Finovate Alumni News

On Finovate.com

  • Enveil, Unbound Tech Bring Data Security Triad to the Enterprise.

Around the web

  • CardFlight teams up with JetPay to give U.S. SMEs broader payment acceptance options.
  • Bahrain-based third-party PSP, SINNAD, launches a new processing platform built on Compass Plus’ TranzWare and TranzAxis.
  • Accenture to acquire management consultancy and technology services provider, Orbium.
  • BankBazaar adds business cards to its online marketplace for financial products courtesy of a partnership with Yes Bank.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s Nubank announces debit options for its digital savings account.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

BankBazaar CEO Honored at India FinTech Awards 2017

Adhil Shetty, CEO of BankBazaar, was recognized by the India FinTech Awards 2017 earlier this month. Shetty was named Fintech Leader of the Year at the event, which featured more than 200 attendees, more than 40 speakers, and 20 shortlisted startups from six countries.

“Today, paperless, presenceless transactions are becoming the face of digital finance,” Shetty said. “It is heartening to see our vision of paperless access to all financial products for every Indian being accepted and validated not just by our customers and partners but also by the industry experts at IFTA 2017.”

Sponsored by the India FinTech forum, which seeks to highlight the growing fintech community in India and ensure its role in driving fintech innovation worldwide, the India FinTech Awards is the largest, demo-based, fintech event in India. This year’s presentation included product demonstrations by 20 companies, with the winner earning a spot on stage at the Paris Fintech Forum in January 2018.

BankBazaar CEO Adhil Shetty receiving an award for Fintech Leader of the Year at the India FinTech Awards 2017.

This year’s top honors went to ZestMoney, which was awarded Fintech Startup of the Year, and its CEO and co-founder Lizzie Chapman, who was recognized as Woman Leader in Fintech. Chapman called the Startup of the Year award “recognition of the hard work we have put into building a product and platform that completely changes the way people access credit in this market.”

ZestMoney enables consumers to pay using digital EMI (equated monthly installment), avoiding the need for credit cards and credit scores. Headquartered in Bangalore, India and founded in 2015, the company has raised more than $8 million in funding and includes PayU and Omidyar Network among its investors.

Kickstart Accelerator and YES Fintech won the Accelerator of the Year award.  Also honored at the event was InstaReM, a cross-border remittance and money transfer startup founded in 2014, that participated in our FinovateAsia Startup Showcase earlier this month. InstaReM was recognized as a Fintech Rising Star at IFTA 2017, along with fellow contestants Niki.ai and Zeta. Finovate alum FixNix also participated in the competition.

The good news for BankBazaar comes at the same time the company announced a series of new upgrades to its mobile app. These enhancements include gold, silver, and fuel rate trackers, as well as personalized graphs and visualizations to better see and understand expenses. The app, which has garnered more than one million downloads, will also aggregate a number of features onto a single interface for easier use. “Our mission has been to help consumers access the right financial products and make their financial journey simpler,” Rati Shetty, Chief Product Officer for BankBazaar told DataQuest.

Last month, BankBazaar announced closing a $30 million funding round led by Experian. The two companies have partnered to develop a Credit Score Tracker that gives Indian consumers a secure free credit score as well as educational information on how to use financial planning to improve credit scores.

“There is a natural synergy between the world’s largest information management company and one of the fasted growing fintech companies,” Shetty said. “The funds from this round will be used to further strengthen our position as the leader in secure, paperless access to loans, cards, and mutual funds.” The investment brings BankBazaar’s total funding to $110 million.

Founded in 2008 and headquartered in Chennai, India, BankBazaar demonstrated its Real Time Credit Processing Platform at FinovateAsia 2012 in Singapore.

Finovate Alumni News

On Finovate.com

  • BankBazaar CEO Honored at India FinTech Awards 2017.

Around the web

  • ACI Worldwide inks licensing agreement with Payworks.
  • PayPal introduces new Invoicing Extension for with Facebook Messenger.
  • Commercial Bank of Ceylon embraces digital banking solution from Fiserv.
  • ThreatMetrix boosts speed, improves accuracy and reliability with Winter 2018 release of its digital identity network.

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.

BankBazaar Receives $30 Million in Funding Round Led by Experian

India-based online credit processing platform BankBazaar is sure to have a happy Diwali this year. That’s because the company has landed $30 million in a Series D funding round led by Experian.

The company didn’t name other contributors to today’s round, but cited existing backers Amazon, Sequoia, Eight Roads (Fidelity Growth Partners) and Walden International, who have helped boost BankBazaar’s total funding to $110 million. “The funds from this round will be used to further strengthen our position as the leader in secure paperless access to loans, cards, and Mutual Funds,” said BankBazaar CEO Adhil Shetty. The company also noted that it will use the funds to support international expansion efforts. BankBazaar has already made inroads into Singapore and is considering further expanding into Asia, the Middle East, Malaysia, Australia, Hong Kong, UAE, and the Philippines.

Founded in 2008, BankBazaar serves as a single platform where users can shop for and access a variety of financial products, including mortgages, personal loans, car loans, credit cards, fixed deposit accounts, and insurance offered by more than 75 financial institutions. The company began focusing on paperless finance last year, when it introduced paperless loan applications. Shetty expects Experian to help it “accelerate towards [its] vision of paperless access to all financial products.”

Ben Elliott, CEO of Experian Asia Pacific, said, “We believe that consumer adoption of fully digital experiences coupled with paperless access to financial products will push customer acquisition 10X by 2020. With e-commerce shoppers growing significantly over the next few years, companies with paperless technology platforms are well-positioned to leverage the latest trends in consumer technology and help millions of Indians gain access to formal banking and finance products, further enabling financial inclusion for millions of underserved consumers.”

BankBazaar demoed its real-time credit processing platform at FinovateAsia 2012 in Singapore. The company recently partnered with Experian to offer users access to view their credit score for free. Last year, BankBazaar was awarded the ‘Emerging Brand of the Year’ and ‘CEO of the Year’ awards at the 7th CMO Asia Awards in Singapore for Excellence in Branding and Marketing.

Finovate Alumni News

On Finovate.com

  • BankBazaar Receives $30 Million in Funding Round Led by Experian.
  • Feedzai Secures $50 Million in New Funding.
  • BlueVine Lands $130 Million in Debt Financing.
  • Sensibill Brings Receipt Management to Royal Bank of Scotland’s Business Banking Customers.

Around the web

  • Entersekt hires Sherif Samy as SVP for North American operations.
  • Visa and Billtrust team up to streamline B2B payment reconciliation and support automation of virtual card payments.
  • PayPal announces Vemno is now payment option at more than two million U.S. retailers.
  • Narrative Science wins Microsoft Office 2017 App Award for Best Business Value.
  • TransCard partners with ExpenseAnywhere to Deliver Automated Payment Process Management Solutions.

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

  • BioCatch and Experian Form Partnership.
  • Finovate Debuts: Icon Solutions’ Instant Payments Helps Keep Banks PSD2 Compliant.

Around the web

  • unblu receives European patent protection for 3rd generation co-browsing technology.
  • Bluefin Payment Systems earns EMV certification from First Data.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.
  • Tech Loop interviews GMC Software Technology’s Michaela Rýdlová and Jan Růža.
  • Infosys recognized as “major player” in IDC MarketScape: Service Providers for EMA Utilities Vendor Assessment.
  • Quantopian to deploy order/execution management technology from FlexTrade.
  • BusinessWorld profiles BankBazaar and co-founder Rati Shetty.
  • Neener Analytics accepted into the Citibank WorldwideT4I Accelerator. Come see Neener Analytics at FinovateSpring on April 26  & 27.
  • Standard Chartered announces digital wealth advisory tool

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

  • “Fintech Favorites: Blockchain, the Banks, and the Underbanked”
  • Lleida.net Brings Connectaclick to Ecuador’s Banco Pichincha.

Around the web

  • Swiss fintech innovator Net Guardians to deploy its security solution, FraudGuardian, with National Bank of Malawi.
  • iSignthis partners with Leverate Financial Services, providing the online FX and CFD broker with its full Paydentity solution.
  • YourStory profiles Finovate newcomer MarketsMojo and its plan to make equity investing mainstream.
  • Frankfurter Allgemeine features Fintura in a look at the fintech scene in Frankfurt.
  • True Potential wins approval as workplace pension adviser from The Pensions Regulator.
  • PayPal reports mobile shopping represented a third of sales on Thanksgiving and Black Friday.
  • Lighter Capital named the fastest growing private tech company in Washington state.
  • LTP lists BankBazaar, CoverHound, InforcePRO, and Sureify on its list of revolutionary insuretech startups.

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

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: How the Kore Bots Deliver More than Your Average Chatbot
  • DriveWealth Expands APIs for Wealth Managers
  • Braintree, Finicity, and Twilio Take Top Honors at API World Awards

Around the web

  • BankBazaar wins “Emerging Brand of the Year” and “CEO of the Year” at seventh CMO Asia Awards.
  • Fintech News Switzerland highlights Currency Cloud and Zopa in a look at London’s top rising fintech stars.
  • Boku brings direct carrier billing to Windows 10 phones in the United Kingdom and Italy.
  • Markit enhances WSO software suite to offer new levels of automation for syndicated loan market.

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 Alums Dominate The FinTech50’s Inaugural Hall of Fame

Fintech50_homepage_April2016

FinTechCity unveiled its new FinTech50 Hall of Fame this week at the Money 20/20 event in Copenhagen, Denmark. Finovate alums took six out of the ten spots.

The “founding ten members” of TheFinTech50 Hall of Fame are companies that “have featured on our radar since the days when they could reasonably be called startups,” say FinTech50 founders Julie Lake and Nicky Cotter, writing in The FinTech50 2016 Yearbook. “In recognition of their pioneering spirit and competitive staying power, we felt they deserved their own special place within a list of remarkable game-changers,” the founders wrote.

FinTechCity also presented The FinTech50 2016, its roster of the fifty hottest FinTech businesses in Europe. Of the 50 companies selected by the panel of more than 30 industry experts who poured over more than 1,200 candidates, a full baker’s dozen were Finovate—or FinDEVr—alums.

Read the full list.

Lake and Cotter called this year’s competition “the most hotly contested FinTech50 in its four-year history.” The founders also highlighted differences from the 2015 list, with this year’s roster featuring more companies innovating in “security, compliance, and risk.”

Also noteworthy was the number of European fintech companies from the United Kingdom (more than 30 out of the 50). The founders credited this to the U.K.’s broader access to funding, as well as the region’s local talent, and “favorable regulatory environment.” Lake and Cotter also praised other emerging European fintech communities in Amsterdam, Berlin, and Stockholm.

In addition to The FinTech50 2016 and its new Hall of Fame, FinTechCity also announced its FinTech20 India and FinTech20 Hong Kong. Finovate alums were represented here with Demystdata (FinovateAsia 2012) earning a spot in the Hong Kong 20, and Bank Bazaar (FinovateAsia 2012) getting recognition in the India 20. Lastly, The FinTech50 shared “The Hot Ten,” a roster of companies on their watch list for 2016. Here, Finovate alum, Ormsby Street (FinovateFall 2015), was recognized on that list.