Author: David Penn

Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Alkami Technology, Bankjoy, Coinbase, Finastra, Google, Insuritas, Kabbage, nCino, On Deck Capital, Pindrop Security, Tradeshift, Trustly, TSYS, YellowDog

On Finovate.com

  • Nordic Capital Fund Acquires Majority Share of Trustly.

Around the web

  • Coinbase granted e-money license by U.K’s Financial Conduct Authority (FCA); joins Faster Payments Scheme courtesy of partnership with Barclays Bank.
  • ACI Worldwide announces contract extension with DBS.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.
  • nCino and Enforce partner to accelerate cloud adoption for financial institutions.
  • Tradeshift partners with Canon Business Process Services.
  • Pindrop partners with Aeriandi to detect fraudulent calls through cloud platforms.
  • GMO’s Z.com Trade adds Trustly as payment option.
  • Kabbage teams with New Media to advertise to more than five million small and medium sized businesses (SMBs) that do business in New Media’s markets.
  • OnDeck appoints Kenneth Brause as CFO.
  • Sandia Area Credit Union hires Insuritas to launch member-owned, digitally-powered insurance agency.
  • Oregon Community CU selects Alkami Technology’s digital banking platform to provide its more than 150,000 members with a modern digital banking offering.
  • Bankjoy selected to compete in Google Demo Day in March.
  • TSYS implements new payment solution, Advanced AuthControl, with Walmart and Sam’s Club locations around the U.S.

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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Gro Solutions Partners with 4Front CU, NBKC to Ease Onboarding, Support National Rollout

Gro Solutions Partners with 4Front CU, NBKC to Ease Onboarding, Support National Rollout
By David Penn Posted on
Categories: Gro Solutions

Spring is coming early for Gro Solutions, the Atlanta, Georgia-based fintech that demonstrated its Gro Digital Sales Platform at FinovateFall last year. This week the company announced that 4Front Credit Union, a community-based FI headquartered in Travers City, Michigan, has chosen a component of that platform, Gro Checkout, to boost its cross-selling capability and improve the user experience for its more than 65,000 members.

Gro Checkout is a mobile-first account opening solution that supports cross-selling, multiple account funding options, and fast and secure verification. The ability of Gro Checkout to provide customers with a completely digital experience was among the main reasons why 4Front Credit union, with more than $488 million in assets, selected the platform.

“Competitor financial institutions tout a start-to-finish online account opening and funding process, but they still require the customer or member to visit a branch to finalize the process,” eServices Manager for 4Front Credit Union Bryson Wilbert said. “We sought a true, 100 percent digital process, and we’ve found it with Gro.”

Gro Solution’s latest partnership comes less than a month after the company announced that its Gro Checkout was playing a significant roll in the growth of NBKC, as the $580 million bank plans its national expansion. The Kansas City, Missouri-based bank, which has been using Gro Checkout since the fall of 2017, credited Gro Checkout for a 10x increase in the number of applications for mortgage and deposit accounts with a 70 percent completion rate. NBKC adds that this helped support the bank’s decision to expand across the country.

“The strategy was always to expand nationally and Gro’s technology allowed us to evolve into a true hybrid bank – continuing to serve our valued local customers through our physical branch network, but also provide banking opportunities to customers throughout the nation via our online and mobile banking channels,” Chief Deposit Officer for NBKC Melissa Eggleston said. “For that to happen, we needed a quick, easy process for customers to open accounts, regardless of location and channel, and Gro’ fulfilled that need perfectly.”

Founded in 2015 by David Eads (CEO), Gro Solutions has raised more than $4 million in funding. The company includes TTV Capital, C&B Capital, BLH Venture Partners, and BIP Capital among its investors.

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Behavioral Biometrics Specialist BioCatch Raises $30 Million in New Funding

Behavioral Biometrics Specialist BioCatch Raises $30 Million in New Funding
By David Penn Posted on
Categories: BioCatch, Funding

In a round led by Maverick Ventures, behavioral biometric innovator BioCatch has raised $30 million in new funding. The investment round, which featured participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital and other investors, takes BioCatch’s total funding to more than $41 million.

More importantly, the financing “cements” BioCatch’s “growth plan and vision to redefine digital identity and enable renewed trust in online interactions.

“BioCatch helps answer the question, ‘who are you’ in an online world where fraudsters operate with the legitimate credentials of others, making it very hard to distinguish them from authorized users,” company CEO Howard Edelstein said. Part of an overall “identity strategy” for its clients, Edelstein noted that BioCatch’s technology takes a prevention-oriented approach to cybersecurity that creates as little friction for the customer as possible.

“(Our) strategy cuts across the digital ecosystem,” Edelstein said. “from stopping fraud in real-time to preventing fake accounts from being opened in the first place, all while enabling a seamless user experience.”

Monitoring more than 5 billion transactions a month, BioCatch’s technology develops behavioral biometric profiles of users and models various types of suspicious and malicious behavior. These profiles enable BioCatch to identify malware, robotic activity, phishing and other social engineering-based attacks as well as other threats both before and after login. The technology leverages artificial intelligence, big data, and machine learning and more than 2,000 different parameters to provide real-time alerts when pattern anomalies are spotted.

“Identity is becoming a central component that drives all things digital, which makes the BioCatch story extremely compelling on multiple levels,” Managing Director of Maverick Ventures Matthew Kinsella said.

Last fall, the Tel Aviv, Israel-based company partnered with Samsung SDS America, adding a layer of fraud protection to Samsung SDS’ Nexsign enterprise biometric authentication software. BioCatch partnered with Canadian, boutique-based systems integrator, HoneyTek Systems last September, and teamed up with risk management firm LexisNexis Risk Solutions in August. Edelstein, BioCatch chairman since 2016 who added CEO to his list of duties earlier this year, credited these partnerships for helping “demonstrate how BioCatch is contributing to digital transformation” when it comes to “chang(ing) the way identity is managed online.”

BioCatch demonstrated its Passive Biometrics/Invisible Challenges technology at FinovateFall 2014. The company was founded in 2011.

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Finovate Alumni News

By David Penn Posted on
Categories: Authy, BBVA Compass, BioCatch, Digital Onboarding, Gro Solutions, Kasasa, Mambu, OurCrowd, Twilio

On Finovate.com

  • Behavioral Biometrics Specialist BioCatch Raises $30 Million in New Funding.
  • Gro Solutions Partners with 4Front CU, NBKC to Ease Onboarding, Support National Rollout.

Around the web

  • Nordic digital lender Folkefinans chooses Mambu’s SaaS core banking engine.
  • BBVA Compass opens up its Express Personal Loan solution to both customers and non-customers.
  • American Banker highlights Kasasa. Come see Kasasa’s latest tech at FinovateSpring in May.
  • OurCrowd expands global operations, opens office in London.
  • Authy’s Twilio launches Flex, a programmable contact center.
  • Ohio Healthcare FCU selects Digital Onboarding to maximize member engagement rates.

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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Tink Teams Up with BNP Paribas Fortis, Brings PFM and More to Mobile App

Tink Teams Up with BNP Paribas Fortis, Brings PFM and More to Mobile App
By David Penn Posted on
Categories: Tink

Best of Show winner Tink has forged a partnership with BNP Paribas Fortis that will integrate its aggregation, PFM, and payment initiation technology into the Belgian bank’s mobile banking applications. The integration will enable the aggregation of all financial data typically available on mobile banking apps and pave the way for new offerings for customers pursuant to the EU’s new, payment services directive (PSD2).

“We are beyond excited to partner with such a forward leaning bank as BNP Paribas Fortis,” Tink CEO Daniel Kjellén said. “Our product is in great hands since we share the view on how the future of open banking will be.”

In a statement, Tink said the first stage of the partnership will include the release of a new, multi-banking app for Hello Bank! in the summer of 2018. Tink and BNP Paribas Fortis will collaborate on updating the bank’s Easy Banking mobile app by the fall.

“The partnership is proof of a retail banking market that is becoming fully transparent and customer centric, where the innovators who choose to invest early in technology will gain insights that can attract new customers and expand existing ones,” Kjellén said.

BNP Paribas Fortis CEO Max Jadot said that collaboration with “successful FinTechs” and integrating those technologies into their ecosystem was “part of the DNA” of the bank. “We strongly believe that technology and changing legislation, such as PSD2, offer exciting opportunities for banks and their clients,” Jadot said. “Clients of banks can expect increased convenience and remain at all times in control of their data.”

A subsidiary of BNP Paribas founded in 1990, BNP Paribas Fortis is the largest bank in Belgium, and is the latest bank to partner with Tink. The Swedish fintech made agreements with Nordea, Nordnet, and fellow Finovate alum Klarna in 2017, and added SEB and ABN AMRO as partners in 2016.

Tink demonstrated its technology at FinovateEurope 2017, winning Best of Show for its independent PFM app that combines aggregation and account information with payment initiation services. Last fall, the company picked up an investment of $16.5 million in a round that brought its total capital to $30.5 million. Founded in 2012 and headquartered in Stockholm, Tink earned a spot on CB Insights’ Fintech 250 list last summer. The company has 50 employees and more than 400,000 Swedish users of its app.

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EuroTweeting: Twitter Talk from FinovateEurope 2018

EuroTweeting: Twitter Talk from FinovateEurope 2018
By David Penn Posted on
Categories: FinovateEurope 2018

Our first, four-day conference in Europe is a wrap! And once again the Finovate twitter feed @Finovate was a great place for attendees and online onlookers alike to express their thoughts about our two days of live demos followed by another two days of deep dives and discussions on top fintech trends.

For those who missed it – and for those who’d love to relive the magic of #Finovate from the week that was – here’s a short sampler of the Twitter conversation from last week’s event.

We hope you have as much fun reading it as our Twitter followers  – now at more than 40,000 – had in tweeting it!

And remember to follow us on Twitter @Finovate to stay up-to-date on the latest trends, hot topics, and cool companies in fintech.

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Finovate Alumni News

By David Penn Posted on
Categories: Azimo, MasterCard, Thomson Reuters, Tink, TransferWise, Vipera

On Finovate.com

  • Tink Teams Up with BNP Paribas Fortis, Brings PFM, Aggregation, Payments to Belgium Bank’s Mobile App.

Around the web

  • TransferWise selects Wirecard to issue a debit card alongside its digital borderless account offering.
  • Vipera partners with Mastercard to launch new mobile payment service, SME Pay.
  • Thomson Reuters teams up with MarketPsych to introduce sentiment data feed for Bitcoin.
  • Azimo unveils new, improved money transfer service to China.

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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Finovate Alumni News

By David Penn Posted on
Categories: AutoGravity, Clinc, Cloud Lending Solutions, Insuritas, Lendio, Ohpen, Pushfor

Around the web

  • Best of Show winner Clinc launches Spotlight, the first self-service training program for conversational AI.
  • Cloud Lending Solutions recognized as a Top 10 Best Performing Salesforce Solution Provider for 2017 by Insight Success Magazine.
  • Ohpen Angelique Schouten named Chief Commercial Officer; Lydia van de Voort appointed to U.K. CEO post.
  • Auto financing offers from Santander Consumer USA now available on the AutoGravity app.
  • Pushfor wins public vote at inaugural Dublin Innovation Jam.
  • Members Heritage Credit Union launches member-owned insurance agency in partnership with Insuritas.
  • Lendio introduces new franchise in Gainesville-Ocala Florida region.

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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FinovateEurope 2018 Best of Show Winners Announced

FinovateEurope 2018 Best of Show Winners Announced
By David Penn Posted on
Categories: Backbase, Be-IQ, Best of Show, CREALOGIX, FinovateEurope 2018, iProov, Meniga, microblink, W.UP

If there is one theme that unites all of our FinovateEurope Best of Show winners this year, that theme may be summed up in one word: data. As Finovate senior research analyst Julie Muhn pointed out during a recent conversation, the ability to leverage data to create more meaningful, more personalized, more secure experiences for consumers of financial services underlies much of the innovation that we see not just on the Finovate stage, but across fintech writ large, as well.

In this way, financial technology is turning the old adage – it’s not what you know, it’s who you know – on its head. The connections between us and the things we do, the places we go, the transactions we make, are in many ways the Holy Grail for companies that are constantly seeking out better ways to serve us. And for those companies that do win our trust and gain access to what we know and do, the rewards could not be greater.

With this in mind, we present to you a small sample of those companies that may be best positioned to take advantage of this Golden Age of Data: the Best of Show winners of FinovateEurope 2018.

Backbase for its Customer OS, the next generation of the Backbase Digital Banking Platform, which is laser-focused on providing customer-first journeys. Video.

 

Be-IQ for its holistic and gamified approach to risk profiling and financial well-being that accounts for the very contradictions that make us human: our behaviors. Video.

 

CREALOGIX for its customer banking platform, Gravity, which is breaking new ground with its intuitive and user-friendly, self-service insights application. Video.

 

iProov for its liveness-protected, facial biometric authentication technology which is fully-automated for fast, easy and ultra-secure mobile and PC on-boarding. Video.

 

 

Meniga for its digital banking solution that helps banks around the world use data to personalize digital channels and drive customer engagement. Video.

 

Microblink for BlinkReceipt, its SDK for real-time extraction of all purchase data from retail receipts and OCR technology which eliminates typing from mobile apps. Video.

 

 

W.UP for its digital banking sales and engagement solution that uses pre-built customer insights to build relevant, personalized, and timely interactions with clients. Video.

 

Please join us in thanking our sponsors and partners who help us make FinovateEurope a huge success year in and year out. And be sure to stay tuned for coverage of our new extended format on Thursday and Friday as we take deep dives into some of the most pressing issues and fascinating trends in fintech today. For more information about the keynote addresses, panel discussions, and fireside chats coming up on Days Three and Four, our full agenda is available on our FinovateEurope 2018 page.

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 seven 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

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Finovate Alumni News

By David Penn Posted on
Categories: Baker Hill, Coinbase, Entersekt, Finicity, Kensho, Ripple, Temenos, TransferTo

On Finovate.com

  • FinovateEurope Best of Show Winners Announced.
  • Welcome to Day Three of FinovateEurope.

Around the web

  • Ripple partners with Japanese banking consortium to launch mobile payments app, MoneyTap.
  • S&P Global to acquire Kensho in cash and stock deal valued at $550 million.
  • Banque du Caire to deploy core banking technology from Temenos.
  • TransferTo and Sentbe team up to provide real-time money transfers from South Korea to more than 60 countries.
  • Coinbase unveils new index fund to provide investors with exposure to all digital assets on its GDAX exchange.
  • Entersekt launches Connekt, a digital commerce enablement solution that makes it easy to add new payment services to banking apps.
  • Finicity partners with MortgageHippo to streamline and accelerate the verification process in mortgage lending.
  • Baker Hill announces strategic alliance with Built Technologies, a Tennessee-based construction lending software provider.

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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Finovate Alumni News

By David Penn Posted on
Categories: Coinbase, Finn.ai, Fiserv, Jumio, Kabbage, MasterCard

On Finovate.com

Around the web

  • Two-time Best of Show winner Finn.ai launches Spanish-speaking virtual banking assistant with Nicaragua’s biggest bank, Banpro.
  • Fiserv to offer Mastercard’s anti-fraud solution, Decision Intelligence.
  • Former LinkedIn executive, Emilie Choi, joins Coinbase as VP of Corporate and Business Development.
  • Kabbage and Citi commit to new cybersecurity-based consortium for fintechs and data aggregators established by the World Economic Forum.
  • Onboarding friction and security concerns remain as obstacles to wider mobile banking adoption for consumers across age groups according to joint review by Javelin and identify verification specialist Jumio.

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 FinovateEurope

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

We are off and running at FinovateEurope 2018! Come in from the cold, grab a cup of hot coffee and a pastry, and join us for what promises to be a fantastic first-day of live fintech demonstrations.

Day One will feature more than 40 companies demonstrating a variety of fintech solutions ranging from mobile payments and authentication to digital banking and wealth management. If you haven’t already, pick up your ticket today and join us at ExCel London on the historic Royal Victoria Dock as FinovateEurope brings you the latest in fintech innovation.

Here’s today’s lineup.

Registration begins at 8am

8:00 to 9:00: Registration and Continental Breakfast

9:00 to 10:15:

10:15 to 10:45: Intermission and Refreshments

10:45 to 12:00:

12:00 to 13:00: Lunch and networking

13:00 to 14:15:

14:15 to 14:45: Intermission and refreshments

14:45 to 16:00:

16:00 to 18:00: Cocktail reception and networking
Best of Show winners will be announced tomorrow.

All demo videos will be available for free in a few weeks in our video archives.

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