Braintri Drives Insurtech Innovation in Europe

Braintri announced this week that its insurance subscription platform, hiPRO Connector, is going live as part of a new agreement with Benefia, a division of Vienna Insurance Group. The launch follows a successful deployment of the platform with Allianz, and builds on the Polish company’s recent partnerships with PKO Bank Polski and fellow Finovate alum, mBank.

The platform, developed in collaboration with Polish fintech hiPRO, enables customers to pay for their car insurance in monthly installments – a relatively new option in the industry. Customers provide information such as earnings, employment type, and number of dependents. The Connector randomly selects a participating bank which then reviews the customer’s credit in real-time.

The loans are financed by a bank, rather than the insurer – in this instance, Estonia’s Inbank and Poland’s Alior Bank. Braintri CEO Wojciech Zatorski pointed out that this means insurers are exposed to less risk, and gives banks the ability to sell micro loans. The platform launch will take place over several Benefia sales channels, including mobile.

Braintri’s announcement comes after a year of significant achievements, including the company’s merger with Finovate alum, iCompass, announced in November. Earlier in the year, the company was recognized for its contribution to PKO BP’s IKO mobile app.

“We entered 2019 with the feeling we achieved most of our goals,” Zatorski said in a statement. “Winning over new big brands proves that our efforts in providing the current customers with world-class IT services are noticed and appreciated.” With a nod toward the company’s yet-to-be completed merger, as well as planned expansion internationally, Zatorski added, “This will surely be the busiest year in Braintri’s six-year history.”

Braintri demonstrated its Jiffee payments solution at FinovateFall 2017, earning Best of Show honors. Based in Warsaw, Poland, and founded in 2013, the company returned to the Finovate stage in 2018 to demo its technology as part of FinovateEurope.


Interested in learning more about the latest fintech innovations from Europe? Join us for FinovateEurope 2019, February 12 through the 14, at London’s Tobacco Dock.

Finovate Alumni News

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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.

Asia-Pacific

  • Singapore-based InstaReM announces new multi-currency feature to make overseas payments easier for SMEs.
  • Myanmar’s biggest privately-owned bank, Kanbawza (KBZ) Bank picks Finastra’s treasury management solution, Fusion Treasury.
  • Government ministries in South Korea partner for joint blockchain project to improve marine logistics and shipping.

Sub-Saharan Africa

  • Mastercard Foundation Fund for Rural Prosperity (FRP) invests $2.9 million three companies from Burundi, Malawi, and Uganda to support financial inclusion.
  • Nigerian Stock Exchange extends partnership with Nasdaq to continue using its matching engine technology.
  • Kenya’s Capital Markets Authority releases its “FinTech Sandbox Guidance Note” with an initial focus on robo advisors and blockchain technology.

Central and Eastern Europe

  • Intelligent CIO looks at the merger of Polish fintechs, Braintri and iCompass.
  • Mastercard partners with Polish Payment Standard to provide contactless payments.
  • New report from Deloitte and ID Finance analyzes the growth of Russia’s private fintech sector.

Middle East and Northern Africa

  • Iraq’s Hammurabi Commercial Bank to deploy ICS Banks Universal Banking Software Suite.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.
  • Egypt’s Commercial International Bank introduces nation’s first fintech-focused venture capital fund.
  • Clinc Brings Conversational AI to Turkey’s Isbank.

Central and South Asia

  • Obopay teams up with Federal Bank and Mastercard to offer new pre-payment card in India.
  • Indian digital payments firm ePayLater teams up with Cashfree to bring its credit-based payment option to merchants.
  • YourStory features Pune-based fintech startup, Phi Commerce.

Latin America and the Caribbean

  • Brazilian lender Creditoo announces $1.2 million in new funding.
  • IDB, Finnovista report notes that four out of ten Peruvian fintechs has a female founder.
  • Costa Rica unveils new virtual currency, Ecolones, to encourage recycling.

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Finovate Alumni News

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Around the web

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  • Experian launches Experian Boost, an online platform that enables consumers to instantly improve their credit scores by providing additional financial information.
  • Envestnet president Bill Crager is featured in Financial Planning’s 19 People Who Will Change Wealth Management in 2019.

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.

Central and South Asia

  • Visa takes minority stake in Indian payment gateway BillDesk.
  • Swift India partners with MonetaGo to pilot blockchain-based banking.
  • India FinTech Forum (IFF) announced the 20 companies recognized at its India FinTech Awards (IFTA), including Finovate alums Hydrogen, iProov, Ocrolus, and James Finance.

Latin America and the Caribbean

  • Elevar Equity leads $5.25 million investment round for Uruguayan fintech, Bankingly.
  • Banco Original, a Sao Paulo, Brazil-based FI, to deploy FICO Origination Manager and FICO Application Fraud Manager.
  • First Data launches Clover Mini and Clover Flex in Argentina.

Asia-Pacific

  • Finastra gives Singapore banks top marks in its inaugural Open Banking Readiness Index.
  • FinLab accelerator introduces its smart business transformation program for Thailand small businesses.
  • SmartPesa brings its softPOS contactless card acceptance via NFC phone running Android – to Singapore and South East Asia.

Sub-Saharan Africa

  • South African financial services company, Discovery, to launch “behavioral bank.”
  • Nigeria’s central bank proposes fintech licensing regime to help manage cyber risk, capital adequacy, and operational oversight issues.
  • A “hands-off” attitude toward regulation is credited for helping boost Uganda’s emergent fintech sector.

Central and Eastern Europe

  • Poland’s Braintri merges with iCompass.
  • The Polish Financial Supervision Authority names the Heart as one of operators for its regulatory sandbox for companies developing fintech solutions.
  • Ingenico Group teams up with Russia’s Sberbank to enable MOIR card payments for online purchases.

Middle East and Northern Africa

  • Study from Mena Research Partners calls for major gains in fintech funding in the MENA region over the next ten years.
  • Egypt Innovate features ten Egyptian startups “following the world’s fintech trend.”
  • The Tehran Times looks at the “challenges and opportunities” of fintech innovation in Iran.

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Poland’s Braintri Merges with iCompass

A pair of Polish fintechs – Braintri and iCompass – have announced a merger plan that will enable both firms to grow their businesses and expand internationally. Braintri COO Wojciech Zatorski highlighted the opportunity for growth, and pointed specifically to the potential in markets in the EU, the Middle East, Asia, and the U.S. “The partnership is a step forward in Braintri’s strategy to enter global markets,” he said.

Both companies will operate under their existing brands until the merger is completed, after which there will be a rebranding.

Providing mobile banking apps for some of the largest banks in Poland, Braintri has partnered with FTSE large cap banking giant PKO BP, as well as fellow Finovate alum, mBank. The company also worked to help establish Poland’s non-card payment standard, BLIK, currently used by 94% of the country’s population. Braintri is also the developer of Jiffee, a token-based, Bluetooth-powered, mobile payment technology the company demonstrated at FinovateEurope earlier this year.

In a press release, Braintri said it will focus on three main product lines post-merger: mobile applications, big data solutions, and payments. The company also pledged to “further develop its insurtech competence.”

Braintri’s partner, iCompass, is a software provider for major European banks and global payment companies like Mastercard Payment Transaction Services. The firm is a technology provider for Poland’s first mPOS platform, and developed the universal payment gateway, Octopus Payment Hub.

Founded in 2013, Braintri demonstrated its Jiffee payments solution at FinovateFall 2017, winning Best of Show. Headquartered in Warsaw, Poland, the company was awarded the Polish Innovation Award 2018 for both Jiffee and its core banking systems offloading engine, Biffee.

Finovate Alumni News

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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.

Central and South Asia

  • InstaREM reports facilitating no-fee money transfers of almost $2 million to the flood-stricken southern Indian state of Kerala.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • Qbera of Bengaluru, India raises $3 million in funding from Essel Group.

Latin America and the Caribbean

  • Uruguay’s Prisma Campaigns partners with Tyfone to bring new personalized, automated marketing solutions to banks and credit unions.
  • Brazil’s biggest independent brokerage, Grupo X, to offer a platform exchange for Bitcoin and Ethereum.
  • Forbes profiles Brazilian online payments startup, EBANX.

Asia-Pacific

  • Taiwan to begin testing of its first regulatory sandbox in December.
  • SBI Ripple Asia wins license to launch blockchain-based payments app in Japan.
  • Hong Kong goes live with Faster Payment System (FPS).
  • Indonesia’s Bank Central Asia goes live on iGTB’s digital transaction banking platform.
  • Coinbase teams up with Hong Kong-based crypto trading and risk management platform Caspian to promote institutional use of cryptocurrencies.

Sub-Saharan Africa

  • Ugandan Orient Bank to deploy Acumen from Profile Software to manage treasury operations.
  • Bourse Régionale des Valeurs Mobilières (BRVM), a stock exchange based in the Ivory Coast, encourages West African fintech startups to join its innovation lab.
  • MTN Uganda teams up with MasterCard and United Bank for Africa (UBA) launch new mobile money service.

Central and Eastern Europe

  • Tinkoff Bank offers access to more than 10,000 global securities via its Tinkoff Investments Premium solution.
  • Braintri awarded the Polish Innovation Award 2018 for its creation of Jiffee, a bluetooth-based mobile payment and loyalty technology, and Biffee, a core banking system offloading engine.
  • ING Bank Romania to abandon physical cash desks this fall in favor of ATMs and its mobile banking app.
  • Slovenian fintech Eligma launches cryptocurrency payment app.

Middle East and Northern Africa

  • Commercial Bank of Dubai inks agreement with PwC to assist in its digital transformation.
  • Abu Dhabi Global Market (ADGM) signs strategic Memorandum of Understanding with Abu Dhabi Smart Solutions and Services Authority (ADSSSA).
  • Central Bank of Kuwait pledges major investment in big data and AI.

Top image designed by Freepik

Finovate Alumni News

Around the web

  • Revolut seeks banking license in Luxembourg to ensure post-Brexit access to European markets.
  • Crypterium earns listing on KuCoin cryptocurrency exchange. See Crypterium at FinovateFall in New York this week.
  • Klarna teams up with U.K. fashion brand In The Style.
  • Pushfor founder and CEO John Safa talks cybersecurity on KRLA LA radio.
  • Braintri awarded the Polish Innovation Award 2018 for its creation of Jiffee, a bluetooth-based mobile payment and loyalty technology, and Biffee, a core banking system offloading engine.
  • Kasasa named to 2018 IDC Financial Insights FinTech Rankings.

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

  • Aixigo Relaunches Digital Portfolio Management System.
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Around the web

  • Albania’s Raiffeisen Bank Shqipëri partners with NF Innova to deploy digital self-service kiosks.
  • TransferWise opens office in Hong Kong as part of expansion into Asia.
  • Equifax teams up with digital consent management platform Consents Online to support open banking.
  • Nomis Solutions picks Melbourne as site of new regional headquarters.
  • Efigence provides UI/UX design, development and implementation for new investment platform from Polish home equities broker, CDM Pekao.
  • Braintri discusses the commercialization of its contactless payment technology, Jiffee, at SelectUSA Investment Summit 2018.

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.