Nutmeg Spices Things Up with New $37 Million Investment

Nutmeg Spices Things Up with New $37 Million Investment

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U.K.-based robo-advisory pioneer Nutmeg scored $37 million (£30 million) in a Series C funding round this week. Convoy, Hong Kong’s largest firm of independent financial advisers, led the round, while existing investors Schroders, Balderton Capital, Pentech, Armada Investment Group, and Nigel Wray also participated.

The new investment brings the company’s total funding to $75 million and makes it the largest raise for an E.U.-based digital wealth advisor. Also, as Nutmeg said in its press release, “This is also the largest fintech fundraise since the U.K. voted to leave the European Union.”

Nutmeg will use the funds to offer more products and services and to accelerate growth. The company is currently managing $625 million (£500 million) for more than 20,000 clients. Since launching in 2011, Nutmeg has delivered returns between 6.5% and 47% for specific savings goals, ISAs, and pensions.

screen-shot-2016-11-14-at-2-51-18-pmNutmeg’s Nick Hungerford, former CEO, and Jono Hey, head of UX, demoed at FinovateEurope 2012 in London.

Nutmeg debuted its digital wealth-investment technology—before the term robo-advisor had even been coined—at FinovateEurope 2012 in London. In early 2016 the company was recognized on the European Top 100 List at the European Fintech Awards, and the company’s former CEO and founder Nick Hungerford was named one of the U.K.’s coolest people in fintech. In May of 2016, Martin Stead, Nutmeg’s former chief revenue officer, assumed the role of CEO.

Andreessen Horowitz Leads $25 Million Investment in Quantopian

Andreessen Horowitz Leads $25 Million Investment in Quantopian

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With an investment of $25 million led by Andreessen Horowitz, quantitative investment crowdfunding platform Quantopian adds a successful Series C to a year that featured winning the endorsement of billionaire investor, Stephen Cohen. This summer, Cohen invested $250 million in a fund that uses algorithms generated by Quantopian members.

Also participating in Quantopian’s funding round were Bessemer Venture Partners, Point72 Ventures, Khosla Ventures, and Spark Capital—all existing investors. The Series C takes Quantopian’s total capital to nearly $50 million.

“Quantopian has a chance to really disrupt this industry by bringing a distributed-contributor approach to finance, harnessing technology to educate and empower the greatest minds around the world,” says Alex Rampell, Andreessen Horowitz general partner. Rampell, who will join the company’s board of directors, called Quantopian “the next-generation BlackRock”

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Quantopian co-founders, CEO John Fawcett and CTO Jean Breech demonstrated Quantopian Live Trading at FinovateSpring 2013.

Founded in 2011 and headquartered in Boston, Massachusetts, Quantopian demonstrated its technology at FinovateSpring 2013. With more than 300,000 algorithms on its platform, Quantopian gives quantitative-based investment and trading system-developers the capital, data, and R&D environment to build, test, and profit from their trading strategies. The company’s community of developers has more than 90,000 members, and includes everyone from financial professionals and data scientists to students and entrepreneurs.

In addition to funding and investment, Quantopian made 2016 headlines with a set of major C-level hires. In July, the company added Dragan Skoko as its new Head of Trading, and in June, Quantopian brought onboard Jonathan Larkin as chief investment officer and Derek Meisner as general counsel and chief compliance officer.

Finovate Alumni News

On Finovate.com

  • “Andreessen Horowitz Leads $25 Million Investment in Quantopian
  • “Finovate Debuts: GoodData Helps Banks Put Their Data to Work”
  • “Nutmeg Spices Things Up with New $37 Million Investment”

Around the web

  • FinDEVr alum Smart Token Chain completes first smart token transfer via Ripple network.
  • From apps to APIs: Dwolla rebrands as platform.
  • PwC unveils Vulcan Digital Asset Services, a suite of digital currency solutions including digital wallets and international payment processing.
  • Entersekt to power mobile app security for FirstBank.
  • CoverHound partners with Metromile to offer more coverage options for auto and property insurance.
  • WealthForge exceeds $250M in transactions completed on platform.
  • Kabbage hires chief technology officer and chief data officer.
  • AutoGravity to power digital car sales and finance app for Fletcher Jones Motorcars.
  • Visa Developer Challenge winner Corezoid earns recognition at Money 20/20 Hackathon.

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.

Fintech Favorites

Fintech Favorites

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Kara Tham and Goh Wei Hao of Top Image Systems during their demo at FinovateAsia 2016.

Two of the companies in today’s Fintech Favorites, IBM and ACI Worldwide, led presentations at our developers conference, FinDEVr, earlier this year. FinDEVr returns to New York City, 21/22 March 2017, and will make its London debut in June 2017.

Fintech in Asia

  • Thailand’s KBank will deploy IBM’s (FD16) Hyperledger blockchain infrastructure to make it easier to manage complex corporate credit business processes. The bank initially is piloting the technology as a way to certify Letters of Guarantee.
  • “Leading by example,” in the words of Lawrence Ang, MAS has published its first set of data APIs this week. The 12 APIs include datasets on exchange and interest rates; they are part of what Ang, executive director of MAS’s IT dept., says is part of an effort to “encourage financial industry players to publish open APIs on their datasets.” Ang says more datasets will be published as APIs “in the coming months.”

Blockchain

  • KBank’s use of Hyperledger is part of a growing trend toward deploying blockchain technology to simplify and improve business transactions. IBM Technical Evangelist Stefania Kaczmarczyk discussed the opportunities in blockchain technology during her FinDEVr Silicon Valley presentation last month, “Implementation of the Hyperledger Project at IBM with Blockchain-as-a-Service.”

Payments

  • PYMNTS.com interviews W.A. Proctor, VP and product line manager of UP Immediate Payments at ACI Worldwide (FD16) in the wake of the company’s announcement that it would partner with VocaLink to bring end-to-end payments to FIs.

It’s a bot world after all

  • Among the four companies to win Best of Show at FinovateAsia was Finn.ai (F16), with its white-label, virtual bank assistant.
  • Bots are no longer bound to the two-dimensions of a smartphone screen. City Union Bank in Chennai, India, has launched Lakshmi, an AI bot housed in the body of a humanoid robot that responds in English (“and a range of physical gestures”?!) to “generic questions” on more than 125 subjects. The robot, which stands about 20 inches tall and is being tested at HDFC Bank’s innovation lab, can also provide more detailed information such as transaction history on its display screen.

Regtech

  • Mizuho Bank’s subsidiary in the Netherlands is the latest FI to implement risk and regulatory reporting technology from Wolters Kluwer. Along with BGFI, Banco Santander, Taiwan Business Bank, Bank BGZ BNP Paribas, and its parent Mizuho Bank, Mizuho Bank Nederland N.V. will deploy OneSumX to help it meet new regulatory changes from the Dutch National Bank. These changes include providing reports adopting the global standard Extensible Business Reporting Language (XBRL) when producing financial reports.

Friday Favorites: Financial Institutions Honor Veterans

Friday Favorites: Financial Institutions Honor Veterans

If there’s one thing Americans can agree on, it’s honoring and celebrating the service of our veterans both past and present. Given the contentious election week in the United States, you’d think U.S. financial institutions would be rolling out the red, white and blue on their websites on Veterans Day today. But there was surprisingly little activity at the major banks. Most had the same old-same old on their homepages. Even Navy Federal Credit Union passed on adding anything extra for the day.

The only top-50 banks with Veterans Day graphics were Bank of America, Zions and of course USAA, all displaying page-dominating graphics on their homepages (see below). We also looked at a few credit unions (at random) and found BMI Federal Credit Union and PenFed honoring vets (see below).

Zions bank homepage featuring Veterans Day homage
Zions bank homepage featuring Veterans Day homage (11 Nov 2016)

 

USAA homepage on Veterans Day (11 Nov 2016)
USAA homepage on Veterans Day (11 Nov 2016)

 

Bank of America Veterans Day image on homepage (11 Nov 2016)
Bank of America Veterans Day image on homepage (11 Nov 2016)

 

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PenFed Credit Union homepage on Veterans Day (11 Nov 2016)

 

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BMI Federal Credit Union leads with a Veterans Day announcement (11 Nov 2016)

FinovateAsia 2016: A Tale Told in Tweets

FinovateAsia 2016: A Tale Told in Tweets

img_2092We are thrilled so many people came out to attend FinovateAsia 2016, our first foray into Hong Kong. It was a great opportunity to see firsthand how one of Asia’s most dynamic economies is embracing the worldwide revolution in fintech innovation.

For those unable to attend FinovateAsia in person, our live coverage on Twitter (@Finovate) was a way for fintech fans to follow along. And as always, our live tweeting was supplemented by the insights and observations from our knowledgeable attendees. Here’s a small sample of what they saw and had to say this week in Hong Kong via Twitter.

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Finovate Alumni News

On Finovate.com

  • “FinovateAsia 2016: A Tale Told in Tweets”

Around the web

  • Vantiv to acquire Moneris USA for $425 million.
  • IBM to help Thailand’s KBank develop blockchain network to fast-track complex corporate credit processes.
  • Aerospike launches new version of platform designed for enterprise customer-engagement apps.
  • Wipro wins 2016 Customer’s Choice award in the IT Provider of the Year category of the Payload Asia Awards.
  • Bill.com introduces new digital payments solution, Bill.com Connect.
  • “Overbond Integrates Thomson Reuters Data Universe to Optimize Price Discovery”
  • MX to power financial data for Tyfone digital banking solutions.

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.

Bambu Wins Spot in Hong Kong SuperCharger FinTech Accelerator

Bambu Wins Spot in Hong Kong SuperCharger FinTech Accelerator

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Fresh off its debut at FinovateAsia 2016, Asian robo-advisor Bambu has earned a spot as one of eight startups in SuperCharger FinTech Accelerator 2.0 in Hong Kong. The program, sponsored by Standard Chartered Bank and Fidelity International, lasts 12 weeks and provides participants with working space in Cyberport’s new 4,000-square-foot Smart-Space FinTech Centre.

Quoted in Crowdfund Insider, SuperCharger founder Janos Barberis praised the quality of the eight startups entering the program and said they’re a testament to SuperCharger’s role as one of Hong Kong’s leading accelerators. “[It] reflects the role our accelerator plays for the sourcing of products, solutions, and talent in the financial services industry in this region,” he said.

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Joining Bambu in January are:

The eight finalists were chosen from a pool of nearly 200 applicants from more than 30 countries, an increase of 24% over the previous year. The founders will benefit from a “curriculum structured around bespoke content” including market entry, regulatory obligations, and opportunities to make joint ventures. The accelerator also provides companies with access to a network of more than 90 “partners and mentors” drawn from companies with significant experience in the Asian fintech market.

Founded in February 2016 and headquartered in Singapore, Bambu made its Finovate debut this month at FinovateAsia in Hong Kong, demoing its robo and intelligent digital advisory platform. The company has raised $400,000 in seed funding, and includes Tigerspike among its investors. Bambu added Aki Ranin as chief operating officer in October. Ned Phillips is founder and CEO.

Finovate Alumni News

On Finovate.com

  • Bambu Wins Spot in Hong Kong SuperCharger FinTech Accelerator.

Around the web

  • Lending Stream leverages Decision Management Suite from FICO to build new credit platform.
  • EVRY wins six-year contract extension with Sparebank 1, an alliance of 16-strong Norwegian savings banks.
  • SEB partners with Ripple to build blockchain-based real-time payments system.
  • Wipro launches Open Banking API platform.
  • Riyaz Ladiwala joins Heckyl as CEO for India operations.
  • Guardian Analytics introduces Guardian Analytics Sentinel Treasury Management for fraud protection.
  • Linkable Networks launches platform enhancements to enable retailers to verify purchases.
  • Staples to leverage Tuition.io for student loan repayment benefit option.
  • ProActive launches its 2.0 back end.
  • How Filene and Larky’s Mobile Rewards Pilot Will Promote Stronger Member Loyalty.

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.

Application Deadline to Speak at FinDEVr New York—Apply Now!

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The year is winding down, but FinDEVr New York is gearing up. With the first speaker deadline days away, we’re receiving applications from dozens of organizations eager to showcase their new and trending tools, APIs, and platforms for the financial services industry. If this describes your company and technology, then consider adding FinDEVr New York to your 2017 schedule.

For presenters, FinDEVr is a powerful platform to:

  • Drive product adoption of APIs/platforms/SDKs
  • Showcase new technology and the inspiration behind it
  • Establish technical leadership of the industry while educating the market
  • Garner press recognition and gather feedback on innovations

Since its launch in 2014, FinDEVr has experienced great momentum. The series outgrew its San Francisco venue in two years and recently wrapped its best event yet in Silicon Valley. The record-breaking launch of the East Coast event this year reinforced New York as a hub for financial and banking technology development.

After outgrowing its venue in a single year, FinDEVr New York is moving to the Metropolitan Pavilion. This venue is not only a great escape from vanilla hotels, but also will hold a bigger event with 50+ presenting companies and 400+ CTOs, developers, software architects, UX designers, engineers, and product managers.

For more information on speaking, please review the brochure for prospective presenting companies here: newyork2017.findevr.com/presenterpdf. And then fill out the online application here: newyork2017.findevr.com/application.

Applications are reviewed on a rolling basis. Apply by the first speaker deadline on Friday, November 11, and an early-bird discount will be applied to the presenter fee if you’re selected for the event. If you have any questions, please email [email protected].

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FinDEVr Silicon Valley 2016 is partnered with Finmaps, Government of Canada, Harrington Starr, and SecuritySolutionsWatch.com.

BBVA’s Holvi Taps Antti-Jussi Suominen as New CEO

BBVA’s Holvi Taps Antti-Jussi Suominen as New CEO

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Finnish small business digital banking service Holvi will start 2017 with a new CEO.

Former Sulake CEO Antti-Jussi Suominen has been hired by Holvi to serve as the company’s CEO starting in January. Suominen will replace Johan Lorenen, who was Holvi’s CEO for three years. “I am proud to have the opportunity to work for a service innovator like Holvi,” Suominen said. He highlighted the fact that Holvi is owned by BBVA, praising the FI for its “ambition to become the digital bank of the twenty-first century.”

Holvi Board Chair Martti Granberg pointed to Suominen’s experience in building online services and businesses around the world as one major plus of the hire. “His previous experience from various senior executive roles in startup and corporate environments helps in leading the company in its international expansion,” Granberg said.

holvi_antti-jussi_suominenPrior to his more than three-and-a-half years as CEO of Sulake, Suominen was head of international business development at Elisa, and head of entrepreneurial activities at Nokia Americas Bridge Program. Suominen has also served on the boards of GmbH and Beijing Mobiledu Technology Company, a joint venture between Pearson and Nokia. Suominen has spent more than six-and-a-half years at Nokia working in a variety of capacities, including general manager and head of business development. He is a graduate of the Finnish Naval Academy, the Helsinki University of Technology, and the International Institute for Management Development.

Founded in 2011 and headquartered in Helsinki, Finland, Holvi demonstrated its technology at FinovateEurope 2013. In August 2016, the company announced it would partner with fellow Finovate alum SumUp to provide payment services to SMEs and self-employed entrepreneurs who are clients of Holvi. The previous month, Holvi launched its new debit card, the Holvi Business MasterCard for business users in Austria, Germany, and Finland. The company was named to the European Fintech Top 100 this spring, along with 28 of its fellow Finovate/FinDEVr alums, shortly after being acquired by BBVA for an undisclosed amount.

Finovate Alumni News

On Finovate.com

  • BBVA’s Holvi Taps Antti-Jussi Suominen as New CEO.
  • “FinovateAsia 2016 “Best of Show” Winners Announced

Around the web

  • Xignite to license its Market Data Cloud platform.
  • TransferTo adds messaging app Viber to its B2B mobile payment network.
  • eToro unveils new thematic investing service, CopyFunds.
  • Valutrades to integrate Paydentity remote KYC and payment-processing solution from iSignthis.

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.