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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
Flybits’ contextual recommendation engine helps financial institutions deliver hyper-personalized products, services, and content when their customers need it most.
Features
Go-to-market fast with Concierge
Enable a data ecosystem (unify any source of data)
Deliver high-impact personalization, without IT complexity
Why it’s great The company’s interactive experience will demonstrate the Flybits advantage of speed, scale, and impact.
Presenters
Jordanne Pavao, Product Manager Pavao is a Lead Product Manager at Flybits. She obtained both her BFA in New Media and MA in Media Production at Ryerson University in Toronto, Canada. LinkedIn
Katrina Shiu, Product Management & CX Shiu helps drive product management and customer experience at Flybits. LinkedIn
Mercury Payment Solutions and Arion Bank selectFiserv AML Technology.
Challenger bank Monzo to useJumio’sNetverify for customer identity authentication.
Neener Analyticsselected by FIS for investment and participation in The Venture Center Accelerator
Launchfirewins Gold at the 2019 Hermes Creative Awards.
Jack Henry & Associatesnamed a Best Place to Work in Kentucky for Seventh Consecutive Year.
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.
Thanks to a recent partnership with BitPay, clients of tax innovator Refundo can now receivetax refunds in bitcoin.
Taxpayers in the U.S. can opt to receive any portion of their federal and state tax refund back in bitcoin (BTC). Crypto refunds are made through CoinRT, Refundo’s new product that leverages Bitpay’s Payouts.
When a taxpayer submits their wallet address, Refundo will issue them unique account and routing numbers to include on their tax return. After the taxpayer passes KYC, Bitpay will transfer the IRS-issued refund to the client’s wallet.
Bitcoin is a good fit for Refundo, whose target market is underbanked populations, because it facilitates fast transaction times with low fees. It also fits well with Refundo’s other product offerings, including refund advances, refund transfers, and the ability to allow clients to pay for their tax preparation services with their refund.
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” said Roger Chinchilla, Refundo CEO. “Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees, and regularly send money internationally. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”
This isn’t the first crypto tie-up for tax preparers. Earnst & Young and TurboTax both prepare tax claims on clients’ crytocurrency holdings.
Founded in 2011, New Jersey-based Refundo demonstrated its mobile app at FinovateSpring 2013. The app helps independent tax preparers compete with online software by offering a convenient way for clients to submit their tax information.
In addition to today’s partnership with BitPay, Refundo is also teamed up with Stripe for credit card acceptance, and fellow Finovate alum LendUp, which provides short term loans to clients while they wait on their refunds.
KlarnaBrings its Alt Payment Options to Brick and Mortar Retail Shoppers.
Around the web
Kony and Micronotesteam up to bring Micronotes’ personalized conversation solution to banks using Kony DBX.
SecureKey’sVerified.Me identity verification solution is now available for consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada.
Fenergoworking with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
NIIT Technologies’AdvantageGolaunchesUnderwriting, a solution that consolidates and provides all underwriting functions into a single platform.
GreatHornawarded U.S. patent for new email impersonation detection method.
Onfido, Alphapointearn spots in the inaugural cohort of cross-border regulatory sandbox, Global Financial Innovation Network (GFIN).
Envestnetunveils new suite of analytical tools for financial advisors, Envestnet Advisor Analytics.
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.
CBANC, a professional networking platform for banks, acquired fellow Austin-based fintech Lendwell in a deal this week. Terms of the transaction were not disclosed.
“Our acquisition of Lendwell is the next step in our strategy of unlocking the power of cooperation and the collective purchasing power of thousands of financial institutions within the CBANC Network,” said Bryan Koontz, CBANC CEO. “The Lendwell platform will help our network members reduce the cost of lending operations while improving their ability to serve their customers.”
This is CBANC’s first acquisition, but as the company seeks to add value to its platform and give members more reasons to log on, today’s purchase may not be its last.
Lendwell, a mortgage settlement services company, helps credit unions and community banks with the mortgage settlement process, primarily with refinances, second mortgages, home equity loans, and home equity lines of credit. The company offers a range of products including property condition reports, appraisals, title insurance, closing services, and more to serve as a one-stop shop for loan settlement products.
Lendwell’s SaaS loan aggregation offering gives banks access to quality mortgage settlement services at cost savings that add up to 20%. As a result of the acquisition, CBANC’s 8,000 financial institution members will have access to the Lendwell platform at no cost.
Lendwell founders Gabe Flores and Mike DeBonis have joined CBANC as the GM of Lendwell and as SVP of Engineering, respectively.
Founded in 2009, CBANC serves as an online platform where financial institutions can connect to share ideas, get their questions answered, build their brand and reputation, and publish reviews and insights on new products and services.
CBANC’s Founder and former President Myers Dupuy demonstrated the network at FinovateFall 2011 in New York. Earlier this month, the company hired on Mike Snavely as its Chief Commercial Officer. CBANC has raised more than $7 million from Adams Street Partners.
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
Faraday is the end-to-end machine learning platform for the B2C tech stack. Data, integrations, algorithms – it’s all built in and ready to power your systems in six to eight weeks.
Features
End-to-end AI, everything built in
Actionable insights and predictions
Supported by Faraday data scientists
Why it’s great Operationalize real, actionable AI in six to eight weeks, at less than the cost of hiring a data scientist.
Presenters
Cory Albert, Account Executive Albert has a strong background in strategic software and marketing technologies. At Faraday, he helps clients implement custom AI capabilities to exceed their goals. LinkedIn
Riley Dickie, Account Executive Dickie has worked with Faraday’s consumer finance clients for the past three years, helping them take full advantage of their customer data with AI. LinkedIn
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
Fortress Identity’sMulti-Factor Authentication enables you to wrap entry, access, assets, and transactions in flexible layers of active and passive biometric security.
Features
Specify whatever biometric factors you wish to deploy
Implement with minimal code
Give users a frictionless experience
Why it’s great The Fortress Identity Multi-factor Authentication SDK provides facial, fingerprint, voice, and behavior biometric protection all in one package to quickly step up security as your needs evolve.
Presenter
Alessandro Chiarini, Founder and CEO For 11 years, Chiarini has advised financial institutions in North and South America on securing themselves against cybercrime. LinkedIn
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
ID R&D’sSafeChat delivers the world’s first zero-effort authentication for mobile and web banking apps, providing the best possible user experience with higher security.
Features
No effort for users to authenticate; simply use the app normally
Multi-modal biometrics provide strong confirmation of identity
Authentication occurs on each transaction, increasing security
Why it’s great Low effort, biometric-based authentication will become the standard for all banking apps.
Presenters
Alexey Khitrov, President Khitrov’s recognition of user frustration and weak security in current authentication processes led him to use his deep experience in biometrics to found ID R&D. LinkedIn
John Amein, VP of Sales Amein has many years of experience in biometrics, contact centers, and telecommunications. He has helped several tech companies grow rapidly. LinkedIn
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
ClickSWITCH is an account acquisition technology for financial institutions and fintechs that automates the process of switching direct deposits and automatic payments.
Features
Automated switch solution for direct deposits and automatic payments
Ability to drive deposits and increase primary account holders
API capability enables you to build and design your own user interface
Why it’s great There’s a war for deposits in financial services. FIs are fighting to be the primary financial provider for their customers. ClickSWITCH can solve these problems by driving deposits and increasing efficiency.
Presenters
Cale Johnston, Founder & CEO Johnston is an entrepreneur who believes banking should be easy. He oversees global business strategy with a focus on innovation, growth, and investor and customer relations. LinkedIn
Adam Pearl, Regional Vice President of Sales Pearl is an experienced, results-driven sales leader specializing in bank technology. He is working out of Chicago with a focus on relationship management and national customer growth. LinkedIn
ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
Jack Henry & Associatesunveils its digital account opening solution, JHA OpenAnywhere.
Worldpay to releaseFraudSight machine learning-powered fraud solution.
PAUL UK selectsYoyo to introduce a combined mobile payments and personalized loyalty app to its customers.
Mintrolls out a new app experience for Android users
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.
Lendio franchise opens in Erie to expand access to capital for local businesses
InComm’sAlder APIwins award from the Innovative Payments Association.
BioCatch’s behavioral biometrics-based digital identity solution now available on the ForgeRock Marketplace.
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.
Real estate investment platform Realty Mogulannounced this week that investors have funded more than 300 properties via its platform. The value of the 300 properties adds up to more than $2 billion.
“We are incredibly proud to share that we have now used crowdfunding to finance over 300 properties,” Jilliene Helman, RealtyMogul CEO told GlobeSt.com, which broke the news. “When I started RealtyMogul six years ago, there was a lot of questioning in the general real estate market about the potential impact of crowdfunding. I think this milestone proves that crowdfunding has become a viable source of funding transactions and also that digital investing is here to stay.”
Having 300 projects funded would be a notable achievement for a private equity firm, and is all the more impressive for a fintech. As Helman pointed out, “There are very few private equity firms in real estate that have financed 300 assets.”
Part of Realty Mogul’s strategy focuses on diversification. Sixty percent of the total properties were multi-family properties, many of which have 100 units or more. In fact, Realty Mogul has 17,383 units across its 300 properties, totaling almost 6 million commercial square feet.
Outlining the company’s plans for the future, Helman said, “Our goal is to continue to grow assets under management by investing in high quality commercial real estate where we like the risk-reward calculation.”
Founded in 2013, Realty Mogul has paid out $100 million to its 175,000 investors. The California-based company most recently demoed at FinovateSpring 2014.
