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With FinovateFall in the books, and FinovateEurope right around the corner, our Streamly Video Series is a great way to keep the conversation going between conferences!
This week, we feature three interviews from some of FinovateFall’s keynote speakers: Jacqueline Baker, Principal Consultant and Founder of Scarlet; and authors Tomas Chamorro-Premuzic; and Tommaso Di Bartolo, experts on AI and the multiverse, respectively.
Digital commerce platform FreedomPay announced a new strategic partnership with micro-donation charity Pennies this week. Via the partnership, FreedomPay will integrate Pennies into its technology stack in what FreedomPay SVP of Global Product Delivery Tony Hammond called “a significant milestone in the fusion of commerce and philanthropy, empowering businesses to create a meaningful impact while ensuring a smooth payment experience for their customers.”
FreedomPay offers a Next Level Commerce platform that gives merchants a cloud-based solution for fast, secure payments. FreedomPay helps ensure that merchants have access to the most modern payment types and technologies. The company also supports alternative payment methods such as mobile wallets. FreedomPay manages billions of payment transactions a year; has more than 1,000 POS, PMS, kiosk, web, and mobile integrations; and serves customers in more than 75 countries around the world.
Launched in 2010 and headquartered in London, Pennies has partnered with more than 120 brands and facilitated nearly 200 million micro-donations. The company’s technology enables consumers who are paying by card or digital wallet to add a small donation to their purchase when transacting with participating brands. All of the funds raised by Pennies go to charity, whether or not the transaction takes place in-store, online, or in-app. The company has helped raise millions of pounds to fund charities in the U.K., the Republic of Ireland, and elsewhere. This week’s announcement means that FreedomPay merchants will be able to enable the Pennies micro-donation option as part of their transaction process.
“FreedomPay’s values align with Pennies own commitment to making giving simple, every day, ensuring customers have affordable ways to donate and enabling brands to generate real social impact,” Pennies CEO Alison Hutchinson said.
Headquartered in Pennsylvania, FreedomPay was founded in 2000. The company has raised more than $23 million in funding, and includes Goldman Sachs, Core Capital Partners, and TPG among its investors. Last month, FreedomPay renewed and expanded its strategic partnership with Lloyds Bank. In September, the company announced the integration of Amazon’s ID service into FreedomPay’s platform.
“With FreedomPay’s commerce tech, consumers and merchants gain access to world-class technology, including our seamless tokenization capacity,” FreedomPay President Chris Kronenthal said when the Amazon integration was announced. “This feature enhances data security while delivering the seamless, personalized experiences consumers love.”
Digital conversations platform for community financial institutions (CFIs) Eltropy announced an integration with Fiserv’s full-service account processing platform Portico today. The integration will enable credit unions using Portico to leverage a variety of Eltropy communications solutions. These include advanced Text, Video, Secure Chat, co-browsing, screen sharing, and chatbots. And all of this functionality is contained within a single platform.
“This partnership with Fiserv allows us to boost efficiency and improve communications capabilities and security – including two-factor authentication – for even more community financial institutions,” Eltropy VP of Strategic Partnerships Jason Smith said. “This integration has the potential to elevate member engagement across all channels, equipping credit unions with the tools they need to thrive in today’s competitive landscape.”
Eltropy’s technology empowers credit unions to sync contacts, send promotional texts, and offer personalized, one-on-one conversations with members. The Portico integration will support communications between departments, facilitating secure and efficient interactions between lending, collections, sales, marketing and other internal sources.
The ability to sync contacts was a particular highlight of the integration. Eltropy’s sync-up feature enables credit unions to integrate member data with Eltropy’s Digital Conversations Platform. Unveiled last month, the Digital Conversations Platform unifies Eltropy’s Video Banking, Enterprise Texting, and Digital Contact Center solutions, and adds AI capabilities, as well. This integration will give credit unions comprehensive member insights that can drive member segmentation and make more personalized products and services possible.
“Integrating Eltropy’s innovative messaging capabilities into our Portico core banking platform allows credit unions to streamline communication and enhance member engagement,” Fiserv VP of Product Management & Strategy for Credit Union Solutions Vanessa Stock said. “Messages can now be sent directly from the application, cutting call center wait times and building stronger member relationships.”
A Finovate alum since 2017, Eltropy made its most recent Finovate appearance last September at FinovateFall. At the event, the company demoed Eltropy One, the firm’s all-in-one omni-channel solution that enables FIs to manage both inbound and outbound communications from a universal console. Eltropy has forged a number of new credit union partnerships this year, including alliances with InRoads Credit Union and Cyprus Credit Union. The company has also partnered with a number of fintechs, including fellow Finovate alums Akuvo, Q2, and Alkami.
Real-time data platform Hazelcast has appointed a new Chief Technology Officer. Adrian Soars, a professional with more than 25 years of experience in financial services, will bring to the company his expertise in artificial intelligence (AI) and the implementation of high-performance data platforms.
“Adrian’s passion for solving complex problems and his experience designing real-time architectures for some of the world’s largest tech programs is a wealth of information we cannot wait to share with our customers,” Hazelcast CEO Kelly Herrell said.
Soars comes to Hazelcast after serving as Chief Technology Officer of AI company Napier. Previously, Soars held senior leadership positions at major investment banks and financial services companies. These firms include TD Securities, Standard Chartered Bank, and Deutsche Bank, among others. At Hazelcast, Soars will lead research and development (R&D) efforts to ensure the company’s continued strong technical leadership, as well as its ability to deliver competitive advantage to the firm’s customers. Soars will also lead enhancement initiatives on the Hazelcast’s platform. One major goal will be to lower the total cost of ownership of building, deploying, and maintaining real-time apps.
“The Hazelcast Platform is seriously impressive software and delivers true, real-time capabilities for enterprises,” Soars said. “And, when you factor in the platform’s unified architecture, it will make life easier for application development teams by mitigating the headaches all too common with a do-it-yourself approach,”
Hazelcast made its Finovate debut last year at FinovateEurope 2022. At the event, the company showed how its real-time data platform enables businesses to leverage a resilient and elastic memory resource for both data at rest and data in motion. Hazelcast’s technology provides real-time inventory and shipping data, detects fraud, and derives insights that enable innovations in products or services in microseconds – among many other use cases.
Founded in 2012, Hazelcast is headquartered in Palo Alto, California. This fall, the company was recognized in the Gartner Market Guide for Event Stream Processing (ESP) as a unified, real-time data platform. The recognition comes in a new category for Gartner, within the cohort of event stream processing technologies.
Hazelcast has raised more than $63 million in funding. Bain Capital Ventures and Earlybird Venture Capital are among the company’s investors.
Looking to demo your latest fintech innovation before an audience of bankers, investors, and financial services professionals? The application window for demoing companies for FinovateEurope 2024 is now open. Visit our FinovateEurope 2024 hub for more information.
Cloud payments modernization company Volante Technologies has raised $66 million in combined debt and equity financing. The round was led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated in the investment. Today’s funding brings the company’s total outside capital raised to $116 million.
Vijay Oddiraju, Volante Technologies CEO, said that the investment will help “accelerate” the company’s product roadmap. This includes the company’s initiatives in global real-time payments, the UK New Payments Architecture (NPA), as well as domestic and cross-border ISO 20022 modernization. Oddiraju added that the funding will help Volante Technologies bring its Payments-as-a-Service solution to mid-tier banks in the U.S. and Europe. Oddiraju pointed to FedNow Instant Payments, The Clearing House RTP, and SEPA Instant Payments as developments that are driving opportunity in and adoption of “modern payments technology.”
Volante helps financial institutions modernize payments. This enables them to focus on executing their business models, pursue new opportunities, and scale their operations. The company offers real-time/instant payments connectivity, embedded preprocessing that works with existing technology to enhance customer service, as well as U.S. wire payments. Volante’s low-code financial integration platform enables users to leverage visual modeling to integrate with and orchestrate workflows to build a variety of financial, transaction-based services.
Nari Ansari, Managing Director at Sixth Street Growth, praised both the the company’s PaaS and low-code payments platform as offering “a compelling value proposition.” Ansari added that it was a good time for Volante to look to scale its operations in order to take advantage of FIs that are “increasingly prioritizing both investment in payments modernization and partnerships with fintech companies.”
Founded in 2001, Volante Technologies is headquartered in Jersey City, New Jersey. The company’s Payments-as-a-Service and low-code platform process millions of transactions and trillions in value every day. Four of the top five global corporate banks and two of the world’s largest card networks rely on Volante Technologies’ payments solutions.
Last month, the company was named to The IDC FinTech Rankings Top 100 for 2023. This marked the third year Volante had earned a spot in the IDC’s Fintech Top 100. In September, the company introduced new Chief Operating Officer David Weber.
Is cash flow data the missing piece of the puzzle when it comes to completing the picture of a person’s creditworthiness? A new initiative from open banking innovator Plaid suggests that the answer is “yes.”
“Lenders and consumers alike know that traditional credit scores don’t tell the full story of someone’s financial life,” Plaid Head of Credit Mike Saunders noted at the Plaid blog on Monday. “Information on savings, income, or on-time rent payments is often left out of the picture, even though this data is critical to understanding someone’s ability to pay back a loan.”
The new entity, announced by Plaid today, will create solutions for customers who want to leverage consumer-permissioned cash flow data to access ready-made credit risk insights. It will serve as a consumer reporting agency, according to Saunders, that will help Plaid’s customers make smarter decisions on risk throughout the lending process.
Plaid is joining a growing cohort of fintechs that have determined that while there remains a place for traditional credit scores, there is much that these scores leave out. This undermines the ability of lenders to serve otherwise qualified borrowers. It also creates hurdles for potential customers – from the “thin-file” recently-arrived immigrant professional to the young adult struggling to rebuild their credit. “Putting cash flow insights to work unlocks opportunities for lenders to grow their business while managing risk,” Saunders wrote. “This fosters inclusion, expands credit access, and serves a broader set of consumer needs.”
The new initiative is still being fleshed out. But Plaid is confident that it can make a significant difference with cash flow data in two specific ways: availability and usability. With regard to making consumer-permissioned cash flow data available, Saunders pointed to Plaid’s existing relationships with lenders and property management companies like Mission Lane and Funnel, respectively. These firms have leveraged Plaid’s technology to source clean income and assets data on prospective borrowers.
Usability, the ability of businesses to integrate data into their decision models, is the second component. And this is where the new entity in particular comes in, building solutions that enable lenders to leverage cash flow data for credit risk insights. “Many lenders simply don’t have the time, money, or technical resources to develop insights on top of this detailed, transaction-level data by themselves,” Saunders wrote.
The company admits that it is still “in the early innings” of what Saunders called “the future of cash flow underwriting.” To this end, Plaid presently is offering its new cash flow insights as part of a limited release via the consumer reporting company.
News of Plaid’s new entity comes just days after the company reported that it was working with European payments company Adyen. The partnership will enable Adyen to introduce its pay-by-bank offering in North America by early next year. Last month, Plaid announced partnerships with cryptocurrency infrastructure platform Zero Hash and fraud and risk intelligence specialist Riskified. Plaid also introduced its first Chief Financial Officer last month: former Expedia CFO and Chief Strategy Officer Eric Hart.
Tabby, a Buy Now, Pay Later platform based in Riyadh, Saudi Arabia, has secured $200 million in Series D funding. The round was led by Wellington Management. The investment gives the company a valuation of $1.5 billion, making Tabby MENA’s latest fintech unicorn. With participation from Bluepool Capital and existing investors STV, Mubadala Investment Capital, Arbor Ventures, and PayPal Ventures, the investment comes ahead of Tabby’s planned IPO in Saudi Arabia.
“Tabby set out with a purpose to reshape financial services – one that’s fair and responsible – and with this investment we can advance our mission across Saudi Arabia and the UAE,” Tabby CEO and co-founder Hosam Arab said. “We’re very happy to have Wellington Management lead this round given their deep expertise in financial services.”
Buy Now, Pay Later services are an interesting development especially in markets where access to credit and financing products is limited. Tabby reports 10 million users and more than 30,000 brands on its platform. These brands include to of the largest retail groups in the MENA region. Managing more than $6 billion in annualized transaction volume, Tabby notes growth in its presence in physical stores, now representing more than 20% of the company’s total volume.
Meanwhile, some 600 kilometers to the east, Qatar-based CQUR Bank has forged a partnership with digital banking solutions provider Finastra. CQUR Bank will implement a pair of Finastra’s solutions – Trade Innovation and Corporate Channels – to power its new online banking portal.
Trade Innovation is an end-to-end solution for frictionless trade and supply chain financing. Corporate Channels is a digital banking platform that gives CQUR Bank a single portal to unify a variety of services for corporate clients. These services include trade, cash, supply chain finance, lending, and treasury operations.
“Corporate customers are increasingly demanding faster, digital, and connected services from their bank that truly elevate how they manage their finances and pursue new avenues for growth,” Finastra Managing Director, MENAT Lending, Kamal El Khoury explained. “By delivering new services and improving the end-to-end customer experience, the bank can future-proof its business while continuing to enhance economic growth through trade and sustainable development.”
Formed out of a merger between Misys and D+H in 2017, Finastra is headquartered in the U.K. The company has more than 8,000 financial institutions, including 45 of the world’s top 50 banks, using its software solutions and services. Simon Paris is CEO.
This week, Kuwait Finance House (KFH) launched the first shari’a-compliant digital bank in the country. Named Tam Digital Bank, the new institution was hailed as a major milestone in KFY’s digital banking transformation efforts.
“With its modern, youthful design, user-friendly and efficient usage, along with innovative banking services backed with advanced technology, we are confident that Tam will fulfull customers’ desires and exceed their expectations,” KFH Acting Group CEO Abdulwahab lesa Al Rushood said. “At KFH, we take account of factors such as convenience, speed, quality, safety, and innovation in line with our motto ‘Easy Banking Experience’.”
In order to open a Tam account, customers must be at least 15 years old. They must also have a civil ID, and a smartphone to download the Tam app. There are no documents to present and no bank branch to visit in order to get started.
KFH Kuwait CEO Khaled Yousef AlShamlan underscored the importance of appealing to younger customers. “Through Tam, youth will receive many benefits, including opening an account, transferring student allowance(s), tracking expenses, transferring funds, in addition to rewards program, points, offers, and exceptional discounts that meet all their needs, as well as 24/7 customer service,” AlShamlan said.
A pioneer in Islamic Finance and Shari’a Compliant Banking, Kuwait Finance House was founded in 1977 as the country’s first Islamic bank. KFH sits at the center of the KFH Group banking network. This network includes 430 branches, more than 790 ATMs, and 8,600 employees. KFH’s Shari’a compliant products and services cover real estate, trade finance, and investments, as well as commercial, retail, and corporate banking. In addition to Kuwait, KFH operates in Bahrain, Saudi Arabia, the UAE, Turkey, Malaysia, and Australia.
Here is our look at fintech innovation around the world.
With more than 100 new loans in Q2 and over a billion dollars in new loan commitments, Silicon Valley Bank (SVB) is “doing the same thing we’ve been doing for over 40 years,” according to SVB’s Head of National Fintech and Specialty Finance Nick Christian. Now a division of First Citizens Bank, Silicon Valley Bank has been a key component of the innovation economy since 1983, providing critical financial services to Bay Area technology entrepreneurs and their companies.
Nick sat down with Finovate Vice President and host of the Finovate Podcast Greg Palmer earlier this month in the wake of SVB’s recently released Future of Fintech report. The report looks at the outlook for innovation in the fintech sector based on SVB’s unique sector knowledge and proprietary data. How are cash reserves holding up for fintechs? Which direction are valuations going? What can we expect from funding growth heading into 2024? Nick and Greg discussed these issues and more including:
Check out the conversation!
BNP Paribas announced last week that it is partnering with risk management solution provider for factoring and asset-based lending Lenvi. The French bank will deploy Lenvi’s Riskfactor as part of a multi-year contract to help the financial institution mitigate risk and improve operational efficiencies.
“Riskfactor allows businesses to harmonize responses and operations across jurisdictions, resulting in significant improvement in overall operations efficiency,” Lenvi CEO Richard Carter said. “We look forward to working together with BNP Paribas to support them in optimizing their risk management capabilities, while preventing fraud and improving overall efficiency. BNP Paribas’ commitment to risk management ensures a future-proof business.”
Riskfactor’s risk metrics analyze portfolios to identify unusual behavior, enabling users to investigate and take action on the highest risk accounts. Riskfactor automates risk processes and workflows, assigns follow up tasks for further investigation, and provides schedules to facilitate managing audits, debt verification, client and debtor reviews, and more. The platform oversees $63.4 billion (€60 billion) in lending and monitors more than 60,000 accounts worldwide. With deployments in 17 territories around the world, Lenvi notes that 90% of the receivables market in the U.K. use Riskfactor. BNP Paribas stated that it will deploy the complete Riskfactor product portfolio in eight countries in Europe.
“We are confident that Riskfactor will deliver on its promise and we are happy to have Lenvi’s support in implementing the solution,” BNP Paribas Global Head of Factoring Lionel Joubaud said.
BNP Paribas was founded in 2000 as the product of a merger between Banque Nationale de Paris (BNP) and Paribas. The ninth-largest banking group in the world by assets, BNP Paribas is the largest banking group in Europe. As of 2022, BNP Paribas had total assets of $2.8 trillion (€2.67 trillion).
Headquartered in Leeds, U.K. and founded in 1988, Lenvi demonstrated its technology at FinovateEurope earlier this year. Last month, the company announced partnerships with financial data provider Validis and secured finance technology company Lendscape.
Last week, Elon Musk informed his employees that he wanted X, the social media platform formerly known as Twitter, to become the next big thing in consumer finance starting next year. And while this seems like an audacious plan for the man behind Tesla and SpaceX, Musk is a member of the PayPal mafia, after all. Could he know something about turning X into a financial services superapp that the rest of us don’t?
Let’s take a look at a few reasons why Elon Musk might be crazy as a fox when it comes to turning X into a fintech superapp – and a reason or two why he might not stand a chance.
Whether you see payments as the “gift that keeps giving” in fintech or merely the lowest hanging fruit for a platform looking to expand into financial services, the idea of adding payments to X as an initial step in the direction of becoming a financial superapp makes sense.
Moreover, Musk sees payments as not just an initial step, but a key one in terms of not just the success of X but the end of the bank account as we know it.
“When I say payments, I actually mean someone’s entire financial life,” Musk said in an all-hands staff meeting last month. “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
As such X has already secured money or currency transmitter licenses in seven U.S. states: Arizona, Maryland, Georgia, Michigan, Missouri, New Hampshire, and Rhode Island. These licenses enable X to offer a range of payment services, including crypto payment services. Observers have suggested this means Musk is initially planning on offering a Venmo or PayPal like payment processing service nationwide.
Although often forgotten amid his achievements with satellites, rockets, and automobiles, Elon Musk is a member of the group that paved the way for PayPal. Known colloquially as the “PayPal Mafia”, the group of 20+ technologists includes a number of entrepreneurs who, like Musk, have gone on to do more great things in the world of technology. These include the founding of companies such as YouTube and LinkedIn.
Musk’s specific contribution to the group was his founding of online financial services and e-mail payment company X.com in 1999. Among the first online banks to be federally insured, X.com merged with online bank Confinity in 2000, which had launched its money transfer service PayPal the year before. Interestingly, it was Musk who has been credited for moving the combined entity away from internet banking and toward a focus on payments. Nevertheless, within a month Musk was replaced as X.com CEO by Peter Thiel. The company took on the name PayPal in 2001 and in the following year generated more than $61 million in its IPO.
The rise of embedded finance has made it possible for virtually any platform that wants to offer financial services to do so. Writing in The Financial Brand, Jim Marous underscored embedded finance as an “existential threat” to banks that could “divert 50% of banking revenue to other providers.” He noted a projection from consulting firm Publicis Sapient that suggested that revenue from embedded finance will reach $160 billion by 2025.
And while early adopters of embedded finance were fintechs and other financial-adjacent companies, the ability to embed basic, widely used financial services into a wider and wider range of consumer experiences has proved irresistible. From ridesharing and retail to hospitality and social media, the opportunity to boost customer engagement and create new revenue streams via embedded finance is clear. And between Musk’s payments pedigree and his desire to monetize X, the rise of embedded finance could not come at a better time.
Increasingly, the question for platforms will not be “can I do payments with you?” Instead, it will be “why would I want to do payments with you?” In this, a popular social media platform will have some advantages that other platforms will not.
Whether or not you are a fan of Elon Musk’s X-ification of Twitter, it is hard to see X as a finished product. Some of the platform’s earliest adopters have left or are considering leaving. This is often due to combination of technical issues, changes in functionality, or an environment that critics have described as “a cesspool.”
How fixable are these problems? Much of X’s technical woes have been attributed to staffing issues – Musk claimed this spring to have cut the company’s staff by 80% – and Musk’s own mercurial management style. And many of the changes in functionality – such as making popular features like Tweetdeck a premium service – are essentially just attempts to monetize a platform that has been undermonetized for years in the eyes of many. As for the debate over how much X differs from Twitter in terms of tone and civility, social media platforms inevitably track the tone and civility of the societies that support them. If X in 2023 is a less happy place than Twitter was in 2013, there’s probably a good reason for that. And it isn’t Elon Musk.
That said, the idea that X could grow from a social media platform with a growing list of unfixed flaws into a trusted and widely used financial superapp does seem to skip a step.
As the launcher of rockets and the developer of tomorrow’s cars, Elon Musk has earned widespread praise and acclaim. But his tenure at the top of X has been rocky – both in terms of technical issues with the platform as well as the alleged proliferation of unsavory actors. Kara Swisher, a technology journalist and writer who has known Musk for years, astutely pointed out in a recent interview that Musk was surprised that he was not able to immediately parlay his success in the world of technology into the world of media. As such, it is an open question as to whether or not people who trust Musk enough to drive his cars, also trust him enough to safely move their money.
Washington, D.C.-based cybersecurity company Adlumin closed a $70 million Series B funding round last week. The company, which made its Finovate debut four years ago at FinovateFall, offers a Managed Detection and Response (MDR) platform that provides continuous threat detection and response. Adlumin’s technology also provides cybersecurity teams with the tools they need for threat hunting, incident response, vulnerability management, darknet exposure monitoring, and compliance support.
The investment was led by SYN Ventures. First In Ventures, Washington Harbour Partners, and BankTech Ventures also participated. The investment boosts Adlumin’s total equity funding raised since inception to $83 million.
Adlumin will use the capital to accelerate growth. The funding will also help the company meet the demand of the 200,000 middle market businesses in the U.S. for enterprise-grade cybersecurity technology. Adlumin enables businesses to leverage one license and one platform that serve as a command center for security operations. The platform enhances collaboration with service providers with pre-integrated solutions that augment the platform’s capabilities and enhance existing systems and processes.
Adlumin founder and CEO Robert Johnston underscored the importance of helping small and middle market organizations not just access the necessary technology, but also the necessary talent. “With a significant cybersecurity skills gap, hiring the right people is an expensive, challenging and sometimes impossible task for small and mid-sized organizations who are competing with big government and businesses for talent,” Johnston explained. “This is why empowering service providers – whose expertise can be multiplied across several organizations – will be essential to securing mid-market organizations, and why we built a platform that does exactly that.”
Adlumin’s platform also ensures visibility into the organization’s security posture. This transparency is complete and available in real-time. Adlumin’s customers can see why an alert was issued and how it was resolved; access investigation data, reporting, and threat intelligence on-demand; and more – whether they are running the platform themselves or having a third-party run it for them.
The company’s investment announcement after the launch of a pair of new security solutions for middle-market organizations. These new offerings were a subscription-based incident response service and no-cost warranty and discounted cyberinsurance policies. Earlier this month, Adlumin announced a partnership and integration with cloud native security pioneer Aqua Security. Over the summer, Adlumin announced a partnership with IT services provider MNJ Technologies.
AlphaPoint, a digital asset infrastructure platform, has turned to blockchain protection firm Coincover to provide its customers with enhanced security. Courtesy of the partnership, AlphaPoint customers will be able to access Coincover’s Asset Protection solution which helps mitigate a variety of security threats including hacking, human error, and scams.
Coincover secures its clients against hacking and theft by proactively screening and protecting transactions. The company’s crypto threat intelligence and machine learning models continuously monitor activity across millions of digital wallets and transactions, flagging potentially malicious behavior. Coincover’s technology delivers proactive alerts that enable users to take action when abnormal patterns are spotted. The company has more than 300 partners worldwide, protects five million crypto wallets, and has checked $30 billion in transactions. David Janczewski is co-founder and CEO.
“By collaborating with Coincover, a top innovator in asset protection, we’re providing our customers with leading-edge insurance to safeguard their assets,” AlphaPoint CEO and co-founder Igor Telyatnikov said. “This partnership demonstrates our commitment to delivering complete peace of mind through institutional-grade security and infrastructure.”
AlphaPoint made its Finovate debut at FinovateEurope in 2015. The company returned to the Finovate stage two years later for FinovateFall in New York. In the years since then, AlphaPoint has grown into leading digital asset infrastructure company with more than 150 customers in 35 countries. The company’s platform supports more than 10 million registered accounts, more than one trillion in trading volume, and billions in assets. AlphaPoint counts CME Group and XP Securites among its clients. El Salvador chose AlphaPoint to operate its Chivo Bitcoin wallet in 2022 as part of the country’s experiment in mass bitcoin adoption.
Earlier this month, AlphaPoint launched AlphaPoint Labs. The new entity provides advisory, development, and implementation services for FIs, exchanges, and businesses seeking to integrate digital assets and blockchain technology. This spring, the company forged a new partnership with cryptoasset risk management company Elliptic. Over the summer, AlphaPoint teamed up with verification platform Sumsub.
AlphaPoint is headquartered in New York. The company has raised more than $23 million in funding.