Yodlee Launches Business Cash Flow with Forecasting FinApp

Yodlee Launches Business Cash Flow with Forecasting FinApp

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Cloud-based app-innovation platform Yodlee unveiled its Business Cash Flow with Forecasting FinApp today. The technology gives businesses the ability to see and analyze current cash flow, as well as read a forecast of cash flow for the coming three months.

The final app includes three main features:

  • Cash Flow Chart and Table: Provides graphic and numerical current and forecast cash flow data
  • Cash Flow Processing Wizard: Enables review of year-over-year data by income and expense, as well as editing of forecasts
  • Cash Flow Report: Shows actual versus forecast data by category

“Having a strong pulse on cash flow is incredibly critical to the success of business owners,” said Nitin Gupta, Yodlee VP for business banking and global strategic initiatives. “Yodlee’s Cash Flow with Forecasting gives business owners immediate insights into their financial health, allowing them to make more informed spending, investing, and borrowing decisions.”

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Above (left to right): Avi Lele, CEO of Stockpile; Jon Petz, product evangelist, Yodlee; and John Bird, product marketing, Yodlee, presented Yodlee’s APInnovation at FinovateFall 2014.

The launch comes on the heels of word that Yodlee will be recognized at the Monarch Innovation Awards for its ability to help “Internet innovators and financial institutions provide state-of-the-art tools to their business customers,” said Irene Waldman, general manager of business services at Yodlee. The Monarch Innovation Awards are sponsored by Barlow Research, and will be presented on April 10th.

Founded in 1999 and headquartered in Redwood City, California, Yodlee is multiple-winner at Finovate’s Best of Show. The company was most recently on our stage last fall as part of the FinovateFall 2014 conference in New York and, as Yodlee Interactive, presented at FinDEVr San Francisco 2014 last October. Anil Arora is president and CEO.

Finovate Alums Win Leading Vendor Honors from MyPrivateBanking Research

Finovate Alums Win Leading Vendor Honors from MyPrivateBanking Research

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eMoney Advisor, MicroStrategy, Yseop. What do these three companies have in common? In addition to being Finovate alums, all three were recognized by MyPrivateBanking Research as “leading vendors” in the field of digital solution providers for wealth managers and financial advisers.

The three companies join 12 others in MyPrivateBanking Research’s latest report “Digital and Mobile Solutions for Financial Advisers 2015”. The report focuses on innovations and technical contributions to the wealth management industry that take the form of “mobile apps, digital communications, and analytical and social media solutions.”

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Swiss-based MyPrivateBanking Research has for over a decade provided analysis on how financial services companies use the Internet, social media, and mobile to engage customers. The judging process for the report included looking at 45 different potential features for mobile apps, 15 factors in assessing digital communications technology, and eight features for social media solutions. The report includes analysis of each company and its technology, as well as “individual recommendations for each vendor on how to improve its offerings.”

From the report’s executive summary:

We see that traditional wealth managers cannot defend their business model against robo-advisers and other digital do-it-yourself tools by merely pointing out that their advisers offer a ‘human touch’ and specific banking know-how. They need to reinvent their business model from the ground up in order to arrive in the 21st century.

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eMoney Advisor was highlighted in the report in the mobile app category. eMoney Advisor made its Finovate debut at FinovateFall 2014, introducing a “reboot” of its wealth-planning system for financial advisers, EMX. The company was founded in 2000, and is headquartered in Conshohocken, Pennsylvania. Last month, eMoney Advisor announced that it had been acquired by Fidelity Investments for $250 million. Read our Finovate Debut post for eMoney Advisor.

Founded in 1989 and based in Tyson’s Corner, Virginia, MicroStrategy specializes in enterprise software. The company’s solutions range from its Business Intelligence (BI) platform to its Mobile Platform and Applications to Usher, the mobile identity network MicroStrategy unveiled at its Finovate appearance in San Francisco in the spring of 2013. Like eMoney Advisor, MicroStrategy was also recognized by MyPrivateBanking Research for its mobile app development platform.

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Yseop may seem an unlikely member of this trio; however, the company distinguished itself as a resource for financial managers in the “analytics, natural language generation and other solutions” category. An innovator in the field of putting artificial intelligence to use to support business operations, Yseop has developed technologies like Yseop Sales Force Productivity Suite (demoed at FinovateSpring 2014) and Yseop Financial Suite (demoed at FinovateFall 2013). The company was founded in 2008, and is headquartered in both Dallas, Texas, and Lyon, France. John Rauscher is CEO.

Also noted in the report were Finovate alums Crealogix (mobile apps), Temenos (mobile apps), and Narrative Science (analytics, natural language generation, and other solutions).

Finovate Alumni News

On Finovate.com

  • “Finovate Alums Win Leading Vendor Honors from MyPrivateBanking Research”
  • Last Chance for FinovateSpring Early-Bird Tickets… Save $100″
  • “ReadyForZero Acquired by Avant in Cash and Stock Deal”
  • “Wallaby Launches Wise Bread Rewards Maximizer”

Around the web

  • Nomis Solutions announces new partnership with Tangerine.
  • blooom wins Kansas City’s InnovateHER pitch competition.
  • PYMNTS.com MPD CEO Karen Webster interviews Todd Doherty, TSYS senior director of analytics.
  • Tech City highlights TransferWise and Azimo in its look at the remittance industry.
  • GMC Software named Xplor’s Technology of the Year for its Inspire Dynamic Communications solution.
  • “D+H to Buy Payments Firm Fundtech for $1.25 Billion”
  • Google Cloud Platform launches Cloud Console for Android.
  • Bluefin Payment Systems and Phoenix Managed Networks partner to provide Bluefin’s Decryptx P2PE Solution to clients of Phoenix Managed Networks.
  • Xero reaches 200,000 customers in Australia.
  • Prosper reaches record loan originations for March, surpasses $3 billion in lending.

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.

Finovate Alumni News

On Finovate.com

  • “CardFlight Unveils EMV-Ready Chip Readers for SwipeSimple”

Around the web

  • Sonavation launches its IDKEY biometric security key that uses 3D Surface Scan Ultrasound technology.
  • CMSWire interviews Michael Laurie, co-founder and VO of product strategy at Silanis Technology.
  • iExpats takes a look at Azimo in a column on the costs of foreign currency transfers.
  • Arxan Technologies Security Solutions architect Matt Clemens talks mobile app security on Federal News Radio.
  • PaymentsSource’s look at “strange mobile security methods” features EyeVerify and Bionym.
  • IntelliResponse wins bronze at 9th annual Stevie Awards for Sales & Customer Service.
  • Jack Henry & Associates to be honored at Cedar Falls Business & Industry Association event.
  • Now Digital Network reviews Kashoo in column on ways to streamline small business accounting.
  • Computing U.K. features TransferWise and its use of big data to drive its social media marketing.
  • The CoinFront reports on Klarna’s “experiments” with bitcoin.
  • AMP Credit Technologies wins “Highly Commended Award for Best Initiative in Financial Inclusion” at the 6th Retail Banker International Asia Trailblazer Awards in Singapore.
  • TIO Networks now has 1+ million registered members in its direct-to-consumer user base.
  •  Taulia names Cedric Bru as new CEO.

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.

CardFlight Unveils EMV-Ready Chip Readers for SwipeSimple

CardFlight Unveils EMV-Ready Chip Readers for SwipeSimple

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Spring is in the air, but for merchants planning for the liability shift in October, fall is not far away.

With this in mind, mobile point of sale innovator CardFlight has announced that its EMV-ready card chip readers are now available for merchants using the company’s SwipeSimple mPOS solution.

The October EMV liability shift is an effort to reduce credit card fraud in the U.S. Specifically, it refers to issue of who will take the blame – the bank or the merchant – when credit card fraud occurs on a card with a magnetic stripe rather than an embedded EMV chip. The upshot is that banks can protect themselves in the post-October 2015 era by offering their customers cards with the EMV technology, and merchants can protect themselves by deploying technology that can read EMV-enabled cards.

The EMV standard is widespread in other parts of the world, especially Europe, where EMV card adoption stands at more than 80%.

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Above: CardFlight CEO Derek Webster presenting at FinovateSpring 2013.

Derek Webster, CardFlight founder and CEO, said: “By offering the EMV-ready readers today, CardFlight’s partners can be confident that they are giving their merchants future-proof technology that will last well beyond the October 2015 EMV liability shift.”

“While some providers have announced plans to offer mobile EMV card readers, CardFlight is one of the first to actually make them available for purchase and deployment in the United States.”

CardFlight also announced that it is  teaming up with POS Portal, which will serve as a launch partner for the company’s EMV POS technology. POS Portal distributes more than 1,200 POS devices a day to merchants around the U.S.

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CardFlight has enjoyed a strong momentum in recent months. The company reported in January that it partnered with Integrity Payment Systems, an Illinois-based company that processes $3 billion in credit card volume a year. In December, Merchants Choice Payment Systems, a full-service credit and debit processor that serves more than 50,000 merchants and processes $12 billion in sales volume a year, announced its plans to provide a custom mobile POS solution for its merchants, courtesy of CardFlight.

CardFlight has presented its technology at both Finovate (FinovateSpring 2013) and FinDEVr (FinDEVr San Francisco 2014) conferences. The company was founded in February 2013 and is headquartered in New York City.

Handpoint’s EMV-Capable Mobile POS Comes to U.S. and Canada

Handpoint’s EMV-Capable Mobile POS Comes to U.S. and Canada

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NFC and EMV compatible point of sale (POS) terminals used to be called future-proof. With Apple Pay, Samsung Pay, and the liability shift coming later this year in the U.S., the future is now.

Handpoint, a U.K.-based company that offers its EMV (Chip & PIN) solution to merchants in Europe and South Africa, announced today it is launching its complete EMV payments solution in the U.S. and Canada.

U.S.-based POS developers can now integrate Handpoint’s APIs and SDKs, offering merchants a white-label POS solution. Additionally, Handpoint will distribute its card readers that are PCI-DSS compliant and are able to handle EMV, MSR, and NFC payments, and global processing capabilities.

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Handpoint HiLite EMV-capable card reader

To get started, merchants must pay a one-time setup fee for the card reader. While there’s no word on how much this will cost, Handpoint charges £99 in Europe. The company does not charge a monthly fee, but merchants pay a flat rate of 2.65% per transaction on Visa and MasterCard payments.

This comes on the heels of CardFlight’s announcement yesterday that it now offers an EMV-capable mPOS device.

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Handpoint demonstrated its hybrid magstripe chip reader unit at FinovateFall 2012.

Fintech Fundings: 19 Companies Raised $180 Million Week Ending March 27

Fintech Fundings: 19 Companies Raised $180 Million Week Ending March 27

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It was a busy week as both Barclay’s Accelerator and YC announced their newly funded companies. In total, 19 companies announced new fundings bringing in a total of $181 million. Two of the top-3 deals involved Finovate alums with Ayadsi pulling in $55 million, Lendio $20.5 million, and Advanced Merchant Payments (undisclosed).

In addition, two Finovate alums were acquired at what appears to be profitable outcomes:

  • Kofax was acquired by printing giant Lexmark for $1 billion (post)
  • Learnvest was bought by mega-insurer Northwestern Mutual for a reported $250+ million (post)

Here are the fundings from March 21 to 27, in order of deal size:

LendingHome
Platform for investing in rental real estate
HQ: San Francisco, California
Latest round: $78 million
Total raised: $98 million
Tags: Home lending, mortgage, real estate
Source: Crunchbase

Ayadsi
Data analytics
HQ: Menlo Park, California
Latest round: $55 million
Total raised: $106.3 million
Tags: Big data, analytics, machine learning, Finovate alum
Source: Finovate

Lendio
Online small business lender
HQ: South Jordan, Utah
Latest round: $20.5 million
Total raised: $33 million (includes $2 million in debt)
Tags: SMB, lending, underwriting, credit, loans, Finovate alum
Source: Finovate

Property Partner
Platform for investing in rental real estate
HQ: London, UK
Latest round: $7.7 million
Total raised: $9.8 million
Tags: Real estate investing, marketplace lending, crowdfunding, P2P
Source: Crunchbase

Dream Payments
Canadian mobile payments startup
HQ: Toronto, Canada
Latest round: $6 million
Total raised: $6 million
Tags: Mobile payments, SMB, merchants
Source: FT Partners

SpotCap
Spanish small business online lender
Latest round: $5.4 million
Total raised: $21.9 million
Tags: SMB, lending, credit lines, underwriting
Source: Crunchbase

iAngels
Platform for startup capital fundraising
HQ: Tel Aviv, Israel
Latest round: $2.25 million
Total raised: $2.25 million
Tags: Investing, raising capital, equity investing, SMB
Source: FT Partners

Sensibill
Digital receipt platform
HQ: Toronto, Canada
Latest round: $2 million
Total raised: $2 million
Tags: Purchases, document management, mobile, SMB, PFM, accounting, expense management
Source: FT Partners

Fxkart
Foreign currency dealer aggregation
HQ: Bengaluru, India
Latest round: $2 million
Total raised: $2 million
Tags: Foreign exchange, remittances
Source: FT Partners

OpenGamma
Open platform for financial services risk management
HQ: London, UK
Latest round: $1.25 million
Total raised: $28.25 million
Tags: Compliance, risk, regulations, open source
Source: FT Partners

CityFalcon
News & information for traders
HQ: London, UK
Latest round: $300,000
Total raised: Unknown
Tags: Investing, information services
Source: Crunchbase

RazorPay
Stripe for India
HQ: Jaipur, India
Latest round: $120,000
Total raised: $120,000
Tags: Online payments, API, YC, acquiring, merchant, SMB
Source: Crunchbase

Stockfuse
Gaming platform to find trading & banking talent
Latest round: $118,000
Total raised: $118,000
Tags: Bitcoin, investing, virtual currency, cryptocurrency, Barclays accelerator
Source: Crunchbase

Origin (no URL)
Direct platform for issuing corporate bonds
Latest round: $118,000
Total raised: $118,000
Tags: Barclays accelerator, commercial banking, enterprise, debt
Source: Crunchbase

Safello
European bitcoin exchange
Latest round: $118,000
Total raised: $1.1 million
Tags: Bitcoin, investing, virtual currency, cryptocurrency, Barclays accelerator
Source: Crunchbase

LiquidLandscape
Data visualization for traders
Latest round: $118,000
Total raised: $118,000
Tags: Barclays accelerator, trading, analytics, big data
Source: Crunchbase

BlockTrace
Certifies ownership & transaction history of diamonds
HQ: London, UK
Latest round: $118,000
Total raised: $118,000
Tags: Blockchain, crypto, precious gems, alternative assets, Barclays accelerator
Source: Crunchbase

Self Lender
Helps consumers establish credit via small loans
HQ: Denver, Colorado
Latest round: $118,000
Total raised: $118,000
Tags: Lending, payday alternatives, underwriting, underbanked, sub-prime, credit score, TechStars
Source: Crunchbase

Advanced Merchant Payments
Technology solutions for small business lending
HQ: Hong Kong, China
Latest round: Undisclosed
Total raised: More than $5 million
Tags: SMB, underwriting, lending, Route 66 (investor), Finovate alum
Source: Finovate

i-exceed’s Appzillion Brings Mobile App Dev Platform to Exim Bank

i-exceed’s Appzillion Brings Mobile App Dev Platform to Exim Bank

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When we last heard from i-exceed (FinovateAsia 2013), the company had launched a new website to better promote its flagship app development platform, Appzillion.

In the time since, the company has not been idle. In January, i-exceed announced that Indonesian ICT solutions company Telkomsigma will use Appzilllion as its mobile app development platform. This month, i-exceed reported that its Appzillion solution has been used to implement a mobile banking app for Exim Bank, Comoros, Africa.

Managing Director at i-exceed, Joseph John said the new app, which was built and deployed in three months, will help Exim Bank grow faster, increase profitability, and improve customer engagement. The app’s features include fund transfer, balance inquiry, and the ability to request a checkbook. Exim Bank, Comoros is part of Exim Bank, the sixth largest bank in Tanzania with more than one trillion Tanzanian shillings in total assets (more than $700 million USD) as of June 2013.

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Above (left to right): i-exceed Executive Director Kapil Gupta and Sudhir Babu, VP Technology, presenting at FinovateAsia 2013.

All this good work has not gone unrecognzed, i-exceed was picked to be one of 50 companies to participate in the InTech 50 2015. InTech 50 is an event that recognizes Indian startups that have shown technological innovation and achievement in the B2B space. Companies will make their five-minute pitches before a live audience, and winners in a variety of categories will be selected in an awards ceremony at the end of the second day.

Founded in 2011 and headquartered in Bangalore, India, i-exceed has offices in Singapore and the U.S. (New Jersey). See the company’s live demonstration of Appzillion from FinovateAsia 2013.

Finovate Debuts: Bendigo and Adelaide’s Mobile Wallet Has a Charity Play

Finovate Debuts: Bendigo and Adelaide’s Mobile Wallet Has a Charity Play

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Australia’s Bendigo and Adelaide Bank (Bendigo) has long been known for its philanthropy. Its Community Bank branches, which enable local communities to own and operate a Bendigo Bank franchise, have contributed $125 million to local projects and charities. At FinovateEurope 2015, the Australia-based bank debuted redy, a mobile payments platform with a charitable element developed specifically for Bendigo by its subsidiary, Community Telco Australia.

Facts

  • Fifth-largest bank in Australia
  • Has almost 900 branches and agencies across Australia
  • $52 billion assets under management
  • $3 billion market cap

Redy positions itself as a community ecosystem more than a payment ecosystem. The local rewards system enables customers to earn creds (points) for every transaction on the redy platform. Creds add up to 0.5% of customers’ transactions, and can be donated to local charities or causes, or used in exchange for a discount toward a future purchase.

By offering customers an easy way to give to causes they care about, redy helps small businesses connect with customers.

For merchants

To begin using redy, Bendigo must first approve the merchant and set them up with a business account and a redy point-of-sale tablet.

Redy charges merchants a membership fee of $25 per month and a transaction fee of 1.5% of each purchase, 0.5% of which is returned to the customer to use as creds. The creds system offers businesses a way to encourage repeat spending and gives them an easy way to support local campaigns and charities.

RedyMerchant The Redy merchant terminal

Merchants also receive access to reports and analytics of transactions on the redy platform.

For customers

Customers download the free redy mobile app on their iOS or Android device, and link their Visa, MasterCard, or Bendigo savings account.

When ready to pay at a business that accepts redy, the customer enters their PIN, scans the QR code on the merchant’s tablet, and confirms the payment amount. The payment is secure and does not transfer the customers’ financial data to the merchant.

The redy system sends the customer a digital receipt. The creds the customer earns from the purchase are automatically credited to their account and ready to be donated or applied toward a repeat purchase.

RedyPaymentMethods Redy payment methods

For charities and local causes

Charities that register with Redy can tap into the pockets of Redy shoppers, who may opt to donate their creds to causes that matter to them and their community.

Here’s a sample of causes and charities registered on Redy:

RedyCausesandCharities

Bendigo and Adelaide Bank debuted redy at FinovateEurope 2015 in London.

LearnVest Acquired by Northwestern Mutual for More than $250 Million

LearnVest Acquired by Northwestern Mutual for More than $250 Million

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Three-time Finovate Best of Show-winner LearnVest has agreed to be acquired by insurance giant Northwestern Mutual. As reported in Fortune.com, the company was bought for more than $250 million in cash.

LearnVest CEO and founder Alexa von Tobel said that her company’s acquisition by Northwestern Mutual will only extend her mission to bring “affordable, accessible, and delightful … unbiased financial planning” to a broader range of American households. Von Tobel will remain Chief Executive of the company, which will serve as an independent subsidiary of Northwestern Mutual, maintaining its LearnVest brand.

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Above (left to right): LearnVest CEO and founder Alexa von Tobel presenting at FinovateFall 2013 in New York.

LearnVest combines a free, online PFM platform with the opportunity to work with professional, human financial advisors for a one-time set-up fee of $299 and $19/month for ongoing support. Tim Schaefer, executive vice president of operations and technology at Northwestern Mutual said, “We see that from an innovation standpoint, there’s a real opportunity to bring together cutting-edge technology with that human touch.”

And with Learnvest the second big finech acquisition of the week (Kofax being the first), it is all the more interesting to consider the take from Inc.com’s Jeremy Quittner, who suggested that acquisition may sometimes be a preferable “exit strategy” than an IPO for startups. LearnVest had raised $70 million in funding from 15 investors, according to Crunchbase, and was valued at more than a “cool quarter-billion” last spring during its most recent funding round.

LearnVest won Best of Show honors at each of its three Finovate appearances (FinovateFall 2011, FinovateFall 2012, and FinovateFall 2013). The company was founded in 2009 and is headquartered in New York City.

Finovate Alumni News

On Finovate.com:

  • LearnVest Acquired by Northwestern Mutual for More Than $250 Million.
  • Finovate Debuts: Bendigo and Adelaide’s Mobile Wallet Has a Charity Play.
  • i-exceed’s Appzillion Brings Mobile App Dev Platform to Exim Bank.
  • Handpoint’s EMV-Capable Mobile POS Comes to U.S. and Canada.

Around the Web:

  • AirWatch TV interviewed EyeVerify executive VP for Global Sales and Marketing, Chris Barnett.
  • FIS to provide fingerprint authentication to its Cardless Cash ATM application via Apple TouchID.
  • Celent names Fidor Bank its “Model Bank of the Year.”
  • American Banker highlights Mitek and Malauzai in a discussion on ID scanning and mobile account opening.
  • AlleyWatch features Tradier as a disruptor in financial services.
  • Financial News’ list of 40 leaders in fintech names multiple Finovate and FinDEVr alums.

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.

Ayasdi Raises $55 Million in Series C Funding

Ayasdi Raises $55 Million in Series C Funding

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Machine learning algorithm specialist Ayasdi has raised $55 million in a new investment that doubles the company’s total capital.

The Series C round was led by Kleiner Perkins Caufield & Byers (KPCB), and featured participation from existing investors Citi Ventures, FLOODGATE, Institutional Venture Partners (IVP), and Khosla Ventures. New investors Centerview Capital Technology and Draper Nexus were also part of the investment, which takes Ayasdi’s total funding to more than $100 million.

Ted Schlein of KPCB praised Ayasdi’s ability to make complex data analysis easier for large institutions and organizations. He cited the technology’s combination of “machine learning algorithms with topological mathematics and artificial intelligence” as a “breakthrough innovation that will drive the next information and productivity wave in the coming decade.”

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Health care systems have been among the most eager adopters of the Ayasdi’s technology. But the company is working with three of the five largest financial institutions in the world to help them make smarter lending decisions, improve risk and compliance modeling, protect against fraud, and better serve private banking clients. Deborah Hopkins, Chief Innovation Officer of Citi and CEO of Citi Ventures said the technology provided insights that “enable Citi to tailor services to specific client needs, operate more efficiently, and mitigate risk.”

Learn more about Ayasdi from our November feature. The company’s CEO Gurjeet Singh has been profiled frequently in major media from Forbes to TechCrunch, as Ayasdi has forged partnerships with companies like Teradata and Cloudera to make its technology even more valuable to enterprise-level clients. In February, the company was named one of the 10 most innovative companies in Big Data by Fast Company for a second year in a row.

Founded in 2008 and headquartered in Menlo Park, California, Ayasdi made its Finovate Debut in New York at FinovateFall 2014. See video of the company’s live demonstration of Ayasdi Finance.