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FinDEVr Preview: AutoGravity

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Early-bird savings end Friday, so pick up your ticket to save your spot today.

AutoGravity will present its implementation of a modern, distributed Spring Cloud micro-services architecture that powers several elegant consumer front ends (web, iOS, Android). AutoGravity’s powerful and flexible backend integrates various data sources and partners within a proprietary data-secure framework.

Why it’s a must-see

AutoGravity took current software-design trends and applied them to bridge the worlds of legacy-rich banking systems with state-of-the-art, beautiful mobile applications. AutoGravity’s proprietary, data-security framework by far exceeds current security standards for the industry.

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FinDEVr Preview: Expensify

By David Penn Posted on September 20, 2016
Categories: Expensify, FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Early-bird savings end Friday, so pick up your ticket today to save your spot.

CEO David Barrett will discuss how Bedrock became the infrastructure backbone of Expensify’s explosive growth, and how Bedrock can be used to scale your company.

Why it’s a must-see

Expensify will be introducing its open-source project built for developers to strengthen and enhance your developer’s toolbox for data storage, caching, and job management, and illustrate how it can be used to help scale your company.

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FinDEVr Preview: Wootrader

By David Penn Posted on September 20, 2016
Categories: FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview, Wootrader

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Early-bird savings end Friday, so pick up your ticket today to save your spot.

Wootrader will introduce its new configurable stock market dashboard platform, FinanceBoards, and explain how anyone, from first-time investors to financial institutions, can benefit from the ability to access—in one place, on their own configurable dashboards—a wealth of classic, as well as new, financial data.

Why it’s a must-see

The fintech industry is split between institutional systems with many decades of in-depth data and innovative, laser-focused startups with unique datasets. FinanceBoards builds a bridge to integrate any custom API from company financials, technical charts and indicators to website SEO metrics, Facebook “likes” and Appstore downloads and ratings.

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FinDEVr Preview: Hyperwallet

By David Penn Posted on September 20, 2016
Categories: FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview, Hyperwallet

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Early-bird savings end Friday, so pick up your ticket today and save your spot.

With Hyperwallet, see how some simple code can make it easier to pay your independent contractors, suppliers, and resellers almost anywhere in the world. Learn how RESTful payout APIs can ensure a frictionless end-user experience, secure connections to a scalable global financial network, and direct payouts through payee-directed optionality.

Why it’s a must-see

A must-attend for developers tasked with solving payment issues within their marketplace or on-demand economy platform, this presentation of Hyperwallet’s developer toolkit (global payout REST APIs, SDKs, JavaScript widgets and web hooks) will demonstrate how attendees can integrate worldwide payout functionality into their platform in 10 minutes or less.

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FinDEVr Preview: 1787fp

By David Penn Posted on September 20, 2016
Categories: 1787fp, FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Early-bird savings end Friday, so pick up your ticket today and save your spot.

1787fp will showcase how our mobile app can help millennials take control of finances.

1787fp will be introducing a cutting-edge mobile app that helps consumers track finances and manage investments.

Why it’s a must-see

Managing finances is time-consuming, but everyone has to do it. Today’s investors visit multiple websites to track their financial accounts.

By using 1787fp’s software, consumers can properly manage their finances and maximize their potential savings and future wealth accumulation.

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Finicity Unveils New ACH Account Verification API

By David Penn Posted on September 20, 2016
Categories: Finicity

Thanks to Finovate/FinDEVr alum Finicity, developers have a new API to use to add account verification to their payment and investment apps. Finicity’s new ACH Account Verification API gives developers the ability to quickly verify necessary account information for initiating inbound ACH account transfers.

“At Finicity, we’re committed to expanding our APIs and services to enrich existing partner offerings and open new partner markets,” Nick Thomas, co-founder and president of Finicity Data Services said. “The ACH Account Verification API accomplishes both by providing foundational payment and investment-account funding services across a high percentage of deposit accounts in the U.S.”

Finicity President and co-founder Nick Thomas during his presentation “The Launch of Real-Time Transaction Push” at FinDEVr New York 2016.

Founded in 1999 and headquartered in Murray, Utah, Finicity demonstrated its TxPUSH API for fintech apps at FinovateSpring 2015. The company is also a veteran of the FinDEVr developer conferences, presenting “The Launch of Real-Time Transaction Push” at FinDEVr New York 2016 earlier this year. Finicity has raised more than $18 million in funding, and last fall acquired fellow Finovate alum, Aurora Financial Systems.

With more than 1,400 direct integrations to help app builders add new client onboarding and ongoing funds-verification sourcing, Finicity has the broadest coverage of directly sourced account information in North America. The company won the Finance API of the Year award from API World in August, and partnered with fellow FinDEVr alum, Intuit Developer Group, when the company decided to discontinue its financial services APIs this spring.

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Talking about his company’s experience onboarding and working with new clients at FinDEVr New York 2016 this spring, Finicity’s Nick Thomas said, “It’s a fascinating place to be, to be in the platform space, and to see all this amazing innovation that’s happening. You think you’ve seen exciting stuff today. You have no idea what cool things are coming down the pipeline.” If “exciting” and “cool” are words you use to describe the latest in tools, tips, and tricks for fintech developers, then join us October 18 and 19 for FinDEVr Silicon Valley 2016. Stop by our registration page today and take advantage of early-bird pricing through Friday.

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Finovate Alumni News

By David Penn Posted on September 20, 2016
Categories: ACI Worldwide, AutoGravity, Credit Karma, DefenseStorm, Expensify, Finicity, Hyperwallet, Misys, OutsideIQ, Wootrader

On Finovate.com

Finicity Unveils New ACH Account Verification API

Check out our latest round of FinDEVr Previews featuring:

Around the web

OutsideIQ and Pegasystems team up to help FIs meet KYC requirements.

Misys launches Platform-as-a-Service strategy by opening its FusionFabric platform to third parties.

Credit Karma reaches 60 million users; to begin offering mortgages.

ACI Worldwide to offer cloud-based payment-connectivity to SWIFT.

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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Fintech Fundings: 26 Companies Raise $270 Million Second Week of August

By Jim Bruene Posted on September 19, 2016
Categories: Funding

money_invest_flow

The fintech sector attracted $266 million in new capital the second week of August. Half went to Finovate/FinDEVr alums including:

$56 million to customer service specialist Interactions
$52.5 million to alt-auto-title lender Finova Financial
$17 million to Upguard for its cybersecurity technology
$5.8 million went to Finovate alum Pindrop to further its phone-based fraud solutions
$5 million to CUneXus to expand its consumer lending platform

The number of deals totaled 26, slightly below the YTD average of 28 deals per week. The YTD total now stands at 895, about 400 more than last year’s 484. Total dollars raised YTD is $19.9 billion, nearly double the $10.2 billion raised during the same period a year ago.

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Fintech deals by size from 6 Aug to 12 Aug 2016:

Interactions
Virtual customer service
Latest round: $56 million
Total raised: $167 million
HQ: Franklin, Massachusetts
Tags: Institutions, customer service
Source: Finovate

Finova Financial
Alt-title loans
Latest round: $52.5 million Private Equity
Total raised: $52.5 million
HQ: Palm Beach Gardens, Florida
Tags: Consumer, credit, loans, underwriting, auto lending, vehicles, Finovate alum
Source: Finovate

Yunnex
POS solutions provider
Latest round: $45.1 million Series B
Total raised: $60.9 million
HQ: Guangzhou, China
Tags: SMB, merchants, payments, credit/debit card processing, acquiring, point of sale
Source: Crunchbase

BPS Technology
Digital currency management for small businesses
Latest round: $21.2 million
Total raised: $21.2 million
HQ: Southport, Australia
Tags: SMB, payments, accounting, bitcoin, blockchain, cryptocurrency
Source: FT Partners

Upguard
Cybersecurity
Latest round: $17 million Series B
Total raised: $27 million
HQ: San Francisco, California
Tags: Institutions, SMB, consumer, security, FinDEVr alum
Source: FinDevR

Touzhijia
Wealth management
Latest round: $12 million Series A
Total raised: $16.5 million
HQ: Shenzen, China
Tags: Consumer, advisers, trading, investing
Source: Crunchbase

ComparaOnline
Financial services price-comparison portal
Latest round: $6 million
Total raised: $20 million
HQ: Santiago, Chile
Tags: Consumer, credit, loans, deposits, price comparison, lead gen, discovery
Source: FT Partners

Pindrop Security
Phone-based fraud solutions
Latest round: $5.8 million addition to previously announced $75 million Series C
Total raised: $122.8 million
HQ: Atlanta, Georgia
Tags: SMB, institutions, security, anti-fraud, biometrics, call center, Finovate alum
Source: Crunchbase, Finovate

CUneXus
Consumer lending platform
Latest round: $5 million Series A
Total raised: $6.65 million
HQ: Santa Rosa, California
Tags: Consumer, credit, loans, underwriting, mobile, account opening, Finovate alum
Source: Finovate

DailyPay
Payment provider to employees and contractors
Latest round: $5 million Series A
Total raised: $6.5 million
HQ: New York City, New York
Tags: SMB, payments, payroll, HR, benefits
Source: Crunchbase

Bigstone Capital
SMB lending marketplace
Latest round: $3 million Seed
Total raised: $3 million
HQ: New South Wales, Australia
Tags: SMB, credit, loans, underwriting, commercial loans, crowdfunding, P2P, investing
Source: Crunchbase

Verifly
Drone insurance
Latest round: $2.7 million Seed
Total raised: $4.86 million
HQ: New York City, New York
Tags: Consumer, SMB, insurance
Source: Crunchbase

AlphaFlow
P2P real estate investment management
Latest round: $2.16 million Seed
Total raised: $2.28 million
HQ: San Francisco, California
Tags: Investors, advisers, P2P lending, investing
Source: Crunchbase

HashRabbit
Cloud hashing for blockchains
Latest round: $1.65 million Seed
Total raised: $2.34 million
HQ: San Francisco, California
Tags: SMB, institutions, blockchain, security, bitcoin, payments, crypto-currency
Source: Crunchbase

ET Index
Investor tools to manage carbon risk
Latest round: $1.5 million Seed
Total raised: $3.1 million
HQ: London, England, United Kingdom
Tags: Investors, traders, advisers, investing
Source: Crunchbase

Faircent
P2P lending platform
Latest round: $1.5 million Series B
Total raised: $5.75 million
HQ: Haryana, India
Tags: Consumer, credit, loans, underwriting, peer to peer, investing
Source: Crunchbase

Finexio
B2B payments network
Latest round: $1 million Seed
Total raised: $1 million
HQ: San Mateo, California
Tags: SMB, payments, B2B, billing, invoicing, accounts receivables management
Source: Crunchbase

PledgeMe
Equity and loan crowdfunding platform
Latest round: $860,000 Equity Crowdfunding
Total raised: $960,000
HQ: Wellington, New Zealand
Tags: Consumer, SMB, non-profits, credit, loans, underwriting, P2P, peer to peer, investing
Source: Crunchbase

First Access
Alt-credit score and risk management for financial institutions in emerging markets
Latest round: $750,000 Debt
Total raised: Unknown
HQ: New York City, New York
Tags: Consumer, credit, loans, underwriting, solar energy, home equity
Source: Crunchbase

Remitware Payments
Remittance provider, RemitR
Latest round: $590,000
Total raised: $590,000
HQ: Mumbai, India
Tags: Consumer, SMB, payments, funds transfer, FX, remittances
Source: Crunchbase

RateHub
Financial services comparison site
Latest round: $495,000
Total raised: $495,000
HQ: Toronto, Ontario
Tags: Consumer, credit, loans, mortgage, deposits, lead gen, price comparison, discovery
Source: Crunchbase

AppIDentify
Residential real estate valuation system
Latest round: Undisclosed
Total raised: Unknown
HQ: Atlanta, Georgia
Tags: Consumer, home buying, mortgage
Source: Crunchbase

Duocaitou
Real estate crowdfunding platform
Latest round: Undisclosed
Total raised: Unknown
HQ: Bejing, China
Tags: Consumer, credit, loans, underwriting, P2P, investing, rental real estate
Source: Crunchbase

FintecSystems
Data provider to financial institutions
Latest round: Undisclosed Series A
Total raised: Unknown
HQ: Munich, Germany
Tags: Institutions, metrics, analytics, information, BI, underwriting, risk management
Source: Crunchbase

Red Dot Payment
Payment processor
Latest round: Undisclosed
Total raised: Unknown
HQ: Singapore
Tags: SMB, credit/debit cards, payments, acquiring, merchants
Source: Crunchbase

Otly
Spending platform for families
Latest round: Undisclosed investment from Uber
Total raised: Unknown
HQ: Amsterdam, The Netherlands
Tags: Consumer, spending, budgeting, youth market, PFM, mobile
Source: FT Partners

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Ripple Raises $55 Million Series B; Announces New Bank Partners

By David Penn Posted on September 19, 2016
Categories: Funding, Fundings, Ripple

The news last week that Ripple raised $55 million in Series B financing is a reminder of how a growing number of financial institutions are using digital currencies to improve the cross-border payments process. The investment comes courtesy of Standard Chartered, Accenture Ventures, SCB Digital Ventures, and SBI Holdings, and also featured participation from Santander Innoventures and Venture 51.

“Our mission is to make cross-border payments truly efficient for banks and their customers, and in doing so, lay the foundation for an Internet of Value where the world moves money as easily as information,” Ripple co-founder and CEO Chris Larsen explained. Ripple will use the funding, which takes the company’s total capital to more than $93 million, to grow its customer base and its team, as well as help secure strategic partnerships.

Founded in 2012 and headquartered in San Francisco, California, Ripple demonstrated its technology as OpenCoin at FinovateSpring 2013. An innovator in using digital currencies and distributed ledger technology to help increase the efficiency and lower the costs of cross-border payments for FIs, Ripple added multi-sign functionality to its consensus ledger in July, a month after the company announced that it was working with seven banks to “accelerate and improve” their cross-border payments service. Ripple picked up the first New York BitLicense from the New York Department of Financial Services this summer, and began the year partnering with SBI Holdings in a joint venture called SBI Ripple Asia that will bring Ripple’s cross-border payment solution to banks in the Asia-Pacific region.

Ripple currently features 15 of the top 50 global banks in its global network, with pilot projects for more than 30 banks already completed. Calling the company “one of the most advanced distributed financial technology” firms in the industry, Global Head of Transaction Banking at Standard Chartered Alex Manson pointed out that Ripple’s technology was already a “tested and viable solution.” This, Manson said, would lead the way for collaboration between Standard Chartered and Ripple to “co-develop more use cases to better serve our clients and their ecosystems’ needs in an evolving marketplace.” Accenture’s Richard Lumb added that the use-cases for distributed financial technology go beyond cross-border payments, including services like real-time reporting and fraud detection.

In addition to the funding, Ripple announced a number of new additions to its network. These banks include:

BMO Financial Group
Mizuho Financial Group (MHFG)
National Australia Bank (NAB)
Siam Commercial Bank (SCB)
Shanghai Huarui Bank
Standard Chartered

Larsen called 2016 “the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlements rather than as an experiment.” He called the new additions a “major endorsement” of Ripple’s technology and the company’s capacity to build a “modern payments system to enable new economic opportunities and the seamless flow of value around the world.”

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Hoyos Labs Rebrands as Veridium, Launches New Biometric Authentication Solution

By David Penn Posted on September 19, 2016
Categories: Hoyos Labs, Veridium

With the launch of its new, end-to-end biometric authentication solution—VeridiumID—the security innovator that demoed its technology at FinovateFall 2014 as Hoyos Labs is now Veridium.

Company COO Todd Shollenbarger said, “We’re going to replace what you know (passwords) with what you are (biometrics) to safeguard enterprises from fraud and data breaches.” Pointing to the issues that typically inhibit broader adoption of biometric technology, such as high cost and technical complexity, Shollenbarger added that Veridium’s use of SaaS delivery for the backend—and the user’s smartphone to handle the image-capture for authentication—helps reduce both cost and complexity. “We’re making biometric authentication a solution of today, not tomorrow,” he said.

VeridiumID gives businesses the ability to leave password-based authentication and instead incorporate biometric methods using face, voice, or fingerprint. The combination of biometrics and multiple authentication factors in its new solution gives customers of financial services companies the ability to access their accounts and transact without cards and PIN codes, eliminates the need for insurance cards as an authentication tool in healthcare, and helps governments manage physical access in a more efficient and less cumbersome and costly way.

A server-based solution working with a mobile app and a front-end, mobile SDK, the technology uses virtual cryptography to break biometric data into pieces. Storing and distributing the data this way makes it harder for hackers to steal or compromise an entire biometric piece of data, such as a fingerprint. VeridiumID uses liveness detection, accommodates a number of plug-and-play biometric libraries, and provides support for an Active Directory or a FIDO authenticator. Deployable in the cloud or on-site, VeridiumID requires no additional hardware.

The goal of the rebrand from Hoyos Labs to Veridium is to focus the company’s efforts in four key areas: financial services, healthcare, government, and the Global 2000. Veridium says it seeks to leverage its eight patents (with another 34 pending), as well as numerous R&D breakthroughs, to build an open standard for authentication that will defend the enterprise against data breaches today, while remaining flexible enough to “ensure continual iteration and enable the solutions to evolve at the forefront of the industry.”

Founded in 2013 and headquartered in New York City, Veridium demonstrated the mobile app of its identity-assertion platform at FinovateFall 2014. The company also has offices in the U.K. (Oxford and London), as well as in Boston, Massachusetts, and Timisoara, Romania.

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Finovate Alumni News

By David Penn Posted on September 19, 2016
Categories: Braintree, Daon, Fidor Bank, Hoyos Labs, Ripple, SecureKey, Veridium, wipro

On Finovate.com

Ripple Raises $55 Million Series B; Announces New Bank Partners

Hoyos Labs Rebrands as Veridium; Launches New Biometric Authentication Solution

Around the web

Wipro establishes blockchain research center at its Begaluru campus.

Sumitomo Mitsui Financial Group (SMFG) chooses biometric authentication from Finovate newcomer Daon. Video of Daon’s debut at FinovateFall will be available soon.

CBIC to join SecureKey’s Concierge, an authentication service.

Braintree SDK to help merchants in Europe accept UnionPay to better reach Chinese consumers.

Fidor Bank teams up with GFT Technologies to build mobile banking app.

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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Early-Bird Discount Extended for FinDEVr Silicon Valley

By Heather Stowell Posted on September 18, 2016
Categories: FinDEVr 2016 Silicon Valley, FinDEVr Marketing

Summer is winding down, but FinDEVr is still feeling the heat. New companies have joined the impressive presenter lineup for this third annual West Coast conference and it’s on track to be the biggest event yet. See firsthand what’s new and trending for the financial and banking developer community—all for early-bird rates.

On October 18 & 19, FinDEVr Silicon Valley will showcase the latest in fintech tools, tech, APIs, platforms, case studies, and tutorials. Using code, examples, and live demos, top software engineers and CTOs, technology architects and evangelists from dozens of firms will share their work and insights via 15-minute TED-style presentations. Speaking topics will span the fintech spectrum with payments, blockchain, investment, big data, finance and wealth management, security, and more.

While some will attend this developer conference to see what’s on stage, others will come to rub elbows and network with their tech-savvy colleagues. Of the more than 600 CTOs and tech execs, UX designers and software architects, engineers, evangelists, and more, an expert audience is coming together from:

ABN AMRO Bank
BBVA
BDO Uniban
Bloomberg
BTC Media
Business Alliance Financial Service
California Bankers Association
Capital One
Citi Ventures
Credit Simple
Credix
Crowdfund Insider
Digital Research
Enova
Ensenta
Ethoca
EVO Payments
Extractable
Fannie Mae
Federal Reserve Bank of Cleveland
Financial Samurai
Financial Technology Research Institute
First Tennessee Bank
Gigaom
Hitachi
JP Morgan Chase
Kasasa
Kontomatik
Kyckr
Let’s Talk Payments
Looking Glass Investments
Microensure
Mogo Finance Tech.
Money Crashers

MyBucks
NEC Corp. of America
Nissho Electronics
Opes Advisors
Orion First Financial
PayPal
PNC Bank
Qumram
RISLA
Scottish Development International
Severus Holdings
SIA 4finance IT
Silicon Valley Bank
Silvergate Bank
Simility
Singular Group
Softjourn
Solutions Exchange
Springleaf Financial
swissfinte.ch
TD Ameritrade
The Bancorp
TMG
Trinity Ventures
TSYS
United Capital
Vanguard
Venture Capital Journal
Wealth Media
Wells Fargo
World First
Xignite
Yodlee
Zapp Systems

A huge number of people registered in advance of the Early-Bird Ticket Deadline last week. But, if you were out of office and missed the deadline, don’t sweat it—you have one more chance. Register by this Friday, September 23, and save $100 on list price. Hope to see you this fall!

FinDEVr Silicon Valley 2016 is sponsored by The Bancorp.

FinDEVr Silicon Valley 2016 is partnered with Acuity, Bank Innovators Council, BankersHub, The BayPay Forum, BiometricUpdate.com, Bitcoin Magazine, Bitcoinist.net, Breaking Banks, Byte Academy, California Bankers Association, Celent, Cointelegraph, Colloquy, Emerging Payments, Empire Startups, FIDO Alliance, Fintech Finance, Global Platform, Harrington Starr, Juniper Research, Mercator Advisory Group, Payment Week, Payments & Cards Network, SecuritySolutionsWatch.com, SIMalliance, Swiss Finance + Technology Association, and Women Who Code.

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