Finovate Alumni News

By David Penn Posted on
Categories: Aire, Geezeo, GMC Software Technology, Klarna, Tuition.io, Vera

On Finovate.com

  • “Welcome to Day One of FinDEVr New York”

Around the web

  • Irish Tech News interviews Bryan Clagett, Geezeo CMO.
  • The Columbus Dispatch profiles Klarna and its efforts to make online commerce easier.
  • New York Times column on companies helping employees retire student debt features Tuition.io.
  • BankNXT Fintech Podcast chats with Aire founder, Aneesh Varma.
  • GMC Software introduces its Inspire Mobile Advantage solution that helps create a responsive, interactive and regulatory-compliant mobile experience.
  • Vera launches new IRM-as-a-Service platform to allow developers to use Vera’s SDK.

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: 28 Companies Raise $220 Million Week Ending March 25

By Jim Bruene Posted on
Categories: Funding

pig_sunglasses_money_croppedFor the 12th consecutive week, there were 20+ fintech fundings worldwide. Total dollar value was $218 million, which includes $29 million of debt. YTD, the total number of deals stands at 313, double last year’s 158.  Total dollars raised, $6.2 billion YTD, is also double the $3.2 billion at this point last year.

The number of deals was inflated somewhat by the six new fintech companies launched at YC’s demo day that we had not previously covered. In total, there were 13 fintech startups (or 15 by the Bank Innovations definition), 12% of the total YC W16 class of 109.

Three Finovate alums brought in new cash:

Here are the fintech deals by size from 19 March to 25 March 2016:

Open Lending
Automated lending solutions for financial institutions
Latest round: $40 million
Total raised: $50 million
HQ: Austin, Texas
Tags: Enterprise, lending, loans, credit, underwriting
Source: Crunchbase

Edgewater Markets
Foreign exchange aggregation & distribution
Latest round: $30 million Private Equity
Total raised: Unknown
HQ: New York City
Tags: Institutional, SMB, foreign exchange, FX, remittances, treasury
Source: Crunchbase

Flexiti Financial
Point-of-sale financing for retailers
Latest round: $25 million Debt
Total raised: Unknown
HQ: Toronto, Ontario, Canada
Tags: SMB, consumer lending, loans, POS, merchants, in-store financing
Source: Crunchbase

Maxwell Health
Payroll & beneifts platform
Latest round: $22 million Series C
Total raised: $56.4 million
HQ: Boston, Massachusetts
Tags: SMB, payroll, human resources, insurance, HR, benefits, healthcare
Source: Crunchbase

HomeUnion
Real estate investment marketplace
Latest round: $16 million Series B
Total raised: $21.5 million
HQ: Irvine, California
Tags: Consumers, lending, mortgage, credit, underwriting, investing
Source: Crunchbase

FriendSurance
Peer-to-peer insurance provider
Latest round: $15.3 million
Total raised: $15.3 million
HQ: Berlin, Germany
Tags: Consumers, insurance, P2P, crowdfunding
Source: Crunchbase

GoCardless
Recurring billing services for small businesses
Latest round: $13 million
Total raised: $24.8 million
HQ: London, England, UK
Tags: SMB, billing, payments, billpay, ebilling, Y Combinator (investor)
Source: Crunchbase

Kreditech Holding
Banking services for the underbanked
Latest round: $11 million (last part of $103 million Series C)
Total raised: $366 million (includes $215 million debt)
HQ: Hamburg, Germany
Tags: Consumers, lending, banking, underwriting, algorithmic banking, APIs, Finovate alum
Source: Finovate

GrouPay
Payment collection services from groups 
Latest round: $10.9 million
Total raised: $19.25 million
HQ: London, England, UK
Tags: SMB,SMB, billing, payments, billpay, ebilling
Source: Crunchbase

CurrencyFair
P2P international funds transfer marketplace
Latest round: $9 million
Total raised: $24.4 million
HQ: Dublin, Ireland
Tags: Consumers, SMB, remittances, FX, currency, payments, Finovate alum
Source: Finovate

Eliptic
Blockchain forensics tools
Latest round: $5 million
Total raised: $7 million
HQ: London, England, UK
Tags: Enterprise, SMB, blockchain, bitcoin, virtual currency, cryptocurrency, fraud, security
Source: Crunchbase

CrowdStreet
Commercial real estate crowdfunding marketplace
Latest round: $4.92 million Series A
Total raised: $6.27 million
HQ: Portland, Oregon
Tags: Consumers, lending, loans, credit, underwriting, real estate, commercial mortgage, investing, P2P, peer-to-peer
Source: Crunchbase

Stocard
Mobile wallet
Latest round: $4.5 million
Total raised: $6.66 million
HQ: Mannheim, Germany
Tags: Consumers, SMB, merchants, payments, loyalty, rewards, POS
Source: Crunchbase

Jumio
Authentication services
Latest round: $3.7 million Debt
Total raised: $36.7 million
HQ: Palo Alto, California
Tags: SMB, enterprise, fraud prevention, security, mobile account opening, Finovate alum
Source: Crunchbase, TechCrunch

Airwallex
Online foreign exchange services
Latest round: $2 million Angel
Total raised: $3 million
HQ: Melbourne, Australia
Tags: Consumers, lending, student loans, credit, underwriting
Source: Crunchbase

Fina Zero
Lending portal
Latest round: $1.2 million
Total raised: $1.2 million
HQ: Sweden
Tags: Consumers, lending, credit, price comparison, lead gen, discovery
Source: Crunchbase

Front Desk
Mobile business scheduling, invoicing & payments platform
Latest round: $1 million
Total raised: $15.7 million
HQ: Seattle, WA
Tags: SMB, invoicing, payments, accounts receivables, accounting bookkeeping
Source: FT Partners

RSK Labs
Smart contract platform tied to bitcoin
Latest round: $1 million
Total raised: $1 million
HQ: California
Tags: SMB, security, authentication, bitcoin, contracts, legal, fraud, cryptocurrency, blockchain
Source: FT Partners

Aspire Financial
Connects marketplace lenders to institutional capital
Latest round: $750,000 Seed
Total raised: $750,000
HQ: Toronto, Canada (Twitter)
Tags: Consumers, lending, student loans, credit, underwriting
Source: Crunchbase

Hockeystick
Financial data for private equity funds
Latest round: $600,000 Seed
Total raised: $600,000
HQ: Toronto, Ontario, Canada
Tags: Investors, big data, business intelligence, investing, capital markets
Source: Crunchbase

Creditseva.com
Credit management tools
Latest round: $360,000
Total raised: $375,000
HQ: Hyderabad, India
Tags: Consumers, lending, student loans, credit, underwriting
Source: Crunchbase

AlphaFlow
Real estate investing management platform for consumers
Latest round: $120,000 Seed
Total raised: Unknown
HQ: California
Tags: Consumers, investing, mortgage, lending, real estate, P2P, Y Combinator (investor)
Source: Techcrunch

Emburse
Debit card with company-driven expense rules
Latest round: $120,000
Total raised: $ million
HQ: San Francisco, California
Tags: SMB, expense management, expense reports, debit card, prepaid, accounting, bookkeeping, Y Combinator (investor), Community Federal Savings Bank (issuer)
Source: Techcrunch

Landed
Crowdfunding down payments for home purchase
Latest round: $120,000
Total raised: Unknown
HQ: San Francisco, California
Tags: Consumers, mortgage, P2P, peer-to-peer, credit, peer-to-peer, real estate, HR, benefits, Y Combinator (investor)
Source: Techcrunch

LendEDU
Student loan refinancing portal
Latest round: $120,000 Seed
Total raised: Unknown
HQ: Cedar Rapids, Iowa
Tags: Consumers, lending, student loans, credit, price comparison, discovery, lead gen, Y Combinator (investor)
Source: Techcrunch

Meter Feeder
Payment technology for parking meters
Latest round: $120,000 Seed
Total raised: Unknown
HQ: Braddock, Pennsylvania
Tags: Government, payments, merchants, acquiring, credit/debit cards, mobile, Y Combinator (investor)
Source: Crunchbase

Paystack
Nigerian online credit card processor
Latest round: $120,000 Seed
Total raised: Unknown
HQ: California
Tags: SMB, merchants, acquiring, credit/debit cards, acquiring, Y Combinator (investor)
Source: TechCrunch

LiquidX
Marketplace for trade finance assets
Latest round: Not disclosed
Total raised: Unknown
HQ: New York City
Tags: SMB, enterprise, commercial lending, financing, commercial credit
Source: FT Partners

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Finovate Alumni News

By David Penn Posted on
Categories: Betterment, Braintree, GMC Software Technology, Kasasa, LearnVest, Personal Capital, Qapital, Shoeboxed, Vera, Wealthfront

Around the web

  • Fortune.com recognizes Shoeboxed among its five startup companies to watch in Durham, North Carolina.
  • Business Builders interviews Harper Reed, head of commerce at Braintree.
  • Kurtosys features Personal Capital, Wealthfront, LearnVest, and Betterment in a look at the future of roboadvisers.
  • Kasasa (formerly BancVue) launches Retail Portfolio Optimization solution with enhanced, data-driven account analysis.
  • New York Times column on apps that help you save highlights Qapital.

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 Make Tech Tour’s 50 High Growth European Companies

Finovate Alums Make Tech Tour’s 50 High Growth European Companies
By David Penn Posted on
Categories: Algomi, Currency Cloud, eToro, Feedzai, Fenergo, Kreditech, Tradeshift

TechTourGrowth50_2016Tech Tour recognized seven Finovate alums in its 2016 Tech Tour Growth 50 (TTG50), a roster of the fastest-growing technology companies in Europe. Making this year’s cut were:

Managing Director of The Tech Tour William Stevens said that recognizing these companies was important in a world otherwise focused on “the billion-dollar unicorn successes.” He pointed out that the Tech Tour Growth 50 companies had “created more than 8,000 high-tech jobs, attracted $3.5 billion of investment, and have an estimated combined valuation of $14.2 billion.”

“This is a clear demonstration of Europe’s strength, potential and competitiveness in scaling-up tech businesses,” Stevens said.

A few additional metrics on the companies of the 2016 Tech Tour Growth 50:

  • 90%: percent founded in the last 10 years.
  • 22 months: the average time from formation to first funding
  • 66%: percent with at least one U.S. investor

This year’s list was chosen by a selection committee chaired by Jean-Michel Deligny, managing director of Silverpeak Investment Bank. Serving on the committee were representatives of:

  • Accel Partners
  • Amadeus Capital Partners
  • Bank of America Merrill Lynch
  • DN Capital
  • Earlybird
  • Highland Capital Partners Europe
  • Idinvest Partners
  • The World Economic Forum.

Companies for the TTTG50 were chosen based on “innovation potential, management team, and pedigree,” as well as factors such as sales growth. Candidates were required to have a minimum of €10 million in revenue, €20 million in total funding, and a valuation of at least €100 million but less than €1 billion.

The Tech Tour was founded in 1998 and is based in Geneva, Switzerland.

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Finovate Alumni News

By David Penn Posted on
Categories: Boku, Green Key Technologies, Hip Pocket, InvestGlass, Patch of Land

On Finovate.com

  • “Finovate Alums Make Tech Tour’s 50 High Growth European Companies”

On FinDEVr.com

Around the web

  • GreenKey unveils pilot version of its “voice quote capture” technology. See GreenKey at FinDEVr New York next week.
  • Boku announces new partnerships that will bring direct carrier billing to Google Play in Germany, the Netherlands, and Belgium.
  • InvestGlass and Hip Pocket presented their technologies as part of the Innovation Challenge buy Sony launched by Matchi last week.
  • Patch of Land reaches 3 key milestones in Q1: $100m in origination, over $25m returned to investors, new products introduced.

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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Chatbot Banking

Chatbot Banking
By Jim Bruene Posted on
Categories: Service, Strategies, Uncategorized, UX

2 5 billion peopleTry wrapping your brain around this little nugget. There are now 2.5 billion unique users of messaging apps worldwide. And they are fast becoming news, search and ecommerce platforms on their own.

How does chat morph into ecommerce, let alone banking? In China and other Asian countries, embedded chatbots are all the rage on messaging platforms such as Wechat, WhatsApp, Kik, Telegram and Slack.

Telegram is the only messaging platform to open up its chat API, such that there are now 120,000 bots serving its 5 million users (for example, see @gif and @vid at work here).

Tencent’s WeChat, the most popular messaging app in China … lets users shop, pay bills and book appointments.
—Wall Street Journal, 22 Dec 2015 

chatbank_mockupJust yesterday, YC-incubated Chatfuel demoed its platform at W16 Demo Day. And it’s coming soon to Facebook’s Messenger (of course).

Chatbot is hard to define. Google tells us:

chat·bot /ˈCHatbät/
noun
a computer program designed to simulate conversation with human users, especially over the Internet.
“Chatbots often treat conversations like they’re a game of tennis: talk, reply, talk, reply.”

Unlike sales/service “live chat” that’s become commonplace within online banking, chatbot banking is 100% automated and includes a back and forth “chat” designed to hone in on the precise question or request. They are a boon to mobile self-service, where the limitations of screen size make traditional searching less user-friendly.

But chatbots can also handle transactions, especially the repetitive routine ones typical of online/mobile banking sessions. See the inset for how I imagine text banking might work for one of the most common tasks: balance inquiry with a subsequent funds-transfer.

Looking ahead
If you think of online banking via a PC as digital banking 1.0, and mobile as digital banking 2.0, then the upcoming invisible UI (or the “no UI, UI” coined by USAA’s Neff Hudson) using chatbots, AI and machine learning could very well be version 3.0. At least, that’s my hope. It reminds me of my all-time favorite quote about banking (circa late 1990’s), from noted technologist Esther Dyson:

Banking is like vacuuming; it’s vital, but everybody tries to reduce their vacuuming time.

Embrace the vacuum. People pay good money for them (no relation to Esther, I think).

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Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts

Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Debuts, Valuto

ValutoHomepage

In an increasingly global economy, Valuto’s multicurrency account helps small businesses send and receive payments in five different European currencies. Valuto integrates into systems such as SaaS accounting, ERP and invoicing systems, and other tools businesses already use daily. The multicurrency account leverages Valuto’s P2P currency exchange marketplace offering a foreign-exchange solution at a lower cost than banks.

Valuto believes financial services should be flawless. Since the biggest obstacles for consumers exist in international transfers and foreign exchange, they decided to tackle this market first. “We believe that businesses deserve the convenience of having their banking operations fully automated,” said Matthew Harris, director of strategy and partnerships.

Company facts:

  • 110 employees
  • €3.2 billion in turnover in 2015 (€9.2 billion since being founded)
  • 360,000+ registered users
  • Headquartered in Poznan, Poland
  • Founded in November 2009
ValutoStageIMGPictured left-to-right: Founder and CEO Michał Czekalski; Matthew Harris, international business development and partnerships; Lukasz Olek, founder and chief product officer onstage at FinovateEurope 2016.

In the company’s FinovateEurope 2016 demo, Valuto launched its open API, showing how to integrate a multicurrency account into an SaaS accounting system. Once the open API is integrated into an SMB’s existing platform, they can issue cross-border invoices to make and collect payments in multiple countries and currencies.

ValutoHarrisAt FinovateEurope, we chatted with Matthew Harris, director of strategy and partnerships for Valuto, to get more insight:

Finovate: What problem does Valuto solve?

Harris: Valuto is an innovative solution that bypasses expensive intermediaries such as banks or FX brokers. It is a cost-effective service that facilitates everything from foreign exchange to sending and receiving transfers in local currencies across several European countries. Valuto provides its customers faster settlement times than those offered by the banks due to our network of client-safeguarded bank accounts situated throughout Europe. Finally, which is what we unveiled at Finovate Europe this year, the Valuto open API (makes it) possible to integrate Valuto functionalities into services such as desktop, SaaS accounting, e-invoicing, P2P investment marketplaces and B2B e-commerce sites.

Finovate: Who are your primary customers?

Harris: At the moment our primary customers are SMEs and sole traders. Nevertheless, in recent months we have seen a significant uptake from individuals who have seen value in our service.

Finovate: How does Valuto solve the problem better?

Harris: Valuto users, especially SMEs and sole traders, can enjoy terms and conditions usually reserved for large corporate clients by the banks. When using Valuto, there are no middlemen, meaning Valuto customers can use our currency-exchange marketplace to exchange between one another, thus bypassing expensive spreads charged by the banks.

ValutoIMG1

Moreover, Valuto cuts out the middlemen by offering domestic, localized payouts and pay-ins from our network of bank accounts. This is why Valuto transfers are transparent, predictable and inexpensive.

A typical cross-border transfer passes through several correspondent banks, each taking a percentage off the initial payment amount. This is why traditional cross-border transfers are complex, erratic and costly.

ValutoIMG2

With Valuto, transfers are transparent, predictable and inexpensive.

ValutoIMG3

Valuto to Valuto (V2V) is a unique transfer option available to Valuto customers. Everyone who has a Valuto account and sufficient balance can transfer funds to another Valuto customer. The transfer is completely free and will be visible on the recipient’s account within seconds.

ValutoIMG4

Finovate: Tell us about your favorite implementation of your solution.

Harris: My favorite implementation of Valuto would have to be the integration of the Valuto multicurrency payment account into an SaaS accounting solution in order to automate payments, collections and reconciliation. We will go live with our first integration March of this year.

Finovate: What in your background gave you the confidence to tackle this challenge?

Harris: Valuto is a brand new project, and was created by individuals with extensive proven track records of developing innovative financial services and products. Valuto’s co-founders, Michał Czekalski and Łukasz Olek, began their careers by establishing Internetowykantor.pl, one of the largest companies on the online currency-exchange market in Poland. Now they are introducing Valuto as a modern solution for clients across Europe.

Finovate: What are some upcoming initiatives from Valuto that we can look forward to over the next few months?

Harris: In the upcoming months we will launch a new API function designed for P2P investment platforms. It’s a unique feature that will make us stand out from our competition on the market. We’ve seen a lot of fintech solutions aimed at the banks so we wanted to direct our next project to helping fellow fintech providers continue to disrupt the banking sector.

Finovate: Where do you see Valuto a year or two from now?

Harris: We see Valuto as a major player throughout Europe and several other major economies globally. Additionally, our customers can expect numerous new functionalities added to the multicurrency payment account, leading to our goal of creating a modern, connected bank similar to the internet of things. Apart from that, we expect Valuto to be integrated into everything from SaaS accounting platforms to P2P investment marketplaces and more.

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Kreditech Lands $11 Million to Close Series C Round of $103 Million

Kreditech Lands $11 Million to Close Series C Round of $103 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Kreditech

KreditechHomepage2016

Underbanked financial services provider Kreditech has closed a Series C funding round of $103 million this week after receiving an $11 million investment from the World Bank Group’s International Finance Corporation (IFC), an organization that specializes in the economic development of emerging countries.

The Germany-based company received the first installment of the Series C round, totalling $92 million, in September 2015. That round was led by J.C. Flowers & Co. Other notable investors include HPE Growth Capital, Blumberg Capital, and Peter Thiel. The closing of this Series C round brings Kreditech’s total funding to $151 million.

According to TechCrunch, Kreditech is valued between $279 million to $335 million and the company is in the process of raising “another very large debt round,” which should close in Q3 2016.

Monedo

Kreditech will use the funds to bolster its Monedo platform that offers credit services and digital banking products to the underbanked population. The company’s CEO & co-founder Alexander Graubner-Müller states, “Most of our customers are not able to obtain credit at traditional banks … . Through Kreditech’s technology we can perform a more precise credit rating to offer credit at fair and risk-weighted conditions. With the new funding, we will continue advancing our scoring technology to continuously improve and expand our product offering.”

Kreditech uses 20,000 data points, updated every minute, to offer 24/7 access to credit decisioning for anyone in 35 seconds.

KreditechStageIMG

Kreditech’s founder and former CEO, Sebastian Diemer, and current CEO, Alexander Graubner-Müller, debuted Zaimo, Kredito24 and K24 at FinovateSpring 2014.

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Stephen Ritter Joins Mitek as Chief Technology Officer

Stephen Ritter Joins Mitek as Chief Technology Officer
By David Penn Posted on
Categories: Mitek

Mitek_homepage_Mar2016

Mitek has hired Stephen Ritter as its new chief technology officer (CTO). Ritter joins the company after serving as SVP of engineering and research for Emotient, which was acquired by Apple in January.

“I am excited to lead the Mitek Labs and engineering teams, and help create the future of mobile commerce,” Ritter said. As CTO, Ritter will leverage his 25 years of experience and—in the words of Mitek CEO and president James DeBello—his “passion for creating game-changing technology” to drive development of Mitek’s mobile capture and identity-verification technologies.

StephenRitter_MitekPrevious to Emotient, Ritter (right) worked as CTO and VP engineering at Cypher Genomics, which was acquired by Human Longevity. Before that he was VP of engineering at Websense and senior director of engineering at McAgee. He is a graduate of University of California, San Diego, where he earned a B.S. in cognitive science.

The personnel news for Mitek comes at the same time that the company is taking its technology global. Earlier this month, Mitek announced that its Mobile Deposit solution was now available in the U.K., and that other countries would follow soon. March has also been a month of adoptions for Mitek, with a leading platform provider deploying Mitek’s Mobile Fill solution to improve its onboarding process, and a top-five U.S. bank choosing Mitek’s Mobile Deposit for business multi-check capture. Mitek’s Mobile Verify solution won the Innovation Showcase Award at the BAI Payments Connect event last week.

Founded in 1985 and headquartered in San Diego, California, Mitek demonstrated its mobile photo account opening for mobile web and its mobile photo driver’s license authentication technology at FinovateSpring 2015.

 

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Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding

Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding
By David Penn Posted on
Categories: Finovate Debuts, OutsideIQ

OutsideIQ_homepage_Mar2016

You say you wanna revolution in due diligence, but would love to see the plan?

OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. The technology uses web and deep web interrogation to produce individual and corporate due diligence reports quickly, potentially revealing information not readily available through more traditional techniques.

Since the technology was launched last March, Dan Adamson, CEO and founder of OutsideIQ, said from the Finovate stage that more than 30 financial institutions have adopted the technology—”including several leading global banks.” For their Finovate debut, OutsideIQ presented DDIQ for Onboarding. This implementation is designed make the onboarding process faster and less expensive compared to traditional methods. Moreover, in addition to enabling onboarding teams to “go deeper” in their investigations, DDIQ for Onboarding ensures that the process is “completely auditable to satisfy worldwide regulatory demands.”

Company Facts:

  • Founded in January 2010
  • Headquartered in Toronto, Ontario, Canada
  • Dan Adamson is CEO

OutsideIQ_stage_FEU2016

Pictured (left to right): OutsideIQ CEO Dan Adamson and COO Joe Oswald demonstrating DDIQ at FinovateEurope 2016 in London.

Explaining the technological “magic” behind DDIQ, Adamson described “thousands of intelligent crawlers” now analyzing the risk.

They are going through publicly available, open web content such as social media sites, blogs. They are going through deep web content, such as regulatory sites. They are going through premium content, such as watch list providers and PEP (politically-exposed-person) list providers. Combining all that together.

“The more they learn about the risk, the better (able) they are to make a true assessment of that risk,” Adamson said. “The whole key here is efficiency for the researcher.”

———–

DanAdamson_OutsideIQWe spoke with OutsideIQ CEO Dan Adamson briefly during rehearsal day at FinovateEurope. After the conference we followed up with a few questions by email about his company and how DDIQ can help financial institutions and others improve their ability to conduct due diligence.

Finovate: What problem does OutsideIQ solve?

Dan Adamson: DDIQ creates automated due diligence reports with premium, open web and deep web sources using cognitive computing and search algorithms that emulate an investigator. These reports are otherwise expensive and time consuming to produce manually. These report can be used for client onboarding, vendor onboarding, investigations, remediations, account refreshes, and other activities that require research.

 

DDIQ_CompanyProfile_1

Finovate: Who are your primary customers?

Adamson: DDIQ’s primary customers are financial institutions, Fortune 1000 corporate clients, leading consultancies, and insurance companies. These institutions use DDIQ for everything ranging from lighter KYC requirements, clearing alerts, sanctions screenings to deeper enhanced due diligence and investigations.

Finovate: How does DDIQ solve the problem better?

Adamson: Most technologies in this space are simply aggregators of content, while our system thoroughly scans and assesses sources for more accurate due diligence risk reporting. It learns about its subject, much like an investigator does, so it can assess if a piece of content is relevant and not just a keyword match.

DDIQ_PersonProfile_2

Finovate: What in your background gave you the confidence to tackle this challenge?

Adamson: OutsideIQ’s staff of data scientists, big data professionals, and software engineers have developed DDIQ. This system has been trained by some of the world’s leading authorities on regulatory compliance and financial crimes at Exiger, a leading GRC services firm. (Note: Adamson is a former Microsoft search-technology strategist.)

Finovate: Where do you see OutsideIQ a year or two from now?

Adamson: Cutting-edge, automated technology is the only way to keep up with increasingly stringent regulatory requirements in an auditable, cost-efficient manner. We believe DDIQ will become the gold standard for clients’ automated due diligence research.

Check out OutsideIQ’s demo video from FinovateEurope 2016.

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Finovate Alumni News

By David Penn Posted on
Categories: Entrust Datacard, INETCO Systems, Infosys, Kreditech, Mitek, NYMBUS, OutsideIQ, Strands, StreetShares, Temenos, Tradeshift, Valuto, Zooz

On Finovate.com

  • “Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding”
  • “Stephen Ritter Joins Mitek as Chief Technology Officer”
  • “Kreditech Lands $11 Million to Close Series C Round of $103 Million”
  • “Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts”

On FinDEVr.com

  • “Destination FinDEVr: A Geography of Architects, Builders, and Engineers”

Around the web

  • CU Anytime to deploy channel management software solution from NCR and INETCO.
  • Let’s Talk Payments features Temenos, Strands, NYMBUS, and Infosys Finacle in a look at banking software companies. See NYMBUS at FinDEVr New York next week.
  • Entrust Datacard and Trend Micro team up to provide businesses with better data encryption and authentication technology.
  • American Banker features StreetShares.
  • Xerox and Tradeshift partner to deliver digital procurement and accounts payable services.

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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Last Chance to Attend the Debut of FinDEVr New York!

By Heather Stowell Posted on
Categories: FinDEVr 2016 New York, FinDEVr Marketing

Sign copyWith the launch of FinDEVr’s East Coast conference next week, excitement is at an all-time high. Not only is the event generating great buzz in the U.S., it’s also attracting technologists from around the fintech world: Japan, Honk Kong, China, India, Australia, United Kingdom, France, Spain, Germany, Poland, Belgium, The Netherlands, Norway, Finland, Denmark, Israel, Serbia, UAE, Africa, Mexico, and Brazil. We hope you’ll add your name (and country) to the list and register now!

As the only event focused on the technology of fintech, FinDEVr attracts a high-quality audience excited to learn about, and use, the latest cutting-edge tools. Hundreds of attendees have already registered, and the list continues to grow each day. Developers, software architects, designers, IT execs are joining us from impressive organizations including Yodlee, Citi, TD Ameritrade, HSBC, Celent, Zions, Barclays, Hitachi, Capital One, American Express, Vanguard, USAA, American Banker, The Currency Cloud, Mergermarket, Strands, IBM, AlphaPoint, Deluxe Corp., Key Bank, ING, Alliant, Santander, PwC, Thomson Reuters, ABN-AMRO, Route 66 Ventures, Saxo Bank, Prudential, Twilio, TradeStation, New York Life, Mass Mutual, Swift Capital, Aite, CIT, and many more.

 

While there are too many CTOs, developers, software architects, UX designers, VPs of engineering, and product managers to name them all, this list will give you an idea of who will be in the room on March 29 & 30:

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  • IT Manager – ABN Amro
  • SVP Operations & Technology – Alliant Credit Union
  • EVP DevOps – AlphaPoint
  • Manager of Product Integration – Open Platform – BBVA
  • CTO – Betterment
  • CTO – BPV Capital Management
  • Sr. Product Manager – Capital One
  • Solution Architect – CIT Group
  • SVP/CIO – CIT Group
  • Chief Architect – Gathering
  • Sr. Product Manager – HSBC
  • Software Engineer – ING
  • Sr. Product Manager – Intuit
  • VP Mobile –MassMutual
  • Director of IT – Quail Creek Bank
  • Director of OpenAPI – Saxo Bank
  • CTO – Swift Capital
  • Director of Advanced Technology – TD Ameritrade
  • Sr. Researcher, Advanced Technology – TD Ameritrade
  • CIO – TradeStation
  • Technical Architect – USAA
  • Innovation Developer – Vanguard
  • VP Business Technology – WSECU
  • Chief Technology Strategist – Zions Bancorporation
FinDEVr New York is only days away and this is your last chance to register. Tickets are on sale at findevrnewyork2016.eventbrite.com — get your ticket soon!

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