FinovateAsia Sneak Peek: Bambu

FinovateAsia Sneak Peek: Bambu
By David Penn Posted on
Categories: Bambu, FinovateAsia 2016, FinovateAsia 2016 Sneak Peek

bambu_homepage_october2016

FA2016-V1A look at the companies demoing live at FinovateAsia on 8 Nov 2016 in Hong Kong. Pick up your tickets today and save your spot.

Bambu is a B2B robo-adviser based in Singapore that offers digital wealth services to all companies, financial and consumer brands, looking to offer savings and investment to their customers.

 

Features:

  • Robo for all companies; financial and consumer brands
  • Unique ranking system for private banking product
  • Robo saver product which connects through to e-commerce

Why it’s great
Bambu is the only robo-adviser to have built a product for every segment of the market.

Presenters

bambu_nedphillipsNed Phillips, Founder & CEO
Based in Asia for 25 years, Phillips has fintech expertise since 1999. He joined E*TRADE and became the MD for Asia up until 2007. He was also a consultant to 8 Securities as they launched their first robo-adviser.
LinkedIn

 

Pierre Valentin, Head of Product Creation
bambu_pierrevalentinValentin previously worked as an investment adviser in wealth management with ANZ and ABN AMRO Private Bank. In Europe, he was involved in the development of risk-management banking systems at Natixis.
LinkedIn

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Financeit’s Fresh $17 Million to Fund TD Financing Acquisition

Financeit’s Fresh $17 Million to Fund TD Financing Acquisition
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinanceIt, Funding

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Today, Financeit pulled in a $17 million venture funding round that was led by new investors Pritzker family business interests advised by The Pritzker Organization and DNS Capital. Existing investors also contributed. The new installment boosts the Canada-based company’s total funding to more than $38 million since it was established in 2011.

This comes less than a month after Financeit announced the acquisition of TD Bank Group’s indirect home improvement financing assets. Today’s installment will be used to fund the $339 million transaction, which included the purchase of more than 800 merchant dealer agreements. Once things have settled from the deal, Financeit will be servicing 45,000 existing TD consumer loans.

The secondary purpose of today’s round will be to “support the ongoing needs of the company as it continues its rapid growth.” In a press release, Michael Garrity, founder and CEO of Financeit, said, “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market. We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition.” The company has already increased its lending activity in the home improvement industry by almost 2X since 2015.

Last month, Financeit made headlines when it recruited Ian Hanning, the CFO from Capital One Canada. Earlier this fall the company debuted its direct-to-consumer financing platform, Financeit Direct, which enables consumers to apply for funds via their mobile device. At FinovateFall 2014, Financeit made its U.S. debut in conjunction with FIS.

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FinovateAsia Sneak Peek: Nexmo

FinovateAsia Sneak Peek: Nexmo
By David Penn Posted on
Categories: FinovateAsia 2016, FinovateAsia 2016 Sneak Peek, Nexmo

nexmo_homepage_october2016

FA2016-V1A look at the companies demoing live at FinovateAsia on 8 November 2016 in Hong Kong. Pick up your tickets today and save your spot.

Nexmo, a Vonage Company, is a leader in global cloud communications with a platform providing innovative communication APIs and SDKs for voice, text, messaging, and phone-verification services.

Features
Nexmo’s Verify SDK and API allow fintech companies to mitigate fraud, bypass common security challenges, and protect users by enabling phone verification for password replacement, 2FA, and more.

Why it’s great
Using Nexmo Verify allows you to improve the customer experience and protect your platform or application on a global scale.
nexmo_srisrinivasanPresenter: Sri Srinivasan, Product Leader
Srinivasan is currently a product leader for verify and number insight at Nexmo. Previously, he held product marketing positions at Druva, Motorola, RIM, and Qualcomm. He holds an MBA from Kellogg.
LinkedIn

 

 

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FinDEVr Preview: NuData Security

FinDEVr Preview: NuData Security
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview, NuData Security

FinDEVr PreviewsFinDEVrSV16-withdate highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Tickets are on sale now. Visit our registration page and save your spot today.

NuData Security will be demonstrating its flagship product NuDetect, a behavioral biometrics platform that monitors behavioral interactions. The platform accurately verifies identity based on unconscious natural behaviors in real-time. It can detect most forms of account-based, automated, anomalous, and fraudulent online behavior even when valid credentials are presented.

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Why it’s a must-see
See how to verify users in real-time before a transaction—even when the correct credentials are presented—identify higher risk activities, and leverage an extensive behavioral network. Behavioral biometrics offers financial institutions the balance between real security and a great customer experience. NuData supports new account creation, ATO, and automated use-cases.

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FinDEVr Preview: Digital Business Art

FinDEVr Preview: Digital Business Art
By Julie Muhn (@julieschicktanz) Posted on
Categories: Digital Business Art, FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview

FinDEVr PreviewsFinDEVrSV16-withdate highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Tickets are on sale now. Visit our registration page and save your spot today.

Digital Business Art will present its Digital Banking Platform (DBP). The main virtue of the product is its ability to ensure 99.99% of a bank’s front-end-system availability, regardless of the state of the bank’s back-end system. This means that a bank’s client services will be permanently available and will not depend on its internal processes.

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Why it’s a must-see
This innovative platform is built to ease the life of a bank’s IT department and its specialists, and to ensure seamless functioning of the business. DBP delivers an agile, flexible system-orchestration, impressive performance, and lower cost. This allows banks to focus on customers and products, rather than waste a huge budget on expensive infrastructure.

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FinDEVr Preview: Cognitect

FinDEVr Preview: Cognitect
By Julie Muhn (@julieschicktanz) Posted on
Categories: Cognitect, FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview

FinDEVr PreviewsFinDEVrSV16-withdate highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Tickets are on sale now. Visit our registration page and save your spot today.

Cognitect will introduce you to Datomic, its immutable database that never forgets. It’s naturally distributed, built for modern architectures, and it scales with your data—without sacrificing your existing storage investments. The company will share how Datomic’s built-in history has been used in fintech to more effectively manage critical data.

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Why it’s a must-see
Cognitect’s approach to auditability will change your world. Using Datomic, an immutable database that never forgets, you can query across all history, without any extra effort on your part. No more loss of valuable time and critical resources to answer basic questions. No more workarounds to understand the story of how your data got to now.

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FinDEVr Preview: Entrust Datacard

FinDEVr Preview: Entrust Datacard
By Julie Muhn (@julieschicktanz) Posted on
Categories: Entrust Datacard, FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview

FinDEVr PreviewsFinDEVrSV16-withdate highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Tickets are on sale now. Visit our registration page and save your spot today.

With Entrust Datacard you’ll learn how integrating second-factor authentication into banking applications using soft tokens and one-time passwords (OTPs) can safeguard your banking applications. Banks can leverage the security protection offered by Entrust Datacard without the need for a large investment in development resources.

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Why it’s a must-see

  1. Offers a simplified way to incorporate second-factor authentication into banking applications.
  2. Helps combat fraudulent transactions, especially card-not-present fraud, which is on the rise due to the move to EMV technology.
  3. Ability to leverage this technology without significant investment in resources.

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FinDEVr Preview: MX

FinDEVr Preview: MX
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinDEVr 2016 Silicon Valley, FinDEVr 2016 Silicon Valley Preview, MX

FinDEVr PreviewsFinDEVrSV16-withdate highlight companies presenting new developer tools, platforms, and integrations at FinDEVr Silicon Valley 2016, October 18 & 19. Tickets are on sale now. Visit our registration page and save your spot today.

MX will be unveiling a next-generation financial API platform. The fintech community can benefit from advanced features and real-time, open-source solutions. This presentation will explore how to create call-back mechanisms and client-side libraries, including RubyGem and NodeJS.

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Why it’s a must-see
The company’s MX Atrium API gives you more than 30,000 connections to financial institutions. It also cleanses, categorizes, and classifies all transaction data with the greatest accuracy on the market—all with fintech-friendly pricing and no user limitations. Get access to the code in 30 seconds and see our world-class documentation for yourself.

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Finovate Alumni News

By David Penn Posted on
Categories: Alkami Technology, Bambu, Cloud Lending Solutions, Cognitect, Digital Business Art, Entrust Datacard, FinanceIt, Hyperwallet, Misys, MX, NetGuardians, Nexmo, NuData Security, Revolut, Thomson Reuters, Yandex

On Finovate.com

  • A Deep Dive into the Upcoming FinDEVr Silicon Valley 2016

Around the web

  • Idaho Central CU to deploy Alkami ORB platform.
  • Thomson Reuters unveils blockchain dev platform, BlockOne ID.
  • Banking Technology looks at Misys and its plans for a November IPO.
  • Revolut partners with Bank of Lithuania to promote cross-border payments.
  • Hyperwallet introduces its Tax Compliance Services initiative.
  • Cloud Lending Solutions appoints new chief revenue officer and chief financial officer.
  • Yandex.Money to offer mobile money-transfers and support-group chats for crowdfunding via Apple’s iMessage.

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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Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”

Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”
By David Penn Posted on
Categories: Alkami Technology, BehavioSec, CUneXus Solutions, Currency Cloud, identitii, inSpirAVE, Malauzai Software, Moven, North Side, Personetics

fintechforward_americanbankerbai

Half of the companies in the FinTech Forward 20 “Companies to Watch” list presented by American Banker and BAI this week are Finovate/FinDEVr alums. These 10 companies range from payments innovators and security specialists to alt-lending platforms and mobile banking app builders—the list even includes a pair of alums that have earned multiple Best of Show awards.

“The following 20 companies are the standouts among a pool of companies that nominated themselves and ones familiar to our judges,” American Banker declared in an announcement accompanying a slideshow of the FinTech Forward 20. When evaluating the various companies, judges were encouraged to ask themselves questions such as: “Is this organization solving relevant problems for the banking industry?” and “Does it speak to the challenges the industry faces now.”

Below are the ten Finovate/FinDEVr alums that made the cut. The rest of the FinTechForward 20 is listed below.

  • Currency cloud (FF16)
    • Founded in 2012
    • Headquartered in London, United Kingdom
    • Michael Laven is CEO
    • $35 million raised
  • identitii (FF16)
    • Founded in 2014
    • Headquartered in Sydney, Australia
    • Nick Armstrong is co-founder and CEO
  • BehavioSec (FF15)
    • Founded in 2007
    • Headquartered in Stockholm, Sweden
    • Neil Costigan is CEO
    • More than $8 million raised
    • Two-time Finovate Best of Show winner
  • InSpirAVE (FF16)
    • Headquartered in Pittsburgh, Pennsylvania, and New York City, New York
    • Om Kundu, founder, is CEO and chairman
  • Moven (FF16)
    • Founded in 2011
    • Headquartered in New York City, New York
    • Brett King, founder, is CEO
    • More than $24 million raised
    • Two-time Finovate Best of Show winner

Commenting on its spot on the list, Finovate newcomer InSpirAVE founder and CEO Om Kundu said the recognition was a “testament that our patent-pending technology enables financial institutions partnering with us to set themselves apart.” Kundu said his company’s solutions help FIs “tangibly boost deposits and payments revenues” as well as improve customer engagement and share-in-wallet in enduring ways.

Co-founder and CEO of CUneXus credited his firm’s one-click consumer-lending technology for catching the Fintech Forward judges’ attention. He said banks and credit unions were growing the size of their loan portfolios and “competing with emerging technologies” by adopting CUneXus’ solutions.

Speaking for Alkami Technology, which demoed at Finovate 2009 as iThryv, founder Stephen Bohanon, chief strategy and sales officer, pointed to his company’s flagship Alkami ORB platform and called it an example of the sort of “user experience brought about by great design and tightly coupled integration” that increasingly will set FIs apart. “ORB gives banks and credit unions a competitive advantage by placing strong emphasis on delivering the ultimate digital banking experience,” Bohanon said.

Also on the Fintech Forward 20 Companies to Watch list were:

  • Autobooks
  • Kasisto
  • ClickSWITCH
  • Built
  • BookingBug
  • Lenndo
  • Supipay
  • Self Lender
  • Private Wealth Systems
  • Yantra Financial Technologies

Fintech Forward is a collaboration between American Banker and BAI that combines research, media, and event hosting into a single professional, educational enterprise. In addition to its Fintech Forward 20 “Companies to Watch” list, Fintech Forward also publishes a Top 100 Companies and Top 25 Enterprise rankings.

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Akamai Acquires Soha Systems

Akamai Acquires Soha Systems
By Julie Muhn (@julieschicktanz) Posted on
Categories: Akamai, Mergers & Acquisitions

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With security emerging as one of the largest themes of our upcoming FinDEVr developers conference, it’s no surprise to see movement in that segment of the industry. Yesterday, cloud services provider Akamai acquired security company Soha Systems.

While the terms of the deal were not disclosed, Akamai describes the purchase price as “immaterial” for the company. California-based Soha, which offers secure access-as-a-service for enterprises, has raised almost $10 million since it was founded in 2013. Under the acquisition, Akamai will use Soha’s services to extend its portfolio of Cloud Networking Solutions and to “simplify and improve remote and mobile access to enterprise resources, while at the same time minimize the exposed attack surface.” In a press release, Robert Blumofe, EVP, Platform, and GM, Enterprise and Carrier Division, said, “By adding Soha’s secure access technology to our cloud networking solutions, we believe we are well positioned to help our customers take full advantage of the key trends, cloud and mobile, driving enterprise computing.”

The deal comes less than a week after the company’s announcement of its acquisition of Concord Systems, an IoT company. In fact, Akamai has been on an acquisition spree of security companies; recent deals include Bloxx in November 2015 and Prolexic in 2013. According to TechCrunch, Akamai is bolstering its security to become more appealing to potential, large acquirers, such as Google or Microsoft.

Akamai presented at FinovateEurope 2015 in London where it debuted its Client Reputation Service, designed to help FIs forecast security issues and protect against DDoS attacks, web attackers, screen scrapers, and scanning tools. The company most recently released the Akamai Bot Manager to mitigate screen scraping, automated clicks, and illegitimate transactional activity.

Akamai was founded in 1998 and is based in Cambridge, Massachusetts. Dr. Tom Leighton is CEO.

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Payoneer Closes $180 Million Series E Round

Payoneer Closes $180 Million Series E Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Payoneer

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Global mass payout services provider Payoneer announced a $180 million round of funding today. The Series E round is from Technology Crossover Ventures, the same firm that has backed Facebook, Netflix, and Spotify.

This new round doubles the New York-based company’s previous funding amount, bringing its new total to $270 million. Payoneer CEO Scott Galit said the company will use the funds for further expansion, as Payoneer receives 250,000 business applications per month. While Galit would not comment on Payoneer’s valuation, Business Insider estimates that it is “likely in the billions.”

Payoneer has 800 employees across the globe; it recently opened offices in India, Japan, and the Philippines. According to TechCrunch, today’s round is the company’s last before it will begin seeking an IPO.

At FinovateAsia 2013, Payoneer launched a commercial account that offers businesses the ability to receive funds from a global network. Payoneer’s money-transfer solutions process “many billions of dollars a year” in 150 currencies for small businesses and professionals. The money-transfer solutions enable clients to withdraw the money at their local bank account in their own currency. The company also facilitates mass payouts for businesses looking to transfer money internationally, a service that supports companies such as Newegg, Airbnb, and Fiverr.

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