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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
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.
William Reeve, a co-founder of LOVEFiLM and Secret Escapes, is the latest investor in Czech payments innovator Twisto. Tech.eu reports that the company has raised $15 million (€14 million) in capital as a follow-on to the Series B that it completed in this spring. The company is also looking to bringing an additional $33 million to $44 million (€30 million to 40 million) in senior and venture debt financing to support expansion.
Twisto will use the funds to further build out its platform and to develop what it calls the first universal “debit-credit payment app.” The company’s goal is to have two million, “full-account” customers within the next five years.
Speaking of Reeve, Twisto CEO and founder Michal Smida called his fintech experience “an invaluable resource” and said Twisto would work closely with Reeve on “key strategic initiatives” including M&A and entry into new markets.
Founded in 2013, Twisto has grown into a major Central European fintech with more than 275,000 customers and more than 500,000 monthly visits. The company’s Nikita risk engine applies machine learning to non-traditional data to provide a credit assessment based on more than 400 data points per transaction – all in milliseconds.
Twisto demonstrated its Twisto Card at FinovateEurope 2018. The card, designed to support all of the daily financing needs of its users, provides access instant credit and notifications, a favorable foreign exchange rate, cashback and UNIQA insurance. The card also features a “Buy Now. Pay Later” solution that provides one-click instant financing. Twisto offers three tiers, including a free online version that includes many of the platforms key features including cashback from online purchases and Twisto Snap, which lets users pay bills and invoices by photo or email.
Headquartered in Prague, Czech Republic, Twisto announced in July that it was opening an office in Poland, with an expansion into Romania expected soon. The company began the year with news that Wirecard would facilitate the integration of Apple Pay for users of Twisto’s digital Mastercard.
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.
Central and Southern Asia
Indian online lending marketplace Namaste Creditbecomes neobank for micro, small, and medium sized businesses (MSMEs).
Forbes profiles social entrepreneur and co-founder of Pakistan’s Tez Financial Services, Nauren Hyat.
India-based digital-only neobank YeLo picks up seed funding from Matrix Partners India, Omidyar Network India, Flourish, and Better Capital.
Latin America and the Caribbean
In one of the largest seed rounds in Mexico to date, a company called minu that provides Mexican workers with instant, 24/7 access to earned wages Mexican workers, has raised $6.5 million.
Wayra Peru, the open innovation hub of Telefonica, and Peruvian investment group, The Board, to invest in Colombian fintech, IMIX.
Ecuadorian-Colombian digital payments platform Kushki Pagos acquires Chilean fintech QVO.
Asia-Pacific
Financial Services Authority for Indonesia (OJK) introduces online registry to spur fintech development.
Hong Kong Monetary Authority (HKMA) adjusts credit risk management guidelines to accommodate use of big data analysis.
Indonesian digital credit platform, Kredivo, secures $20 million line of credit.
Sub-Saharan Africa
Chipper Cash, a San Francisco, California-based cross-border payment startup with offices in Ghana and Kenya, begins operations in Nigeria.
South Africa’s AlphaCode invests $1.5 million in a trio of local fintechs: Bright On Capital, Zande Africa, and Livestock Wealth.
Finovate Global: Mexican Fintech Minu Makes History; India’s Namaste Credit Becomes a Neobank.
Around the web
Five DegreesaddsOneSpan as a new partner in its Open Banking Marketplace.
Axiata Group Berhad and Telenor Groupend merger discussions.
Klarnaexpands existing partnership with online fashion retailer boohoo group and its four brands.
Xeroadds BP as latest partner for its Xero Connect e-invoicing solution.
Authority Magazine interviews Talbott Roche, CEO and president of Blackhawk Network.
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.
Chatbot platform builder Chatbots.Studioannounced this week it teamed up with Yozobi (pronounced YOU-zo-bee) to become the U.K.-based company’s technical partner and advisor.
In what Chatbots.Studio is calling a “mutually beneficial partnership,” Yozobi will leverage Chatbots.Studio’s engineering and technological expertise. In turn, Chatbots.Studio will tap Yozobi’s experience with business development and sales, as well as gain a fiduciary U.K. partner.
Headquartered in Ukraine, Chatbots.Studio helps businesses digitize client communications. Businesses can leverage the company’s commercial bot templates for a range of online messaging platforms, including Viber, Facebook Messenger, and WhatsApp.
Earlier this year, Chatbots.Studio unveiled a partnership with Visa in which Chatbots.Studio will leverage Visa’s payments rails to help SMBs increase their non-cash payments. Two successful projects have been launched in Kazakhstan and the platform is in beta-testing in Dnipro and Kyiv.
Chatbots.Studio will demo its latest technology at FinovateFall later this month in New York. Register today to see the demo live and meet with the company in person.
Credit score and loan management platform, Credit Sesame, has raised $43 million so far in its latest funding round, which is likely to be the last before the firm goes public, writes Jane Connolly of Fintech Futures (Finovate’s sister publication).
The round, led by ATW Partners with participation from previous investors, has not yet closed. TechCrunch reports CEO and founder, Adrian Nazari, believes the company is on track to achieve a $1 billion valuation when the round does close.
The funding is a combination of equity and debt for the profitable company, which has seen 90% annual revenue growth for the last five years. It will be spent on business expansion and developing Credit Sesame’s RoboCredit artificial intelligence algorithms, which enable consumers to see what actions they can take to improve their credit scores.
Nazari said this is likely to be the last funding round before launching an IPO and the company has no plans to look at mergers or acquisitions until after it goes public.
“Credit Sesame is revolutionizing how consumers manage their credit,” said Kerry Propper, co-founder and managing partner of ATW Partners. “What once was a mystery and black box is now distilled by Credit Sesame’s PCM platform into easy to digest actionable insights that can effortlessly and meaningfully change a consumer’s credit and financial health.”
Users of Credit Sesame, which coined the term “Personal Credit Management,” can check their initial credit score and look at debt rebalancing options for free, but pay fees to take up products referred through the engine.
Founded in 2010 and headquartered in Mountain View, California, Credit Sesame demonstrated its credit-based PFM for a co-branded environment at FinovateSpring 2015.
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.
College Aid Pro (CAP) is an innovative, college planning technology for, and supported by, an engaged community of financial advisors. CAP is changing the way America shops for college.
Features
Demystifies financial aid, providing accurate net cost projections at thousands of schools
Provides a process for guiding families to better college outcomes
Supported by a community of professionals
Why it’s great There is currently no such thing as a financial advocate for Gen-X families with college bound teens. CAP is growing a movement of professionals with the tools and resources to provide that service.
Presenters
Joe Messinger, Co-Founder Messinger has helped hundreds of Gen X families navigate the college funding maze through his RIA Capstone Wealth Partners, while training thousands of advisors to replicate his process. LinkedIn
Matt Carpenter, Co-Founder Carpenter is a leading expert in the opaque process of higher education funding and financial aid. His firm, College Funding Services, has helped thousands of families cut the cost of college. 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.
Founded by recognized university leaders, Edmit’s award-winning software provides personalized insights and advice to help families make smarter college financial decisions, leading to less debt.
Features
Build brand trust and provide insights and expertise in a high anxiety major investment
Become a “one stop shop” for holistic financial wellness
Introduce a differentiated college-related product
Why it’s great Families that use Edmit make smarter college financial choices leading to less debt and better life outcomes.
Presenters
Nick Ducoff, Co-Founder and CEO Ducoff was previously Northeastern University’s VP for New Ventures. He previously co-founded Infochimps, acquired by DXC, and was a VP at Boundless, acquired by Follett. He started his career in law. LinkedIn
Sabrina Manville, Co-Founder Manville was previously AVP at Southern New Hampshire University and previously worked at Pearson and Coursera. She has an MBA from Stanford and a BA in Religious Studies from Yale. 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.
Insuritas is debuting the world’s first end-to-end quote and buy platform for business insurance to be fully integrated via API within a digital banking ecosystem.
Features
Revenue from digital banking
Seamless insurance for small businesses
Fully integrated solution allowing the bank to own the customer journey
Why it’s great iInsure for Businesses empowers banks to transform their digital banking platforms and investments into platforms that drive non-interest income, customer wallet share, and retention.
Presenter
Matt Chesky, President Chesky was recognized by Hartford Business Journal and Connecticut Magazine in 2018 as a “40 Under 40” recipient. He graduated from Yale University in 2012 with a degree in Economics. 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.
Founded by an award-winning fintech veteran, Andes Wealth Technologies offers the “Google Maps for Financial Advisors,” a set of unique, modern tools to transform the wealth management experience.
Features
Risk Tolerance Test: The best ever.
Real-Time Risk Monitor: 360° risk visualization for markets and portfolios.
Practical Behavioral Finance, including a special tool for baby boomers.
Why it’s great Unique ideas and visualizations. Beautiful yet practical tools backed by rigorous research and robust data analytics. It will indeed revolutionize the advisor and client experience.
Presenter
Helen Yang, Founder and CEO A winner of the prestigious Harry Markowitz Award in 2011, Yang has 20+ years of leadership in Fintech and holds an MBA from MIT. 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.
Trulioo presents EmbedID, a fast and simple way for startups and developers to verify customers across borders while supporting AML/KYC compliance requirements.
Features
Integrate and test Trulioo’s identity verification API in minutes
Fully customize onboarding fields and forms
Verify customers in real time
Why it’s great With only a snippet of code embedded into any website, Trulioo’s EmbedID enables organizations to verify over 5 billion identities worldwide.
Presenters
Anatoly Kvitnitsky Kvitnitsky has a wealth of experience working in fintech and identity markets, and is committed to helping solve identity challenges that organizations face in scaling their products for global use. LinkedIn
Marat Asadurian A software engineering manager at Trulioo, Asadurian enjoys building new products as well as new teams. In his current role, he is managing a team that generates new business lines for GlobalGateway. 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.
JSOL Corporation provides IT consulting and digital transformation related services to clients from various industries by leveraging its technology and know-how developed over the years.
Features
Predict growth/deterioration of business partners
Visualize transactional networks of businesses and assess spillover effects
Monitor/analyze up-to-date financial conditions of business partners
Why it’s great Use JSOL Corporation’s tool to gain insight into your business partners’ projected financial performance and to make informed financing decisions.
Presenters
Kimitaka Honma, Deputy Unit Director Honma is a Deputy Unit Director of the Digital Innovation Business Unit and has ample experience assisting financial institutions with their digital transformation efforts.
Andrew Ogata, Sales and Strategic Partnerships Ogata is a sales specialist in the Digital Innovation Business Unit and focuses on domestic/overseas sales and strategic partnerships.
