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Finovate Alumni News

By David Penn Posted on November 1, 2016
Categories: Actiance, Compass Plus, Entrepreneurial Finance Lab, FICO, Kasasa, MasterCard, Neustar, Ripple, Socure, Turnkey Lender, Tyfone

On Finovate.com Brad Garlinghouse Appointed CEO of Ripple From Advisers to VPs: A Profile of FinovateAsia Attendees FICO Teams Up with EFL Global as Part of Financial Inclusion Initiative Fintech Trending: Australia and the Road to Fintech in Asia Around the web Socure unveils new dashboard for its digital ID verification technology. Compass Plus announces successful stress test of TranzAxis on Oracle Exadata. Neustar CEO Lisa Hook named to Advertising Ages's 10 Digital Marketing Innovators You Should Know. Singapore Fintech Awards 2016 lists Turnkey Lender as finalist. Check out their live demo next week at FinovateAsia. Mastercard launches blockchain APIs for developers. Portland Business Journal: Tyfone looks to open-source to solve IoT security issues. Forrester Wave: Information Archiving Cloud Providers cites Actiance as an information archiving cloud leader. Kasasa Wins 12th MarCom Award. This post will be updated throughout the day as news and developments emerge. You can also follow…

Last Call for FinovateAsia 2016 Tickets

By Erika Sanchez Posted on October 31, 2016
Categories: Finovate Marketing, FinovateAsia 2016

FinovateAsia 2016 is right around the corner. Pick up your ticket before it’s too late! We’ve got an impressive roster of companies ready to show off their latest and greatest fintech innovations and you won’t want to miss it. We recently released the full presenter list last month. Below, you can check out the amazing companies hitting the stage next week (read more about them in our “Sneak Peek” blog post series): Our one-day show will be packed with live demos of new fintech innovations, as well as great opportunities for high-quality networking with the movers and shakers of fintech. Here’s the final schedule: Visit our registration page today and we’ll see you in Hong Kong next week! FinovateAsia 2016 is sponsored by: DBS Bank (Hong Kong), InvestHK/Hong Kong Fintech Week, and KPMG. FinovateAsia 2016 is partners with: Aite Group, The Asian Banker, BankersHub, Banking Technology, BeFast.tv, Big Data Made…

Look Who’s Making AI Intelligent Again

By Julie Muhn (@julieschicktanz) Posted on October 31, 2016
Categories: IBM, MasterCard, PayPal, SimplyTapp

Capital One was the first bank to go live with an Alexa integration. Other banks are following suit. Artificial intelligence (AI) is not new to fintech, but in the past two years we've seen a jump in the sophistication and scale of its use across the industry. The advances in chatbots and IVR solutions have done a lot to spur the growth of machine learning and AI. In a Fintech Trending post earlier this month, we highlighted Capital One’s live integration and Lloyd Bank's proof of concept with Amazon’s Alexa. We noted that Cap One was the only bank with a Skill (an Alexa-specific app) that's currently live. Over the past couple of weeks, however, a handful of banks and financial services companies have launched their own A.I. initiatives in voice forms such as Alexa and GM's OnStar Go, as well as text, such as Facebook Messenger. UBS pilots Amazon's…

NCR Inks $50 Million Deal with State Bank of India

By David Penn Posted on October 31, 2016
Categories: NCR Corporation

With FinovateAsia just over a week away (and tickets still available!), you'll forgive us for having fintech-in-Asia on our minds. But the news that NCR has signed a deal with the largest financial institution in India to deploy more than 7,000 ATMs throughout the country over the next seven years is a great reminder of India's role in the growth of Asian fintech. The $50 million agreement will help State Bank of India (SBI) expand its ATM network of more than 57,000 machines in more than 4,500 locations throughout the country. In their announcement, NCR emphasized that the SelfServ 22e ATMs were "conceptualized and 'Made in India' specifically for the Indian market" with high transaction-volume capacity and space-saving design geared toward use in underbanked communities in rural areas. To this end, the machines minimize power use and paper waste through low-energy LED lighting and fixed receipt lengths, as well. The…

$500 Million Raised by 30 Alums in Q3 2016

By David Penn Posted on October 31, 2016
Categories: Funding, Fundings

Finovate/FinDEVr alums raised more than $490 million in the third quarter of 2016, essentially matching the investment haul from the previous quarter. The Q3 performance in 2016 fell short of the eye-popping third quarter from 2015, during which more than one billion was invested in our alums. But 2016's third quarter still dwarfed previous third quarters in 2014 and 2013 by a large margin. Previous quarterly comparisons Q3 2016: More than $500 million raised by 29 alums Q3 2015: More than $1 billion raised by 40 alums Q3 2014: More than $194 million raised by 17 alums Q3 2013: More than $171 million raised by 23 alums The biggest equity deal of the third quarter was the $72 million raised by OurCrowd in September. Also notable were the $50+ million in funding scored by Interactions, Ripple, and Finova Financial. The top 10 overall investments for the third quarter of 2016…

Finovate Debuts: ProActive Budget

By Julie Muhn (@julieschicktanz) Posted on October 31, 2016
Categories: Finovate Debuts, Proactive Budget

At FinovateFall 2016 in New York, ProActive Budget debuted a digital twist to cash envelope budgeting. Given the prolific, user-friendly financial management solutions of today, cash budgeting may seem dated, but it's really not—many of us, myself included, have friends who still use this method of budgeting today. As the company's adviser Ross Jardine said in ProActive Budget's FinovateFall 2016 demo, "Personal finance apps don't work. All those fancy graphs and charts rarely change behavior." ProActive Budget's system works similarly to cash-envelope budgeting. But instead of opening an envelope and removing cash to spend in a certain category, users open the app and instantly load funds onto a specialized, prepaid card to make the transaction. As CEO and founder Ryan Clark says in the demo, the reason this works is that "both cash envelopes and ProActive require users to think before they spend ... and that is the key to…

Finovate Alumni News

By David Penn Posted on October 31, 2016
Categories: eWise, iSignthis, Misys, NCR Corporation, Proactive Budget, Wealthfront

On Finovate.com Finovate Debuts: ProActive Budget NCR Inks $50 Million Deal with State Bank of India Look Who’s Making AI Intelligent Again Around the web Singapore-based FinGo Ventures chooses account-aggregation technology from eWise for new mobile payments and banking app. Misys inks five-year licensing deal with Deutsche Bank. iSignthis to provide IronFX with Paydentity services including digital KYC, payment gateway, and card tokenization. Andy Rachleff returns as CEO of Wealthfront. 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 Trending: RegTech Reality Check, Blockchain Bandwagon, and IBM’s New Wallet

By David Penn Posted on October 30, 2016
Categories: Alloy, Auvenir, Avalara, Chain.com, FICO, Finect, Fintech Trending, FundAmerica, Global Debt Registry, Gremln, IBM, OutsideIQ, QCR, Qumram, Trustev, VATBox, Virtual StrongBox, VISA

Hat, courtesy of Alloy, a customer-onboarding specialist that debuted at FinDEVr in October. The dream of RegTech is alive at Finovate Deloitte recently asked what we should make of regtech in a new report titled, "RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks." To the extent that regtech represents technologies, strategies, and solutions designed to help firms better meet regulatory obligations, remain compliant, and/or secure their processes, there may be less new here than meets the eye. Compared to insurtech, regtech firms have been prominent players in the fintech firmament for years. To its credit, Deloitte is aware of the "old-is-new-again" aspect of regtech. The report notes that "while the name is new, the marriage of technology and regulation to address regulatory challenges has existed for some time with varying degrees of success." Indeed. Consider companies like Gremln (F14), which…

Big Blue Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect

By David Penn Posted on October 28, 2016
Categories: IBM

IBM on Thursday announced it will add behavioral biometric analysis to its digital banking-fraud-prevention solution, IBM Security Trusteer Pinpoint Detect. The enhancement comes courtesy of IBM's billion-dollar acquisition of security innovator Trusteer in 2013. With the addition of behavioral biometric technology, IBM's security solution will be that much more effective against fraudsters using stolen credentials to gain unauthorized access to bank accounts. "Given enough time and resources, cyber criminals can defeat passwords and security questions," says Ravi Srinivasan, VP of strategy for IBM security. The difference is that behavioral biometrics is "based not on knowledge, but behavior." Using gesture modeling, which tracks, studies, and analyzes behavior of authorized users, the technology develops an increasingly accurate profile of what authorized, legitimate behavior looks like. This means that even with a user's credentials, a fraudster will be unable to gain access unless they are able to replicate the way the user typically…

Finovate Alumni News

By David Penn Posted on October 28, 2016
Categories: Bill.com, DemystData, EyeVerify, IBM, Marqeta, NuData Security, Personal Capital, Signifyd, Tradeshift

On Finovate.com IBM Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect DemystData lands $7 million round. Around the web New office in Sydney marks TradeShift's expansion to Australia and New Zealand markets. Bill.com partners with Quicken Loans, driving speculation the two will work on digital billpay. Marqeta to deploy its network tokenization technology to make it easier to use payment cards with Apple Pay. Signifyd teams up with Accertify to improve anti-fraud protections and reduce chargeback costs. Free Enterprise highlights the biometric technology of Best of Show winner EyeVerify. Personal Capital Appoints Eric Weiss as Chief Marketing Officer NuData to power behavioral biometric security for Early Warning's Zelle. 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.

FinovateEurope 2017 Application Deadline Has Arrived

By David Penn Posted on October 27, 2016
Categories: FinovateEurope 2017

We don't mean to scare you this close to Halloween. But the deadline for applying to demo your technology at FinovateEurope 2017 is this Friday, 28 October. We're looking forward to reading about all the innovations that CEOs, developers, and product specialists from around the world have been working on. So if you've got a fintech solution that's ready for prime-time, consider it NOW time and submit your application today. On 7/8 February 2017, FinovateEurope will return to one of the coolest spots—Old Billingsgate Market Hall—in one of the coolest cities in the world. And whether you were thumbs up or thumbs down on Brexit, we can all agree that London is still a great location to showcase the most innovative financial technologies and must-have solutions for banks, financial service providers, and even everyday consumers, savers, and investors. To apply to FinovateEurope, download our informational FinovateEurope 2017 pdf which gives…

DemystData Lands New $7 Million Round

By Julie Muhn (@julieschicktanz) Posted on October 27, 2016
Categories: DemystData, Funding

Data-as-a-service company DemystData this week announced it closed a $7 million Series B round led by MissionOG. Notion Capital and Singtel Innov8 also contributed to the round, which boosted the New York-based company's total funding to $16 million. To meet increased demand in the U.S. and Asia, DemystData will use the funds to build its team and expand data partnerships. The company leverages big data pulled from in-house and online sources to help banks make informed decisions, improve the user experience, and decrease risk. DemystData counts as customers some of the world's largest banks and insurance companies across 10 countries. "We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints," CEO Mark Hookey is quoted in a press release. He noted the company helps clients "cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers." DemystData…