Alumni News

Insurtech Eleos Secures $4 Million in Seed Funding

Insurtech Eleos Secures $4 Million in Seed Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Eleos, Funding, Fundings
  • U.K.-based insurtech Eleos has secured $4 million in seed funding.
  • The round was led by Fuel Ventures and Indico Capital. Early-stage investor APX also participated.
  • Eleos made its Finovate debut earlier this year at FinovateEurope in London.

Eleos, an insurtech and income protection provider based in the U.K., has raised $4 million in seed funding. Fuel Ventures and Indico Capital led the round, with Berlin-based early-stage investor APX also participating. Eleos made its Finovate debut earlier this year at FinovateEurope in London.

“With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the U.K.” Eleos CEO and Co-Founder Kiruba Eswaran said. “Part of the funding is also earmarked to launch operations in the U.S.”

Eleos embeds white-labelled life insurance and income protection into the online journeys of financial brands. These services and products give Eleos’s partners the ability to benefit from new revenue streams as well as more thorough customer engagement and greater customer retention. Eleos’s FCA authorization also provides its partners – companies like Loqbox, CreditSpring, and Updraft – with full regulatory coverage. Eleos customers also get a variety of free benefits, including 24/7 remote GP services and mental health support.

Fuel Ventures founder Mark Pearson credited Eleos for its experience, understanding of the industry, and access to a substantial market. “With Eleos we’ve found all three and we believe their products encapsulate our thinking about the insurance space – giving people easy access on familiar platforms.”

Founded in 2023, Eleos has already served more than 20,000 customers in the U.K. The company offers personalized and dynamic quotes for its insurance product, and enables potential customers to choose an affordable monthly payment plan and buy their insurance policy in minutes. Additionally, Eleos’s income protection solution helps individuals cover their essential expenses in the event of an illness or injury that requires long-term sick leave. Currently offering embedded insurance for brands, Eleos is planning to offer insurance policies directly to individuals in the future.

“The insurtech market has plenty of room to grow and Eleos is targeting areas which are not only sizable but overlooked by other current players globally,” Indico Capital Partners Managing General Partner Stephan Morais said.

Photo by Mikhail Nilov

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AMLYZE Teams Up with Aura Cloud to Enhance Financial Crime Fighting Tools

AMLYZE Teams Up with Aura Cloud to Enhance Financial Crime Fighting Tools
By David Penn Posted on
Categories: Alumni News, Alumni profile, AMLYZE, Daily news

AMLYZE, a regtech specializing in combating financial crime that made its Finovate debut at FinovateEurope earlier this year, has forged a strategic partnership with Aura Cloud. Headquartered in Lithuania, AMLYZE offers anti-financial crime solutions for a variety of financial services providers, including fintechs, banks, and cryptocurrency firms. The company’s partnership with Sweden-based Aura Cloud will combine the latter’s expertise in financial crime prevention with the former’s digital banking solutions.

AMLYZE Co-Founder and Head of Partnerships Jekaterina Govina praised Aura Cloud for its “commitment to agility and innovation” which Govina said “aligns perfectly with our mission to provide AML/CFT solutions, built by regulatory insiders who understand customer pain points from the inside out.” Govina added, “Together, we will empower financial institutions to stay ahead of the curve in the fight against financial crime.”

AMLYZE leverages AI, synthetic data, and the power of the network to offer a paradigm-shifting approach to AML. The AMLYZE platform’s use of synthetic data and privacy enhancing technologies (PETs) enables aggressive adoption of AI and machine learning techniques and strategies that do not violate confidentiality or breach data privacy. The company’s technology can be deployed to provide real-time and retrospective transaction monitoring, customer risk assessments, AML/CFT investigations, and PEP, sanctions, and negative media screening. Moreover, AMLYZE’s model facilitates not only effective financial crime detection, but also AI model training, testing of automated solutions, and AML staff training.

“(AMLYZE’s) automated transaction monitoring and customer risk assessment solution provides additional possibilities for our core banking platform customers to have (a) state of the art solution to minimize financial crime and enhance compliance,” Aura Cloud CEO Prem Bhagwat said. “We see this partnership as an excellent addition to our current partnership ecosystem in Northern Europe and beyond.”

Headquartered in Vilnius, Lithuania, AMLYZE made its Finovate debut earlier this year at FinovateEurope 2024 in London. The company has raised $1 million (€1 million) in pre-seed funding, courtesy of an investment round led by Practica Capital, a major venture capital firm based in the Baltics, and FIRSTPICK, a Baltics-based accelerator and venture capital fund.

Photo by Humphrey Muleba

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Trulioo Taps Into Mastercard’s Identity Solutions

Trulioo Taps Into Mastercard’s Identity Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, MasterCard, Trulioo
  • Trulioo and Mastercard have partnered to help clients streamline onboarding while combatting fraud.
  • Trulioo will leverage Mastercard’s identity solutions to gain insight into identity and risk scores.
  • Mastercard will tap Trulioo’s global business identity verification services to enhance its Onboard Risk Check product by adding a layer of assurance to merchant and consumer onboarding solutions.

Global identity platform Trulioo announced today it has teamed up with Mastercard to help merchants streamline digital onboarding while helping them combat fraud.

Under the agreement, Trulioo will leverage Mastercard’s identity solutions to power two of its products– Person Match and Risk Intelligence. This will offer Trulioo insights into identity and risk scores through a customizable, intuitive dashboard, extending the company’s offerings beyond API-based products and further enhancing its onboarding processes.

“Trulioo is proud to partner with Mastercard and shares their dedication to industry-leading business verification and fraud prevention,” said Trulioo CEO Steve Munford. “As organizations navigate the complexities of the digital payments industry, fraud and business identity theft are constant threats. This is a pivotal milestone in our joint endeavor that will pave the way for a more secure global digital landscape.”

Mastercard will also see benefits from the strategic partnership. Trulioo’s global business identity verification services will enhance Mastercard’s Onboard Risk Check product by adding a layer of assurance to merchant and consumer onboarding solutions, helping to mitigate risk, reduce fraud, and increase trust in payments made across the globe.

“The digital economy thrives when people trust it and trust each other,” said Mastercard executive vice president, Identity Products, and Innovation Dennis Gamiello. “The ability to verify people are who they say they are instills confidence on both sides of digital interactions. Together with Trulioo, we are fueling the connections that make a vibrant digital economy possible.”

Canada-based Trulioo was founded in 2011 to help organizations navigate compliance by offering real-time verification of more than 13,000 ID documents and 700 million business entities across the globe, while checking against more than 6,000 watchlists. The company has raised $475 million.

Photo by Brett Jordan on Unsplash

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JRNI Teams Up with Backbase to Boost Customer Engagement via Digital Appointment Scheduling

JRNI Teams Up with Backbase to Boost Customer Engagement via Digital Appointment Scheduling
By David Penn Posted on
Categories: Alumni News, Backbase, Daily news
  • Customer engagement company JRNI has integrated with bank technology innovator Backbase.
  • The integration will bring new appointment scheduling functionalities to users of Backbase’s Engagement Banking platform.
  • Headquartered in Amsterdam, Backbase has been a Finovate alum since 2009.

JRNI, a leader in global customer engagement for financial services, has integrated with Backbase, adding new appointment scheduling functionalities to the Backbase Engagement Banking Platform.

“We believe that the banking experience is enriched by building trust through personal connections,” Backbase general manager of ecosystems Roland Boojien said. “This partnership aims to seamlessly provide convenient personal connections in banking and wealth management, effortlessly uniting customers and trusted advisors at their preferred time and location.”

Backbase’s Engagement Banking Platform provides financial institutions (FIs) with a range of digital solutions for customer onboarding, servicing, financing origination, loyalty, and more – all from a single platform. Courtesy of the integration, financial institution customers on the platform will be able to book both virtual and in-person appointments seamlessly and securely. JRNI’s Self-Scheduling Appointment booking solution will give FIs the ability to offer an end-to-end embedded experience that begins with initial customer contact and continues through the customer’s entire journey with ongoing relationship management and support.

The Self-Scheduling Appointment booking solution will be available as an out-of-the-box add-on integrated within Backbase’s Digital Assist offering. Digital Assist provides a unified solution that helps customer-facing teams at FIs resolve customer service issues quicker, as well as upsell additional products and services easier.

“Backbase Digital Assist helps make interactions more efficient, effective, and of higher value,” JRNI CEO Phil Meer said. “JRNI’s engagement capabilities complement Backbase’s offering to drive trusted connections and relationships. Backbase shares our vision and its global platform prioritizes customer engagement as a critical pillar.”

Founded in 2008 and based in Boston, Massachusetts, JRNI offers a customer engagement platform that helps companies improve both customer acquisition and retention, as well as promote brands, drive hyper-personalization, and better engage target audiences. The company’s enterprise-grade event management platform handles scheduling, queuing, and analytics to provide customers with a personalized experience whether in-person or virtual.

Headquartered in Amsterdam, Backbase has been a Finovate alum since 2009. Most recently demoing its technology at FinovateFall 2021 in New York, the company has won Best of Show on four separate occasions. With more than 150 customers and 2,000+ employees around the world, Backbase provides a platform that enables financial institutions to offer their customers the latest fintech innovations without having to abandon their existing core banking systems.

Backbase’s JRNI announcement comes just days after the firm announced that Malaysia’s Bank Muamalat Malaysia Berhad (Bank Muamalat) had agreed to a long-term partnership designed to “revolutionize” the bank’s digital Islamic Banking offerings. Also participating in the partnership is fellow Finovate alum, Mambu.

Photo by Liene Ratniece

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FintechOS Lands $60 Million for its Core Modernization Technology

FintechOS Lands $60 Million for its Core Modernization Technology
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, FintechOS, Funding
  • FintechOS received a $60 million investment, boosting its total funding to over $151 million.
  • FintechOS will use the new funds to accelerate its global expansion.
  • In the announcement, FintechOS revealed it experienced 40% year-over-year revenue growth in 2023 and said it expects to break even in 2024.

Financial product management platform FintechOS recently announced it received a $60 million Series B+ investment, boosting its total funding to more than $151 million. Molten Ventures, Cipio Partners, and BlackRock led the round, while existing investors EarlyBird VC, OTB VC, and Gapminder VC also contributed.

FintechOS serves up technology that helps organizations launch and manage financial products and services without having to replace their existing core infrastructure. The company offers low-code/ no-code tools to help organizations extend the capabilities of their existing core, launch new products, improve their customer experience, and optimize back-office workflows across lending, savings, insurance, investment, and embedded finance operations.

While FintechOS will use the funds to accelerate its global expansion, the New York-based company has already made significant progress towards global growth. The company operates globally, with a presence in Europe, North America, and Asia. FintechOS is available in the U.K., the U.S., Canada, Germany, France, the Netherlands, Romania, Spain, Italy, Poland, Belgium, Australia, Singapore, and others.

“Securing this investment is a testament to the confidence our investors have in our vision and execution,” said FintechOS Co-founder and CEO Teo Blidarus. “Our rapid growth and operational improvements reflect the demand for our next-generation financial product management solutions. We are revolutionizing the financial services industry by providing technology that enables core modernization and drives innovation.”

Since Blidarus co-founded FintechOS in 2017, the company experienced 40% year-over-year revenue growth in 2023 and has seen a 170% increase in operating margins. The company expects to break even in 2024. Following its recent $15 million funding round in early 2022, FintechOS has achieved over 300% growth, expanding its client base to 50 global clients. This growth includes high-profile additions such as Société Générale, Admiral, Benenden Health, Avant Money, and Vibrant Credit Union.

“FintechOS’s growth trajectory is a clear indicator of their potential,” said Cipio Partners Managing Partner Roland Dennert. “We are delighted to be part of this journey and look forward to seeing the transformative impact they will make in the financial services sector. Their commitment to modernization and innovation aligns perfectly with our investment strategy.”

As organizations struggle to adapt to changing consumer expectations and new technologies while maintaining their legacy core infrastructure, technologies such as FintechOS’ will see increasing growth. That’s because many traditional players in the space continue to operate using old computer languages such as COBOL, which was developed in 1959 and does not interface easily with modern fintech solutions.

Photo by Igor Starkov

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Atomic Launches Subscription Management Solution PayLink Manage

Atomic Launches Subscription Management Solution PayLink Manage
By David Penn Posted on
Categories: Alumni News, Atomic FI, Daily news
  • Payroll connectivity innovator Atomic launched its subscription management solution, PayLink Manage.
  • The new offering for financial institutions enables users to monitor recurring payments and make real-time changes from within their banking app.
  • Atomic most recently demoed its technology earlier this month at FinovateSpring in San Francisco.

Payroll connectivity innovator Atomic unveiled its latest offering: PayLink Manage. The new solution is an actionable subscription management tool for financial institutions that enables users to monitor recurring payments and make real-time changes from within their banking app.

“By integrating PayLink Manage, banks can not only improve their service offerings and increase engagement, but also can solidify themselves as the primary banking relationship,” Atomic CEO and Co-Founder Jordan Wright said. “When banks help their account holders with innovative insights that are actionable, everybody wins.”

PayLink centralizes and automates oversight and control of recurring payments. Users can connect, view, and track a variety of payment types from subscriptions and bills to streaming services and mortgage payments. PayLink Manage also enables users to make real-time changes to their subscriptions directly within the banking app. Additionally, courtesy of Atomic’s direct connectivity, financial institutions can gain insights into usage data, itemized receipts, and other key subscription information. This facilitates deeper analysis, driving more personalized guidance that helps users save money.

“PayLink leverages Atomic’s proven technology, which has already facilitated millions of secure connections across financial platforms,” Atomic Chief Product Officer Andrea Martone said. “With this launch, we are extending our trusted, robust connectivity framework to subscription management, providing financial institutions with a tool to enhance customer engagement and improve retention by helping people take action to improve their financial outcomes.”

Headquartered in Salt Lake City, Utah, Atomic made its most recent Finovate appearance earlier this month at FinovateSpring in San Francisco. At the conference, the company demoed its subscription management technology, which leverages its access to payroll, HRIS systems, and merchants to support a range of financial services, including direct deposit switching, income and employment verification, and more. Founded in 2019, Atomic has raised more than $68 million in funding from investors, including ATX Venture Partners and Portage Ventures.

Photo by Samuel Sweet

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Finotta and Constellation Help Credit Unions Enhance the Member Experience

Finotta and Constellation Help Credit Unions Enhance the Member Experience
By David Penn Posted on
Categories: Alumni News, Daily news, Finotta
  • Embedded finance and digital banking solutions provider Finotta has announced a strategic partnership with Constellation Digital Partners (Constellation).
  • Constellation will integrate Finotta’s Personified platform into its own solution to help credit unions offer personalized financial guidance to their members.
  • Finotta made its Finovate debut at FinovateFall 2022 in New York.

Embedded finance and digital banking solutions provider Finotta forged a strategic partnership with Constellation Digital Partners (Constellation). A cloud-native digital banking services provider, Constellation will integrate Finotta’s Personified platform into its own solution to give credit unions new resources to boost member engagement and satisfaction, as well as drive digital growth.

“More than 90% of consumers expect their financial institution to offer a modern digital banking platform, but this is table stakes,” Finotta Founder and CEO Parker Graham said. “The key is differentiating the experience based on what members need and want, which is financial guidance. Unfortunately, this is also where massive missteps are made. Many traditional PFMs inadvertently shame consumers for poor financial habits rather than encourage positive behavior, killing the overall experience. As a result engagement is down considerably.”

Founded in 2018 and headquartered in Overland Park, Kansas, Finotta made its Finovate debut at FinovateFall 2022 in New York. At the conference, the company demoed Personified, a suite of products that enable FIs to provide personalized financial guidance via their mobile banking apps. Personified helps financial institutions anticipate member and customer needs, increase product conversions, and deliver actionable financial guidance – all in a single solution. The platform helps banks and credit unions leverage the digital channel to generate more revenue, improve financial performance, and boost profitability for members and customers.

Last year, Finotta noted that its Personified platform had increased user engagement compared to other mobile banking apps, with an average use of 13 minutes per month per user. According to Graham, this compares favorably to the “less than one minute per month” that users spend on the average mobile banking app. Not only does this reflect a significant lack of engagement from users, it also limits the FIs ability to cross-sell other products and services. Finotta also pointed to a study from Oracle that suggested as much as 40% of customers believe that independent PFM apps are superior to the offerings provided by most financial institutions.

“Embedded (Finotta’s) technology into our platform will equip credit unions with the tools they need to thrive in the digital age while delivering personalized, seamless, and exceptional service to their members every step of the way,” Constellation SVP and Head of Product Aaron Oplinger said. “We look forward to the value this will bring our industry.”

Founded in 2017 and headquartered in Raleigh, North Carolina, Constellation Digital Partners is a leading provider of mobile and digital banking solutions for community-based financial institutions. The company is dedicated to empowering both credit unions and community banks with innovative solutions for mobile banking, online account management, personalized financial insights, and more. The company has raised $17 million in funding via a Series A round completed in 2020. Kris Kovacs is President and CEO.

Photo by Faik Akmd

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Hightech Payment Systems Acquired Irish Digital Banking and Payments Solutions Provider CR2

Hightech Payment Systems Acquired Irish Digital Banking and Payments Solutions Provider CR2
By David Penn Posted on
Categories: Alumni News, CR2, Daily news, Mergers & Acquisitions
  • Ireland-based digital banking and payment solutions provider CR2 has agreed to be acquired by Morocco-based Hightech Payment Systems (HPS).
  • The transaction will strengthen HPS’s value proposition in French-speaking markets in Africa and help the company expand into English-speaking Africa and Australia.
  • CR2 made its Finovate debut at FinovateFall 2014 in New York.

Irish digital banking and payment solutions provider CR2 has agreed to be acquired by Morocco’s Hightech Payment Systems (HPS). The move will bolster HPS’s digital banking and payment capabilities and consolidate the company’s status as a leader in the African market, especially in its Francophone regions. The acquisition also will help HPS expand in English-speaking Africa and Australia due to CR2’s strength in these markets. Terms of the acquisition were not immediately available.

“We are pleased to be joining Abdeslam and the team at HPS,” CR2 CEO Fintan Byrne said in a statement. “Together, we share a wealth of experience, a passion for innovation, and a relentless focus on customer success.” Byrne added that the acquisition aligns with CR2’s global expansion goals. “With additional scale comes even more opportunity to invest and innovate. This is an exciting time to be in the digital banking and payments technology sector,” Byrne said.

A Finovate alum for more than a decade, CR2 offers digital banking and payment solutions via its flagship platform, BankWorld. The platform gives more than 90 banks in 50+ countries a comprehensive suite of digital banking, digital wallet, and payment functionalities. HPS will combine CR2’s technology with its PowerCARD suite of payment solutions which is used by 500+ institutions in more than 95 countries. HPS further noted that CR2 will “contribute materially” to its financial bottom line, post-acquisition. CR2 generated revenues of €23.8 million in the 12 months leading up to June 2023.

“Today marks a significant milestone in the continued growth of HPS,” HPS Co-Founder and CEO Abdeslam Alaoui Smaili said. “CR2 has a differentiated and exciting capability set, which is a strong fit for HPS and adds significant depth and breadth to our platform.”

Founded in 1995, HPS is a multinational corporation that provides payment software and solutions for issuers, acquirers, card processors, independent sales organizations (ISOs), retailers, mobile network operators (MNOs), and more. HPS is headquartered in Casablanca, Morocco, and has been a member of the Casablanca Stock Exchange since 2006.

Headquartered in Dublin, Ireland, with offices in Dubai, Jordan, India, and Australia, CR2 most recently demonstrated its technology at FinovateFall 2014 in New York. Earlier this year, the company announced a strategic partnership with U.K.-based core banking and financial solutions provider Fimple.

Photo by Luciann Photography

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FinovateSpring 2024 Best of Show Winners Announced

FinovateSpring 2024 Best of Show Winners Announced
By David Penn Posted on
Categories: Alumni News, Best of Show, Bloom Credit, Cascading AI, Daily news, Kobalt Labs, QuickFi, Remynt, SAVVI AI

The demos are done. The votes have been counted. And the people have spoken. After two days of live fintech demos here at FinovateSpring 2024, we are proud to introduce the winners of Best of Show.

Bloom Credit for its technology that helps banks and credit unions offer a deposit retention and credit building tool to their client base.

Cascading AI for its platform that improves efficiency in banks by 30x by automating rote tasks, enabling banks to leverage that step-change in efficiency to grow their top and bottom lines.

Kobalt Labs for its solution that helps fintechs and financial institutions accelerate and strengthen their third-party diligence, leading to faster and safer paths to revenue-generating partnerships and operational efficiency that doesn’t increase headcount.

QuickFi for its technology that enables banks and manufacturers to give their business customers a fully digital, self-service finance experience that’s fast, intuitive, and consistent with how modern business borrowers prefer to do business.

Remynt for its platform that helps creditors achieve higher recoveries and recapture defaulted consumers as customers when their financial position improves.

SAVVI AI for its solution that helps financial services companies step into the age of AI, with faster, more accurate forecasting, without changing their workflow or processes and using their existing teams.

A heartfelt thanks to all of our demoing companies for sharing their latest fintech innovations with our FinovateSpring audience. Be sure to check out the Finovate Podcast featuring Greg Palmer in the weeks to come as he interviews FinovateSpring 2024’s Best of Show winners.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2024 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021
FinovateEurope 2022
FinovateSpring 2022
FinovateFall 2022
FinovateEurope 2023
FinovateSpring 2023
FinovateFall 2023
FinovateEurope 2024

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Socure and Proof Partner to Fight Fraud in Authorizations, Contracts, and Forms

Socure and Proof Partner to Fight Fraud in Authorizations, Contracts, and Forms
By David Penn Posted on
Categories: Alumni News, Daily news, Socure
  • Digital identity verification innovator Socure announced a partnership with identity-secured transactions company Proof.
  • The partnership will combine Proof’s Defend solution with Socure’s Sigma Fraud suite to help companies fight fraud and forgery in authorizations, agreements, contracts, and forms.
  • Founded in 2012, Socure made its Finovate debut the following year at FinovateFall in New York.

A new partnership between digital identity verification innovator Socure and identity-secured transactions company Proof will bring new tools to the fight against fraud and forgery in authorizations, contracts, and forms.

“With the explosion of new fraud vectors, our mission at Socure remains steadfast: use AI to deliver the most accurate anti-fraud and identity verification solutions in the industry,” Socure Founder and CEO Johnny Ayers said. “Partnering with Proof allows us to uniquely ensure identity-assured transactions for contracts, authorizations, forms, and high-risk financial events across various sectors.”

While there is widespread understanding about threats like money laundering that cost businesses $18 billion every year, the challenge from document fraud is significantly greater. A 2021 report from FINCEN revealed that false records and forgery are responsible for more than $45 billion in fraud activity annually. Fraudsters also have become more effective at leveraging AI to deploy deepfakes, synthetic identities, and – in the case of document fraud – falsified records.

The partnership will blend the strengths of Proof’s Defend solution with Socure’s Sigma Fraud suite. Defend leverages 100+ behavioral, fraud risk signals to detect fraud in online customer interactions. Businesses get a risk score for every transaction that highlights any fraud issues behind the authorization, signature, notarization, or identity verification.

Sigma Fraud analyzes historic behavioral patterns across channels to spot anomalies that may indicate fraudulent activity at the identity level. The suite also is backed by consortium data from the Socure Risk Insights Network, which draws from nearly 2,400 customers from the country’s largest banks, fintechs, payment platforms, and payroll providers.

“Adding Socure’s digital identity verification capabilities to Defend, our fraud detection and prevention product, allows customers to secure transactions at every stage, quickly and accurately,” Proof CEO Pat Kinsel said. “We can’t think of a better partner and are excited to introduce Socure to Defend clients.”

Founded in 2012, Socure made its Finovate debut at FinovateFall a year later. Most recently demoing its technology on the Finovate stage in 2017, Socure has since grown into a leader in digital identity verification with more than 2,300 customers. Last month, the company unveiled its new global watchlist screening and monitoring tool. The solution gives financial institutions the ability to screen, monitor, and assess new and existing customers against the Office of Foreign Assets Control (OFAC) sanction lists and politically exposed persons (PEP) databases, adverse media, and custom watchlists.

Socure began the year announcing a pair of new partnerships. In January, the company reported that auto finance company Exeter Finance would deploy the Socure ID+ platform to onboard new customers. In February, Socure teamed up with fellow Finovate alum Trustly to offer a Pay-by-Bank solution with streamlined onboarding.

Photo by Andrea Piacquadio

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N-iX Enhances Partnership with Mitek

N-iX Enhances Partnership with Mitek
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Mitek

Software solutions and engineering firm N-iX announced today it has enhanced its partnership with digital identity verification tools company Mitek Systems. Under the agreement, N-iX has tapped Mitek to enhance its digital identity verification and fraud prevention efforts.

Specifically, N-iX will leverage the Mitek Verified Identity Platform (MiVIP), a tool that allows organizations to aggregate multiple identity verification services using a low-code, no-code approach. MiVIP will help N-iX deploy the identity verification capabilities quickly, and will offer an easy-to-navigate experience for end users to maximize customer onboarding.

“By leveraging Mitek’s technologies, we are better positioned to meet the evolving needs of our clients in secure KYC, onboarding, and fraud prevention tools,” said N-iX Financial Services Client Partner Nataliya Maslak. “This partnership underscores N-iX’s ongoing commitment to fostering innovation and achieving excellence in the financial services domain and the digital security landscape.”

N-iX anticipates that Mitek’s MiVIP will enhance the service for end users while keeping digital transactions secure. With MiVIP, organizations can select a range of identity verification services and build multiple KYC processes with customizable workflows that will suit a range of risk profiles, products, and regulatory requirements. The technology guides end users throughout the onboarding process at their own pace and reengages them if they click out of the flow.

N-iX was founded in 2010 to offer technology to companies across financial services. The Florida-based company has been partnered with Mitek since 2016, using Mitek’s tools to develop customer lifecycle management and know your customer products. N-iX has built a cross-border payment engine for Currencycloud, a peer-to-peer lending platform for a U.K.-based fintech, instant money transfer solutions for Lebara, and a cloud-based Forex trading platform for Finatek.

Mitek was founded in 1986 and offers technology for mobile check deposit, new account opening, identity verification, and more. The company’s solutions are crucial to 99% of U.S. banks for mobile check deposits. Its technology is utilized by over 7,900 organizations, and its mobile check deposit and account opening tools serve more than 80 million consumers. Last year, Mitek formed partnerships with lending solutions company Abrigo and data and analytics company Equifax.

Mitek is publicly listed on the NASDAQ under the ticker MITK and has a current market capitalization of $633 million.

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Romania’s Salt Bank Turns to Regtech Napier AI for Transaction Monitoring

Romania’s Salt Bank Turns to Regtech Napier AI for Transaction Monitoring
By David Penn Posted on
Categories: Alumni News, Daily news, Napier
  • Financial crime compliance company Napier AI has partnered with Romania’s Salt Bank.
  • Salt Bank will deploy Napier AI’s transaction screening solution to protect transactions against a variety of fraud risks.
  • Napier AI made its Finovate debut at FinovateEurope 2018 in London.

Romania’s first neobank, Salt Bank, has teamed up with financial crime compliance company Napier AI. Salt Bank will deploy Napier AI’s Transaction Screening solution to ensure that the hundreds of millions of transactions Salt Bank handles are safe from fraud risks.

“We chose the Napier AI platform because it offered NextGen technology which enables us to strengthen our financial crime controls and matches our drive to offer clients a seamless digital experience, within a robust regulatory environment,” Salt Bank CEO Gabriela Nistor said.

Salt Bank sought out Napier AI’s technology to ensure that it is able to keep pace with evolving money laundering, terrorist financing, and fraud risks on the one hand, and consumer demand for a seamless digital experience on the other. Napier AI’s Transaction Screening product features a user friendly interface with customizable workflows, a cloud-based deployment, a sandbox environment for optimizing screening configurations, and a configurable dashboard with no-code rule building and AI insights.

“Napier AI’s industry-leading Transaction Screening solution is set to help Salt Bank succeed in setting a new standard for banking in Romania,” Napier AI CEO Greg Watson said. “It is an exciting time for the industry and market, and I am excited to see how we work together to bring best-in-class financial crime compliance to the next generation of digital banking users.”

Founded in 2015 and headquartered in London, U.K., Napier made its Finovate debut at FinovateEurope in 2018. At the conference, the company demoed its Customer Screening and Transaction Monitoring Enhancement software. By addressing gaps in current legacy systems’ AML and client screening solutions – and extending their shelf life – Napier’s technology enables organizations to enhance the performance of their current fraud prevention processes.

Napier AI’s partnership news comes one month after the company teamed up with impact asset manager Finance in Motion. Finance in Motion will deploy Napier AI Continuum – including its Client Screening solution and Client Risk Assessment module – as its AML and counter terrorist financing platform. Earlier this year, Napier AI secured an investment of $56.6 million (£45 million) from Crestline Investors.

“We are excited to work with the Napier AI team and believe their market-leading, AI-powered technology platform is well-positioned to help financial institutions and other regulated companies excel in an environment with rapidly expanding transaction volumes and increasing regulatory requirements,” Crestline Managing Director Will Palmer said when the investment was announced in February.

Photo by Adrian Frentescu

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