Cortera Raises $10 Million to Enhance Risk Scoring

B2B credit scoring company Cortera landed $10 million in funding this week, bringing its total capital raised to just over $578 million in combined debt and equity. Investing in the Florida-based company are Hearst’s Fitch Group Financial Venture Fund, who led the round, as well as existing investors Volition Capital, Battery Ventures, Allen & Company, and Tomorrow Ventures.

“We are passionate about fueling profitable business growth in the U.S.,” Cortera CEO Jim Swift said. “For too long, the flow of capital has been hamstrung by the need for more complete and timely insights into private companies. It is exciting to be at a point of network coverage where businesses now have a powerful alternative to traditional sources.”

Founded in 1993, Cortera gathers insights on the purchase and payment behavior of more than 20 million public and private U.S. businesses. The company leverages this data to create analytics such as new customer risk assessments, customer portfolio risk monitoring, supplier risk management, customer segmentation, insurance underwriting, customer profitability modeling, and loan-default prediction. Essentially, the data help businesses make decisions about their customers, prospects, and suppliers, and minimize risk.

Hearst’s Fitch Group Financial Venture Fund Managing Director Shea Wallon, who will join Cortera’s board of directors, said, “Cortera’s unique business information and analytics provide an alternative view into the credit risk of private businesses where traditional financial statements are not reliable or easily available.”

Cortera demoed a network where businesses can share payment experiences at FinovateSpring 2010. Earlier this week, the company announced its trade credit data will be available in Moody’s Analytics RiskCalc small business solution. Last spring, Cortera scored LexisNexis as a client, blending its B2B trade credit with LexisNexis’ risk solutions alternative data.

CardFlight’s New Release Adds Paper Receipt Printing, Advanced Security, and More

Mobile POS and payment technology company CardFlight has upgraded its flagship SwipeSimple technology, announcing version 5 of the product this week.

The new enhancements, which will be available to existing users starting next week, are aimed to offer merchants more payment acceptance capabilities. Some of the updates include:

  • Paper receipt printing
  • Discount options that allow merchants to set up dollar or percentage discounts that can be applied to either specific items or an entire transaction
  • Item categories for inventory tracking and marketing insights
  • Favorites pages on the checkout screen that show frequently used discounts and popular items
  • Item images on the checkout screen to help quickly find items for a transaction
  • SwipeSimple Virtual Terminal that helps reduce fraud using full Address Verification Service (AVS) for card not present transactions

This release comes just after CardFlight updated thousands of card readers for more than 45,000 merchants currently using SwipeSimple to enable EMV Quick Chip for faster processing times.

“At CardFlight, we continually work to make SwipeSimple the best payment acceptance technology for merchants all across the country,” said Derek Webster, CardFlight’s founder and CEO. “We know that tens of thousands of businesses rely on our technology to run and grow their businesses. Releasing Version 5.0 of SwipeSimple demonstrates our team’s dedication to putting easy to use, efficient payment acceptance tools in the hands of our users.”

Founded in 2013, CardFlight serves 10 of the top 30 merchant acquirers in the U.S., reaching tens of thousands of merchants across all 50 states. To date, more than 93% of its merchant clients are EMV-enabled. The New York-based company debuted its technology at FinovateSpring 2013, showing off the first iteration of its API/SDK. Earlier this summer, CardFlight landed a distribution partnership with BoomTown.

Getting Gritty with Fintech’s Top Trends

Have you had a chance to look through what’s ahead at FinovateFall next week? Between the live demos, keynotes, stream discussions, and summit sessions, there will be a lot of content coming your way.

The event will take place on September 24 through 26 in New York (tickets are still available). During the first two days, 80 companies will take the stage to show off their newest technologies, live in front of an audience of financial professionals. The final day we’ll host industry analysts and experts to share their knowledge of key trends, as well as hold panel discussions regarding the grittiest topics in banking.

Behind this grit are the individual trends we’ll see at this year’s event. Check out the word cloud below that depicts the biggest driving forces of new fintech in 2018:


It’s not a surprise to see AI come out on top as one of the biggest themes at this year’s FinovateFall. The enabling technology is pervasive throughout fintech, making shifts in security, investing, customer relationship management, sales, and marketing. In next week’s demos, we’ll see where and how AI is being used in fintech and learn how you can leverage this powerful technology.


In financial services, it’s data or die. No matter what sector of fintech you’re in, if you haven’t started leveraging your data yet, you’re behind the competition. Data is increasingly critical in credit scoring and risk underwriting for loans, personalization of banking services, analytics marketing, investing, and security. Unlocking the value of data requires not only access to large sets of consumer data but also a way to sift through and organize the data, making it useful for analysis. Next week, not a demo will go by that doesn’t use data in some way. It’s up to you to decide which use case is most valuable for your institution.


Compliance isn’t sexy; in fact, most firms simply see it as an obligation and a stumbling block. But who says compliance can’t be fun? Many fintechs are using enabling technologies such as the blockchain and AI to create efficiencies, and some are even using gamification to boost active participation during training exercises. We’ll host a number of companies demoing compliance tools that make regulation seem more exciting than ever.

Customer engagement

There are more tools than ever to help financial services companies gain consumer interest in their products and services. From marketing campaign personalization to predictive analytics that anticipate consumers’ needs, these revenue-boosting technologies are worth implementing. We’ll host multiple demos next week that showcase the latest tools to help your organization boost sales numbers.

What are you hoping to discover at FinovateFall next week? Check out the agenda to learn more of what’s in store. Have questions? Visit our contact page to get in touch and we’ll help you out.

Finovate Alumni News


  • Getting Gritty with Fintech’s Top Trends.
  • TradeIT Teams Up with TradingView to Help Retail Investors Reach Big Brokers.
  • Get Your VAT Back: Expensify Integrations to Streamline Reclamation.

Around the web

  • Mambu extends capacity with Integration Platform as a Service.
  • Entrust Datacard and Blackboard partner to enhance the ID card issuance process.
  • Peer-to-peer lender SocietyOne hits $500 million in loans.
  • CREALOGIX reports record sales for the third time in a row.
  • Compass Plus expands its processing business with Mastercard and Visa certified UK-based processing center.
  • Continuity recipient of 2018 Marcum Tech Top 40 Award.

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

Infosys to Acquire Fluido for $76 Million

International technology firm Infosys announced this week it has acquired cloud advisory and consulting services company Fluido for $76 million. This marks Infosys’ second acquisition this year, following its purchase of WONGDOODY in April.

Fluido’s excels as one of the largest and oldest platinum consulting partners for Salesforce in Europe and is also an authorized Salesforce training delivery partner in the Nordic region. India-based Infosys anticipates the buy will boost its reputation as a Salesforce enterprise cloud services provider.

Infosys will benefit from more than just Fluido’s Salesforce expertise, however. The company will also receive more recognition across the Nordic region, given Fluido’s offices in Finland, Denmark, Sweden, Norway, and Slovakia, as well as tap into Fluido’s established client base across the region.

In the press release Ravi Kumar, president and deputy COO at Infosys, said, “Fluido will be an important addition to the Infosys family, bringing a unique combination of market presence, deep salesforce expertise, agile delivery, and training, that combined with our existing capabilities will help companies reimagine and transform their businesses. This acquisition also aligns to our efforts to invest in local capabilities in the regions in which we operate.”

Fluido’s clients will also benefit from the deal. As the company’s founder and CEO, Kai Mäkelä explained, “With Infosys we will now be able to provide truly global scalable services while maintaining the close relationship with our customers. With digital experience playing a key role in customer success, we are excited to have the opportunity to work with Infosys to help Fluido customers change the way they connect with their customers.”

The acquisition is expected to close in the third quarter of 2019.

Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, showcased EdgeVerve Blockchain Framework for Financial Services at FinovateEurope 2017. At the start of 2018 Infosys teamed up with Tradeshift to help clients digitize supply chain management. Last month, the Australian Military Bank became the first bank in Australia to go live with Infosys’ Finacle solution.

Finovate Alumni News


  • Personality Biometrics Specialist Neener Analytics Partners with American Express.
  • Infosys to Acquire Fluido for $76 Million.

Around the web

  • Avaloq upgrades open software architecture designed to make banks more agile.
  • PayPal announces global launch of Checkout with Smart Payment buttons.
  • TransPecos Banks selects NYMBUS to launch
  • itBit selected as a custody provider for Voyager’s new crypto-brokerage service.

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

FinovateFall Sneak Peek: Ocrolus

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Ocrolus has developed the fastest and most accurate technology for automating the analysis of loan documents.


  • Cash flow analytics
  • Cutting-edge fraud detection
  • Traceable data validation

Why it’s great
Ocrolus is the first regtech company backed by QED Investors.


Sam Bobley, CEO
Bobley is a natural entrepreneur and co-founder of Ocrolus.

Kevin Bailey, Director of Business Development
Bailey was Presidential appointee to the Treasury who has since devoted himself to fintech.

FinovateFall Sneak Peek: Lomsy

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Lomsy brings credit closer to underbanked people with a low score, promoting their financial and social inclusion with personal loans and financial education.


  • Fair: assesses creditworthiness with a multi-dimensional methodology
  • Easy: built by and for the Hispanic community
  • Fast: offers a 5-minute application process

Why it’s great
Lomsy works by the motto you are not a score by leveraging technology to empower underbanked people with credit and financial education.


Enrique Huesca, CEO
Huesca is passionate about financial inclusion for Hispanics and holds more than 10 years of experience in high-level cabinet positions in the Mexican government.

Jose Ramon Pardinas, CMO
With more than 10 years of experience in marketing, Pardinas’ career has taken him to work in both the creative and executive areas with an international perspective.

Enrique Castro, CFO
With more than five years of experience in economics and a background in applied math, Enrique enjoys working with data to understand the underbanked, develop underwriting strategies, and improve processes.


FinovateFall Sneak Peek: CASHOFF

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Inspired by creating a real value for banks’ customers, CASHOFF delivers strongly differentiated loyalty programs and tools for user experience enhancement with a granular approach based on transactional data.


  • AI-powered cashback to banks’ customers by big-name brands
  • Comprehensive transactional data collection, enrichment and in-depth analysis
  • White label tools and gamification to amplify engagement

Why it’s great
Emerged consumer behavior patterns enable the anticipation of customers’ needs. Thus banks win increased loyalty, transactional activity, a tool for selling banking products, and new revenue streams.


Lina Maria Perez, Sales Director
Perez is responsible for seeing the relationship from initial meeting to full integration. She’s also involved heavily in the marketing strategies and project management of all global operations.

Billy Leung, Business Development Director
Leung is the director with extensive international expertise in digital banking and finance. He is also an entrepreneur having started his first business at the age of 8.

FinovateFall Sneak Peek: Namaste Credit

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Namaste Credit is the leading Indian marketplace for SMB and mortgage loans. Globally, the company licenses tools on a SaaS basis, including its AI Video CAM.


  • Video-based tool that ensures high-quality document image capture
  • Built-in, automated banking track record and cash flow analytics
  • Easy to integrate into any mobile app

Why it’s great
Namaste Credit’s solutions, including its AI Video CAM, bridge the offline and digital worlds providing dense high-value data while being super-simple for customers to use.


Lucas Bianchi, CFA, CEO & Co-Founder
Bianchi built and sold analytics outsourcing firm CopalAmba to Moody’s for $500 million. Prior to that, he analyzed and financed tech companies on Wall Street for 10 years. He holds a BA in Economics from Dartmouth College.

Gaurav Anand, CFA, FRM, COO & Co-Founder
Anand analyzed and priced portfolios worth several billion at Credit Suisse, HSBC, and GE Capital. He has advised large institutions on SME portfolio risk at Moody’s, and holds an MBA from NMIMS, Bombay.