Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market

Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market
By David Penn Posted on
Categories: Kreditech, Mambu

Kreditech has selected Mambu’s Software-as-a-Service (SaaS) banking engine for its push into India’s lending market, reports Antony Peyton of Banking Technology (Finovate’s sister publication.)

The firm currently operates in Europe and Latin America and said it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.

The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.

Alexander Graubner-Müller, CEO of Kreditech, said by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.

He added that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.

The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries. Kreditech demonstrated its the effectiveness of its Kreditech algorithm that assesses client creditworthiness in less than a minute at FinovateSpring 2014.

A FinovateAsia alum, Mambu demonstrated its native cloud Saas banking application at our Singapore conference in 2013. Based in Berlin and founded in 2011, Mambu has forged partnerships with a number of FIs and fintechs in recent months including a deal with ABN Amro’s new fintech firm, New10 in October, and a deployment with German challenger bank, N26 announced in September.

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Scalable Capital Launches in Switzerland

Scalable Capital Launches in Switzerland
By Julie Muhn (@julieschicktanz) Posted on
Categories: Scalable Capital

Scalable Capital is saying, “Gruetzi mittenand” to Switzerland today.  The U.K.-based robo advisor has launched its services in Switzerland, the fourth country to which Scalable Capital has expanded, following launches in U.K., Germany, and Austria.

Describing Switzerland as “an interesting market for every wealth manager,” Scalable Capital Co-founder Simon Miller said that the company made the move knowing it could offer real value to Swiss retail investors. Miller added, “We are the only independent robo-advisor in Europe using three key building blocks to build a truly customer-centric product: professional risk management for every individual portfolio, low cost, and a comprehensive digital service with unparalleled transparency.”

With a Swiss customer phone hotline, as well as a website aimed specifically to serve Swiss customers, the startup has an E.U.-wide approval and can offer its services across the E.U. without having to go through additional application processes. Scalable Capital’s German custodian bank partner, Baader Bank AG, will provide tax reporting and will serve as the custodian bank for all Swiss customers, managing their portfolios in euros.

Scalable Capital was founded in 2014 and now serves more than 20,000 clients with $810 million (£600 million) assets under management. The company holds partnerships with BlackRock, Siemens Private Finance, and Germany’s third-largest retail bank, ING-DiBa.

Scalable Capital most recently presented at FinovateEurope 2016. The company has 70 employees and has raised $49 million. Last spring, Scalable Capital was the only European startup to be recognized on CNBC’s Upstart 25 list.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Alfa-Bank, Featurespace, Gusto, ID.me, identitii, Klarna, PayStand, Realty Mogul, Ripple, Roostify, Scalable Capital, Truphone

On the web

  • Scalable Capital Launches in Switzerland.
  • Gusto Partners with Accounting Platform Aplos.
  • Alfa-Bank Collaborates with HashCash to Bring Domestic Payments to the Blockchain.
  • ID.me Powering Single-Sign On for VFW’s Digital Platforms

Around the web

  • ACI Worldwide announces its UP Merchant Payments solution now available as a cloud-based service.
  • Truphone, Featurespace and PayStand win spots on The Silicon Review’s 50 Smartest Companies list for 2017.
  • Bank Info Security features Nick Armstrong, CEO and founder of identitii.
  • Walmart Labs veteran Adnan Habib joins Roostify as VP of Engineering.
  • Realty Mogul appoints interim Chief Investment Officer Chris Fraley as its official CIO.
  • Klarna extends its partnership with ACI Worldwide.

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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Dream Payments Integrates with QuickBooks and First Data’s Clover

Dream Payments Integrates with QuickBooks and First Data’s Clover
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dream Payments, First Data, Intuit

Cloud-based payment platform Dream Payments has teamed up with Quickbooks, and First Data’s Clover to bring QuickBooks capabilities to U.S. merchants this week.

This comes three months after Dream Payments first initiated a partnership with First Data last year, launching the Dream Payments POS for merchants using First Data’s Clover. It also follows Dream Payments’ successful pilot of a QuickBooks integration in Canada.

The partnership will allow Dream Payments’ business clients using any POS device in Clover’s line to sync with QuickBooks. After a purchase, QuickBooks will automatically and in real time record the sale, update inventory, collect and close invoices, and import sales tax.

CEO of Dream Payments Brent Ho-Young said that the integration will help businesses succeed. He added that, by combining QuickBooks and Clover in the Dream Payments POS, “we’re unlocking the cloud and simplifying the most complex aspects of running a successful business — customer experience, payments and accounting. Now businesses of any size can access a powerful commerce platform that traditionally only the largest retailers could afford.”

Founded in 2014 and with operations in Stamford, Connecticut, Dream Payments helps small businesses accept all payments, including chip cards, contactless cards, and mobile wallets. In addition to ties with Quickbooks and First Data, the company also counts TD Merchant Solutions and Chase Paymentech in its partnership ecosystem.

At FinovateSpring 2015, Dream Payments debuted its mobile POS device. Last fall, the company partnered with IBM to leverage its cloud and security capabilities. Dream Payments has raised $14.9 million. Brent Ho-Young is CEO.

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New Year. New Venue. New Format. New FinovateSpring.

New Year. New Venue. New Format. New FinovateSpring.
By Heather Stowell Posted on
Categories: Finovate Marketing, FinovateSpring 2018

2018. Santa Clara. 4 days of demos & discussions.

Less than two weeks into 2018, most of us are already running to catch up. But there are a couple deadlines you should not let pass you by: demo application deadline this Friday, January 12 and ticket deadline next Friday, January 19 ($800 savings).

With its expansion to four days this year, FinovateSpring moves to the Santa Clara Convention Center on May 8-11. The first two days will continue featuring Finovate’s signature single-track demo format, while the next two days will focus on deeper dives and insights from keynotes, panels, breakout sessions and more. All the fintech bang for your buck consolidated into just four days.

Companies selected to demo on May 8-9 will receive 7 minutes on stage to demo their latest fintech innovation, a booth in the exhibition area, ability to connect with 1,500+ C-level financial execs, venture capitalists, entrepreneurs, and influential press, analysts, and bloggers, plus many other perks.

If you’re thinking about applying to demo, now is the time. Earlier applicants may receive faster selection and are also eligible for lower pricing. This next deadline, which guarantees you the lower cost, is this Friday, January 12. More information on demoing is available here.

And if you would rather check out the event with an eye towards applying next year, get your ticket before Friday, January 19 and save $800.

Send questions to [email protected].

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TransferWise Brings New Multi-Currency Borderless Accounts with Debit Cards to Public

TransferWise Brings New Multi-Currency Borderless Accounts with Debit Cards to Public
By David Penn Posted on
Categories: TransferWise

 

TransferWise announced that the new multi-currency account it initially introduced to businesses last year will be rolled out to consumers in the first quarter of 2018. The borderless accounts enable users to hold and convert up to 28 currencies at the real exchange rate; get bank details instantly from the U.K., E.U., Australia, and the U.S.; and to receive money transferred from abroad in GBP, EUR, AUD, and USD for free.

They are also free to open and do not require an overseas address. New users get a British account number and sort code, a European IBAN, an Australian account number and BSB code, and an American account number and routing number. There is a small fee for converting across currencies and for cash withdrawals, but there are no charges for monthly setup or receiving fees.

“Multi-currency accounts have been available from banks at extortionate prices for years, but for the first time we’re bringing true, multi-country banking – with real bank details in key currencies – to any one who needs it,” said TransferWise co-founder and chairman Taavet Hinrikus.

TransferWise made borderless accounts available to business customers as of May of last year, but did not come with the debit card the 2018 offering will have. The company told TechCrunch that the accounts are best thought of as a “companion account that solves a couple of different but fundamental problems.” Business Insider suggested that the account and debit card combo from TransferWise will help the company serve what it called the “competitive travel money market” as well as a counter to the challenge of fintechs like Revolut and its low-fee foreign exchange card.

The news from TransferWise comes just a few months after the company’s successful $280 million Series E round led by Old Mutual Global Investors. This added to the company’s valuation, last reported at $1.1 billion in 2017. Founded in 2010 and headquartered in London, U.K., TransferWise demonstrated its platform at FinovateEurope 2013. The company was named to the European Fintech 100 in September, along with several of its fellow Finovate alums, and earned a spot on CB Insights Fintech 250 list. In July, TransferWise announced that co-founder Kristo Kaarmann would take over as CEO from Taavet Hinrikus, who transitioned to the role of chairman.

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Intelligent Environments Appoints New CEO

Intelligent Environments Appoints New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Intelligent Environments

Mobile financial solutions company Intelligent Environments has appointed a new CEO this week. Effective immediately, Jeremy Young will take the seat of David Webber, the company’s previous CEO.

Young comes to Intelligent Environments with 20 years of experience in financial services and software. He most recently served as VP of EMEA at Fiserv. Prior to that, Young was head of retail banking and insurance at Oracle.

Young said that joining Intelligent Environments is a “tremendously exciting prospect.” He added, “With the company at the forefront of digital innovation in the financial services sector, leading its future growth and development is an immense opportunity.”

Founded in 1985, Intelligent Environments aims to help financial services organizations improve the customer experience. Among the company’s clients are Lloyds, HSBC, Sainsbury’s Bank, Argos, House of Fraser, and Toyota Financial Services.

Intelligent Environments demoed AppSensorFS at FinovateEurope 2015. AppSensorFS deploys sensors to detect potential security threats and makes decisions in real time to deploy the appropriate defense responses. The U.K.-based company was recently recognized as one of the world’s “most significant providers” in Forrester Wave’s Q3 2017 report on Digital Banking Engagement Platforms.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AutoGravity, Bluefin Payment Systems, Dream Payments, Expensify, Intelligent Environments, Meniga, Privakey, Symphony Software Foundation, TransferWise

On Finovate.com

  • Intelligent Environments Appoints New CEO.
  • TransferWise Brings New Multi-Currency, Borderless Accounts with Debit Cards to Public.
  • Dream Payments Integrates with QuickBooks and First Data’s Clover.

Around the web

  • Meniga announced as FStech Awards 2018 finalist for ‘Challenges’ financial fitness.
  • Foundr Magazine interviews Expensify CEO David Barrett.
  • The Asian Review features Financial data and chat startup Symphony Software Foundation.
  • Forbes highlights AutoGravity’s take on lending.
  • Privakey is the latest fintech to join the FIDO Alliance.
  • Bluefin Payment Systems partners with Choice Ticketing to support PCI-validated ticketing payments.

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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Demoers from Near & Far at FinovateMiddleEast this February

Demoers from Near & Far at FinovateMiddleEast this February
By Heather Stowell Posted on
Categories: Finovate Marketing, FinovateMiddleEast 2018

2017 was a big year for fintech investment in the Middle East.

Amazon acquired Middle Eastern e-commerce firm, Souq.com, local powerhouses joined the race (i.e., Kingdom Holding Company driving Careem’s Series E funding), startup accelerators launched across the region, and overall investment soared.

So, at the start of 2018, the message is clear: Look to the Middle East for fintech investment opportunities, acquisitions, partnerships, inspiration and competition. And there’s no better place to start than Finovate in February.

For this launch event, Finovate has partnered with the UAE Ministry of Finance and joined UAE Innovation Month and Dubai Innovation Week. Signature 7-minute demos will remain at the core of FinovateMiddleEast 2018 with startup and established companies showcasing their latest fintech innovations live on stage.

Dorsum — A chatbot platform that improves the difficulties of customer acquisition for financial institutions.

ebankIT — An omnichannel banking platform that enhances digital transformation for banks and financial institutions.

efigence — The Insights Now! platform uses smart web analytics’ tools to arm banks and financial institutions with real-time data driven conclusions.

Munnypot — An automated online solution providing accessible and affordable investment advice for millions of people in the U.K. and overseas.

Ondot Systems — Provides mobile card services supplying financial institutions, card processors and cardholders with mobile applications for credit and debit card control.

RISQ — A financial software platform improving the effectiveness of corporate loan acquisition and customer management for commercial banks.

Wealth Migrate — A global, direct investment platform remedying the lack of direct investment products for middle class, overseas investors.

Zagtrader — An end-to-end pre-integrated framework that connects banks, brokers, asset managers, and investment banks to the ultra-complex global trading ecosystem with ease.

Additional companies will be announced over the next several weeks.

Register by January 11 to save $300. Book online, call +1 (888) 670-8200, or email [email protected].

 

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Alkami Scores $70 Million in Series D Funding

Alkami Scores $70 Million in Series D Funding
By David Penn Posted on
Categories: Alkami Technology, Funding

In a round led by General Atlantic, and featuring participation from current investors S3 Ventures and Argonaut Private Equity, digital banking solutions provider Alkami has raised $70 million in new funding. The Series D round, which represents a strategic investment in the company, takes Alkami’s total capital to more than $116 million.

“In an era of digital transformation, our clients, who consist of credit unions and banks in the U.S., count on Alkami to inspire and power their digital strategies through enhancing value, growth, service, efficiency and relationships,” Alkami CEO Mike Hansen said. He added that the strategic investment from General Atlantic will “accelerate the delivery of our world-class technology and innovative solutions to our clients, ensuring Alkami remains synonymous with digital transformation in finance.”

Alkami enables financial institutions to take advantage of the latest trends in online and mobile banking technology through its cloud-based digital banking platform. With more than 4.5 million users across its community bank and credit union client base, Alkami provides a unified solution that works across devices and channels to deliver retail and business banking services, billpay, PFM, marketing, and more.

As part of the strategic investment, Raph Osnoss and Gene Lockhart will join Alkami’s board of directors. Lockhart is a Special Advisor of General Atlantic and former President and CEO of MasterCard Worldwide. He is also Chairman and Managing Partner of MissionOG, a technology investor that also participated in Alkami’s Series D. Osnoss is Vice President of General Atlantic, and praised Alkami’s “vision, technology, client success, and business model” as well as the way the fintech helped FIs better engage with their customers.

“Digital banking needs are evolving along with consumer and business behaviors,” Osnoss said. “And we believe Alkami is at the center of this industry-wide shift.”

Plano, Texas-based Alkami made its first Finovate appearance in 2009 as iThryv. In November, the company was highlighted as the 13th fastest growing company in Dallas by Southern Methodist University’s Cox Dallas 100 and ranked 66th fastest growing company in North America by Deloitte’s 2017 Technology Fast 500. Alkami announced a deployment of its digital banking platform with Veridian Credit Union ($3.4 billion in assets) late last fall, and in August, the company inked a deal with Mountain America Credit Union ($6.7 billion in assets) to integrate its digital banking technology with Mountain America’s existing core system.

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CREALOGIX Acquires Innofis

CREALOGIX Acquires Innofis
By Julie Muhn (@julieschicktanz) Posted on
Categories: CREALOGIX, Innofis

Digital banking company CREALOGIX has acquired Barcelona-based Innofis, a privately held, internationally-focused digital banking firm, this week. The financial terms of the agreement were not disclosed.

Under the agreement, Innofis’ workforce of 120 engineers and specialists will join CREALOGIX; the existing management structure will remain the same. The acquisition is not only expected to give CREALOGIX access to Innofis’ established customer base, the Switzerland-based company will also gain a presence in additional territories, most notably the Middle Eastern region.

CREALOGIX will benefit from Innofis’ digital banking product suite, which it expects will complement its current solution portfolio due to “optimal synergies” between the product portfolios. Because of the use of open architecture, many of the companies’ modules can be integrated interchangeably. New features Innofis brings to CREALOGIX include:

  • Predictive analytics based on big data and customer behavior segmentation
  • Advanced online campaign management
  • SaaS based-digital loyalty program
  • A suite of Islamic banking modules
  • Extensive functionality for business banking

Founded in 2012, Innofis has experienced double-digit growth and currently generates over $10.2 million (CHF 10 million) in revenue. Innofis CEO David Moreno, who will transition to a member of CREALOGIX’s Executive Group Management, said that “As a result of the new, joint offering from Innofis and CREALOGIX, we will remain a reliable partner for our clients and will support them in their digitization initiatives, with a broader set of innovative, ready-to-use solutions.”

Innofis presented at FinovateEurope 2016, where Moreno and the company’s CMO David Falk showcased the Innofis Omnichannel Predictive Banking solution. The solution leverages machine learning of bank data and contextual behavioral analysis to deliver more accurate and effective marketing messages.

CREALOGIX’s Marc Stähli, Head of Sales and CMO; and Eszter Vass, Sr. Product Strategy & Presales Consultant, demo Predictive Banking in Virtual Reality at FinovateEurope 2017 in London.

CREALOGIX most recently demoed at FinovateEurope 2017, where the company won Best of Show for Predictive Banking in Virtual Reality. In November of last year, the company expanded into Asia Pacific with new offices in Singapore. And in September, CREALOGIX acquired AI and machine learning technology from Koemei. The company said it plans to leverage Koemei’s technology that uses automated speech recognition (ASR) to convert audio, podcast, and video content into text data, which facilitates cross-media search capabilities.

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Urban FT and Fortress Plus to Co-Market Digital Banking, Fraud Prevention to Community Banks

Urban FT and Fortress Plus to Co-Market Digital Banking, Fraud Prevention to Community Banks
By David Penn Posted on
Categories: Urban FT

If you are a community bank or credit union, the new partnership between Urban FT and Connecticut-based Fortress Plus means it just got a lot easier to add digital banking services and state-of-the-art fraud protection at the same time.

Fortress Plus’s Rampart Intelligence Platform uses big data and behavior-based adaptive analytics to monitor and identify fraud in different channels and among different payment types. Urban FT provides a mobile banking solution that enables community banks to leverage proprietary technology to display information from traditional websites into their mobile websites and banking apps. The decision to work together, in the words of Urban FT CEO Richard Steggall, represents a shared “dedication to strengthening America’s community financial institutions.”

“Our agreement pulls together two key elements of what today’s smaller FIs need to combat the challenge of big banks and nonbanks – an easily implementable, cost-effective mobile banking solution offering exceptional UX and best-in-breed fraud prevention solutions that protect FIs from fraudsters who prey on them,” Steggall said.

“By co-marketing, we bring our respective best-in-breed solutions to more financial institutions that need and deserve the advantages we offer,” Fortress Plus President Jeff Whelton added, “(that is) big bank-grade quality that’s accessible and affordable for financial institutions of any size.”

Founded in 2013, New York-based Urban FT demonstrated its Urban FT Workshop at FinovateFall 2016. The workshop is a real-time, multi-tier mobile app management platform that gives FIs and FSOs the ability to design, brand, and launch mobile banking apps without coding. Available as a managed service, SaaS, online or via API, Urban FT’s technology is used by 10% of those U.S.-based FIs with assets of more than $25 million. The company acquired mobile banking technology company iParse in July of last year. In April, Urban FT partnered with technology service provider T-Cetra to make it easier for customers to top-up prepaid wireless service.

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