Finovate Alumni News

Around the web

  • Dwolla announces the latest addition to its partner ecosystem, Productify.
  • Onfido partners with Estonian legal entity verification solution provider Entify.
  • Anorak Technologies unveils new distribution team.
  • ThetaRay taps Edward Sander as its new Chief Product Officer.

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 Bank Offers Income Protection Insurance via Anorak Partnership

A little over a year ago, U.K. challenger bank Starling and automated online insurance advisory Anorak Technologies forged a partnership to bring personalized life insurance options to bank customers. Now, the two companies are back in the fintech headlines with a new offering. Starling announced that it will offer income protection insurance for the self-employed courtesy of its collaboration with Anorak.

“If you’re a freelancer, contractor, or sole trader, you may need income protection insurance to provide peace of mind if something happens that means you can’t work,” Team Starling noted on the company blog this morning. “Everyone has bills to pay, sometimes for a whole family, and if something goes wrong, an insurance provider could cover your outgoing when you don’t have a regular income.”

In order to access the insurance offering, Starling app users simply tap on the Anorak link in the Insurance category of the app. Anorak will guide the user through a quick, free, online assessment during which the user’s Starling Bank transactions are analyzed and the user is given advice on how much income protection and life insurance would be advisable. The technology also lets users know how long they should be covered and why. Starling Bank notes that the intention is to provide income protection and insurance coverage that is not just the most affordable, but is also the best choice for the consumer, as well.

Bancassurance 3.0 is a reality,” Anorak wrote on its LinkedIn page today. “Technology redefines the way people access life insurance. With Starling Bank we help sole traders easily protect their biggest asset, themselves.”

Anorak demonstrated its Smart Life Insurance solution at FinovateSpring 2018. Embedded into the bank’s mobile app and leveraging bank data to provide quick insurance assessments, Anorak’s technology is designed to make it easy for partners ranging from challenger banks to online retailers to investment platforms to offer their customers personalized insurance options.

Named to FinTech Global’s list of the top 100 insurtech companies, Anorak teamed up with protection and mortgage advice company Albany Park over the summer. The partnership brought telephony protection advice to Anorak’s online platform. Anorak began the year with news that it was joining the FinTech Innovation Lab London’s 2019 cohort – along with fellow Finovate alums Exate Technology and FutureFlow.

Founded in 2017 and headquartered in London, U.K., Anorak has raised $11.5 million (£9 million) in funding and includes French insurtech startup studio Kamet among its investors. David Vanek is co-founder and CEO.

Finovate Alumni News

On the web

  • Zopa Tests Savings Product Before Full Launch.
  • Starling Bank Offers Income Protection Insurance Via Anorak Partnership.
  • Q2 Closes Acquisition of PrecisionLender.

Around the web

  • Revolut unveils metal cards in silver and space grey.
  • Chief Administrative Officer of the Royal Bank of Scotland interviews BioCatch CEO.
  • ITSector inaugurates 6th Software Development Center that will focus on the financial sector, AI, and 5G.

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

  • Revolut Advances in Asia with Singapore Launch.
  • Finovate Global: Stripe Goes Live in Mexico, Revolut in Singapore; Lidya in Poland.
  • Challenger bank Lunar Partners with Temenos to Fight Financial Crime.

Around the web

  • FinTech Global names Anorak to its list of the top 100 insurtech companies.
  • Onfido joins Dwolla’s partnership ecosystem.
  • Mortgage Cadence to integrate title and appraisal solutions from Covius into its platform.
  • Ondot opens offices in Atlanta, Georgia.
  • Email delivery and analytics specialist SparkPost appoints Sam Holding as Head of International.
  • RightCapital forges strategic partnership with Advyzon.

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

Around the web

  • Meniga opens new office in Singapore.
  • nCino announces expansion to Canada, opens doors on new Toronto, Ontario office.
  • Avaloq acquires structured products and derivatives data provider Derivative Partners.
  • Singapore’s Fintech News features aixigo, Nutmeg, and nextmarkets in its look at top European wealthtech solutions “that Singaporean banks should know.”
  • Anorak teams up with protection and mortgage advice company Albany Park.
  • NDGIT announces new strategic customer in Portuguese challenger bank, Banco BNI Europa.
  • The ID Co. joins North American division of the Financial Data & Technology Association (FDATA).

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.

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.