Author: David Penn

Finovate Alumni News

By David Penn Posted on
Categories: Backbase, BlueVine, Cachet Financial Solutions, Citi, Fiserv, Infosys, Insuritas, Jack Henry, Kony, Ledger, Misys, NYMBUS, Prevoty, SuiteBox, Urban FT, Yoyo

On Finovate.com

  • Lights! Camera! Action! Demo Videos from FinovateEurope Now Available.
  • BlueVine Lands $75 Million Line of Credit.

Around the web

  • Yoyo marks 10 millionth transaction milestone.
  • Jack Henry & Associates‘ Symitar division unveils its account opening self-service hub, SymApp.
  • New APIs from Citi to help clients access network with existing treasury applications. See Citi at FinDEVr New York in March.
  • Credit Union of Southern California ($1.2 billion) chooses Fiserv’s Architect digital banking platform.
  • SuiteBox introduces multi-signing of document functionality to its digital workspace technology platform.
  • Ledger releases the Nano S firmware 1.3.
  • Stoneham Bank to leverage Insuritas to launch insurance agency platform to drive fee income.
  • Report highlights Urban FT, Misys, Kony, Backbase, Infosys, Cachet Financial Solutions, and Nymbus, as key digital banking players.

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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SecureKey Wins Funding to Build Blockchain Digital Identity Network

By David Penn Posted on
Categories: SecureKey

SecureKey_homepage_February2017

With the assistance of an $800,000 grant from the U.S. Department of Homeland Security, Canadian authentication innovator, SecureKey will develop a digital identity network using blockchain technology. SecureKey will work with the Digital ID and Authentication Council of Canada (DIACC) to build the network.

Calling the funding “essential” in making a national digital identity ecosystem a reality, SecureKey Chief Identity Officer Andre Boysen emphasized “putting customers first” in a system that “increases both their digital security and privacy.” DIACC president Joni Brennan said investment in digital ID and authentication technology was “critical to enabling Canadian citizens, businesses and governments to capture the full potential of the global economy.”

The digital identity network will enable individuals, organizations, and institutions to connect using trusted log-in credentials. Blockchain technology minimizes the amount of data transferred between parties, providing a “secure blinding infrastructure” Boysen says was key to attracting DHS’s attention. “When paired with the appropriate resources,” he wrote in December at the SecureKey blog, “blockchain has the power to improve the state of digital identity altogether – an opportunity we have recognized and invested in.”

Founded in 2008 and headquartered in Toronto, Ontario, Canada, SecureKey demonstrated its technology at FinovateFall 2012. The company announced this week that Affinity Credit Union had become a “trusted sign-in” partner for its SecureKey Concierge program. A member of H2 Ventures and KPMG’s Fintech 100 for 2016, SecureKey has raised $89 million in funding and includes BlueSky Capital, Intel Capital, and Rogers Venture Partners among its many investors.

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Finovate Alumni News

By David Penn Posted on
Categories: CREALOGIX, Pindrop Security, Realty Mogul, SecureKey, Wealthify

On Finovate.com

  • Pindrop Receives Investment from Cisco’s John Chambers.
  • SecureKey Wins Funding to Build Blockchain Digital Identity Network.

Around the web

  • Wealthify publishes first-year performance data, reporting benchmark-beating returns for customer plans.
  • RealtyMogul.com opens its MogulREIT I fund to IRA investments.
  • Best of Show winner CREALOGIX named one of the “10 Swiss growth champions” by Swiss economic newspapers. [in Swiss]

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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Switch Announces Early Access to Online Card Account Management Platform

Switch Announces Early Access to Online Card Account Management Platform
By David Penn Posted on
Categories: SWITCH

Switch_homepage_February2017

Seattle-area startup Switch announced today that it is providing “early access” to its free payment management service. By enabling cardholders to manage all of their accounts from one dashboard, the company says its technology is making e-commerce “faster, safer, and easier.”

Switch enables shoppers to easily match payment options with specific online merchants, subscriptions, and payments, as well as automating both the checkout and card updating processes. CEO Chris Hopen called the technology “the first ever consumer payment solution that automates both the challenge of secure account access and the ‘card on file’ problems users face every day.” In a statement, the company cited the average 3.7 credit cards carried by the average American (according to a study by CreditCards.com) and the growing number of payment options from ApplePay and Visa Checkout as reasons why technologies like Switch are a valuable for consumers.

Another value comes when cards have to be replaced due to loss, data breach, or other issue. “How many people have ever had to replace a credit card?” Hopen asked from the Finovate stage during his company’s live demo last spring. “Was it fun?” He added, “(Switch) is about reducing the negative impact of card replacement on end users, and getting cards into circulation as quickly as possible to end users.” For card issuers, the platform includes a set of analytic reports that leverages data on card usage from throughout the entire Switch user base.

Founded in 2014 and headquartered in Seattle, Washington, Switch demonstrated its technology at FinovateSpring 2016. The company has raised more than $1 million in funding and has more than 10 employees. Find out more about the app, including how to be among the first to try Switch.

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FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding

FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding
By David Penn Posted on
Categories: Funding, Fundings, NYMBUS

Nymbus_homepage_February2017

In a round led by Home Credit Group, core banking technology innovator NYMBUS raised $16 million in new capital. The funds build on the $12 million the FinDEVr/Finovate alum raised in the second half of last year, bringing its total capital to $28 million.

NYMBUS executive chairman Scott Killoh pointed to reliance on outmoded legacy core technology as holding back many institutions in the financial services industry. Because of this, he said “tens of thousands of banks and credit unions are not capitalizing on strategic growth opportunities.” The investment from Home Credit Group will help NYMBUS provide FIs with the modular, third-party friendly core banking technology that will enable them to keep pace with the demands of their customers. NYMBUS President David Mitchell called it “helping … implement digital-first strategies in order to drive customer growth and competitive differentiation.”

NYMBUS_stage_FDNY16

Pictured: NYMBUS President David Mitchell during his presentation “NYMBUS: The Next Evolution in Core Processing” at FinDEVr New York.

Founded in 2015 and headquartered in Miami Beach, Florida, NYMBUS presented “The Next Evolution of Core Processing” at FinDEVr New York last year, during which Mitchell explained why the company decided to focus on core processing technology. “If I asked who in this audience has a pager or a Walkman,” Mitchell told the attendees at last year’s event, “not too many people are going to raise their hands. “But community banks right now are on 30-year old, 20-year old technology,” he said. “(It’s) the oldest technology in the world. It’s been lipstick on a pig, mainframes, green screens for 20 or 30 years.”

NYMBUS, in contrast provides an advanced, core processing platform, SmartCore, with a wide variety of APIs, customizable UI, a conversion layer, and an ecosystem of banking apps. The platform keeps all critical banking functions in a single system with a single sign-on and data set. Home Credit International Group Head of Special Projects Miroslav Boublik called NYMBUS “best positioned to stand at the core” of the disruption of the traditional banking model today. “NYMBUS’ technology is both many years ahead of traditional banking system vendors and most viable among emerging (fintech) providers,” Boublik said.

Earlier this month we shared news of the company’s partnership with California’s Kaiperm Diablo FCU to deploy its core banking technology, SmartCore. Kaiperm Diablo’s announcement comes just a few months after Pennsylvania-based CHROME Federal Credit Union reported that it would use SmartCore as part of its goal of transitioning to a digital-first credit union. NYMBUS has also been an active acquirer, buying Sharp BancSystems, KMR, and R.C. Olmstead in the summer of 2016. Also a veteran of Finovate, the company demonstrated its technology at FinovateSpring 2016.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, BBVA, Entersekt, GMC Software Technology, Jumio, Lleida.net, NYMBUS, payworks, SecureKey, Signifyd, Softjourn, Striata, SWITCH, Thomson Reuters

On Finovate.com

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

  • Lleida.net wins 20-year European patent for its registered email technology.
  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • France’s PayPlug to deploy ACI PAY.ON Payments Gateway from ACI Worldwide.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • GMC Software awarded the Xplor Application of the Year Award.
  • Striata named a Visionary in Gartner Magic Quadrant for Customer Communication Software.
  • Signifyd joins Salesforce Partner Program.

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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Finie Gets Funding: AI Innovator Clinc Closes $6 Million Series A

Finie Gets Funding: AI Innovator Clinc Closes $6 Million Series A
By David Penn Posted on
Categories: Clinc, Funding, Fundings

Clinc_homepage_February2017

Clinc, developers of the voice-based intelligent assistant app, Finie, closed a $6.3 million Series A round this week. The round was led by Drive Capital and featured participation from Cahoots Holdings, Hyde Park Venture Partners, and individual investor Stuart Porter. Clinc’s total capital now stands at $7.75 million.

Calling the opportunities for his company’s technology “truly endless,” and pointing to “overwhelming interest in Finie from financial institutions,” Clinc CEO Jason Mars sees a major role for artificial intelligence in a number of financial use cases. “We’re going to eliminate the complexity and barriers that consumers typically face when understanding their finances,” Mars said. “And we’re going to help more consumers connect with their financial data in personalized, impactful ways with minimal effort.”

Clinc_stage_FF2016

Pictured: Clinc CEO and President Jason Mars demonstrating the intelligent virtual assistant banking app, Finie, at FinovateFall 2016.

The additional capital will fuel further product innovation and help expand the Clinc team, currently at 21 “and growing,” the company said in a statement. Drive Capital co-founder and partner Mark Kvamme will join Clinc’s board of directors.

Founded in 2015 and headquartered in Ann Arbor, Michigan, Clinc demonstrated its voice-based intelligence assistant app, Finie, at FinovateFall 2016, earning a Best of Show award. Finie uses advanced natural language processing and artificial intelligence to understand and respond to unstructured, conversational speech. The technology is nuanced enough to “interpret not only semantics and intent, but the underlying meaning of user queries,” as well. Designed for financial services, Finie provides personalized advice as part of its ability to handle a variety of banking tasks, giving customized answers to user questions about balances, spending patterns, and more. Clinc includes Notion AI and fellow Finovate alum, Bankjoy among its customers.

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Spiff Partners with Nordea Liv to Launch Mobile Savings App

Spiff Partners with Nordea Liv to Launch Mobile Savings App
By David Penn Posted on
Categories: Spiff

Spiff_homepage_February2017

FinovateEurope alum Spiff has teamed up with Norwegian life insurance corporation, Nordea Liv, to develop its social savings app. Together the two companies will begin a pilot project of the app for a limited number of users “very shortly,” with a full launch anticipated “before the summer.”

“Our aim is to lower the bar and make it easier for everybody to save by offering them the most innovative, efficient, and user-friendly saving and investment platform,” founder and CEO of Spiff, Carl-Nicolai Wessmann said. Nordea Liv CEO Randi Marjamaa added that with individuals increasingly responsible for managing their own finances – including pensions – solutions like Spiff are especially valuable. “Spiff offers us a new approach to saving that is easy, fun, and social,” Marjamaa said. “It is more important than ever to save.”

Spiff_stage_FEU2017

Pictured (left to right): Kristin Juland Møller (Social Media and Communication Manager) and Carl-Nicolai Wessman founder and CEO) demonstrating the Spiff savings app at FinovateEurope 2016.

Spiff enables users to create personalized savings plans and share them with family and friends. Users begin by choosing goals – personal goals, children’s future, or rainy-day savings – which help the app shape the appropriate saving plan for each individual. They name the plan, add a brief description of the savings goal, and then choose a monthly savings amount, with allocations going to either a connected bank account or a fund. Users choose a transaction date for the funds to be transferred, confirm all selections, and the savings plan is set. The app makes it easy to build additional savings plans (for children, for example; as well as for other goals), and to send completed savings plans to relatives and friends, encouraging them to contribute.

Founded in 2015 and headquartered in Oslo, Norway, Spiff demonstrated its simple savings app designed with women in mind at FinovateEurope 2016. The company has raised NOK 10 million in funding and includes Sverre Munck (former board chairman of Opera), Trond Riiber Knudsen (TRK Group), and StartupLab’s Founder Fund among its investors. Last summer, Spiff announced a partnership with developer startup, Fink , providing a engineering boost to the company. We featured Spiff’s Kristin Juland Møller in our International Women (in Fintech) Day post last spring.

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PayPal Acquires TIO Networks in $230 Million Deal

PayPal Acquires TIO Networks in $230 Million Deal
By David Penn Posted on
Categories: Funding, Fundings, PayPal, TIO Networks

TioNetworks_homepage_February2017

In a cash deal valued at $233 million ($304 million CAD), PayPal Holdings has agreed to acquire Canada’s TIO Networks. PayPal President and CEO Dan Schulman praised the way the company’s combination of digital platform and physical, in person locations made billpay “simpler, faster, and more affordable” – particularly for the underbanked. TIONetworks_HamedShahbaziChairman and CEO of TIO Networks, Hamed Shahbazi (pictured), emphasized this point as well. “We founded TIO to make speed and access part of the bill payment experience for the underserved, and we believe that we have created affordable products to serve the needs of all customers,” Shahbazi said.

TIO Networks will continue to operate as a service within PayPal after the acquisition, which is still pending shareholder approval. The purchase price of the Vancouver, British Columbia-based company, which made its Finovate debut in 2012, represented a premium of more than 25% of its recent share price. PayPal anticipates completing the acquisition in the second half of 2017.

Among the strategic benefits of the acquisition, according to PayPal, is the addition of 14 million consumer bill pay accounts with an estimated 60 million transactions processed as of TIO’s fiscal 2016. In addition, TIO Networks:

  • Processes more than $9 billion in bill payments a year
  • Accepts payments at more than 70,000 locations nationally
  • Provides access to more than 10,000 billers in network
  • Serves a wide variety of verticals including:
    • financial services companies
    • wireless carriers
    • insurance companies
    • app developers
    • national and local retail chains
    • general loan providers

TIO Networks was founded in 1997 and is headquartered in Vancouver, British Columbia, Canada. The company demonstrated TIO MobilePay at FinovateSpring 2012. Five-year revenue growth of 125% helped TIO Networks make Canada’s 2016 PROFIT 500 list last fall, and in May, the company rebranded its consumer-facing acquisition, Chargestmart from 2014, as TIO.com. One of the top two tech companies in the 2016 TSX Venture 50, TIO was named by the Canadian Innovation Exchange as one of Canada’s 20 “hottest most innovative” public tech companies.

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Finovate Alumni News

By David Penn Posted on
Categories: Backbase, Malauzai, Modelshop, PayPal, Personetics, Qumram, Spiff, Standard Chartered Bank, Thomson Reuters, TIO Networks, TransferWise

On Finovate.com

  • Spiff Partners with Nordea Liv to Launch Mobile Savings App.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Qumram’s Regtech Offering Lands $1.49 Million

On FinDEVr.com

Around the web

  • TransferWise announces integration with Facebook Messenger.
  • Valiant Bank to deploy new customer engagement platform from Backbase.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Malauzai reports record growth for 2016.
  • Santander’s VC arm invests undisclosed amount in Personetics.
  • Standard Chartered leveraging WeChat’s online payment gateway to launch e-commerce solution for corporates.

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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Three Credit Unions Sign Up for Bankjoy’s Mobile Banking Technology

Three Credit Unions Sign Up for Bankjoy’s Mobile Banking Technology
By David Penn Posted on
Categories: Bankjoy

Bankjoy_homepage_February2017

So, how many credit union deals did you land this week?

Finovate newcomer Bankjoy announced this week that three credit unions had agreed to deploy its mobile banking technology. The three FIs are CommunityWide FCU ($395 million) of South Bend, Indiana; Advantage Plus FCU ($125 million) of Pocatello, Idaho, and One Detroit CU ($35 million) of Detroit, Michigan. Bankjoy CEO Michael Duncan pledged that the company’s technology would “help them improve their member experience, increase efficiencies, and develop a foundation to more easily integrate future technologies.”

Bankjoy_stage_FF2016

CEO Mike Duncan (pictured left) demonstrating the Bankjoy API at FinovateFall 2016.

Each of the credit unions is seeking something a little different from Bankjoy. CommunityWide, for example, will be using the fintech company’s data marketing technology in addition to its mobile banking, billpay, and other solutions. Advantage Plus is reportedly considering deployment of Alexa-based, Bankjoy Voice, alongside its new home banking and mobile apps. One Detroit CIO John DiGaetano emphasized the ability of Bankjoy’s technology to support further platform enhancements. “It will also help us leverage technology to become a member service leader by providing the same suite of services provided at competing institutions,” DiGaetano said.

Specializing in bringing mobile banking functionality to credit unions, Bankjoy enables credit unions to offer their members a variety of mobile banking services ranging from billpay and check deposit to P2P money transfers. Bankjoy’s technology includes built-in financial goal management tools to help members save and budget better. The white-label solution also gives credit unions the ability to offer targeted loan products and incentives.

Founded in 2015 and headquartered in Troy, Michigan, Bankjoy demonstrated its API at FinovateFall 2016 last September. The company has raised $120,000 in seed funding and is a graduate of the Y Combinator program.

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Finovate Alumni News

By David Penn Posted on
Categories: Bankjoy, Bluefin Payment Systems, InComm, Jemstep, Mitek, Trunomi

On Finovate.com

  • Three Credit Unions Sign Up for Bankjoy’s Mobile Banking Technology.

Around the web

  • Bluefin Payment Systems powers payment processing solution for ticketing and ecommerce platform, AudienceView.
  • Almaviva develops new Consent and Data Rights Management solution courtesy of partnership with Trunomi.
  • Mitek to provide AML and KYC compliance technology for European blockchain firm, Nocks.
  • InComm Canada was named the North West Company’s General Merchandise Vendor of the Year for 2016.
  • Jemstep Partners with SSG to offer Advisor Pro Platform to over 1,500 RIA Client Firms.

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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