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Data Security and Compliance Platform Very Good Security Introduces New CEO Chuck Yu

By David Penn Posted on April 11, 2023
Categories: Alumni News, Alumni profile, Daily news, Very Good Security

Very Good Security (VGS) has got a brand new boss. The data security and compliance platform has appointed Chuck Yu as its Chief Executive Officer.

Vertex Ventures U.S. General Partner Jonathan Heiliger, whose firm is a major investor in VGS, praised Yu’s experience in financial services. “His deep ties in the fintech and payments space will help advance VGS’ industry leadership position as the company looks to help its clients secure critical data and streamline compliance in more powerful and progressive ways,” Heiliger said. He called Yu “a transformational force.”

Yu’s background includes executive leadership roles at Visa, Point Digital Finance, and TrialPay, where he was Chief Revenue Officer. TrialPay was acquired by Visa in 2015. While at Visa, Yu led teams in business development, sales, finance, and operations. He also helped build strategic partnerships as the head of business development for Visa’s Global Fintech team.

In a statement, Yu underscored VGS’s goal of being a powerful steward “of the world’s sensitive data.” He added, “I am eager to work closely with our talented team to forge new strategic partnerships with industry leaders, and deeper relationships with the top brands that have chosen to trust us with their critical financial data.”

In its Finovate debut last spring, VGS demonstrated its VGS Zero Data Platform. The technology collects sensitive data from end users and conducts operations on the data – including exchanging it with third parties. The platform accomplishes this without allowing the original data to come in contact with your network. This allows companies to extract business value from sensitive data without touching it. As such, by enabling businesses to “offload” their data security burdens, Very Good Security allows these companies to focus on delivering innovative solutions to their customers.

Very Good Security has raised more than $104 million in funding. The firm’s investors include Vertex Ventures, Visa Ventures, Andreessen Horowitz, and Goldman Sachs Merchant Banking Division. Headquartered in San Francisco, California, VGS was founded in 2015.

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SoFi Shifts Focus to MortgageTech with New Acquisition

By Julie Muhn (@julieschicktanz) Posted on April 4, 2023
Categories: Alumni News, Alumni profile, Mergers & Acquisitions, SoFi

SoFi is saying, “Welcome home!” to Wyndham Capital Mortgage this week. The California-based fintech acquired the mortgage lender yesterday in an all-cash transaction for an undisclosed amount.

Headquartered in North Carolina and founded in 2001, Wyndham Capital has worked with more than 100,000 borrowers.

SoFi, which is acquiring Wyndham Capital’s technology and its employees, expects the purchase will broaden its mortgage-related offerings and minimize its reliance on third-party partners and processes.

“At SoFi, we’re on a mission to help people get their money right and purchasing a home is often one of, if not the, biggest financial decision individuals make in their lives,” said SoFi CEO Anthony Noto. “Today’s acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth, but also allow us to foster that growth in a way that brings value to our members through sales and operational efficiencies and helps members get their money right when it comes to one of life’s most significant financial milestones.”

SoFi, which presented at Finovate’s developers conference in 2017, launched in 2011 to disrupt the student lending market. Since then, the company has added a variety of banking products– including personal loans, auto refinancing, credit cards, investing, checking, savings, insurance, and others– to become a more holistic banking option for consumers. SoFi sealed its status as a bank last January, when it received approval from the U.S. Office of the Comptroller of the Currency (OCC) and the Federal Reserve to become a bank holding company.

It’s a reasonable time for SoFi to double-down on mortgages to diversify from its flagship offerings, student loans. The company may be starting to feel heat from the loss of revenue from its student loan refinancing tools. In fact, SoFi went to such an extreme last month as to sue the Biden administration for its continued pause on federal student loan repayments. The fintech argues that the moratorium, which has been extended eight times over three years, has no legal basis.

SoFi estimates it has lost $6 million in profits from the latest extension and, expects losses to total $30 million if the moratorium continues through August. “In essence, SoFi is being forced to compete with loans with 0% interest rates and for which any ongoing repayment of the principal is entirely optional,” SoFi argues in the lawsuit.

The lawsuit is currently being challenged in the Supreme Court and is expected to be resolved by June.

Photo by Curtis Adams

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Zeta and Featurespace Partner to Combine Card Processing with Fraud Detection

By Julie Muhn (@julieschicktanz) Posted on March 21, 2023
Categories: Alumni News, Alumni profile, Featurespace, Zeta

Zeta and Featurespace are partnering to create a solution that combines credit card processing and fraud detection.
The new offering will be made available to U.S. credit card issuers.
The solution will be available out-of-the-box and will enable issuers to test and launch features in days, rather than weeks or months.

Modern core banking technology provider Zeta and fraud prevention company Featurespace are joining forces today. Under the partnership, the two are offering U.S. credit card issuers a solution that combines credit card processing and fraud detection.

Zeta was founded in 2015 to offer modern card processing for banks and embeddable banking for fintechs. The company’s Tachyon Credit offers banks modern credit card programs and spending tools to help boost engagement, increase scale, and decrease fraud. Additionally, Zeta enables fintechs to offer their own credit cards with spending controls and multi-factor authentication.

Zeta CEO and Co-founder Bhavin Turakhia described the company’s issuer clients as “demanding,” and said the company is enabling issuers to iterate on their credit card products faster to test and launch features in a matter of days. “With this solution available out-of-the-box to our clients,” said Turakhia, “their credit card holders will be protected against existing and future fraud attempts seamlessly while reducing the number of genuine transactions declined.”

U.K.-based Featurespace will offer its fraud detection engine that combines AI, behavioral networks, and rules-based decisioning to help organizations identify fraud without negatively impacting the customer experience. Featurespace’s flagship solution, the ARIC Risk Hub, secures more than 50 billion transactions per year across 500 million consumers located in 180 countries.

Combined, the two companies will unlock a range of capabilities for credit card issuers, including out-of-the-box availability, pre-built workflows, real-time transaction authorization, custom decision rules based on risk scores, real-time access to all transaction fraud events, and more.

Zeta was voted Best of Show at FinovateWest Digital 2020 and has more than 1700 employees and contractors located across the U.S., U.K., Middle East, and Asia. The company’s 35+ customers have issued more than 15 million cards on its platform. The California-based company has raised $280 million and last year was valued at around $1.5 million.

Featurespace has more than 70 clients, including HSBC, TSYS, Worldpay, RBS NatWest Group, Danske Bank, ClearBank, and more. Founded in 2005 by a university professor and his PhD student, Featurespace has raised $108 million, including its most recent investment of $37 million received in 2020.

“The partnership between Zeta and Featurespace brings together two of the most capable solutions across the industry in each’s segments,” said Carolyn Homberger, President of Americas at Featurespace. “We are very impressed with the way Zeta is rethinking the issuer processing stack from the ground up, utilizing modern and flexible architecture to provide outstanding new capabilities to Issuers. We’re extremely excited to bring our joint solution to market in the U.S.”

Photo by Joshua Woroniecki

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CoreLogic Acquires Digital Mortgage Platform Roostify

By David Penn Posted on February 28, 2023
Categories: Alumni News, Alumni profile, Daily news, Mergers & Acquisitions, Roostify

Almost a decade after the company made its Finovate debut at FinovateSpring, digital mortgage platform Roostify has agreed to be acquired by property information, analytics, and data-enabled solutions provider CoreLogic. Terms of the deal were not disclosed.

“We believe that this is an important transaction for the industry,” Roostify co-founder and CEO Rajesh Bhat said. “From inception, Roostify’s mission has been to accelerate and streamline the home lending journey. Bringing together the power of CoreLogic’s data and analytics suite with the Roostify digital lending platform allows us to accelerate the journey towards a truly data driven digital origination experience in one single platform.”

The integration of the two technologies will help clients secure key data about both borrowers and properties at the beginning of the lending process. This not only saves time and money, but the transparency also helps ensure that lenders receive the information they need as early as possible – before processing and underwriting – in order to minimize errors and make loan conditions clear to all parties. The result is an improved customer experience with less processing and lower underwriting expenses.

Founded in 2012, Roostify currently helps home lenders process more than $50 billion in loans every month. With clients ranging from TD Bank and Santander to CIS Home Loans and First American Mortgage Solutions, Roostify helps lenders close more loans, improve margins, increase the ability to scale their operations, and maximize customer satisfaction. The San Francisco, California-based company offers a 45% decrease in time to close for a customer within 90 days of go-live, an application submission rate of 85%, and only 14 days on average between submission and delivery to underwriting.

“We sit on an incredible amount of data, analytics, and essential workflow solutions that when properly integrated to the loan lifecycle, can deliver a better mortgage experience for borrowers as well as lenders,” CoreLogic President of Mortgage Solutions Jay Kingsley said. “The Roostify acquisition will unlock our ability to quickly execute on this mission.”

Roostify has raised $65 million in total equity funding, securing investments from Mouro Capital, Cota Capital, and USAA among others. Ten Coves Capital led Roostify’s most recent fundraising, a $32 million Series C round in January 2021. Dan Kittredge, Managing Partner at Ten Coves Capital praised Roostify as “well-positioned to accelerate the digitalization of home lending infrastructure,” especially given the fact that “the mortgage lending industry has been relatively slow to embrace digital technologies.” Kittredge added, “the opportunity to re-design the future of home lending through technology cannot be overstated.”

Photo by Pixabay

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TransUnion Rebrands Business Solutions

By Julie Muhn (@julieschicktanz) Posted on February 21, 2023
Categories: Alumni News, Alumni profile, TransUnion

TransUnion’s business solutions are getting a fresh start this week with a new look. The global information and insights company has rebranded its lines of business solutions in the U.S., organizing them into seven different categories.

“TransUnion’s rebrand clarifies our product offerings and better demonstrates our expertise in both our heritage and new markets, while also making it easier for customers to find what they need,” said company President and CEO Chris Cartwright. “It’s the next logical step in the company’s evolution. We can now offer more powerful consumer insights than ever before, allowing us to meet the needs of our customers in more ways, and at a much deeper level.”

The seven business solutions leverage TransUnion’s “organic investments,” as well as the company’s recent acquisitions of digital identity solutions companies Neustar and Sontiq which TransUnion purchased in 2021 for $3.1 billion and $638 million, respectively. The company has built upon its expertise in consumer identity to expand beyond credit into fraud management, marketing solutions, and communications.

TransUnion’s new business solutions include:

TruAudience includes omnichannel audience targeting and advanced analytics to enhance marketing and media performance. The solution includes all TransUnion marketing products, as well as all marketing offerings from Neustar.
TruValidate offers fraud prevention and identity proofing products. TruValidate includes all of TransUnion’s fraud products, as well as all fraud offerings from Neustar.
TruVision is comprised of risk management products that help balance risk and identify best-fit customers across the account. Among the products in the TruVision line are all TransUnion risk tools, including those formerly known as CreditVision, CreditVision Link, and DriverRisk.
TruIQ offers advanced analytics products and services that provide insights into the decision-making process. TruIQ includes offerings formerly known as Prama and Innovation Lab, as well as other custom analytic services.
TruEmpower is comprised of consumer engagement products including consumer-facing tools such as those formerly known as CreditView Dashboard, as well as offerings from IdentityForce and Cyberscout.
TruLookup offers investigative products that help organizations conduct faster due diligence or issue resolution, and includes TLOxp, TransUnion’s skip tracing, investigative research, and risk management tool.
TruContact includes communications and contact center products to help restore trust in communications, enhance customer outreach, and streamline delivery of telecom connectivity services. TruContact includes products from Neustar’s Communications and Contact Center Solutions.

TransUnion’s Chief Global Solutions Officer Tim Martin anticipates that the move to rebrand will both simplify its offerings and allow customers from a range of industries to navigate the products.

Launched as a consumer credit reporting agency in 1968, TransUnion has since pivoted to focus more holistically on data. The company is publicly listed on the New York Stock Exchange under the ticker TRU and has a market capitalization of $12.8 billion.

Photo by Vojtech Okenka

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Digital Asset Platform Bakkt Bets on B2B, Pivots from Consumer Crypto

By David Penn Posted on February 14, 2023
Categories: Alumni News, Alumni profile, Bakkt, Daily news

The decision by digital asset platform Bakkt to pivot toward B2B technology solutions and away from consumer-based crypto products appears to be part of the greater re-evaluation that many fintechs are doing in the wake of the crypto crash of 2022. The company, which made its Finovate debut at FinovateFall last September, announced this week that it was turning the page on its consumer-facing app, launched in March 2021. Instead, the Alpharetta, Georgia-based fintech will focus on helping businesses provide crypto and loyalty experiences to its customers via SaaS and API solutions.

“As we continue to gain traction with our B2B2C strategy, we are laser focused on providing our partners and clients with seamless solutions that best serve their needs,” Bakkt President and CEP Gavin Michael said. “The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers. With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly.”

Bakkt’s decision to shutter its consumer-based crypto app comes in the wake of the company’s agreement to acquire crypto trading platform Apex Crypto from Apex Fintech Solutions back in November 2022. With more than 30 fintech partners and more than five million customers, Apex Crypto is expected to help support Bakkt’s B2B2C strategy of bringing more crypto-based solutions to clients in a range of verticals.

Bakkt’s consumer crypto app is set to sunset just over one month from now, on March 16. Current users of the app will continue to be able to access their crypto and cash on the platform courtesy of a new online, device-agnostic solution. The new experience will enable users to check crypto balances, as well as access transaction reports for tax purposes.

Founded in 2018, Bakkt demoed its Crypto Connect technology at FinovateFall last year. The solution helped consumers use their current financial services institution’s mobile app to buy, sell, and hold cryptocurrencies in a secure, trusted environment. In December, Bakkt laid off 15% of its exempt employee base in a bid to better control costs as the cryptocurrency downturn and FTX scandal soured the much of the public – as well as investors – on the space.

A publicly traded company on the New York Stock Exchange since the fall of 2021, Bakkt is listed under the ticker “BKKT.” The firm has a market capitalization of $433 million.

Photo by RODNAE Productions

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Listerhill Credit Union Taps Glia for Digital Customer Service

By Julie Muhn (@julieschicktanz) Posted on February 7, 2023
Categories: Alumni News, Alumni profile, Glia

When every year is declared the year of the customer, it means more firms are motivated to upgrade their customer service technology. That may be why Listerhill Credit Union selected digital customer service company Glia to overhaul its digital customer service technology.

“Glia has enabled us to provide online service that mirrors our personalized, in-branch experience, allowing members to feel connected as a part of the Listerhill community regardless of communication channels,” said Listerhill Digital Strategist Dustin Holland.

Listerhill is leveraging Glia’s Digital Customer Service (DCS) suite, which includes online collaboration tools such as co-browsing to support its 92,000 members across five U.S. states. The credit union has implemented DCS in its mortgage lending department to guide members through mortgage applications and help them if they have a question or need assistance completing the process.

Listerhill said that this application of Glia’s DCS has resulted in “significant” new growth for its mortgage business. In fact, the credit union’s mortgage application conversion rate is four times the industry average, which has added up to an additional $2 million in mortgage sales year-over-year.

“By seeing who is actively reviewing mortgage information on our site, I’m able to connect and offer assistance that can help move a member closer to applying for a mortgage with Listerhill, without bothering members who are looking for other services,” said Listerhill Mortgage Originator Specialist Angela Underwood. “It’s a high-touch sales process that aligns to Listerhills’ focus on great member experiences.”

New York-based Glia was founded in 2012 as SaleMove. The company offers digital communication environments, on-screen collaboration, and AI-enabled assistance tools for clients who need to support end customers online, over the phone, in home office environments, and via video. Glia has taken home 10 Finovate Best of Show awards for its live demos and most recently showcased its tools at FinovateSpring 2021.

Last June, Glia acquired conversational AI creator Finn.ai for an undisclosed sum. Last month, Glia announced a major update to its call center platform that integrates Finn.ai’s conversational AI to automate phone interactions and facilitate banks’ migration from phone-centric to digital-first customer service.

Since it was founded in 2012, Glia has raised $152 million. The company has partnered with more than 400 credit unions, banks, insurance companies, and other financial institutions, and was recently named a Deloitte Technology Fast 500 company for a third year in a row. Daniel Michaeli is CEO.

Photo by MART PRODUCTION

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Trulioo Unveils New Global Identity Verification Platform for Individuals and Businesses

By David Penn Posted on January 31, 2023
Categories: Alumni News, Alumni profile, Daily news, Trulioo

Trulioo unveiled a new global identity verification platform this week.
The new offering combines both individual and business verification with no-code workflow building, low-code integrations, and more into a single platform.
A Finovate alums since 2014, Trulioo won Best of Show in its most recent Finovate appearance at FinovateEurope last March.

Identity verification specialist Trulioo launched a new global identity verification platform this week. The new offering combines individual and business verification solutions with no-code workflow building, low-code integrations, and more in a single platform. The platform will give companies the ability to provide a streamlined onboarding experience, as well as the kind of intuitive user experiences that help build both trust and inclusivity.

“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” Trulioo CEO Steve Munford said. “We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.”

With a single contract, the new offering will enable Trulioo customers to readily access:

Personally identifiable information matching
Identity document verification
Utility data for proof of address
Business verification for in-depth person-of-significant-control
Ultimate-beneficial-owner verification
Watchlist screening and monitoring
Anti-fraud capabilities

“Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality,” Trulioo Chief Product Officer Michael Ramsbacker said. “We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”

Founded in 2011 and headquartered in Vancouver, Canada, Trulioo has been a Finovate alum since 2014. Demoing its latest technology on the Finovate stage most recently at FinovateEurope 2022 in London, Trulioo won Best of Show for its GlobalGateway Business Verification to Identity Verification workflow. This functionality, using Trulioo’s GlobalGateway Orchestration, enabled easy-to-do business verification, simple verification of owner identities, and world-class orchestration and workflow building.

The company’s new product launch this week comes as a growing number of businesses are pursuing opportunities in online commerce, mobile payments, and digital currencies. And while these avenues represent significant innovation and progress, they also bring with them new concerns over fraud and financial crime. Being able to know your customer, know your business, identify money laundering and more have become critical – and complex – compliance issues for businesses of all sizes. As such, it is as important for growing companies to have a verification solution that is customizable to their particular needs and workflows, while at the same time providing the requisite scale to support rapidly expanding enterprises. This is especially true when it comes to international expansion.

Trulioo’s platform reaches more than five billion consumers in 195 countries, and enables companies to access more than 450 data sources globally to provide broad, comprehensive identity and business verification. The company has raised more than $474 million in funding from investors including TCV, which led Trulioo’s $394 million Series D round in 2021; and Goldman Sachs, which led the company’s $52 million Series C in 2019.

Photo by Min An

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Sandstone Technology Appoints New CTO

By Julie Muhn (@julieschicktanz) Posted on January 24, 2023
Categories: Alumni News, Alumni profile, Sandstone

Banking technology company Sandstone Technology appointed a new CTO this month. The company unveiled today it has selected Anthony McKew to fill the role.

With more than 35 years of experience in banking and technology, McKew has worked for companies including Linkly, Premier Technologies, and SecurePay. He has expertise in designing and managing enterprise-grade platforms for major retailers, government agencies, and digital operations for vendors and service providers.

“I am extremely pleased with the addition of Anthony to our Leadership team as our Chief Technology Officer,” said Sandstone CEO Abhish Saha. “This is an essential role, supporting our customers across the globe and being a key driver of our ongoing business strategy and growth. Anthony’s intimate understanding of Financial Institutions and their security and technology needs will be of great value to both our customers and our staff.”

McKew, who began his appointment on January 9th of this year, fills the shoes of Sandstone’s former CTO Chaitanya Pinnamaneni.

Sandstone was founded in 1996 and currently offers a suite of tools for loan origination, its BankFast mobile app that offers end users a seamless experience between web and mobile channels, and intelligent document processing tools that enable banks to capture, classify, and extract data stored in borrower-submitted documents.

The Australia-based company formed its most recent partnership with Bendigo and Adelaide Bank to offer a single platform that covers all its third party origination channels and limits exposure to legacy systems. In March of last year, Sandstone launched an innovation hub to capture emerging opportunities from new enabling technologies.

“At Sandstone we pride ourselves on our longstanding strategic partnerships with our customers, where we look to solve business problems together, not just provide a service,” said Sandstone CEO Michael Phillipou. “As the banking landscape continues to evolve apace, we’re excited to start working alongside our customers to develop solutions that grasp tomorrow’s opportunities, as well as today’s.”

Photo by Scott Webb

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Savings Platform Plinqit Teams Up with SUMA FCU to Help Members Enhance Financial Wellness

By David Penn Posted on January 17, 2023
Categories: Alumni News, Alumni profile, Daily news, Plinqit

The jury is still out on whether or not January is officially Financial Wellness Month. But savings platform Plinqit isn’t waiting around for any verdict. The Ann Arbor, Michigan-based fintech announced this week that it has partnered with SUMA Federal Credit Union to help give the institution’s 7,000+ members the resources they need to become better savers.

The partnership will enable SUMA FCU’s members to access tools such as Plinqit’s Build Skills solution. Build Skills provides users with content that helps them build their personal finance awareness and savings skills, and then pays them for learning new skills. In turn, the funds earned from learning more about financial wellness can help propel users toward their Plinqit savings goals. SUMA FCU members will be able to access the functionality via SUMA FCU’s digital banking platform, thanks to Plinqit’s integration with Jack Henry’s Banno Digital Toolkit.

SUMA FCU expects the new technology will help attract new members to the credit union as well as enhance the banking experience for existing members. The institution serves communities in Yonkers and Spring Valley, New York, as well as New Haven and Stamford, Connecticut. Both regions feature sizable populations of Ukrainian immigrants and parishioners of St. Michael’s Archangel Ukrainian Catholic Church. Established more than 55 years ago, SUMA FCU has more than $400 million in assets today.

“Credit unions are known for having strong relationships with their member base and SUMA Federal Credit Union has exemplified this for decades,” Plinqit CEO and founder Kathleen Craig said. She highlighted SUMA FCU’s support of local institutions, including churches, Ukrainian youth groups, and other cultural organizations. “Plinqit is proud to partner with an institution that consistently strives to make a meaningful impact in its community,” Craig said.

Plinqit made its Finovate debut at FinovateFall 2019 in New York. At the conference, Plinqit demoed its Build Skills offering – “created by Millennials for Millennials” – which aligns data, behavior, and incentives to make savings goals easier to set and attain. Last year, the company secured $5 million in Series A funding. The round, co-led by Fintop Capital of Nashville, Tennessee, and JAM FINTOP of New York, took Plinqit’s total funding to nearly $10 million.

Plinqit’s partnership announcement comes just a week after the company released its latest State of Savings Report. This survey, which measures top savings priorities for consumers, showed that 43% of consumers are actively contributing to an emergency fund for both short-term and long-term potential expenses. “While the price increases for everyday necessities leave many U.S. households with financial stress, consumers remain focused on building up their emergency savings even in these trying times,” Craig said. “Providing tools to help them be successful in their savings goal is critical for financial institutions.”

Photo by Dany Kurniawan

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Jumio Helps Car-Sharing Company GetGo Onboard New Drivers

By Julie Muhn (@julieschicktanz) Posted on January 10, 2023
Categories: Alumni News, Alumni profile, Jumio

Digital identity solutions company Jumio announced yesterday that Singapore car-sharing company GetGo has selected its technology to help onboard new drivers.

As one of the largest car-sharing services in Singapore, GetGo seeks to offer a user-friendly online ecosystem that promotes shared and sustainable mobility. The company was founded in 2020 to help users rent and share cars, enabling users to book a car using their mobile phones. GetGo focuses on simplicity, flexibility, and accessibility. These three attributes add up to one thing– customer centricity.

In order to help drivers onboard to the GetGo platform, GetGo will leverage Jumio’s identity verification tools that leverage biometrics and AI to automatically authenticate GetGo users. Jumio will help GetGo protect its fleet of 1,700 vehicles against theft by requiring drivers to provide a valid government-issued ID and a selfie. The partnership will reduce the time it takes GetGo customers to onboard down to minutes.

“Jumio’s facial verification technology allows GetGo to simultaneously raise its trust and safety standards while enhancing its customer onboarding experience,” said GetGo Product Lead Lionel Fong. “GetGo looks forward to a long-term partnership with Jumio in pushing the boundaries on bringing a reliable and frictionless verification experience to the masses.”

Jumio was founded in 2010 and came close to collapse when it filed for bankruptcy in 2016. After restructuring, Jumio sold to Centana Venture Partners, which acquired the company for $850,000 two months after its bankruptcy filing.

Jumio has come a long way since its dip in 2016. The company has processed over one billion transactions from over 200 countries and territories. What’s more, Jumio acquired KYC and anti-fraud solutions company 4stop in 2021 and compliance firm Beam in 2020. The company’s most recent funding round took place in March of 2021 when it closed a $150 million round from Great Hill Partners, bringing its total funding to $255 million.

Photo by Lisa Fotios

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FinovateEurope’s Alumni Alley Showcases Fintech’s Pioneers

By David Penn Posted on January 3, 2023
Categories: Alumni profile, FinovateEurope 2023

To close out 2022, we highlighted our upcoming FinovateEurope Alumni Alley showcase. This event, part of FinovateEurope in London, March 13 through 14, will feature the companies that made their Finovate debuts at our annual European conference. Find out more about Alumni Alley and how you and your company can take advantage of this unique opportunity.

We commemorated the announcement of Alumni Alley with this multi-part look back at some of FinovateEurope’s earliest alums. Click the image to enjoy a little stroll down fintech’s memory lane.