Finovate Global UK: Funding Innovation in Rewards, Payments, Lending, and Crypto

Finovate Global UK: Funding Innovation in Rewards, Payments, Lending, and Crypto
By David Penn Posted on
Categories: Coinbase, Finovate Global, Fiserv

London-based fintech and digital wallet HyperJar announced a partnership with digital gift card network, Tillo. The announcement makes HyperJar the first spending app to integrate instant Cashback Gift Cards. The cards enable customers to earn instant cashback of up to 15% from more than 50 top brands including Ikea and Amazon.

In a statement, HyperJar’s Nicola Longfield underscored that not only was HyperJar the first app to integrate the cashback gift cards with a spending account, but also HyperJar was the first to offer “merchant cashback.” This option enables users to choose a higher cashback rate that is specific to a given merchant.

HyperJar’s partnership news comes one month after the company secured $24 million in Series A funding. The round was led by Susquehanna Private Equity Investments. More than 500,000 individuals, including more than 100,000 child cardholders, use HyperJar’s digital wallets.

HyperJar began the year with the appointment of a new CEO, Morgan Stanley veteran Rob Rooney.

A handful of U.K.-based fintechs secured funding this week. Instant payments company Lopay announced a seed investment of $7.3 million (£6 million). Participating in the round were BackedVC, Portage, The Venture Collective, and angel investors. With 20,000 SMEs signed up since launch, the company offers a app that allows small businesses to accept card payments. The app also enables instant access to cleared funds as soon as transactions are completed. Founded in 2022, Lopay plans to use the capital to expand its operations.

Fellow U.K.-based fintech Kennek was another company that locked in seed funding this week. The firm raised $12.5 million in new capital in a round led by HV Capital. Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One also participated. The investment follows a $4.5 million pre-seed round closed in February.

Founded in 2021 and headquartered in London, Kennek offers an operating system for lending via a platform that supports the entire lending lifecycle from loan origination to servicing. The company will use the funds to further develop its core technology and add employees.

But the big winner of the week for U.K. fintechs in terms of funding was Untangled Finance. The firm, which operates a tokenized real-world asset (RWA) marketplace, secured $13.5 million in strategic funding in a round led by Fasanara Capital. Founded in 2020, Untangled Finance plans to use the capital for product development and to fuel growth.

The London-based company offers a tokenization platform that facilitates placing traditional financial assets on a blockchain. These real-world financial assets can range from bonds to real estate. Untangled Finance is part of a growing field within the digital asset industry that specializes in asset tokenization, a field that could grow as large as $5 trillion within the next five years, according to a recent report. Note that, along with its investment, Fasanara Capital opened two private tokenized credit pools on Untangled Finance’s platform.

Speaking of DeFi, for those who believe that regulation is the path to greater acceptance of cryptocurrencies, this week’s announcement from the U.K.’s Financial Conduct Authority (FCA) could be considered good news.

Within 24 hours of its new cryptoassets regulatory regime going live, the FCA has issued 146 alerts to non-compliant companies that were promoting cryptoassets to U.K. customers in violation of the new policy, which was announced earlier this year.

In a statement, the FCA urged consumers to check its publicly available “Warning List” before investing or trading in cryptocurrencies. “We take a risk-based approach, so not alll firms of potential concern will be added straightaway,” the FCA explained. At the same time, regulators hope their Warning List will nevertheless help would-be crypto investors “understand where firms’ promotions may be breaking the law and to consider the promotion with the full information available.”

Here is our look at fintech innovation around the world.

Asia-Pacific

  • Coinbase secured a Major Payment Institution license from the Monetary Authority of Singapore.
  • Packworks, a Philippines-based fintech, inked a deal to help SMEs secure microfinancing.
  • Forbes looked at the current challenges facing Chinese fintechs.

Sub-Saharan Africa

  • Nigerian startup Haba InsurTech raised $75,000 in pre-seed funding.
  • Kenya-based Buy Now, Pay Later fintech Lipa Later announced an investment of $3.4 million.
  • Nigeria’s Paystack announced an expansion into offline payments with the launch of virtual terminals for in-person bank transfers.

Central and Eastern Europe

  • Slovakia-based online payment solutions provider TrustPay launched an instant refunds feature.
  • BlackRock secured a minority stake in German digital wealth managment platform Upvest.
  • AML prevention and compliance solutions provider Savy forged a partnership with Lithuanian regtech AMLYZE.

Middle East and Northern Africa

  • MENA-based open banking platform Tarabut partnered with digital lending platform FLOOSS to bring digital loans to Bahrain.
  • Israeli fintech Stampli secured $61 million for its AI-powered accounts payable automation platform.
  • Emirates NBD launched its digital wealth platform.

Central and Southern Asia

  • India-based Axis Bank partners with Fibe to launch the country’s first numberless credit card.
  • Uzum Group, and a group of institutional investors, have pledged to invest $300 million in Uzbekistan’s digital economy.
  • Indian fintech Spice Money announced a collaboration with NSDL Payments Bank.

Latin America and the Caribbean

  • U.K.-based TerraPay teamed up with Bancolombia to enhance cross-border remittances in Colombia.
  • Fiserv acquired Brazilian EFT solution Skytef.
  • Chilean fintech Galgo secured $40 million in funding led by Mexico’s Nazca fund.

Photo by Marianna

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Wysh Founder Alex Matjanec on How Embedded Life Insurance Can Work for Customers

Wysh Founder Alex Matjanec on How Embedded Life Insurance Can Work for Customers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Speaker series, Wysh

The life insurance industry is anything but static. Technology has changed what is possible, consumer expectations have evolved, and financial habits have changed. One thing that hasn’t changed, however, is that people don’t like thinking about their own mortality.

Wysh is tackling these challenges with its embedded insurance product, a high-yield savings account that currently pays 4% APY and includes an additional life insurance payout of up to $10,000. I spoke with Wysh Founder Alex Matjanec at FinovateFall last month on his Best of Show-winning demo at the show, how Wysh works for customers in today’s interest rate environment, and how he views the future of the insurance industry. Check out our conversation below.

Photo by Einar Storsul on Unsplash

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Lendscape Teams up with Lenvi to Enhance Digital Risk Management

Lendscape Teams up with Lenvi to Enhance Digital Risk Management
By David Penn Posted on
Categories: Alumni News, Daily news, Lenvi
  • Fraud analytics and risk management company Lenvi has partnered with secured finance technology provider Lendscape.
  • The integrated platform will help lenders identify fraud faster, and provide better, more seamless experiences for customers.
  • Headquartered in Leeds, U.K., Lenvi made its Finovate debut earlier this year at FinovateEurope.

Here’s some news that slipped under the radar in recent days and weeks. Lenvi, a Leeds-based fintech that made its Finovate debut at FinovateEurope earlier this year, has announced a partnership with secured finance technology provider Lendscape. Together, the two companies are offering enhanced digital risk management for lenders. The integrated platform will help lenders identify fraud faster, and provide better, more seamless experiences for customers.

“This collaboration, and the integration of our revolutionary mix of workflow technology and next-level credit risk analytics with Lendscape’s powerful lending technology, represents a major step forward in advancing the commercial finance industry’s capabilities,” Lenvi Chief Executive Officer Richard Carter said.

Lenvi brings an advanced, real-time credit risk analytics solution to the partnership. Combined with Lendscape’s lending technology, the joint offering will help lenders establish creditworthiness faster and more accurately. The collaboration will also support smarter lending decisions throughout the entire loan lifecycle – from application to servicing.

“This partnership allows us to give providers a more holistic view of creditworthiness, empowering them to work smarter, optimize their lending operations, or ultimately unlock more working capital for their SME customers,” Lendscape CEO Kevin Day said.

Lendscape provides 120+ banks and lenders with an end-to-end platform that enables them to offer a wide range of financing products. Both institutional and SME lenders can benefit from the ability to build and deliver innovative financing solutions by using Lendscape’s technology. Lendscape was founded as general IT services provider Hill Price Davison in 1972. The company changed its name to HPD Software in 2000, and rebranded as Lendscape two years later. In July of this year, Lendscape announced that it had secured a “significant investment” from private equity firm Bowmark Capital.

In its Finovate debut in March, Lenvi demonstrated its new loan management platform, PF1. The solution supports a wide range of lending types – from mortgages to unsecured loans. PF1 combines a broad and extendable API-first party support, along with comprehensive lending functionality. This allows for feature toggling along with a fully automated online deployments. At the same time, a React user interface and APIs give users the ability to take advantage of a highly configurable workflow engine while remaining compliant and secure.

Founded in 1988, Lenvi works with more than 150+ lenders, providing lendtech solutions in loan software and risk analytics. The company has managed more than $122 billion (£100 billion) in credit assets on behalf of clients, and processes a new loan application every five seconds on its platform.

Photo by John Escudero

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Fiserv Offers More Than 3,000 Institutions Access to Plaid’s Network

Fiserv Offers More Than 3,000 Institutions Access to Plaid’s Network
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Fiserv, Plaid
  • Fiserv has partnered with Plaid to offer its bank clients API-based connectivity to third-party applications on Plaid’s network.
  • The agreement leverages Fiserv’s AllData Connect to allow credential-free data sharing.
  • Fiserv has signed a similar consumer-permissioned data sharing agreements with Akoya, MX, and Finicity.

Digital banking and payments solutions company Fiserv has partnered with financial infrastructure fintech Plaid this week. The two have formed a data-sharing agreement that will offer Fiserv’s 3,000 bank and credit union clients API-based connectivity to the 8,000+ applications on Plaid’s network.

The data-sharing agreement, which will leverage Fiserv’s AllData Connect, will ultimately benefit the end consumer. The deal will help consumers who bank with Fiserv clients share their financial information with third-party financial apps and services such as Venmo, Chime, SoFi, and Betterment.

“Our partnership with Plaid allows banks and credit unions to empower consumers to access their financial information beyond the financial institution, while maintaining their trusted role at the center of people’s financial lives,” said Fiserv President of Digital Payments Matt Wilcox. “By facilitating access to a broad range of capabilities and experiences through third-party apps and services we are charting a course towards an open finance ecosystem that prioritizes data privacy, consumer access, and choice.”

Data sharing via API connectivity instead of an alternative such as screen-scraping offers end users a more seamless way to integrate their financial data into third-party platforms. The API connection also provides consumers more security than screen-scraping, a process that requires them to share their bank login credentials with a third party, which may not have the same level of security as a bank. The data sharing will be secure, transparent, and compliant with the anticipated regulatory guidance outlined by Dodd Frank 1033.

FDX Managing Director Don Cardinal called the relationship between Fiserv and Plaid “a leap forward for direct data sharing and great news for the ecosystem.”

Fiserv’s AllData Connect launched in 2020 and is part of the company’s AllData Aggregation product suite, a set of tools that enables credential-free data sharing. AllData Connect validates the consumer with their respective financial institution and issues a token employed by third parties to access and update that consumer’s data via the AllData Connect platform.

Fiserv signed a similar consumer-permissioned data agreement with Akoya in August and has also partnered with MX and Finicity for data sharing.

Fiserv was founded in 1984 and offers solutions that are used in nearly six million merchant locations and almost 10,000 financial institution clients. The company powers 12,000 financial transactions each second. Fiserv is listed on the NASDAQ under the ticker FI and has a market capitalization of $68.8 billion.

Plaid helps 12,000+ financial institutions offer their customers access to its network of 8,000+ third party financial services via a suite of APIs that connects consumers, financial institutions, and developers. The company also offers identity verification, balance checks, risk assessment scoring, transaction analytics, and more. Plaid was founded in 2013 and is headquartered in San Francisco, California.

Photo by Lukas

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Orum Launches Verify to Determine Validity of Bank Accounts

Orum Launches Verify to Determine Validity of Bank Accounts
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Orum launched Verify, a new product to determine the validity of a bank account before initiating payments.
  • Verify is built on top of FedNow and is able to authenticate 100% of all consumer and business bank accounts held in the U.S.
  • Verify leverages the FedNow payment rail to provide businesses with account information in real time.

Real-time payments innovator Orum has launched a new product called Verify to determine whether a bank account is open and valid before initiating payments. Verify is built on top of FedNow and is able to authenticate 100% of all consumer and business bank accounts held in the U.S.– all within 15 seconds.

Orum’s Verify seeks to help businesses reduce fraud resulting from invalid credentials and mitigate the friction that consumers with valid bank accounts face when making a transaction. Regardless of the reason for the transaction failures, they are costly. A survey conducted in 2020 showed that 60% of business respondents reported losing customers as a result of failed payments and that failed payments lost the global economy more than $118 billion in fees, labor, and lost business in 2020.

“Lost time verifying accounts equals lost revenue and ultimately lost customers,” said Orum Founder and CEO Stephany Kirkpatrick. “This is especially true for business bank accounts, which are notoriously difficult to verify. Businesses need confidence they are debiting or crediting a real account to ensure the payment lands safely in the bank account, but most solutions today are slow or don’t include coverage for all B2B use cases. Verify – built on top of FedNow – has changed this equation, making it now possible to verify any type of bank account instantly.”

Today’s launch hinges on FedNow. Orum leverages the payment rail to provide real-time account information to businesses. The company uses a webhook to automatically send the data back to the business in real-time. This eliminates the need for the customer to get involved by confirming microdeposits or entering their bank login credentials.

Orum was founded in 2019 to serve as a single solution for accessing RTP, FedNow, Same Day ACH, ACH, and Wires. The company’s payment API orchestrates instant payouts, using AI to predict the availability of funds within an account and pre-authorize transactions.

Founded by Stephany Kirkpatrick, Orum has raised over $82 million from investors including Accel, Canapi, Bain Capital Ventures, Inspired Capital, American Express Ventures, and others.

Photo by Steve Johnson

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DataVisor Launches AI Co-Pilot to Enhance Real-Time Fraud Defense

DataVisor Launches AI Co-Pilot to Enhance Real-Time Fraud Defense
By David Penn Posted on
Categories: Alumni News, Daily news, DataVisor
  • Fraud and risk platform DataVisor launched its new AI Co-Pilot solution to enhance real-time fraud defense.
  • AI Co-Pilot includes AI-automated rule tuning, feature generation and automated debugging, and improved explainability among its features.
  • DataVisor made its Finovate debut last month at FinovateFall in New York.

Less than a month after making its Finovate debut at FinovateFall, fraud and risk platform DataVisor has launched AI Co-Pilot. The new offering is a generative AI-facilitated fraud solution designed to catch fraud 20x faster than traditional methods.

AI Co-Pilot helps financial institutions detect fraud in real-time while at the same time reducing the number of false positives. This enables financial institutions to provide effective fraud defense without compromising the user experience with excessive friction.

DataVisor co-founder and CEO Yinglian Xie noted that innovation in the payment space required innovation in the fraud prevention space, as well. With bank transfer and payment fraud losses in the U.S. topping $1.58 billion last year, concerns over fraud risks can serve as an impediment to many financial institutions – especially smaller FIs and credit unions – when it comes to embracing instant payments and other new services that their customers and members want.

“Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention,” Xie said. “This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support.”

Among the new capabilities delivered by DataVisor’s AI Co-Pilot are AI-automated rule tuning to accelerate the fraud response and improve accuracy, feature generation and automated debugging, and improved explainability to ensure transparency.

“(AI Co-Pilot) considerably reduces the need for analyst resources,” Xie added. “This advancement signifies a pivotal step toward enhanced security and efficiency across the industry.”

Founded in 2013 and headquartered in Mountain View, California, DataVisor demoed its fraud and risk platform at FinovateFall last month. At the event, DataVisor’s Ryan Nichols and Kevin McWey showed how the technology’s rules engine, device intelligence, decision engine, and case management combine to enhance fraud detection and minimize losses.

DataVisor has raised more than $94 million in funding. The company includes CMFG Ventures and NewView Capital among its investors. Last month, DataVisor introduced new Chief Revenue Officer Kevin McWey. In July, the company announced that it had partnered with cyber and fraud threat intelligence specialist Q6 Cyber.

Photo by Scott Webb

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5 Tales from the Crypto: Binance, JP Morgan Chase, Quant, IDVerse, and Ripple Make Waves

5 Tales from the Crypto: Binance, JP Morgan Chase, Quant, IDVerse, and Ripple Make Waves
By David Penn Posted on
Categories: Cryptocurrency, List series

This week’s edition of 5 Tales from the Crypto features a pair of stories from cryptocurrency exchange Binance, concerns over crypto-crime and innovations in tokenization from JP Morgan Chase, and a look at a new product, a new partnership, and a new payments license.

Cryptocurrency exchange Binance announced that e-wallet service provider and payment gateway, SticPay will partner with Binance’s payment solution, BinancePay. BinancePay is a contactless, borderless, secure, cryptocurrency payment technology. SticPay will leverage the solution to enhance and streamline its users’ access to a range of leading cryptocurrencies.

SticPay has more than one million users and 5,000 corporate customers in 200+ countries. Courtesy of the new partnership, SticPay users will be able to fund their accounts directly via BinancePay. This will enable them to buy, sell, and send more than 70 leading cryptocurrencies faster and cheaper, which SticPay CEO Sean Park called the company’s mission. “Our users will be able to handle more cryptocurrencies, more efficiently than ever before,” Park said.

The BinancePay news comes just a few weeks after Binance announced that it would sell its Russian business to CommEx. The off-boarding process is expected to take up to a year. Binance said in a statement that the assets of Russian accountholders are safe.

Binance Chief Compliance Officer Noah Perlman noted that the company remained positive on the long-term growth of the cryptocurrency industry worldwide. Nevertheless, he added, “operating in Russia is not compatible with Binance’s compliance strategy.”

The parting of ways between Binance and Russia is total. The company noted that it will have no ongoing revenue split from the sale of its Russia business to CommEx. Binance also did not maintain any option to buy back shares in the business as part of the sale.

Sometimes the gods of cryptocurrency giveth and sometimes they taketh away. In recent weeks, JP Morgan has represented both tendencies with regards to its openness to crypto and digital assets.

A few weeks ago, we learned that JP Morgan Chase UK will ban its customers from making crypto transactions, beginning on October 16. The bank blamed a high number of fraud and scam incidents for its decision. Specifically, according to a bank spokesperson, Chase customers will be unable to buy crypto assets using a Chase debit card. They will also be unable to transfer money to a cryptocurrency account from a Chase account.

Chase is hardly the only financial institution to place limits on its customer’s ability to transact in cryptocurrencies. NatWest limited the amount of money customers can send to crypto exchanges back in March, citing concerns over “crypto criminals.” Santander Bank has also moved to prevent its customers in the U.K. from sending real-time payments to crypto exchanges.

At the same time, JP Morgan Chase has become increasingly interested in blockchain technology and the opportunities in tokenization. This week, JP Morgan unveiled its Tokenized Collateral Network (TCN). The new platform leverages blockchain technology to enable investors to use digital assets as collateral and, further, to transfer collateral ownership without having to transfer assets in the underlying ledgers.

The first public transaction using TCN involved JPMorgan and BlackRock. JP Morgan leveraged its Onyx Digital Assets tokenization platform to convert shares of a money market fund into digital tokens. Those tokens were then transferred to Barclays bank via TCN to be used as a security for an OTC derivatives exchange between JPMorgan and BlackRock.

“The tokenization of money market fund shares as collateral in clearing and margining transactions would dramatically reduce the operational friction in meeting margin calls when segments of the market face acute margin pressures,” BlackRock deputy global COO of cash management Tom McGrath said.

The hope for TCN is that the technology will reduce the number of settlement fails and provide near-instant real-time changes in ownership. TCN is live and a number of clients and transactions are reportedly on deck.

Cryptocurrency exchange Birake Exchange has turned to IDVerse to provide identity verification. The platform specializes in Masternode coins and will leverage its new relationship with IDVerse (formerly known as OCR Labs) to provide KYC and secure digital identity verification (IDV) during the onboarding process.

In a statement, the Romania-based Birake Exchange team underscored its belief in the future of cryptocurrencies and the importance of decentralization. “To mitigate fraud risks while fostering public confidence, judicious customer due diligence through identity verification has become a priority for us,” the team said.

Founded in 2018, the Birake Exchange refers to itself as a “white label crypto exchange” because it offers trading technology that enables its customers to build and brand their own crypto exchanges. The Birake Network has its own blockchain, which is powered by the Birake Coin (BIR).

As OCR Labs, IDVerse demoed its technology at FinovateAsia 2017, winning Best of Show. The company rebranded as IDVerse earlier this year.

Blockchain company Quant has introduced a new solution designed to make blockchain-based transactions more secure for financial institutions. The new offering, Overledger Authorise, helps FIs manage and integrate digital asset private keys with their own current enterprise key management systems. The technology covers the incompatibility gap between existing systems and blockchain private keys by managing the signing of blockchain transactions and key generation.

Quant founder and CEO Gilbert Verdian noted that the success of blockchain technology in banking will depend on innovations in other technologies. “We cannot unlock (blockchain technology’s) true potential without robust and future-proof solutions for cryptographic key management and transaction authorization,” Verdian said.

Overledger Authorise has been stress-tested successfully in Project Rosalind. Project Rosalind is a central bank digital currency project conducted by the Bank of England and the Bank for International Settlements.

Headquartered in London, Quant was founded in 2015.

Ripple’s Singapore-based subsidiary, Ripple Markets APAC, secured its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The MAS gave Ripple Markets in-principal approval earlier this year. The license paves the way for Ripple Markets APAC to issue digital payment tokens (DPTs).

Ripple CEO Brad Garlinghouse called Singapore “pivotal” to the company’s global business. Ripple established Singapore as its Asia Pacific headquarters in 2017. Garlinghouse referred to Singapore as “one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

A Finovate alum since debuting as OpenCoin in 2013, Ripple has grown into a major enterprise blockchain solution provider for the financial services industry. Earlier this year, Ripple won a court ruling that its native cryptocurrency, XRP, was a digital token and “not in and of itself a ‘contract,’. As such, the court rules that Ripple was not guilty of selling unregistered securities – as accused by the U.S. Securities and Exchange Commission in 2020.

Photo by Pok Rie

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Unlocking Open Banking Data: A Masterclass in Cash Flow-Based Underwriting

Unlocking Open Banking Data: A Masterclass in Cash Flow-Based Underwriting
By Lili Nguyen Posted on
Categories: Finovate Webinar

In the constantly evolving landscape of open banking, lenders are presented with a remarkable opportunity to redefine their underwriting processes. By harnessing the power of cash-flow data, lenders can elevate their precision in assessing customer risk and confidently explore untapped markets. 

As open banking data becomes more accessible worldwide, a central question emerges: How can lenders effectively utilize this data? 

Join us for a groundbreaking discussion led by industry experts in open banking, where we will delve into the current state of the open banking landscape in credit underwriting (B2C and B2B). 

Discuss strategies on how to effectively:

  • Tag and categorize cash flow data 
  • Extract valuable signals tailored to your use case 
  • Combine data from multiple open banking sources 
  • Optimize your underwriting infrastructure to better leverage cash flow data 

Don’t miss this unique opportunity to gain invaluable insights into the future of underwriting and discover how open banking can empower your lending strategies.

Moderated by Julie Muhn, Senior Research Analyst, Finovate

On the panel:

  • Maik Taro Wehmeyer, CEO, Taktile
  • Abhinav Swara, VP and Head of Credit Risk, Bluevine
  • Jonathan Gurwitz, Credit Lead, Plaid

In collaboration with

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Procurement Finance Company Treyd Appoints Colin Moss-Davies as CRO

Procurement Finance Company Treyd Appoints Colin Moss-Davies as CRO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Treyd has appointed Colin Moss-Davies as its first Chief Revenue Officer.
  • With 25 years of experience, Colin Moss-Davies comes to Treyd most recently from PayPal.
  • Sweden-based Treyd pays for inventory upfront on behalf of its business clients.

Procurement financing company Treyd has appointed ex-PayPal sales head Colin Moss-Davies as its first Chief Revenue Officer.

Moss-Davies comes to Treyd with 25 years of sales experience. The company anticipates Moss-Davies will bring growth and profitability to the company, which seeks to help small businesses “sell first, pay suppliers later.”

“Hiring a CRO of such calibre is a natural step in our global scaling journey as we progress towards profitability,” said company CEO and Co-founder Peter Beckman. “We quickly realised Colin was the right person to lead Treyd’s revenue operations through this next phase of expansion, and I am confident that his experience from revenue leadership in exceptional fintechs across multiple stages, together with his assured nature and all-embracing management style, will prove the perfect addition to our team here at Treyd.”

As part of his role at Treyd, Moss-Davies will work from the company’s London office help scale and unify the company’s commercial teams, align international offices, and bring new revenue opportunities.

“I am delighted to join a talented team with a great culture, very clear vision, and dedication to supporting SMEs,” said Moss-Davies. “Treyd’s ‘sell first, pay suppliers later’ service enables SMEs to sell inventory before it’s paid for, a truly beneficial service to retailers particularly during these tough trading times. My role will be focused on expanding adoption of the service in all markets and setting the organisation up for success as we scale globally.”

Treyd was founded in 2019 and pays for inventory upfront on behalf of its business clients. This frees up cashflow for small businesses to sell more of their products and ultimately promote growth. The Sweden-based company launched in the U.K. in 2022 and later that year saw a 5x increase in customer number and a 10x increase in revenue.

Treyd currently has 60 employees and has supplied $123 million (£100 million) in financing to its 600 supplier clients across five markets. The company closed a $12 million Series A extension last month, bringing the company’s total funding to over $25 million. 

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Data Intelligence Startup Curinos Teams Up with Capital Markets Technology Firm Polly

Data Intelligence Startup Curinos Teams Up with Capital Markets Technology Firm Polly
By David Penn Posted on
Categories: Alumni News, Curinos, Daily news
  • Data intelligence startup Curinos announced a new strategic collaboration with mortgage capital markets technology company Polly.
  • Polly will integrate Curinos’ market pricing data into its Product and Pricing Engine (PPE).
  • Curinos made its Finovate debut earlier this year at FinovateSpring.

Data intelligence startup Curinos has forged a new partnership with Polly, a company that provides mortgage capital markets technology. Polly will integrate Curinos’ market pricing data into its Product and Pricing Engine (PPE) to produce what both companies are calling the largest competitive dataset gathered from industry third parties.

“Our partnership will enable clients to seamlessly analyze their market position and support effective margin decisions without leaving their pricing engine,” Curinos EVP of Real Estate and Consumer Lending Brandonn Dukes explained. “These benefits will allow users to establish proactive margin management processes and remain competitive in any market environment.”

A product of the combination of Novantas and Informa’s FBX business, Curinos offers technology that helps financial institutions make better, faster, and more profitable data-driven decisions. Curinos’ technology facilitates access to comprehensive datasets and analytics, smart technologies, and connected behavioral insights, and can be applied across financial services ranging from deposits to lending.

A new Finovate alum, Curinos made its Finovate debut earlier this year at FinovateSpring. At the conference, the company demonstrated its Amplero Personalization Optimizer. Designed for high-impact use cases, the technology leverages innovations in marketing automation to deliver hyper-personalized omnichannel experiences in minutes, rather than months. Founded in 2021, Curinos also forged a partnership earlier this year with customer intelligence technology and service provider Touchpoint Group.

Polly Chief Revenue Officer Parvesh Sahi highlighted the way the new integration will help lenders, as well as enable Polly to accelerate its own efforts with regards to business intelligence. “Not only does this collaboration enable lenders to optimize their operations and maximize profitability with new data and services today, but it also lays the groundwork for Polly’s long-term data and analytics strategy,” Sahi said.

Founded in 2019, Polly helps banks, credit unions, and mortgage lenders automate and optimize the entire capital markets value chain. From rate lock to loan sale and delivery, Polly offers a vertically integrated capital markets solution that helps lenders scale their mortgage operations. The company is based in San Francisco, California. Adam Carmel is founder and CEO.

Photo by Karolina Grabowska

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Thomson Reuters Launches E-Invoicing Tool

Thomson Reuters Launches E-Invoicing Tool
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Daily news, Thomson Reuters

Content and technology company Thomson Reuters launched an e-invoicing product called ONESOURCE E-Invoicing this week, a tool that marries e-invoicing and tax compliance.

The new offering will be added to Thomson Reuters’ ONESOURCE software suite. It will not only help users manage global tax compliance– which is already available within the ONESOURCE software line– but will also bring in e-invoicing compliance by connecting financial systems and ERP systems.

Thomson Reuters has partnered with Pagero to leverage its Smart Business Network that connects buyers and sellers to exchange orders, invoices, payment instructions, and other business documents. Pagero will help automate the process and ensure compliance.

“Compliance with e-invoicing mandates is accelerating as a key priority, and historically it has not been an easy task, with regulations varying significantly across regions,” said Thomson Reuters Head of Product, Transactional Compliance Ray Grove. “We’re excited to be able to support businesses in overcoming these challenges with ONESOURCE E-Invoicing. This helps them accurately and efficiently meet compliance obligations – increasing confidence and peace of mind on what can be a daunting and ongoing task.”

ONESOURCE E-Invoicing offers a single location where customers can manage e-invoicing compliance across networks and borders with ERP and API integrations, and save time with automated e-invoice validation. In addition to e-invoicing and tax support, the ONESOURCE software suite also provides tax determination, indirect compliance, and a certificate manager.

The Canada-based firm, which is known for its news and media content as well as for its legal, tax, and compliance support, recently acquired Casetext, an AI-powered legal research technology company, for $650 million.

Thomson Reuters has demoed at two Finovate events– showcasing its App Store solution at FinovateFall 2012 and at FinovateSpring that same year. The company is listed on the New York Stock Exchange under the ticker symbol TRI and currently has a market capitalization of $57.33 billion.

Photo by Andrea Piacquadio

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Trulioo Examines Challenge of Business Identity Theft in New Survey

Trulioo Examines Challenge of Business Identity Theft in New Survey
By David Penn Posted on
Categories: Report series, Trulioo

A new survey from identity verification platform Trulioo reveals that nearly 80% of responding organizations have suffered from business identity theft. Business identity theft involves defrauding, extorting, or stealing money from a company. The data comes from Trulioo’s Global Know Your Business (KYB) Survey, conducted last month. The review included responses from 705 professionals in banking, payments, e-commerce, trading, health care, and the public sector.

“Our global KYB survey shows that 79% of companies have been affected by business identity theft,” Trulioo Chief Product Officer Michael Ramsbacker said. “Fraudsters all too often find an open door by using stolen business identities.”

In addition to the high number of companies reporting experience with business identity theft, the survey noted that more than a third of those responding (34%) said that they were not happy with their current business verification vendor. These respondents cited issues with data accuracy, international coverage, and meeting compliance regulations as the major challenges to effective and efficient business verification.

To this end, Ramsbacker underscored that Trulioo’s approach helps businesses deal with this specific attack vector by enabling companies to conduct business verification as part of the onboarding process. “(Our) platform allows our customers to deploy onboarding workflows that verify the user submitting the business information is affiliated with the business,” Ramsbacker explained. “Trulioo provides multilayered business verification and global data sources, all through one platform, to help organizations thwart those fraud threats and achieve compliance in countries around the world.”

More than 50% of survey respondents came from businesses reporting annual sales of more than $500 million. A majority of the survey respondents reported verifying more than 100 businesses a month. The survey respondents were geographically diverse, hailing from North America, Central and South America, Asia-Pacific, Europe, the Middle East, and Africa.

A Finovate alum since 2014, Trulioo won Best of Show for its demo at FinovateEurope last year. The company returned to the Finovate stage this March, showing how its global identity platform provided a comprehensive suite of services to verify both individuals and businesses. More recently, Trulioo launched its Advanced Global Person Match Services with Intelligent Routing offering. This solution adds to the capabilities of Truiloo’s Workflow Studio, a component of the company’s identity platform.

“The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems,” Ramsbacker explained, “enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage.”

Headquartered in Vancouver, British Columbia, Canada, Trulioo provides real-time identity verification of more than five billion people and 700 million businesses around the world. Founded in 2011, the company has raised more than $474 million in funding from investors including Goldman Sachs and Blumberg Capital. Steve Munford is CEO.

Be sure to check out Trulioo’s upcoming webinar – Optimize Onboarding to Maximize Revenue – coming at 10am Eastern on Tuesday, October 31.

Photo by kat wilcox

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