Ayondo Pursues IPO After Reverse Takeover Deal Lapses

Ayondo Pursues IPO After Reverse Takeover Deal Lapses
By Julie Muhn (@julieschicktanz) Posted on
Categories: ayondo

Here’s a quick update on our report a few weeks back that social trading company ayondo would not be undergoing a reverse takeover (RTO) IPO due to a lapsed bid from Singapore-based property developer, Starland Holdings. Today, ayondo has announced that, despite the bid falling through, it is determined to become the first fintech company to IPO on the Singapore Stock Exchange.

The Frankfurt-based company’s CEO Robert Lempka said, “The end of the RTO opens up the way for ayondo to pursue an Initial Public Offering (IPO) instead. The preparation work for an RTO and IPO is almost identical in Singapore and therefore provision is made for a listing in early 2018.”

Other parties involved in the listing include sponsor, UOB Kay Hian Private Limited, as well as the Singapore Exchange Limited (SGX). Both continue to support ayondo in its listing efforts.

Founded in 2008, ayondo offers a brokerage platform that lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, the company unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, ayondo received its portfolio management license from German regulator (BaFin).

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arroweye Solutions, ayondo, eSignLive, Interxion, OurCrowd, Personal Capital, SecureKey, Temenos, Trustly, VASCO

On Finovate.com

  • Ayondo Pursues IPO After Reverse Takeover Deal Lapses.
  • Personal Capital Launches Education Planner to Prepare You for College Costs.
  • Finastra Partners with VASCO to Offer Customers eSignLive Capability.
  • Trustly Teams Up with Emric to Broaden Payment Options for Businesses.

Around the web

  • Cuffelinks features Jon Medved, CEO and Founder of OurCrowd.
  • Openbank, the digital bank of Santander Group, selects Temenos Core Banking.
  • Interxion working with global institutional agency-model broker INSTINET to host the firm’s BlockMatch.
  • Arroweye Solutions selected by Obsidian to produce custom local open-loop prepaid cards.
  • SecureKey Technologies adds National Bank of Canada to its digital identity 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.

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SocietyOne Tops $350 Million in Loans

SocietyOne Tops $350 Million in Loans
By Julie Muhn (@julieschicktanz) Posted on
Categories: SocietyOne

Australian P2P lender SocietyOne announced today it has issued more than $350 million in loans on its platform since 2012. Additionally, the company has the highest number of current loans, setting a record for itself with $200 million in its books.

“Our growth in 2017 underlines the demand from consumers for a real alternative to the major banks. Consumers are looking for a better deal on their finances and our risk-based pricing is attractive for customers that have demonstrated that they have a good credit history,” said Jason Yetton, CEO and Managing Director of SocietyOne. The company’s loan volumes have seen seven successive quarters of growth. In fact, loan volumes in the first three quarters of this year have totaled $141 million so far; surpassing the $139 million in loans facilitated over the entire course of 2016.

Yetton also noted the growth of SocietyOne’s AgriLending product, which launched in 2014 to serve Australia’s farmers and ranchers. Out of the $350 million in lending on the company’s platform, $80 million was issued to farmers, ranchers, and their agents via AgriLending. “I’m also pleased at the way we are getting behind Australian livestock farmers as the growth in SocietyOne AgriLending has shown. The team is standing ready to help them even more so as rural and regional Australia waits for the rains that will kick start the Spring growth and rearing season,” said Yetton.

In addition to having a strong base of borrowers, SocietyOne reported that the number of lenders on its platform has also risen. The company has an investor base of 320 individuals who have committed a total of $61 million in loans. On the bank side, SocietyOne has 20 partners who have, to date, contributed $100 million of the $350 million in loans advanced to borrowers.

SocietyOne presented its P2P lending platform at FinovateAsia 2012 in Singapore. The company offers borrowers personalized repayment programs with lower interest rates than major banks. Users can borrow between $5,000 to $50,000 for unsecured, personal loans for two, three, or five year terms. In August, the company celebrated five years of facilitating loans and earlier that month was recognized at the 2017 Australian Business Banking Awards.

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Baker Hill Forges Partnerships with Allied Solutions, Experian

Baker Hill Forges Partnerships with Allied Solutions, Experian
By David Penn Posted on
Categories: Baker Hill, Experian

With a pair of newly-announced deals, Baker Hill continues to deliver what company President and CEO John M. Deignan called “the cutting-edge technology and comprehensive analytical intelligence our clients need to compete and win in today’s lending environment.”

Baker Hill has partnered with Allied Solutions, which will refer Baker Hill’s suite of loan origination, risk management and business intelligence solutions to its FI clients. The partnership will also give Allied Solution’s 4,000 clients access to Baker Hill NextGen, the company’s cloud-based, end-to-end loan origination, portfolio risk management and decision support system. “Baker Hill’s platform is designed to accommodate the growing needs of financial institutions, and their consumers, by providing critical business insight and streamlined service,” Allied Solutions CMO Dave Underdale said. “(This is) something that can only empower financial institutions as they continue to grow and evolve their businesses.”

The company has also teamed up with Experian to give its clients access to Experian’s business credit services. Deignan said the partnership would leverage both companies’ strengths with regards to “mitigat(ing) credit risk while enhancing profitability.” Experian Business Information Services President Hiq Lee highlighted FIs’ growing reliance on data and predictive analysis, praising the agreement as a way to “ensure their clients receive comprehensive, third-party-verified information on 99.9% of all U.S. companies.”

Baker Hill serves nearly 600 FIs, including 20% of the top 100 banks and top 25 credit unions. Founded in 1983 and headquartered in Carmel, Indiana, the company demoed Baker Hill NextGen at FinovateSpring 2017. In September, the company teamed up with BOLTS Technologies to offer a streamlined account opening solution for FIs. The same month, Baker Hill announced that Kentucky-based People’s Bank and Trust would use its NextGen Statement Spreading to enhance its underwriting process.

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Bill.com Discloses September Investment Round, Doubles Total Funding

Bill.com Discloses September Investment Round, Doubles Total Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Bill.com, Funding

Business payments network Bill.com has updated the news regarding the $100 million in funding it landed last month. The round was lead by JPMorgan Chase and Temasek, with participation from lead investors in each of Bill.com’s earlier funding rounds. The financing doubles the company’s previous funding total to $200 million.

In a blog post titled Funding for a Better Future in Digital Payments, Bill.com CEO René Lacerte said the company plans to do “what no other fintech company has been able to do before: eliminate checks and paper from the business operating manual.” Lacerte continued, “With this additional capital, we will cross the chasm shifting digital payments from early adoption to major, widespread market acceptance.”

Bill.com was founded in 2006 to help businesses manage accounts payables and receivables with online billpay, custom invoicing, document storage, collaboration tools, and more. Today, the company remains focused on digital, paperless payment options and offers the largest business payment network in the U.S. Bill.com’s 2.5 million members account for more than 1% of all U.S. businesses and process more than $50 billion in payments each year. The company has 100,000 customers and is partnered with four of the top 10 U.S. banks and with more than half of the top 100 accounting firms.

Bill.com’s Lacerte debuted the company’s CashView tools at FinovateSpring 2012. Last month, the company won the Accountex User Favorite Award in the Bill Pay Solution category. Most recently, Bill.com announced a partnership with JP Morgan Chase in which it will help Chase’s business customers manage their cash flow.

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Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters

Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters
By David Penn Posted on
Categories: AnchorID, BehavioSec, BillGuard, Dashlane, EyeVerify, IDscan Biometrics, Jumio, SecureKey, Silver Tail Systems, SpeechPro, Toopher, Trusona, Zoloz

Left to right: A representative from Alipay joins Tinna Hung, Director of Marketing for EyeVerify during a demonstration of Eyeprint ID at FinovateAsia 2016.

This month we’re highlighting the issue of security in fintech. Our first installment was our interview with ENVEIL CEO Ellison Anne Williams.

Today we use the lens of our Best of Show awards to take a look at companies innovating in the security space for financial services companies and institutions. Three security companies have won Best of Show awards in more than one conference. Biometric specialists EyeVerify and BehavioSec have both earned Best of Show trophies on three separate occasions. Interestingly, both companies won one of their Best of Show awards at FinovateAsia; BehavioSec in Singapore, EyeVerify in Hong Kong. (Speaking of FinovateAsia, remember that Finovate returns to the Far East November 7 & 8.)

Earning two Best of Show awards was Silver Tail Systems (now a part of RSA, the security division of EMC, which acquired the company in 2012). Founded in 2008 and headquartered in Menlo Park, company was a pioneer in leveraging real-time behavior analysis to spot and stop business logic abuse on financial institution websites.

BehavioSec CEO Neil Costigan demonstrating BehavioWeb and BehavioMobile at FinovateEurope 2014.

EyeVerify, which was acquired by Ant Financial last fall, announced in August that it was rebranding as Zoloz. In a blog post at the company’s website, CEO Toby Rush said the new company would be focused on providing a hosted identity platform geared toward the Asian market. “Underserved and underbanked consumers in this region are moving to mobile so quickly that they have leapfrogged biometrics adoption and identity services in other geographies,” Rush wrote. “The platform is centered around the idea that I am me, my phone should just know me, and my apps and services should know me – automatically, conveniently, and securely,” he explained.

Zoloz is headquartered in Kansas City, Missouri, and was founded in 2012. The company most recently demonstrated its technology at FinovateEurope 2017.

BehavioSec, the behavioral biometric innovator, forged a partnership with Gemalto earlier this summer, to provide end-user verification and identity solutions as FIs increasingly embrace digital technologies. “Removing bottlenecks to achieve full digitization of a business goes hand-in-hand with conquering online fraud, through a layered an collaborative approach,” Costigan said. In May, BehavioSec teamed up with fellow Finovate alum Kount, integrating its behavioral biometric technology with Kount’s fraud management platform. A partnership with Appdome this spring produced AppFusion for BehavioSec, a solution that makes it easier for app developers to add behavior-based biometric authentication to their mobile apps.

Based in Stockholm, Sweden, BehavioSec was founded in 2009. The three-time Best of Show winner most recently demonstrated its technology at FinovateFall 2015.

Making it on the Finovate stage as a security solutions provider is one challenge. Taking home a Best of Show trophy as a company dedicated to helping stop fraudulent transactions, prevent unauthorized access, and create truly “safe spaces” in a connected world is quite another. Here is the full list of security companies that have won Best of Show awards at Finovate conferences.

FinovateFall 2017

FinovateSpring 2017

FinovateAsia 2016

FinovateFall 2016

FinovateEurope 2016

FinovateEurope 2015

FinovateFall 2014

FinovateSpring 2014

FinovateEurope 2014

FinovateAsia 2013

FinovateFall 2012

FinovateSpring 2012

FinovateFall 2011

FinovateFall 2010

Finovate 2009

FinovateStartup 2009

  • Silver Tail Systems (demo)

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FinovateAsia Sneak Peek: additiv

FinovateAsia Sneak Peek: additiv
By Julie Muhn (@julieschicktanz) Posted on
Categories: additiv, FinovateAsia 2017, FinovateAsia 2017 Sneak Peek

A look at the companies demoing live at FinovateAsia on November 7 and 8 in Hong Kong. Pick up your tickets today and save your spot.

additiv is the leading provider of B2B2C digital financial solutions as a service for financial institutions, wealth managers, and fintech companies.

Features

  • Quick implementation and sufficiently configurable roboadvisor
  • Rapid to deploy but integrated with bank’s key data repositories
  • Country and local compliant setup

Why it’s great
additiv is the leading provider of B2B2C digital financial solutions-as-a-service for financial institutions, wealth managers, and fintech companies.

Presenters

Michael Stemmle, CEO
Stemmle is CEO of additiv, building the digital future of the financial industry.
LinkedIn

Derrick Loi, Global Head of Orange Cloud for Business (International)
As a former Citrix and Cisco Manager, Loi is currently responsible for the GTM, revenue targets, order targets and P&L for Orange Cloud Business international, which covers Asia Pacific, Europe, Americas and Emerging Markets.
LinkedIn

Thomas Achhorner, Global Head of Solutions
Achhorner is a former PwC and BCG partner and develops additiv’s SaaS offering by packaging the firm’s renowned digital finance services platform as cloud-based products.
LinkedIn

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FinovateAsia Sneak Peek: Call Levels

FinovateAsia Sneak Peek: Call Levels
By Julie Muhn (@julieschicktanz) Posted on
Categories: Call Levels, FinovateAsia 2017, FinovateAsia 2017 Sneak Peek

A look at the companies demoing live at FinovateAsia on November 7 and 8 in Hong Kong. Pick up your tickets today and save your spot.

CLAIRE (Call Levels AI for Reimagining Enterprises) is a secure, intelligent, chatbot SAAS solution for banks and financial institutions to optimize their customers’ experiences.

Features

  • AI chatbot framework
  • Real-time financial monitoring system and analytics
  • Double hashing blockchain security

Why it’s great
CLAIRE’s AI-powered automation enables you to bank when you want, where you want.

Presenters

Linda Ang, Head, Strategy & Development
Familiar with both corporate developments and the dynamics of financial markets, Ang is a business strategist with significant experience in Business Development and Investor Relations.
LinkedIn

Taqin Jamil, Head of Design
Jamil is responsible for the overall product interaction and experience. As Head of Design, he leads the team in creating UX-friendly fintech applications.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, additiv, Baker Hill, Bill.com, Call Levels, Experian, Fenergo, nCino, NuData Security, Ondot Systems, Pendo Systems, Ripple, SocietyOne, Thomson Reuters, Xceptor

On Finovate.com

  • Bill.com Discloses September Investment Round, Doubles Total Funding.
  • SocietyOne Tops $350 Million in Loans.
  • Baker Hill Forges Partnerships with Allied Solutions, Experian.
  • Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters.

Around the web

  • Fenergo announces partnership with four of Australia’s top five banks.
  • ACI Worldwide launches UP Real-Time Payments Solution.
  • Credit Agricole and TransferGo join Ripple’s blockchain network, boosting membership to more than 100 institutions.
  • Thomson Reuters unveils Fixed Income Callouts, a trading app for African bond markets.
  • Ondot Systems to provide two-way fraud alerts for debit cards processed by payments provider, Elan Financial.
  • Pendo Systems adds 25-year banking veteran Bill Woodley as a non-executive director.
  • Megabuyte initiates coverage of Xceptor with “superior” rating.
  • nCino enhances Treasury Management Sales and Onboarding Solution for greater flexibility, configurability and speed.
  • NuData picks up leader award from Javelin Strategy and Research.

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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TASCET Teams with Secured2 to Launch Algo5 Data Security Offering

TASCET Teams with Secured2 to Launch Algo5 Data Security Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: TASCET

Identification technology company TASCET announced this week it has partnered with Secured2 to launch a new data security offering. The product, Algo5, aims to protect data against both internal and external breaches, hacks, and disasters.

The new data storage solution combines TASCET’s SuperToken, which verifies a user’s identity, with Secured2’s Beyond Encryption, which protects data from the origination of a document to an endpoint of cloud, local, or hybrid storage. Algo5 offers cost savings by shrinking, shredding, and dispersing data to numerous locations, each with its own encryption. To retrieve the data, users must be authorized and verified through SuperToken.

Daren Klum, CEO of Secured2 acknowledges that there are too many “weak points” in data storage and access. Explaining the advantage of the new technology, Klum said, “Algo5 brings together two technologies – identification and data security at the file level – that are changing the way companies store, access, and retrieve data.”

“Algo5 provides all of the crucial components necessary to secure data in today’s high risk environment,” said TASCET CEO Larry Aubol. “This includes the identification of users, which ensures that access is allowed only by users who are known. This step is nonexistent in approaches that rely on authentication,” he added.

Founded in 2005, TASCET debuted Financial ICONN at FinovateSpring 2012. In June of this year, TASCET announced a partnership with Mobility Exchange to bring TASCET’s SuperToken technology to Mobility Exchange’s clients. TASCET is headquartered in Madison, Wisconsin and has raised just over $13 million.

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NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital

NYMBUS Launches Digital-First Banking Platform, NYMBUS SmartDigital
By David Penn Posted on
Categories: NYMBUS

With the release of NYMBUS SmartDigital last week, the core banking innovator has made it that much easier for financial institutions to go digital. “With the addition of SmartDigital,” NYMBUS president David Mitchell said, “financial institutions currently running obsolete technologies now have the ability to add a next-generation digital product suite.”

SmartDigital’s open architecture and flexible APIs enable FIs to readily integrate with third-party applications. With customer expectations increasingly driven by their UX with platforms like Facebook, Google, and Apple, NYMBUS’ digital-first banking solution will help FIs compete with both their rival FIs and fintechs. “The scale of digital disruption is unprecedented and digitalization is no longer an option for the banking industry,” Mitchell said. “It’s inevitable and a matter of survival.”

The launch of SmartDigital could also encourage wider adoption of NYMBUS’ flagship technology, its core banking platform, SmartCore.  Transition to SmartCore from SmartDigital is a seamless “turn(ing) on” of the core platform according to Mitchell, who stressed the importance of banks moving away from outdated systems. “We want all financial institutions that have been held hostage on their legacy technology to be able to upgrade and enhance their digital offerings now,” he said. The platform is live with more than 37 FIs around the world with more than 10 million daily end users.

Founded in 2015, NYMBUS demonstrated its core banking platform at FinovateSpring 2016. The Miami Beach, Florida-based company is also a veteran of our developer’s conference, having presented “NYMBUS: The Next Evolution of Core Processing” at FinDEVr New York 2016. NYBMUS has raised $28 million in total funding, including a $16 million venture round in February led by Home Credit Group.

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ABN Amro’s New10 Chooses Mambu to Power SME Lending

By David Penn Posted on
Categories: Mambu

New10, ABN Amro’s newly launched fintech firm, has selected Mambu’s Software-as-a-Service (SaaS) engine to power a range of SME lending products in the Netherlands, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Like many start-ups, speed is part of the sales pitch, and New10 said it aims to provide credit decisions for SMEs within 15 minutes and offers a fully digital application process. In fact, ABN Amro pointed out that New10 went from concept to launch within ten months. Perhaps that’s why it’s called New10 and not New15.

Mark Schröder, co-founder and commercial director of New10, said it combines “the best of two worlds – the characteristics of a fintech with ABN Amro’s financial knowledge and resources”.

Jaap Boersma, CTO of New10, added that Mambu was selected as it offers “scalability, flexibility and speed to market at a fraction of the cost of traditional core systems”.

According to Mambu, it took a collaborative approach working with the New10 team in order to complete implementation within four months. In a “highly regulated environment”, Mambu’s partnership with Amazon Web Services (AWS), which has received Dutch regulatory approval, “helped smooth the path to market”.

Mambu was launched in 2011, and says its technology powers over 5,000 loan and deposit products for over four million end customers. It has 180 live operations in 45 countries, ranging from fintech firms to “traditional banks”. The company demonstrated its native, cloud-based, SaaS banking technology at FinovateAsia 2013 in Singapore.

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