Temenos Unveils Generative AI Solution to Help Banks Boost Personalization

Temenos Unveils Generative AI Solution to Help Banks Boost Personalization
  • Temenos unveiled a new solution, based on Generative AI, that automatically classifies customers’ banking transactions.
  • The new offering will help banks offer more personalized insights and recommendations to their customers.
  • Temenos’ Generative AI solution is part of the company’s strategic AI roadmap. Other use cases for the technology include chatbots and guiding customer journeys.

How will financial services companies take advantage of Generative AI? One way, courtesy of a new solution from Temenos, will be to leverage the technology to automatically classify customers’ banking transactions. This functionality will make it easier for banks to offer personalized insights and recommendations to their customers.

While traditional AI and machine learning technologies have been deployed by financial services firms in a variety of contexts, generative AI and Large Language Models (LLMs) offer these companies the ability to enhance both operations and customer experiences even further. This is due to the fact that Generative AI and LLMs outperform traditional AI and machine learning approaches when it comes to understanding language, images, sound, video, and code – and then leveraging these inputs into a variety of solutions for customers.

Temenos’s new Generative AI-based offering enables banks to automatically classify and label customer transactions. The technology has a high degree of accuracy and operates in multiple languages. The automatic customer transaction capability has a number of use cases including cashflow prediction, customer attrition analysis, next best product, and more.

“We have continually invested in embedding Explainable AI and ML capabilities into our banking platform and making available all products through an easy-to-use interface or APIs,” Temenos President of Product and COO Prema Varadhan said. Varadhan referred to the new offering as part of the company’s strategic AI roadmap and underscored the value of transparency and explainability when it comes to deploying AI.

Temenos has deployed explainable AI in a wide variety of use cases ranging from wealth management, AML, credit scoring, smart money management, collection optimization, and more. However, transaction classification is the first instance of leveraging Generative AI in a Temenos product. The company said in a statement that it plans to extend the technology to chatbots and customer interfaces, as well as in guiding customer journeys and responding to customer queries.

A Finovate alum since 2013, Temenos was founded in 1993 and is headquartered in Geneva, Switzerland. The company serves 3,000 customers and its open platform enables more than 1.2 billion individuals to conduct their daily banking activities. Two-thirds of the top 1,000 banks in the world and more than 70 challenger banks in 150+ countries use Temenos’ technology. Max Chuard is CEO.


Photo by Tara Winstead

Baker Hill Teams up with Oakworth Capital Bank to Enhance Loan Origination and Portfolio Monitoring

Baker Hill Teams up with Oakworth Capital Bank to Enhance Loan Origination and Portfolio Monitoring
  • Loan origination, risk management, and analytics company Baker Hill forged a new partnership with Oakworth Capital Bank.
  • The bank will leverage Baker Hill NextGen to enhance its loan origination and portfolio monitoring for commercial and private client lending.
  • Baker Hill most recently demoed its technology on the Finovate stage at FinovateFall in 2021.

Carmel, Indiana-based Baker Hill announced a new partnership with Oakworth Capital Bank this week. The partnership is the first new alliance from the mortgagetech since private equity firm Flexpoint Ford acquired the company in June. Oakworth Capital Bank will deploy Baker Hill NextGen, a unified solution for loan origination and portfolio monitoring for both commercial and private client lending.

“Our bank’s mission is focused on delivering a personalized experience for our clients, which often means challenging the status quo and reimagining how financial services are delivered,” Oakworth Capital Bank chairman and CEO Scott B. Reed said. “The team is always looking for new, better ways to help our clients achieve their financial aspirations and Baker Hill NextGen will help us continue to do that.”

The new technology will enable Oakworth Capital Bank to enhance its commercial relationships, as well as automate the entire consumer loan origination process. The bank will also leverage Baker Hill NextGen Client Portal. This solution enables clients to submit loan documents online. Applicants also can track the status of their loan all the way to closing, bringing more transparency to the origination process. Additionally, the bank will integrate TruStage (formerly Compliance Solutions) with Baker Hill NextGen in order to automate loan document preparation and ensure compliance.

“With Baker Hill NextGen, Oakworth Capital Bank can optimize their entire loan origination process and continue surpassing their clients’ expectations with a world-class borrowing experience,” Baker Hill chairman and CEO John Deignan said.

Founded in 1983, Baker Hill most recently demonstrated its technology on the Finovate stage at FinovateFall in 2021. In the time since, the company has forged partnerships with a sizable number of banks and fintechs. These alliances include partnerships with financial institutions like Arvest Bank, Salem Five Bank, and TowneBank. Also among the company’s recent partners are tax workflow automation software company FlashSpread, and regional financial services company BOK Financial.


Photo by Scott Webb

Embedded Finance Platform FutureBank Teams Up with Digital ID Verification Firm IDVerse

Embedded Finance Platform FutureBank Teams Up with Digital ID Verification Firm IDVerse

Digital ID verification company IDVerse will help embedded finance platform FutureBank enhance its onboarding processes with fast and secure digital identity verification (IDV). The new partnership will let FutureBank customers to use IDVerse software and also allow IDVerse customers looking for a middleware platform to connect their API credentials take advantage of FutureBank’s technology.

An integration platform for core banking providers that features embedded financial services, FutureBank operates as a middle layer between banks and third-party providers. As such, the company helps banks and fintechs launch new solutions faster, more efficiently, and more securely. IDVerse brings not only its Identity Service Provider status to FutureBank – status that comes with 20 certifications from the U.K.’s Digital Identity & Attributes Trust Framework (DIATF). The identity verification specialist also offers technology to help businesses combat the problem of deepfake accounts, a problem made all the more challenging by the way fraudsters are exploiting tools like generativeAI.

“Generative AI is breeding many different fraud types,” FutureBank CEO Sergio Barbosa said. “With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost.” Barbosa called cybercrime “the third biggest economy in the world.”

Adding to Barbosa’s sentiments, IDVerse General Manager EMEA Russ Cohn underscored the challenge of deepfakes. Cohn agreed that “synthetic media is becoming the new tool of choice for fraudsters looking to make money” and added: “Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create.” Cohn explained that IDVerse’s technology can detect subtle shifts and patterns in a person’s face that the unaided human eye cannot see, such as the way a person’s heartbeat slightly changes the color of their skin. These “natural yet invisible patterns,” Cohn said, enable IDVerse’s technology to distinguish real human images from deepfakes.

IDVerse’s platform also features Zero Bias AI-tested technology that leverages generative AI to train deep neutral networks to resist race, age, and gender-based discrimination.

Introducing itself to Finovate audiences in 2016 as OCR Labs Global, the company rebranded as IDVerse earlier this year. Founded in Australia in 2018, IDVerse is headquartered in London, and maintains offices in North America, Asia, and Europe. The company provides identity verification services in more than 220 countries and territories.

IDVerse has raised $45 million in funding from investors including Equable Capital and OYAK. This year, the company has forged partnerships with fellow Finovate alum Experian, bank verified digital identity service provider OneID, and cryptocurrency platform Coinmetro. John Myers is CEO.


Photo by Mike Bird

Finovate Global: Showcasing International Alums at FinovateFall

Finovate Global: Showcasing International Alums at FinovateFall

FinovateFall is right around the corner (September 11 through September 13). If you still haven’t registered for our annual autumn fintech conference in New York this month, there’s no better time than the present. Visit our FinovateFall 2023 hub today and save your spot.

This week’s edition of Finovate Global highlights companies headquartered outside of the U.S. that will be demoing their latest innovations on the Finovate stage in just a few days. Get to know them here, then join them in New York live and in person for FinovateFall!


Connect Earth

Founded in 2021 and headquartered in the United Kingdom, Connect Earth enables financial institutions to offer their retail and SME customers insights into the environmental impact of their spending. LinkedIn.


Engage People

Headquartered in Toronto, Ontario, Canada, Engage People is a loyalty network that enables program members to pay with points directly at checkout. The company was founded in 2015. LinkedIn. X (Twitter).


eSelf

eSelf is building the next generation of client-financial institution interaction, enabling human-like conversations and efficient personalization. Founded in 2022, eSelf is headquartered in Israel.


FinTech Insights

Fintech Insights offers a comprehensive digital banking research platform. The company’s technology helps FIs build strategies and launch new features faster. Headquartered in London, the company was founded in 2010. LinkedIn. X (Twitter).


Flybits

Founded in 2013, Flybits enables FIs to deliver personalized digital banking experiences across mobile, web, and the Metaverse. The company is headquartered in Toronto, Ontario, Canada. LinkedIn. X (Twitter).


Fundica

Headquartered in Montreal, Quebec, Canada, Fundica is a government funding platform used by some of the largest FIs in North America to acquire and retain clients at scale. Fundica was founded in 2017. LinkedIn. X (Twitter).


Jaid

Jaid is an AI-powered platform build to enable the intelligent automation of business communications. Founded in 2018, Jaid is based in London, U.K. LinkedIn. X (Twitter).


LemonadeLXP

Headquartered in Ottawa, Ontario, Canada, LemonadeLXP is a digital growth platform that helps FIs and fintechs create effective training and support tools to maximize their investment in their technology. The company was founded in 2019. LinkedIn. X (Twitter).


MacroMicro

Founded in 2016 and headquartered in Taipei, Taiwan, MacroMicro empowers over three million investors worldwide to make personalized investment decisions through dynamic and insightful charts. X (Twitter).


NayaOne

NayaOne gives banks a single point of access to hundreds of fintechs, digital sandboxes, fintech-as-a-service offerings, and datasets. Headquartered in London, U.K., NayaOne was founded in 2019. LinkedIn.


SESAMm

Headquartered in Metz, France, and founded in 2014, SESAMm is an AI insight and ESG risk detection specialist serving the financial services industry. LinkedIn. X (Twitter).


Zero Bank Design Factory

Zero Bank Design Factory is developing and operating a banking system for Japan’s first digital bank, Minna Bank. Founded in 2019, the company is headquartered in Fukuoka, Japan. X (Twitter).


Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Credit-Assessment-as-a-Service Innovator Uplinq Forges Collaboration with Visa

Credit-Assessment-as-a-Service Innovator Uplinq Forges Collaboration with Visa
  • Credit assessment platform Uplinq Financial Technologies announced a collaboration with Visa.
  • Visa has agreed to introduce Uplinq to key financial institutions to help them mitigate risk and expand access to credit for SMEs.
  • Uplinq made its Finovate debut last year at FinovateFall in New York.

Credit assessment platform for SME lenders, Uplinq Financial Technologies, has announced a collaboration with Visa. Via the partnership, Visa will introduce Uplinq’s API-based technology to key financial institutions to help them mitigate risk and expand access to credit to small businesses in the U.S. and Canada.

“This engagement is a testament to the promise of our technology in bridging the vast and persistent gaps that small businesses still grapple with when trying to access fair credit, especially as related to minority and all protected class segments,” Uplinq founder and CEO Ron Benegbi said. Visa Commercial Solutions Head of Small Business Matt Baker added that “fast access to working capital” was “especially vital to small businesses” which he referred to as the “backbone” of the world economy.

Uplinq leverages billions of alternative data sets from more than 150 countries, examining a wide range of factors to provide credit assessment and loan adjudication. The company’s platform features more than 10,000 direct connections into SME data sources. Designed to complement a lender’s existing credit assessment process, Uplinq’s technology has supported more than $1.4 trillion in underwritten loans globally.

Founded in 2020, Uplinq is headquartered in Toronto, Ontario, Canada. The company made its Finovate debut last September at FinovateFall, demoing its Credit-Assessment-as-a-Service solution. At the conference, Benegbi used the example of his immigrant father’s struggle to secure a bank loan to add color to the challenges small businesses face when it comes to financing.

“At Uplinq we don’t lend money to small businesses,” he said. “We work with small business lenders to help them say ‘yes’ a lot more often. In fact, five to fifteen times more often, while significantly increasing net income.”

In the year since its appearance on the Finovate stage, Uplinq has raised $1.25 million in funding in October in a round led by ATX Venture Partners. The company secured another $600,000 in February in the form of a strategic investment from Cambrian Ventures.

This spring, Uplinq announced a partnership with SME Finance Forum to make it easier for SMEs around the world access financing. In June, the company was awarded “Fintech Startup of the Year” in the “Lending” category of the Banking Tech Awards. Uplinq also has bolstered its advisory board ranks over the past year, adding former Scotiabank Chief Risk Officer Daniel Moore and former M&T Bank Chief Data Officer Allison Sagraves.


Photo by SevenStorm JUHASZIMRUS

5 Tales from the Crypto: Grayscale and the SEC, Coinbase and PayPal, Acquisitions and CBDCs

5 Tales from the Crypto: Grayscale and the SEC, Coinbase and PayPal, Acquisitions and CBDCs

Is the tide turning in favor of crypto? Today’s unanimous, three-judge ruling in favor of Grayscale over the SEC is yet another sign that crypto winter could be transitioning into crypto spring.

What happened? As we’ve been reporting in Tales from the Crypto, there has been a growing movement in favor of an exchange-traded fund based on the price of Bitcoin. A number of major financial institutions – including crypto asset manager Grayscale Investments – have applied to the SEC in order to make this happen. To date, firms pursuing ETFs based on Bitcoin futures have fared better than those companies opting to offer ETFs based on the spot price of the cryptocurrency.

One of the ways that the SEC has pushed back against these latter efforts has been to say that, essentially, spot Bitcoin ETFs are not safe. Specifically, the SEC told Grayscale – which was looking to convert its Grayscale Bitcoin Trust into a listed Bitcoin ETF – that the planned product was not “designed to prevent fraudulent and manipulative acts and practices.”

In June, Grayscale sued the SEC. And this week, a three-judge panel of the District of Columbia Court of Appeals overturned the ruling. The court directed the SEC to grant Grayscale’s petition for review and to vacate its order to deny the company’s listing application. The succinct, two-sentence judgment does not determine the ultimate fate of Grayscale’s spot Bitcoin ETF. But the successful appeal is a major boon for the effort to make spot Bitcoin ETFs available to traders and investors.


Crypto continues to have an easier path outside the United States than within it. Today’s news about Grayscale and the SEC comes at the same time that Coinbase announced a new PayPal integration for its users in the U.K. and Germany. The integration will enable Coinbase users in those countries to easily buy and withdraw cryptocurrencies via debit cards and bank accounts linked to PayPal.

“Coinbase’s mission of increasing economic freedom in the world means making it easier and faster for customers to interact and engage with the cryptoeconomy, reducing the frictions of the legacy banking system,” Coinbase VP and Regional MD, EMEA, Daniel Seifert said.

The process is simple for U.K. and Germany-based customers who already have a PayPal account. They can begin making crypto transactions on Coinbase immediately, the company said in a blog post. Customers also do not have to input their bank account or card number directly to Coinbase; users can continue using PayPal to securely manage their financial data. The company said that it plans to extend the functionality to other EU countries in the months to come.

Speaking of Coinbase, the company recently announced an investment in stablecoin company Circle. Circle is the issuer of the USDC stablecoin. The investment announcement was accompanied by a statement that the two companies will shut down the Centre Consortium, a private governance organization for USDC established by Circle in 2018.

“We believe that stablecoins can advance the real-world utility of crypto and help make the global financial system more open and inclusive,” Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong said in a joint statement. “Together, we look forward to unlocking additional value by growing the USDC ecosystem, circulation and global adoption.”


Founded in 2018 to help financial consumers in the U.K. access digital assets, cryptocurrency firm Coinpass has agreed to be acquired by OANDA Global Corporation. OANDA acquired a majority interest in Coinpass last week.

OANDA CEO Gavin Bambury said the acquisition would add to the company’s multi-asset offering and its appeal to a broader range of retail investors. He added: “A crypto native, Coinpass will provide OANDA with the technology backbone and trusted experience in the regulated crypto markets we need in order to offer clients globally a fast and secure route to the digital economy.”

Coinpass offers fast, secure, and compliant trading in more than 50 fiat currencies, stablecoins, and cryptocurrencies. The firm won Best Cryptocurrency Exchange Platform at CityAM’s 2020 CryptoAM Awards. Coinpass launched its crypto trading platform in 2021 – the same year it secured approval from the Financial Conduct Authority – and initiated stablecoin trading in USDC and USDT in 2022.


The march toward CBDC trudges on, steadily if slowly. The latest small step for CBDC-kind came in the form of Mastercard’s decision to partner with Fluency to take advantage of the growing interest in central bank digital currencies.

“We are delighted at Fluency to be part of this exciting and forward-thinking partnership with Mastercard helping CBDC networks seamlessly bridge transactions between different types of CBDC: account and token-based, retail and wholesale, multi-CBDC with tokenized assets and regulated stablecoins,” Fluency CEO Inga Mullins said.

Fluency offers a technology to enable organizations and institutions to deploy, configure, and manage custom CBDC networks. The company has joined CBDC boards around the world in order to assist central banks and governments on CBDC design, implementation strategy, and policy.

“We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy,” Mastercard Head of Digital Assets and Blockchain Raj Dhamodharan said. “As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”


Crypto exchange Bybit introduced a revamped launchpad this week. The enhanced offering, Bybit Launchpad 3.0, gives early investors the opportunity to invest in new and pre-listed tokens directly from the Bybit platform. The technology connects project developers with potential investors, and provides a token launch process that is more streamlined and features greater transparency.

“Bybit Launchpad 3.0 is bringing innovative blockchain projects to the forefront,” Bybit co-founder and CEO Ben Shou said. “We are providing direct access to pre-listing rounds and facilitating the acquisition of new tokens. These tokens then seamlessly transition to trading on Bybit’s trading platform.”

Headquartered in the UAE, Bybit was founded in 2018. With more than 270 assets available via its platform, the company has more than 15 million users around the world.


Photo by EKATERINA BOLOVTSOVA

Aumentum Technologies and InvoiceCloud Partner on New Integrated Tax Solution

Aumentum Technologies and InvoiceCloud Partner on New Integrated Tax Solution
  • Aumentum Technologies and InvoiceCloud have launched a new joint solution that enhances the tax payment experience for tax organizations.
  • The two companies have been collaborating on digital payment solutions since April 2022.
  • Earlier this month, InvoiceCloud announced a partnership with Finovate alum, D3.

A 16-month collaboration between Aumentum Technologies and InvoiceCloud has yielded its latest creation this week. The two companies announced a new integrated solution that enhances the tax payment experience for tax organizations.

“InvoiceCloud’s market-leading solution and seamless integration capabilities made it an easy decision to work together to provide tax organizations with best-in-class, robust payment solutions,” Aumentum Technologies EVP Andrew Wright said. “Together, we remain dedicated to helping our customers save both time and money with our streamlined, joint offering.”

The new joint solution leverages SaaS technology to offer county tax offices the latest functionality in electronic bill presentment and payment processing. The new offering promotes digital payment adoption, discourages taxpayer delinquencies, and lowers customer service calls by an average of 39%. The solution offers a variety modern payment options – including PayPal, Venmo, and Pay by Text – as well as traditional payment methods, and features an intuitive design based on actual customer usage.

“The expansion of InvoiceCloud’s relationship with Aumentum Technologies is a testament to the value our integrated solution is driving, not just to county treasurers and tax collectors, but to taxpayers, as well,” InvoiceCloud VP, Alliances and Business Development, Paul Applegate said.

Founded in 2009, InvoiceCloud specializes in cloud-based electronic bill presentment and payment (EBPP). The company’s technology has delivered a 59% average increase in e-payment adoption, a 104% average increase in paperless enrollment, and a 39% average decrease in billing and payment-related customer service calls. The firm was acquired by EngageSmart in 2018.

Earlier this month, InvoiceCloud announced the launch of a new digital payment experience, in partnership with Finovate alum D3. In May, the company unveiled new enhancements to its Online Bank Direct solution. InvoiceCloud began the year with a collaboration with tax core software provider DEVNET. The company is headquartered in Braintree, Massachusetts.

Aumentum Technologies has been providing property tax valuation and recording solutions software since 1972. Headquartered in Niagara Falls, New York, the company is an independent business unit within Harris Computer Corporation’s Public Sector Group. A subsidiary of Constellation Software, Harris Computer Systems serves more than 125,000 customers in more than 100 countries.


Photo by Nataliya Vaitkevich

Customer Experience Specialist Inbenta Acquires Digital Adoption Platform Horizn

Customer Experience Specialist Inbenta Acquires Digital Adoption Platform Horizn
  • AI-powered customer experience specialist Inbenta has acquired digital adoption platform Horizn.
  • Inbenta will integrate Horizn’s embeddable interactive product demos into its platform.
  • Horizn has won Finovate’s Best of Show award five times, most recently at FinovateFall last September.

AI-powered customer experience platform Inbenta has acquired digital adoption platform Horizn. Terms of the transaction were not disclosed.

Inbenta CEO Melissa Solis referred to the acquisition as part of the company’s commitment to helping businesses lower customer service costs, grow sales, and enhance the customer experience in general. Inbenta’s platform leverages natural language processing, neuro-symbolic AI, and Generative AI across four digital communications modules – Chatbot, Knowledge, Search, and Messenger. These modules enable the platform to deliver comprehensive, configurable solutions for businesses in verticals from financial services and ecommerce to telecom and utilities.

The integration of Horizn’s technology, in particular the company’s embeddable interactive product demos, will enhance Inbenta’s platform in a number of ways. In addition to making employee training more effective and further enhancing the customer experience, the integration will also help reduce agent escalation. Horizn’s technology has reduced agent escalations in favor of self-service in 80% of cases.

“Everyone knows how helpful and time-saving a tutorial can be when presented in an easy to understand, visual format,” Solis said. “At Inbenta, customer experience is at the center of everything we do – it was only natural that product demo capabilities should be included within our customer experience platform.”

Founded in 2012, Horizn has partnered with more than 40 financial institutions around the world. This includes some of the largest banks like Wells Fargo and RBC, as well as regional and community banks. A Finovate alum since 2017, Horizn has won Best of Show on five different occasions. The Toronto, Canada-based company most recently took home top honors with its demo at FinovateFall last September.

“By acquiring Horizn, Inbenta has expanded the number of customer experience touchpoints that it can offer, setting itself apart from the industry’s text-reliant majority,” Horizn co-founder and CEO Janice Diner said. “The entire Horizn team is excited about this next stage of impact and innovation and looks forward to integrating itself into Inbenta’s leading customer experience platform.”

Post-acquisition, Diner will take a new position as Inbenta’s Head of Marketing.


Photo by Scott Webb

FinovateFall Best of Show Winners: Fundraising, Acquisitions, New Partnerships, and More!

FinovateFall Best of Show Winners: Fundraising, Acquisitions, New Partnerships, and More!

The only thing more exciting than being chosen to demo your latest innovation at a Finovate conference is winning the accolades our attendees and taking home a Best of Show award. With FinovateFall right around the corner, we wanted to take a look at the companies that won Best of Show at last year’s event and give you the latest on what they’ve been up to in the year since.

Remember that early bird savings for FinovateFall – September 11 through 13 – end this weekend! Visit our FinovateFall registration hub and save your spot today!


Debbie

  • HQ: Miami, Florida, U.S.
  • Founded: 2021
  • CEO: Frida Leibowitz
Left to right: Frida Leibowitz, CEO | Rachel Lauren, COO

Demoed its technology that leverages behavioral psychology and rewards to help users pay off debt faster. Demo video.

Latest update

  • Secured seed funding from Geek Ventures.

Horizn

  • HQ: Toronto, Ontario, Canada
  • Founded: 2012
  • CEO: Janice Diner
Left to right: Horizn’s Colm Bermingham, Sr. Director Sales | Steve Frook, CRO

Demoed its platform that helps financial institutions maximize their investments in digital technology. Demo video.

Latest update

  • Acquired by conversational AI company Inbenta.

LemonadeLXP

  • HQ: Ottawa, Ontario, Canada
  • Founded: 2021
  • CEO: John Findlay
 Lemonade CEO John Findlay

Demoed its digital growth platform that helps financial institutions and fintechs turn staff into digital customer service experts. Demo video.

Latest update

  • Partnered with Newburyport Bank to facilitate staff and customer transition to digital banking.

Quilo

  • HQ: New York City, New York, U.S.
  • Founded: 2020
  • CEO: Boris Fuzayloff
Left to right: Don Shafer, Co-founder & Chief Evangelist | Boris Fuzayloff, Co-founder & CEO

Demoed its technology that empowers lenders to syndicate individual personal loans at the time of underwriting. Demo video.

Latest update


Stratyfy

  • HQ: New York City, New York, U.S.
  • Founded: 2017
  • CEO: Laura Kornhauser
Left to right: Dmitry Lesnik, Chief Data Scientist | Laura Kornhauser, CEO and Co-Founder

Demoed its technology that helps FIs leverage AI-based decision making to boost access to financial services. Demo video.

Latest update

  • Teamed up with Beneficial State Foundation to help combat racial disparities in lending.

Themis

  • HQ: New York City, New York, U.S.
  • Founded: 2021
  • CEO: Neepa Patel
Themis’ Founder and CEO Neepa Patel

Demoed its collaboration platform to help support and encourage partnerships between banks and fintechs. Demo video.

Latest update

  • Named a finalist in multiple categories including “Startup of the Year” by the U.S. Fintech Awards.

Cybercrime Analytics Platform SpyCloud Raises $110 Million in Series D Funding

Cybercrime Analytics Platform SpyCloud Raises $110 Million in Series D Funding
  • Cybercrime analytics platform SpyCloud raised $110 million in Series D funding last week.
  • The funding will help the company accelerate innovation in key use cases, as well as grow its database of recaptured data.
  • Founded in 2016 and headquartered in Austin, Texas, SpyCloud won Best of Show in its Finovate debut in 2017.

Cybercrime analytics platform company SpyCloud has secured a $110 million growth round commitment of primary and secondary capital. The round, a Series D, was led by Riverwood Capital and featured participation from Silverton Partners. New valuation information was not provided. The investment takes the company’s total equity funding to more than $168 million, according to Crunchbase.

SpyCloud offers technology that enables the discovery and recapture of data from the Dark Web in order to better protect businesses from identity-based cyberattacks. Cybercriminals use these stolen employee credentials and consumer session data to attack businesses, individuals, and networks. SpyCloud’s approach to fighting cybercrime differs from traditional threat intelligence strategies by offering a credential monitoring and alert service that directly and proactively finds and recovers stolen assets from threat actors and other sources.

To date, SpyCloud has recaptured more than 450 billion assets, more than 31 billion passwords, and more than 33 billion email addresses. The company’s most recent platform enhancement, unveiled in January, provides what it calls “Post-Infection Remediation.” This protocol gives companies a framework to reset application credentials and invalidate session cookies in the wake of a cyberattack or breach.

In a statement, SpyCloud listed a number of ways the new capital will help fuel the company’s growth. The funding, for example, will enable SpyCloud to accelerate innovation across a number of use cases, including consumer risk and enterprise protection. The company will also be able to grow its database of recaptured malware assets, further develop its analytic capabilities, and add to its list of integrations. The platform is currently integrated with Active Director, Okta, and Tines.

“For the last seven years, we have proven that reacting quickly to identity and authentication exposures is the crucial factor in stopping the cycle of cybercrime,” SpyCloud CEO and co-founder Ted Ross said. “As authentication methods improve, businesses need to adjust their defenses to keep up with criminals’ new behavior. SpyCloud allows you to do just that – and we will continue to illuminate and resolve the most critical risks facing security teams today, stopping attacks they haven’t been able to see coming.”

SpyCloud won Best of Show in its Finovate debut at FinovateFall in 2017. Headquartered in Austin, Texas, the company was founded in 2016. More than 500 corporations – including half of the Fortune 10 – leverage SpyCloud’s technology to combat ransomware, account takeover, session hijacking, online fraud, and other cybercrimes.


Photo by Aleksandar Pasaric

Finovate Global Hong Kong: A Roadmap to the Future of AI and DLT

Finovate Global Hong Kong: A Roadmap to the Future of AI and DLT

The Hong Kong Monetary Authority (HKMA) unveiled its Fintech Promotion Roadmap today. The goal of the document is to provide a strategic outlook for the coming year to promote fintech adoption and innovation across Hong Kong’s diverse financial services ecosystem.

The top takeaways? The Roadmap highlights three business verticals: wealthtech, insurtech, and greentech – as primary. The planning document also underscores both artificial intelligence (AI) and distributed ledger technology (DLT) as a pair of enabling, if not revolutionary, technologies that will play a major role in future innovation in financial services.

Critically, the Roadmap shows the eagerness of the HKMA to take a proactive, hands-on approach to fintech adoption and innovation in Hong Kong. To this end, the HKMA has announced a range of initiatives it plans to adopt over the next 12 months. These efforts include a fintech knowledge hub; sponsored events, roundtable discussions, and dialogues to foster collaboration; as well as seminars and training sessions to provide cross-sectoral information exchange and the opportunity for continuous learning. The HKMA will also facilitate educational content creation, including use-case videos and research reports, to help broaden understanding of the opportunities of fintech adoption.

HKMA Deputy Chief Executive Arthur Yuen called the Roadmap “a beacon for the entire financial services industry.” He added, “We’re looking beyond banking, casting a wide net to encompass sectors like insurance, wealth management, and capital market activities. Through synergies with our financial regulators and continuous engagement with stakeholders, our vision is a resilient, inclusive fintech ecosystem for Hong Kong.”

Yuen said that the underpinning philosophy of the Roadmap is “collaboration”.

The Hong Kong Monetary Authority is the region’s central banking institution. Founded in 1993, the HKMA is the product of the merger between two agencies – the Office of the Exchange Fund and the Office of the Commissioner of Banking. A key enabler of innovation in fintech and financial services in the region, the HKMA developed and launched a Faster Payments System in 2018 and began offering virtual banking licenses in 2019. Eddie Yue Wai-man was appointed Chief Executive in that year; he is the third CEO in the HKMA’s 30-year history.


In more good news for the region, Hong Kong has a new fintech unicorn. Micro Connect, a fintech that facilitates institutional investments in Chinese micro- and small businesses, raised $458 million in funding earlier this month. The Series C round gives the startup $578 million in total capital raised, and a brand new valuation of $1.7 billion.

Micro Connect’s statement did not list the investors involved in the funding. However, according to Forbes Asia, Baillie Gifford – a Scottish investment company – as well as returning investors Sequoia China, Lenovo Capital, Vectr Fintech, and Dara Holdings, were among those who participated.

Micro Connect will use the capital to enhance the market structure of its Micro Connect Financial Asset Exchange (MCEX) platform. MCEX leverages blockchain technology to enable small businesses to access financing in return for an agreed-upon percentage of the business’s daily revenue over a specified period of time. The scheme helps growing businesses secure the capital they need without having to take on additional debt. MCEX is scheduled to go live in August.

Micro Connect has facilitated investment in more than 2,400 stores and 169 brands across China. Charles Li (Chairman) and Gary Zhang (CEO) founded the company in 2021.


Finovate has brought its international fintech conference to Hong Kong three times: in 2016, 2017, and 2018. Here are some of the local companies that demoed their technology live on stage at FinovateAsia in Hong Kong.

  • AApay Technology
  • Chekk
  • Peakford Electronics
  • Proximiti
  • Velotrade

That said, Finovate has been hosting fintech conferences for audiences in the region since 2012. Here are a few more Hong Kong-based Finovate alums that demoed at our FinovateAsia events in Singapore and online.

  • Advanced Merchant Payments
  • Matchi.Biz
  • Mobexo
  • Modtris

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Sub-Saharan Africa

Central and Eastern Europe


Photo by Nitin Sharma

The Impact of AI in Fintech and Financial Services: Our Experts Weigh In

The Impact of AI in Fintech and Financial Services: Our Experts Weigh In

How will artificial intelligence – AI – drive innovation in fintech and financial services? This year at FinovateSpring we checked in with our experts to find out how AI will impact everything from the financial services workforce to the way customers interact with their bank or credit union.

Featuring insights and observations from:

  • Rocio Wu – Principal, F-Prime Capital
  • Alexander Hagerup – CEO & Co-founder, Vic.ai
  • Lawrence Lin Murata – CEO & Co-founder, Slope
  • Barb Maclean – SVP, Head of Technology Operations and Implementation, Coastal Community Bank
  • Ben Maxim – Chief Digital Strategy & Innovation Officer, MSU Federal Credit Union
  • Sarah Hinkfuss – Partner, Bain Capital Ventures
  • Daniel Latimore – Chief Research Officer, Member of the Leadership Team, Celent
  • Malia Lazu – CEO, The Lazu Group
  • Greg Palmer – Vice President, Finovate
  • Jas Randhawa – Global Head of Financial Crime Compliance, Airwallex


Photo by Google DeepMind