Alumni profile

Lucinity’s AI-Powered Platform Delivers Innovations in Workflow Automation

Lucinity’s AI-Powered Platform Delivers Innovations in Workflow Automation
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Lucinity

Regtech innovator Lucinity is starting to draw attention.

The company, headquartered in Reykjavik, Iceland, made its Finovate debut last year at FinovateSpring in San Francisco. At the conference, Lucinity demonstrated its AI-enabled copilot, Luci, which enhances financial crime compliance via insight generation, report writing, and automation. The solution uses GenAI to streamline tasks for compliance professionals, enabling them to make informed, data-driven decisions and to address higher order challenges directly. The technology performs internet searches, background checks, fraud detection, sanctions screening, and more.

As the team explained at FinovateSpring last year, financial crime fighters spend a significant amount of their time reviewing fraud alerts to determine whether or not they are significant. A major challenge lies in the fact that accurately evaluating the risk of a given alert requires understanding a great deal about the context in which the alert occurred. Compounding this challenge is the reality that much of the information required to do this can be scattered across multiple systems, making the process both more complicated and more time-consuming. Lucinity’s technology helps financial crime professionals simplify and understand the data quickly; a tier 1 bank estimated that Luci could save them $100 million a year by slashing alert review times from an average of 2.5 hours to 25 minutes.

“What we are doing with Lucinity is taking different transactions, KYC information, etc. and creating a picture or story of what the possible financial crime could look like,” Lucinity Co-founder and CEO Gudmundur Kristjansson explained during the company’s demo. “And with that story, we’re enabling the financial crime investigators to take the investigation time from hours to minutes.”

The company’s innovations have been noticed. Just last month, Lucinity secured the Chartis Research Award for Workflow Automation. The honor recognizes the way the company’s technology leverages AI and automation to enhance compliance processes and remove inefficiencies. Lucinity was also named to Chartis Research’s top 50 Financial Crime and Compliance Companies (FCC50) for 2024.

“Through our focus on workflow automation, Lucinty is able to save thousands of hours from the investigation process, drastically reducing the cost of compliance for financial institutions,” Kristjansson said. “This means that banks can then shift resources to revenue-generating areas of the business, rather than pouring more resources into compliance.”

Lucinity enters 2024 with a host of new partnerships. Icelandic neobank indó, financial crime fighting platform Neterium, and fellow Finovate alum Trustly were among the firms Lucinity joined forces with in 2023. This year, in addition to the accolades mentioned above, the company announced the appointment of Theresa Bercich as Chief Product Officer and recognition of her as a Co-Founder. In a statement, Kristjansson credited Bercich for her work on Luci and for her contributions to the company as a whole. “Her journey from a data scientist to VP of Product, and now to CPO and Co-founder, mirrors the growth and dynamic evolution of Lucinity itself,” Kristjansson said.

Lucinity has raised more than $25 million in funding. The company’s total includes an investment of $17 million it raised in 2022. Keen Venture Partners led that Series B round.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

Photo by Marc-Antoine

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Econans and SkenarioLabs Team Up to Give Banks New Green Finance Options

Econans and SkenarioLabs Team Up to Give Banks New Green Finance Options
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Econans, SkenarioLabs
  • Finland-based SkenarioLabs and Sweden’s Econans announced a collaboration this week.
  • The partnership will provide financial institutions with a number of new green finance tools.
  • SkenarioLabs made its Finovate debut earlier this year at FinovateEurope. Econans demoed its technology at our online European fintech conference in 2021.

SkenarioLabs, a predictive data analytics solution provider for the real estate industry, has announced a new partnership with fellow Finovate alum, Econans. The collaboration between SkenarioLabs and the Swedish financial advisory platform will give banks a range of new green finance tools.

The joint venture between the two companies will help financial institutions navigate regulatory trends based on concerns over climate change. These trends include the EU Taxonomy for sustainable activities, the Corporate Sustainability Reporting Directive (CSRD), and the Energy Performance of Building Directive (EPBD) – among others. The partnership between Skenario Labs and Econans will provide institutions with a future-proof, end-to-end solution that helps them meet reporting obligations and supports building energy transition.

“We’re thrilled to announced our partnership with Econans – Energy Transition Unlocked – a pioneering Swedish finance advisory platform,” SkenarioLabs shared in a post at LinkedIn. “Together, we strive to pave the way for a more resilient future in real estate – exciting times ahead!”

Founded in Finland in 2015, SkenarioLabs made its Finovate debut earlier this year at FinovateEurope 2024 in London. At the conference, the company demoed two solutions. The first was its green finance offering that analyzes the potential for enhancing energy performance. The solution then recommends financing options that help reduce carbon emissions. The company also demoed its climate resilience solution. This technology helps institutions understand and manage the impact of climate change – as well as emerging laws and regulations – on their real estate portfolios.

Econans made its Finovate debut three years ago at our online European fintech conference in 2021. The company, founded in Sweden in 2018, offers digital simulation and automated advice to help people better manage their personal finance journey through major life events such as buying a home, having children, and planning for retirement. Econans’ technology helps boost consumer’s confidence in their financial services partner and delivers higher conversion rates for banks and real estate companies. The firm’s white label solutions are easy to integrate and currently have more than 500,000 end users per month in Sweden.

Photo by Mihis Alex

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FIS Teams Up with Stratyfy to Limit Card Fraud

FIS Teams Up with Stratyfy to Limit Card Fraud
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, FIS, Stratyfy

Payment, banking, and investment systems provider FIS announced today that it is partnering with Stratyfy to bolster the capabilities of its SecurLOCK card fraud management solution.

After testing the new SecurLOCK capabilities with customers, FIS anticipates that the updated tool will increase accurately identified card transactions and help prevent fraud. This will reduce friction for end consumers by minimizing fraud and disruption experienced because of false positives.

“With sophisticated fraudsters using new technologies to increase fraud attacks, both businesses and consumers are facing more risk than ever before,” said FIS Head of Fraud Services Eric Kraus. “This new collaboration is a continuation of a commitment to implement new technologies, helping businesses prevent fraudulent behavior to protect the consumers they serve.”

Founded in 2017, Stratyfy provides predictive analytics and decision management solutions for financial institutions. The company demoed one of its solutions, UnBias, at FinovateFall 2022, and won a Best of Show award for its presentation. Among the company’s other solutions are Credit Risk Assessment and Fraud Detection. Stratyfy is one of 80 graduates of FIS’ Fintech Accelerator, having completed the 12-week program in 2020.

“It’s rewarding to see how our unique machine learning approach can enable better outcomes through this solution,” said Stratyfy CEO, and co-founder Laura Kornhauser. “Our relationship with FIS showcases the tremendous value that is possible through partnerships, and we’re thrilled to continue to build upon this important work.”

Banking technology company FIS was founded in 1968, and has a current market capitalization of $40 billion. Earlier this year, the Florida-based company acquired post-trade SaaS platform Torstone Technology to enhance its own capital markets offering. According to Crunchbase, the purchase marks FIS’ 26th acquisition.

Photo by RDNE Stock project

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Coconut Software, PayTic Earn Spots in the First Cohort of the UK Fintech CTA

Coconut Software, PayTic Earn Spots in the First Cohort of the UK Fintech CTA
By David Penn Posted on
Categories: Alumni News, Alumni profile, Coconut Software, Daily news, PayTic

A pair of Canada-based Finovate alums – Coconut Software and PayTic – have earned spots in the first cohort of the UK Fintech CTA program. The program runs for eight-weeks, much of it conducted online, and includes a needs assessment and company analysis, participation in the Innovate Finance Global Summit, virtual market briefings, mentor-matching and coaching, as well as strategic business-to-business introductions.

In addition to the digital sessions, participants in the program will be invited to attend local events in the U.K. that will help the firms build and grow their in-market presence and their network. This will enable them to introduce their value proposition to key market participants, investors, as well as potential customers.

Joining Coconut Software and PayTic are a number of other Canadian startups including Symend, OneVest, VoPay, Four Eyes Financial, Octav, and Sibli.

“We are so excited to be selected for the first cohort of the UK Fintech CTA, proudly representing our country’s growing payments landscape as we expand our efforts in the U.K.,” PayTic noted on LinkedIn last week. “Thank you Canadian Technology Accelerators | Accélerateurs technologiques canadiens for this recognition and opportunity to scale!”

Headquartered in Charlottetown, Prince Edward Island, PayTic made its Finovate debut last year at FinovateSpring. The company offers a SaaS solution that manages all of the significant aspects of program management for card issuers and BIN sponsors in a single interface. PayTic’s technology serves as a central hub within the payments ecosystem, enabling users to automate reconciliation, network report generation, dispute submission, fraud detection, network fee analysis, and robust business intelligence.

At FinovateSpring, PayTic founder and CEO Imad Boumahdi and Director of Product Kate Firuz demoed how PayTic’s platform can help banks, card issuers, BIN sponsors, and fintechs save significant amounts of money by analyzing and optimizing network fees against program activity. The technology enables users to instantly reconcile data across the payments ecosystem from the program and account level to the transaction level. This empowers users to identify exceptions in real-time, generate accurate reports, and remain compliant.

Founded in 2020, PayTic has raised $4 million in funding. Visa Accelerator and Outlierz Ventures are among the firm’s investors.

More than 4,000 kilometers to the west via the Trans-Canada Highway (44 hours if you’re driving), Saskatoon, Saskatchewan-based Coconut Software is the other Finovate alum that will be joining PayTic as part of the UK Fintech CTA program. Founded in 2007, Coconut Software offers a customer engagement platform to help financial institutions better schedule, manage, and measure customer, prospect, and employee interactions.

Coconut Software made its Finovate debut as part of our special all-digital FinovateSpring conference in 2021. At the event, Senior Solutions Engineer Andre Doucette demoed enhancements to the firm’s appointment scheduling and lobby management technology. These upgrades improved the platform’s online queuing and lobby management capabilities.

Named to the 2023 Technology Fast 50, Coconut Software counts a number of North American financial institutions among its customers, including RBC, Arvest Bank, Vancity, and Rogue Credit Union. The company has raised more than $35 million in funding from investors including Klass Capital and Information Venture Partners. Katherine Regnier is founder and CEO.

Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.

Photo by Mukesh Tanna

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Envestnet | Yodlee Taps Ocrolus for Financial Document Automation

Envestnet | Yodlee Taps Ocrolus for Financial Document Automation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Envestnet, Ocrolus, Yodlee

Document automation platform Ocrolus announced it has teamed up with financial data aggregation and account verification expert Envestnet | Yodlee this week.

Under the agreement, Envestnet | Yodlee will leverage Ocrolus’ technology to enhance digital document capabilities for its clients. Specifically, Envestnet | Yodlee’s 47 million customers will be able to improve their user experiences by offering their end-users the option to either submit documents or digitally connect bank accounts. Customers will also be able to automate the extraction of financial data from the documents that the end consumer uploads.

“While the financial services industry has undergone significant digital transformation, documents are still a critical source of data,” said Ocrolus Co-founder and CEO Sam Bobley. “We are thrilled to partner with Envestnet | Yodlee to provide a more comprehensive and smoother customer experience across a variety of financial services use cases.”

New York-based Ocrolus leverages AI to capture and analyze data from 1,000 different types of documents and digital forms and boasts an accuracy rate of more than 99%. The company counts more than 400 clients, including Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the solution to detect fraud, analyze cash flows and income, and streamline decisions.

With these capabilities Envestnet | Yodlee anticipates its clients will benefit from more efficient and confident decision-making. “With added document automation capabilities, Envestnet | Yodlee will improve and streamline the onboarding process for credit and lending use cases,” explained company Chief Operating Officer Arun Anur.

Envestnet | Yodlee’s client list includes more than 1,300 financial services and fintech companies, including 17 of the top 20 U.S. banks. The company was founded in 1999 as Yodlee, and changed its name to Envestnet | Yodlee after Envestnet acquired Yodlee for $660 million.

In a digital world, sharing documents can be a huge headache. However, automation platforms such as Ocrolus, this process has become much smoother. Today’s collaboration between Envestnet | Yodlee and Ocrolus marks a significant step forward in enhancing the customer experience.

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Dwolla Launches Open Banking Integrations

Dwolla Launches Open Banking Integrations
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Dwolla

If you have your ear to the ground in the payments space, you have probably heard that pay-by-bank is the latest craze. Operating in the account-to-account (A2A) payments space since 2008, Dwolla is launching a new offering that echoes that trend.

To bring its A2A payments offering into the new era, the Iowa-based fintech announced the launch of Open Banking Services today. The new open banking integrations will expand on Dwolla’s existing API, adding instant account verification, balance checks, and fraud mitigation to the services offered to the company’s mid- to enterprise-sized business clients.

Dwolla’s Open Banking Services are available through a single API that allows businesses to integrate the entire payment experience– from identity verification to exchanging account credentials– into their existing application. The company has pre-integrated with leading open banking service providers to ensure a smoother implementation process for businesses, reduce complexity, and accelerate time-to-market for A2A payment solutions.

Overall, Dwolla eliminates the need for businesses to use multiple vendors. The company’s white-label API streamlines transactions, leveraging The Clearing House’s RTP Network to allow users to send and settle funds in real-time. Dwolla also offers lower transaction fees, improved accuracy, and enhanced security.

“Our vision with Dwolla’s Open Banking Services is to empower businesses with a seamless, all-in-one solution for A2A payments,” said Dwolla CEO Dave Glaser. “By consolidating essential A2A payment functionalities under one roof, we aim to simplify the payment landscape for businesses, enabling faster time-to-market and improved operational efficiency.”

Dwolla is a three-time Finovate alum and most recently demoed at FinovateSpring 2015 where it debuted FiSync. The company has raised $72.4 million across nine rounds of funding.

Photo by Pixabay

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CRIF Unveils its ESG Analytics Solution to Help FIs Access Sustainability Data

CRIF Unveils its ESG Analytics Solution to Help FIs Access Sustainability Data
By David Penn Posted on
Categories: Alumni News, Alumni profile, CRIF, Daily news

European consumer and business credit data provider CRIF launched its ESG Analytics solution this week. The technology will give banks and financial institutions in the U.K. the ability to quickly and accurately assess the environmental, social, and governance (ESG) profiles of their U.K. and Europe-based suppliers, partners, and customers.

ESG Analytics draws on more than 130 key indicators from data sources in the U.K. and Europe. The technology analyzes information on issues such as water usage, waste production, emissions, and health and safety records, as well as modern slavery and inclusiveness. Financial institutions and banks will only need the U.K. or Europe-based business’ VAT or registration number in order to obtain an ESG score on the company. ESG Analytics also provides granular environmental, social and governance indicators – all available without requiring direct interaction with the company being reviewed.

“Considering the growing attention of the regulatory bodies toward ESG compliance in the EU but also in the U.K., ESG Analytics enables banks, insurers and corporates to understand the impact of businesses they work with today and helps to inform their decision-making in this ever-more important area of work,” CRIF Regional Director for the U.K. and Ireland Sara Costantini said. “And by working with regulatory bodies all around the world, we ensure that we remain at the forefront of regulation so we can pass this knowledge onto U.K. financial institutions.”

ESG Analytics will complement CRIF’s current ESG service, Synesgy, launched last fall. The solution enables businesses in the U.K. to assess the sustainability of their supply chains. Synesgy also helps companies enhance decision-making during the procurement process, avoid operational and reputational risk, and provide greater transparency with regard to ESG.

“Climate change is the defining issue of our time and every one of us has to play our part in protecting the planet for future generations,” Costantini said when Synesgy was launched in September. “For businesses this is no exception. As customers look to companies that are a force for good, it’s crucial that businesses understand both their own ESG performance and that of their entire supply chain.”

Headquartered in Bologna, Italy, CRIF made its Finovate debut at FinovateEurope 2014. In the years since, the company has grown into a major international credit bureau and business information provider with more than 10,500 FIs; 1,000+ insurance companies; 90,000+ business customers; and 1,000,000+ consumers in 50 countries using its services.

Photo by Jack Carey

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Wealthify Taps ClearBank to Launch Instant Access Savings Account

Wealthify Taps ClearBank to Launch Instant Access Savings Account
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Wealthify

U.K.-based Wealthify has sought out ClearBank to serve as its embedded banking partner. Online saving and investing service Wealthify will leverage ClearBank’s banking license and API to launch its Instant Access Savings Account.

ClearBank’s API offers real-time clearing access, or instant money transfers. Wealthify’s new savings account, which tracks the Bank of England’s base rate, pays out 4.91% AER (Annual Equivalent Rate), which equals 4.80% gross at the time of publishing.

Wealthify hopes the new account will help support customers in today’s cost of living crisis. “The way people save has evolved rapidly over the last decade,” said Wealthify CEO Andy Russell. “People want more from their money, and choices during different economic conditions, and we’re thrilled to provide it to them. Wealthify’s savings account—powered by ClearBank—offers speedy setup, a great rate, and the ability to see savings and investments all in one place—a holistic view of your finances, at your fingertips.”

Originally founded in 2016, Wealthify demoed its online investing service at FinovateEurope 2017 and had raised $3.15 million (£2.5 million) before being acquired by financial services giant Aviva in 2020. Wealthify currently offers investment products– including stocks and shares ISAs, junior ISAs, self-invested personal pensions– and general investment accounts along with its savings accounts.

The company’s tech-forward approach leverages human intelligence. All of the investments are managed by a team of professionals. “For wealth management experts like Wealthify, our embedded banking offering is an efficient way for them to focus on quality customer service, without spending unnecessary time and resources on licenses or outsourced projects,” said ClearBank CEO Charles McManus.

ClearBank was founded in 2015 by former Worldpay CEO Nick Ogden. The UK-based company earned its banking license from the FCA in late 2016. While ClearBank itself does not lend, provide credit, or invest end users’ funds, the company does allow its banking-as-a-service clients to leverage its banking license to provide banking services. End customers benefit from $107,000 (£85,000) in deposit insurance from the FSCS.

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Celebrating African-American Voices and Fintech Innovation on the Finovate Stage

Celebrating African-American Voices and Fintech Innovation on the Finovate Stage
By David Penn Posted on
Categories: AI Squared, Alumni profile, Bankjoy, DataVisor, Diversity in Fintech, FinGoal, QuickFi, The Lazu Group

To kick off Finovate’s commemoration of Black/African-American History Month this year, we’re highlighting some of the Black and African-American fintech professionals who represented their companies and their fintech innovations at our Finovate conferences in 2023.

Andre Llewellyn – Marketing Consultant/Advisory Board Member with AI Squared

Along with company CTO Michelle Bonat, Andre Llewellyn helped demonstrated the new Generative AI-based features on AI Squared’s platform at FinovateFall last year.

The company’s technology enables financial services companies to leverage Generative AI – and their own data – to maximize their enterprise assets.

A marketing consultant and AI Squared Advisory Board member, Llewellyn is a marketing veteran whose insights helped fuel new product and brand launches for Procter & Gamble, Instagram, Hashflow, and Candy Digital. He is a graduate of the NYU Stern School of Business.

Demo video

Michael Duncan – CEO and Founder of Bankjoy

Michael Duncan’s Bankjoy made its first Finovate appearance in 2016.

The company, which returned to the Finovate stage in 2022 and 2023 for FinovateFall, helps community banks and credit unions access modern banking technology. Bankjoy’s solutions help FIs better target specific market niches and deliver superior digital banking experiences.

Duncan (CEO) co-founded Bankjoy in 2015. Headquartered in Royal Oak, Michigan, Bankjoy has more than 60 clients, more than 120 integrations, and serves more than 1 million customers and members of banks and credit unions. This week, the company announced a new partner – Oregon State Credit Union – that will deploy Bankjoy’s online account opening and loan application.

Demo video

Ryan Nichols – Solutions Engineer with DataVisor

Mountain View, California-based DataVisor made its Finovate debut last year at FinovateFall 2023.

Solutions Engineer Ryan Nichols (shown) joined company CRO Kevin McWey on stage as they demoed DataVisor’s Fraud & Risk Platform. The company’s solution supports the entire fraud workflow in a self-service solution that is single and flexible.

A software developer and solutions architect with experience at firms like CenturyLink and Internet publisher Giant Oak, Nichols joined DataVisor in 2021. As of the spring of 2023, he is both a Cryptocurrency Tracing Certified Examiner (CTCE) and a Certified Cryptocurrency Risk Specialist (CCRS).

Demo video

Nate Gibbons – Chief Experience Officer with QuickFi

Nate Gibbons, QuickFi’s Chief Experience Officer, is no stranger to Finovate audience – nor to the Finovate Best of Show awards.

The company, an innovator in embedded financing for business equipment, has won Best of Show on two occasions: FinovateSpring 2022 and 2023. And Gibbons was part of the winning team both times (along with colleague Jillian Munson, VP of Process & Automation with QuickFi).

An alum of the University of Rochester Simon Business School, Gibbons is also a Certified Lease and Finance Professional (CLFP). Previous to his tenure at QuickFi, he was Project Manager and subsequently Vice President at First American Equipment Finance.

Demo video

Malia Lazu – Founder and CEO of The Lazu Group

Malia Lazu is founder and CEO of The Lazu Group.

The company is an Equity, Diversity, & Inclusion firm that consists of The Urban Labs (services) and Lexicon (products). The Lazu Group made its Finovate debut last year at FinovateSpring, demoing its CULTURL Heritage Calendar that offers “content, ideas, and resources for creating timely communication to promote empathy and curiosity and encourage cross-cultural dialogue.”

Lazu is a speaker, a lecturer at the Massachusetts Institute of Technology, and an author. Her book, From Intention to Impact: A Practical Guide to Diversity, Equity, and Inclusion, was published this year. Lazu is also a former banking professional, having worked as EVP and Chief Experience and Culture Officer for Berkshire Bank in Boston.

Demo video

Matthew Parker – Founder and CEO of ModernTax

ModernTax founder and CEO Matthew Parker introduced his company to Finovate audiences last year at FinovateSpring. ModernTax is a data company that makes tax and financial data on non-public entities more accessible. The company has created a verification platform that includes more than seven million businesses, and ModernTax has validated tax records for “hundreds of thousands” of them.

Before launching ModernTax, Parker was co-founder and CEO of Rapidly.co, a SaaS platform that connects accountants, enrolled agents, and tax professionals to their clients online. We caught up with him last fall to talk about the founding of ModernTax and what it means to have a more transparent financial ecosystem.

Demo video.

Ariam Sium – VP of Product with FinGoal

FinGoal first introduced itself to Finovate audiences at FinovateFall in 2021. But it was the company’s return to the Finovate stage the following spring that earned the Colorado-based fintech its first Best of Show award.

Led by Ariam Sium, VP of Product (shown) and Jenn Underwood, Product Analyst, FinGoal’s demo of its Aggregator Switch Kit showed how developers can readily transition from their current data aggregator to access the most enriched and reliable data available.

Finovate VP and host of the Finovate podcast Greg Palmer sat down with Sium in the wake of FinGoal’s Best of Show win last year. Check out their conversation from last summer.

Demo video

Benjamin Harvey – CEO of AI Squared CEO

AI Squared made its Finovate debut at FinovateSpring 2023. The company, founded in 2019 and headquartered in Washington, D.C., specializes in helping companies integrate AI and machine learning functionality into any web-based application. Leading the company’s demo was founder and CEO Benjamin Harvey.

With a Master’s degree and a Doctor of Science in Computer Science – as well as years spent as both a Research and Assistant Professor – Harvey brings a wealth of academic experience to the challenge of entrepreneurship and innovation in the fintech space.

We discussed this, and other aspects of his background and goals, in a Finovate blog interview back in August of last year.

Demo video

Photo by Christina Morillo

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Trucker Path Selects Lendio to Offer Financing to Trucking Businesses

Trucker Path Selects Lendio to Offer Financing to Trucking Businesses
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Blend

Trucking industry software platform Trucker Path announced this week it has tapped online lending marketplace Lendio to embed small business lending tools within its mobile app.

Lendio, will offer Trucker Path’s community of one million users a range of financing services, including asset or revenue-based financing, debt financing, lines of credit, and equipment financing. 

“Lendio brings much needed capital to trucking businesses, who have traditionally been underserved by banks,” said Trucker Path CMO Chris Oliver. “Their loan products, which are tailored for transportation businesses, can be used to buy, upgrade or repair equipment, invest in technology to gain a competitive advantage, and expand operations or add staff.”

Lendio has already funded over $330 million for trucking businesses, and will now offer a range of its financing services to the Trucker Path community of users.

Trucking businesses can access Lendio’s financing tool within the Trucker Path mobile app. Users can apply for financing from Lendio’s network of lenders in as little as 15 minutes via a process that will not impact the applicant’s credit score. Lendio makes the capital available as quickly as 24 hours. Lendio offers applicants access to a dedicated expert who can discuss their needs and help them decide on the most suitable financing option for their particular situation.

“With Lendio’s Embedded Lending, Trucker Path users will now have faster access to financing from a variety of lenders that best meet their business’ needs,” said Lendio CEO and Co-Founder Brock Blake. “We know access to capital can be a big roadblock for many small businesses, and our marketplace has helped hundreds of thousands of businesses with this – including many in trucking and transportation – over the past decade. This partnership aligns perfectly with our mission to create a world where small businesses survive and thrive, and we’re so excited to work with Trucker Path.”

Since its 2011 launch, Utah-based Lendio has functioned as a matchmaker between small businesses and lenders. Businesses seeking funding can submit a single application to Lendio, tapping into its network of over 75 lenders. The platform then pairs each business with a suitable lender from the company’s in-house network.

The company positions itself as a mission-driven organization, and lives up to its word. When the coronavirus hit in 2020, the U.S. Small Business Administration passed the CARES Act and Paycheck Protection Program (PPP), and Lendio became a critical resource for merchants across the nation. The company saw that many small businesses were experiencing mass confusion around different types of relief programs, and quickly created a COVID-19 Relief Hub on its website to educate business owners, help them apply for funding, and match them with one of its lender partners. Additionally, for every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund, in partnership with KIVA–provides a microloan to low-income entrepreneurs around the world, continuously re-investing the fund.

Lendio, backed by the likes of Runa Capital and Comcast Ventures, has secured over $108 million in funding. Most recently, the company took in $31 million in a 2020 round led by Mercato Partners. Lendio has made three acquisitions, most recently purchasing online lending platform QuarterSpot in 2021 for an undisclosed amount.

Photo by Robson Hatsukami Morgan on Unsplash

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Onfido Unveils Compliance Suite to Enhance Customer Onboarding for Growing Businesses

Onfido Unveils Compliance Suite to Enhance Customer Onboarding for Growing Businesses
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Onfido
  • Automated identity verification specialist Onfido announced the launch of its Compliance Suite.
  • The Compliance Suite features qualified electronic signatures, one-time passwords, and no-code compliance workflows.
  • Onfido made its Finovate debut at FinovateEurope 2018.

Automated identity verification specialist Onfido unveiled its Compliance Suite this week. The new offering helps companies meet the regulatory requirements for customer onboarding as they expand into new markets.

Compliance Suite brings qualified electronic signature (QES) and One-time Password (OTP) functionality, as well as no-code compliance workflows, to Onfido’s Real Identity Platform. QES offers a digital signature solution that relies on signals unique to the signer. The technology is also backed by a qualified digital certificate that provides a reliable way to confirm the identity of the individual associated with the signature.

Along with the company’s AI for fraud prevention and global document coverage, the result is a fully customizable identity verification solution that enables businesses to manage both local and global compliance needs under a single provider and control center. Compliance Suite has successfully passed its conformity assessment board checks and will be deployed by Onfido customers across Europe.

“Onfido’s Compliance Suite eases the regional compliance headache and delivers a one-stop-shop compliance offering that allows leaders to focus on their expansion, register customers faster, and remain agile to future regulatory demands,” Onfido Chief Product Officer Yuelin Li said. “With Compliance Suite, we now have the most comprehensive verification offering in the market, making Onfido the go-to scaling partner for globally trusted institutions.”

Onfido made its Finovate debut at FinovateEurope 2018 and returned to the Finovate stage later that year for FinovateFall. The announcement of Compliance Suite follows news last month that Onfido had teamed up with digital investment platform InbestMe. The partnership made InbestMe the first roboadvisor in Spain to integrate identity verification technology as part of its onboarding process.

Headquartered in London, Onfido has raised more than $182 million in funding, according to Crunchbase. Crane Venture Partners and TPG Growth are among the firm’s most recent investors. Mike Tuchen is CEO.

Interested in demoing at FinovateEurope in London next month? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Towfiqu barbhuiya on Unsplash

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Best of Show Winner 10x Banking Teams Up with Mortgage Origination Platform Mast

Best of Show Winner 10x Banking Teams Up with Mortgage Origination Platform Mast
By David Penn Posted on
Categories: 10x Banking, Alumni News, Alumni profile, Daily news

The partnership between core banking platform, 10x Banking, and mortgage origination platform, Mast, will enable real-time connectivity between the two systems. This connectivity will be a boon for lenders, who will benefit from streamlined data exchange. It will also deliver the kind of real-time mortgage servicing that eliminates the need for – and potential complications of – manual data entry between multiple systems.

“This partnership represents a key milestone in how we support the transformation of the UK mortgage and building societies market,” 10x VP and Global Head of GTM and Partnerships Frederico Venturer said. “This integration will enable customer-facing innovation that rethinks the mortgage lifecycle using cloud-native tools, unlocking new growth opportunities for our clients.”

The collaboration comes with an API integration guide on 10x Docs. The guide gives mortgage lenders in the UK a fast and straightforward integration path. The guide includes a number of different integration scenarios that are particularly germane to UK’s mortgage market. These scenarios include product creation and account onboarding.

“We are thrilled to collaborate with 10x and provide seamless integration for UK mortgage institutions,” Mast CEO Joy Abisaab said. “Together, we empower UK lenders to unlock new levels of operational efficiency and enable the delivery of exceptional customer experiences.”

London-based Mast offers cloud-native mortgage technology infrastructure that enables lenders to boost capacity, lower costs, and enhance operational controls. The company has helped clients reach more than 20% increases in conversion from Decision in Principal (DIP) to completion. Mast’s technology has also facilitated a more than 70% increase in lending for its customers – without adding operational capacity.

Founded in 2016, 10x Banking won Best of Show in its Finovate debut last year at FinovateEurope. In its live demo, the company demonstrated its 10x SuperCore Cards solution. This innovation enables banks to leverage the 10x Bank Manager interface to build a card proposition in minutes.

10x Banking’s partnership news comes shortly after the company announced a collaboration with B2B lend tech company Trade Ledger. A real-time API connection between Trade Ledger’s data platform and 10x Banking’s SuperCore platform will allow banks and alternative lenders bring complex working capital solutions to market quickly. These solutions include invoice, receivables, and supply chain finance products.

10x Banking also teamed up with compliant open banking API technology provider Ozone API late last year. The integration will enable banks to combine real-time banking capabilities with a solution that helps them take advantage of open banking. Ozone API co-founder and CEO Huw Davies praised the way the partnership will “make it easier for banks to reduce complexity in their tech stack, allowing banks to comply with any global open banking standards, so they can focus on accelerating growth and value creation.”

10x Banking has raised more than $252 million in funding, according to Crunchbase. The company’s investors include BlackRock and JPMorgan Chase.

Interested in demoing at FinovateEurope in London next month? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Alexander Isreb

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