Finovate Alumni News

By David Penn Posted on
Categories: BeSmartee, Experian, Finastra, HooYu, iSignthis, Kasasa, Ripple, Striata, SynapseFi, TIBCO Software, Xero

On Finovate.com

  • Xero Learn Sets Stage for Next Generation of Number Crunchers.
  • SynapseFI Raises $17 Million in New Funding.

Around the web

  • iSignthis acquires core banking platform software business.
  • HooYu teams up with U.K. casino operator, Bear Group.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.
  • Ripple and TransferGo partner on real-time, blockchain-enabled remittances.
  • Striata inks partnership with UK-based customer communications specialist Communisis.
  • Experian to launch comparison service feature that gives consumers the real rate charged when applying for a credit card.
  • Tibco has started a research lab to develop new products and services in emerging areas such as blockchain, machine learning, artificial intelligence (AI) and the internet of things (IoT).
  • BeSmartee integrates with Fannie Mae’s Desktop Underwriter to Accelerate Mortgage Process.
  • Kasasa names Amy Gililland 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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Starling, Anorak Merge Insurtech with Mobile Only Banking

Starling, Anorak Merge Insurtech with Mobile Only Banking
By David Penn Posted on
Categories: Anorak


Starling Bank, the U.K.’s first mobile-only bank, is innovating in another way this week. The challenger bank is teaming up with Anorak to bring personalized, transparent, compliant life insurance advice to its customers. Accessible via Starling’s in-app marketplace, customers will be able to link their accounts to Anorak’s technology, which analyzes the customer’s banking transactions to provide specialized advice on what kind of life insurance would be the best fit for them and why.

“Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalized options,” Anorak CEO David Vanek said. “By using Starling APIs, we’re harnessing the power of Open Banking to enable consumers to make the right choice and help them protect their families financially.”

Anorak’s technology scans major insurers including AIG, Legal & General, Zurich, Scottish Widows, and Royal London and gives consumers the best, personalized insurance options based on their family and finances – including customer-permissioned analysis of banking transactions. Anorak joins fellow Finovate alum Wealthify in Starling’s marketplace, along with firms such as robo advisor Wealthsimple, mortgage broker Habito, and pension provider, PensionBee.

“Starling’s Marketplace is designed to give customers ever greater control of their financial lives,” Megan Caywood, chief platform officer at Starling Bank said. “Our new partner Anorak does just this – bringing impartial life insurance to our customers within a few minutes. Like Starling, Anorak combines industry experience with great tech to provide a disruptive force for good.”

Founded in 2016, Anorak made its Finovate debut earlier this year at FinovateEurope. The company’s technology leverages advanced data science and machine learning to match consumers with the most appropriate, personalized, compliant policy from a major insurer. Anorak’s API integrates readily with apps and websites, enabling PFM solutions, banks, insurance comparison sites, and brokerages to use its smart data service to provide a better and more transparent insurance-buying experience for customers.

Anorak began the year with its first major fundraising, a seed round investment of more than $5 million (£4 million) from France’s Kamet Ventures.

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HooYu Brings its Identity Verification Technology to EasyMoney

HooYu Brings its Identity Verification Technology to EasyMoney
By David Penn Posted on
Categories: HooYu

Identity security firm HooYu is partnering with EasyMoney to verify customer identity and improve user experience for the platform’s investors, reports Henry Villar of Fintech Futures, (Finovate’s sister publication).

EasyMoney has launched a range of “innovative finance” ISAs. These contain peer-to-peer (P2P) loans where lenders are matched online with borrowers, cutting out the banks, which allows them to offer substantially higher interest than currently available via traditional ISAs.

“(EasyMoney) aims to make quality financial products more accessible to everyone,” said Andrew de Candole CEO at EasyMoney. “One part of making these products accessible as possible is by making sure we can onboard customers as easily as possible with minimal friction, HooYu Identify enables us to do this.”

David Pope, marketing director at HooYu, commented: “HooYu Identify combines and blends new identity technologies such as digital footprint analysis, online ID document validation and facial biometrics with traditional database checks and PEPS [politically exposed persons] and sanctions screening.”

EasyMoney has picked HooYu’s tech to be implemented throughout the investors’ account opening process and to ensure AML compliance.

The team behind HooYu has built several database check businesses such as 192.com and 192business.com.

HooYu is also in charge of other firms’ KYC processes, such as challenger bank Countingup and gold-as-currency enabler Glint.

Founded in 2016, HooYu demonstrated its verification technology at FinovateEurope this spring. The company launched its HooYu Investigate data visualization tool to accelerate investigations and create actionable intelligence earlier this year. In August, the company launched its new hooyubusiness.com website, combining its identity verification and investigation services businesses.

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FinovateFall Sneak Peek: SaleMove

FinovateFall Sneak Peek: SaleMove
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, SaleMove

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

SaleMove helps companies identify the highest-value visitors in real-time; communicate with them using chat, audio, or video; and guide them through inquiries with cobrowsing and screensharing technology.

Features

  • Identify your highest-value customers
  • Communicate with clients using anything from chat to phone to video
  • Engage with customers by collaborating with cobrowsing and screen sharing technology

Why its great
SaleMove creates the most elegant online interactions between a business and their customers.

Presenter

Dan Michaeli, Co-Founder and CEO
Michaeli is the CEO and co-founder of SaleMove and is the driving force behind its mission to meet or exceed the in-person customer experience online. He is originally from Guatemala and is a proud UPenn grad.
LinkedIn

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FinovateFall Sneak Peek: Simpler Trading

FinovateFall Sneak Peek: Simpler Trading
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Simpler Trading

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Simpler Trading’s Simpler Charts is an easy-to-navigate charting platform that equips traders with the tools they need while lowering the barrier to entry for trading education.

Features

  • One-click access to moderator’s charts in trading room
  • Push notifications for entry/exit triggers predetermined by the user
  • Customizable integrated trading journal

Why it’s great
Combining the tool’s easily-navigated interface and explanatory pop-ups with Simpler Trading’s educational content lets traders consistently and confidently put what they’ve learned into practice.

Presenters

John Carter, CEO, President
Carter, a life-long trader and the author of Mastering the Trade, has combined his passion for trading and helping others to create Simpler Trading.
LinkedIn

Fred Bryant, COO
Bryant has a diverse business background with experience advising top executives of small and newly-established businesses on how to create, grow and maintain their enterprises.
LinkedIn

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FinovateFall Sneak Peek: Digital Onboarding

FinovateFall Sneak Peek: Digital Onboarding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Digital Onboarding, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Digital Onboarding helps banks and credit unions turn account holders into engaged and profitable relationships by making it easy for customers and members to adopt account-related services.

Features
The platform’s E.W.E. machine learning capability helps marketers automatically test and discover the most effective message cadence, content, and incentive offers to drive optimum performance.

Why it’s great
While most marketers say that they are not using most marketing automation system features effectively, the Digital Onboarding platform is designed to to be simple and cost efficient.

Presenters

Ted Brown, CEO
Brown cofounded Digital Onboarding after leading sales at Andera, a company that first made it possible to open deposit accounts online. (Andera was acquired by Bottomline in 2014).
LinkedIn

Jonathan Crossman, CTO
Before cofounding Digital Onboarding, Crossman gained more than a decade of experience working in web and mobile development for companies like Digication and DePuy Synthes.
LinkedIn

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FinovateFall Sneak Peek: MuniRisk

FinovateFall Sneak Peek: MuniRisk
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, MuniRisk

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

MuniRisk is an application available via the Bloomberg terminal designed to address the longstanding issue of information fragmentation in the municipal marketplace.

Features

  • Strategically aligned with Bloomberg L.P.
  • World’s largest municipal finance database
  • Designed by industry-recognized market practitioners

Why it’s great
MuniRisk is the only platform that provides investors with complete municipal market coverage, leveraging proprietary organization and delivery of data to cut research time from hours to minutes.

Presenters

James Frischling, Chief Executive Officer
Frischling is currently serving as the chief executive officer of MuniRisk. In addition to his role at MuniRisk, Frischling serves as president of NewOak Capital which he co-founded in 2008.
LinkedIn

Joshua Noble, Head of Product
Noble is currently serving as head of product for MuniRisk. Prior to joining MuniRisk full time he spent 2.5 years as an analyst in NewOak Capital’s Fundamental Credit Advisory Practice.
LinkedIn

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FinovateFall Sneak Peek: ieDigital

FinovateFall Sneak Peek: ieDigital
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, ieDigital

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

ieDigital provides financial institutions with the ability to transform their digital customer experience through Interact, a powerful digital banking platform.

Features

  • Manage spending habits
  • Save money and contribute to your community
  • Build deeper customer relationships

Why it’s great
Money Fitness will help you save money and contribute directly to good causes in your own neighborhood.

Presenters

Simon Cadbury, Director of Strategy, Marketing and Product
Last time Cadbury came to New York, he was mistaken for Hugh Grant. We think he secretly hopes it will happen again.
LinkedIn

Tom Stinton, Head of Product and Design
Stinton says: “If Simon looks like Hugh Grant, then I’m surely a dead ringer for action hero Jason Statham.” Only your hairline is expendable, Stinton.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: Anorak, BanQu, Digital Onboarding, Fiserv, ieDigital, Mortgage Cadence, MuniRisk, NCR Corporation, Neustar, NICE Systems, SaleMove, Simpler Trading, Thomson Reuters, Tinkoff Credit Systems, Token, WePay

On Finovate.com

  • Starling, Anorak Merge Insurtech with Mobile-Only Banking.

Around the web

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Token.io announced using public bank APIs to conduct end-to-end payments for U.K. banking group, CMA9, the first PISP to do so.
  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

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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Australian Challenger Bank Tyro Partners with Alipay

Australian Challenger Bank Tyro Partners with Alipay
By David Penn Posted on
Categories: Tyro

Business-only challenger bank Tyro announced this week that it has teamed up with Alipay. The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.

“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” Tyro CEO Robbie Cooke said. “It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”

A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas, and is recognized as the top payment method in China. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses. This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.

Calling banks “pivotal to Alipay’s expansion in Australia,” ANZ Country Manager for Alipay George Lawson said, “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.”

Founded in 2003 and headquartered in Sydney, Australia, Tyro demonstrated its Tyro Growth Funding lending solution at FinovateSpring 2017. Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.

Tyro has raised more than $103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.

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What Happens When a Lending Platform Goes Under?

What Happens When a Lending Platform Goes Under?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Wonga

You’ve heard by now that short-term lending platform Wonga has shut down after launching in 2007. All drama aside, the scenario offers a real-life look at what would happen if a large payday lender closed its doors.

Wonga has received an increase in complaints over the past few years that it did not sufficiently verify that borrowers were able to repay their loans. These complaints, which were generally regarding loans made before new rules were introduced in 2014, lead to a large rise in compensation payouts. According to Wonga’s website, more than 24,800 complaints have been opened, 22,000 have been closed, 31% of which have been upheld.

This unexpected expense lead to financial trouble that prompted an injection of $13 million in capital earlier this year. Despite the funds and efforts from investors, Wonga’s financial situation remains untenable. Notably, two other U.K. startups, Cash Genie and Cheque Centre, both closed due to similar pressure.

At this point, three appointees from Grant Thornton U.K., Chris Laverty, Daniel Smith, and Andrew Charters, have been appointed as joint administrators of Wonga. Here’s what will follow:

  • The platform is closed to new lending activity.
  • Borrowers must still repay loans.
  • Unless Wonga has already agreed to pay a claim, complaint claims are not likely to be paid out, since the recipient is seen as an unsecured creditor.
  • The administrators will wind down the business, sell the assets, and begin identifying all creditors in accordance with their obligations.

This may end up having a small negative effect on peer-to-peer lenders, such as U.K.-based Zopa and U.S. based Lending Club, as they rely on balancing investor funds with borrower demand. If too many investors fear a shutdown, they may be more hesitant to lend, making it more difficult for the platforms to meet borrower demand.

Founded by Errol Damelin, Jonty Hurwitz, Wonga demonstrated at FinovateFall 2010. The company had raised a total of $159 million. Sky News reported earlier this year that the company “once had ambitions of a New York listing that could have valued it at well over $1 billion (£769m).”

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Check Point, Coinbase, DarcMatter, Finastra, InvestGlass, Klarna, MasterCard, Personal Capital, Tyro

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

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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