Author: David Penn

Twisto Raises $15 Million in Series B Funding

Twisto Raises $15 Million in Series B Funding
By David Penn Posted on
Categories: Funding, Twisto

William Reeve, a co-founder of LOVEFiLM and Secret Escapes, is the latest investor in Czech payments innovator Twisto. Tech.eu reports that the company has raised $15 million (€14 million) in capital as a follow-on to the Series B that it completed in this spring. The company is also looking to bringing an additional $33 million to $44 million (€30 million to 40 million) in senior and venture debt financing to support expansion.

Twisto will use the funds to further build out its platform and to develop what it calls the first universal “debit-credit payment app.” The company’s goal is to have two million, “full-account” customers within the next five years.

Speaking of Reeve, Twisto CEO and founder Michal Smida called his fintech experience “an invaluable resource” and said Twisto would work closely with Reeve on “key strategic initiatives” including M&A and entry into new markets.

Founded in 2013, Twisto has grown into a major Central European fintech with more than 275,000 customers and more than 500,000 monthly visits. The company’s Nikita risk engine applies machine learning to non-traditional data to provide a credit assessment based on more than 400 data points per transaction – all in milliseconds.

Twisto demonstrated its Twisto Card at FinovateEurope 2018. The card, designed to support all of the daily financing needs of its users, provides access instant credit and notifications, a favorable foreign exchange rate, cashback and UNIQA insurance. The card also features a “Buy Now. Pay Later” solution that provides one-click instant financing. Twisto offers three tiers, including a free online version that includes many of the platforms key features including cashback from online purchases and Twisto Snap, which lets users pay bills and invoices by photo or email.

Headquartered in Prague, Czech Republic, Twisto announced in July that it was opening an office in Poland, with an expansion into Romania expected soon. The company began the year with news that Wirecard would facilitate the integration of Apple Pay for users of Twisto’s digital Mastercard.

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Mexican Fintech Minu Makes History; India’s Namaste Credit Becomes a Neobank

By David Penn Posted on
Categories: Chatbots.Studio, Finovate Global, Namaste Credit, Tinkoff Bank

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Central and Southern Asia

  • Indian online lending marketplace Namaste Credit becomes neobank for micro, small, and medium sized businesses (MSMEs).
  • Forbes profiles social entrepreneur and co-founder of Pakistan’s Tez Financial Services, Nauren Hyat.
  • India-based digital-only neobank YeLo picks up seed funding from Matrix Partners India, Omidyar Network India, Flourish, and Better Capital.

Latin America and the Caribbean

  • In one of the largest seed rounds in Mexico to date, a company called minu that provides Mexican workers with instant, 24/7 access to earned wages Mexican workers, has raised $6.5 million.
  • Wayra Peru, the open innovation hub of Telefonica, and Peruvian investment group, The Board, to invest in Colombian fintech, IMIX.
  • Ecuadorian-Colombian digital payments platform Kushki Pagos acquires Chilean fintech QVO.

Asia-Pacific

  • Financial Services Authority for Indonesia (OJK) introduces online registry to spur fintech development.
  • Hong Kong Monetary Authority (HKMA) adjusts credit risk management guidelines to accommodate use of big data analysis.
  • Indonesian digital credit platform, Kredivo, secures $20 million line of credit.

Sub-Saharan Africa

  • Chipper Cash, a San Francisco, California-based cross-border payment startup with offices in Ghana and Kenya, begins operations in Nigeria.
  • South Africa’s AlphaCode invests $1.5 million in a trio of local fintechs: Bright On Capital, Zande Africa, and Livestock Wealth.
  • Nigerian fintech Carbon to expand to Kenya.

Central and Eastern Europe

  • Ukraine-based Chatbots.Studio teams up with Yozobi. See Chatbots.Studio live on stage at FinovateFall this month!
  • Russia’s Tinkoff goes live with its social network for investors, Pulse.
  • Eligma, a blockchain and AI technology company based in Slovenia, announces €4 million investment from Pangea Blockchain Fund and Bitcoin.com.

Middle East and Northern Africa

  • Abu Dhabi Global Market (ADGM) partners with KPMG to launch the Abu Dhabi Fintech Awards.
  • Egyptian peer lending and savings platform MoneyFellows raises $1 million in new funding.
  • Dubai earns #7 spot in round up of the world’s “top fintech locations of the future” according to Gulf News.

Top image designed by Freepik

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Credit Sesame Raises $43 Million in Advance of IPO

Credit Sesame Raises $43 Million in Advance of IPO
By David Penn Posted on
Categories: Credit Sesame, Funding

Credit score and loan management platform, Credit Sesame, has raised $43 million so far in its latest funding round, which is likely to be the last before the firm goes public, writes Jane Connolly of Fintech Futures (Finovate’s sister publication).

The round, led by ATW Partners with participation from previous investors, has not yet closed. TechCrunch reports CEO and founder, Adrian Nazari, believes the company is on track to achieve a $1 billion valuation when the round does close.

The funding is a combination of equity and debt for the profitable company, which has seen 90% annual revenue growth for the last five years. It will be spent on business expansion and developing Credit Sesame’s RoboCredit artificial intelligence algorithms, which enable consumers to see what actions they can take to improve their credit scores.

Nazari said this is likely to be the last funding round before launching an IPO and the company has no plans to look at mergers or acquisitions until after it goes public.

“Credit Sesame is revolutionizing how consumers manage their credit,” said Kerry Propper, co-founder and managing partner of ATW Partners. “What once was a mystery and black box is now distilled by Credit Sesame’s PCM platform into easy to digest actionable insights that can effortlessly and meaningfully change a consumer’s credit and financial health.”

Users of Credit Sesame, which coined the term “Personal Credit Management,” can check their initial credit score and look at debt rebalancing options for free, but pay fees to take up products referred through the engine.

Founded in 2010 and headquartered in Mountain View, California, Credit Sesame demonstrated its credit-based PFM for a co-branded environment at FinovateSpring 2015.

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FinovateFall Sneak Peek: College Aid Pro

FinovateFall Sneak Peek: College Aid Pro
By David Penn Posted on
Categories: College Aid Pro, FinovateFall 2019, FinovateFall 2019 Sneak Peek

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.

College Aid Pro (CAP) is an innovative, college planning technology for, and supported by, an engaged community of financial advisors. CAP is changing the way America shops for college.

Features

  • Demystifies financial aid, providing accurate net cost projections at thousands of schools
  • Provides a process for guiding families to better college outcomes
  • Supported by a community of professionals

Why it’s great
There is currently no such thing as a financial advocate for Gen-X families with college bound teens. CAP is growing a movement of professionals with the tools and resources to provide that service.

Presenters

Joe Messinger, Co-Founder
Messinger has helped hundreds of Gen X families navigate the college funding maze through his RIA Capstone Wealth Partners, while training thousands of advisors to replicate his process.
LinkedIn

Matt Carpenter, Co-Founder
Carpenter is a leading expert in the opaque process of higher education funding and financial aid. His firm, College Funding Services, has helped thousands of families cut the cost of college.
LinkedIn

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FinovateFall Sneak Peek: Edmit

FinovateFall Sneak Peek: Edmit
By David Penn Posted on
Categories: Edmit, FinovateFall 2019, FinovateFall 2019 Sneak Peek

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.

Founded by recognized university leaders, Edmit’s award-winning software provides personalized insights and advice to help families make smarter college financial decisions, leading to less debt.

Features

  • Build brand trust and provide insights and expertise in a high anxiety major investment
  • Become a “one stop shop” for holistic financial wellness
  • Introduce a differentiated college-related product

Why it’s great
Families that use Edmit make smarter college financial choices leading to less debt and better life outcomes.

Presenters

Nick Ducoff, Co-Founder and CEO
Ducoff was previously Northeastern University’s VP for New Ventures. He previously co-founded Infochimps, acquired by DXC, and was a VP at Boundless, acquired by Follett. He started his career in law.
LinkedIn

Sabrina Manville, Co-Founder
Manville was previously AVP at Southern New Hampshire University and previously worked at Pearson and Coursera. She has an MBA from Stanford and a BA in Religious Studies from Yale.
LinkedIn

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FinovateFall Sneak Peek: Insuritas

FinovateFall Sneak Peek: Insuritas
By David Penn Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, Insuritas

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.

Insuritas is debuting the world’s first end-to-end quote and buy platform for business insurance to be fully integrated via API within a digital banking ecosystem.

Features

  • Revenue from digital banking
  • Seamless insurance for small businesses
  • Fully integrated solution allowing the bank to own the customer journey

Why it’s great
iInsure for Businesses empowers banks to transform their digital banking platforms and investments into platforms that drive non-interest income, customer wallet share, and retention.

Presenter

Matt Chesky, President
Chesky was recognized by Hartford Business Journal and Connecticut Magazine in 2018 as a “40 Under 40” recipient. He graduated from Yale University in 2012 with a degree in Economics.
LinkedIn

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FinovateFall Sneak Peek: Andes Wealth Technologies

FinovateFall Sneak Peek: Andes Wealth Technologies
By David Penn Posted on
Categories: Andes Wealth Technologies, FinovateFall 2019, FinovateFall 2019 Sneak Peek

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.

Founded by an award-winning fintech veteran, Andes Wealth Technologies offers the “Google Maps for Financial Advisors,” a set of unique, modern tools to transform the wealth management experience.

Features

  • Risk Tolerance Test: The best ever.
  • Real-Time Risk Monitor: 360° risk visualization for markets and portfolios.
  • Practical Behavioral Finance, including a special tool for baby boomers.

Why it’s great
Unique ideas and visualizations. Beautiful yet practical tools backed by rigorous research and robust data analytics. It will indeed revolutionize the advisor and client experience.

Presenter

Helen Yang, Founder and CEO
A winner of the prestigious Harry Markowitz Award in 2011, Yang has 20+ years of leadership in Fintech and holds an MBA from MIT.
LinkedIn

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FinovateFall Sneak Peek: Trulioo

FinovateFall Sneak Peek: Trulioo
By David Penn Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, Trulioo

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.

Trulioo presents EmbedID, a fast and simple way for startups and developers to verify customers across borders while supporting AML/KYC compliance requirements.

Features

  • Integrate and test Trulioo’s identity verification API in minutes
  • Fully customize onboarding fields and forms
  • Verify customers in real time

Why it’s great
With only a snippet of code embedded into any website, Trulioo’s EmbedID enables organizations to verify over 5 billion identities worldwide.

Presenters

Anatoly Kvitnitsky
Kvitnitsky has a wealth of experience working in fintech and identity markets, and is committed to helping solve identity challenges that organizations face in scaling their products for global use.
LinkedIn

Marat Asadurian
A software engineering manager at Trulioo, Asadurian enjoys building new products as well as new teams. In his current role, he is managing a team that generates new business lines for GlobalGateway.
LinkedIn

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FinovateFall Sneak Peek: JSOL Corporation

FinovateFall Sneak Peek: JSOL Corporation
By David Penn Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, JSOL Corporation

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.

JSOL Corporation provides IT consulting and digital transformation related services to clients from various industries by leveraging its technology and know-how developed over the years.

Features

  • Predict growth/deterioration of business partners
  • Visualize transactional networks of businesses and assess spillover effects
  • Monitor/analyze up-to-date financial conditions of business partners

Why it’s great
Use JSOL Corporation’s tool to gain insight into your business partners’ projected financial performance and to make informed financing decisions.

Presenters

Kimitaka Honma, Deputy Unit Director
Honma is a Deputy Unit Director of the Digital Innovation Business Unit and has ample experience assisting financial institutions with their digital transformation efforts.

Andrew Ogata, Sales and Strategic Partnerships
Ogata is a sales specialist in the Digital Innovation Business Unit and focuses on domestic/overseas sales and strategic partnerships.

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FinovateFall Sneak Peek: StreetShares

FinovateFall Sneak Peek: StreetShares
By David Penn Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, StreetShares

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.

The StreetShares platform provides “Lending-as-a-Service” technology to community banks and credit unions, empowering them to offer fully-digital small business loans… up and running in 30 days.

Features

  • Ability to grow and retain small business customers
  • Fully-digital borrower onboarding and management with no core software integration
  • Precision, 100% digital underwriting at the industry’s leading loss rates

Why it’s great
Community banks and credit unions struggle to make small business loans due to costly underwriting and core software integration. StreetShares Lending-as-a-Service technology solves this problem.

Presenters

Mark Rockefeller, CEO
Rockefeller leads the StreetShares team in its mission to help community banks and credit unions offer fully-digital small business loans to America’s main street businesses.
LinkedIn

Sanjay Bhaskar, Vice President, Development and Partnerships
Bhaskar focuses on identifying opportunities for community banks and credit unions to use StreetShares Lending-as-a-Service technology to offer fully digital small business loans.
LinkedIn

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Five Degrees and Entersekt Forge Fintech Partnership

Five Degrees and Entersekt Forge Fintech Partnership
By David Penn Posted on
Categories: Entersekt, Five Degrees

One month after digital core banking provider Five Degrees announced its collaboration with fellow Finovate alum W.UP, the company is back in the fintech headlines with another round of partnership news: digital security platform Entersekt will join its Open Banking Marketplace.

“Partnering with Entersekt is testament to our vision for the future of banking and finance so we are delighted to welcome the company as part of our Open Banking Marketplace,” Five Degrees EVP Peter-Jan van de Venn said. “Our marketplace is championing a culture of collaboration throughout the industry, enabling us to provide a better customer experience via interconnected APIs.”

In their statement, the companies indicate that the partnership between the two companies will help financial service providers perform better both at home in Europe as well as in their global banking and finance operations. Five Degrees Open Banking Marketplace is designed to encourage financial services companies and fintechs to work together to build engaging digital customer experiences, increase their own efficiencies, and make regulatory compliance easier.

“(We) help tens of millions of end users across the globe, securing 150 million digital transactions every month in 45 countries,” Entersekt CEO Schalk Nolte said. “We look forward to being part of five degrees’ Open Banking Marketplace and are confident that our partnership will drive further innovation in (digital services) and help our mutual customers differentiate themselves from the competition.”

Entersekt’s Chief Technology Officer presented “Securing Mobile Applications through Transport Layer Diversity” at our developers conference, FinDEVr Silicon Valley, in 2014. The South African company, which was founded in 2008, opened its second office in Cape Town in April, and that same month was named to the Wealthtech 100. Entersekt teamed up with fellow Finovate alum BioCatch in March to offer financial services companies a “one-stop-shop” for security solutions such as continuous and multi-factor authentication, passwordless login, and enhanced remote user registration.

In its most recent Finovate appearance at FinovateEurope 2018, Five Degrees demonstrated its digital wealth management solution, Prospery. Founded in 2009 and headquartered in Amsterdam, the Netherlands, the company was selected last month to join the Kickstarter Innovation Program. In June, Five Degrees announced a partnership with Bankingblocks to assist challenger banks and payment companies as they offer new solutions to their customers.

With $11 million (€10 million) in funding, Five Degrees includes Karmijn Kapitaal and Velocity Capital Private Equity among its investors.

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Hydrogen Brings its App Building Platform to the Oracle Cloud Marketplace

Hydrogen Brings its App Building Platform to the Oracle Cloud Marketplace
By David Penn Posted on
Categories: Hydrogen

Financial and blockchain API provider Hydrogen is the latest technology to achieve “Powered by Oracle Cloud” status, making the app building platform available to Oracle Cloud customers via the Oracle Cloud Marketplace.

“Hydrogen’s participation in the Oracle Cloud Marketplace further extends our commitment to the Oracle community and enables customers to easily reap the benefits of our APIs,” Hydrogen co-founder and CEO Mike Kane said. “We look forward to leveraging the power of the Oracle Cloud to help us achieve our business goals.”

Described as the global financial operating system by its founders, Hydrogen offers a wealth of fintech and blockchain APIs – known as atom and molecule respectively – to power a wide range of financial services from banking and investing to savings, financial wellness, and insurance.

The Oracle Cloud provides enterprise-quality services at all levels of the technology stack including both platform as a service (PaaS) and infrastructure as a service (IaaS). And by joining the Oracle Cloud Marketplace, the Hydrogen platform will be readily accessible by Oracle Cloud customers. The marketplace has an intuitive user interface to make it easy for developers to browse and discover not only applications and services, but also solution ratings and reviews from users to help customers find the optimal resource for their needs. The Marketplace recently has unveiled its automated application installation tools to enable customers to deploy provider business apps from a centralized, cloud-based UI.

“Hydrogen’s commitment to innovation with the Oracle Cloud and quality execution helps our mutual customers receive cloud-enabled fintech solutions ready to meet critical business needs,” Oracle VP for Worldwide ISV Cloud Business Development David Hicks said.

At FinovateEurope 2018, Hydrogen made its Finovate debut, demonstrating how its technology enables developers to build sophisticated financial apps – such as a European savings platform with UI/UX, onboarding, simulations, backend connectivity, and business intelligence – in a matter of minutes.

Hydrogen has seen its share of plaudits this year. The company was named to the Wealthtech 100 in April, the same month it was listed in Fast Company’s “World Changing Ideas” compilation in the Developing World Technology category. Hydrogen joined the Enterprise Ethereum Alliance (EEA) in May and, the following month, was named a finalist in WealthManagement.com’s 2019 Industry Awards in the Blockchain/Cryptocurrency category.

More recently, the company earned recognition from Bank Director’s FinxTech Awards, winning a finalist spot in the Best of FinXTech Connect category. Hydrogen was named a finalist in the Financial Inclusion category of the Finnosummit Challenge and was shortlisted for three awards – Top Emerging Tech Company, Best Use of Blockchain, and Innovator of the Year – at Finovate’s inaugural awards series (check out more information on the Finovate Awards, or FinovateFall, which will take place the same week in New York this month).

Founded in 2017 and headquartered in New York City, Hydrogen includes Canadian bank and wealth manager TD Bank, global insurer Principal, and investment manager CI Investments among its clients.

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