Author: Julie Muhn (@julieschicktanz)

Onfido to Secure Drivers for India’s Largest Rideshare Company

Onfido to Secure Drivers for India’s Largest Rideshare Company
By Julie Muhn (@julieschicktanz) Posted on
Categories: Onfido

Digital identity verification company Onfido partnered with India’s largest shared ride company Zoomcar last week. This marks Onfido’s sixth ridesharing partnership. The London-based company has also teamed up with Drivy, BlaBlaCar, EasyCar, Turo, and most recently, SnappCar.

Zoomcar’s mobile app allows users to rent cars and cycles by the hour, day, week, or month. Onfido will help Zoomcar quickly and securely verify a user’s identity. To rent a car, users take a selfie and a photograph of their ID document using their smartphone.

“Onfido is a fantastic partner to work with,” said Rajesh Bysani, CPO at Zoomcar. “Their mobile-first document and facial verification is helping us to achieve our core mission of convenient car rental, while improving the safety of our platform. It benefits everyone.”

Founded in 2012, Onfido leverages machine learning to offer biometrics-based fraud detection. The company’s Facial Check compares a photo on the user’s ID to their live selfie to ensure the customer is who they claim to be. Additional features include a document check, which ensures the user’s document has not been forged, digitally tampered with, lost, or stolen; as well as an identification record check, which cross-references a user’s details against global databases and credit reference agencies.

Onfido provides identity checks in 195 countries for 1,500 customers across the globe. At FinovateEurope, the company’s CEO and Co-Founder Husayn Kassai demoed how Onfido conducts a facial verification check with video. The company has received more than $30 million in funding from investors including Salesforce Ventures and Idinvest Partners.

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Continuity to Provide Compliance Tech for Affinity FCU

Continuity to Provide Compliance Tech for Affinity FCU
By Julie Muhn (@julieschicktanz) Posted on
Categories: Continuity Control

Compliance management solutions company Contiuity is making the banking industry more compliant through a new partnership with Affinity Federal Credit Union.

The New Jersey-based credit union, with $3.1 billion AUM, will implement Continuity’s RegAdvisor Pro and RegControls to make its compliance management more efficient. RegAdvisor Pro analyzes and summarizes regulatory changes; monitors the federal register for new issuances; and provides policy review, updates, and board approval using pre-built procedures. RegControls offers pre-built procedures for consumer compliance, BSA/AML, lending operations, deposit operations, and Community Reinvestment Act and Fair Lending compliance.

Affinity selected Continuity because of its “strong presence and reputation in the industry.” The credit union will use the new tools to analyze regulations, implement compliance actions, monitor activity, and create reports. Olivia Leach, compliance officer at Affinity, said, “Continuity’s technology takes the guess work out of compliance by helping us to easily determine how regulations impact us, and then supporting associated implementation and training actions. The platform assigns different tasks to the appropriate employee, boosting accountability and transparency of the overall compliance management process.”

Affinity has onboarded its marketing and PR, loan administration and consumer lending, and mortgage origination divisions to Continuity. “Compliance touches everything, which is why it’s a priority for us to maintain a strong and pervasive culture of compliance. Continuity provides employees with detailed steps for understanding and applying compliance management to their daily functions, making the entire process easier and delivering new levels of transparency,” added Leach.

Headquartered in Connecticut, Continuity’s solutions serve hundreds of financial institutions across the U.S. and its territories. The company debuted at FinovateSpring 2010. In addition to partnerships with Iberia Bank and Apple Bank announced earlier this year, Continuity received a Marcum Tech Top 40 Award in 2017.

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CardFlight Teams with BoomTown

CardFlight Teams with BoomTown
By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight

Mobile POS and payment technology company CardFlight is expanding its product reach this week after landing a distribution partnership with San Francisco-based Boomtown.

The partnership will enable Boomtown’s U.S.-based merchant acquirer and independent sales organization clients to offer CardFlight’s SwipeSimple payment acceptance solution to merchants. An EMV capable POS system, SwipeSimple is available as both a mobile or countertop register version and comes with back office reporting software to help businesses manage their inventory and operations. The SwipeSimple Register version (pictured right) was launched earlier this spring and offers paper receipt printing, advanced discounting options, and more.

In the press release, Boomtown CEO Alfred “Chip” Kahn IV said that CardFlight is a great partner “because their technology exceeds expectations by combining advanced features, reliability, and simplicity.” Some of those features include leveraging Bluetooth Low Energy to support EMV and contactless payments, offering an app that allows merchants to use their own device for mobile POS, and using a virtual terminal for card not present transactions.

CardFlight CEO and Founder Derek Webster added, “The partnership between Boomtown and CardFlight is natural, because Boomtown is the leader in providing remarkable support to SMBs, while CardFlight’s payment acceptance technology was made with the needs of SMBs in mind.”

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. The New York-based company debuted its technology at FinovateSpring 2013, showing off the first iteration of its API/SDK. In May, CardFlight announced another distribution partnership with payment technology company Paya. CardFlight has raised a total of $6.6 million.

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OnDeck Scores $93 Million in Two Credit Facilities

OnDeck Scores $93 Million in Two Credit Facilities
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, On Deck Capital

Online small business lender OnDeck closed a pair of revolving credit facilities this week. The $93 million in asset-backed funds come from Credit Suisse, which contributed $55 million (AUD 75 million) to go to small businesses in Australia, and Crédit Agricole, which contributed $38 million (CAD50 million) for small business loans to Canadians.

“Securing cost-effective facilities that provide committed funding to support the loan growth of our international businesses reflects another step forward in the execution of our financing strategy,” said Ken Brause, Chief Financial Officer at OnDeck. “These two transactions provide additional capacity to support small businesses in Australia and Canada and help them to achieve their goals.”

OnDeck will use the Credit Suisse facility to refinance its loan book at a lower rate and to fund future small business loan originations. OnDeck will service the loans, which it will extend to OnDeck Australia and OnDeck Canada subsidiaries. The funds are expected to promote small business growth in Australia and Canada by burgeoning the amount of working capital available.

Both loans carry an initial weighted average interest rate of 5.6%. The Credit Suisse loan will mature in June 2020 while Crédit Agricole’s matures in June 2021. These credit facilities make a total of four funding events that the New York-based company has received this year, following a $100 million revolving credit facility and a $225 million securitization, both received in April.

Founded in 2007, OnDeck leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions and deliver funds to small businesses in as little as 24 hours. Since launch, the company has deployed $8+ billion to customers in 700 different industries across the United States, Canada, and Australia. OnDeck demoed at FinovateSpring 2012 and gave a presentation at our developers conference, FinDEVr New York 2016.

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Equifax Acquires DataX to Promote Financial Inclusion

Equifax Acquires DataX to Promote Financial Inclusion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Equifax, Mergers & Acquisitions

Consumer insights and credit scoring company Equifax made its 18th acquisition this week. The Georgia-based firm purchased credit reporting agency and alternative data provider DataX.

The move is expected to promote financial inclusion for underbanked consumers by helping lenders expand access to credit. DataX’s alternative data stores complement Equifax’s core credit database, as well as specific services such as The Work Number, Equifax’s centralized repository of payroll data. Equifax will also benefit from DataX’s analytics and identity solutions, as well as credit reporting, ID verification, bank account verification, and custom risk services.

“Giving consumers fair access to credit has always been a key economic driver for upward mobility, and this acquisition will help more consumers gain access to credit and capital,” said Trey Loughran, president of United States Information Solutions at Equifax. “The combination of DataX’s data with Equifax’s unique and robust data assets will add more depth to consumer’s profiles and will help lenders expand borrowing options.”

As a part of the transition, the DataX brand and its 18 employees have been integrated into Equifax’s Banking and Lending Division. Other recent acquisitions in Equifax’s portfolio include ID Watchdog and Veda Advantage.

At FinovateFall 2011, Equifax showcased the benefits of the Equifax Complete features of its mobile app. Last week, the company teamed up with Thinking Capital to launch BillMarket, a solution that helps small businesses in Canada extend payment terms and increase their purchasing power. Earlier this year, Equifax appointed a new CTO, launched NeuroDecision technology for neural network modeling, and unveiled Lock & Alert, a service that helps consumers quickly lock and unlock their Equifax credit report.

Founded in 1899, Equifax is publicly traded on the NYSE under the ticker EFX. The company’s market cap sits at $15.2 billion.

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Azimo Adds 10 Countries for Nordic Users

Azimo Adds 10 Countries for Nordic Users
By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo

For international remittance platform Azimo, the world just became a bit more flat. That’s because the U.K.-based company recently expanded its services to allow customers to send money to 10 more countries.

Azimo users in Denmark, Norway, and Sweden can now send funds to bank accounts in Thailand, Vietnam, Hong Kong, Singapore, Australia, New Zealand, Romania, Bulgaria, Croatia, and Hungary. Other recently-added countries include the Philippines, Nigeria, China, and Poland.

The Nordic region is a strategic focus for Azimo. The purpose of the company’s recent $20 million in funding round from Rakuten Capital was to fuel Azimo’s growth in Nordic countries as well as in the broader European region. And the demand can be seen in the metrics– the number and volume of transfers from Denmark, Norway, and Sweden have increased by more than 150% in the last year.

Founded in 2012, Azimo has raised a total of $66 million. The company debuted its global money transfer platform at FinovateEurope 2013 in London. The platform allows users to send money in the recipients’ local currency directly to their bank account. Last year, the company reported triple-digit growth.

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Tradeshift Collaborates with MakerDAO on Blockchain Payments

Tradeshift Collaborates with MakerDAO on Blockchain Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Tradeshift

Supply chain payments company Tradeshift has always aimed to help businesses get paid faster. Today, it’s doubling down on that mission by partnering with MakerDAO to leverage the blockchain to speed up payments.

MakerDAO is the creator of Dai, a decentralized stablecoin based on the Ethereum blockchain, as well as the Dai Credit System. Through the partnership, Tradeshift will leverage MakerDAO’s credit system to create a supply chain liquidity marketplace. The marketplace aims to serve businesses, which can leverage transactions and digital assets on the Tradeshift platform to create short-term financing models; developers, who can build apps for investors; and investors, who benefit the tokenization of assets such as invoices made available on new financial apps.

As Tradeshift Co-Founder Gert Sylvest described, it was previously difficult for trade receivables to leverage the blockchain, since the market has tight margins that do not allow for the volatile fluctuations that come with settlement in digital currencies. The difference in the Dai Credit System, Sylvest explained, is that it is “a transparent and stable token that allows anyone to represent real-world currency settlements on the blockchain.”

The Dai maintains stability because it is an open smart contract platform that allows anyone to issue Dai against their assets, which are held as collateral. When users want to retrieve their collateral, they return the Dai currency they issued, plus a fee based on how much time they used it for. This removes the need for users to blindly trust a third party. MakerDAO’s video explains a bit more in-depth:

Rune Christensen, CEO of MakerDAO said that this partnership “proves the potential of the blockchain to level the economic playing field for businesses of all sizes around the globe.” He added that the collaboration offers “new options for investors by creating an entirely new class of investment vehicles with vetted risk, based on real world assets.”

Founded in 2010, Tradeshift helps business’ buyers and suppliers digitize and collaborate on their transactions using any supply chain app. At FinovateEurope 2012, Tradeshift demoed Instant Payments, which allows small businesses to receive payments instantly on the Tradeshift platform in exchange for a small interest rate.

The company’s business commerce platform connects more than 1.5 million companies across 190 countries. To date, the California-based company has processed more than half a trillion dollars in transaction value. Tradeshift has raised $432 million, including its most recent $250 million round from Goldman Sachs this spring which vaulted the company’s valuation up to $1.1 billion.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, BLUERUSH, Kabbage, Lendio, Tradeshift

On Finovate.com

  • BlueRush’s IndiVideo to Boost Customer Engagement for Meridian Credit Union.
  • Tradeshift Collaborates with MakerDAO on Blockchain Payments.
  • Azimo Adds 10 Countries for Nordic Users.

Around the web

  • Inc. talks to Kabbage about why its holding off on an IPO.
  • Lendio has helped facilitate nearly $120 million in growth capital through 5,000 loans to small businesses in California to date.

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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Onist Teams Up with Quovo

Onist Teams Up with Quovo
By Julie Muhn (@julieschicktanz) Posted on
Categories: Onist, Quovo

Collaborative financial management platform Onist announced it is teaming with financial account analysis company Quovo. Onist will leverage Quovo’s data to provide a more reliable financial picture to its Canadian clients, making it the first company in Canada to use Quovo’s services.

The collaboration will allow Onist to pull in details from new Canadian accounts, credit unions, investment accounts, as well as common bank accounts, and credit cards. The Onist platform will provide a single place where consumers and authorized third party professionals can get a comprehensive view of their net worth and cash flow. By aggregating this data and facilitating access, Onist and Quovo aim to help clients make better informed decisions.

In the press release, Onist CEO Brad Kotansky said, “Onist is all about helping families and their advisors collaborate around household finances – and having access to your complete, reliable Canadian financial data is key to that. We are thrilled to partner with Quovo and feel strongly that we can help bring Canadians the same financial insight Americans have had for years. There’s never been a better time for Canadian families to be able see and digest all of their important financial information in one place.”

The idea of democratizing financial information is core to both companies. Quovo co-founder and CEO Lowell Putnam said that Onist’s efforts to offer consumers a clear view of their finances aligns perfectly with Quovo’s own mission, making Onist, as Putnam described, “an ideal early partner.”

Headquartered in Canada, Onist was founded in 2015 and showcased its financial management platform at FinovateSpring 2017. The company offers a virtual family office that facilitates collaboration among the family and their financial advisors, estate planners, tax professionals, insurance advisors, and accountants. Leveraging a second data aggregation partnership with Envestnet|Yodlee, the Onist platform enables users to aggregate all of their financial accounts and select the information they want to share with their planning professionals.

Quovo presented at FinDEVr New York 2016 and FinDEVr New York 2017, where it was awarded Favorite FinDEVr Alum. Earlier this spring, the company received an investment from Canadian VC firm Portag3 Ventures that intended to help Quovo enter into the Canadian market. Founded in 2010, Quovo serves hundreds of institutions, thousands of advisors, and millions of end-users. Lowell Putnam is co-founder and CEO.

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Sberbank Now Supports Google Pay

Sberbank Now Supports Google Pay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Sberbank

Russia-based financial services organization Sberbank is making online payments easier for its clients with a new collaboration this week. The bank is integrating with Google Pay, making it the first bank in Russia to do so. The move is expected to bring Sberbank’s payment method to top-of-wallet in ecommerce shops that offer Google Pay.

When they’re ready to make a purchase at an online point of sale, Sberbank users simply need to log into Google Pay, select their previously saved payment method, and confirm the transaction. The service is available via native apps, as well as on mobile and web interfaces with major internet browsers.

Sberbank acquiring and bank card division director Svetlana Kirsanova noted that the feature will help users save time when shopping online by offering a more user friendly interface. “In the modern world, the speed and easiness of making purchases are the priority, and that’s why Sberbank is focused on introducing technology that helps to avoid performing additional actions and lets purchases be made in seconds,” Kirsanova added.

At FinovateSpring 2016 Sberbank launched Sberbank Messenger, which is built on top of the bank’s digital ecosystem and enables consumers to chat and seamlessly send money to one another. The service also allows businesses to interact with consumers using both human respondents and chatbots, and enables consumers to purchase goods and services without leaving the chat dialogue.

Established in 1841, the bank has 260,000 employees and serves more than 110 million clients, equivalent to 70% of Russia’s population, through 16,000+ branches.

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Shoppers Can Now Order Ahead with Yoyo

Shoppers Can Now Order Ahead with Yoyo
By Julie Muhn (@julieschicktanz) Posted on
Categories: Yoyo

U.K. payment and loyalty app startup Yoyo Wallet is saving users time by letting them skip the line. This news comes thanks to a partnership with Preoday, a digital ordering and pre-payment technology company.

With the new integration of Preoday’s order ahead solution, Yoyo wallet users can pre-order their food and beverage at participating retailers using the Yoyo app. This move will help small and medium retailers compete with popular brands such as Starbucks and Wetherspoons that offer this option.

Yoyo CEO Michael Rolph explained that the company has democratized customer information, making the data available to small, local retailers. “Through our partnership with Preoday we can now do the same when it comes to offering the most enhanced personalised customer services to retailers and caterers, big or small,” he said. “By creating a frictionless payment, loyalty and order ahead experience, based on consumer identity and purchasing preferences, Yoyo is now acting as the engine of business growth for our partners.”

Yoyo was founded in 2013 and is now available at more than 70 universities, in 200+ workplace food service locations, and at major retailers including Caffè Nero, Planet Organic, Harris + Hoole, HOP Vietnamese, and Wrap it Up. The company processes more than 2 million transactions per month for its more than 800,000 users.

Yoyo started as a pilot project at Imperial College and recently demoed retailer-specific bank card loyalty at FinovateEurope 2018. The new solution leverages open banking to match card transactions with a retailer’s till transactions in real time to link a customer’s purchases with their card payment. It applies its loyalty engine to the matched purchases and rewards the customer as if they had paid using the Yoyo app.

The company has raised $30.3 million from Metro Group, Touchstone Innovations, Woodford, and Firestarter. Earlier this spring, Yoyo was named Best Mobile Payment Solution at the Merchant Payments Ecosystem Awards.

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Temenos Teams with Open Banking API Platform LUXHUB

Temenos Teams with Open Banking API Platform LUXHUB
By Julie Muhn (@julieschicktanz) Posted on
Categories: Temenos

Banking software firm Temenos initiated a collaboration today with Luxembourg-based LUXHUB, a European open banking platform formed by four major Luxembourgish retail banks.

Through the partnership, the two aim to not only help banks meet PSD2 standards but also leverage additional opportunities available via APIs. Under PSD2, which went into effect January 13 of this year, European banks face new regulations that require real-time, 24×7 API support as well as scalability to deal with higher transaction volumes and queries.

Steen Jensen, Managing Director at Temenos, said, “Temenos brings to the table the full technology capabilities and architecture that enables financial institutions to easily comply with the directive, but also take advantage of the new business models that might arise in the future due to PSD2. We look forward to working with LUXHUB to offer our client community more opportunities to take advantage of the new API economy.”

Jacques Putz, CEO of LUXHUB added, “By collaborating with service providers like Temenos, we are bringing that PSD2 compliance straight to your core.”

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. The solutions combines native and web technologies to develop mobile apps that look, feel, and behave like native apps. The company’s systems serve more than 2,000 clients in over 150 countries. Temenos has a market capitalization of more than $10.4 billion.

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