Author: David Penn

New Investment Makes Numbrs Europe’s Latest Fintech Unicorn

New Investment Makes Numbrs Europe’s Latest Fintech Unicorn
By David Penn Posted on
Categories: Funding, Numbrs

Swiss fintech Numbrs, which demonstrated its PFM solution at FinovateFall in 2013, is back in the fintech headlines in a big way. The company has raised $40 million in new funding that takes the firm’s total capital to nearly $200 million and boosts the company’s valuation to more than $1 billion.

The company did not disclose the round’s investors by name. It did confirm that both existing and new investors participated. The funding is designed to help Numbrs as it prepares to expand outside of its current market in Germany, with the U.K. as the company’s next target.

In a blog post at the Numbrs website, the company highlighted the relatively-exclusive club it has joined when it comes to private firms with a billion-plus valuation and praised the role of private investors in giving Numbrs “the time to build the best technology platform in the financial industry.” Since its founding in 2012, the company has developed partnerships with major FIs such as Barclaycard and Santander. More than two million app downloads and an excess of $11 billion (€10 billion) in managed assets have helped the company’s solution to become the top independent finance app in Germany.

Numbrs leverages machine learning and analytics tools to enable users to better manage their financial lives. Users link one or more accounts to the app and Numbrs goes to work: analyzing finances to create savings plans based on user goals, tracking and categorizing transactions in real-time to help users avoid overspending, and making it easy to handle common banking chores such as checking balances and transferring money.

The Numbrs app also offers a Money Store where users can shop for loans, credit cards, and insurance – just added in April – as well as other financial products and services.

The funding news for Numbrs arrives amid a summer of positive headlines for the company. Numbrs celebrated reaching 2.2 million downloads in July, the same month the company announced hitting the €10 billion mark in terms of assets managed on the platform. The company forged a partnership with Allianz in May, making the company’s insurance products available via the Numbrs app.

Numbrs is headquarterd in Zurich, Switzerland. Martin Saidler is CEO.

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CashFlows Partners with Akamai for Defense Against DDoS Attacks

CashFlows Partners with Akamai for Defense Against DDoS Attacks
By David Penn Posted on
Categories: Akamai

Akamai has teamed up with CashFlows to help the U.K.-based fintech protect cardholder and personal data from cyberattack. CashFlows will leverage Akamai’s Kona Site Defender solution, which provides DDoS (distributed denial-of-service) mitigation, web app security, and 24/7 monitoring. CashFlows added that the new security solution from Akamai also will enable it to add more payment options and products to its platform. Cryptocurrencies, data analytics, and gateways were among the additional solutions that could be introduced. All will be supported by Akamai security technology.

CashFlows CTO Mat Peck credited Akamai’s “global network and expertise” in explaining the company’s decision to work together. This expertise included Akamai’s track record in defending companies against some of the largest DDoS attacks in the world. Kona Site Defender runs on the edge servers of the Akamai Intelligent Edge platform. The fact that the system is supported by Fast DNS means that CashFlows can service its customers via local DNS servers while adding a layer of DDoS protection. “We need to make sure anyone anywhere in the world can make local connections to our service, in a way that is resilient and incredibly protected,” Peck said.

One of the first independent U.K. payments firms to be accepted as a principal member of both Mastercard and Visa, CashFlows currently processes payments for more than 1,000 customers and powers 34,000+ ATMs throughout Europe. Founded in 2010 and headquartered in Cambridge, the company provides merchant services, alternative payments, and BIN Sponsorship solutions via its cloud-based payments platform. Martin Belsham is CEO.

Akamai demonstrated the Client Reputation feature of Kona Site Defender at FinovateEurope 2015. The service enables FIs to identify which IP addresses are likely to represent a web or DDoS attacker, web scraper, or scanning tool. More recently, Akamai unveiled its Enterprise Defender solution to help its customers transition toward Zero Trust security regime. The company launched its Edge Cloud solution line in June, which facilitates data delivery between IoT connected devices and in-app messaging at scale. The launch highlighted Akamai’s IoT Edge Connect, a product that provides a secure framework for sending and publishing information using Message Queuing Telemetry Transport (MQTT) common to IoT and in-app messaging.

Akamai began the year with news that it planned to acquire customer identity access management company Janrain. Headquartered in Cambridge, Massachusetts, and founded in 1998, Akamai trades on the NASDAQ under the ticker AKAM. The company has a market capitalization of $14 billion.

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Fiserv Drives Digital Transformation for NEFCU

Fiserv Drives Digital Transformation for NEFCU
By David Penn Posted on
Categories: Fiserv

Global US-based fintech, Fiserv, announces its open core platform will now serve Long Island-based credit union, NEFCU, to help transform the credit union’s member experience and drive innovation, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The fintech’s DNA core account processing platform was chosen for its open architecture and APIs, and its ability to service all loan types from a single system. The move to Fiserv will also facilitate NEFCU’s planned introduction of self-service kiosks.

NEFCU, who has more than $3 billion in assets, hopes that through the new partnership it will be able to deliver more personalised services and relevant product offerings, with a look to add integrated solutions from Fiserv too, including content management and wire transfers.

“Our goal is to become the financial institution technology leader on Long Island, and we wanted a core platform that could help us achieve that goal,” said NEFCU CEO, John Deieso. “We needed a core platform that was future-oriented, and a partner committed to continuous investment in its technologies.”

Fiserv believes “the right technology” can enable credit unions to meet “rapidly evolving expectations” expectations of its members and drive growth as a result.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv demoed its integration of Samsung SDS America’s biometric authentication and collaboration solutions into its Commercial Center: Security solution at FinovateSpring 2018. The company announced late last month that it had completed its $22 billion merger with First Data.

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Artivest Inks Deal with WM Partners

Artivest Inks Deal with WM Partners
By David Penn Posted on
Categories: Artivest

An agreement between alternative investment platform Artivest and WM Partners will allow the middle-market, private equity firm expand its ability to reach qualified high net worth (HNW) investors and financial advisors.

WM Partners co-founder Jose Minski highlighted this opportunity as a key reason behind the collaboration. “Artivest provides us with the scalability and efficiency to broaden our exposure to a more diversified investor base,” Minski said. “We are eager to harness Artivest’s open architecture platform to engage with advisors and qualified investors who are looking to add a private equity solution that strives to generate diversified returns within their portfolios.”

A specialist in buyout investments in the health and wellness sector, WM Partners focuses on creating scalable businesses by acquiring, integrating, and consolidating tuck-in acquisitions, and driving operational efficiencies to boost growth. Based in Ft. Lauderdale, Florida, the firm emphasizes companies in the natural personal care, natural remedies, and functional foods businesses, and features a senior team with more than 30 years of experience in the pharmaceutical, consumer, and health and wellness industries.

Chief Investment Officer for Artivest Matt Osborne underscored the growth of the health and wellness sector as an investment opportunity. “Health and wellness brands have been continuing to gain market share for over a decade, and now advisors and investors can attempt to improve the health of their products by seamlessly and cost-effectively accessing this unique alternative solution through our digital platform,” Osborne said.

Artivest’s latest partnership news comes just days after the company announced the appointment of new CEO, Martin Bealieu, who previously served as Artivest executive chairman. Bealieu takes over the top spot from former CEO and founder James Waldinger, who will take the role of executive chairman. Bealieu is only the most recent C-suite shift for the company, which hired Karl Jaeger as Chief Financial Officer in June, and appointed Paul Nobile as Chief Marketing Officer in May.

An alum of FinovateSpring, Artivest demonstrated its online platform for alternative investments in 2014. The New York City-based company began 2019 with news of a platform expansion that added product structuring and fund distribution solutions for asset and wealth managers. Over the course of this year, the company has forged partnerships with Sudrania Fund Services, institutional investment manager LaSalle, and alternative investment manager EJF Capital.

Artivest has raised $17 million in funding, and includes FinTech Collective and Signatures Capital among its most recent investors. The company was founded in 2011.

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Identitii’s Overlay+ to Drive Intelligent Data Exchange for HSBC Bank Australia

Identitii’s Overlay+ to Drive Intelligent Data Exchange for HSBC Bank Australia
By David Penn Posted on
Categories: identitii

A new agreement will give HSBC Bank Australia access to financial communications technology innovator Identitii’s Overlay+ platform, a peer-to-peer solution that enables the secure sharing of data and documents between authorized parties and to regulators.

Overlay+ leverages blockchain technology and tokenization to make financial communications easier and more secure. A private blockchain ensures an auditable, time-stamped, tamper-proof record of all activity, and uses permissioned communications to allow trusted parties to securely share intelligent information in real-time. The platform uses unique identifiers, known as Identitii Tokens, which serve as cryptographic keys to permission access to the blockchain.

Importantly, the technology, dubbed a “platform for intelligent information exchange” by the company, can be added to a bank’s or corporation’s existing technology infrastructure via API to support both internal and external document and information exchange.

“This is our second technology license with HSBC and it delivers on a key part of our growth strategy, which is deepening relationships with existing customers,” Identitii CEO Nick Armstrong said. “It also represents the commercialization of a new use case for Overlay+, which seamlessly integrates with existing systems to ensure compliance with regulatory reporting requirements.”

The five-year pact has a minimum contract value of $511,600. Identitii’s revenues will come from both professional service fees incurred during technology implementation (slated to be finished in Q2 2020), as well as ongoing monthly license fees.

Identitii’s HSBC/Overlay+ announcement comes just a few months after the company announced that HSBC had launched its digital accounts receivable tool, DART, leveraging tokenization technology from Identitii. The company teamed up with Trace Financial Limited in April to help companies migrate to new messaging standards for financial business transactions. Identitii began the year with a new membership in the Banking Industry Architecture Network (BAIN), ensuring its Overlay+ platform is compatible with open banking standards.

Identitii demonstrated its platform at FinovateFall 2017. Founded in 2014 and headquartered in New South Wales, Australia, Identitii won an award for Best Workplace Diversity at The Finnies 2019 earlier this year. The company went public last fall, and currently trades under the ticker ID8 on the Australian Stock Exchange. Identitii has a market capitalization of $10 million.

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BeSmartee Integrates with BytePro

BeSmartee Integrates with BytePro
By David Penn Posted on
Categories: BeSmartee

A collaboration between loan technology innovator BeSmartee and Byte Software’s BytePro platform will improve the digital mortgage experience for customers by enabling lenders and originators to process applicants faster and better manage heavy demand cycles.

“We’re pleased to have fulfilled this bi-directional integration to the BytePro LOS platform,” BeSmartee co-founder Arvin Sahakian said, calling Byte “a truly great company.” He added, “(This) gives BeSmartee the opportunity to enhance the origination process and user experience for more than 1,000 Byte LOS customers.”

Among other features, the integration will enable lenders to create a loan file in Byte using Fannie Mae 3.2 file data, and will support the pushing and pulling of documents and conditions to meet all the requirements of the loan origination and financing process. Borrowers will benefit from a multi-channel, interactive borrowing experience that leverages chat, text, messaging, email, and co-browsing to enhance the customer journey through an automated workflow.

Kirkland, Washington-based Byte Software was founded in 1985. With clients in all 50 states of the U.S., the company works with both multi-state lenders as well as community banks and mortgage brokerage firms. Its BytePro platform streamlines the mortgage process by using document imaging, an accessible web portal, task tracking and metrics, customizable pipeline views, and multiple user editing of loan files to improve efficiency. A business partner of CBCInnovis, a mortgage lending support solutions provider, Byte Software released the latest version of its technology this spring, introducing a new VA Cash Out Refinance Certification document in addition to other enhancements.

BeSmartee demonstrated its Smart Mortgage technology at FinovateSpring 2017. The company leverages artificial intelligence to enable lenders to move borrowers from initial engagement to underwriting in 20 minutes with completed loan application, credit report, income and asset documentation, eSigned and eDelivered disclosures, and paid appraisal.

In just the past few months BeSmartee has forged partnerships with a variety of players in the mortgagetech industry. In July, the company announced an integration with real estate document collaboration and recording technology company Simplifile. Also in July, BeSmartee and private mortgage insurance provider Arch Mortgage Insurance Company (Arch MI) collaborated on a direct integration that will provide quick and accurate risk-based pricing to accelerate the application process.

In June, BeSmartee announced another partnership, integrating with income calculation and verification technology provider LoanBeam. The same month, the company introduced its new mortgage platform for wholesale lenders and third-party originators.

Founded in 2008, BeSmartee is headquartered in Huntington Beach, California.

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WattzOn’s SNAP Delivers AI-Enabled Data Extraction For Cleantech Sales Teams

WattzOn’s SNAP Delivers AI-Enabled Data Extraction For Cleantech Sales Teams
By David Penn Posted on
Categories: WattzOn

Utility bill data solution provider WattzOn has unveiled SNAP, a new product for energy and cleantech firms that leverages AI to capture data from utility bills. SNAP will enable sales teams to provide prospects with faster, customized quotes and pricing, as well as make it easier for them to onboard new customers.

WattzOn CEO Martha Amram said SNAP was part of her company’s effort to give sales professionals in the industry the digital tools they need. “Leading solar and energy companies are out in the field, meeting potential customers where they are at,” Amram said. “Mobile data capture solutions are critically important for converting leads into customers, and for instantly offering customized plans that meet customer needs and secure profitable operations.”

A streaming data service, SNAP works by leveraging a set of pre-trained, machine learning models to automatically extract utility bill information from PDF files and images displayed on supported devices. Extracted data is sent to customers via API in seconds, and can be readily integrated into CRM, ERP, and custom software solutions. New utilities can be added to SNAP’s library to ensure broad coverage across states. And while the solution is pre-set for residential utility bills, SNAP can be configured for both commercial and industrial utility bills, as well.

“Our years of market experience have shown that adding the option of data capture from a single utility bill in paper or PDF form increases consumer engagement and sales conversion rates,” Director of Product Management for WattzOn David Nelson said. “I’m delighted that our powerful machine learning system can be applied to this important use case, opening up new sales opportunities for our customers.”

WattzOn demonstrated its Personal Energy Management Platform at FinovateSpring 2012. The company currently offers two solutions for the energy and cleantech industry in addition to SNAP: LINK, which extracts data and bills from utility accounts directly; and GLYNT, WattzOn’s automated, instant data extraction system for utility bills and other documents.

Headquartered in Mountain View, California, WattzOn was founded in 2008.

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Alterna Bank Partners with nCino

Alterna Bank Partners with nCino
By David Penn Posted on
Categories: nCino

A new partnership between Alterna Bank and nCino will enable small businesses in Canada to take advantage of a new digital banking solution that features a seamless, anytime, anywhere, account opening experience, as well as automated decisioning, digital document management, and portfolio management.

The agreement marks nCino’s first Canadian credit union customer. nCino CEO Pierre Naudé called Alterna – which consists of Alterna Savings and its subsidiary Alterna Bank – “one of the most innovative financial institutions in Canada.” With a combined $8 billion in assets under management, Alterna was also the first bank in Canada to offer its customers an end-to-end digital mortgage experience.

In addition to its plan to enhance its onboarding processes, Alterna is also working on other initiatives to further improve the customer journey. These efforts include new loan referral and merchant services, and a partnership with Canada’s largest acquirer, Global Payments. The firm said that it plans to deploy its new nCino-powered, digital small business banking solution by the end of this year.

“At Alterna Bank, we’re dedicated to finding the best solutions for our valued small business customers,” Alterna President and CEO Rob Paterson said. “We know that small business owners are extremely busy and we took on the challenge to create a faster and easier banking experience for them.”

Winner of RateHub’s Best Personal Banking, Best eChequing, Best TFSA eSavings, and Best RRSP eSavings account awards, and named Canada’s Best Bank for Millennials, Alterna Bank was founded in 2000 as a subsidiary of 110-year old Alterna Savings. Alterna Savings was the first credit union established in Canada outside of Quebec, and has been awarded Canadian Top Employer honors three consecutive times.

nCino’s partnership with Alterna Bank is the latest in a string of big fintech headlines for the Wilmington, North Carolina-based fintech. Last month, nCino announced that Columbia Bank, a New Jersey-based bank with $7 billion in assets, had gone live with nCino’s Bank Operating System. Also in July, nCino announced its acquisition of analytics and insights specialist Visible Equity for an undisclosed sum. Headquartered in Salt Lake City, Utah, Visible Equity has more than 850 bank and credit union customers who use the firm’s technology to better manage risk and improve credit decisioning.

Other partnerships for nCino this year include deals with Westfield Bank and South State Bank in June, with S&T Bancorp in May, and with Navy Federal Credit Union in April. Navy FCU is the largest credit union in the world, with more than eight million members and 329 branches.

Founded in 2012, nCino has raised more than $133 million in funding, and counts Insight Partners and Salesforce Ventures among its investors. More than 1,100 financial institutions around the world are partnered with nCino, including 12 of the top 25 FIs in North America. nCino demonstrated its Bank Operating System at FinovateEurope 2017.

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U.K. Neobank Gravity Chooses Core Banking Tech from Finastra

U.K. Neobank Gravity Chooses Core Banking Tech from Finastra
By David Penn Posted on
Categories: Finastra

U.K.-based neobank Gravity has chosen the third largest fintech in the world, Finastra, to provide its end-to-end core banking capabilities, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The Fusion Essence cloud-based solution, built on Microsoft’s Azure cloud platform, will enable the challenger to deliver “an agile, customer-oriented service that will make business banking fairer and simpler,” said Gravity chairman, Tim Brooke.

“Small businesses in the U.K. continue to struggle when it comes to choosing a bank that can support their needs. Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support.”

Gravity is still seeking authorization to serve SMEs with lending, credit card and deposit services, but looking forward with Fusion Essence the bank hopes to scale, offer a range of products, benefit from evergreen software updates and access a collaborative platform.

Finastra’s retail banking general manager, Anand Subbaraman, called Gravity “an aspiring new entrant in the U.K. business banking sector” who will be able to “differentiate its services from traditional banks” by focusing more on strategic growth and resulting timely return on investment.

This agreement follows closely behind Finastra’s deal with Manchester-based new bank, Revverbank, who also selected Fusion Essence for its end-to-end core banking capabilities.

Currently 90 of the world’s top 100 banks use Finastra technology.

Finastra (as Misys) demonstrated its FusionFabric.cloud technology at FinovateEurope 2017. Simon Paris is CEO.


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South Korean Unicorn Raises $64m; India Tops China in Fintech Deals

By David Penn Posted on
Categories: Finovate Global

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Sub-Saharan Africa

  • Nigerians in the U.S. are exploring opportunities to launch a Nigerian Federal Credit United Union.
  • Kenya’s Wapi Capital partners with China-based mobile device maker Transsion to fund African fintech startups.
  • Kenya’s Capital Markets Authority (CMA) admits three fintechs – Pezesha, Innova, and another remaining in stealth mode – to its new regulatory sandbox.

Central and Eastern Europe

  • Latvian fintech Mintos tops €3 billion in loans financed.
  • Looking for a cryptocurrency gig in Russia? Coin Rivet examines top options.
  • Mobile operator Orange Poland partners with Ukraine’s PayUkraine to expand its money transfer business in the country.

Middle East and Northern Africa

  • Abu Dhabi Commercial Bank (ADCB) announces partnership with Plug and Play and Abu Dhabi Global Market (ADGM).
  • MenaFN investigates how Jordanian companies are supporting digital transformation in Iraq.
  • Central Bank of Oman finalizes plans for national payment system in effort to support local fintech industry.

Central and Southern Asia

  • CB Insights reports that the number of fintech deals in India topped those in China for the first time.
  • Female-founded Pakistani venture capital firm, i2i Ventures, announces investment in Pakistani startup Mauqa Online.
  • Indian online investment platform Scripbox acquires rival Upwardly.

Latin America and the Caribbean

  • Zenus, a challenger bank based in Puerto Rico, gains U.S. banking license.
  • Coindesk looks at how Mexico’s new fintech law may impact the cryptocurrency market.
  • CapitalTech acquires Konsigue, a crowdfactoring startup based in Mexico.

Asia-Pacific

  • Toss, a South Korean P2P money transfer service, picks up $64 million in new funding.
  • Fintech Singapore profiles alternative and micro lenders in Vietnam.
  • Singapore’s Koku, a fintech that specializes in foreign exchange technology solutions, plans expansion into Indonesia.

Top image designed by Freepik

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Jack Henry Celebrates 57 New Customers in 2019

Jack Henry Celebrates 57 New Customers in 2019
By David Penn Posted on
Categories: Jack Henry

Jack Henry & Associates has attracted 57 banks and credit unions away from competitors in the fiscal year 2019, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The technology solutions and payment processing services provider has seen a record number of financial institutions switch to its core banking platform, in the year to 30 June.

Jack Henry focuses on helping community and regional financial institutions to offer their customers modern banking experiences and to remain competitive in a changing market.

New clients stated reasons for switching have included the desire to provide an online retailer-style service for customers, openness and commitment to scale, and the ability to achieve tighter integrations and enhanced workflows from the open infrastructure.

Busey Bank and holding company First Busey Corporation both chose the Jack Henry Banking SilverLake System.

“Jack Henry’s advanced API network provides the open architecture and sophisticated connectivity necessary for us to chart our own course. This partnership supports our dedication to strategic process improvements and investment in integrated technology platforms,” said Howard Mooney, chief information officer of First Busey Corporation.

David Foss, president and CEO of Jack Henry, said it is an exciting time in banking.

“The industry is open to more collaboration and advanced technologies, while renewing its focus on user centricity,” he adds. “We’re committed to partnering with these regional and community financial institutions to help them compete with technology that is efficient, scalable and built to last.”

The 32 banks and 19 credit unions range from those with $64 million in assets to $9.6 billion, along with six de novo banks.

Jack Henry’s most recent appearance at Finovate was at FinovateFall 2015, when the company demonstrated technology from its recent acquisition, Banno. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry is the primary technology partner for more than 1,000 community banks and multi-billion dollar mid-tier financial institutions.

With more than $1.5 million on revenues during fiscal 2018, Jack Henry is a publicly-traded on the Nasdaq exchange under the ticker JKHY and has a market capitalization of $11 billion.

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Revolut and Xero Partner on New Expense Management Tool

Revolut and Xero Partner on New Expense Management Tool
By David Penn Posted on
Categories: Revolut, Xero

If your company has a cumbersome expense management process, then you will welcome the news that Revolut for Business has introduced a new solution to make those issues a problem of the past. Courtesy of a new partnership with fellow Finovate alum Xero, the expense management tool provides real-time expense monitoring, and the ability to approve or reject team expenses.

“The potential for expense management to turn into one big ugly mess is high,” Revolut Marketing Manager Aaron Larsson wrote on the company’s blog. “That’s why we’re proud to introduce our new Expense Management tool to Revolut for Business.”

Revolut’s new tool makes the expense management process easier for team members, finance teams, and accountants. Available within the Revolut for Business app, the tool enables users to record expenses with a simple push notification and a photograph of the receipt, and helps finance teams track expenses more accurately.

Revolut customers that are not Xero users can also take advantage of the expense management tool by creating their own categories and exporting expenses as a CSV file. Revolut noted that it plans to feature additional integrations to offer more accounting resources.

Making its Finovate debut at FinovateEurope in 2015, Revolut has grown into an alternative digital bank offering a mobile current account that can be used to hold, exchange, and transfer funds in 29 different currencies. without fees. The account includes a variety of financial management tools including budgeting, instant spending notifications, and a spare change “stash-away” feature to support incidental saving. More recently, Revolut has added stock trading functionality to its app.

The company launched Revolut for Business in 2017 to extend the benefits of digital, API-powered banking services and streamlined, affordable international payments to small businesses and freelancers. The initiative signed up 16,000 business accounts in three months and, in its first year, helped companies save more than $14 million in fees. Last month, the company announced that Revolut for Business would add two new business account plans with no monthly subscription fees. Revolut also made price structure changes to include a customizable model that gives businesses more control and a better value.

Founded in 2013 and headquartered in London, U.K., Revolut has raised more than $336 million in funding from investors including DST Global, Future Fifty, and Lakestar. Nikolay Storonsky is founder and CEO.

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