Author: Julie Muhn (@julieschicktanz)

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinanceIt, Finicity, Green Key Technologies, Lendio, Mambu, Pindrop Security, Roostify, Socure, Symbiont, Symphony Software Foundation

On Finovate.com

  • Net Neutrality: Pay Up for Fast Fintech or Let the Invisible Hand be Your Guide?
  • Financeit Recapitalization Gives Goldman Sachs Majority Stake
  • Symbiont Smart Contracts to Simplify Index Data Sharing for Vanguard

Around the web

  • Pindrop and Lloyds Banking Group win Gold Award for ‘best risk and fraud management programme’ at the European Contact Centre & Customer Service Awards.
  • Socure named one of the Top AI Companies in the world by CB Insights.
  • GreenKey joins Symphony Software Foundation.
  • Argentine digital consumer lender Wenance chooses Mambu’s SaaS engine.
  • Finicity integrates its asset verification tool into Black Knight’s LoanSphere Exchange Digital platform.
  • HousingWire features Roostify and its focus on the consumer experience.

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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SBDA Group Closes Series A Investment Round

SBDA Group Closes Series A Investment Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, SBDA Group

Banking personalization company SBDA Group has landed a Series A investment today. FinSight Ventures and Digital Space Ventures contributed to the round, the amount of which was undisclosed. This marks the company’s first ever VC funding round.

The U.K.-based company will use the investment to advance its AI-powered customer engagement solution for banks, grow its product suite, and expand its team. SBDA Group sees pending PSD2 regulation as an opportunity. And while the company has selected Europe as its target market, it also has plans to expand into North America. SBDA Group CEO Nikita Blinov said that the company is proud of their solution that “allows retail and corporate banks to take advantage of open banking reforms utilizing our personalised recommendations-based approach that gives a customer a reason to stick with his or her current bank, as switching banks becomes more frequent.”

At FinovateEurope 2016 Blinov, along with Chief Data Scientist Alexander Fonarev, and Project Manager Anna Laskovaya, demoed SBDA Customer Insight, a product that turns raw banking data – such as transactional histories – into targeted marketing and information for customer relationship management. The technology leverages 10,000+ external sources into 500+ facts and personalized AI-driven recommendations. Alexey Garyunov, Managing Partner and Co-Founder of FinSight Ventures, said, “SBDA’s AI technology helps banks and merchants make their product profiles relevant to each customer by solving any problems as they arise. It also identifies the most appealing communication channels with a customer.” Abdul Abdulkerimov, Founding Partner of Digital Space Ventures, added, “SBDA Group has huge potential for international growth and expansion.”

Founded in 2014, SBDA Group currently serves more than 10 top-tier banks and has processed more than 100 million customer profiles. The company was a finalist of BBVA’s Open Talent Artificial Intelligence 2017, and was a gold winner of the UniCredit international hackathon last year. We featured the company in our Fintech Filter for AI post earlier this year.

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ID.me Reaches 5 Million Users, Appoints C-Level Execs

ID.me Reaches 5 Million Users, Appoints C-Level Execs
By Julie Muhn (@julieschicktanz) Posted on
Categories: ID.me

Digital identity platform ID.me has reached a milestone this week. The Virginia-based company now counts 5 million users on its platform.

Along with user growth, ID.me has also scaled its employees, having grown to 60 employees since launching in 2010. In a press release, the company’s founder and CEO Blake Hall said that digital identity has reached a “tipping point.” He explained, “C-suite executives across industries are asking their teams how to protect consumer data from fraudulent actors… ID.me provides a layer of trust to ensure identity is verified and securely authenticated, moving away from relying solely on static identifiers like SSN and date of birth to devices and biometrics.”

To support this growth, ID.me has brought on two new C-level executives– Michael Morrison as Chief Financial Officer and Mike Brown as Chief Technology Officer.  Before joining ID.me, Morrison served as CFO for Qology Direct, a performance-based sales and marketing company. He has also held senior finance and operational positions at American Express, Virgin Mobile USA, Sprint, and XM Satellite Radio. Brown was a founding member of comScore, having served as its CTO for 6 years. He has submitted 24+ patent applications, of which 15 were approved. These are not the first C-level appointments ID.me has made this year. In August, the company hired Julie Filion as Chief Marketing Officer.

ID.me simplifies how individuals share their identities online by offering a network where users verify their identity once and are able to use that digital credential across the web to prove their who they are. The platform is designed to work especially with hard-to-define user groups such as military veterans, public service workers, and teachers. At FinovateSpring 2017, Blake Hall showcased how ID.me streamlines account opening, regulatory compliance, and customer support for banks and fintechs using identity that is accredited by the federal government.

Last month ID.me teamed up with General Motors to support their military discount program. In October, ID.me partnered with Finovate alum ThreatMetrix to deliver ID verification for government and commercial digital services. The company has raised a total of $45.8 million.

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DoubleNet Pay to Power Cash Flow Management Tool for T. Rowe Price

DoubleNet Pay to Power Cash Flow Management Tool for T. Rowe Price
By Julie Muhn (@julieschicktanz) Posted on
Categories: DoubleNet Pay

Financial management technology startup DoubleNet Pay scored a partnership with investment services firm T. Rowe Price this week. The Georgia-based company announced on Tuesday it has integrated its online cash flow management tool into T. Rowe Price’s Retire With Confidence Program.

The savings automation tool empowers participants to manage their income by regularly deducting a select amount from their bank account to save towards goals such as emergency savings, bill payment, and debt management. Brian Cosgray, DoubleNet Pay’s founder and chief executive said that the purpose of the tool, which is available on T. Rowe Price’s Workplace Retirement website, is two-fold. It is intended to “help people easily pay their bills on time” and also aims to help users “start a savings fund before spending their money on discretionary items.” Cosgray added, “We hope making financial best practices automatic each pay period will boost positive financial behavior.”

Diana Awed, head of product and marketing for T. Rowe Price Retirement Plan Services said, “We’ve seen the impact automatic services can have on financial behavior, particularly with retirement savings, and believe the addition of DoubleNet Pay to our financial wellness program will encourage employees to get on the right path with their finances, including paying down debt, starting an emergency fund, and saving for retirement.”

Founded in 2013, DoubleNet Pay is based on the principle pay yourself first. In other words, bills need to be paid and savings accounts must be funded before discretionary spending takes place. At FinovateSpring 2015, the company’s cofounders Brian Cosgray and Cody Laird showed off how DoubleNet Pay takes the stress out of personal financial management. Earlier this summer, the company reeled in $4 million in its first round of funding. Last year, DoubleNet Pay earned a spot in Plug&Play’s accelerator program.

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Finovate Partners with UAE Ministry of Finance

Finovate Partners with UAE Ministry of Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateMiddleEast 2018

Finovate has teamed up with the UAE’s Ministry of Finance this week to support the region’s growth of financial, banking and payments technology.

Attendees of the announcement event, held earlier today, received a sneak peek of what to expect at FinovateMiddleEast, which will take place February 26 and 27 in Dubai. Today’s event featured a panel discussion titled Innovation versus Digital Disruption: Perspectives from Banks and Fintechs. During the panel, Jagadeshwaran Kothandapani and Shadab Ahmed of Citi, as well as Sara Grinstead of RAKBank talked about the need for collaboration and partnerships between fintechs and FIs, as well as the need to embrace change, adopt new technology, and manage risk.

Finovate VP Heather Stowell noted that Finovate is also embracing fintech in the UAE, saying, “Supporting fintech globally is the crux of Finovate. We are excited to showcase the region’s fintechs, as well as grow the dialogue and interest in fintech for the region and the UAE as a fintech hub.”

FinovateMiddleEast will take place during UAE Innovation Month and Dubai Innovation Week. The show will bring together early-stage startups, leading established companies, media, financial service institutions, and funders. Book your ticket before December 21 and save up to $400.

With the UAE Ministry of Finance as the strategic partner, FinovateMiddleEast is supported by platinum sponsor UAE Exchange, silver sponsor Temenos, and bronze sponsor Loxon.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Backbase, BLUERUSH, Coinbase, DoubleNet Pay, ID.me, Larky, Ripple, SBDA Group, Temenos

On Finovate.com

  • Backbase 6 Features New Digital Banking Backend, Open Banking and PSD2 Readiness
  • DoubleNet Pay to Power Cash Flow Management Tool for T. Rowe Price
  • SBDA Group Closes Series A Investment Round
  • ID.me Reaches 5 Million Users, Appoints C-Level Execs
  • BLUERUSH Introduces New CEO and Director Steve Taylor

Around the web

  • Filene interviews Larky CEO Gregg Hammerman on the company’s recent VISA partnership.
  • PR Savings Bank in APAC signs with Temenos.
  • Ripple completes XRP Lockup to create certainty of XRP supply at any given time.
  • ACI Worldwide receives SWIFT gpi certification for itsUniversal Payments (UP) Real-Time Payments solution.
  • Facebook Messenger chief David Marcus joins Coinbase board.

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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NuCypher Raises $4.3 Million from Token Sale and VC Funds

NuCypher Raises $4.3 Million from Token Sale and VC Funds
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, ICO, NuCypher

According to a report from CoinJournal, NuCypher, a platform that offers security and encryption services for distributed systems, has pulled in $4.3 million. This brings the company’s total funding to just over $5 million.

The funds come from a token pre-sale from 13 cryptofunds and venture capital firms. Leading the VC portion of the round was Polychain Capital. Michael Novogratz’s Galaxy Digital Assets Fund, FBG Capital, Compound VC, Satoshi Fund, and Blockchain Korea Partners, and others also participated.

Founded in 2016, NuCypher works to secure and encrypt big data, the blockchain, the cloud, and the internet of things (IoT). The San Francisco-based company differentiates its technology with the ability to transfer data from one public key to another without either party gaining visibility to the contents of the message.

CoinJournal reported NuCypher said that it is “part of that core infrastructure, enabling developers to store, share and manage private data on public blockchains.” The company emphasized it has been “very diligent” in building out its network ahead of its token sale to make it usable “from day one.”

Above: NuCypher CEO MacLane Wilkison (pictured left) and CTO Michael Egorov (pictured right) presenting at FinDEVr London 2017

At FinDEVr London 2017, the company’s CEO MacLane Wilkison and CTO Michael Egorov gave a presentation titled Body Armor for Big Data. The company is planning to hold its public ICO in early 2018. The token of the ICO will be used to ensure computations are correct. The company said that a year from now it will power many decentralized applications, from data exchanges and marketplaces to end-to-end encrypted databases to healthcare apps.

Earlier this summer, NuCypher introduced its decentralized key management system, NuCypher KMS. In May, the company earned finalist spots in Citi Tech’s Tech for Integrity Challenge and in TechCrunch Disrupt NY 2017’s Startup Battlefield. NuCypher also bears the honor of being a Y Combinator alum.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Blackhawk Network, CashStar, Entersekt, INETCO Systems, Infosys, nCino, NuCypher, Simility, Symbiont, Tradeshift, Tuition.io

On Finovate.com

  • NuCypher Raises $4.3 Million from Token Sale and VC Funds
  • Simility Adds PayPal as Strategic Investor in Latest $17.5 Million Fundraising

Around the web:

  • INETCO adds centralized switch application performance monitoring capabilities within the INETCO Insight software platform.
  • CFCU Community Credit Union Selects nCino to Boost Operational Efficiencies.
  • Blackhawk’s CashStar powers the launch of enhanced consumer gift card ecommerce program for Chico’s FAS
  • Tuition.io to power Student Loan Debt Reduction benefit to their Educational Assistance Program for MidWestOne Financial Group.
  • VentureBurn lists Entersekt as 1 of 8 12 South African startups to watch in 2018.
  • Vanguard turns to Symbiont smart contracts to simplify index data sharing process.

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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Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace

Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace
By Julie Muhn (@julieschicktanz) Posted on
Categories: Hyperwallet

‘Tis the season for online shopping (and selling). Today, just weeks after the Texas-based company opened its Asia Pacific office in Sydney, Australia, mass payout platform Hyperwallet began supporting disbursements from Amazon’s Australia marketplace.

Starting today, Amazon sellers across the globe can leverage Hyperwallet’s multi-currency payout solution to accept disbursements from sales made on Amazon’s new Australia-based marketplace. Simon Banks, Hyperwallet’s Asia Pacific Managing Director, said that the company aims to extrapolate Amazon’s usability into “the supply side of marketplace transactions, streamlining the onboarding and disbursement process for independent sellers.” To register, sellers use the Login with Amazon option on Hyperwallet’s page. Once registered, users benefit from Hyperwallet’s network of banking relationships across the globe.

After noting that the new development adds to the ways Hyperwallet is supporting the international freelance community, company CEO Brent Warrington said, “Faster, more affordable cross-border disbursements is something we’re very passionate about, and we’re happy to offer that experience to sellers on the Amazon Marketplace.”

Hyperwallet most recently presented at FinDEVr Silicon Valley 2016, where Bill Crowley, Chief Product Officer, and Blair Olynyk, Software Architect, gave a presentation titled, Pay the Planet: Implementing Frictionless Global Payout Distribution. Since it was founded in 2000, Hyperwallet has distributed billions of dollars in payouts to more than 8 million individuals worldwide. Earlier this year the company bolstered its loyalty program through an integration with Dosh. In January, Hyperwallet expanded to London to support the region’s burgeoning population of gig economy workers.

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Temenos to Ship WealthSuite to Latin America’s Largest Banking Group

Temenos to Ship WealthSuite to Latin America’s Largest Banking Group
By Julie Muhn (@julieschicktanz) Posted on
Categories: Temenos

Switzerland-based Temenos announced that it has teamed up with Latin America’s largest banking group, Itaú Unibanco Holding (Itaú).

Itaú will use Temenos’ WealthSuite as a core banking replacement of its international private banking operations. The bank will deploy WealthSuite in the cloud; a scalable approach that will enable Itaú to meet future demand and achieve a faster time-to-market for new services. Jean Michel-Hilsenkopf, Managing Director of Temenos Sales, noted that WealthSuite will not only help Itaú generate efficiencies, but also differentiate its customer proposition.

Part of Temenos’ digital banking suite, WealthSuite provides a set of holistic wealth management capabilities, including a roboadvisor service that can be packaged as a fully-automated solution, a hybrid, approach, or as a fully-advised method. With customer engagement tools and real time analytics, WealthSuite allows relationship managers to offer a compliant, personalized wealth management experience.

In a press release, Carlos Constantini, CEO of U.S. and Head of international private banking at Itaú, said he anticipates WealthSuite will “enrich the customer experience, reduce time to market for new products, generate efficiencies, and reinforce the segments’ digital strategy.” He added that the solution will help automate front, middle, and back office functions.

Itaú is one of many banks who have signed on to Temenos’ WealthSuite. Large banks such as ABN Amro, Standard Chartered, Nordea, Bank of Montreal, Bank of Montreal Asia Pacific, and others, are all leveraging the wealth management capabilities, which were formerly marketed under the brand T4.

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. The company employs 4,600+ people, operating out of 64 offices representing clients in more than 145 countries. Temenos is the fourth-largest software company in Europe, with profits of $185+ million and a market capitalization of more than $5 billion. David Arnott is CEO.

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YoYo Wallet Appoints Michael Rolph as CEO

YoYo Wallet Appoints Michael Rolph as CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Yoyo

Mobile wallet company Yoyo announced this week it has appointed Michael Rolph, one of the company’s co-founders, as CEO. Meanwhile, former Yoyo CEO Alain Falys has shifted into the role of the company’s chairman.

Prior to the appointment, Rolph had been serving as the company’s Chief Product Officer since January of 2016 and before assuming those responsibilities he had headed up sales and marketing efforts for Yoyo. The company noted that Rolph had been “instrumental” in bringing on large clients such as Caffè Nero and Planet Organic to Yoyo’s payment and loyalty marketing platform.

In his new role, Rolph will implement Yoyo’s strategic operations as it launches into a new phase of growth. And this is not a small task. In addition to aspiring to be the loyalty marketing platform of choice, the company is aiming for a 10x increase in transaction volume in the next 18 months. He noted that he and Falys will “continue to build on Yoyo’s foundation of profitable growth, as we secure new partnerships on the high street and move into an open banking world, becoming natural leaders in omni-channel loyalty marketing, whilst helping retailers super-charge the power of their data.”

In a blog post, Falys offered high praise for Rolph, saying, “Over the past four years, Michael and I have taken Yoyo from an idea to the point where it is now recognised as the leading retailer loyalty platform in the UK and, increasingly, internationally. The Yoyo team has achieved a great deal during that time, and under Michael’s leadership as CEO, our success will only continue to grow.”

In 2013, Falys co-founded the business with Rolph and David Nicholson and has since raised $30.3 million in total funding, including a $15 million Series B round closed in June. The Yoyo platform powers almost 2 million mobile transactions every month, a figure that represents 2.5x increase in usage over the past year. Rolph debuted Yoyo on stage at FinovateEurope 2015. The company currently serves more than 2,000 retailers across the U.K. and Ireland. Last month, Yoyo partnered with Starling to enable Starling members to earn rewards when they use their payment card at retailers that are partnered with Yoyo.

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Coinbase Caught Up in Bitcoin Blowout

Coinbase Caught Up in Bitcoin Blowout
By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase

What happens when you’re facilitating the trade of a product that is experiencing extreme hockey stick growth? You expand your team and operations as quickly as possible.

This is what Coinbase, an exchange platform for bitcoin, ethereum, and litecoin, is experiencing. The California-based company will have plenty of war stories to tell once this season mellows out. After bitcoin blew past $16,000 earlier today*, the company tweeted:

The New York Times, in its piece Coinbase: the Heart of Bitcoin Frenzy, explained Coinbase’s popularity over other cryptocurrency trading platforms. Author Nathaniel Popper said, “Coinbase has been the dominant place that ordinary Americans go to buy and sell virtual currency. No company had made it simpler to sign up, link a bank account or debit card, and begin buying Bitcoin.”

Because of this growth, Coinbase now has more customers than E-Trade and Charles Schwab, having increased by 7.8 million accounts since January of this year. However, Coinbase CEO Brian Armstrong sees past the hype into a more stable future for cryptocurrency. He told the New York Times that bitcoin is “probably a little bit too focused on the price or people trying to make money.” He added, “The thing I’m passionate about with digital currency is the world having an open financial system.”

Coinbase isn’t the only one experiencing growing pains. Global banking company Revolut, which launched a cryptocurrency trading feature today, sent out this series of Tweets this morning:

Founded in 2012, Coinbase demoed Instant Exchange at FinovateSpring 2014. In August, the company became a fintech unicorn after it closed a $100 million round of Series D funding. At that point, Pitchbook estimated Coinbase’s value to be $1.6 billion.

*Note: Earlier today Bitcoin’s value spiked over $17,300 but at press time sits at $17,099.

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