Exate, FutureFlow, Anorak Join FinTech Innovation Lab London

FinTech Innovation Lab London has unveiled its 2019 cohort. And among the 20 startups selected, three – Exate Technology, FutureFlow, and Anorak – are Finovate alums.

“The U.K. is a hotbed for fintechs, which are starting to bite at banking revenues,” Julian Skan, executive sponsor of FinTech Innovation Lab London, said. “But banks and insurers are also capitalizing on the opportunity to work with emerging technologies and new talent to compete.”

Skan added, “With our accelerator programme in its seventh year, we’re looking forward to exploring how startups are using the changes to evolve the financial industry for the better.”

The program, founded by Accenture and its partners in 2012, runs for three months between January 7 and March 28. Participating startups will work with executives from banks and insurers such as BlackRock, HSBC, Santander, and Wells Fargo to further develop their business models and solutions. In total, 35 financial institutions are providing mentors for the program.

“The team at Exate Technology (is) extremely proud to have been selected for Accenture’s Seventh Annual FinTech Innovation Lab,” Sonal Rattan, co-founder and CTO of Exate Technology wrote in a post at LinkedIn. “Fantastic kick-off day.” Founded in 2015 and headquartered in London, U.K., Exate demonstrated its data middleware IT solution at FinovateEurope 2018. The company’s technology enables users to apply rules to determine how data is accessed. Exate calls the solution “a virtual visa for your data.”

Demonstrating its BigData Analytics Platform at FinovateAsia 2017, FutureFlow provides institutions with a map of movement of money through the financial system. Like “cookies for money,” the company’s solution gives users deep money flow insights, showing where money in each transaction has been before, how quickly it moved, and what good, services, and locations it has covered. Headquartered in New York City, the company was founded in 2016.

Insurtech innovator Anorak offers personalized, regulated life insurance purchasing advice to help insurance consumers get the best policy at for the least cost. The company leverages data science and machine learning – as well as decades of insurance industry experience – to analyze risk and coverage needs, turning bank data into customized insurance solutions. The London, U.K.-based company was founded in 2016, and demonstrated its technology at FinovateEurope 2018.


Interested in fintech in the U.K. and Europe? Join us next month in London for FinovateEurope 2019, February 12 through 14. Live fintech demos, insightful keynotes, and more.

Finovate Alumni News

On Finovate.com

  • Exate, FutureFlow, Anorak Join FinTech Innovation Lab London.

Around the web

  • Klarna announces collaboration with rapper Snoop Dogg.
  • OutSystems earns a spot on G2 Crowd’s 2019 Best Software Companies roster.
  • IHS Markit partners with AcadiaSoft to support initial margin management.
  • Coinbase acquires data collecting and management specialist, Blockspring.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • EVRY Wins $75 Million Contract.
  • Best of Show Winner Voleo to Help Drive Social Trading in Europe.
  • FI.SPAN Raises $4 Million for U.K. and Australia Expansion.

Around the web

  • Sberbank offers clients new strategies for investment life insurance.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Anorak earns a spot in FinSMEs’ Top 10 U.K. Insurtech Startups to Watch in 2019 roster.
  • Intuit relaunches its redesigned ProAdvisor program in the U.S., Canada, and Australia.
  • DataSine and FinovateFall Best of Show winner Golden join the Envestnet | Yodlee Incubator’s latest cohort.
  • API platform provider for banking and insurance NDGIT announces strategic partnership with Synpulse.
  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • PYMNTS highlights WePay Co-founder Rich Aberman in its latest podcast.
  • Jack Henry & Associates introduces a voice-driven consumer billpay solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Anorak Raises $6.5 Million in Series A

In a round led by Kamet Ventures – an insurtech startup studio backed by AXA – life insurance recommendation engine Anorak Technologies has raised $6.5 million (£5 million) in new funding. The investment, which takes the U.K.-based company’s total equity financing to more than $11.6 million (£9 million), will be used to fuel further development of and applications for its technology. In a press release, Anorak specifically highlighted plans to use its life insurance recommendation engine as the basis for an advisor platform.

“The life insurance sector is on the verge of transformation and Anorak is leading the way,” Anorak co-founder and CEO David Vanek said. “Kamet’s investment enables us to deliver on our vision. We are committed to using cutting-edge technology to bring (the) life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the U.K.”

Anorak leverages AI, and advanced data science, and actuarial science to build a fully automated advice platform for life insurance consumers. Designed to serve the nine million families in the U.K. that Anorak estimates are underserved, Anorak’s technology and APIs enable distribution partners to offer life insurance recommendations alongside other financial, investment, and e-commerce services.

Guillaume Borie, Chief Innovation for AXA, praised Anorak’s technology as “transformational” and underscored how the recommendation engine could be deployed in a variety of contexts. “(The technology) enables carriers to create a new breed of distribution partnerships from banking to gig economy platforms, whilst also reinventing the experience of existing intermediaries networks,” Borie said.

Anorak Technologies made its Finovate debut at the beginning of the year, demonstrating its platform at FinovateEurope. In September, the company announced that it would provide life insurance advice for users of money management app, Yolt. Also that month, Anorak teamed up with Starling Bank to provide insurance advice for customers of the U.K. mobile-only bank. The company was founded in 2016 and is headquartered in London.

Finovate Alumni News

On Finovate.com

  • Anorak Raises $6.5 Million in Series A.

Around the web

  • British lender CYBG signs payments partnership with Worldpay.
  • Azimo begins money transfer service to China.
  • AlphaPoint announces TrueUSD integration to Exchange Technology Network.
  • InComm partners with Xsolla to enable online game account funding with cash.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Priority Payment Systems to Offer Sezzle’s Shop Now, Pay Later Solution.
  • The ID Co. Launches NoMo Cashflow Tracking App.

Around the web

  • IDG’s Techworld features U.K.-based insurtech innovator, Anorak. The company was also selected to participate in the Plug and Play Insurtech innovation platform in November.
  • Silicon Republic highlights Meniga in its roundup of “cool start-ups from Reykjavik.”
  • In partnership with the U.S. Department of Defense, HackerOne uncovers 150 cybersecurity vulnerabilities during Hack the Marine Corps challenge.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Hydrogen, TD Bank Partnership Drives DIY Financial Planning.

Around the web

  • Hackney London Borough Council leverages technology from OutSystems to enhance its digital services.
  • NCR inks partnerships with a trio of credit unions: Parsons FCU of California, Educators Credit Union of Texas, and AERO FCU of Arizona.
  • Anorak to provide life insurance advice to users of money management app, Yolt.
  • SaleMove wins top honors at Orion Advisor Services’ Ascent/FUSE 2018 conference. See SaleMove at FinovateFall in New York September 24-26.
  • Varo Money to deploy Temenos’ T24  core banking platform.
  • Digital lending platform Roostify announces its app is now available on the Salesforce AppExchange.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Starling, Anorak Merge Insurtech with Mobile Only Banking


Starling Bank, the U.K.’s first mobile-only bank, is innovating in another way this week. The challenger bank is teaming up with Anorak to bring personalized, transparent, compliant life insurance advice to its customers. Accessible via Starling’s in-app marketplace, customers will be able to link their accounts to Anorak’s technology, which analyzes the customer’s banking transactions to provide specialized advice on what kind of life insurance would be the best fit for them and why.

“Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalized options,” Anorak CEO David Vanek said. “By using Starling APIs, we’re harnessing the power of Open Banking to enable consumers to make the right choice and help them protect their families financially.”

Anorak’s technology scans major insurers including AIG, Legal & General, Zurich, Scottish Widows, and Royal London and gives consumers the best, personalized insurance options based on their family and finances – including customer-permissioned analysis of banking transactions. Anorak joins fellow Finovate alum Wealthify in Starling’s marketplace, along with firms such as robo advisor Wealthsimple, mortgage broker Habito, and pension provider, PensionBee.

“Starling’s Marketplace is designed to give customers ever greater control of their financial lives,” Megan Caywood, chief platform officer at Starling Bank said. “Our new partner Anorak does just this – bringing impartial life insurance to our customers within a few minutes. Like Starling, Anorak combines industry experience with great tech to provide a disruptive force for good.”

Founded in 2016, Anorak made its Finovate debut earlier this year at FinovateEurope. The company’s technology leverages advanced data science and machine learning to match consumers with the most appropriate, personalized, compliant policy from a major insurer. Anorak’s API integrates readily with apps and websites, enabling PFM solutions, banks, insurance comparison sites, and brokerages to use its smart data service to provide a better and more transparent insurance-buying experience for customers.

Anorak began the year with its first major fundraising, a seed round investment of more than $5 million (£4 million) from France’s Kamet Ventures.

Finovate Alumni News

On Finovate.com

  • Starling, Anorak Merge Insurtech with Mobile-Only Banking.

Around the web

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Token.io announced using public bank APIs to conduct end-to-end payments for U.K. banking group, CMA9, the first PISP to do so.
  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Anorak

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Anorak is a smart life insurance adviser. It offers an easy way to offer personalised, regulated life insurance advice to customers digitally and was designed to be integrated by banks, mortgage brokers, and fintechs.

Features

  • Uses open banking and bank transaction data to run fact-finding
  • Offers automated policies that scan and match to find the best coverage, not just the cheapest
  • Has easy-to-integrate APIs that provide advice, quotes, and fulfillment

Why it’s great
Open banking enables Anorak to be an insurance companion. Always on. Delivering the right advice at the right moment when life triggers an event.

Presenter

David Vanek, CEO & Co-founder
Vanek is a former investment banker and serial tech entrepreneur. Prior to co-founding Anorak, he held C-Level positions at Made.com, the leading ecommerce platform.
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