Author: David Penn

Entersekt Joins ForgeRock Trust Network as Principal Technology Partner

Entersekt Joins ForgeRock Trust Network as Principal Technology Partner
By David Penn Posted on
Categories: Entersekt

Mobile-first authentication and e-commerce enablement specialist Entersekt announced today that it has joined the ForgeRock Trust Network as a principal technology partner. ForgeRock provides identity and access management solutions to financial services, retail, healthcare, and communications companies as well as to educational institutions and governments including Belgium, Canada, New Zealand, and Norway.

“Entersekt will bring our customers powerful, proven authentication options that will add great vale to the exciting digital transformation projects they are embarking on with ForgeRock,” Ben Goodman, VP of global strategy and innovation for ForgeRock said. Entersekt’s advanced mobile app security, authentication, and digital signing solutions integrate seamlessly into ForgeRock’s identity and access management platform, giving customers an easy way to secure individuals, connected devices, and services.

“As Entersekt did with push-based authentication, so has ForgeRock reimagined identity and access management, rearchitecting it from the ground up,” Entersekt CCO Dewald Nolte said. “Besides our game-changing complementary technologies, it’s that pioneering approach that I believe will benefit mutual customers the most. It promises to spur further innovation and help deliver to end users the best mobile experiences available anywhere.”

Entersekt’s solutions can be applied to a variety of challenges including mobile app security, strong authentication, payments enabling, digital signing, biometric enablement and regulatory compliance. The company’s flagship products are Transakt, which provides one-touch, multi-factor authentication for digital banking and payments, Interakt, which enables push USSD, out-of-band communication for feature phones, and Connekt, which provides secure and seamless e-commerce enablement. Entersekt secures 150 million digital transactions every month in 45 countries, protecting tens of millions of end users.

Entersekt participated in our developer’s conference, FinDEVr Silicon Valley 2014, with a presentation titled Securing Mobile Applications Through Transport Layer Diversity. Headquartered in Stellenbosch, NA, South Africa and founded in 2008, the company includes RMI and Endeavor Catalyst among its investors. Schalk Nolte is CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Entersekt, Finastra, FIS, Kony, Temenos, Unison

On Finovate.com

  • Entersekt Joins ForgeRock Trust Network as Principal Technology Partner.
  • Kony to Power Digital Initiative for Partners FCU.

Around the web

  • Software Group goes live on Temenos Marketplace.
  • Finastra introduces tailored Fusion Treasury solution for Russia and the CIS.
  • FIS announces partnership with nexo standard to build compliance testing tools.
  • Wall Street Journal profiles mortgagetech innovator Unison.

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.

Share this:

Send Post Twitter LinkedIn Facebook

BBVA Partners with Azlo to Empower Workers in the Gig Economy

BBVA Partners with Azlo to Empower Workers in the Gig Economy
By David Penn Posted on
Categories: BBVA

In a bid to help the growing number of workers making a living via the so-called “Gig Economy,” BBVA has partnered with digital business account platform Azlo to make it easier for SMEs take advantage of both domestic and cross-border banking services.

“Azlo’s goal is to level the playing field for the growing number of entrepreneurs and small businesses who wish to participate in an expanding global economy that is driven by entrepreneurs, small business owners, and freelance professionals,” said Azlo CEO Brian Hamilton.

Azlo, of which BBVA is the majority-owner, provides online banking services as well as workshops, live events and a community of entrepreneurial talent. Founded in 2017, the firm leverages BBVA’s banking license and payment infrastructure to offer its services in the U.S., and observers believe that the launch of Azlo will make it that much easier for BBVA to access the American market. In a press release accompanying the announcement, BBVA noted that 43% of workers in the United States are expected to be serving as freelancers by 2020.

“What distinguishes Azlo is its focus on the new economy,” Azlo Entrepreneur-in-Residence Ramona Ortega said. “(This includes) millennials and underrepresented entrepreneurs, and creating a deep and valuable relationship with its customers through community engagement.”

Headquartered in Madrid, Spain, BBVA demonstrated its Stockbuzz.es technology at FinovateEurope 2013. The solution enables users to monitor market sentiment as expressed on Twitter for potential insights into future market activity. Regarded as one of the most innovative European banks in terms of fintech adoption, BBVA was founded in 1857, and now has more than 117,000 employees working in more than 30 countries. The bank’s Group Executive Chariman, Francisco Gonzalez Rodriguez, was named to One World Identity’s Top 20 Identity Influencers earlier this month.  Last fall, BBVA announced a partnership with Samsung last fall to bring iris scanning technology to smartphones.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: BanQu, BBVA, LendUp, Quid, wipro

On Finovate.com

  • BBVA Partners with Azlo to Empower Workers in the Gig Economy.

Around the web

  • Wipro named one of the “World’s Most Ethical Companies” by Ethisphere for seventh time in a row.
  • LendUp CEO Jake Rosenberg talks about providing “fair financial products” to the underbanked in a conversation with Y Combinator.
  • Technology from Quid helps Walmart build its American Family Today report.
  • Milwaukee Public Radio features BanQu and its ability to leverage blockchain technology to help refugees reclaim their identities.

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.

Share this:

Send Post Twitter LinkedIn Facebook

TIBCO Introduces New CTO and COO

TIBCO Introduces New CTO and COO
By David Penn Posted on
Categories: TIBCO Software

Big moves at the top for TIBCO. The company’s CTO Matt Quinn will transition to a new role as TIBCO’s Chief Operating Officer as the firm taps Nelson Petracek as its new Chief Technology Officer. In a press release, the company contextualized the move as part of its effort to “ramp up” its TIBCO Connected Intelligence Cloud, which Quinn will oversee.

“Our customer-first mindset is one of the many reasons I’m proud to be part of the TIBCO team,” Quinn said. “When customers choose TIBCO, I want to ensure that they receive a high-performing service that propels the growth of their businesses. I am excited to continue expanding and innovating to meet every customer need.”

Quinn joined TIBCO as a developer in 1997, became CTO in 2010 and was appointed EVP in 2014, which gave him responsibility for product engineering and support. He was educated at RMIT University, earning a Bachelor degree in Computer Science and a Masters in Applied Technology, IT.

An 11-year TIBCO veteran, Petracek transitions to CTO after leading the Strategic Enablement Group, which pursued innovative technologies such as low-code applications, the blockchain, and natural language processing. Petracek came to TIBCO from Informatica Corporation’s Emerging Technologies business unit where he served as Senior Director. He has a degree in Computational Science from the University of Saskatchewan. TIBCO CEO Murray Rode praised Petracek for his “deep, technical knowledge and broad customer relationships.”

“I’m honored to be part of such a forward-thinking company,” Petracek said. “Working at the forefront of technology innovation and serving the dual needs of our corporate strategy and customer advocacy, I’m excited to help craft TIBCO’s technology strategy as we continue to build valuable tools for businesses.”

Ranked #1 in Dresner Advisory Services 2018 Location Intelligence Market Study and named a leader in Enterprise Data Virtualization by Forrester Research, TIBCO announced a partnership with Singapore Polytechnic in January to support local engineering SMEs. An active acquirer, TIBCO purchased Cisco’s data visualization business and acquired data science and social collaboration platform Alpine Data last fall. TIBCO itself was acquired by Vista Equity Partners in 2013, one year after the company made its Finovate debut at FinovateAsia 2013. At the conference, TIBCO demonstrated its Innovative Payment Solutions technology which enables merchants and banks to gain analytic insights from customer transactions without requiring the customer to provide any other significant, personal financial information.

Share this:

Send Post Twitter LinkedIn Facebook

Fintech News from the Middle East and North Africa (MENA)

Fintech News from the Middle East and North Africa (MENA)
By David Penn Posted on
Categories: FinovateMiddleEast 2018

Designed by Freepik

As Finovate prepares for its first conference in the Middle East, here’s a round up of recent fintech news and need-to-knows from the MENA region. Learn more about how to join us in Dubai in February for FinovateMiddleEast.

  • Saudi Arabia’s central bank inks deal with Ripple to use distributed ledger technology to settle payments.
  • Dubai Multi Commodities Centre (DMCC) reports that gold trader Regal RA DMCC is the first company in MENA to gain a licence to trade cryptocurrencies.
  • Honeywell launches Middle East industrial cybersecurity center.

MENA Fintech Fact – International Data Corporation reports that  MENA spending on blockchain technology will grow to $80 million this year compared to $39 million in 2017. By 2021, regional blockchain spending is expected to reach $307 million.

  • Monami Tech introduces digital payment service, Lendme.
  • Forbes Middle East profiles MadfooatCom founder Nasser Saleh.
  • Monetary Authority of Singapore and Central Bank of Egypt forge fintech partnership.

Thought Leadership – Global Finance Magazine looks back on investment in MENA startups in 2017, including the $37 million raised by fintechs PayTabs, Emirati Souqalmal, and Wahed Invest.

  • ComputerWorld highlights OneGram in a review of government-sponsored blockchain cryptocurrencies.
  • UAE Securities and Commodities Authority partners with PwC to design regulatory framework for UAE capital markets-oriented regtech.
  • Entrepreneur Middle East features Egyptian fintech Moneyfellows.

Share this:

Send Post Twitter LinkedIn Facebook

Mambu Teams Up with Softtek to Launch Banking Platform as a Service

Mambu Teams Up with Softtek to Launch Banking Platform as a Service
By David Penn Posted on
Categories: Mambu

Just one month after signing a deal with fellow Finovate alum Kreditech that will support the Germany-based lender’s entry to the Indian market, Mambu is back in the headlines with a partnership with Mexican systems integrator Softtek. Via the agreement, Softtek will launch a banking platform as a service (BPaaS) solution that will give the firm the ability to deliver a variety of SaaS and local apps and technologies from multiple vendors from a singular, cloud-based, API-enabled platform – powered by Mambu.

“New entrants are using digital technology to meet changing customer expectations as well as reach the large underbanked sector,” MD for Mambu Americas, Edgardo Torres-Caballero explained. “To succeed, competitors must emulate the operating models of these disruptors and develop the flexibility and speed to market necessary to meet market demands.”

“BPaaS is the optimal model to meet this objective,” Torres-Caballero said.

Noting that the collaboration will give clients “the best of both companies,” Softtek Mexico CEO Carlos Funes said, “Powered by the global leading SaaS banking engine Mambu, which provides advanced capabilities and the agility demanded by the financial sector, we have combined this with Softtek’s experience and knowledge of this industry in Mexico in order to provide a complete offering which will help accelerate the transition of our customers to the digital economy without disrupting their existing business.” The company’s VP of Financial Sector, Jose Luis Sanchez added that there were “more than 3,000” FIs in Mexico that could “potentially benefit” from this partnership.

“With a 100% digital platform that is flexible, scalable, and agile, it will enable these institutions to provide innovative cloud-first banking services and credit to its customers in the consumer and corporate market,” Sanchez said.

Mambu demonstrated its cloud-based banking engine at FinovateAsia 2013. The company ended 2017 announcing a partnership with Argentina-based fintech Wenance, which will use Mambu’s technology to fuel its expansion into Latin America. In October, ABM Amro’s New10 choose Mambu’s SaaS engine to power its line of SME lending products in the Netherlands, and in September, German challenger bank N26 reported that it too would deploy Mambu’s platform to support current accounts, overdraft, and loan products.

With more than $13 million in funding, Mambu includes Acton Capital Partners and CommerzVentures among its investors. Eugene Danilkis is co-founder and CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Q2 Announces New Partnership with Acorns

Q2 Announces New Partnership with Acorns
By David Penn Posted on
Categories: Q2ebanking

 

Cloud-based digital banking solutions provider Q2 Holdings has entered into a new collaboration with financial services platform, Acorns. Via the multiyear partnership, Acorns will take advantage of the Q2 Open portfolio, a suite of open-API financial services solutions originally unveiled by Q2 last year that give developers the ability to build customer-facing financial products and experiences.

Matt Flake, Q2 CEO, said it was important for both incumbent FIs and newer firms to get access to the right technology in order to build the financial solutions that clients demand. “We believe many fintech companies and traditional FIs share the goal of strengthening their communities, and we’re excited to provide them a common set of technology they can use to deliver on their respective missions,” Flake said.

Among the APIs available via Q2 Open are Q2 Debit, which enables the building of checking account functionality within apps, Q2 Save, which enables building savings account functionality into apps, Q2 Ledger, which adds ledgering functionality for FBO (“for the benefit of”) accounts; and Q2 Biller Direct, which brings bill presentment, aggregation, and billpay functionality to apps. Among the fintechs already using Q2 Open include fellow Finovate alum, Qapital, whose CEO George Friedman said the solution “enable(d) our team of creators, designers, and developers to rapidly deliver new features in our app – allowing us to build a product that our customers really love.”

Founded in 2004, Q2 demonstrated its Q2 CardSwap solution at FinovateFall 2017. CardSwap helps financial service providers earn interchange revenue by enabling account holders to use their bank card for digital subscription services such as Netflix, Amazon, and Uber. The technology can be integrated into existing front-end platforms or companies can leverage their internal engineering talent and the APIs within Q2 Banking’s Open API portfolio to build their own CardSwap front end.

Last year, Q2 was named to the Deloitte Technology Fast 500 for a second year in a row in 2017 and earned a finalist spot in the NAFCU Services 2017 Innovation Awards. Also in 2017, Q2 Holdings added financial services and technology veteran Christine Petersen as Chief Revenue Officer last year and unveiled its new targeting and messaging platform, Q2 Smart. Headquartered in Austin, Texas, Q2 trades on the New York Stock Exchange under the ticker “QTWO.” The company has a market capitalization of $1.8 billion.

Share this:

Send Post Twitter LinkedIn Facebook

IdentityMind Global Raises $10 Million to Fuel Global Growth

IdentityMind Global Raises $10 Million to Fuel Global Growth
By David Penn Posted on
Categories: Funding, IdentityMind Global

In a Series C round led by Benhamou Global Ventures and Eastern Link Capital, IdentityMind Global has secured $10 million in new funding. The investment, which also featured the participation of Hanna Ventures, Overstock.com, and Zanadu Capital Partners, will help support the digital identity specialist’s expansion within international markets and to grow its new business unit designed to provide KYC and AML solutions for ICO and cryptocurrency markets.

“We feel privileged to be working with an elite group of high quality investors who have a proven track record of success,” IdentityMind Global CEO Garrett Gafke said. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”

An alum of Finovate’s developer conference series, FinDEVr, IdentityMind Global is looking specifically to markets in Asia, Latin America, and Europe for expansion. And with regards to the new market of ICOs and cryptocurrencies, the company’s announcement comes only one week after unveiling its new business unit dedicated to providing anti-fraud solutions for ICOs.

Overstock.com CEO and IdentityMind investor Patrick Byrne referenced the rise of ICOs and their needs in the funding announcement. “ICOs and cryptocurrencies are going mainstream and IdentityMind is one of the key players in helping ensure transparency, legitimacy, security and compliance which will only lead to faster and greater marketplace adoption.”

In addition to new opportunities in the emerging ICO and cryptocurrency space, IdentityMind Global has also taken advantage of new trends in regtech more broadly – including the EU’s GDPR – that will increase demand for its AML, KYC, transaction monitoring, sanctions screening, and fraud prevention services. The company cited statistics from Frost & Sullivan that indicated that the global RegTech market could reach $6.45 billion by 2020.

“The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy,” Managing Partner for Eastern Link Capital Yodong Hou said. “IdentityMind has been identified as a ‘go to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters, and money launderers worldwide.”

IdentityMind Global participated in Finovate’s developers conference in London in 2017, presenting its Entity Link API that helps businesses meet KYC and AML-related risk and compliance requirements. Last month, the company announced a partnership with fellow Finovate alum Mitek, integrating the two fintechs’ digital ID verification capacities. With this investment, the company’s total capital stands at more than $20 million.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: CASHOFF, Coinbase, Finastra, IdentityMind Global, Mambu, NICE Systems, Onfido, Q2, Revolut, Ripple, Roostify

On Finovate.com

  • IdentityMind Global Raises $10 Million to Fuel Global Growth.
  • Coinbase Launches Crypto eCommerce Acceptance.
  • Roostify Lands $25 Million to Disrupt the Mortgage Industry.

Around the web

  • Revolut partners with payment issuer processor GPS ahead of APAC launch.
  • Ripple teams up with Saudi Arabian Monetary Authority (SAMA) to begin cross-border payments pilot program using xCurrent.
  • NICE Actimize brings financial crime, risk and compliance technology to global provider of core banking systems technology.
  • South Africa’s Absa Bank goes live with Finastra’s CLS platform, PAYplus.
  • CASHOFF wins finalist spot in PFM & Robo Advice category of Innovate Finance’s 2018 Pitch360 competition.
  • Microsoft features Onfido. Come see Onfido at FinovateEurope next month!
  • Softtek and Mambu launch banking platform as a service.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Bankjoy Brings New Online and Mobile Banking System to SafeAmerica Credit Union

Bankjoy Brings New Online and Mobile Banking System to SafeAmerica Credit Union
By David Penn Posted on
Categories: Bankjoy

SafeAmerica Credit Union’s investment in its partnership with Bankjoy has begun paying big dividends. The 35,000+ member credit union unveiled its online and mobile banking platform last week, successfully enrolling 25% of its active users within the first day of the launch.

Steven Page, VP of Marketing and Digital Banking for SafeAmerica CU said that customer engagement is a priority for the institution, and that Bankjoy’s platform and API integration capabilities would go a long way toward this goal. “(We are) always trying to find an easier way for our members to transact with us,” Page said. “Teaming up with Bankjoy has helped give SafeAmerica that flexibility to be nimble. With the new Bankjoy online banking and mobile app, we can continue to make improvements faster from the feedback we get from our members.”

Chartered in 1953 as a credit union for Safeway employees, SafeAmerica serves the Northern California counties of Alameda, Contra Costa, San Mateo, and Santa Clara, as well as a number of employer groups. It has $430 million in assets.

Bankjoy demonstrated its modern REST-based banking API for developers at FinovateFall 2016. The Mountain View, California-based fintech gives community banks and credit unions the ability to offer an omnichannel banking experience including mobile and online banking, as well as financial goal management. FIs can benefit from Bankjoy’s targeted advertising platform that enables banks and credit unions to send relevant marketing and other communications to their customers and members over all digital channels.

A graduate of the Y Combinator program, Bankjoy inked a deal with Michigan-area Coca-Cola Credit Union last spring. This added to the three credit unions that partnered with the company at the beginning of the year – Indiana’s CommunityWide FCU, Idaho’s Advantage Plus FCU, and Illinois’ One Detroit CU. The company was founded in 2015 by Michael Duncan (CEO).

Share this:

Send Post Twitter LinkedIn Facebook

Clinc Tops $4.5 Million in Annual Revenue; Hires Helen Yu as Chief Growth Officer

Clinc Tops $4.5 Million in Annual Revenue; Hires Helen Yu as Chief Growth Officer
By David Penn Posted on
Categories: Clinc

Conversational AI platform for banks Clinc topped off a year of “explosive growth” in 2017 by generating more than $4.5 million in annual revenue. The strong revenue numbers come as the Ann Arbor, Michigan-based, Finovate Best of Show winner announces the hiring of technology executive Helen Yu (pictured) as its Chief Growth Officer.

Calling Yu’s talents “hard to find,” Clinc CEO Dr. Jason Mars praised the former Hyperion, Oracle, and Adobe executive’s “tremendous knowledge, extensive experience and track record of transforming organizations.” These, Mars said, would be “an impactful asset to our team as we execute our aggressive growth plans, expand into additional verticals and achieve our mission to revolutionize and redefine experiences through conversational AI.”

Yu comes to Clinc most recently from Marketo, where she served as group vice president. While at the marketing software firm, Yu led the enterprise business from 5% of Marketo’s ARR (annual recurring revenue) to 50% within three and half years before the company was acquired by Vista Equity Partners in an all-cash, $1.79 billion deal. An Athena pioneer, the founder and CEO of the Tigon Advisory Corporation, as well as an advisor for Jebbit and the C-Suite Accelerator program, Yu studied at Cornell University and has a MBA from Loyola University in Chicago.

“The combination of Clinc’s market momentum, technical capabilities and diversified leadership team made this an irresistable opportunity,” Yu said. “There’s a massive opportunity ahead of us and I’m elated to help take Clinc to the next level.” Yu underscored the uniqueness of Clinc’s offering and praised the fintech’s execution, as well. “No one has accelerated from product launch to achieving 15x growth within the same year,” she said.

Founded in 2015, Clinc demonstrated its technology at FinovateFall 2016, earning a Best of Show award for its AI-enabled intelligent financial assistant. In November, the company announced that its technology was live in six countries, including Turkey, where the nation’s largest private bank signed a deal to deploy Clinc’s platform. Also last fall, Clinc announced a partnership with Enacomm to bring its AI chatbot technology to smaller, community banks and credit unions. 2017 also featured a deal with USAA  and the closing of a $6 million Series A round led by Drive Capital that took the company’s total capital to $7.75 million. Dr. Mars participated in our Finovate webinar “How to Make it In the Fintech Industry: 3 Start-Up Success Stories” last year.

Share this:

Send Post Twitter LinkedIn Facebook