Author: David Penn

FinovateFall 2018 Best of Show Winners Announced

FinovateFall 2018 Best of Show Winners Announced
By David Penn Posted on
Categories: Banzai, Best of Show, Bond.AI, Bumped, FinovateFall 2018, Golden, Meniga

Meet the Fantastic Five – the top vote-getters in this year’s Best of Show voting at FinovateFall 2018.

There’s a lot to love about the companies that took home top honors at this year’s autumn event. Maybe you are a fan of financial literacy, and believe that the best way to ensure a happy financial future is to invest in financial education at an early age. Perhaps you are looking for ways to better engage the customers at your bank or credit union, providing them with more personalized, intuitive solutions to improve their financial lives.

From the challenge of helping aging parents manage their finances and avoid scams to innovative strategies to turn everyday purchases into investments in the stock market, the Best of Show winners of FinovateFall 2018 are a diverse group. And that diversity reflects the fascinating breadth of what it means to be a fintech company today.

With that, let’s meet our Fantastic Five. Four of them are Finovate newcomers and the fifth, Meniga, is both a long time alum and multiple Best of Show award winner.

Banzai for its industry-leading, turnkey, CRA eligible, experience-based learning solutions that help users master personal finance. Video.

 

Bond.AI for its human-centered AI platform, powered by the world’s first “Empathy Engine,” that helps banks better understand user behavior and encourage them to improve their financial health. Video.

 

Bumped for its technology that enables brands to give their customers free stock for their purchases, turning loyal shoppers and spenders into shareholders. Video.

 

Golden for its Financial Caregiving app and website that socializes wealth and daily money management across generations, helping 75 million baby boomers who are taking financial care of their 50 million senior parents. Video.

 

Meniga for its white-label, digital banking solutions that enable banks to build customer engagement and help customers improve their financial lives. Video.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The five companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018

 

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Welcome to Day Two of FinovateFall

Welcome to Day Two of FinovateFall
By David Penn Posted on
Categories: FinovateFall 2018

The first day of FinovateFall is in the books. And a second full day of live fintech demos here at the New York Marriott Marquis in Times Square is about to begin!

From the very first demo on Day One, it was clear that the attendees at this year’s fall fintech conference came ready to rock. And our demoing companies were happy to oblige – with live demos of everything from tools to help financial advisors better serve their clients to cybersecurity solutions dedicated to keeping the bad guys at bay. We hope you had a great time yesterday and are rested and ready (we are in Times Square, after all!) for another round here on Day Two.

Here is what’s in store for Tuesday. If you still need a ticket, visit our registration page and save your spot.

8:00am – 8:45am Registration & Continental Breakfast

Remember registration is on the fifth floor of the Marriott Marquis.

8:45am – 10:15am Demo Session #5

10:15am – 11:00 am Intermission with Refreshments & Networking

11:00am – 12:20pm Demo Session #6

12:20pm – 1:20pm Lunch & Networking

1:20pm – 2:40pm Demo Session #7

2:40pm – 3:25pm Intermission with Refreshments & Networking

3:25pm – 4:50pm Demo Session #8

4:50pm – 6:50pm Reception & Networking with Best of Show Announcement

Questions? Shoot us an email or give us a call and we’ll get right back with the answers you need.

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Finovate Alumni News

By David Penn Posted on
Categories: Coinbase, Finastra, Fiserv, Global Debt Registry, Insuritas

Around the web

  • Coinbase teams up with Hong Kong-based crypto trading and risk management platform Caspian to promote institutional use of cryptocurrencies.
  • Insuritas to launch digital insurance platform for 13,000+ member Oklahoma Educators CU.
  • Finastra unveils Fusion Essence in the cloud, an integrated core and digital retail banking service for the U.K. market.
  • Global Debt Registry announces addition of new ABS asset classes to its blockchain platform offering.
  • Fiserv inks deals with a trio of Canadian credit unions: Crosstown Civic CU, Noventis CU, and IC Savings.

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.

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Welcome to Day One of FinovateFall

Welcome to Day One of FinovateFall
By David Penn Posted on
Categories: FinovateFall 2018

For many of us, there are three things that best symbolize September’s arrival: (1) the beginning of autumn, (2) the start of football season (Go Seahawks!), (3) and the return of FinovateFall.

Our annual fall fintech conference begins today here at the New York Marriott Marquis in Times Square. Registration, which is on the fifth floor of the hotel, begins at 8am this morning and the first demo kicks off at 8:45am. If you are planning to join us and haven’t picked up your ticket yet, don’t worry. Online registration is only a click away.

Here’s the line up for today.

8:00am -8:45am Registration & Continental Breakfast

8:45am – 10:15am Demo Session #1

10:15am – 11:00am Intermission with Refreshments & Networking

11:00am – 12:20pm Demo Session #2

12:20pm – 1:20pm Lunch

1:20pm – 2:40pm Demo Session #3

2:40pm – 3:25pm  Intermission with Refreshments & Networking

3:25pm – 4:50pm Demo Session #4

4:50pm – 6:00pm Reception & Networking

Best of Show winners will be announced tomorrow

Doors open again tomorrow at 8:00am, with the first demo session beginning at 8:45am.

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Finovate Alumni News

By David Penn Posted on
Categories: Braintri, Crypterium, Kasasa, Klarna, Pushfor, Revolut

Around the web

  • Revolut seeks banking license in Luxembourg to ensure post-Brexit access to European markets.
  • Crypterium earns listing on KuCoin cryptocurrency exchange. See Crypterium at FinovateFall in New York this week.
  • Klarna teams up with U.K. fashion brand In The Style.
  • Pushfor founder and CEO John Safa talks cybersecurity on KRLA LA radio.
  • Braintri awarded the Polish Innovation Award 2018 for its creation of Jiffee, a bluetooth-based mobile payment and loyalty technology, and Biffee, a core banking system offloading engine.
  • Kasasa named to 2018 IDC Financial Insights FinTech Rankings.

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.

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Million Dollar Bounty: HackerOne Secures Contract from the General Services Administration

Million Dollar Bounty: HackerOne Secures Contract from the General Services Administration
By David Penn Posted on
Categories: HackerOne

The white hat hackers of HackerOne have won a $2 million bug bounty contract with the Technology Transformation Service (TTS) of the U.S. General Services Administration.

The firm, which employs ethical hackers to find security vulnerabilities in client websites before the bad guys do, has worked with the TTS for a little over a year now. The new contract extends the partnership, providing a base performance period of six months, with an additional nine option periods lasting six months each for a total of five years.

Marten Mickos, CEO of HackerOne, called the contract “a reminder of the leadership role that the U.S. federal government has taken in vulnerability disclosure.” The GSA in particular has shown a strong interest in using bug bounties – i.e., cash prizes to hackers who discover and report vulnerabilities – and is the first civilian agency to leverage these programs to improve its website security.

“Over the last year, GSA has proved to be one of the fastest government agencies in regards to resolution time,” Mickos said, “resolving vulnerabilities markedly faster than the global average for government bug bounty programs.”

The contract with the GSA comes just over a month after the company announced inking a deal with the U.S. Department of Defense to unleash its squad of white hat hackers on the public-facing websites of the Marine Corps Enterprise Network (MCEN). The Hack the Marine Corps bug bounty challenge in August was the latest iteration of the San Francisco, California-based company’s work with the DoD, having also launched similar campaigns with the Army, the Air Force, and the Defense Travel System over the past two years.

Founded in 2012, HackerOne presented Tapping Hackers to Improve Security at our developers conference, FinDEVr London, last summer. The presentation discussed how external, white hat hackers can help companies uncover cybersecurity flaws, and how they can move toward more comprehensive vulnerability disclosure programs.

Since inception, HackerOne has helped 1,000+ companies and organizations find and fix more than 76,000 cybersecurity vulnerabilities, earning white hat hackers $32 million in bug bounties.

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Finovate First-Timer Nordigen Hauls in $800,000 in New Funding

Finovate First-Timer Nordigen Hauls in $800,000 in New Funding
By David Penn Posted on
Categories: Funding, Nordigen

Latvia-based lending start-up Nordigen has received $800,000 funding from Seedcamp and Finnish venture capital firm Inventure, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Nordigen said it aims to disrupt credit bureaus (and has a dig at them) and help creditworthy people get access to loans.

“It’s hard to love credit bureaus at the moment. What they do was necessary, but with the rise of open banking, we’re now able to build technologies that are much faster, more reliable and more customer-friendly than traditional credit checks,” said Rolands Mesters, co-founder of Nordigen.

According to the firm, banks across the world reject up to 90% of all loan applications daily. “This is because banks base their decisions on credit history reports from credit bureaus, but not many people have a formal credit history,” Mesters added.

To back up its plans more, the company also cited a World Bank private credit bureau coverage report, which stated that around 30% of the global population have a record at a credit bureau.

Nordigen’s core product allows a lender to verify a customer’s real income and spending habits to make the first assessment of their creditworthiness.

The firm said its “secret sauce” is the ability to identify risk-critical behaviours in customer account data.

With the new funds, Nordigen explained that it will be hiring across the board with a focus on sales and business development. A big part of the investment will also be directed towards entering new markets, such as Brazil, South Africa, the U.S. and U.K.

The start-up was established in 2016 in Riga, Latvia, by two Google Demo Day graduates, Mesters and Roberts Bernans.

The company works with banks and alternative lenders in 12 countries, including the Baltic states, Spain, Finland, Poland, Denmark, Sweden, Germany, Czech Republic, Australia and New Zealand.

Nordigen makes its Finovate debut this week at FinovateFall in New York.

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Finovate Alumni News

By David Penn Posted on
Categories: iSignthis, Mambu, SocietyOne

Around the web

  • Mambu introduces its Mambu Process Orchestrator (MPO), an integration-platform-as-a-service offering to help companies build and manage API- and cloud-based processes.
  • iSignthis teams up with Finland’s biggest cryptocurrency service provider, Prasos.
  • Mozo features SocietyOne in its lineup of 4 Aussie fintechs you need to know about.

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.

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Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud 

Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud 
By David Penn Posted on
Categories: Onfido

Indiegogo has turned to identity verification specialist Onfido to help keep its crowdfunding platform fraud-free. Onfido’s technology leverages artificial intelligence and machine learning to verify new users when they sign up, making it easy for Indiegogo to quickly onboard new campaigners to its platform.

“Building trust in our community is a top priority at Indiegogo, and Onfido helps us achieve that,” Head of Trust and Safety at Indiegogo Kerry Baker said. “By ensuring we keep fraudsters off our platform, not only can we avoid hefty non-compliance fines, but our users also have more faith that their money is going to the causes and innovations they really believe in.”

Fortunately, adding these fraud protections will not increase friction for users of the Indiegogo platform. Campaigners currently use a selfie and a photo of their identity document as part of the onboarding process. With this newly-announced partnership,  Onfido will check those identity documents for authenticity and match the image on the document to the user’s face.

The growth in crowdfunding has been dramatic, with $4 billion pledged via crowdfunding in 2018 and millions of international users accessing the Indiegogo platform every month. This – and the fear of repetitional risk from fraudulent activity – helped drive the company’s decision to make significant enhancements to secure the platform and keep fraud at a minimum.

“In an online world where we no longer meet face to face, it’s difficult for businesses to know if customers are who they claim to be – and how to create a secure community for their users,” Onfido co-founder and CEO Husayn Kassai said. He added that identity verification is instrumental in helping businesses meet this challenge and that Onfido was “proud to be working with Indiegogo as they build towards fraud-free crowdfunding.”

Onfido demonstrated the Facial Check with Video feature of its identity verification SDK at FinovateEurope 2018. Earlier this month, the company announced that it was working with Volopa to help the international payment solution provider improve the security of its customer onboarding process. This summer alone, Onfido partnered with international remittance firm, TransferGo, teamed up with Claim Technology, and announced that it would help provide identity verification for Zoomcar, India’s largest ride sharing company.

Founded in 2012 and headquartered in London, U.K., Onfido has raised more than $60 million in funding. See the company’s latest technology at FinovateFall in New York next week.

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Finovate Alumni News

By David Penn Posted on
Categories: Avaloq, Fenergo, Flywire, HackerOne, ID.me, Infosys, ISARA, Jack Henry, Mortgage Cadence, Onfido, Promontech, WePay

On Finovate.com

  • Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud.

Around the web

  • The Technology Transformation Service of the U.S. General Services Administration awards $2 million bug bounty contract to HackerOne.
  • Mortgage Cadence integrates LoanBean’s income calculation solution into its end-to-end loan origination platform.
  • Minnesota-based Glenwood State Bank ($289 million in assets) to deploy Jack Henry SilverLake core banking platform.
  • Avaloq taps former Credit Suisse executive Michael Pahlke as Chief Service Delivery Officer (CSDO).
  • ID.me founder and CEO Blake Hall earns spot on Washingtonian’s Tech Titans 2018: Washington’s Top Tech Leaders.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • PromonTech integrates its POS platform, Borrower Wallet, with GSF Mortgage.
  • Forbes features Tina Hsiao is COO at WePay.
  • Fenergo doubles revenue for 2nd year & expands into new market segments.
  • ISARA partners with DigiCert and Gemalto to develop digital certificates and secure key management for connected devices.
  • Flywire partners with Allianz Global Assistance to enable families to purchase Allianz’s GradGuard Tuition Protection Plan.
  • Trustly’s Pay N Play solution to power Gaming Innovation Group fast-registration and withdrawal feature.

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.

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FinovateFall 2018: Be There … In Times Square

FinovateFall 2018: Be There … In Times Square
By David Penn Posted on
Categories: FinovateFall 2018

FinovateFall 2018 is only a few days away! The curtain will rise on the Finovate stage next week on Monday, September 24, and the conference will continue over the next three days with live fintech demonstrations, in-depth panel discussions, and illuminating keynote addresses.

We’ve spent a good chunk of the summer working with our demoing companies and talking with industry experts in preparation for what we think could be our most amazing FinovateFall to date. And as the attendee registrations have rolled in, we’ve managed to get a clearer picture of the kind of professionals you’ll be rubbing elbows with in the main hall and during our networking sessions. Check them out below.

To help everyone get ready for next week’s event, here’s a quick run-down of need-to-knows to ensure you make the most of this year’s FinovateFall. And if you’ve been on the fence about attending, don’t worry. There’s still time to pick up a ticket and join us. So visit our registration page and save your spot today.

Who?

Nearly 80 demoing companies, 100+ expert speakers and panelists, 1500+ professional attendees including – as shown above – CEOs and founders, CTOs and engineers, Directors, VPs, and more.

What?

Two days of live fintech demonstrations. Two days of fascinating keynotes, panel discussions and debates on some of the critical topics in fintech today. And four days of top quality networking with the founders and funders, developers and directors who are making sure that the best technologies find valuable and insightful use cases within fintech.

Our partnership with networking app Brella was a huge success at FinovateSpring in helping attendees meet and mingle. So we’re thrilled to bring Brella to New York for FinovateFall. Visit our Brella page to learn more.

Where?

FinovateFall returns to New York City next week, setting up shop for the first time in historic Times Square. Join us on the fifth and sixth floors of the New York Marriott Marquis at 1535 Broadway, New York, NY, 10036.

When?

The conference begins on Monday, September 24, with registration opening at 8am and the first demo kicking things off at 8:45am. We’ll have a second day of live demos on Tuesday with the same start times before transitioning to our Discussion Day conversations on Wednesday. And remember our special summit day on Thursday focusing on AI and blockchain technology. To help plan your week, check out our conference agenda.

Why?

To see and hear about tomorrow’s fintech today, that’s why! FinovateFall provides attendees with the unique opportunity to watch some of the most cutting edge financial technology demonstrated live on stage. And with our new expanded format, attendees will have the opportunity to dive deeper into the trends and themes that are driving fintech innovation.

We’re excited for this year’s FinovateFall conference. If you have questions about the conference or your visit, please reach out to our staff who will be happy to help. See you bright and early Monday morning!

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DefenseStorm Forges Strategic Partnership with Alogent

DefenseStorm Forges Strategic Partnership with Alogent
By David Penn Posted on
Categories: DefenseStorm

The newly-forged strategic partnership between Alogent and DefenseStorm is a reminder of the importance of cybersecurity to the world of digital banking. The two companies – an end-to-end payment processing, content management, and digital banking technology provider, and a real-time cybersecurity and cybercompliance specialist – are teaming up to help institutions manage and control their digital workflow, including the ability to better defend themselves from outside threats.

“As financial institutions increasingly adopt digital, mobile, and self-service solutions to meet consumer demand, they must be increasingly diligent about protecting their operations and their customers from cyber threats,” Jason Schwabline, Alogent SVP of Product Management and Strategy explained. “We have made it a priority to help our customers address what can be a costly and labor intensive challenge by partnering with a company that focuses exclusively on bringing effective and affordable cybersecurity and cybercompliance to credit unions and banks.

“Alogent’s digital and cloud solutions are perfect complements to the DefenseStorm GRID,” company Chief Revenue Officer Steve Soukup added. “(GRID) leverages cloud technology to keep cybersecurity and cybercompliance continuously current, scalable, and affordable.” Soukup emphasized that the key to success in working with banks and credit unions on cybersecurity is focusing exclusively on these institutions’ needs. Doing so, according to Soukup, enables FIs to “detect, investigate and resolve outside threats, even when resources are constrained.”

Founded in 2015, DefenseStorm demonstrated its PatternScout anomaly detection engine at FinovateSpring 2017. The firm, with offices in Atlanta, Georgia; and Seattle, Washington, specializes in helping regional and community banks and credit unions meet the challenge of ever-evolving cyber threats. The DefenseStorm GRID is a co-managed, cloud-based, and compliance-automated solution that monitors all activity on the bank or credit union’s network, and compares this activity in real time to the firms’ cyberexposure readiness policy to help institutions become and remain both alert and accountable.

DefenseStorm has raised $14.9 million in funding, and includes TTV Capital, Washington Trust, Live Oak Banking Company, and Citizens National Bank among its investors. This summer, DefenseStorm announced that it had been picked by NAFCU as the preferred cloud-based cybersecurity partner. In March, it was named a Top 40 Innovative Technology Company by the Technology Association of Georgia (TAG). The company began the year with news of its partnership with American National Bank, a Florida-based community bank with more than $280 million in assets.

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