Finovate Alumni News

Around the web

  • Xero announces API integration partnerships with OCBC and NETS.
  • Exate Technology named “One to Watch” for data privacy technology at the Regulation Asia Awards for Excellence 2018.
  • Yoyo Wallet inks deal with coffee chain, easyCoffee.
  • Experian launches a pair of new advanced Open Banking services: Affordability Check and Tennant Vetting Service.
  • New biometric capabilities powered by iProov enable secure enrollment onto U.K. Home Office services via smartphone app.

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.

FinovateAfrica Starts Next Week

FinovateAfrica Starts Next Week

Finovate’s first fintech conference in Africa is only days away. We’re excited to make our debut in Cape Town, South Africa on November 27 and 28, and look forward to what we expect to be a great two days of live technology demonstrations and insightful keynotes from our knowledgable line-up of speakers.

There’s still time to pick up your ticket and join us. Visit our registration page today and save your spot at the show.

Find out more about our demoing companies via our Sneak Peek series. To learn more about our expert speakers, check out our agendas for Day One and Day Two.

Here are a few last minute details and need-to-knows to help you plan your visit.

Who

FinovateAfrica will feature more than a dozen innovative fintech companies from Africa as well as around the world, all demoing their latest solutions live on stage. The conference will also host a variety of keynote addresses, panel discussions, debates, and presentations on some of the most critical topics in fintech today. We will have a special emphasis on those issues relevant to developing fintech markets as well as financial inclusion.

A look at the companies that will be demoing their latest fintech innovations at FinovateAfrica next week.

Where

FinovateAfrica will be held at the Westin Cape Town, Old Harbour Level, Convention Square, on Lower Long Street in Cape Town, South Africa. The venue is readily accessible via public transportation and features compelling views of both the V&A Waterfront and Table Mountain.

When

With two days of live demos and discussions on Tuesday, November 27 and Wednesday, November 28, FinovateAfrica runs on a tight schedule. Please give yourself extra time to ensure that you arrive at the venue promptly so that you don’t miss a thing!

Registration opens at 8:15am on both Tuesday and Wednesday mornings, and will feature a continental breakfast and refreshments. Opening remarks from our keynote speaker begin at 8:45am on Tuesday and at 8:55am on Wednesday. Both Tuesday and Wednesday will conclude with a reception and networking opportunity for attendees to meet and mingle with our demoing companies, our speakers, and each other.

We are looking forward to FinovateAfrica and hope you will be able to join us in Cape Town next week. If you have any questions about FinovateAfrica, please email us at africa@finovate.com and we’ll be happy to help.

Finovate Global: Fintech News from Around the World

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.

Central and South Asia

  • Visa takes minority stake in Indian payment gateway BillDesk.
  • Swift India partners with MonetaGo to pilot blockchain-based banking.
  • India FinTech Forum (IFF) announced the 20 companies recognized at its India FinTech Awards (IFTA), including Finovate alums Hydrogen, iProov, Ocrolus, and James Finance.

Latin America and the Caribbean

  • Elevar Equity leads $5.25 million investment round for Uruguayan fintech, Bankingly.
  • Banco Original, a Sao Paulo, Brazil-based FI, to deploy FICO Origination Manager and FICO Application Fraud Manager.
  • First Data launches Clover Mini and Clover Flex in Argentina.

Asia-Pacific

  • Finastra gives Singapore banks top marks in its inaugural Open Banking Readiness Index.
  • FinLab accelerator introduces its smart business transformation program for Thailand small businesses.
  • SmartPesa brings its softPOS contactless card acceptance via NFC phone running Android – to Singapore and South East Asia.

Sub-Saharan Africa

  • South African financial services company, Discovery, to launch “behavioral bank.”
  • Nigeria’s central bank proposes fintech licensing regime to help manage cyber risk, capital adequacy, and operational oversight issues.
  • A “hands-off” attitude toward regulation is credited for helping boost Uganda’s emergent fintech sector.

Central and Eastern Europe

  • Poland’s Braintri merges with iCompass.
  • The Polish Financial Supervision Authority names the Heart as one of operators for its regulatory sandbox for companies developing fintech solutions.
  • Ingenico Group teams up with Russia’s Sberbank to enable MOIR card payments for online purchases.

Middle East and Northern Africa

  • Study from Mena Research Partners calls for major gains in fintech funding in the MENA region over the next ten years.
  • Egypt Innovate features ten Egyptian startups “following the world’s fintech trend.”
  • The Tehran Times looks at the “challenges and opportunities” of fintech innovation in Iran.

Top image designed by Freepik

Poland’s Braintri Merges with iCompass

Poland’s Braintri Merges with iCompass

A pair of Polish fintechs – Braintri and iCompass – have announced a merger plan that will enable both firms to grow their businesses and expand internationally. Braintri COO Wojciech Zatorski highlighted the opportunity for growth, and pointed specifically to the potential in markets in the EU, the Middle East, Asia, and the U.S. “The partnership is a step forward in Braintri’s strategy to enter global markets,” he said.

Both companies will operate under their existing brands until the merger is completed, after which there will be a rebranding.

Providing mobile banking apps for some of the largest banks in Poland, Braintri has partnered with FTSE large cap banking giant PKO BP, as well as fellow Finovate alum, mBank. The company also worked to help establish Poland’s non-card payment standard, BLIK, currently used by 94% of the country’s population. Braintri is also the developer of Jiffee, a token-based, Bluetooth-powered, mobile payment technology the company demonstrated at FinovateEurope earlier this year.

In a press release, Braintri said it will focus on three main product lines post-merger: mobile applications, big data solutions, and payments. The company also pledged to “further develop its insurtech competence.”

Braintri’s partner, iCompass, is a software provider for major European banks and global payment companies like Mastercard Payment Transaction Services. The firm is a technology provider for Poland’s first mPOS platform, and developed the universal payment gateway, Octopus Payment Hub.

Founded in 2013, Braintri demonstrated its Jiffee payments solution at FinovateFall 2017, winning Best of Show. Headquartered in Warsaw, Poland, the company was awarded the Polish Innovation Award 2018 for both Jiffee and its core banking systems offloading engine, Biffee.

Finovate Alumni News

On Finovate.com

  • Check out a sneak peek of Topicus.Finance’s upcoming demo at FinovateAfrica.
  • Launchfire Launches StepDemo to Enhance Employee Training.
  • Poland’s Braintri Merges with iCompass.

Around the web

  • Xero teams up with Absa Bank to improve access to financing for South African SMEs.
  • TransferWise opens its API.
  • Fenergo introduces new Client Lifecycle Management: Front to Middle Office Transformation app on Salesforce AppExchange.
  • Mortgage Cadence adds to its Enterprise Lending Center loan origination platform courtesy of a partnership with MGIC.
  • Tinkoff Bank enables its iOS-using customers to buy concert and theatre tickets via its mobile app.
  • ThetaRay CEO Mark Gazit appointed to the International Technology Advisory Panel of the Monetary Authority of Singapore.
  • Klarna forges partnership with weighted blanket developer, Gravity Blanket.
  • Temenos announces Technology Partner Agreement with distributed SQL database provider, NuoDB.
  • Aqubix, Behaviosec, CustomerXPS, ElectronicID, GreenKey, IdentityMind, Jumio, NICE, Onfido, Payfone, SecuredTouch, Sedicii, Trulioo, and Trunomi honored on RegTech 100 list.

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.

Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio

Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio

A new partnership between U.K.-based ieDigital and Dutch fintech Five Degrees will pave the way for the launch of a new premier digital banking portfolio. The new solution marries ieDigital’s Interact digital engagement platform with Five Degrees’ digital core banking platform, Matrix, to help FIs develop end-to-end banking products that will help them spot and capitalize on revenue-generating opportunities.

“Our joint partnership strengthens the ability to help financial institutions transform progressively in order to meet future market needs, while ensuring a superior customer experience,” ieDigital CEO Jerry Young said. He called the collaboration with Five Degrees both “strategic and timely” and pointed to potential opportunities to help banks in Europe and around the world successfully execute their digital transformations.

Young joined the company as CEO at the beginning of the year. He brings more than 20 years of experience to ieDigital, including a tenure as VP of EMEA at Fiserv, and time spent as head of retail banking and insurance at Oracle.

Five Degrees CEO Martijn Hohmann said that the joint venture “provides financial institutions with the tools to offer a better experience for consumers when managing their finances on a daily basis.” He added that the partnership would add “world-class consumer oriented solutions” to its platform and help the company fulfill its goal of making it easier and more convenient for consumers to choose and interact with financial products.

In their press release, ieDigital and Five Degrees cited a Forrester study that indicated that too many financial services firms are focusing on making changes to their digital front end without paying similar attention to the core system. Referring to this as the “Potemkin Effect,” the companies noted that by offering a solution that combines the core with the engagement platform resolves this problem by providing a “seamless, digital, end-to-end experience that customers require.”

Founded in 1984, ieDigital demonstrated its Money Fitness solution at FinovateFall 2018. Money Fitness is a personalized, forward-looking PFM tool that helps consumers make better financial decisions while helping credit unions build their brands and strengthen their presence in their local communities. Formerly known as Intelligent Environments, ieDigital has partnered with four of the five largest banks in the U.K. and has deployed its Interact customer engagement platform in more than 28 countries.

With more than $11.4 million (€10 million) in funding, Five Degrees made its most recent Finovate appearance earlier this year at FinovateEurope. At the conference, the company demonstrated an implementation of its Matrix core banking technology with the wealth management platform, Prospery, developed by ABN AMRO.

Since then, Five Degrees purchased core banking IT systems provider, Libra, and teamed up with international business payments specialist, BillPro, to launch a new European cross-border banking service. The company was founded in 2009, and is headquartered in Amsterdam, Noord-Holland, the Netherlands.

Finovate Alumni News

On Finovate.com

  • Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio.
  • Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool.

Around the web

  • LoanScorecard unveils SimpleCECL, its solution for loan-level analyses for Current Expected Credit Loss (CECL).
  • Onfido wins 7th place in Deloitte’s 11 fastest growing tech companies in the U.K. roster.
  • OutSystems earns recognition in two categories of the 2018 Gartner Peer Insights Customers Choice reviews: Mobile App Development Platforms and Enterprise High-Productivity Application Platform as a Service (HPaPaaS).
  • Payment Ninja introduces new invoice management feature of its platform.
  • Diebold Nixdorf inks Memorandum of Understanding with Europol to boost cybersecurity knowledge sharing.
  • Entersekt announces plans to expand to Nordic region.
  • RightCapital partners with Commonwealth.
  • Onfido, Azimo, TransferWise, and Kantox earn spots on Deloitte U.K.’s Fast 50.

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.

MaxMyInterest Brings Intelligent Cash Management to Radius Bank

MaxMyInterest Brings Intelligent Cash Management to Radius Bank

Radius Bank has teamed up with MaxMyInterest. The pioneering virtual bank has joined the intelligent cash management platform to offer a new account, Radius Max Savings, that currently earns 2.06% APY and is available exclusively on the MaxMyInterest platform.

“Working closely with Radius Bank, an innovator in online banking, we have streamlined the account opening process to less than one minute,” Gary Zimmerman, founder and CEO of MaxMyInterest said. “As a result of this collaboration, which leverages our patent-pending Max Common Application technology, Max members can now earn higher yield on their cash in just a few clicks, without switching banks.”

MaxMyInterest’s platform enables high net worth depositors to seamlessly and automatically transfer cash balances among multiple accounts in order to secure the highest yields. Max members enjoy aggregate FDIC insurance coverage on their deposits, as well as consolidated tax reporting.

“From quickly opening an account to maximizing their return on deposit balances, the Radius Max Savings accounts on the MaxMyInterest platform is a big step forward in enhancing the banking experience for your clients,” President and CEO of Radius Bank, Mike Butler said. He called the partnership with Max “an industry differentiator.”

A community bank with assets of $1.2 billion, Radius Bank serves individuals, SMEs, unions, government entities and non-profits. The bank offers check deposit, billpay, P2P payments and card management for personal clients, and provides services including advanced treasury management and loan payment solutions for business customers.

MaxMyInterest demonstrated its automated cash management technology at FinovateFall 2014. Over the summer, the company teamed up with Dynasty Financial Partners, which added Max as a cash option for its network of more than 45 wealth management companies. MaxMyInterest added former TD Ameritrade executive Tom Bradley to its advisory board this spring. And near the beginning of the year, CNBC quoted the company’s head of business development and partnerships, Michael Halloran, on cash strategies for investors during times of market volatility.

Operated by Six Trees Capital, MaxMyInterest was founded in 2013 and is headquartered in New York City.

Revolut Readies for $500 Million Series D

Revolut Readies for $500 Million Series D

Revolut, the multi-functional cross-border card and app, is planning a $500 million Series D investment round, potentially enlisting tech giants like Softbank to its roster of investors, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

According to City AM, the fintech has aggressive plans for expansions, with plans to launch in the U.S. after the investment round. Revolut has seen major regulatory shortcoming preventing it from starting operations there.

Australia and Japan are also on Revolut’s radar.

The round, set to take place early next year, would give the fintech the necessary boost to enter the U.S. market, a particularly difficult geography to crack.

This comes after the firm’s last funding, which had the shocking figure of $250 million.

The unicorn, which has already surpassed the $1.7 billion valuation, has grown fivefold in the past year, despite reporting annual losses.

It is not known whether Revolut’s previous backers, which include Index Ventures, Draper Esprit and DST Global, will sign on to its next round.

Earlier this year, Softbank said it planned to invest around $200 million into fintech, from its $100 billion Vision Fund.

Founded in 2013, London-based Revolut demonstrated its multi-currency card at FinovateEurope 2015. Nikolay Storonsky is founder and CEO.

GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise

GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise

Cloud-based email security specialist GreatHorn announced a major expansion of its flagship solution, GreatHorn Email Security, transforming it into a comprehensive platform to defend institutions against email-borne threats from time of delivery to post-delivery.

The new addition, GreatHorn Mailbox Protection, gives users immediate, ready access to relationship and risk data to help them when interacting with their email messages. The solution lets users know the strength of their relationship with the sender, the date of their last outbound communication with the sender, the likelihood that the sender is from the domain they say they are, and the relative risk of any embedded links within the message.

Chris Fraser (VP of Strategic Accounts and Founding Team Member) and Sean Varga (Senior Account Executive) demonstrating the GreatHorn Inbound Email Security platform at FinovateFall 2017.

“The security industry continues to treat users as the ‘weakest link’ in their security practices, rather than as intelligent, informed, and vital parts of a true security posture,” CEO and co-founder of GreatHorn Kevin O’Brien explained. In contrast, GreatHorn’s solution turns this conventional wisdom on its head, empowering “end users to take action from the front lines” to fight malicious email messages.

The solution also enables users to confirm and quarantine email phishing attempts, build personal sender block lists, and easily tag spam email and transfer it to the trash. Currently in beta, GreatHorn Mailbox Protection will be available soon through the Microsoft Office and Google Chrome Web stores.

“GreatHorn is known for industry-leading phishing protection,” O’Brien said in discussing the new comprehensive platform. “With GreatHorn Email Security, we have expanded that protection to offer enterprises a truly comprehensive email security platform, tuned to safeguard them from the full range of today’s advanced email-borne threats.” O’Brien added that, as the “most critical business communication system in existence,” email deserves “best in-class protection, not just a small point solution, plug-in, or add-on.”

GreatHorn demonstrated its Inbound Email Security platform at FinovateFall 2017. The company leverages machine learning and automated response technology to spot and counter highly targeted, malicious message-based threats before the damage takes place. The platform’s security is provided without the need for major overhead, traditional network routing solutions, or perimeter blocking.

This fall, GreatHorn announced a new partnership with dmarcian, a North Carolina-based firm that specializes in DMARC accessibility for businesses. DMARC is an email security protocol that defends against phishing, social engineering, and other impersonation-based cyberattacks. And while widely adopted by the federal government agencies, the private sector has been to embrace DMARC, with adoption rates of 21%.

“Corporate email not only serves as a company’s lifeblood, but also as a brand ambassador as workers connect with the outside world,” dmarcian CEO Tim Draegen explained. “Yet we have to recognize that universal deployment of DMARC will take years to achieve. That’s why it’s so critical for organizations to use GreatHorn to protect their email from external domain spoofs and impersonations, as well as non-authentication-related threats.”

GreatHorn has raised $8.8 million in funding, and includes TechStars, ff Venture Capital, Uncork Capital, and .406 Ventures among its investors. The company is headquartered in Belmont, Massachusetts, and was founded in 2015.

FinovateAfrica Sneak Peek: Yoco

FinovateAfrica Sneak Peek: Yoco

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

Yoco is an African technology company that builds tools and services to help small businesses get paid, run their businesses better, and grow.

Features
Yoco Capital includes:

  • Fast, simple access to a cash advance
  • No security or collateral required
  • One-of-a-kind payback method with no debit orders or late fees.

Why it’s great
Yoco Capital is the simplest, fastest way to access a cash advance for your business with an effortless, one-of-a-kind payback method.

Presenters

Bradley Wattrus, CFO and Co-Founder
Highly experienced in business strategy and venture development, Wattrus enjoys the daily challenges of the fintech industry.
LinkedIn

 

Clayton Brett, Capital Product Owner
Brett has 15 years of financial industry experience in business analysis and project management.
LinkedIn

FinovateAfrica Sneak Peek: OUTvest

FinovateAfrica Sneak Peek: OUTvest

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

OUTvest is a new generation wealth platform. The company has integrated wealth planning and execution and management, online or with human advisors.

Features
OUTvest built its own capabilities to design proprietary advice algorithms, investment exposures and user experience, and deliver it in a simple client experience.

Why it’s great
Imagine if investing was as easy as driving a car: all the technology is there, it’s just as easy to use.

Presenters

Grant Locke, Head of OUTvest
Locke is a CFA charterholder and has worked in the investment industry for more than 15 years in the U.K. and South Africa. He is a passionate advocate that investing is a personal finance solution.
LinkedIn

 

Niel de Bruin, Head of Operations
de Bruin is a CA(SA) and has been in the financial services industry since 2002. “He is one hell of an operator and a phenomenal business partner,” says Grant Locke.
LinkedIn