Finovate Alumni News

On Finovate.com

  • SigFig Buys SmartWealth from UBS.

Around the web

  • Compass Plus migrates Brazilian prepaid card issuer, BPP, to its platform.
  • UBS shutters its robo advisor, SmartWealth, selling technology to SigFig.
  • Azimo forges strategic partnership with African payments business, Interswitch Group.
  • BehavioSec unveils its Behavioral Biometrics Platform, which boosts security with invisible, continuous authentication.
  • PayPal’s Xoom partners with Ria Money Transfer to accelerate global expansion in 86 countries.
  • Bluefin and SoftPoint partner for comprehensive PCI-Validated P2PE solution for POS systems.
  • NCR appoints Andre Fernandez as Chief Financial Officer.
  • Kony teams with Payveris to help banks deliver digital money movement services.
  • Cryptoline News: Payfone’s technology now used to prevent SIM swap attacks.

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

  • Zopa Raises More than $57 Million to Support Next Generation Bank.
  • Mitek Helps Bring Mobile Deposit to Credit Unions.
  • Crypterium Releases Crypto-Fiat Solution.

Around the web

  • Sberbank Group CTO David Rafalovsky selected to lead Sberbank’s Technology Block.
  • BlueRush announces new Chief Financial Officer, Dave Badun.
  • Thomson Reuters adds Dealerweb and Icap pricing to its Reuters Capital Markets 19901 service.
  • MEDICI features Ayasdi, Feedzai, FixNix, IdentityMind Global, BehavioSec, and identitii in its roster of top RegTech startups.
  • Bankjoy to power mobile and online banking for Marshland Federal Credit Union.

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

  • OnDeck Scores $93 Million in Two Credit Facilities.
  • P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded.
  • The ID Co. Unveils Open Banking API Platform.

Around the web

  • Carte Wealth Management to deploy advisor engagement platform powered by BlueRush.
  • CREALOGIX wins Best Web Front End Solution at the 2018 Systems in the City Awards for fintech in banking and wealth management.
  • Technology from Cognizant and Temenos helps Julius Baer complete core banking modernization.
  • Coinbase correction: No SEC approval received for acquisitions.
  • BehavioSec’s behavioral biometrics platform fulfills critical requirements achieving Payment Services Directive 2 (PSD2) compliance.
  • Roostify partners with Colonial National Mortgage to provide customers with a simple and intuitive online mortgage 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 Favorites: A Baker’s Dozen of Best of Show Winners

Which fintech companies have continued to impress Finovate audiences over the years? The return of Kasasa to FinovateSpring last month, winning its fourth Best of Show award in the process, got a few of us thinking that it was a good time to take a look at which companies have been selected as fan favorites most frequently after demoing their latest technologies live on stage.

We’ve highlighted companies that have been especially popular at certain conferences, such as FinovateAsia and FinovateSpring before. Here is our compendium of the top Best of Show vote-getters to date for all shows combined (minimum of three wins).

The Big Three

The three companies that have won the most Best of Show awards from Finovate audiences reflect three different themes in fintech over the years: the allure of social investing (eToro), the rise of data analytics in banking (MX, formerly Money Desktop), and the persistence of the payment card (Dynamics). What is especially impressive about all three companies in our Best of Show Big Three is their ability to innovate over time. Each alum won their first Best of Show award between 2010 and 2012 and won their most recent Best of Show award between 2016 and 2018.

Dynamics (8) Founded in 2007. Headquartered in Pittsburgh, Pennsylvania. Jeff Mullen is CEO.

MX / Money Desktop (6) Founded in 2010. Headquartered in Lehi, Utah. Ryan Caldwell is CEO.

eToro (6) Founded in 2007. Headquartered in Tel Aviv, Israel and London, U.K. Yoni Assia is CEO.

The Super Six

Of our Super Six – the six companies to have won Best of Show awards four times – what is most interesting is also the way many of them have been proven innovators over a time of major change in fintech. Companies like Kasasa (formerly BancVue) and Yodlee (now Envestnet | Yodlee) made their big splash back in the earliest days of Finovate and, with recent Best of Show wins in 2018 and 2017, respectively, shown that they are still among fintech’s most inspiring solution providers.

Backbase – 4

Kasasa / BancVue – 4

Meniga – 4

oFlows – 4

SaleMove – 4

Yodlee (including Envestnet | Yodlee) – 4

The Fantastic Four

Two of the companies in our Fantastic Four companies that have won Best of Show awards three times have since been acquired. LearnVest, a three-time Best of Show winner from 2011-2013, was acquired by Northwestern Mutual for more than $250 million in 2015. EyeVerify, which won Best of Show awards on three different continents, was acquired by Ant Financial in 2016. The company now operates as ZOLOZ, and is focused on providing digital identity solutions for the underbanked in Asia.

BehavioSec – 3

EyeVerify (now “ZOLOZ”) – 3

LearnVest – 3

mBank – 3

Note: FA: FinovateAsia, FE: FinovateEurope, FF: FinovateFall, FS: FinovateSpring. Audience favorite awards from FinDEVr not included.

BehavioSec Closes $17.5 Million Series B

Behavioral biometrics company BehavioSec landed $17.5 million in funding today. This brings the company’s total funding to almost $26 million.

The Series B round was led by Trident Capital Cybersecurity with Cisco Investments, ABN AMRO, and existing investors Octopus Ventures and Conor Venture Partners also contributing. The Sweden-based company will use the funds to expand global operations and relocate its headquarters to the U.S. This comes after BehavioSec’s expansion to the U.S. last April.

Since it was founded in 2009, BehavioSec has secured billions of transactions for 40+ million users. The company’s flagship offering technology leverages machine learning to verify a user’s identity by how they interact with their device. This layered and continuous approach takes place in the background so as not to interfere with the user experience. At FinovateFall 2015, the company’s COO, Olov Renberg debuted BehavioSec On Demand. The solution is a transaction-based behavioral biometrics service in the cloud aimed to help organizations control who accesses that service without compromising the integrity of companies and individuals.

Alberto Yépez of Trident Cybersecurity cites two main reasons for the firm’s investment in BehavioSec. “We decided to invest in BehavioSec given production deployments authenticating user sessions for some of the most sophisticated financial institutions and governments around the world. In addition, the company continues to lead the innovation in behavioral biometrics through close partnership with leading cybersecurity vendors and government agencies, including DARPA,” said Yépez.

In an era when data breaches, hacks, and compromises occur on an almost monthly basis, there will be plenty of demand for online security companies for some time. That said, there will also be increased competition. Last October, Zighra launched a continuous authentication solution that leverages behavioral cues. Additionally, companies such as BioCatch, NuData Security, and IBM Security Trusteer all have offerings similar to BehavioSec’s behavioral biometrics solution.

At FinDEVr San Francisco 2015, the company’s VP of Engineering Ingo Deutschmann and COO Olov Renberg gave a presentation titled Behavioral Biometrics as a Service. Last November, BehavioSec teamed up with Crossmatch to add keystroke capture to Crossmatch’s authentication platform.

Finovate Alumni News

On Finovate.com

  • ThreatMetrix Acquired by RELX, Becomes Part of LexisNexis Risk Solutions.
  • figo Announces ‘License As A Service’ PSD2 Solution, RegShield.
  • BehavioSec Closes $17.5 Million Series B.
  • Payoneer Partners with Waze to Power Local Payments.

Around the web

  • Ellie Mae partners with COCC to offer its members access to Ellie Mae’s Encompass all-in-one mortgage management solution.
  • Meniga wins best App and best Web Solution at the Icelandic Web Awards 2017.

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.

BehavioSec Brings Behavioral Biometrics to Identity Management Specialist Crossmatch

Multiple Best of Show winner BehavioSec has partnered with identity management innovator Crossmatch in a deal that will add keystroke capture to Crossmatch’s composite authentication platform, DigitalPersona.

“We selected BehavioSec’s platform because they are singularly focused on behavioral biometrics and have well-established and proven technology that already serves more than 35 million end users,” Crossmatch director of identity and access management Jeff Carpenter said. The technology, which provides authentication based on a profile of the user’s keystroke/typing style, adds to DigitalPersona’s current authentication options of OTP, PIN, contact or contactless card, and fingerprint.

By leveraging a passive behavioral biometric solution like Behaviosec, Crossmatch provides an additional security option without burdening the user. This is key to ensuring a quality user experience and broadens the appeal of the technology. As BehavioSec CEO Neil Costigan put it: “with this partnership, Crossmatch expands the flexibility of its platform and BehavioSec expands the reach and pervasiveness of its behavioral analytics engine into a new commercial market.”

Founded in 2009, BehavioSec demonstrated BehavioSec on Demand at FinovateFall 2015. We profiled the company this fall as part of our look at FinovateAsia Best of Show winners, our review of Finovate alums that specialize in cybersecurity solutions, and our feature on Best of Show winning alums, Safe Spaces: The Beset of the Authenticators, Verifiers, and Fraud Fighters.

Named to the European Fintech 100 and selected to be part of FinTechCity’s Fintech 50, BehavioSec partnered with Gemalto in June and teamed up with fellow Finovate alum Kount in May. The Stockholm, Sweden-based company opened its U.S. office in Manhattan, New York, this spring. With more than $7 million in funding, BehavioSec includes Northzone and Octopus Ventures among its investors.

Finovate Alumni News

On Finovate.com

  • East vs. East: A Comparison of Regional Fintech Trends.
  • BehavioSec Brings Behavioral Biometrics to Identity Management Specialist Crossmatch.
  • Memento Partners with Islandsbanki to Add Money Pool Feature to Digital Wallet.

Around the web

  • Quid looks at Salesforce Ignite’s implementation of its data visualization technology.
  • NBC News features Ping Identity chief information security officer Robb Reck with tips on being safe on Cyber Monday.
  • Zenmonics’ digital account opening technology wins endorsement from American Bankers Association.
  • BAI Banking Strategies podcast interviews nCino CMO Jonathan Rowe.
  • Business Insider features Pindrop and Ripple in roster of startups that will boom in 2018 – as selected by leading VCs.
  • PYMNTS.com interviews Urban FT co-founder Kasey Kaplan.
  • Kantox boosts currency portfolio from 35 to 92, adding markets in Latin America and Asia.

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.

The Faves of FinovateAsia: A Brief History of Best of Show Winners

With FinovateAsia less than one week away, it’s worth noting that the history of our Asian conference is a short, but illustrative one. Consider this: of the twelve companies awarded Best of Show from our three FinovateAsia conferences in 2012, 2013, and 2016, more than half are multiple-time Best of Show winners, having impressed audiences in London, Silicon Valley, and New York City, as well as Singapore and Hong Kong. And three of the companies have also been the targets of major acquisitions: IND Group by MisysEyeVerify by Ant Financial, and Yodlee by Envestnet.

So, other than winning multiple Best of Show awards and being acquired by major players in finance and technology, what have the Best of Show winners of FinovateAsia from last year been up to in the time since? See for yourself below.

FinovateAsia 2016Best of Show

Alpha Payments Cloud (demo)

The biggest news for Alpha Payments Cloud since winning Best of Show at FinovateAsia 2016 is likely the company’s comprehensive rebranding as Alpha Fintech in September. The move was designed to affirm the company’s status as “fintech’s first end-to-end middleware,” using a single API and UI to connect merchants and vendor suppliers across “the entire payments, risk, and commerce spectrum.”

Oliver Rajic, Alpha Fintech CEO added “Now with Alpha, (acquirers and gateways) can evolve to enable the right vendor combination for each unique requirement … thereby extending and enhancing their core solution subset.” Alpha Fintech has already made its first agreement under the new rebrand, teaming up with Payture, a major payment gateway in the CIS region. “Among the early adopters of the Alpha Fintech /Payture integration are businesses in Russia’s e-travel consumer market, which the company says is one of the largest segments of Russia’s e-commerce market.

Dynamics (demo)

Multiple-time Best of Show winner Dynamics announced a partnership with LG Electronics earlier this year. The agreement would put Dynamic’s Wireless Magnetic Communication (WMC) technology in LG Pay. The integration will enable LG mobile phones to transmit traditional magnetic stripe information wirelessly to traditional magnetic stripe readers.

“Dynamics has been building wireless magnetic communication solutions for nearly a decade and is widely considered the founder of the programmable magnetic stripe industry,” Dynamics CEO Jeff Mullen said. “Dynamics’ best-in-breed technology will help LG Pay reach hundreds of millions of new payment environments.”

EyeVerify (demo)

Acquired by Ant Financial Services Group just months before making its Best of Show-winning demonstration at FinovateAsia 2016, EyeVerify has hardly rested on its laurels. This summer, for example, the company partnered with fellow Finovate alum Daon, adding Eyeprint ID to Daon’s IdentityX platform. But the biggest headlines from this multiple Best of Show winning company have to do with their rebrand as ZOLOZ back in August.

“When I announced almost a year ago that Ant Financial acquired EyeVerify, I said we want to do more,” company founder and CEO Toby Rush wrote at the company blog. “Today we publicly commit to providing a hosted identity platform that helps people manage their digital lives.” Rush described an initiative to bring identity services to the underserved and underbanked consumers of Asia, with plans to ultimately bring hosted identity solutions to markets in North America and Europe.

Finn.ai (demo)

With two Best of Show awards in two Finovate appearances, intelligent banking assistant developer Finn.ai must be doing something right. Finn.ai earned a spot in Payment Canada’s pitch competition, Dragon’s Den, and was recognized over the summer by Capegemini’s global InnovatorsRace and at the VivaTech conference in Paris, France. Finn. ai also announced a few days ago that ATB Financial would use Finn.ai’s technology to offer its 700,000 customers the first, fully-featured, AI-powered virtual banking assistant on Facebook Messenger.

But in addition to making friends and influencing people, Finn.ai is raising capital, as well. The company raked in $3 million in new funding in October, and plans to use the financing to help add technical talent to its team, as well as support the company’s expansion in the U.S. and around the world. Banking industry veteran, Carrie Russell, who will join Finn.ai as Strategic Executive Adviser, noted the importance in helping banks “move beyond transactional banking to build deeper, more personal relationships with customers.” Russell added “I believe Finn.ai is the right partner to do this, acting as a proactive virtual assistant to help customers understand, plan and take action to improve their financial lives.”

The rest of our FinovateAsia Best of Show winners are listed below:

FinovateAsia 2013Best of Show

FinovateAsia 2012Best of Show

Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

Image Designed by Freepik

Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.