Author: Julie Muhn (@julieschicktanz)

Welcome to the Second Day of FinovateAsia

Welcome to the Second Day of FinovateAsia
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018

We’re off to a great start at FinovateAsia, and after yesterday’s sessions and demos, we’re already craving more.

Registration opens at 8 am again today, and the first session begins at 8:45 am. And don’t miss the Best of Show awards ceremony today, taking place at 16:40 in the auditorium.

Visit our website for a full, interactive agenda, or check out a quick preview below:

8:00 to 8:45 Registration and continental breakfast

8:45 to 8:50 Welcome

8:50 to 9:15 Keynote address

9:15 to 9:25 Analyst all stars

9:25 to 10:15 Demo session #3

10:15 to 10:45 Intermission, refreshments, and networking break

10:45 to 10:55 Analyst all stars

10:55 to 11:05 Challenges in building global financial infrastructure for crypto-assets

11:05 to 11:50 Demo session #4

11:50 to 12:10 Special address

12:10 to 13:20 Lunch plus expert briefing on Indian fintech

13:20 to 14:45 Breakout streams

  • Lending
  • Digital transformation and customer experience
  • Focus on mainland China

14:45 to 15:20 Intermission, refreshments, and networking break

15:20 to 16:00 Investors debate

16:00 to 16:40 Accelerator showcase

16:40 to 16:50 Best of Show awards ceremony

16:50 to 17:50 Reception and networking

Thanks to all of you for helping to make this year’s event a success! We’ll see you at FinovateAsia next year, or come see us at any of our shows in between:

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NTT DATA Services to Acquire Sierra Systems

NTT DATA Services to Acquire Sierra Systems
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, NTT Data

Consulting and software development firm NTT Data announced it is bolstering its presence in Canada this week with the pending acquisition of IT services and consulting firm Sierra Systems.

Terms of the deal were undisclosed but NTT Data anticipates the acquisition will offer the Tokyo-based company a “significant” presence in Canada. Sierra Systems, which was founded in 1966, also comes with brand reputation and client relationships in addition to new talent in areas such as Microsoft Dynamics, Oracle, and ServiceNow.

“Sierra Systems’ reputation as a trusted advisor in Canada is evidenced by the strength of their client relationships, many of which have spanned decades,” said Bob Pryor, CEO of NTT DATA Services. “With the addition of Sierra Systems’ talented team, we’ll expand our ability to deliver innovation and business outcomes to clients in Canada and extend our North American delivery capabilities. Growth prospects are very strong in Canada, so this is an attractive market as we continue to grow globally.”

Sierra Systems’ 700 Canada-based employees will join the NTT Data team. The transaction is expected to close later this year.

Founded in 1988, NTT Data went public in 1995. The company has 110,000+ employees across Japan, the Americas, EMEA, APAC, and China. Earlier this year, the company acquired DevOps firms MagenTys to complement its existing digital transformation capabilities. At FinovateSpring earlier this year, NTT Data demoed Tready, a social community investment platform.

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Quid Lands $37.5 Million Round Led by Lexis Nexis Parent

Quid Lands $37.5 Million Round Led by Lexis Nexis Parent
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Quid

Data insights and visualization startup Quid has been putting AI and machine learning to work since it was founded in 2010. Today, the California-based company landed a generous amount of funding to continue that work.

The $37.5 million round was led by REV Ventures, the investment arm of Lexis Nexis, and bumps Quid’s total funding up to just over $108 million. Also participating in the round are Julian Roberson, Henry Kravis, Lixil Group, Artis Ventures, Salesforce Ventures, and Peter Thiel’s Founders Fund. In addition to the investment, Quid also took out $8 million in debt; its valuation remains undisclosed.

Quid told Bloomberg that the fundraising process for this round began over a year and a half ago. The company’s founder, Bob Goodson, decided to keep the round open to other investors and ended up receiving buy-in from REV Ventures, among others, to buoy the round up to the current amount. In a discussion with Bloomberg, one of REV Ventures’ founding partners, Kevin Brown, commented on the problem Quid is working to solve. “There’s an explosion of unstructured data and no one knows how to handle it,” Brown said.

At FinovateSpring 2016, Quid won Best of Show honors for its demo of Opus, a product that enables users to upload their own data into Quid and receive an interactive, visual map to help interpret raw data from earnings reports, earnings call transcripts, customer feedback, or any other text-based dataset. The company also offers solutions for consulting, healthcare, and marketing sectors, that provide insights on competitive intelligence, brand perception, and market landscape. Among its clients are Cisco, IBM, KPMG, UBS, and Visa.

While powerful, Quid’s software isn’t cheap. The company, which brought in $28 million in sales over the past year, charges $25,000 per user per year. Among Quid’s accomplishments in the past year are assisting the Wall Street Journal in spoting fraudulent entries on FCC’s website during net neutrality debate and helping Walmart build the American Family Today report.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BioCatch, Equifax, Fiserv, Geezeo, Neener Analytics, NTT Data, Quid

On Finovate.com

  • Quid Lands $37.5 Million Round Led by Lexis Nexis Parent
  • NTT DATA Services to Acquire Sierra Systems.

Around the web

  • Equifax partners with consents.online to develop Open Banking solutions.
  • Fiserv powers digital banking platform for Bogota Savings Bank.
  • Neener Analytics launches pilot with MAPFRE Insurance.
  • Best Innovation Group deploys Geezeo PFM SDK.
  • BioCatch partners with 7 tier-one Latin American banks.

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.

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Welcome to FinovateAsia

Welcome to FinovateAsia
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018

We’re back in Hong Kong this week for what is shaping up to be Hong Kong’s most dynamic fintech event of the year, FinovateAsia. We have a dozen companies ready to demo their freshest ideas. And our impressive speaker lineup, along with panelists representing some of the region’s top banks and fintechs, also are ready to impress.

FinovateAsia will take place at the Hong Kong Convention Center where registration opens at 8:00 am and the first session starts at 8:45 am. There’s still time to register and if you have any questions, please contact a member of our event staff.

You can check out today’s full agenda, complete with speaker information, online, but here is a quick preview:

8:00 to 8:45 Registration and continental breakfast

8:45 to 8:50 Welcome

8:50 to 9:20 Keynote address

9:20 to 9:25 Opening remarks

9:25 to 9:35 Analyst all stars

9:35 to 10:25 Demo session #1

10:25 to 11:05 Intermission, refreshments, and networking break, plus fireside chat

11:05 to 11:15 Analyst all stars

11:15 to 12:05 Demo session #2

12:05 to 13:10 Lunch plus expert briefing on financial inclusion

13:10 to 15:15 Breakout streams

  • Insurance and payments
  • Artificial intelligence and blockchain
  • Open banking and the API economy

15:15 to 15:45 Intermission, refreshments, and networking break

15:45 to 16:25 Off the record session with global regulators

16:25 to 17:05 Digital change leaders debate

17:05 to 18:05 Reception and networking

Best of Show winners will be announced tomorrow

Doors open again tomorrow at 8:00 am, with the first session beginning at 8:45 am.

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Swych Powers WeChat’s Travelex Pay Service

Swych Powers WeChat’s Travelex Pay Service
By Julie Muhn (@julieschicktanz) Posted on
Categories: Swych

Digital gifting platform Swych partnered with WeChat and Travelex this week, announcing that its blockchain-based gift card technology will power Travelex’s Travelex Pay, a cashless spending tool hosted within messaging app WeChat.

Travelex Pay will enable Chinese travelers visiting the U.S. to use digital gift cards on the Swych platform to make purchases at U.S. retailers within the WeChat app using funds in their WeChat Pay account. To make a purchase at one of the 700 retailers participating with Swych, WeChat’s 800 million WeChat Pay users can use Travelex Pay to generate an electronic gift card close to the purchase amount, and WeChat automatically deducts the amount in their home currency in real time. To complete the purchase, the cashier either scans a barcode or enters a payment code and receives payment in USD.

The gift cards are fee-free and help users avoid foreign exchange fees which could add up to 3% to 5% of their purchase. However, as a potential added cost to users (and potential benefit to retailers), users can only purchase gift cards in increments of $10.

“Chinese tourism in the U.S. is increasing – both in number of people and the amount of money spent,” CEO and Founder of Swych, Deepak Jain, said. “With more than 90 percent of Chinese tourists expressing interest in using mobile payments overseas if given the choice, Swych, Travelex, with WeChat Pay, have combined service offerings to fill the demand for a frictionless and zero-fee payment option. This is yet another innovation aimed at furthering cross border commerce and making Swych the most advanced digital gifting platform in the market.”

According to Jing Travel, Swych not only plans to add retailers to the platform, it also hopes to launch Travelex Pay in geographies other than the U.S. that are popular with Chinese tourists. There are no plans in place currently, however, to expand Travelex Pay outside of the WeChat ecosystem.

At FinovateSpring earlier this year, Swych demonstrated how it facilitates cross-border money transfers using its digital gifting platform in a presentation that won the company Best of Show. With 50+ employees, Swych boasts 50,000 registered users in the U.S., 100,000 users in India, and more than 50 corporate customers. Earlier this year, the Texas-based company announced it is leveraging its recent acquisition of GiftCardsIndia to facilitate cross-border gifting between the U.S. and India.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bazaarvoice, Bento for Business, Blockchain, Expensify, Ledger, PayActiv, Swych

On Finovate.com

  • Swych Powers WeChat’s Travelex Pay Service.

Around the web

  • Bento for Business partners with payroll and HR company Cast & Crew
  • PayActiv announces Walmart as Destination to Pick Up Cash-Based Earned Wages.
  • TechCrunch: Blockchain startup Blockchain to launch hardware wallet in partnership with Ledger.
  • Monetate and Bazaarvoice partner on product recommendation strategies.
  • CLA selects Expensify for its clients’ receipt tracking and expense reporting app.

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.

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Yoyo Lands $30 Million Partnership Agreement

Yoyo Lands $30 Million Partnership Agreement
By Julie Muhn (@julieschicktanz) Posted on
Categories: Yoyo

U.K. payment and loyalty app startup Yoyo Wallet entered into a major partnership agreement this week. The deal, worth $30 million, is with Greg Kidd’s investment firm Hard Yaka. Well-known in the fintech industry, Kidd was an early investor in Ripple, Square, Twitter, and Coinbase.

For its end of the deal, Yoyo will integrate its commerce API with Hard Yaka’s Global ID, a global user identification platform. Global ID helps users prove their identity via their electronic footprint. The tool’s identity token is a key feature to help users make purchases online and in-store; this commerce element is where Global ID will leverage Yoyo’s loyalty and purchasing app.

“Yoyo is the cornerstone to the global delivery of the Hard Yaka vision. We know about data – and our collaboration together will generate a boost to the Global ID movement that will shape the future of the global consumer market and disrupt the status quo,” said Yoyo chairman Alain Falys.

In praise of Yoyo’s secure and scalable platform, Hard Yaka founder and CEO Greg Kidd said, “Yoyo has a very sophisticated technology that includes a nimble application programming interface that makes it easy to integrate into the Yoyo Platform. This will enable users to pay for goods and services and receive loyalty rewards and other benefits through a mobile device – without compromising the security of the consumer or giving up more private details than necessary.”

Yoyo was founded in 2013 and processes more than two million transactions per month for its more than 800,000 users. The company recently demoed retailer-specific bank card loyalty solution at FinovateEurope 2018. Yoyo has raised $30.3 million from Metro Group, Touchstone Innovations, Woodford, and Firestarter. This summer, the company launched a new feature that allows users to order ahead. Weeks later, Yoyo announced it exceeded one million users on its platform.

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FinovateAsia is Days Away

FinovateAsia is Days Away
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018

It’s time for last-minute preparations for FinovateAsia, which will be held next week on October 29 and 30 in Hong Kong. And it’s not just the presenters and speakers who need to be prepared, it’s also you, our audience. Still don’t have your ticket? Register today to be part of the crowd.

To help you get ready for all of the newest themes and trends that will be presented next week, we’ve created this word cloud that offers a visual on the hottest topics of this year’s show:

As for logistical details, here is all you need to know:

Who

We’ve gathered dozens of innovative fintech companies to demo their latest technology on stage. Check out our full list of demoing companies and read through our Sneak Peek blog series for an inside look at what the companies will demo on stage.

We’ll also be joined by industry experts and thought leaders to discuss the latest trends impacting banks and fintechs today. Preview our full list of speakers and take a look at our agenda for more information on session topics.

Where

We’ll be at the Hong Kong Convention Centre located at 1 Expo Drive, Wan Chai, Hong Kong. Please use the Harbour Road entrance at the Harbour Road Cafe when entering the venue and proceed to rooms S221s on level two.

When

Registration opens at 8 am on October 29 and the opening keynote presentation will begin at 8:45 am. Plan to come early and enjoy some tea and a continental breakfast before the session begins.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: DigiByte Holdings Limited, Emailage, On Deck Capital, Ping Identity, Tinkoff Bank, Yoyo

On Finovate.com

  • OnDeck Partners with PNC Bank to Streamline SME Financing.
  • Yoyo Lands $30 Million Partnership Agreement.

Around the web

  • Ping Identity makes YubiKey experience packs available for PingID customers
  • Emailage launches RapidRisk Score fraud detection solution for risk analysis.
  • Tinkoff Bank launches Tinkoff Mortgage mobile application for its mortgage customers and partners.

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.

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DoubleNet Pay Acquired by Benefits Provider Purchasing Power

DoubleNet Pay Acquired by Benefits Provider Purchasing Power
By Julie Muhn (@julieschicktanz) Posted on
Categories: DoubleNet Pay, Mergers & Acquisitions

Financial wellness platform DoubleNet Pay announced this week it has agreed to be acquired by Purchasing Power, an Atlanta-based voluntary benefit provider for employers. The financial terms of the deal, which closed on September 28, were not disclosed.

DoubleNet Pay was founded in 2013 on the principle of paying yourself first. The company’s platform helped users account for bills and savings goals before using their income on discretionary spending. Every time its users received a paycheck, DoubleNet Pay automatically separated the funds into three different accounts– savings, bills, and spending– to help users achieve financial freedom.

Purchasing Power, however, was most interested in DoubleNet Pay’s Workplace offering, a feature for businesses to help their employees gain financial security. As Richard Carrano, Purchasing Power CEO, explained, “This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not addressed by traditional employee benefit providers.” Purchasing Power will rebrand the service to fit into its existing offerings.

“We are excited that the DoubleNet Pay platform will be able to help Purchasing Power’s millions of eligible employees set proactive short-term savings goals and take care of monthly bill obligations automatically,” said Brian Cosgray, founder and CEO of DoubleNet Pay. “We have known the Purchasing Power leadership team for many years and are impressed with its passion for helping to improve the financial well-being of their customers.”

At FinovateSpring 2015, DoubleNetPay showed off how it takes the stress out of personal financial management. Last year, the Georgia-based company partnered with T. Rowe Price to integrate its online cash flow management tool into T. Rowe Price’s Retire With Confidence Program. Before its exit, the company had raised $4 million from Fuqua Investments and TTV Capital.

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Wealthfront’s New Freemium Model

Wealthfront’s New Freemium Model
By Julie Muhn (@julieschicktanz) Posted on
Categories: Wealthfront

Wealthtech innovator Wealthfront unveiled this week its plans to launch a freemium version of its online roboadvisory service. The California-based company will open its Path financial planning tool for free to U.S. users.

Users new to Wealthfront can sync their existing financial accounts with Path, an automated financial planning solution launched in 2017, that offers an interactive experience for users to explore different scenarios that may help them reach their goals. By syncing their own accounts with Path, users can gain a better understanding of their current wealth management habits and create a personalized retirement plan for the future. Wealthfront will allow freemium users to sync not only traditional bank account information but also brokerage account and home value data. As is the case with most freemium services, Wealthfront’s goal with the new offering is to transition clients of the free service to its managed plans.

In an interview with Reuters, Wealthfront Co-founder and Chief Strategy Officer Dan Carroll said, “We don’t believe that financial advice should be for the ultra wealthy and it should be behind the paywall.” The company’s management fees are on the low end of the industry, however. Wealthfront charges a transparent advisory fee of 0.25% and a fund fee that ranges from 0.07% to 0.16%. “We were gratified when we looked at the data, that clients that engage with the engine do save more,” Carroll added.

The freemium service is slated to launch by the end of this year.

Wealthfront stands a little taller now in comparison to competitor Betterment, which is still limited to paid, managed plans. To its benefit, however, Betterment offers optional access to licensed financial experts who provide a human touch to an otherwise strictly algorithmic investing approach. Personal Capital, which offers both a freemium model and access to a team of financial advisors, remains a step above both.

Wealthfront debuted as KaChing at FinovateSpring 2009. The company started 2018 with a capital raise of $75 million and the launch of its home ownership planning tool. Earlier this week, Wealthfront announced it teamed up with Intuit to leverage data from account holders’ TurboTax returns to create a smoother onboarding experience for new clients and offer more personalized services to existing clients, based on their detailed tax return data.

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