Alumni profile

First National Bank of Oklahoma Partners with Teslar Software to Streamline Lending

First National Bank of Oklahoma Partners with Teslar Software to Streamline Lending
By David Penn Posted on
Categories: Alumni News, Alumni profile, Teslar

Teslar Software and First National Bank of Oklahoma announced a new partnership this week. The bank will leverage Teslar Software’s technology to streamline its lending processes. The partnership will also enable First National Bank of Oklahoma to better track exceptions and manage documentation.

First National Bank of Oklahoma president and CEO Mel Martin called Teslar Software a “natural fit to partner”. The relationship between the two entities goes back to the pandemic days when First National Bank of Oklahoma used the fintech’s PPP solution. “We experienced firsthand that they’re a nimble, dependable organization that truly understands and cares about community banks,” Martin said. He added that the technology from Teslar will not only help the bank become more efficient, “it will also help us better manage risk in our portfolio.”

Headquartered in Springdale, Arkansas, and founded in 2008, Teslar Software made its Finovate debut at FinovateSpring 2015 as 3E Software. The company returned to the Finovate stage last year for FinovateFall. At the conference, Teslar demoed its technology that simplifies, digitizes, and automates the indirect lending process for community financial institutions.

“How can it be that a bank has a great relationship with a small business?” Teslar Software founder and CEO Joe Ehrhardt asked during his company’s live demo last fall. “How is it that they are financing them, but they fail to finance that business’ end user?” Teslar Software’s Indirect Lending product helps community financial institutions grow their customer base by teaming up with local businesses to provide financing for purchases of items like power tools, outdoor equipment, and furniture. As Erhardt explained, financing for these purchases is often cumbersome and inefficient for consumers. Facilitating partnerships between community financial institutions and local small businesses in the community is how Indirect Lending solves the problem.

With $750 million in assets, First National Bank of Oklahoma maintains offices in Oklahoma City, Ponca City, Tonkawa, and Tulsa. The bank was chartered in 1917, and recently celebrated its 105th anniversary. First National Bank of Oklahoma is only the most recent financial institution to partner with Teslar. The company teamed up with Ohio’s Merchants National Bank in March and announced a collaboration with Mississippi-based Magnolia State Bank in April.

Photo by Raychel Sanner

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Revolut Launches in Brazil, its First Latin American Country

Revolut Launches in Brazil, its First Latin American Country
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Revolut

Global financial services innovator Revolut is becoming a bit more global today. The London-based company announced today it has expanded into Brazil. Today’s move of launching multi-currency account and crypto investments in Brazil, marks Revolut’s first expansion into a Latin American country.

Revolut’s expansion efforts into Brazil began last March. The company not only brought on Glauber Mota as CEO of its Brazil operations, but it also opened up a waitlist in the region. “There’s a lot of appetite for Revolut and digital banking services in Brazil,” said Mota. “Recent surveys show that more than 45% of Brazilians already use digital accounts as their primary account, and use more than five different applications to manage payments, transfers, and investments.”

The company will begin its Brazil expansion via a phased rollout, during which time it will continue adding to its waitlist. In addition to being available in Brazil, Revolut’s accounts are available to residents of the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, the U.K., and the U.S.

Revolut counts 29 million retail customers across the globe making 330 million transactions each month. The company debuted its multi-currency account at FinovateEurope in 2015 and also offers a peer-to-peer trading, an early wage access tool, an account for users under the age of 18, stock trading, business cards, commercial spend management tools, and more.

Revolut has raised around $2 billion since it was founded in 2015. While the company was once considered one of Europe’s most valuable fintechs, Revolut took a hit last week when company shareholder Schroders Capital Global Innovation Trust disclosed a $5.8 million (£4.7 million) writedown, shaking the value of its stake from $12.6 million (£10.1 million) in 2021 to $6.7 million (£5.4 million) in 2022.

Despite the valuation woes, however, Revolut continues to expand. The company launched credit cards for its Ireland user base earlier this year and is planning to launch a car insurance service in the region. Additionally, Revolut is working on expanding to more geographies, including Ecuador, Mexico, India, New Zealand, and Oman.

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Plaid Partners with Gen Z Personal Finance App Buddy

Plaid Partners with Gen Z Personal Finance App Buddy
By David Penn Posted on
Categories: Alumni News, Alumni profile, Plaid

Gen Z-focused personal finance app Buddy has teamed up with open finance specialist Plaid. The partnership will enable Buddy users to manage their finances and track their spending more easily thanks to Plaid’s open finance APIs. Plaid’s APIs ensure secure connections between users’ financial accounts and financials apps. The integration will allow users to easily monitor accounts and expenses in a single location, as well automate their savings.

“By using apps like Buddy, younger generations can gain better control over their finances and make more informed decisions, helping them to develop healthy habits that will serve them well in the future,” Buddy founder and CEO Olle Lind said. “By teaming up with Plaid, we are making this process quicker and more painless than ever before, helping millions across the world budget and plan for the future they want and deserve.”

Buddy is among the top personal finance apps in the U.S. and Canada. The app has three million users and operates in 175 countries. The Stockholm, Sweden-based company was founded in 2017.

Plaid’s partnership announcement with Buddy came just days after Plaid reported that it was working with fellow Finovate alum Finastra. The two companies announced that Plaid had integrated with Finastra’s Fusion Digital Banking platform. The integration will provide account verification tools to make it easier and more secure for customers to link their financial accounts to financial apps.

“As the world continues to embrace open finance, it is critical that we deliver the services community banks, credit unions, and all financial institutions need to make it simpler and easier for their customers to connect the various pieces of their financial picture,” Finastra Chief Product Officer of Universal Banking Narenda Mistry said.

April has been a busy time for Plaid. The company launched its Instant Payouts feature earlier in the month. The new offering is a real-time payment tool to send funds instantly via Plaid’s Transfer solution. In April, the company also announced a partnership with mobile banking app Monzo.

Plaid has been a Finovate alum since 2014. The company’s network covers 12,000 financial institutions across the U.S., Canada, the U.K., and Europe. Plaid has raised more than $734 million in funding from investors including American Express Ventures and Bedrock Capital. The company achieved a valuation of $13.4 billion in the spring of 2021. Founded in 2013 by Zach Perret and William Hockey, Plaid is based in San Francisco, California.

Photo by Scott Webb

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Techcombank Taps Personetics for Money Management Capabilities

Techcombank Taps Personetics for Money Management Capabilities
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Personetics

Vietnam Technological and Commercial Joint Stock Bank, also known as Techcombank, has tapped data-driven personalization expert Personetics to facilitate AI-powered money management capabilities for its clients.

Techcombank is leveraging the partnership to help promote financial wellness among its nearly 11 million customers. Personetics’ expertise in providing personalized banking experiences will bring the bank’s customers personalized, automated money management capabilities. For example, Personetics will help Techcombank analyze customers’ financial transactions, aggregate bank accounts, and provide valuable insights about unexpected payments, excessive spending, and insufficient account balances. As a result, customers will receive tailored suggestions on savings, asset growth, and card usage to help achieve their goals.

“At Techcombank, our mission is to revolutionize the way our customers manage their finances to achieve more in life,” said Techcombank Chief Digital Officer Pranav Seth. “We believe that data-led insights and personalized financial solutions are the key to unlocking true financial wellness and will enable our customers to make smarter financial decisions that align with their unique goals and challenges. From identifying new savings opportunities to proactively monitoring spend, our ultimate goal is to empower our customers with unprecedented convenience and control. Our partnership with Personetics marks a significant milestone in our long-term vision of enhancing our customers’ lives by making banking hyper-personal to each and every customer.”

Techcombank has already undergone a beta testing period with Personetics that included 10,000 end customers. After three weeks, the bank saw savings balances increase 9%, had average log-in rates increase from 14.2 times per month to 77.3 times per month, experienced a 43.7% increase in installments volume, and a 32% increase in total installment value.

Headquartered in New York, and with offices in London, Tel Aviv, and Singapore, Personetics counts more than 135 million bank customers across the globe. The fintech was founded in 2010 and strives to help banks create “self-driving finance” experiences for its customers. Under this concept, banks leverage AI to proactively act on behalf of their clients to help them achieve their financial goals.

Last November United Overseas Bank tapped Personetics for its Auto-Save feature that finds “safe-to-save” funds by analyzing a user’s spending habits over time. The fintech partnered with sustainability-as-a-service company Ecolytiq after Earth Day last year to launch Sustainability Insights, a tool that analyzes consumers spending to show them the carbon emissions of their spending and investments.

An alum of FinovateFall 2016, Personetics has raised $178 million from investors including Thoma Bravo, Warburg Pincus, Lightspeed Venture Partners, and more. David Sosna is CEO.

Photo by Phil Nguyen

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

Data Security and Compliance Platform Very Good Security Introduces New CEO Chuck Yu
By David Penn Posted on
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

SoFi Shifts Focus to MortgageTech with New Acquisition
By Julie Muhn (@julieschicktanz) Posted on
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

Zeta and Featurespace Partner to Combine Card Processing with Fraud Detection
By Julie Muhn (@julieschicktanz) Posted on
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

CoreLogic Acquires Digital Mortgage Platform Roostify
By David Penn Posted on
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

TransUnion Rebrands Business Solutions
By Julie Muhn (@julieschicktanz) Posted on
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

Digital Asset Platform Bakkt Bets on B2B, Pivots from Consumer Crypto
By David Penn Posted on
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

Listerhill Credit Union Taps Glia for Digital Customer Service
By Julie Muhn (@julieschicktanz) Posted on
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

Trulioo Unveils New Global Identity Verification Platform for Individuals and Businesses
By David Penn Posted on
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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