Author: David Penn

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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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Bambu, CallVU, DefenseStorm, Enveil, Exate, HackerOne, Market IQ, Payfone, Ripple

On Finovate.com

  • DefenseStorm Forges Strategic Partnership with Alogent.
  • FinovateFall 2018: Be There … In Times Square.

Around the web

  • Ripple reaches milestone as its RippleNet network is now live in more than 40 countries across six continents.
  • Bambu, Exate Technology, and Market IQ are among the seven startups selected for Plug and Play ADGM’s three-month accelerator program.
  • AlphaPoint appoints Moishe Gubin to its board of directors.
  • CallVU to provide an international credit company with biometric authentication via its digital engagement platform.
  • Enveil and Payfone earn spots on the 2018 SINET 16 Innovators roster.
  • Fifth Domain features Hacker One in a look at how white hat hackers could help improve voting machine security.

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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Finicity Teams Up with Capsilon to Modernize Mortgage Origination

Finicity Teams Up with Capsilon to Modernize Mortgage Origination
By David Penn Posted on
Categories: Finicity

In its latest integration with Capsilon, real-time financial data aggregation and insights specialist Finicity is bringing mortgage origination into the 21st century – one partner at a time. An intelligent process automation software provider, Capsilon will combine Finicity’s Verification of Assets (VoA) solution with its own borrower and loan officer workspaces to automate the asset verification process.

“We’re excited to work alongside Capsilon with the shared goal of transforming the difficult manual mortgage origination processes of today into a modern and digital experience of the future,” Finicity CEO Steve Smith said. “Finicity’s VoA reports are a key part of the next-generation mortgage process.”

Capsilon COO Jim Obsitnik underscored the importance of digital transformation in the mortgage industry. “Those who invest in the right technology now will gain a competitive advantage to help them minimize risk and accelerate growth as the market changes,” Obsitnik said. He added that the partnership would “speed up the application process and deliver better borrower and loan officer experiences.”

Demonstrated live at FinovateFall last year, Finicity’s Verification of Assets (VoA) reports are part of the company’s suite of credit decisioning solutions. VoA provides bank-validated insights into the assets of prospective borrowers to enable lenders to readily identify those issues that impact the credit decisioning process. VoA reports include information on multiple financial institutions and accounts, as well as data on account types, balances, and detailed transactions. These reports, along with those from the company’s Verification of Income (VoI) solution, are delivered under the CRA framework, enabling borrowers to access information in the reports directly, as well as submit any disputes.

Headquartered in Salt Lake City, Utah, Finicity has spent much of 2018 in partnership mode. Last month, the company signed a secure data exchange agreement with Capital One. In July, Finicity partnered with Cre8tech Labs’ Lender Price, integrating its VoA solution into the Lender Price’s digital lending platform. Fellow Finovate alum Mortgage Cadence integrated Finicity’s VoA technology into its loan origination platform in May. This spring, the company teamed up with another fellow alum, BeSmartee, to add VoA to BeSmartee’s POS mortgage origination platform.

Finicity has raised nearly $80 million in funding, and includes Bridge Bank and Experian among its investors. The company was founded in 1999.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Entersekt, Finovate Global, Infosys, Neener Analytics, Ripple

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.

Middle East and Northern Africa

  • Personality Biometrics Specialist Neener Analytics Partners with American Express as part of Accelerate Middle East initiative.
  • Abu Dhabi Global Markets (ADGM) launches its digital sandbox.
  • Ithmaar Bank of Bahrain and Eazy Financial Services partner to launch biometric payment network.
  • Al Salam Bank Bahrain (ASBB) leverages technology from Clayton to launch new mobile banking solution.
  • Saudi Arabia’s National Commercial Bank partners with Ripple for instant settlement of cross-border money transfers.

Central and South Asia

  • Infosys to Acquire Fluido for $76 Million.
  • TPS and DigInc partner to support mircofinancing in Pakistan.
  • Bengaluru’s SlicePay, which provides credit to millennial consumers, announces Series A investment led by China’s FinUp Finance Technology Group.

Latin America and the Caribbean

  • Argentina-based digital financial services startup MONI raises $4.5 million in funding. In Spanish.
  • Mexico’s much-anticipated Fintech Law goes live.
  • Euromoney profiles Brazilian data management fintech, Quod.

Asia-Pacific

  • Vietnam Prosperity Bank (VPBank) launches its digital brand, Yolo.
  • Indonesia’s B2B marketplace Ralali raises $7 million in new funding.
  • Singapore introduces the first unified payment QR code.
  • ASEAN Financial Innovation Network (AFIN) launches its API Exchange.
  • Moka, a business payments management startup from Indonesia, picks up $24 million in round led by Sequoia India and Southeast Asia.

Sub-Saharan Africa

  • Jumo, a fintech startup from South Africa that helps provide financing to the underbanked, raises $52 million in round led by Goldman Sachs.
  • Central Bank of Kenya to consider new regulations for the country’s digital lenders.
  • South Africa’s Click2Sure and Finovate alum Entersekt chosen to participate in AlphaCode’s accelerator program.

Central and Eastern Europe

  • Nordigen, a credit risk assessment solution provider based in Latvia, announces $800,000 in new funding.
  • Forbes looks at the collaboration between IBM, PwC, and the Czech Republic’s Blockchain Connect Association.
  • Hackernoon makes the case for “developing your fintech solution in Poland.”
  • Which Eastern European country is making the biggest strides when it comes to innovating with blockchain technology? Bitnews Today shares its review of the region.

Top image designed by Freepik

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Finovate Alumni News

By David Penn Posted on
Categories: CardFlight, Cortera, Entersekt, Finicity, iSignthis, Jack Henry, Lendio, PayNearMe, Persado, ProfitStars, TransferTo

On Finovate.com

  • Finicity Teams Up with Capsilon to Modernize Mortgage Origination.
  • CardFlight’s New Release Adds Paper Receipt Printing, Advanced Security, and More.

Around the web

  • iSignthis acquires core banking technology provider Probanx.
  • Entersekt taps Christian Ali as new country manager for Canada.
  • Jack Henry & Associates’ ProfitStars division unveils new online, anti-fraud monitoring and reporting technology.
  • Chris Savides named new global Chief Operating Officer at TransferTo.
  • Cortera announces partnership with Moody’s Analytics in new RiskCalc SMB solution.
  • PayNearMe powering Buildium’s Retail Cash Payments, a feature that allows residents to pay rent in cash.
  • Lendio Franchising has helped facilitate $16 million in financing to 500+ SMBs and reports a 111% percent increase in loans funded quarter over quarter.
  • Persado announces Persado for Salesforce on Salesforce AppExchange.

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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TradeIt Teams Up with TradingView to Help Retail Investors Reach Big Brokers

TradeIt Teams Up with TradingView to Help Retail Investors Reach Big Brokers
By David Penn Posted on
Categories: TradeIt

Thanks to a new partnership between TradeIt and TradingView, average retail investors and traders will be able to buy and sell with some of the biggest brokers in North America.

“There are very few tools out there that give a complete picture of the market in a way that is conducive to both beginners and more advanced traders,” Trade It CEO Nathan Richardson said. “We are excited to be working with TradingView as this partnership will power retail investing across the web, a match made in heaven.”

TradingView is the largest social networking and data analysis tool for financial markets. The Chicago, Illinois-based company aims to give non-professional traders a “Bloomberg-like experience” with free charts and analysis, as well as the ability to share and discuss their own trading and investing ideas in real-time. TradingView’s platform leverages HTML5 to relieve users of installation and setup. The technology is compatible with a variety of formats, including iPad, tablet, and smartphone.

“With millions of users around the world, our mission is to provide the trading community with a comprehensive solution for investing, from social networking to research,” TradingView CEO Denis Globa said. “The developments we’ve made in recent years have not only benefited our user base, but they’ve expanded our global reach.”

TradeIt demonstrated its platform at FinovateFall 2015. Last month, the company announced that it was partnering with IBM Cloud for Financial Services to make it easier for developers to add universal brokerage functionality to their apps and platforms. The company’s solutions include TradingTicket, which enables investors to make, retrieve, and cancel market orders; PortfolioView, which links investors’ account balances and positions for easy monitoring; and SmartAds, which delivers highly targeted financial ads to help firms further optimize the platform.

Headquartered in New York and founded in 2014, TradeIt has raised $12 million in funding. The company includes Newfund Capital and Valar Ventures among its investors.

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