BanQu Closes Extension on Series A Round

Blockchain-based identity startup BanQu announced it closed an extension of its Series A round today. The funds come from Anheuser-Busch InBev’s venture arm ZX Ventures. The amount of the funding was undisclosed but adds to the company’s previous funding total of $2.6 million.

“After BanQu’s outstanding pilot performance in our 100+ Accelerator, we are pleased to solidify the partnership with Ashish, Jeff, and the entire team at BanQu through an equity investment,” said Tony Milikin, Chief Sustainability and Procurement Officer at AB InBev. “Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.”

Minnesota-based BanQu won Best of Show at FinovateSpring 2016 for its blockchain-as-a-service company that aims to lift people out of extreme poverty by connecting them with global supply chains, brands, organizations, and governments. The company connects the unbanked population to the global economy via a distributed ledger of financial and personal records using blockchain technology. Once users create a transaction history on the BanQu blockchain, they create a trackable personal history that serves as a form of identity, providing a baseline for them to participate in the global economy.

BanQu originally launched its partnership with AB InBev in August of last year after piloting its identity technology with 2,000+ cassava farmers in Zambia. Since then, the company has rolled out programs in Uganda and India, and is planning efforts in Brazil.

“ABInBev has been an incredible partner to BanQu over the past year, and together we have innovated and scaled the BanQu platform across multiple countries and thousands of farmers. Farmers at the world’s “last mile,” traditionally excluded from the global economy and lacking a verifiable economic identity, are now visible, financially empowered, and connected in the global supply chain of AB InBev,” said BanQu Co-Founder and CEO Ashish Gadnis. “The ZX investment takes this partnership to a whole new level of commitment on both sides. It cements our core shared vision of making the world a better place while being good business stewards.”

BanQu currently has operations across 12 countries including Costa Rica, India, Indonesia, Jordan, Malawi, Somalia, South Africa, Syria, Uganda, United States, and Zambia. The company has plans for additional rollouts in China and Mexico later this year.

Finovate Alumni News

On Finovate.com

  • $468 Million Raised by 20 Alums in Q1 of 2019
  • BanQu Closes Extension on Series A Round
  • Credit Agricole Plans $17 Billion Tech Investment in Four Years
  • Lighter Capital Launches New Financing Options

Around the web

  • Growjo names Coinbase, Plaid, and BlueVine fastest growing startups in California.
  • Ping Identity launches capabilities framework to help clients adopt a Zero Trust security strategy.
  • Sifted looks at Credit Karma’s entry into Europe.

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

  • Enveil launches its enhanced ZeroReveal 2.0 data-in-use security solution.
  • Boku integrates with digital payments solution Grab in order to expand payment options in Southeast Asia.
  • Equifax Canada announces partnership with SecureKey Technologies.
  • Artivest taps Paul Nobile as its new Chief Marketing Officer.
  • Lattice80 interviews Ashish Gadnis, Co-Founder and CEO of BanQu.

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

  • 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.

Finovate Alumni News

On Finovate.com

  • BBVA Partners with Azlo to Empower Workers in the Gig Economy.

Around the web

  • Wipro named one of the “World’s Most Ethical Companies” by Ethisphere for seventh time in a row.
  • LendUp CEO Jake Rosenberg talks about providing “fair financial products” to the underbanked in a conversation with Y Combinator.
  • Technology from Quid helps Walmart build its American Family Today report.
  • Milwaukee Public Radio features BanQu and its ability to leverage blockchain technology to help refugees reclaim their identities.

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

  • The largest bank in the Philippines, BDO Unibank, reups with Fiserv.
  • Customers of PayU gain access to payments services from Zooz courtesy of new partnership.
  • Let’s Talk Payments interviews BanQu co-founder, Ashish Gadnis.
  • Insuritas partners with Constellation to Monetize Online Banking Experience.

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

  • nCino Helps Financial Institutions Benefit from Cloud Banking
  • LendUp Gives the Underbanked What No Traditional Bank Will

On FinDEVr.com

  • Check out this week’s FinDEVr APIntelligence

Around the web

  • BanQu teams up with Eastern Congo Initiative to launch secure data storage network for farmers.
  • TransferWise announces operational profitability and monthly revenues of £8 million.
  • Lighter Capital adds Former Silicon Valley Bank’s Head of Risk, Marc Verissimo, to its Board of Directors
  • Wells Fargo selects Uniken for accelerator program.
  • Wipro launches Nine Solutions to Accelerate Adoption of Blockchain Across Industry Sectors
  • Societe Generale partners with Open Bank Project to launch internal Open Banking Hackathon
  • South Carolina-based Community First Bank hires Insuritas to install and manage insurance agency.

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

  • Best of Show Winner Alpharank Earns Spot in FIS Accelerator
  • Finovate Debuts: Dorsum Puts the AI in DAISY, its Onboarding ChatBot
  • Trulioo Bolsters Regtech Solution with Mitek Partnership
  • How to Make It In the Fintech Industry: Startup Success Stories Speak Out

Around the web

  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform. Join Trulioo at FinDEVr London next month where the company will lead a lunch roundtable discussion, AML, KYC, OMG: How to manage compliance with a smaller team and a better UX.
  • Greenkey Technologies announces interconnection partnership with iMarket.
  • Misys launches FusionCapital Detect, an AI-powered, smart personal assistant that helps identify errors and anomalies in trade transactions.
  • Daily Fintech profiles blockchain innovator and Finovate Best of Show winner, BanQu.
  • FinDEVr alum OutSystems expands to Asia with new office in Japan.
  • Signicat teams up with Rabobank to launch new, Netherlands-based digital identity service provider.
  • Ohio-based First National Bank of Pandora chooses core account processing platform from Fiserv.
  • BioCatch Receives Frost & Sullivan New Product and Innovation Award for Continued Disruption in Behavioral Biometrics Landscape.

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.

Spring Forward: FinovateSpring 2016 Alums Top $200 Million in Funding

FinovateSpring2016_scene

With FinovateSpring 2017 coming next month, we thought we’d take a look back at how the alums from our last spring conference a year ago have fared on the fundraising front.

And after a quick review, it seems that investors continue to be interested in the innovations of Finovate alumni. In fact, even without the $1.8 billion Golden Gate Capital spent on its acquisition of Neustar late last year ($2.9 million with debt included), the alums from FinovateSpring 2016 have had an impressive year of fundraising. While the specific funding amounts for a number of alums were not officially disclosed, our review shows more than $200 million raised by 20 FinovateSpring 2016 alums over the past year alone.

Among the bigger deals of the past year, the $72 million raised by OurCrowd stands out. OurCrowd, a crowd investing platform for venture capital, was founded in 2013 and is headquartered in Jerusalem, Israel. With a growing network of more than 17,000 investors, OurCrowd has raised $400 million on its platform, providing funding for 110 companies. Also noteworthy was the $29 million raised by FinDEVr/Finovate alum NYMBUS in two separate fundings in August and February. NYMBUS is an innovator in developing advanced, cloud-based core banking systems. Known as a “bank in a box” NYMBUS technology gives smaller banks and credit unions the ability to compete with larger FIs when it comes to providing customers with the latest digital banking services.

So to help get you ready for FinovateSpring 2017, here’s a list of the investments scored by alums from last year’s conference. And remember you can see live demos from all 20 of our fundraising FinovateSpring 2016 alums in our Video Archives.

February 2017

  • FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding
  • Qumram’s Regtech Offering Lands $1.49 Million
  • Empyr Raises $3 Million in Funding

January 2017

  • ForwardLane Raises $1.1 Million in New Funding
  • Earnix Receives $13.5 Million in Growth Capital from New and Existing Investors

December 2016

  • Cyberfend Acquired by Akamai Technologies for Undisclosed Amount

November 2016

  • Sezzle Raises Seed Funding Ahead of Shopify Debut ($1.85 million)
  • Neustar Acquired by Golden Gate Capital for $1.8 Billion (including debt $2.9B)

October 2016

  • ThreatMetrix Picks Up $30 Million in Growth Capital from Silicon Valley Bank (debt financing)

September 2016

  • OurCrowd Pulls In $72 Million
  • WealthForge to Raise $2.5 Million in New Convertible Note Offering
  • OneVisage Earns Seed Funding in Round Led by Polytech Ecosystem Ventures (amount undisclosed)

August 2016

  • CUneXus Closes $5 Million Series A
  • Automobile Title Lending Platform Finova Financial Raises $52.5 Million
  • NYMBUS Raises $12 Million in Round Led by Vensure Enterprises

July 2016

  • Linqto Announces New Venture Funding from Keiretsu Capital (amount undisclosed)

June 2016

  • NICE Funding! CallVU Raises $3 Million
  • Civic Announces New Debt Financing from Blockchain Capital (amount undisclosed)
  • savedroid AG Completes €1 ($1.1 USD) Million Seed Round; Announces Beta Launch
  • Cyberfend Earns Undisclosed Non-Equity Assistance from MasterCard Start Path Global Program.
  • BanQu Secures $100,000 in Financing (convertible note)

Are you a FinovateSpring 2016 alums whose funding we missed? Send us an email research@finovate.com and we’ll be happy to make the update.

Finovate Alumni News

On Finovate.com

  • Envestnet | Yodlee, eMoney Advisor, and Betterment Earn Recognition at 2016 Wealth Management Awards

Around the web

  • Qapital featured in a list of the “5 best productivity apps for freelancers.”
  • Let’s Talk Payments profiles Finovate Best of Show winner BanQu.
  • LendingTree named a top workplace by The Charlotte Observer.
  • Actiance Launches Safe Landing Program for Autonomy Customers.
  • Xero Announces Improved Integration with PayPal.

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.