Author: David Penn

AutoGravity Tops $2 Billion in Financing Requested Milestone

AutoGravity Tops $2 Billion in Financing Requested Milestone
By David Penn Posted on
Categories: AutoGravity

Mobile auto shopping and financing startup AutoGravity announced a new milestone this week: the Irvine, California-based company surpassed $2 billion in financing requested via its platform.

“With more than $2 billion in finance amount requested in 2017, AutoGravity is at the forefront of digitizing the car-buying and financing experience,” Andy Hinrichs, AutoGravity CEO, said (pictured). “AutoGravity technology makes it possible for car buyers to access any showroom right from their smartphone, take control with personalized payments on any car in minutes – close the deal – and drive off the lot with confidence.”

AutoGravity’s milestone comes less than six months after the company announced topping more than $1 billion in financing requested via its platform. To date, more than 1.3 million Americans have used the AutoGravity platform to shop, buy, and finance a vehicle.

Available as an iOS app, an Android app, or online, AutoGravity enables car buyers and leasees to browse through thousands of cars for sale at participating dealerships. Users then receive as many as four targeted offers based on their preferences. Personalized financing offers from the same lenders used by the dealer ensure that auto buyers get a monthly payment that works for them. Once the financing is done – a process that often takes only minutes – the buyer can have the car delivered to them, or pick the vehicle up from the dealership.

Founded in 2015, AutoGravity demonstrated its platform at FinovateFall 2016, earning a Best of Show award. Recently profiled in both Auto Finance Excellence and Forbes, AutoGravity hired a new Chief Technology Officer, Sheng Wang, back in December, and won a spot on the KPMG H2 Ventures Fintech 100 for 2017 in November – the same month the company topped one million users of its app.

AutoGravity forged a number of major partnerships in 2017, including agreements with Global Lending Services and Hyundai Capital America. The company has raised $80 million in funding and includes VW Credit, Daimler Financial Services, and DA Investments Co. among its investors.

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Geezeo Powers PFM Platform for F&M Bank of Virginia

Geezeo Powers PFM Platform for F&M Bank of Virginia
By David Penn Posted on
Categories: Geezeo

F&M Bank of Virginia, a community bank with $700 million in assets, has introduced its new, personal finance management solution, Squirrel. The solution will be powered by Geezeo’s engagement banking platform, which gives FIs the ability to deliver highly relevant content to their customers. At the same time, the solution gives consumers the ability to use digital tools to help make informed decisions about their financial lives.

“We knew we wanted to enhance our digital prowess and offer customers a solution to help them manage their financial well-being,” F&M Bank CEO Dean Withers said. “We are excited to launch Squirrel and look forward to leveraging digital and data to foster long-lasting relationships and mutually rewarding customer relationships.”

Serving the Shenandoah Valley with 13 full-service branches and more than 160 full and part-time employees, F&M Bank named its PFM solution “Squirrel” in harmony with its “long-standing tree logo.” The company noted in a statement that it hopes that Geezeo’s PFM solution will enable its customers to ‘stow away’ savings (the way squirrels notoriously stow away tree nuts) by helping them keep a sharper eye on their spending.

Platforms like Squirrel enable community banks to better compete with larger financial institutions. By enhancing customer engagement and offering unique services, community banks with robust digital platforms can also serve as a convenient hub for syncing financial information between a home bank and other accounts. Geezeo’s platform also provides banks with analytics based on their aggregated transactional and behavioral data, giving bank marketing teams the ability to offer more informed and targeted products and services to customers.

Geezeo demonstrated its TruBusiness white-label, BFM platform at FinovateFall 2014. Founded in 2006 and headquartered in Braintree, Massachusetts, Geezeo teamed up wth fellow Finovate alum, Digital Onboarding last fall, and last August introduced its new suite of UI/UX personalization and customization tools, Responsive Tiles. The company unveiled its new digital reputation management solution back in May – the same month Geezeo was named a finalist in NAFCU’s 2017 Innovation Awards. Geezeo includes TheStreet.com among its investors. Peter Glyman (President) and Shawn Ward (CEO) are co-founders.

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Tradeshift Launches Innovation Lab to Bring the Blockchain to Business Commerce

Tradeshift Launches Innovation Lab to Bring the Blockchain to Business Commerce
By David Penn Posted on
Categories: Tradeshift

Business commerce platform Tradeshift announced today the launch of Tradeshift Frontiers, an innovation lab and incubator designed to apply emerging technologies like AI, distributed ledgers, and IoT to business networks, supply chains, and global trade.

“Our goal is simple and singular: To significantly impact B2B commerce and global supply chains in the next 5 years,” co-founder and GM of Tradeshift Frontiers Gert Sylvest said. “We will leverage emerging technologies to make trade more inclusive, empowering, transparent, and sustainable.”

Applying blockchain technology to areas such as supply chain financing, asset liquidity, and supply chain transparency is one of the initial goals of Tradeshift Frontiers. In a press release, the company pointed to its role as a governing member with the Hyperledger project as one reason the company will be positioned to make an “industry-wide impact” in terms of using blockchains to “enable new incentive models to collaborate across the supply chain.”

“With Frontiers, we aim to bring the transformative potential of these technologies into the hands of every company in the network, no matter their size or role in the supply chain,” Sylvest said. “That also means unlocking greater value for small businesses and their trading partners to bring them on equal footing with the companies that dominate the digital supply chains today.”

Tradeshift connects more than 1.5 million companies in 190 countries, and is on course to process more than $500 billion in transaction value. The company offers procure-to-pay, supplier engagement, and financial services to its business clients, and enables its partners to leverage its business commerce platform to build their own apps. The company is off to a strong start in 2018: partnering with fellow Finovate alum Infosys to digitize its clients’ supply chain management and, a few weeks later, announcing that Panalpina World Transport had selected Tradeshift to support the digitization of its procure-to-pay process.

Founded in 2010, San Francisco-based Tradeshift demoed Tradeshift Instant Payments at FinovateEurope 2012. With more than $182 million in funding, Tradeshift includes Wipro Ventures, Data Collective, Scentan Ventures, Kite Ventures, ru-Net Holdings, Notion Capital, and PayPal among its investors.

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RealtyMogul Introduces New President Aaron Halfacre

RealtyMogul Introduces New President Aaron Halfacre
By David Penn Posted on
Categories: Realty Mogul

Real estate crowdfunding platform RealtyMogul announced today that REIT industry veteran Aaron Halfacre will be joining the company as its new president.

“I am excited to be joining the RealtyMogul team and contributing to the continued success of the company,” Halfacre said in a statement. “I believe my industry experience across real estate and alternatives, debt and equity, retail and institutional, and both public and private markets is a perfect fit for RealtyMogul’s future.”

Halfacre (pictured) brings more than 20 years of experience in the investing industry, including five years as Head of Real Estate New Product Development for BlackRock. In addition to serving as Head of Strategic Relations for Cole Capital and Strategic Consultant for GMH Associates, Halfacre was also President and Chief Investment Officer for Campus Crest, a publicly traded student housing REIT. He has a BA in Accounting from College of Santa Fe and earned an MBA in Finance from the Jesse H. Jones Graduate School of Management at Rice University.

Jilliene Helman, RealtyMogul CEO praised Halfacre’s “stellar track record and incredible depth of real estate and capital market industry expertise.” She said, “We will benefit immensely from his experience, and I am confident he will help the company reach new heights.” Halfacre will be tasked with developing company-wide strategy as well as leveraging his direct oversight of capital markets activity to grow assets under management and real estate transaction volume.

The addition of Halfacre is only the latest executive acquisition from the Beverly Hills, California-based real estate crowdfunding platform. Earlier this month, the company announced that it had appointed interim Chief Investment Officer Chris Fraley as its official CIO. In December, the company hired Soley Van Lokeren as its first “Chief People Officer.”

RealtyMogul launched its second REIT offering, MogulREIT II, last fall, giving investors the opportunity to finance multi-family apartment communities. The company’s first REIT offering, MogulREIT I, was introduced in 2016. More than $318 million has been invested across RealtyMogul’s platform, with $70 million paid out to RealtyMogul’s 150,000 members. More than $1 billion in property value has been financed since inception.

Ranked in the top 100 of real estate crowdfunding sites by The Real Estate Crowdfunding Review, and the winner of a Gold Stevie Award for Company of the Year last November, RealtyMogul demonstrated its crowdfunding for real estate platform at FinovateSpring 2014. The company was founded in 2012 and has raised more than $46 million in funding. Sorenson Capital and Canaan Partners are among RealtyMogul’s investors.

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SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO

SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO
By David Penn Posted on
Categories: SoFi

Social media’s loss is social finance’s big gain.

Anthony Noto, Chief Operating Officer for Twitter, has stepped down from his post at the popular social networking platform. His destination? A job as Chief Executive Officer for lending and wealth management firm, SoFi.

“We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi,” interim CEO Tom Hutton said. “The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”

Starting at Twitter as Chief Financial Officer in 2014, Noto became COO in November 2016. He came to Twitter after serving as co-head of global TMT investment banking at Goldman Sachs, a firm he first joined in 1999, and where he was named partner in 2004. From 2008 to 2010, Noto was CFO for the National Football League. He is a graduate of the U.S. Military Academy, and has an MBA from University of Pennsylvania’s Wharton School of Business.

“SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company,” Noto said. “I’m excited to work with Tom and the rest of the SoFi team.”

Noto arrives at a time of significant growth for the company. SoFi announced surpassing $25 billion in funded loans last year, and reported that its student loan refinancing products helped borrowers save more than $2 billion. The company said that in the fourth quarter of 2017 it completed its largest securitizations to date for refinanced student loans ($776 million) and personal loans ($727 million). For the full year, SoFi’s total issuance was $6.9 billion.

A financing innovator, SoFi provides student loan refinancing, as well as mortgages and personal loans. The company looks beyond credit scores and debt-to-income ratios to consider factors such as cashflow, career, and education to offer lower rates to borrowers it refers to as “members.” This underscores another unique aspect of SoFi, which stands for Social Finance. The company proactively supports timely repayment of loans through a variety of tools, resources, and strategies including temporarily suspending payments in the event of job loss.

SoFi also provides wealth management and insurance services. The company’s investment management solution combines both live advisors and automated rebalancing to give investors comprehensive and low-cost advice and support for their long-term financial planning. The company has also partnered with Protective Life to offer life insurance coverage up to $1 million for online applicants and up to $5 million for applicants with a medical exam.

SoFi partnered with Quovo to present How Quovo and SoFi Perfected Bank Authentication at FinDEVr New York 2017, winning the Favorite FinDEVr Alum award. The company has raised more than $2 billion in funding, and has an estimated valuation of $4 billion based on its most recent $500 million fundraising in February 2017.

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Zopa Boosts Executive Ranks with Trio of C-Level Hires

Zopa Boosts Executive Ranks with Trio of C-Level Hires
By David Penn Posted on
Categories: Zopa

En route to its launch of a next generation challenger bank later this year, P2P lender Zopa is staffing up its executive ranks. The company announced today that it was appointing a new Chief Financial Officer, Chief Risk Officer, and Chief Customer Officer.

At the post of CFO, Steve Hulme comes to Zopa after a stint as CFO for Tandem Money. Previous to Tandem Money, Hulme was CFO for PayPal’s global credit business and CFO for Capital One’s business in the U.K. and Canada. He was educated at the University of Newcastle-upon-Tyne, earning a BA in Geography.

Taking the helm as Chief Risk Officer is Phillip Dransfield. With a Masters in Commerce, Finance, and Banking from UNSW and a Bachelor’s degree in Mathematics and Statistics from the University of Wollongong, Dransfield held executive positions at TSB Bank and Lloyds Banking Group.

Zopa also hired a new Chief Customer Officer to start the new year. Clare Gambardella previously worked in a number of capacities for Virgin Active, and ended her tenure at the health club, gym, and spa network as Chief Marketing Officer. Also a veteran of the Boston Consulting Group, Gambardella was educated at the University of Cambridge, where she earned a degree in English Literature.

“We’re delighted to have three high profile and exceptionally talented people join the business,” Zopa CEO Jaidev Janardana said. “Our people are our biggest competitive advantage and these additions further strengthen our position.”

Along with the $41 million (£32 million) investment the company picked up last summer, the new hires are part of the preparation for the launch of Zopa Bank. The challenger bank will offer customers personal and auto loans, flat rate credit cards, and savings and investment products. “We’re uniquely placed to make the next generation bank a leader in consumer finance combining our customer-centric culture, agile technology and data excellence with a track record of loan origination and risk management,” Janardana wrote in a blog post last fall. “No other provider has this combination of attributes.”

Zopa made its Finovate debut in 2008. The London-based company* was founded in 2005 and has raised more than $112 million in funding. Named to the European Fintech 100 and ranked in the Inc. 5000, Zopa partnered with fellow Finovate alum Aire last fall and opened a new development center in Barcelona, Spain last summer.

*Updated to reflect Zopa headquarters in London.

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Innovation and Collaboration: The Rise of Fintech in the MENA Region

Innovation and Collaboration: The Rise of Fintech in the MENA Region
By David Penn Posted on
Categories: FinovateMiddleEast 2018

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With more than 400 attendees, more than 100 scheduled speakers, and more than 20 fintech innovators demonstrating their technologies live on stage, Finovate’s first foray into the Middle East next month is an event not to be missed.

Dubai, the largest and most populous city in the United Arab Emirates, will host FinovateMiddleEast on the 26 and 27th of February. And in addition to our trademark live, seven-minute technology demonstrations, FinovateMiddleEast will also feature a strong slate of keynote addresses, roundtable conversations, and panel discussions on some of the most contemporary themes, trends, and topics in fintech. Here’s an advance look at some of what we’ll talk about at the conference.

Day One – What do fintechs want? What do banks want? What do investors think?

How do we successfully leverage technology to help solve 21st century financial challenges for the Middle East and North Africa? Finding harmony in the different interests and agendas of technologists, banks, and investors is key to creating the kind of environment that will lead to dynamic fintech innovation. During our FinovateMiddleEast Summit Days, we’ll learn what fintechs and banks want and need in order to effectively and profitably collaborate with each other. We’ll also explore the role of investors in providing the critical capital and guidance that will help turn today’s innovators into tomorrow’s market leaders.

For all the talk of disruption, leaders in MENA countries are looking for a more constructive relationship between fintech innovation and the societies they are innovating in. This means a fintech industry that is flexible enough to serve both the sizable number of ultra high net worth and high net worth consumers in the MENA, as well as the fast-growing, mobile-inclined, social media-connected youth population. Innovations that are able to respond to needs resulting from these “second wave sectors” like wealth management and international money transfers, are as important as those catering to traditional areas like banking and payments and “hot” technologies like the blockchain.

From banking and payments to AI and blockchain

Fintech in the MENA is dominated by innovations in the banking and payments space. As much of 84% of fintech in the MENA is payments-related, per Wamda/Payfort. Digital wallets are one area where banks and fintechs are working together and providing solutions. Earlier this month, Batelco and Arab Financial Services launched a new digital wallet and payment solution. Also this month, UAE-based Noor Bank partnered with UB QFPay to offer new mobile payment solutions. We’ll take a look at just how far digital wallet adoption in the MENA region can go, and look at how the launch of Apple Pay in the UAE may provide some visibility into the future of contactless payments in the region.

At the same time, new technologies like AI, the blockchain and cryptocurrencies are being explored eagerly by fintechs, banks, and governments alike in the MENA region. Dubai-based ArabianChain announced last week that it was launching a cryptocurrency exchange. In June, a company called MAG Lifestyle Development will introduce a Sharia-compliant cryptocurrency for buying property in June. Finovate alum NCR plans to introduce bitcoin-enabled ATMs in the UAE in the spring.

We’ll examine the results of an interbank blockchain pilot involving Emirates NBD and ICICI Bank India launched last fall, as well as a look at how blockchain technology can increase efficiency and accountability for financial transactions in the GCC more broadly. We’ll also take a tour of 3D printing facilities and visit local accelerator, Future Foundation, as a prelude of sorts to our accelerator showcase on Day Two.

Day Two – Regulations and regtech as catalyst for innovation

What are the biggest challenges to the vision that fintech entrepreneurs, banks, investors, and technologists have for the MENA region? Ensuring that regulation is used as a tool to steer fintech toward its most productive possible role in society – one in which its solutions are effective, trusted, cost-effective, and widely available – is important.

So in addition to discussing future opportunities for fintech in the MENA region, we’ll take the time to understand both the current and emerging regulatory infrastructure that will define the kind of fintech that will develop in the Middle East. These topics range from helping fintechs in the region offer new, innovative Sharia-compliant products and services to anticipating the effects of the introduction of VAT in the UAE.

Part of our journey into this topic will hosted by a panel of leading fintech research analysts from firms like Gartner and Forrester who have specific expertise in the MENA region. We’ll also look at fintech regulation in the Middle East and compare it to how regulations are being developed in other areas like Asia and Europe. Do the differences between these regions – and their different regulatory needs and concerns – help us better understand how regulation and innovation should go and in hand for fintech in the MENA?  Our conversation on Day Two is designed to help us explore these issues deeply.

Uniting fintechs, banks, and investors to better serve the underbanked

There can be no discussion of financial technology without a discussion of serving the underbanked. And while this is an important conversation in all areas, it may be especially acute in the Middle East and North Africa. According to a recent report from Wamda/Payfort, more than 85% of adults in the MENA do not have access to a bank account. Moreover, as Daniel Navarro wrote last spring in the Khaleej Times, financial inclusion is a major requirement for broader economic development.

“The solutions to increase financial inclusion need to be implemented properly, customized for each market segment, include microfinance services, low cost transfers, international remittances and other digital services to leverage the economic and social development. Also, the financial inclusion initiatives shall always be accompanied by proper security measures for KYC, AML, and CFT controls.”

Our conversation looks at opportunities, challenges, and successes alike. We’ll discuss Turkey’s plan to go cashless by 2023, as well as look at what is necessary from banks, fintechs, and the rest of the players in a modern economy in order to serve “the digital person.”

Another big feature on Day Two is the accelerator showcase which spotlights fintech startups that are based in the MENA region or doing significant business in the area. Added to the Finovate format last fall, the Accelerator Showcase provides a no-middleman opportunity for attendees to see and hear first hand what some of the MENA region’s most innovative young fintech startups are developing. And by viewing MENA startups through the lens of the accelerator programs that sponsored them, we get another opportunity to see and discuss the importance of startup culture and a dynamic, supportive ecosystem when it comes to preparing the next generation of fintech innovators.

What can banks gain from fintech innovation? What can fintechs gain from bank partnership and collaboration? And what incentivizes investors to come in from the sidelines with their critical support? Join us next month in Dubai as we tackle these and other issues driving the future of fintech in the Middle East.

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WealthForge Tops $500 Million in Investments Processed

WealthForge Tops $500 Million in Investments Processed
By David Penn Posted on
Categories: WealthForge

Private placement platform for capital markets WealthForge is starting 2018 with the announcement that it has reached a new milestone: more than $500 million in investments processed on its platform.

“We’re very pleased by the momentum we’re seeing in our business,” said Mat Dellorso, WealthForge Chief Strategy Officer and co-founder of the company. “Our average offering size – currently $17 million – has grown 50% in the past year. More than $200 million was invested in 2017 alone, and we’ve seen an exciting ramp up in volume heading into the new year.”

WealthForge reports that the $500+ million investments represent funding in more than 300 private offerings, each averaging $17 million. The company noted in a blog post that the $500 million includes a $25 million litigation fund and a $9 million private capital fundraising for an industrial real estate acquisition. WealthForge also announced the platform hosted its first Regulation A (Reg A+) offering, which picked up more than 400 investors since its launch in October.

“WealthForge’s scalable subscription technology and compliance services for alternative investments are pillars supporting an overall mission to increase transparency, efficiency, and access to alternative investments for issuers and advisors,” WealthForge CEO Bill Robbins said. He called the milestone a “proof point” that the company enjoys the reputation as “a trusted partner for so many.”

Headquartered in Richmond, Virginia and founded in 2009, WealthForge demonstrated The WealthForge Network at FinovateSpring 2016. The WealthForge Network connects issuers and intermediaries in the private capital market, enabling issuers to present their offerings to registered intermediaries and helping intermediaries provide a branded online investment process for their investors.

WealthForge is a winner of the UBS Future of Finance Challenge, and was named a Company to Watch by Venture Forum RVA. The company has raised more than $5 million in funding and counts New Richmond Ventures (NRV) and SenaHill Partners among its investors.

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Finovate Alumni News

By David Penn Posted on
Categories: Coinbase, Compass Plus, Dwolla, Ephesoft, Featurespace, Infosys, iSignthis, Kony, TransferWise, WealthForge, Worldline

On Finovate.com

  • iSignthis and Worldline Finalize Partnership.
  • WealthForge Tops $500 Million in Investments Processed.
  • Innovation and Collaboration: The Rise of Fintech in the MENA Region.
  • Dwolla to Power Identity Verification for Yahoo!’s Tanda Savings App.

Around the web

  • TransferWise updates its remittance comparison tool.
  • Featurespace hires Ritz Steytler as Chief Operating Officer.
  • Infosys selected as tech partner by A S Watson Group.
  • Ephesoft moves headquarters to Irvine, California.
  • Compass Plus to help VietinBank issue Diners Club cards in Vietnam.
  • Coinbase appoints Tina Bhatnagar as VP of Operations and Technology.
  • Kony launches Kony Base Camp, an online community to empower developers to gain skills to accelerate app development and delivery.

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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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 Naumaan Hassan

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.

  • Dubai-based ArabianChain launches cryptocurrency exchange, Palmex.
  • Qatar commits to building fintech hub.
  • UAE-based Noor Bank announces partnership with UB QFPay to offer new mobile payment solution.

MENA Fintech Fact E-commerce and fintech topped tech startup funding for MENA region in 2017, according to a report from Magnitt

  • Abu Dhabi Securities Exchange (ADX) inks MoU with SWIFT and seven global CSD companies to collaborate on distributed ledger technology projects.
  • Oman’s Bank Nizwa takes to the road to promote its Ladies Banking Account services.
  • Jordan’s InvestBank teams up with F5 Networks to boost cybersecurity protections.

Thought Leadership What is the key for success for technology entrepreneurs innovating in the Middle East? Arabian Business writes “The Middle East is still building towards the right start-up culture.”

  • Gulf News Banking looks at how Dubai is “charting a unique story in fintech.”
  • Saudi Arabia’s Minister of Finance announces signing of MoU with Japan’s Mitsubishi UFJ Financial Group to promote financial education for Saudi youth.
  • Thomson Reuters’ ZAWYA interviews Ola Doudin, CEO and co-founder of Dubai-area cryptocurrency exchange, BitOasis.

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Finicity’s Mvelopes Introduces Budget Makeover Program

Finicity’s Mvelopes Introduces Budget Makeover Program
By David Penn Posted on
Categories: Finicity

 

What’s old is new again – Mvelopes, the PFM platform from Finicity that uses a digitized version of the time-tested envelope budgeting method to help people improve their saving habits, is launching Budget Makeover. The 10-week crash course in personal finance leverages the same strategies behavior modification strategies used by health and fitness coaches to provide financial education, resources, and a financial plan. Even the length of the program is based on studies from the University of College London that indicate that 66 days is the amount of time needed to permanently develop new habits.

“The coaching aspect of the Mvelopes Budget Makever is unlike anything else offered in the personal finance space,” EVP of Consumer Services for Mvelopes Christopher Tracy said. “It’s a high-touch and highly personalized program that benefits our users with measurable, long-term financial impact.”

During the program, Budget Makeover clients will get an initial financial assessment, seven financial training sessions, daily check-in texts, bi-weekly budget reviews, and a weekly challenge from an Mvelopes-certified financial trainer. Clients will also have access to the Mvelopes app – available in iOS and Android – which provides real-time insights into their personalized budget.

“In the 17-plus years we’ve spent perfecting our budgeting products, we’ve seen that accountability is the single, most important factor in actually developing new behaviors that lead to long-lasting change,” Mvelopes director of financial training Wes Shelnutt said.

To find out more about how to become a part of the Mvelopes Budget Makever, visit www.2018Budget.com.

Created by Finicity in 1999, Mvelopes offers a trio of plans – Basic, Plus, and Complete. Each provides varying levels of service, ranging from auto transaction importing and account balancing monitoring with the Basic plan, to debt assessment and a dedicated personal coach with the Plus and Complete plans. The plans range in cost from $4 a month for Basic, to $19 a month for Plus, to $79 a month for Complete.

Finicity demonstrated its Credit Decisioning platform at FinovateSpring 2017. The solution simplifies access to its Verification of Income (VoI) and Verification of Assets (VoA) reports, making it easier for lenders to quickly verify information on borrowers. The company has also participated in our developer’s conference, discussing The Frictionless Aggregation Experience at FinDEVr New York 2017.

Based in Salt Lake City, Utah, Finicity has raised more than $50 million in funding, and includes fellow Finovate alum Experian among its investors. Steve Smith is CEO.

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Jumio Partners with Byteball to Bring KYC to ICO Issuers

Jumio Partners with Byteball to Bring KYC to ICO Issuers
By David Penn Posted on
Categories: Jumio

When the gold rush is on, popular wisdom says it is often a better business strategy to sell picks and shovels to the miners than to go into business as a miner oneself. Best of Show winner Jumio is the latest fintech to lend its expertise to the world of cryptocurrencies with its newly-announced partnership with cryptocurrency platform, Byteball.

“ICOs have transformed the financial arena as an alternative means for listing companies to raise funds for development projects or to launch new businesses,” Jumio VP of Product Philipp Pointner said. “However, as they are currently unregulated and, as transactions in cryptocurrencies are, by their nature, anonymous, regulatory bodies are becoming increasingly concerned that they provide an avenue for money laundering and other financial crime.”

Byteball provides a distributed, decentralized platform to give clients launching initial coin offerings (ICOs) security against fraud. The platform will use Jumio’s identity verification solution, Netverify, to help ICO operators ensure the people they are dealing with are who they say they are. Netverify uses both ID Verification and biometric Identity Verification to make the process as friction-free as possible for users, while helping ICO issuers become “proactively compliant” with what the company called “imminent regulatory guidelines.”

“By partnering with Jumio, we bring identity to the distributed ledger, both for ICOs and other financial transactions, creating strong connections between the crypto and the real world,” Byteball founder Tony Churyumoff said. “For end users, we offer them a sovereign identity that is totally private, secure, and incredibly easy to use. For business, it is an opportunity to build applications that leverage the identity layer that were not possible before.”

ICO participants on Byteball’s platform will scan a government-issued ID such as a driver’s license or passport. Once the document is verified – Netverify authenticates in real-time – the participant will submit a live selfie which is analyzed by the platform’s Face Match technology. The combined approach makes sure that the selfie image is a match with the ID document, and that both the selfie and the document are physically present at the time of verification.

Jumio added that it is looking at other ways to collaborate with Byteball in the future, such as providing identity verification for credit card payments and lending.

Founded in 2010 and based in Palo Alto, California, Jumio demonstrated its Netverify Document Verification platform at FinovateSpring 2017. Last month, the company announced a partnership with socially-responsible financial health company Meed to provide identity verification and document verification services. Also in December, Jumio Business Development Manager Gordon Harrison participated in our webinar, Solving the Identity Problem for PSD2 and GDPR.

Jumio has raised more than $55 million in funding, $40 million of which was picked up before the company was acquired by Centana Growth Partners in May 2016. Stephen Stuut is CEO.

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