Author: David Penn

Yodlee’s Ynext Unveils New Incubator Class

Yodlee’s Ynext Unveils New Incubator Class
By David Penn Posted on
Categories: DRAFT, Fidor Bank, Hedgeable, Roostify, Yodlee

Ynext_Yodlee_homepage_Nov2015

Ynext, the incubator program from Yodlee, announced its latest class. Featured among the eight startups is FinovateFall 2015 alum Hedgeable, the first private bank for millennials.

General manager of Ynext and chief strategy and development officer for Yodlee, Joe Polverari said his team was “blown away by the quality and diversity” of this year’s cohort, and that being involved with “such an impressive group of entrepreneurs so focused on innovation is what we love.”

Along with Hedgeable, the upcoming class includes:

As participants in the incubator, the startups will get 12 months’ access to Yodlee’s platform, a development team to help with API integration, mentorships from industry professionals, and activities in boot camps in the Silicon Valley area. Directing the class will be former Rutberg & Company vice president, Jeff Cain. Mohr Davidow Ventures, Canvas Venture Fund, Zendesk, RBS, Canaan Partners, Purch, and 1185 Design will provide mentors for the program.

Ynext is no stranger to Finovate alums. A trio of alums—Fidor US, DRAFT and Roostify—graduated from Ynext’s incubator class in May. Since then, Fidor has expanded to the U.K.; DRAFT made the finals of the BBVA Open Talent Competition; and Roostify raised more than $7 million in Series A funding and joined Wells Fargo’s accelerator.

Hedgeable was founded in 2009 and is headquartered in New York. Co-founders Michael Kane and Matthew Kane demoed NEXT, their wealth-management platform, at FinovateFall 2015.

Yodlee was acquired by Envestnet for more than $660 million, less than a year after going public. Based out of Redwood City, California, and founded in 1999, Yodlee is an alum of both Finovate and FinDEVr. Anil Arora is CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Narrative Science Introduces Anti-money Laundering Solution, Quill for AML

Narrative Science Introduces Anti-money Laundering Solution, Quill for AML
By David Penn Posted on
Categories: Narrative Science

NarrativeScience_homepage_Oct2015

In launching Quill for AML today, Narrative Science leveraged its advanced natural language technology to bring new anti-money laundering technologies to the enterprise.

Quill for AML automates regulatory and compliance reporting and documentation typically done by hand. The solution allows businesses to produce SAR (Suspicious Activity Report) narratives and other reports that are consistent and traceable. And the automation speeds up the process, making filing deadlines easier to meet.

NarrativeScience_stage_FF2013b

From left: Tim Bixler, Credit Suisse managing director, global head of HOLT, and Kris Hammond, CTO of Narrative Science, demonstrated Quill Financial at FinovateFall 2013.

Stuart Frankel, CEO of Narrative Science, said Quill for AML helps compliance teams avoid wasting time on false positives and “superfluous and unproductive alerts.”

“Organizations that wish to remain competitive and compliant should look to Quill for AML to augment reporting processes so analysts’ time is freed up to add value in other ways,” Frankel said.

QuillforAML_homepage

Julie Conroy, research director for Aite Group’s retail banking practice, seconded this point and praised Quill for AML’s ability to produce “consistent and accurate” SAR narratives at scale. “Even if they have budget to hire, it’s increasingly difficult to find good AML analysts able to work mounting alerts,” she said.

Quill for AML is the latest deployment of the company’s Quill technology. The company launched its enhanced Quill Engage for Google Analytics solution in September, and unveiled its Quill Portfolio Review technology in June. Founded in 2010 and headquartered in Chicago, Narrative Science demonstrated Quill Financial at FinovateFall 2013 in New York.

Share this:

Send Post Twitter LinkedIn Facebook

Dream Payments Launches EMV MPOS System in Canada

Dream Payments Launches EMV MPOS System in Canada
By David Penn Posted on
Categories: Dream Payments

DreamPayments_homepage_Nov2015

Are you a small business dreaming about an off-the-shelf EMV mobile point-of-sale solution that accepts everything from Interac debit to chip-and-PIN cards to contactless payments?

Well, if you are a Canadian small business, you’re in luck: Dream Payments has teamed up with TELUS to bring EMV-ready mPOS technology to retail merchants in Canada.

Dream Payments CEO Brent Ho-Young noted both cost and quality in talking about his company’s technology compared to the status quo. “For far too long, small businesses in Canada have been forced to choose between insecure magstripe card readers or purchase expensive EMV payment terminals with monthly fees,” Ho-Young said. “That stops today.”

DreamPayments_stage_FS2015

From left: Dream Payments Chief Operating Officer Anant Tailor and VP of Business Development Christian Ali demonstrated Dream mPOS at FinovateSpring 2015 in San Jose, California.

The solution, Dream Mobile Point of Sale (mPOS), consists of an mPOS app for Android and iOS devices, along with a Bluetooth-enabled EMV credit and debit reader powered by the Dream Payments Cloud. The solution allows merchants to accept payments and issue receipts, as well as manage product catalogues and monitor sales in real time. Dream mPOS also comes with an online dashboard where business owners can create reports, study analytics, and more, right from their smartphones.

The card reader is available through TELUS for $100. Interac debit-card transactions have a processing fee of $0.25; Visa and MasterCard credit transactions have a fee of 2.75%.

Founded in June 2014 and headquartered in Toronto, Ontario, Canada, Dream Payments previewed its Dream Mobile Point of Sale (mPOS) solution at its Finovate debut at FinovateSpring 2015. The company has total capital of $6 million courtesy of a fundraising in March.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: CUneXus, Digital Insight, Dream Payments, Fiserv, Kony, Misys, PayPal, PaySwag, Persistent Systems, Roostify, Shoeboxed, Thomson Reuters, Trulioo, Vouch

On Finovate.com

  • “Roostify Garners $500,000 in Funding from Wells Fargo Accelerator”
  • “Dream Payments Launches its EMV mPOS System in Canada”

Around the web

  • Digital Insight and CUneXus team up to bring digital lending technology to Digital Insight’s financial institution clients.
  • Thomson Reuters unveils its new desktop platform, grouping all FX transaction venues into one single point of access.
  • NBT Bank to deploy Sales Enablement from Fiserv, a mobile messaging solution for wealth managers.
  • PaySwag and PayPal are among the companies highlighted in Inc.’s look back at Money20/20.
  • Entrepreneur.com features Vouch, a social network for credit.
  • StartupSmart profiles document-capture specialist, Shoeboxed.
  • Persistent Systems designs and implements online communities for cloud-managed wi-fi solution provider, AirTight Networks.
  • Trulioo Selected as Runner-up for Startup Canada Award for Innovation.
  • Orasi Software signs partnership agreement with Kony Solutions.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: ayondo, Betterment, BizEquity, Credit Karma, Entersekt, Prosper, Roostify, ShopKeep POS

Around the web

  • Roostify to join Wells Fargo’s Fall 2015 accelerator program.
  • Michael DeSimone named ShopKeep’s chief operating officer.
  • CU Today looks at Prosper and its plans to partner with credit unions.
  • The American Bankers Association endorses BizEquity’s Banker Office business valuation platform and performance service.
  • Betterment tops $3 billion in assets.
  • Inc. features Credit Karma CEO Ken Lin as he discusses four lessons from a year in the Unicorn Club.
  • VentureBurn features Entersekt CEO, Schalk Nolte.
  • ayondo’s first Singapore client, KGI, launches its TradeHub-powered, KGI Contrax product.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Figo Announces New “Seven Figure” Financing Round

Figo Announces New “Seven Figure” Financing Round
By David Penn Posted on
Categories: Figo

Figo_homepage_November2015

While the amount of the investment remains undisclosed, German banking-as-a-service specialist Figo this week announced it had completed a “seven-figure” funding round.

Participating in the investment were High-Tech Gruenderfonds (HTGF), 360T founder Carlo Koelzer, and Joerg Heilig, VP of Engineering at Google.

Figo GmbH CEO Andre M. Bajorat said the investment would help the company gain European market share and support further product development. CFO Heiko Rahlfs emphasized that the investment would bring both technical talent and industry connections to the company. “In addition to Joerg Heilig’s expertise,” Rahlfs said, “we can benefit from Carlo Koelzer’s network and his reputation in the fintech sector.”

figo_stage_FEU2013

Figo founder Markus Ludemann demonstrated the figo-API at FinovateEurope 2013 in London.

Koelzer praised the way Figo leveraged regulatory changes to provide “not only an established banking API, but also an entire banking services platform, supporting a vast number of innovative banking solutions.”

“I believe in the significance and the positive impact of the change in this sector,” Koelzer said. “Hence my decision to invest.”

Calling itself the first banking service provider in Europe, Figo provides an API that integrates readily with third-party systems, enabling businesses to connect their goods and services to more than 3,000 banks and financial service providers. The banking-as-a-service platform connects services to more than 50 million online banking accounts.

Figo demonstrated its API at FinovateEurope 2013 (as Lean Banking), before pivoting to focus on B2B solutions. Founded in August 2012, Figo is headquartered in Hamburg, Germany.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Azimo, Jumio, mBank, PaySwag, Tradier

Around the web

  • Let’s Talk Payments interviews Max Haynes, CEO of PaySwag, on banking for the underbanked.
  • Tradier teams up with Equities Lab to bring real-world trading experience to college students.
  • ACI Worldwide adds Janet Estep, NACHA president and CEO, to its board of directors.
  • Jumio partners with Tutorfair to help parents find and identify the right tutor for their school-age children.
  • Bank Innovation looks at mBank and its embrace of biometrics.
  • Think Big Data mentions Praesidio as a startup using machine learning in its cyber-security solution.
  • Google appoints Entersekt CTO Christiaan Brand as product manager for security and identity teams.
  • Pymnts looks at how SimplyTapp is addressing host card emulation.
  • Money-transfer service innovator Azimo goes live in Romania.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Feedzai Unveils its New Anti-fraud Solution, Data Science Studio

Feedzai Unveils its New Anti-fraud Solution, Data Science Studio
By David Penn Posted on
Categories: Feedzai

Feedzai_homepage_Nov2015

Fraud prevention is one area where big data offers much promise. So it is no surprise to learn that Feedzai, a company that specializes in leveraging big data to help companies prevent fraud, has developed technology that brings the blessings of big data-powered, anti-fraud prevention to the masses.

The new technology is called Data Science Studio, and it promises to give organizations large and small the ability to use “advanced machine learning techniques” to fight fraud on their own.

Feedzai CEO Nuno Sebastiao says that “by putting a sophisticated, yet easy-to-use, environment for data-science modeling in the hands of all the teams and people who need it, we’re democratizing big data for our customers.”

Feedzai_stage_FEU2014

From left: Feedzai VP of Sales Nuno Pires and CEO Nuno Sebastiao demonstrated Feedzai fraud prevention at FinovateEurope 2014 in London.

Todd Clark, general manager STAR Network at First Data Corporation added that “software like Feedzai’s is doing natively more and more of what data scientists do. Now we have the capabilities to get our data modeling done within days and weeks, not months, with data science already built in.”

With Data Science Studio, business professionals with nontechnical backgrounds can now build, deploy, and manage predictive analytics models. The platform is available as a cloud-based solution or on-premise, and while users won’t need technical know-how in order to build their own anti-fraud models, they will need—as CMS Wire pointed out in their coverage of the news—”domain expertise in risk or fraud management.”

Feedzai has had a busy 2015. The company last month announced a partnership with fellow Finovate alum, Emailage, combining email risk assessment with its own fraud-risk scoring. And in September, Feedzai teamed up with another Finovate alum, Socure, bringing together its anti-fraud technology and Socure’s real-time online identity-verification solution. The company has more than $26 million in capital, having raised more than $17 million in a Series B round in May.

Feedzai was founded in 2008 and is headquartered in San Mateo, California. The company demonstrated its fraud prevention solution during its Finovate debut at FinovateEurope 2014 in London. For information about our upcoming conference in London on 9/10 February 2016, visit our FinovateEurope 2016 page.

Share this:

Send Post Twitter LinkedIn Facebook

Xignite Surpasses 50 Billion API Calls in a Single Month

Xignite Surpasses 50 Billion API Calls in a Single Month
By David Penn Posted on
Categories: Xignite

Xignite_homepage_Nov2015

So, how did you spend the summer?

Xignite announced today that it reached more than 50 billion API call-requests in July. The high mark broke the company’s previous records and affirms Xignite’s place among the major API cloud data-providers worldwide.

Xignite CEO and founder Stephane Dubois credits a tripling in API call volumes over the past year-and-a-half to the fact that both startups and larger FIs have become much more comfortable working with the cloud. “In the past, APIs have been downplayed and relegated as a solution to power small websites and applications,” Dubois said. “But now, the financial services industry realizes that good APIs backed by strong, open designs and native cloud architecture, like Xignite, can tackle the most mission-critical of applications.”

Xignite_stage_FinDEVr2015

Xignite developer Anand Viswanathan talked about streaming financial data and future API delivery technologies at FinDEVr San Francisco 2015.

Xignite leverages the Amazon Web Services (AWS) Cloud to process millions of API requests per hour. Matt Wood, general manager for product strategy at Amazon Web Services, pointed to the get-to-market speed of AWS, as well as the way the platform helps cut costs and enables FIs to “be more agile” as reasons why Xignite uses the technology.

Xignite drives financial apps for more than 1,000 companies in 55 countries. It maintains a collection of more than 1,000 market-data APIs drawing from more than 150 sources. Founded in 2006 and headquartered in San Mateo, California, Xignite launched its #FintechRevoluton API Ecosystem initiative in September, featuring more than 20 technology firms and accelerators. In October, OTC Markets Group announced that it would add Xignite as a provider of real-time Level 1 market data. And in June, Xignite announced that it would help four of its fellow Finovate alums—Betterment, Motif Investing, Personal Capital, and SigFig—bring their technologies the Apple Watch.

Xignite developer, Anand Viswanathan last month discussed the future of streaming financial data at FinDEVr San Francisco 2015. Xignite also participated in FinovateFall 2015 in September, demonstrating its Cloud Streaming technology.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: AcceptEmail, Arxan Technologies, Ayasdi, Coinbase, Comarch, DriveWealth, Fastacash, Feedzai, Fiserv, Gro Solutions, Heckyl Technologies, HelloWallet, Mitek, SocietyOne, Uncategorized, VISA, Xignite

On Finovate.com

  • “Xignite Surpasses 50 Billion API Calls in a Single Month”
  • “Feedzai Unveils its New Antifraud Solution, Data Science Studio”

Around the web

  • Comarch supports insurance sales and after-sales service by automating sales force at UNIQA Poland.
  • Let’s Talk Payments talks about Photo Verify with Sarah Clark, Mitek VP of product.
  • AcceptEmail and Kansys team up to provide email billing and payment options to telecoms via OCPay.
  • Fiserv and Early Warning partner to enable real-time bill pay and deposit services for U.S. FIs (financial institutions).
  • Corporate One partners with Gro Solutions to expand credit unions’ digital platforms.
  • Mitek launches mobile multicheck-capture for Commercial Mobile Deposit.
  • USAA and Coinbase partner to bring bitcoin to USAA members.
  • The Daily Telegraph features SocietyOne.
  • Euronext launches sentiment analysis partnership with Heckyl Technologies.
  • GEICO employees get access to HelloWallet, helping them manage their 401(k).
  • Visa Inc. to Acquire Visa Europe.
  • DriveWealth teams up with CQG, Direct FX to launch new, multi-asset trading platform.
  • FX Street calls Ayasdi “the next evolution in science.”
  • Arxan Technologies extends its app-security protection to Apple TV.
  • Mobile World Magazine looks at Fastacash and its new partnership with Xpress Money Services.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

 

Share this:

Send Post Twitter LinkedIn Facebook

Swiss Digital Banking Innovator CREALOGIX Raises CHF 25 Million

Swiss Digital Banking Innovator CREALOGIX Raises CHF 25 Million
By David Penn Posted on
Categories: CREALOGIX

CREALOGIX_homepage_Nov2015

Digital banking innovator CREALOGIX has raised 25 million Swiss francs ($25.4 million) in a convertible bond offering launched in late October and placed with institutional investors. The fundraising is the largest fintech investment of the year in Switzerland.

CREALOGIX CEO Bruno Richle said the”very oversubscribed” investment will help his company grow “not only in Switzerland, but also in Germany and Great Britain.” Richle added that the funds will help drive innovation in the company’s Digital Banking Hub.

CREALOGIX_stage_FEU2015

From left: Antony Bream, managing director, United Kingdom, and Roger Gatti, senior product manager demonstrated CREALOGIX’s BankClip at FinovateEurope 2015 in London.

Proceeds from the convertible bond sale will also support CREALOGIX’s new stake in German fintech, ELAXY. ELAXY provides interactive advisory solutions for banks, and CREALOGIX has acquired 80% of ELAXY Financial Software and Solutions and 20% of ELAXY Business Solution and Services. Combined, the two businesses have annual sales of €10 million.

Founded in 1996 and headquartered in Zurich, Switzerland, CREALOGIX demonstrated its BankClip technology at FinovateEurope 2015 in London. The company announced its outlook for fiscal 2015-2016 last month, signaling net sales of “at least CHF 54 million” which would represent growth of more than 10%. The company unveiled the latest edition of its Digital Banking Portal this spring with new PFM and fund-brokerage features, and added biometric authentication via TouchID to its mobile banking solutions in February 2015.

If you’re a fintech fan in the United Kingdom or Europe, then make sure to mark 9/10 February 2016 on your calendar as FinovateEurope returns to London. Learn more about the first fintech event of 2016 at our FinovateEurope 2016 page.

Share this:

Send Post Twitter LinkedIn Facebook

iSignthis Completes $10 Million Capital Raise

iSignthis Completes $10 Million Capital Raise
By David Penn Posted on
Categories: iSignthis

isignthis_homepage_Oct2015

iSignthis has successfully placed more than 26 million shares with institutional investors in a capital raise of $10.45 million.

“The funding will enable iSignthis to accelerate growth, and further leverage our market advantage as a superior product with only limited competition,” said John Karantzis, iSignthis marketing director. He says the funding will help the company expand marketing efforts, add to its sales team, and provide working capital for the company while it grows its sales pipeline.

Shares were priced at 40 cents. iSignthis trades on the Australian Stock Exchange under the ticker “ISX.”

isignthis_stage_FEU2015

Managing Director and CEO John Karantzis demonstrated iSignthis at FinovateEurope 2015 in London.

Originally founded to help merchants fight card-not-present (CNP) fraud, iSignthis provides a cloud-based identity-verification and -authentication platform for payment service providers (PSPs), payment gateways, FIs, card issuers and acquirers, and more. The technology helps businesses meet KYC, AML, and other regulatory requirements, and is available to more than 3 billion customer accounts in 200-plus countries.

iSignthis has bookended 2015 with fundings, previously raising $3 million in January. The company announced a partnership with global workplace credential management firm, TikForce, in October. And in September, iSignthis teamed up with the largest digital currency processor in Europe, Coinify.

Founded in 2013 and headquartered in Melbourne, Victoria, Australia, iSignthis made its Finovate debut at FinovateEurope 2015 in London.

Share this:

Send Post Twitter LinkedIn Facebook