for the unbanked
Enables paying for products and services with a QR code
Processes transactions seamlessly via salary deduction
Why it’s great SalaryFits empowers people financially through their employment relationship. The solution improves their financial wellbeing while increasing margins for financial institutions.
Presenter
Delber Lage, CEO Lage has advised finance and tech companies around the world to capture global opportunities. As CEO of SalaryFits, he is leading the company’s international expansion, ensuring sustainable growth. LinkedIn.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
PayFi is a marketplace that allows businesses and community banks to partner through an interoperable, risk-based back-office platform for community bankers.
Features
Instant bank bill payment
Liquidity
Cash controls
Why it’s great PayFi is a real-time payments platform for community banks and businesses.
Presenters
Travis Dulaney, CEO Dulaney has 25+ years of experience in financial services, payments tech, processing, international and domestic banking, and regulatory agencies such as the FDIC, the Federal Reserve, OCFI, and CFPB. LinkedIn
Peter Gordon, CRO Gordon has 25+ years of experience in financial services and payments, with leadership roles at Mastercard, Santander, FIS, and RBS Citizens. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
With IncomeConductor, financial advisors can create, track, and manage comprehensive income plans for clients seeking exceptional retirement experiences.
Features
30+ year written income plans give clients confidence to retire
Daily analytics with automated de-risking alerts to protect income
Investor behavior management, increasing AUM capture and retention
Why it’s great IncomeConductor gives advisors a compliant, repeatable process for serving the largest retirement cohort in history, helping them grow and ultimately transition their practice at a high valuation.
Presenters
Sheryl O’Connor, CEO Connor has 25+ years of leadership experience in fintech. She co-founded and grew RIA to $900M AUM. She is an expert in strategic planning and executive management. LinkedIn
Tom O’Connor, CMO O’Connor has 10+ years of experience in financial services, technology, and digital marketing. He is head of technology for a $900M AUM RIA, and an expert in digital marketing, investment data analysis. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Wise offers banking and payments services for the small business ecosystem.
Features
Unified small business banking + payments experience
High Interest Checking (2% APY)
Instant funding on receiving payments
Push to debit payments
Business debit, credit, and virtual cards
Why it’s great Get paid instantly and put money in the bank. No more waiting for transactions to clear.
Presenters
Arjun Thyagarajan, Co-Founder and CEO Thyagarajan is the co-founder and CEO at Wise, bringing product and technology leadership with over 15 years of experience in building and launching successful consumer and SMB products. LinkedIn.
Suresh Venkatraman, Co-Founder and CTO Venkatraman is the co-founder and CTO at Wise. He is a full stack technologist and product architect bringing over 20 years of experience building software products with over 9 years at Microsoft. LinkedIn.
Wells Fargo announces data sharing agreement with Plaid.
Austin, Texas-based Velocity Credit Union picksFiserv as its key technology provider.
Technology from MicroStrategy to help power analytics behind Freddie Mac’s mortgage insights tool.
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.
A September survey of European venture capital firms published by the European Investment Fund suggests that many of the same themes – such as artificial intelligence and machine learning – that have animated venture capitalists in recent years continue to dominate investment preferences. The queried firms also said that exit environment and fundraising “remain the biggest challenges for (the) VC business” – although “high investee company valuations” and “competition from other investors” were becoming concerns.
How does this square with venture capitalists on the American side of the Atlantic? According to Datatrek, the value of fintech deals in the first half of this year was up year-over-year by 60% in the U.S., even as the number of transactions remained constant. For these analysts, this is a sign of maturation in the U.S. market, writing “as we get further into the economic expansion, VCs may be more comfortable contributing capital towards established fintech companies rather than riskier, newer startups.”
Next week at FinovateFall, we’ll have the opportunity to put all of this analysis to the test. One of the afternoon highlights of our Discussion Day on Wednesday, September 25th, our FinovateFall Venture Capital Panel, will provide attendees with the latest insights from venture capitalists who are investigating new opportunities in fintech every day.
What are investors looking for, and what impact is venture capital having on the fintech industry? What does the future look like, and what does that mean as we embark on an unprecedented period of change in our industry? Join us next week as our panel of experts addresses these questions and helps us understand where and why the smart money in the market is headed.
Chairing our VC Panel is Reza Chowdhury, founder and CEO of AlleyWatch
Recognized as a global thought leader in the startup ecosystem, Chowdhury offers more than 15 years experience in emerging technology, which he brings to AlleyWatch as CEO and Founder. Through the course of his career, Chowdhury has had the privilege of working to drive businesses from conception to eventual exit. His latest professional endeavors have allowed him to work very closely with thriving global technology and startup ecosystems.
Now meet the members of our VC panel
Jennifer Lee, Vice President, Edison Partners – Lee is a Vice President at Edison Partners focusing on the firm’s fintech investments, most recently including MoneyLion, Bento for Business and Giant Oak. Prior to joining Edison, she was a financial analyst at Commerzbank evaluating select European equities and long/short investments for hedge fund clients. Before Commerzbank, she was an associate at the Associated Press overseeing VC investment prospects and strategic business development opportunities.
Luis Valdich, Managing Director and Venture Investing Lead, Citi Ventures – Valdich joined Citi Ventures in 2015 as a Managing Director and Venture Invest Lead in its NYC office. He is responsible for fintech investing in both the U.S. and Europe. Valdich embraces Citi Ventures’ “best of both worlds” corporate venturing model of combining value-added strategic investing with venture capital best practices by investing in high-potential startups and driving engagement with Citi executives and clients. His investments include Clarity Money (acquired by Goldman Sachs), HighRadius, PPRO, ScaleFactor, Contguard, and SmartAsset.
Mori Oshima, Senior Manager, NTT Finance – Oshima has been a venture capitalist for 16 years. His strategy is to discuss with prominent VCs in the U.S. by leveraging NTT’s market presence in Japan. His successful exits include DocuSign and Quantenna Communications. Currently, Oshima is focusing on fintech startups in the U.S. that are interested in the Japanese market. He has an MBA from the University of California, Berkeley (Haas School of Business) and is a CFA Charter holder.
Maria Gotsch, President and CEO, Partnership Fund for New York City – Gotsch is President and Chief Executive Officer of the Partnership Fund for New York City, which is the investment arm of the Partnership for New York City. The Fund, which has invested over $150 million, has built a network of top experts from the investment and corporate communities who help identify and support New York City’s most promising entrepreneurs in both the for-profit and non-for profit sectors.
Matt Beecher, CEO, Vault and VC Innovator – Beecher is CEO of Vault, a leading student loan benefits platform, equipping employers to make it achievable for employees to more quickly eliminate student loans and attain financial freedom. He is also the co-founder of Redstar Ventures, where he was President and Managing Director from 2010 to 2016. Redstar is a company that creates companies, taking them from the earliest stages of ideation and growing them through their first institutional funding rounds and beyond.
A new partnership between fraud prevention specialist Featurespace and payments provider Elavon will improve the company’s ability to combat fraud in real-time and make the payment experience simpler and safer for consumers. Elavon will deploy Featurespace’s ARIC platform, which leverages behavioral analytics and machine learning to provide a higher degree of fraud protection and risk management.
“Elavon is delighted to work with Featurespace to bring top fraud prevention solutions to market to protect merchants and consumers,” Elavon Merchant Services General Manager and EVP Hannah Fitzsimons said. “We are committed to developing the most innovative fraud and security solutions in the payments industry.”
The combination of Featurespace’s ARIC solution and Elavon’s 3Ds service, which detects fraud incidents to help limit the need for further security checks, will give merchants an “advanced, layered approach” when it comes to fighting fraud. Elavon is bolstering its anti-fraud technology in line with the second Payments Services Directive (PSD2), which mandates strong customer authentication (SCA) and directs processors, merchants, and FIs to do more to combat card-not-present fraud by improving security involving online payments.
Featurespace CEO Martina King said that the partnership would help Elavon “stay one step ahead of criminals at all times” and enable the company to better serve the 1.3 million customers around the world who rely on Elavon “to safeguard their businesses.”
Based in Atlanta, Georgia, Elavon is a global payments provider, processing more than three billion transactions a year. This summer, the company was recognized in The Strawhecker Group’s annual Real Transaction Metrics Awards for its Fusebox solution, which was named “Best Performing Gateway” as well as picking up a first place in the “Fastest Transactions” category and earning a runners-up mention for “Highest Authorization Rate.” Backed by U.S. Bank, and active in 10 countries, Elavon was founded in 1991, and was acquired by Brazil’s Stone Pagamentos in the spring of 2016. Jamie Walker is CEO.
Featurespace demonstrated its ARIC Fraud Manager at FinovateFall 2016. The technology leverages machine learning to identify anomalous behavior in real-time, enabling institutions to stop new fraud attacks as they take place. The solution also measures its own accuracy against the rate of change to ensure that legitimate customer activity is not hindered and the number of false positives is kept at a minimum. The technology, developed out of the University of Cambridge, has been deployed in more than 180 countries.
Founded in 2008 and headquartered in Cambridge, U.K., Featurespace was named to the European Business Awards’ Ones to Watch list last month. Also in August, Featurespace announced a partnership with fellow Finovate alum, Emailage, to help the email risk assessment company better fight online application fraud.
Other partnerships from Featurespace announced recently include a pact with processing solution provider Contis in July, and an agreement to provide transaction monitoring for Irish financial services company, Permanent TSB, in June.
Recognized as “Best in Class” by Aite Group in its report on fraud and advanced machine learning platform vendors this spring, Featurespace began the year with news that it was going live in Singapore. “Our financial services customer base is growing fast,” Featurespace’s King said when the launch was announced in February. “We are now working with 17 banks across continental Europe, the U.K., the U.S., and Latin America.”
With more than $72 million in funding, Featurespace includes MissionOG, Insight Partners, Highland Europe, TTV Capital, and Imperial Innovations among its investors.
North Carolina is the location of the first U.S. sales office for mobile banking and payments solution provider Neontri. The company, which demoed its technology at FinovateFall 2017 as Braintri, added that its new business strategy will focus on proprietary B2B solutions developed by its internal R&D team. These solutions include the company’s mobile banking development platform, its core banking system offload engine, Biffee; and its white-label, Best of Show-winning, mobile payments and authorization solution, Jiffee.
Calling the U.S. expansion and rebranding, “the beginning of a new stage” in the company’s growth, Neontri CEO and co-founder Maciej Stepien elaborated on the fintech’s next steps. “After six years of dynamic business growth on our home market and the acquisition of iCompass, we now seek to gain a strong foothold abroad,” he said. “Our American Office is the first bridgehead on the road to realizing this goal. In the long term, we plan to expand to the U.K. and the Middle East.”
In locating their office in Raleigh, North Carolina, the company is seeking to leverage the city’s status as home to one of the largest and fastest growing technology and research hubs in the U.S. The proximity of Charlotte, a major financial center that is also experiencing significant growth, is another plus for the Warsaw, Poland-based company.
Founded in 2013, Neontri (as Braintri) announced earlier this year that IKO, the mobile app it co-developed for PKO Bank Polski, had won first place in a global ranking of mobile apps from British Retail Banker International. It was the second consecutive year the app had won the recognition. The company began the year with news that its insurance subscription platform, hiPRO Connector, was going live with Benefia, a division of Vienna Insurance Group.
Our sister publication Fintech Futures profiled Braintri over the summer, discussing how banks are exploring ways to leverage real-time data.