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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
BlytzPay is an app-less, mobile point of sale solution that allows merchants and businesses to communicate, invoice, and collect from their customers using a text message.
Features
Promotes financial inclusion by allowing customers to pay bills with cash
Facilitates billing transparency with two-way communication
Offers a secure, efficient, one-click text-to pay solution
Why it’s great BlytzPay’s cash option provides a solution that allows different socioeconomic classes an equally convenient, secure, efficient opportunity to participate in the world of digital payments.
Presenters
Robyn Burkinshaw, Founder and CEO Burkinshaw, a serial entrepreneur, is passionate about bringing technologies to market that break down barriers and enable financial inclusion for all. LinkedIn
Trevor Atwood, SVP of Sales Atwood is the SVP of Business Development for BlytzPay and leads all partnerships and merchant development efforts. He was previously Sales Manager for Progressive Leasing. LinkedIn
Volkswagen Bank, a wholly-owned subsidiary of Volkswagen AG, will leverage technology from OneSpan to secure its transactions and ensure PSD2 compliance. The bank announced today that it will protect its standalone mobile authentication app, PhotoTAN app, with OneSpan’s mobile SDK, Mobile Security Suite.
The SDK also enables the app to take advantage of OneSpan’s Cronto technology, which ensures banks comply with PSD2 requirements with regard to authentication and dynamic linking. Cronto offers a patented visual transaction signing solution that uses a graphical cryptogram of colored dots to encrypt transaction data. The technology provides banks with a strong defense against a variety of cyberthreats, including account takeover and man-in-the-browser Trojan attacks.
“Cronto is a unique technology available in the market in that it combines security and support for regulatory compliance with a seamless customer experience,” OneSpan SVP of Global Sales Dan Dica said. “This combination is important because it enables our customers to advance their digital transformation easily and securely.”
Citing customer demand and new regulation as key drivers of change in the financial industry, Volkswagen Bank Project Manager Mario Bandau praised OneSpan as a company that has “proven to be knowledgeable in all areas.” Bandau credited the firm for “providing us with all the necessary advice and the solutions we need to deliver the kind of experience customers request while ensuring PSD2 compliance.”
With more than €83 billion in assets and deposits of more than €32 billion, Volkswagen Bank is one of the leading direct banks in Germany. Founded in 1949, the bank provides new and used vehicle financing for Volkswagen brands, as well as direct banking and dealer financing. The firm’s PhotoTAN app, available on both iOS and Android, uses facial biometrics to authenticate and sign transactions whether those transactions are started online or on the mobile device.
OneSpan made its most recent Finovate appearance (as VASCO) at FinovateEurope 2017, demonstrating its Smile & Sign mobile onboarding solution. The technology provides institutions with a secure, easy-to-use, compliant way to onboard customers via their mobile devices using biometrics, push notifications, visual cryptograms, and e-signatures.
OneSpan has been in the fintech headlines frequently of late. In June, the company won the SIIA CODiE Award for Best Fintech Solution for its Intelligent Adaptive Authentication technology. That same month, OneSpan announced a partnership with Belgian online lender Buy Way, and launched its Secure Agreement Automation cloud solution for digital account opening.
With a market capitalization of $542 million, OneSpan trades on the NASDAQ under the ticker OSPN.
U.K.-based start-up B-North has chosen a German Software-as-a-service (SaaS) company, Mambu, to provide its core banking technology, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
The Manchester neobank, which is still awaiting a license from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a U.S.-based cloud banking tech provider, nCino.
The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.
“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” said B-North CTO, Ewan Hutton.
He added: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”
B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.
Currently, SMEs make up 99% of U.K. businesses and employ more than 16 million people.
nCino’s area vice-president, Jacqui Morcombe, said: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”
Founded in 2012 and headquartered in Wilmington, North Carolina, nCino demonstrated its Bank Operating System at FinovateEurope 2017. Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013, and returned to participate in our developers conference FinDEVr New York in 2016. Mambu was founded in 2011.
Paysendreaches one million customer mark for its card-to-card money transfer service, Global Transfers.
Tinkoffgoes live with Pulse, a free social network for investors.
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.
Avalara announced this week that billing and revenue automation platform Ordway is the latest company to join its Certified Partner program. Ordway customers will now be able to choose Avalara’s AvaTax to ensure accurate, real-time calculation of all applicable taxes, fees, and surcharges for every billed item.
“We’re excited to partner with Avalara to provide our customers with an option to automatically calculate sales tax,” Ordway founder and CEO Sameer Gulati said. “Our out-of-the-box tax calculations work for many of our customers, but for those that desire the additional power of AvaTax, our integration makes effortless tax calculation and collection possible.”
The integration will lower the amount of manual work typically involved in determining and collecting state and local taxes by providing sales and use tax calculations within existing business apps at the time of checkout or billing. Avalara’s systems keeps track of the most current tax rules and rates, covering more than 12,000 U.S. sales and use tax jurisdictions. The cloud-based, SaaS technology features 700+ prebuilt integrations into ERP, ecommerce, and other systems, as well as an advanced API.
“Ordway understands the needs of its customers, and their billing revenue automation platform reduces accounts receivable complexity for their customers along many fronts,” SVP of Business Development for Avalara Greg Chapman said. “We understand that digitization of business processes is not an option it is essential. We are proud to offer more accurate and efficient tax compliance solutions to our shared customers.”
In addition to the benefits of the AvaTax integration, Ordway customers who also use Ava CertCapture will also be able to seamlessly link to exception certificates collected and maintained within Avalara’s system.
A specialist in bringing tax compliance automation to businesses, Avalara presented “The Wacky World of Sales Tax” at our developers conference, FinDEVr Silicon Valley in 2015. The company’s senior manager for developer relations showed how the Avalara’s APIs help businesses navigate the complicated world of transactional sales taxes.
More recently, Avalara announced the acquisition of Portway International, a Canada-based firm that provides Harmonized System classifications and outsourced customs brokerage services. Earlier this month, the company reported second quarter revenue growth of 43% over the previous year, and more than 10,000 “core customers.”
“We continue to believe that the automation of transaction tax compliance will be adopted over an extended period,” Avalara founder and CEO Scott McFarlane said in a statement, “as customers upgrade systems, expand their businesses both domestically and internationally, and respond to changing government rules, such as the recent legislative responses to the Supreme Court’s Wayfair decision.” The Wayfair decision refers to the 2018 ruling that states can collect sales tax from internet retailers.
Avalara began the year with a bang. In January, the company acquired the “operational assets” of a firm called Compli that helps alcoholic beverage makers comply with regulations with regard to alcohol production, distribution, and sale. A month later, Avalara was back in the acquisition business with a purchase of Seattle-based AI technology company Indix. Also that month, Avalara announced a trio of major executive hires: appointing Amit Mathradas as president and Chief Operating Officer, Sanjay Parthasarathy as Chief Product Officer, and Ross Tennenbaum as EVP of Strategic Initiatives.
Founded in 2004, Avalara trades as AVLR on the New York Stock Exchange following its 2018 IPO. The company has a market capitalization of $6 billion.
Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.
For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.
Middle East and Northern Africa
A partnership between R3 and Dubai’s platform-as-a-service company Wethaq will help digitize Islamic capital markets.
Working capital solution provider Demica goes live with supply chain finance technology from Saudi British Bank.
National Bank of Bahrain unveils new bulk cash deposit machines with secured with a biometric scan.
Central and Southern Asia
BharatPe, a digital payments company based in New Delhi, raises $50 million in new funding.
Tech Mahindra teams up with Adjoint to launch blockchain-based enterprise financial management and insurance services.
Bangalore-based fintech CRED announces $120 million funding round.
Latin America and the Caribbean
Mexican online lender Credijusto announces $42 million investment from Goldman Sachs and Point72 Ventures.
Brazilian online personal loan platform REBEL raises $42.2 million via financial loan securitization.
Forbes interviewsNubank founder and CEO David Vélez.
Asia-Pacific
Finastrataps Wissam Khoury as new head of its Asia Pacific (APAC) team.
Flywirepartners with Vietnam Prosperity Bank to simplify international tuition payments for Vietnamese students.
Avaloqappoints Imad Abou Haidar as its new Head of Asia.
Sub-Saharan Africa
South Africa’s Nomanini inks $4 million deal with Standard Bank.
Brink News looks at the “game-changing” potential of fintech in sub-Saharan Africa.
SME financing solution provider Nvoicia takes top honors at Seedstars Ghana competition.
Central and Eastern Europe
Tremend Software Consulting announces strategic partnership with Mastercard Romania.
CIO of AXA Poland Oliver Schemberg talks about the “people-led strategy” behind the success of its digital transformation.
Tax Compliance Innovator AvalaraPartners with Billing Automation Platform Ordway
Finovate Global: Indian Fintech Get Funding; Finastra, Avaloq Bring New Leadership to APAC
Around the web
Plaidbecomes a Nacha Preferred Partner for account validation.
Finastrataps Wissam Khoury as its new head of its Asia Pacific (APAC) team.
Revolutteams up with the WWF and The Rainforest Alliance to raise support for the Amazon rainforest.
Frost & Sullivan namesOnfido the winner of its 2019 European Technology Innovation award for its AI-based hybrid identity verification solution.
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.
Bazaarvoice, a startup that leverages product reviews and user-generated content (UGC) to help banks and retailers find and reach consumers, marked its fifth acquisition this week with the purchase of Influenster. Terms of the deal were undisclosed.
The deal offers Bazaarvoice access to the six million community members on Influenster’s product discovery and reviews platform. Combined, these members have written more than 38 million product reviews and create more than 50,000 pieces of content on a daily basis. This network, coupled with Bazaarvoice’s own database of 6,000+ global brand and retailer websites, will offer brands a one-stop shop where they can build customer relationships, create product reviews and UGC strategy, and scale word-of-mouth marketing.
Offering insight into the acquisition decision, Joe Davis, CEO of Bazaarvoice, said, “Influenster’s product sampling and review generation offerings further strengthen our core product ratings and reviews solutions, and their hyper-targeting and gamification capabilities will allow us to better support our customers’ broader marketing initiatives.” He added, “We’re excited to partner with a company that shares our belief in the power of the everyday consumer.”
Before today’s acquisition, Influenster had raised $8 million since it launched nine years ago. Post-acquisition, the company’s founders, Aydin Acar and Elizabeth Scherle, will remain involved in “key functions” at Influenster. The companies have not disclosed the founders’ official roles or titles.
Austin, Texas-based Bazaarvoice, which also has offices in Chicago, London, Munich, New York, Paris, San Francisco, Singapore, and Sydney, is now offering the new integrated platform in North America. The company will launch in Europe this fall and expand to more international locations in 2020.
Bazaarvoice’s other acquisitions include AddStructure in 2018, FeedMagnet in 2014, and Power Reviews and Longboard Media, both in 2012. The company demoed at FinovateSpring 2012.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
ARM Insight’s synthetic data process unlocks the value of data by delivering actionable insights from hard-to-access financial transaction data while ensuring privacy is protected.
Features
Privacy data protection: reduce the use of raw data
Regulation compliance: manage privacy and data obligations
Product innovation: use artificial intelligence/machine learning tools to enable data-driven innovation
Why it’s great Synthetic data is the breakthrough data set for maximizing your data potential while minimizing your risk. It is the future of data and you should be using it now.
Presenters
Steve Shaw Shaw is responsible for the overall marketing, branding, and communications strategy for the company. He has over 20 years of marketing experience at startups and Fortune 500 companies. LinkedIn
Jonathan Chin Chin oversees overall product strategy. He started building websites at the age of 13 and later developed professional experience in corporate finance and accounting for technology companies. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Horizn’s award-winning platform equips frontline employees and customers directly with the knowledge needed to improve customer experience and dramatically increase digital adoption across all channels.
Features
Gets employees and customers fluent on the latest digital innovation
Improves customer experience and drives digital adoption
Combines simulation microlearning methodology with gamification and analytics
Why it’s great Using Horizn, banks increased digital adoption by 25% and brought call center times down by 45 seconds. Using the in-branch demo with non-digital customers, up to 20% converted to digital banking.
Presenters
Steve Frook VP of Sales, Frook is focused on working closely with financial service companies to significantly increase their adoption/awareness of new and existing innovation. LinkedIn
Robin Dindayal COO and well-respected leader, Dindayal joined Horizn six years ago and has been integral in helping Horizn develop into an industry leader. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Eigen’s NLP software goes to work on your documents, extracting information to answer your unique questions. Eigen puts the power of machine learning (ML) in your hands.
Features
Puts the power of ML in your hands
Enables you to build a ML model with 20 to 50 examples
Can be used by anyone
Why it’s great Eigen’s natural language processing (NLP) software is highly flexible and easy to use.
Presenter
Lewis Liu Liu co-founded Eigen Technologies in 2014 after earning his physics Ph.D at the University of Oxford. He started his career with McKinsey in London. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
IndiVideo is BlueRush’s interactive personalized video platform. IndiVideo improves marketing and sales performance across the buyer journey from acquisition to engaging statements and customer care.
Features
Seamless CX, improved conversions and ROI
Higher customer engagement and satisfaction for increased up/cross-sell
Data-driven customer insights for improved sales and marketing performance
Why it’s great Predictive analytics and customer data flow through IndiVideo for intelligent video production. Customer interactions with each video are captured for data analysis and deeper customer understanding.
Presenter
Ted Mercer From chartered accountant to sales consultant, Mercer leads the sales team at BlueRush, searching for new ways to drive value for leading financial institutions using interactive, personalized video. LinkedIn