FinovateEurope Sneak Peek: HooYu

FinovateEurope Sneak Peek: HooYu
By finovate Posted on
Categories: FinovateEurope 2018, FinovateEurope 2018 Sneak Peek, HooYu

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

HooYu is a global identity verification platform that combines a digital footprint analysis, identity document verification, facial biometrics, and database checks to confirm the customer’s identity.

Features

  • Verifies and welcomes the 30% of customers that aren’t being catered to with traditional KYC
  • Seamlessly fits into your customer on-boarding process
  • Enhances your customer due diligence checks

Why it’s great
HooYu’s approach is to blend identity technologies and multiple sources of identity information to form a multi-layered defense and help pass all of your customers during the on-boarding process.

Presenter

David Pope, Head of Marketing
With just under 20 years of marketing experience, Pope is responsible for marketing and sales. A specialist in helping firms understand KYC regulation, David is an expert in identity fraud and theft.

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FinovateEurope Sneak Peek: TESOBE

FinovateEurope Sneak Peek: TESOBE
By finovate Posted on
Categories: FinovateEurope 2018, FinovateEurope 2018 Sneak Peek, Open Bank Project, TESOBE

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

TESOBE’s Open Bank Project is the leading open source API solution for banks.

Features

  • Comply with Open Banking and PSD2 regulation and go beyond
  • Leverage a large Open Banking catalogue of APIs
  • Reach over 8,000 fintech developers worldwide

Presenters

Simon Redfern, CEO
Founder of the Open Bank Project, Redfern is a hacker at heart, always keen to explore emerging technologies. He is also a composer and enjoy creative collaborations and is based in Berlin, but from London.
LinkedIn

Ismail Chaib, COO
Chaib is a recognised Open Banking practitioner with more than 5 years of experience in the domain. As COO of TESOBE, he is in charge of sales, business development and marketing. Previously, Chaib was founder of SMSBridge. He is based in Berlin and from Algiers.
LinkedIn

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Trunomi Closes $3.5 Million Round from CloudScale Capital

Trunomi Closes $3.5 Million Round from CloudScale Capital
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Trunomi

Consumer consent and data rights company Trunomi closed a $3.5 million round of funding today. This investment brings the Bermuda-based company’s total funding to $10.5 million.

Trunomi will use the funds to manage demand for its technologies and to continue its global expansion. And with the E.U. GDPR deadline coming up, the company will likely see a boost in banks and companies vying for its services, which helps businesses request, receive, and capture customer consent to the use of their personal data.

“Customer data rights and privacy are quickly becoming major issues of concern for companies, especially financial institutions, due to new regulations such as EU GDPR, U.K. Open Banking and marketing opportunities,” said Kim Perdikou, CloudScale Partner. “Trunomi enables businesses to comply with these new regulations by demonstrating compliance and accountability in customer data use and immutably proving the legal basis of processing. With Trunomi, businesses can empower their customers with control and transparency in how their data is used and turn regulation from a burden into a competitive advantage.”

“We are thrilled that CloudScale Capital Partners are part of this financing,” said Trunomi CEO Stuart Lacey. “CloudScale brings significant strength to our investor base, and its partners bring with them a wealth of industry connections with the largest players in the global customer and data markets.”

Founded in 2013, Trunomi has offices in Bermuda, Dublin, the U.K., and Silicon Valley. At FinovateEurope 2015 in London, Lacey launched TruMobile, a customer-focused “consent engine” that creates privacy policies to allow the sharing of consumer PII data across platforms. Last March, Trunomi was named to the RegTech top 100 power list. In December of 2016, the company began collaborating with FIS on the E.U. data protection rules.

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Ohpen Raises $31 Million to Support Global Expansion

Ohpen Raises $31 Million to Support Global Expansion
By David Penn Posted on
Categories: Funding, Ohpen

Cloud-based core banking technology innovator Ohpen has just sealed a Series C round led by private equity firm Amerborgh that will bring an additional $31 million (€25 million) in funding to the Amsterdam, Netherlands-based fintech. The company said that the investment will help it prepare for expansion into new markets, including the addition of a third headquarters in Germany, France, Canada, Australia, or the United States. The financing takes Ohpen’s total capital raised to $50 million (€40 million), and adds to a $17 million Series B investment the company secured from Amerborgh in July of last year.

“We’re just scratching the surface,” Ohpen founder and CEO Chris Zadeh said. “Ohpen is changing the core banking software industry, advocating a totally digital solution that is based on one version of the platform for all clients and countries.” He added, “This has never been done before; it requires creativity, commitment and also the necessary capital to implement our vision.”

Calling Ohpen’s core banking technology “the future of the core banking industry,” Amerborgh Nederland MD Michel Vrolijk emphasized the company’s ability to turn ideas into action. Vrolijk said the fintech’s ability to execute was “unparalleled” and added that expansion will be a key next step for the company. “Launching the third country is crucial for Ohpen’s strategy and Amerborgh is thrilled to support them at this decisive point in their growth story.”

Founded in 2009, Ohpen demonstrated its core banking platform at FinovateFall 2012. The company sees itself as part of the solution for financial services companies riddled with outdated legacy banking technology. Its core banking engine provides both BPO services and SaaS solutions to banks, insurance companies, and asset managers.  With more than 150 employees, the company has offices in the Netherlands, the U.K., and Spain.

Last November, Ohpen announced that De Volksbank, a retail and small business bank in the Netherlands had migrated more than 120,000 investment accounts to Ohpen’s platform. This followed a July partnership with multinational financial giant, Aegon through which the two firms will develop a new platform to support “the full scope of Aegon’s services in the Netherlands.”

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Featurespace, Jumio, Personal Capital, Ripple, StreetShares, Trunomi, TSYS, Tuition.io, Veridium, Xero

On Finovate.com

  • Trunomi Closes $3.5 Million Round from CloudScale Capital.
  • Veridium to Power Biometrics for Nordea.
  • Personal Capital Launches Socially Responsible Investing.
  • Coupa Software Teams Up with Tuition.io.
  • Banco Santander to Leverage Ripple Tech to Offer Same Day Mobile International Payments.

Around the web

  • Lend Academy: StreetShares’ Unique Focus Gives Them an Edge in the Small Business Lending Market.
  • Jumio’s Q4 Revenues Up 96% Year-Over-Year.
  • Capital One UK’s use of TSYS Foresight Score with Featurespace wins TCP Award.
  • Xero announces ACH integration with Stripe.
  • Finance Monthly names ACI Worldwide Fraud Innovation Firm of the Year for its UP Payments Risk Management 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.

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Blockchain Appoints New President and Chief Legal Officer

Blockchain Appoints New President and Chief Legal Officer
By Julie Muhn (@julieschicktanz) Posted on
Categories: Blockchain

Digital currency wallet Blockchain has appointed Marco Santori as its new president and chief legal officer. The role of President was formerly held by Blockchain co-founder Nicolas Cary, who has assumed the role of vice chairman.

Santori comes to the U.K.-based company from Cooley LLP, where he worked as a partner, leading the law firm’s global financial technology practice. During his tenure at Cooley, Santori built a digital assets-focused legal practice.

In his new role, Santori will build Blockchain’s compliance, legal, and corporate development teams and is charged with leading the team in bringing new products to market. “I’m honored and thrilled to join Blockchain, the leading provider for digital asset software,” said Santori. “It’s a compelling opportunity to contribute to a company that is not only achieving unparalleled business success, but also delivering on a powerful mission to create an inclusive financial system from which everyone can benefit.”

Santori’s new position at Blockchain seems to be a good fit for him– he currently serves as an advisor to the International Monetary Fund and is the Blockchain Ambassador for the State of Delaware. Additionally, he penned the “Simple Agreement for Future Tokens” (SAFT) Project Whitepaper, which set the standard for mitigating risks associated with Initial Coin Offerings (ICOs).

Blockchain CEO and co-founder Peter Smith said, “Marco has a breadth and depth of knowledge that is unmatched and I couldn’t think of a better person to focus entirely on our expansion efforts and strategy as we continue to serve our millions of users globally.”

Founded in 2011, Blockchain has more than 22 million wallets and has worked with its exchange partners to process 100+ million transactions in more than 140 countries in 20+ currencies. The company considers its wallet more secure than competitors Coinbase and Kraken because it does not offer an exchange. Instead, Blockchain’s wallet simply stores funds and has no visibility into users’ wallets.

Blockchain presented at FinDEVr San Francisco 2014. The company has offices in London, New York, and Brazil and has raised a total of $70 million, thanks in part to a $40 million Series B round raised last June. In August of last year, the company added ether to the list of currencies it supports.

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Behalf Lands Equity Funding and Secures $150 Million in Debt Financing

Behalf Lands Equity Funding and Secures $150 Million in Debt Financing
By Julie Muhn (@julieschicktanz) Posted on
Categories: Behalf, Funding

Alternative lending startup Behalf just received more fuel to help power small-and-medium-sized businesses (SMBs). The New York-based company received $150 million in debt financing and an undisclosed amount of equity funding this week.

The debt round was led by a private investment fund managed by Soros Fund Management, with previous investor Viola Credit also participating. Both investors also contributed to Behalf’s equity round; the company’s equity funds now total more than $156 million.

Benjy Feinberg, founder and CEO of Behalf said that the funding is a significant step forward that will allow Behalf  to “expand our fast-growing e-commerce B2B financing platform and enhance our ability to provide the best business terms to customers, in a fraction of the time of a traditional business lender.”

Behalf extends short-term purchase financing to underserved SMBs by using technology and big data to assess the creditworthiness of the business and its owner. Unlike other alternative SMB lenders such as Kabbage or OnDeck, Behalf does not issue funds directly to the SMB. Instead, the startup pays the small business’ vendors on the SMB’s behalf (hence the name Behalf). Having flexibility in repaying their suppliers helps merchants increase their production and ultimately grow their business.

Uri Galai, partner at Viola Credit said Behalf’s technology “will change the landscape of business lending.” He added, “Behalf understands that the buyer-seller relationship has changed, and is providing an unparalleled solution to the increased demands from vendors and their customers seeking financing.”

Feinberg showcased Behalf’s vendor payment platform at FinovateFall 2014. Since it was founded in 2012, the company tripled its revenue and now counts Lenovo, Best Buy and PCM in its network of accepting partners. Last year, the company partnered with Utah-based FinWise Bank to offer SMBs a broader range of financing solutions.

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FinovateMiddleEast Sneak Peek: Wealth Migrate

FinovateMiddleEast Sneak Peek: Wealth Migrate
By finovate Posted on
Categories: FinovateMiddleEast 2018, FinovateMiddleEast 2018 Sneak Peek, Wealth Migrate

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Wealth Migrate is a KPMG award-winning, global online investment marketplace that offers global investors direct access to commercial real estate investments from only $1 in premier global markets.

Features

  • Investors in developing nations can invest in a stable currency with real assets with real yield
  • Transactions recorded using the blockchain to eliminate fraud issues
  • Partners with best-in-class operators

Why it’s great
Most of the developing world does not have access to direct investments that would help them with currency swings which can wipe out wealth. Fraud is a challenge and it is hard to find trusted partners.

Presenters

Scott Picken, Founder and CEO of Wealth Migrate
Picken is a serial global entrepreneur and investor who is passionate about helping people create global wealth. He is an authority on fintech, crowdfunding, collaborative social investing, and the intersection with real estate.
LinkedIn

 

Jaco Maritz, Chief Information Officer
Maritz leads the technology team, bringing decades of experience in financial services IT management. He is additionally a seasoned global real estate investor.
LinkedIn

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TransferWise to Power Payroll for Crowdfunding Platform Seedrs

TransferWise to Power Payroll for Crowdfunding Platform Seedrs
By David Penn Posted on
Categories: TransferWise

 

One of the challenges of having a global workforce is ensuring that all workers are paid promptly in their local currencies. We learned last week that crowdfunding platform Seedrs has found a solution to this problem in the form of a new partnership with international money transfer innovator and FinovateEurope alum, TransferWise.

TransferWise will process payments for Seedrs at the real exchange rate directly from Reuters using its batch payments tool. This option enables businesses to settle international and domestic payroll with one click, sending up to 1,000 payments at a time directly to payees’ accounts. Businesses benefit from TransferWise’s competitive exchange rates and workers appreciate payments that arrive within 1 to 2 days.

The speed of TransferWise’s international payments was among the reasons why one current client, Travelopo, uses the company’s batch payment tool. Speaking for the company, which formerly transferred millions via a well-known international bank, Travelopo founder and CEO Roger Fenton explained that faster payments and even a small savings in the exchange rate can make a significant difference over time.  “As an international business, we settle invoices in sterling and euro – so the cost can hit us or our supplies,” Fenton said. “With TransferWise, everyone is better off.”

The new partnership with Seedrs comes in the wake of news that TransferWise has opened up its borderless account beyond business users. Launched for business customers in the spring of 2017, TransferWise announced that it would roll out the multi-currency accounts to consumers in the first quarter of this year. As for Seedrs, the crowdfunding firm enters 2018 having recorded what the company called “our most successful year to date” in 2017, earning accolades from the British Small Business Awards as Alternative Finance Platform of the Year, and providing funding to companies like Finovate alum Revolut.

Founded in 2010, London-based TransferWise demonstrated its technology at FinovateEurope 2013. The company raised $280 million in funding back in November in a Series E round led by Old Mutual Global Investors and VC firm IVP. The investment boosted the TransferWise’s total capital to more than $396 million and gave the firm an estimated valuation of $1.6 billion.

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FinovateMiddleEast Sneak Peek: Dorsum

FinovateMiddleEast Sneak Peek: Dorsum
By finovate Posted on
Categories: Dorsum, FinovateMiddleEast 2018, FinovateMiddleEast 2018 Sneak Peek

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Dorsum is an innovative investment software provider. This time, Dorsum will present its enhanced botboarding platform which helps banks in the customer onboarding process.

Features

  • Banking customer acquisition and account opening with a chatbot
  • Using workflows and IBM Watson-powered natural language processing
  • Real-time analytics and customization on a live infographic dashboard

Why it’s great
Botboarding shows how the usage of AI-based chatbots can boost customer acquisition rates and open new ways for account opening.

Presenters

Thomas Buemsen, Managing Director – Middle East 
Buemsen has over 20 years’ experience in banking, working across a number of different fields – mainly in investment banking, wealth management, and retail banking.
LinkedIn

 

Agnes Bati, International Project Assistant 
Bati has profound knowledge of the entire software delivery lifecycle by performing a variety of analytical and project supporting tasks.
LinkedIn

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FinovateMiddleEast Sneak Peek: CapitaWorld ME

FinovateMiddleEast Sneak Peek: CapitaWorld ME
By finovate Posted on
Categories: CapitaWorld ME, FinovateMiddleEast 2018, FinovateMiddleEast 2018 Sneak Peek

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

CapitaWorld is an AI-enabled digital, smart, and automated lending platform that provides a complete digital experience to fund seekers, providers, and intermediaries.

Features

  • Digitized lending ecosystem
  • Machine learning algorithms and artificial intelligence
  • Platform provides reduced TAT and real-time lending experience

Why it’s great
U.A.E.’s first artificial intelligence-enabled lending platform for fund seekers, providers, and intermediaries. Getting a loan is now just a click away.

Presenters

Jinand Shah, Promoter and Global CEO 
Jinand Shah has more than 12 years of experience in investment banking. He is founder and promoter of CapitaWorld, which is being constructed as one of the finest AI-based fintech platforms.
LinkedIn

 

Rajiv Shah, Middle East CEO 
Rajiv Shah has more than 21 years experience in professional consultancy and is now Middle East CEO of CapitaWorld ME, an AI-enabled lending platform incorporated and incubated at ADGM.
LinkedIn

 

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Finovate Alumni News

By David Penn Posted on
Categories: Behalf, Blockchain, CapitaWorld ME, Dorsum, Equifax, Personetics, TransferWise, Wealth Migrate

On Finovate.com

  • TransferWise to Power Payroll for Crowdfunding Platform Seedrs.
  • Behalf Lands Equity Funding and Secures $150 Million in Debt Financing.
  • Blockchain Appoints New President and Chief Legal Officer.

Around the web

  • Challenger bank Tandem to leverage Personetics Cognitive Banking Brain to provide personalized financial guidance for customers.
  • Equifax introduces commercial credit data sharing solution for SME lenders.
  • Bluefin Payment Systems partners with EDC Corporation to improve security for credit card transactions.

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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