Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Digital Onboarding, Entersekt, Finicity, Google Cloud Platform, Gro Solutions, Hydrogen, Kony, Ohpen, Q2, Q2 Holdings, Q2ebanking, Sezzle

On Finovate.com

Around the web

  • Finicity CEO Steve Smith honored as a 2018 HousingWire Vanguard.
  • Ohpen launches the Ohpen API Portal (OAP) in beta.
  • PYMNTS talks with Entersekt SVP of Product Niel Bester about consumer trust.
  • Kony teams with PSECU to deliver digital banking technology.
  • Hudson River Financial FCU selects Digital Onboarding to enhance new member experience with updated onboarding

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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Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise

Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise
By Julie Muhn (@julieschicktanz) Posted on
Categories: Moven, Yandex

Moven Enterprise announced this week that it has partnered with mobile wallet company Yandex.Money to power smart banking technology for the Russia-based company.

Yandex.Money will leverage Moven Enterprise’s open APIs to embed new features and functionality into its mobile app, pushing new product offers that extend beyond the company’s flagship mobile wallet. The partnership will give Yandex.Money’s mobile wallet offering a boost by giving its 46 million mobile wallet customers access to real-time personalized financial management tools.

“Yandex.Money is no longer just an electronic wallet, as we offer options familiar to banking clients such as money transfers, card issuance, cashback, payment for various goods and services,” Ivan Glazachev, Yandex.Money CEO explained. “We also offer users the opportunity to choose the app design theme, make investments, and now effectively control their funds.” The new features will also encourage users to adopt existing mobile wallet offerings.

Moven CEO, Marek Forysiak, said, “Moven is excited to bring our AI-driven, smart banking solutions into Yandex’s existing app by leveraging our open APIs to create a customized user experience. Their robust initiative adds a new level of sophistication and capabilities including personalized advice and financial wellness capabilities to help their customers spend, save and live smarter.”

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification. Last month, the company announced it will bring its digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe.

A joint venture between Yandex and Sberbank, Yandex.Money is the largest online payment service in Russia. At FinovateSpring 2013 Yandex.Money launched Twym, an application that allows users to instantly transfer money in Rubles via Twitter.

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UNPay Expands QR Code Payments

UNPay Expands QR Code Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: UNPay

Electronic payment technology provider UNPay made a move that banks on QR code technology in Asia. The Singapore-based fintech announced it is supporting the Singapore government’s effort to promote more cashless payments with a slew of efforts to promote the use of QR code payments among retailers.

UNPay is initiating the effort by providing its merchant clients with Chinese QR code payment capabilities and will include Chinese QR code payment providers by the second half of 2019. To support the influx of Chinese tourists in Singapore, a group which spent $3.08 billion on tourism expenditures last year, UNPay has acquired more merchant clients in the hospitality and food and beverage sectors and will supply them with popular QR code payment methods such as Alipay and WeChat Pay. As a second step in its QR Code expansion, UNPay will acquire foreign e-wallets to provide even more payment options for tourists around the world.

Zhang Zhenghua, UNPay CEO and founder said, “Through our active acquisition of merchants, we hope to drive the use of QR code payment in Singapore, keeping in line with the rollout of SGQR code in September. We are confident that with our expertise and technology, we will be able to bring greater benefits to our merchants via our integrated payment platform, while providing a more seamless and convenient way for consumers to pay.”

UNPay Country Manager Ernest Lo and HR Director Jenny Zhao demo UN Smart Cashier at FinovateAsia 2018

UNPay, which demoed its UN Smart Cashier at FinovateAsia earlier this year, connects to more than 500 online payment methods covering more than 200 countries and regions. The company’s solutions span industries including travel, education, e-commerce, and digital entertainment.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Coinbase, FamZoo, Jumio, Moven, Temenos, UNPay, Yandex

On Finovate.com

  • Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise.

Around the web

  • Jumio won gold award for Security Software Enterprise Product of the Year at the 2018 Best in Biz Awards
  • FamZoo redesigns card to make it more teen friendly.
  • Coindesk reports: Coinbase Quietly Opened Its OTC Crypto Trading Desk This Month.

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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BlackRock to Acquire Equity Stake in Envestnet

BlackRock to Acquire Equity Stake in Envestnet
By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, Mergers & Acquisitions

Wealthtech companies Envestnet and BlackRock have entered into a strategic partnership agreement in which Envestnet will integrate BlackRock’s Digital Wealth technologies into its platform. On the financial side of the deal, BlackRock will take a 4.9% equity stake in Envestnet in a stock transaction totaling $123 million.

“Envestnet is uniquely positioned to create the premier financial wellness network. Integrating BlackRock Digital Wealth offerings into the Envestnet platform represents an industry milestone, advancing advisors’ ability to help investors meet their financial goals,” said Bill Crager, president of Envestnet.

BlackRock launched its Digital Wealth services last October to merge its wealthtech offerings. The services iRetire, BlackRock Advisor Center and FutureAdvisor, which BlackRock acquired in 2015, will all be integrated into the Envestnet platform. Venu Krishnamurthy, global head of digital wealth for BlackRock, said that BlackRock will deliver its Digital Wealth solutions to Envestnet in a “modern, highly integrated way.” The new technologies will help advisors “scale their business and build better portfolios,” he added.

In addition to the stock transaction, Envestnet will offer BlackRock the option to purchase 470,000 shares of Envestnet common stock at $65.16 per share for up to four years from the date of issue. The agreement is expected to close before the end of this year.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. In September, Envestnet unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. Adding to that effort, the company recruited Sebastien Taveau, former chief developer evangelist for Mastercard, as its vice president of Developer Experience.

Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $2.52 billion.

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BBVA Brings on Onur Genç as New CEO

BBVA Brings on Onur Genç as New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA

BBVA appointed a new CEO this week, hiring Onur Genç (pictured below) to take the place of Carlos Torres Vila who served as BBVA Group CEO since May of 2015. Torres Vila’s tenure at BBVA extends back 10 years, beginning in 2008 when he first worked as the Group’s head of strategy and corporate development. He will transition as BBVA’s Chairman after stepping down from his role as CEO.

Genç will be coming to the company from Birmingham, Alabama-based BBVA Compass where he was CEO and U.S. country manager. He will begin his new role on December 31, 2018.

“Onur has had an extremely positive impact in our operations in the U.S. and in Turkey, and now that contribution will be extended to the whole Group,” Torres Vila said. “The Board has selected Onur as he is the ideal CEO to continue pushing forward our strategy and boosting our transformation throughout all our franchises, generating value for all our stakeholders: shareholders, employees, customers and the overall society.”

Previous to his role at BBVA Compass, Genç worked for Garanti Payment Systems for six years– first as EVP of retail banking and then as deputy CEO.

BBVA demoed its market sentiment analysis tool at Finovate Europe 2013 in London and presented its initial APIs to an audience of developers at FinDEVr Silicon Valley 2016. Earlier this month, the bank launched a new venture called Upturn that aims to simplify the credit report error dispute process.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA, Check Point, Ellie Mae, Envestnet, Mambu, Payfone, Revolut

On Finovate.com

  • BlackRock to Acquire Equity Stake in Envestnet.
  • BBVA Brings on Onur Genç as New CEO.

Around the web

  • Check Point Software integrates with New Amazon Web Services Security Hub.
  • Revolut to launch in Singapore and Japan.
  • Payfone to extend Anti-SIM Swap fraud technology to 35 markets in 2019.
  • Mambu now powering Lendico Switzerland.
  • Dan Madden to join Ellie Mae as Executive Vice President and Chief Financial Officer.

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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FinovateAfrica Best of Show Winners Announced

FinovateAfrica Best of Show Winners Announced
By David Penn Posted on
Categories: Bambu, Best of Show, FinovateAfrica 2018, OUTvest

The votes have been cast and tallied – and the winners of FinovateAfrica’s Best of Show awards have been named. Congratulations to Bambu and OUTvest!

Finovate’s first foray into the African fintech scene has been a huge success. The companies that demonstrated their technologies live on stage this week showed us innovations in everything from automated regtech and small business lending, to customer engagement and AI-enabled credit assessment.

Yet the two companies whose live demos made the greatest impressions on our FinovateAfrica audience were firms focused on one of fintech’s earliest – and most persistent – disruptions: the rise of the robo-advisor. For these companies, wealthtech is still fertile ground for fintech innovation. And improving the way individual investors and their advisors build and manage personalized, investment portfolios is as important today as it has ever been.

Bambu for its goal-based, white label robo-advisor offering that gives investors a natural and effortless experience in finding the right investment strategy for their client’s needs.

 

 

OUTvest for its hybrid robo-advisor that uses an evidence-based approach to help everyone build and mange their own investment strategy.

 

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The two companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018

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Roostify Powers TD Bank’s Digital Mortgage Experience

Roostify Powers TD Bank’s Digital Mortgage Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Roostify

The mortgagetech sector saw another large partnership this week, as TD Bank partnered with Roostify to offer customers a digital mortgage lending experience.

“By leveraging Roostify for TD’s Digital Mortgage, we’re able to provide borrowers with online capabilities in addition to face-to-face guidance and support. This is the game changer for today’s buyers – digital when they want to handle it on their own, and human when they need the help,” said Rick Bechtel, head of mortgage banking at TD Bank.

Through the partnership, TD Bank is leveraging Roostify’s DecisionBuilder lead tool to allow customers to explore which loan products they qualify for and shop for the one the suits their needs. After finding a suitable loan option, they can apply for the loan in minutes. The entire process– from application to the closing of the loan– is completely digital.

To amplify the human element and further personalize the borrowing experience, TD Bank is leveraging Roostify’s bi-directional integration with its CRM application. The movement of data helps TD Bank’s loan officers better manage their leads and process applications to close, spending more time connecting with borrowers.

“The new TD Bank Digital Mortgage improves the lending process for both consumers buying a home, and loan officers managing their clients,” said Rajesh Bhat, CEO and co-founder of Roostify. “Since the experience is built on Roostify’s API-based platform, it provides the flexibility to meet TD Bank’s business needs right now and in the future.”

Roostify presented at FinovateSpring 2016 where the company demoed account aggregation capabilities for asset verification, as well as integrations with TurboTax and Equifax. Last month, the company partnered with Ellie Mae to launch a bi-directional integration with the mortgage expert, enabling the seamless passage of information between the two platforms.

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FinovateEurope Demoing Companies Announced!

By Tyler Ferst Posted on
Categories: FinovateEurope 2019, Marketing


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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bill.com, Bitbond, Gro Solutions, InComm, Insuritas, iQuantifi, Kony, Lighter Capital, Modo Payments, MX, Roostify, Sezzle, Signicat, Trustly

On Finovate.com

  • Roostify Powers TD Bank’s Digital Mortgage Experience.

Around the web

  • iQuantifi launches RoboPlanner roboadvisory tool for millennials.
  • Nummo selects MX to power user account aggregation.
  • Signicat digitizes in-store signing of credit agreements for Resurs Bank retail partners.
  • Kony helps PSECU deliver an updated digital banking application to enhance the digital user experience.
  • InComm partners with Japanese pharmacy chain Welcia to launch four mobile barcode payment solutions in its stores.
  • Sezzle adds ShipStation as client.
  • Ocurrency interviews Radoslav Albrecht, Founder & CEO of Bitbond.
  • Insuritas partners with Sound Community Bank to launch bank-owned digital insurance agency platform.
  • Bill.com partners with First National Bank of Omaha (FNBO) to offer enhanced digital business payments solutions.
  • Lighter Capital’s investment in Springboard Retail reaches $1.1 million.
  • Provident Bank chooses Gro Solutions to boost mobile-first user-experience and drive account growth.

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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Modo Receives $13 Million Investment

Modo Receives $13 Million Investment
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Modo Payments

Payments technology company Modo has just boosted its total funding to $16 million. This comes after today’s successful completion of a $13 million Series A funding round.

Investors include Deutsche Bank– whose participation was announced in August– as well as new and existing strategic and angel investors. Modo will use the funding to grow its team and expand on its offerings.

Deutsche Bank will leverage Modo’s technology to boost its digital business-to-business and business-to-consumer payments and extend its payment capabilities into non-traditional channels such as the mobile wallets and peer-to-peer networks of Alipay, Paypal, M-Pesa, and WeChat.

Rick Striano, managing director of digital product development at Deutsche Bank said the bank is committed to bringing continued innovation to its customers. He anticipates that partnering with Modo and other fintechs will enable the bank to accomplish that goal faster. “We believe Modo has developed a compelling proposition to address the needs of an evolving payments landscape and increasingly digital economy. We are proud to add them to our list of partners,” said Striano.

We have some big ideas for the future of the payments industry, and having these world class investors in our corner puts us that much closer to our goal of reducing friction in payments for everyone,” said Modo CEO Bruce Parker, who founded Modo in 2010. “Completing our Series A is a great way to confirm that we’ve built something great, and this is just the beginning of our growth phase,” he added.

Instead of integrating its solutions, Modo focuses on interoperability. The company exchanges payment data across platforms on behalf of banks, payment networks, and providers, enabling them to store, share, and track payment event data. Modo presented at FinovateFall 2016, where it showcased its Modo Digital Payments Hub. In the past year, the company’s transaction volume has grown 7x. In August, Modo partnered with Etihad to create a loyalty solution as a part of the FinTech Abu Dhabi Innovation Challenge.

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