Vymo Joins Bangkok Bank Accelerator Program

Vymo Joins Bangkok Bank Accelerator Program

Vymo, a personal assistant for sales professionals, will join Bangkok Bank’s accelerator program, Bangkok Bank Innohub. The 12-week program will provide startups with mentorship and strategic guidance from financial professionals. The process is designed to guide companies toward securing a proof of concept with Bangkok Bank and making a pitch for investment by the program’s end.

“We are excited to be chosen for the Bangkok Bank Innohub program. This is a great opportunity for us to work closely with various stakeholders of one of the largest banks in the region and will enable us to innovate at scale,” Vymo CEO Yamini Bhat said.

Vymo’s technology helps boost the productivity of sales teams, increasing conversion percentages, turnaround time, and sales activity per opportunity. The platform detects the sales representative’s actions automatically, capturing contextual data from phone calls, meetings, emails, and messages.

Vymo then generates actionable insights from the data, letting sales reps know who on their client lists to engage and how, keeping sales managers informed of sales rep activity and progress, and informing sales directors on how best to allocate resources to achieve the best possible sales outcomes.

Above: Vymo Head of APAC Anurag Srivastava demonstrating the company’s platform at FinovateAsia 2018.

The mobile-first, AI-based app is adaptive, learning from the performance of the best sales reps in the organization. Deployed with more than 75,000 sales professionals and achieving a daily average usage of 85%, Vymo has provided companies with a positive revenue impact of 3% to 10%.

One of the largest commercial banks in Thailand, Bangkok Bank has more than 1,165 branches in its network, including 32 international branches in 15 markets in Malaysia and China. The bank’s accelerator program, Bangkok Bank Innohub, operates in collaboration with international venture firm Nest and Bualuang Ventures.

Founded in 2013 and headquartered in Bangalore, India, Vymo demonstrated its personal assistant for sales professionals at FinovateAsia 2018. Last spring, the company announced an expansion into the APAC region with the hiring of Anurag Srivastava, who was previously Head of Finance for Kofax. More recently, Vymo was shortlisted at the Zurich Innovation Championship and won the Best Fintech Startup award at Plug and Play, Singapore.

With more than 35 deployments at global corporations such as Allianz, Generali, and HDFC Bank, Vymo has raised $5 million in funding. The company’s investors include Sequoia Capital India and Microsoft Accelerator Bangalore.

Finovate Alumni News

On Finovate.com

  • Finding Fintech’s Future in Emerging Europe.
  • Vymo Joins Bangkok Bank Accelerator Program.

Around the web

  • Temenos forges strategic collaboration with Bloomberg.
  • Optimove unveils Streams, a new solution to help measure the impact of marketing campaigns.
  • Entersekt adds digital identity and business development expert, Jennifer Singh.
  • Former head of trade and supply chain finance at Finastra David Hennah joins iGTB.

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.

Enabling Information-Driven Financial Services

Enabling Information-Driven Financial Services

Now more than ever, leading financial institutions depend on technology to mine valuable data from a multitude of complex sources to enrich and connect it across topical lines so key stakeholders can obtain relevant information.

This can provide tremendous opportunities to increase revenue and reduce risk. Yet, at the same time, organizations are required to comply with even more stringent regulations.

These regulations, such as Dodd Frank (US), MiFID II (EU), the GDPR (EU) and the proposed California Consumer Privacy Act, are examples of major regulatory changes that heighten the pressure on your organization to organize and secure data, as well as make it readily accessible no matter where it is stored and in what applications.

Becoming information-driven can help your organization enhance the performance of key stakeholders in significant ways, such as:

  • Leveraging technology to surface actionable information across all business functions.
  • Finding patterns and relationships among disparate data from different silos to deliver an advanced Know Your Customer (KYC) approach with contextual insights from a timeline of important events including M&A activity, fundraising, credits, litigation, etc.
  • Surfacing topically relevant information from disparate sources in a unified view – for example, a 360° view of a bond fund that brings together information from different business applications, previous analysis, broker commentary, email, new sites, etc.

Find out more by downloading this Sinequa white paper >> 

New Investment for LendUp Spurs Credit Card Spin Off 

New Investment for LendUp Spurs Credit Card Spin Off 

San Francisco, California-based LendUp has picked up funding from LL Funds LLC, Invus Opportunities, and QED Investors.

As part of the investment, the company will spin off its credit card business, Mission Lane, as a separate, stand-alone entity. The transition will enable LendUp to focus on personal loans, gamified financial education, and savings. The company’s credit card business – as well as its IP, technology platform, and staff – will comprise Mission Lane. Vijesh Iyer, LendUp COO, will serve as interim CEO of the new company.

“While most of the financial services industry is aimed at the prime and near-prime end of the credit spectrum, these moves set not just one, but two companies up for long-term success,” explained Frank Rotmann, QED Investors co-founder. “Now LendUp and Mission Lane are better positioned to serve the more than half of Americans who lack access to high quality financial services.”

The amount of the funding was undisclosed. Prior to this latest capital infusion, the company had raised more than $361 million.

In addition to its investment news, LendUp announced a new CEO, Anu Shultes. A 25-year veteran of subprime credit and financial services industry and formerly LendUp’s GM, Shultes helped drive the company’s loan originations to more than 5.5 million short-term loans adding up to $1.7 billion.

“We’re on track to profitably expand into new consumer segments and geographies, launch new loan products, double new customer originations, and carry on our mission to help anyone get on a path to better financial health,” Shultes said in a statement. Former CEO and LendUp co-founder Sasha Orloff will remain with the company as a board member and advisor to Mission Lane.

Founded in 2011, LendUp demonstrated its platform at FinovateSpring 2014. A graduate of the Y Combinator accelerator program, LendUp was featured in the Wall Street Journal last August in a look at how fintechs were entering the subprime lending space. In June, the company was profiled by Center for Financial Services Innovation (CFSI) as one of its Financial Health Leaders for 2018 along with fellow Finovate alums like Finicity and Moven.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • Gazprombank plans to offer crypto asset custody services later this year in collaboration with Metaco and Avaloq.
  • PYMNTS.com looks at how B2B payments companies in Russia are leveraging the successes of the country’s B2C payments industry.
  • Czech banks anticipate the availability of Apple Pay in the Czech Republic by February or March of 2019.

Middle East and Northern Africa

  • UAE-based financial product comparison portal, Yallacompare, raises $8 million in funding.
  • Central Bank of Kuwait (CBK) goes live with Tata Consultancy Services’ TCS Bancs.
  • Al Bawaba examines the reasons behind Egypt’s relatively slow adoption of fintech.

Central and South Asia

  • Telenor Microfinance Bank unveils Pakistan’s first blockchain-based cross-border remittance service with technology developed by Alipay.
  • PYMNTS.com looks back at a “huge year” for funding for Indian tech startups in 2018, including $300 million raised by mobile wallet app Paytm.
  • Commercial Bank of Ceylon teams up with Tenpay Payment Technology to launch WeChat Pay in Sri Lanka.

Latin America and the Caribbean

  • Bloomberg discusses the relationship between Chinese investment in mobile commerce and the growth of Latin America’s tech sector.
  • Brazilian energy holding company Cosan introduces digital wallet, Payly, for QR code payments and mobile transfers.
  • Chilean government considers levying a tax of up to 19% on global e-commerce companies with local operations.

Asia-Pacific

  • Seven Bank of Japan to adds face recognition functionality to its ATMs to enable “on the spot” account opening.
  • New $200 million investment to support KinerjaPay’s expansion into P2P lending and mobile payments.
  • Reuters reports that China is examining ways to provide lower cost financing, including via bonds and bank lending, to the nation’s small businesses.

Sub-Saharan Africa

  • South African government establishes crypto task force to develop a comprehensive government response to cryptocurrencies, including the taxing of crypto asset transactions.
  • Fintech Circle partners with the African Fintech Network to launch its fintech education courses for African countries.
  • Coin Idol considers the prospect of a crypto bubble developing in Africa.

Top image designed by Freepik

Cracking the Fintech Code

Cracking the Fintech Code

As 2019 gets into full swing, we wanted to take one last look back at the highlights of the last few months of 2018. Download the latest eMagazine now!

Our multimedia eMagazine visits with industry analysts at FinovateFall, studies the value of bank-fintech partnerships, reviews important trends to consider before the year comes to an end, and more.

We’ve packaged all of this in a slick, new format focused on the user experience. Enjoy!

Finovate Alumni News

On Finovate.com

  • New Investment for LendUp Spurs Credit Card Spin Off.

Around the web

  • Klarna announces collaboration with classic watchmaker Daniel Wellington.
  • Legal & General to deploy NICE’s robotic process automation (RPA).
  • HP forges partnership with PayPal to provide payment processing for its new POS system, Engage One Prime.

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.

Meniga Acquires Swedish Rewards Platform Wrapp

Meniga Acquires Swedish Rewards Platform Wrapp

Multiple-time Finovate Best of Show winner Meniga is starting off 2019 with an acquisition: purchasing Swedish rewards platform Wrapp for an undisclosed sum. Meniga CEO and co-founder Georg Ludviksson told Reuters that the acquisition would contributed directly to the company’s top line, “adding just over €3 million in annual recurring revenues from rewards,” as well as providing growth opportunities for Meniga in the Nordic region.

Both companies are active in the transaction-driven rewards space – Meniga in Iceland, Wrapp in Sweden and Finland. Together, they will offer a singular solution under the Meniga brand, and operate out of Stockholm, Sweden. Wrapp CEO Aage Reerslev will become Meniga’s VP of Rewards.

“We believe the merger brings us to a tipping point given the strong commitment we have from existing platform partners,” Reerslev said. “This is the right time to invest in transaction-driven marketing technology and create a more intelligent user-centric service which basically helps people buy better and smarter, not more.” Reerslev called it “a new standard for rewarding people and digitally bringing consumer brands closer to their customers – powered and distributed by the banks.”

Founded in 2011, Wrapp raised more than $36 million in funding from investors including Greylock Partners, Qualcomm Ventures, and Atomico. The transaction-driven marketing specialist has been live with six bank partners and has provided rewards and cashbacks for more than 350 brands.

Meniga most recently demonstrated its technology on the Finovate stage at FinovateFall 2018, winning Best of Show honors. During a busy fall season, the company announced a partnership with Singapore’s United Overseas Bank to provide data enrichment and categorization tools for the company’s recently-launched digital bank. Meniga also raised $3.4 million in funding last fall, courtesy of an investment from Íslandbanki, the company’s initial and longest-standing financial backer. The November financing was the second capital infusion for the company in 2018, having picked up $3.6 million in new funding from UniCredit in June.

Meniga has enriched more than 30 billion transactions for 65 million consumers in 30 countries on four continents. The firm processes 34 million transactions a day. The company was founded in 2009.

Euro Exim Bank Joins RippleNet

Euro Exim Bank Joins RippleNet

Euro Exim Bank has signed up for Ripple’s payment network RippleNet – putting its digital currency XRP on a potential path to replace correspondent banking, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The bank was one of the 13 new financial institutions that have signed up for RippleNet. The others comprise SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento. With these additions, there are now more than 200 customers signed up for RippleNet.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use the XRP to source liquidity on-demand when sending payments on behalf of their customers.

For Euro Exim Bank, which operates in the worlds of trade finance, corporate banking and wire transfers, it offers some interesting prospects.

Kaushik Punjani, director, Euro Exim Bank, said: “Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] in record time.”

Let’s not the forget the views of the others as David Lighton, founder of paytech SendFriend, described the existing correspondent banking system as “slow, inefficient and costly”.

According to Ripple, using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies.

Ripple is doing pretty well. In 2018, CEO Brad Garlinghouse said nearly 100 financial institutions joined RippleNet, and it also saw a 350% increase last year in customers sending live payments.

Meanwhile, its rival Swift has been thinking about correspondent banking as well.

Working alongside 34 banks, including Deutsche Bank, Swift completed a proof of concept (PoC) for nostro reconciliation using distributed ledger technology (DLT).

In an interview, Andreas Hauser (from Deutsche Bank) said the mandate for Swift to explore DLT usage in the correspondent banking space originated from the global payments innovation (gpi) community with the aim of fostering collaborative innovation.

Save up to £700 if you register for FinovateEurope before Friday!

Tan Lee

Founder & CEO – EMOTIV


Tan will be joining us in London, sharing how automation, AI and brain augmentation will affect how we think, work, and live. As one of Fast Company’s Most Influential Women in Technology and Forbes’ 50 Names You Need to Know, Tan will show you how automation is an opportunity rather than a threat, as humans and machines become increasingly integrated. With AI already affecting investment, customer engagement, fraud and risk management, stock prediction and even compliance, do not miss Tan’s insights at FinovateEurope 2019.



Finovate Alumni News

On Finovate.com

  • Meniga Acquires Swedish Rewards Platform Wrapp.

Around the web

  • Featurespace partners with everis to help the business consultancy’s bank clients fight payment and account fraud.
  • TransferWise opens office in Belgium and applies for money transfer license as insurance against a no-deal Brexit outcome.
  • Hyatt launches bug bounty program with ethical hacker platform HackerOne.
  • Australian business bank Tyro unveils latest Alipay integration with  Sydney Airport retailer Heinemann Australia.
  • Entrust Datacard announces a pair of new board members, Val Rahmani and Cheri McGuire.
  • Capsilon reports that its core technology, Capsilon IQ, helped its clients’ customers save more than five million people hours collectively in 2018.

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.

Enveil, Unbound Tech Bring Data Security Triad to the Enterprise

Enveil, Unbound Tech Bring Data Security Triad to the Enterprise

Cybersecurity specialist Enveil has partnered with Unbound Tech to bring nation-state level data security to business customers. Together, by securing data-at-rest, data-in-transit, as well as data-in-use, the two companies will offer enterprise clients what it calls “the Data Security Triad” for cybersecurity protection.

“Partnering with innovative leaders like Unbound Tech allows us to push beyond current technology limitations to provide integrated solutions that truly represent the market-rattling, leading edge in data security,” said Ellison Anne Williams, founder and CEO of Enveil. “We recognize the importance of working seamlessly alongside other leading technologies to ensure sensitive data and encryption keys are secure at all times.”

The new solution secures sensitive data at all points in its lifecycle. Enveil’s technology leverages homomorphic encryption to close the data-in-use “exposure gap” that is created when sensitive data is decrypted for use or processing. Williams referred to this gap as the “point of least resistance” for cyberattacks.

Unbound Tech manages cryptographic keys, credentials, and other data to ensure that they never exist anywhere in their complete form. The combination of homomorphic data security and MPC-based encryption key protection, explained Unbound Tech CEO Avner Mor, relieves companies of the burden of needing multiple strategies to deal with data in different states. The solution also helps businesses save money, Mor said, calling the lower administrative and resource overhead an “added bonus.”

Unbound Tech is a Tel Aviv, Israel-based firm founded in 2013. Funded by investors including Citi Ventures, Innovation Endeavors, and Goldman Sachs Principal Strategic Investments, the company won the Prime Minister’s Award for Israeli Innovation for its digital security technology in November.

Enveil demonstrated its data encryption platform at FinovateFall 2017. Founded in 2016 and headquartered in Washington, D.C., Enveil announced in December that its ZeroReveal Compute Fabric, introduced last summer, would be accessible in the Microsoft Azure Marketplace. ZeroReveal Compute Fabric is a two-party platform that supports access to the company’s ZeroReveal solutions to protect data-in-use.

In September, Enveil won a spot on SINET’s 16 Innovators roster for 2018, the same month the company earned international Common Criteria security certification for its ZeroReveal solution. Enveil announced a technology integration with digital security firm Gemalto in August,

Learn more about the company and its founder in our profile from October 2017.