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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
This week marks Eid al-Fitr, the festival celebrating the end of Ramadan and the breaking of a month-long fast. Similarly, the close of this quarter feels like fintech is breaking its own fast, with Klarna filing its IPO prospectus, Rocket Companies announcing major acquisitions of Mr. Cooper and Redfin, and regulatory frameworks beginning to ease in the U.S. As we enter into the second quarter, here’s a look at this week’s fintech news as we leave the time of fasting behind. We’ll continue adding news to this post throughout the week, so stay tuned!
Finastra‘s cloud-based loan document preparation system LaserProunveils enhanced features and sees further adoption by community-based financial institutions.
Business financial management
Tesoriolaunches AI agent that autonomously manages portal-based invoicing.
Enterprise spend management platform Mendelcloses $35 million Series B round led by Base10 Partners with participation from PayPal Ventures.
With neobank Monzo’s big investment and multi-billion dollar valuation on one side and the continued woes of BaaS provider Synapse on the other, “interesting times” continue to characterize the fintech landscape as we slide into the summer months.
Be sure to check our Fintech Rundown all week long for the latest updates and fintech headlines.
Insurtech
Indian insurtech CoverSureraises $4 million in pre-Series A funding in a round led by Enam Holdings.
Fraud and risk platform DataVisor announced a partnership with identity verification company Mitek this week.
DataVisor will integrate Mitek’s Check Fraud Defender solution into its platform to offer FIs real-time check fraud decision orchestration.
DataVisor made its Finovate debut last year at FinovateFall in New York. Mitek has been a Finovate alum since winning Best of Show at its Finovate debut at FinovateSpring in 2011.
AI-powered fraud and risk platform DataVisor has teamed up with identity verification innovator Mitek. Courtesy of the partnership, DataVisor will integrate Mitek’s Check Fraud Defender with its own advanced machine learning and real-time data analysis to give financial institutions comprehensive check fraud protection in a single platform. The partnership will enable financial institutions to execute real-time orchestration of check fraud decisions, minimize fraud losses, and boost operational efficiencies.
“Our vision has always been to create an end-to-end, comprehensive platform that effectively combats all types of financial fraud,” DataVisor CEO and Co-Founder Yinglian Xie said. “By joining forces with Mitek, we’re elevating our check fraud protection capabilities. It also streamlines the experience for our customers, eliminating the need to engage with multiple solutions in silo and therefore can address different fraud challenges more effectively with a centralized, holistic view.”
Mitek’s Check Fraud Defender puts AI and computer vision technology to work to visually evaluate distinct check attributes in real-time. The solution leverages a consortium model, which enables DataVisor customers to proactively flag future check deposits connected to stolen or fraudulent checks across participating institutions. Additionally, the combination of Mitek’s check image analysis and DataVisor’s analysis of check and customer lifecycle data will enable users to detect a wide variety of check fraud tactics including check kiting, remote deposit capture fraud, check washing, counterfeit checks, and identity theft.
“Together, we leverage our collective advanced technologies to safeguard financial transactions,” Mitek VP of Digital Banking Strategy Kerry Cantley said. “By combining DataVisor’s comprehensive platform with Mitek’s robust Check Fraud Defender consortium, we’ve created a top-tier solution, setting new standards in proactive fraud prevention.”
A Finovate alum since its Best of Show winning debut at FinovateSpring in 2011, Mitek has grown into a leader in digital access solutions. The company’s technology helps increase approval rates while keeping fraudsters at bay, and enables companies to meet compliance demands from AML and KYC to GDPR and PSD2. In addition to its solution for check fraud, Mitek also offers a low code identity verification solution, an biometric authentication solution MiPass, and Mobile Deposit, the company’s mobile remote deposit capture offering. Today, 99% of U.S. banks and 7,900 of the world’s largest organizations use Mitek’s technology for mobile check deposits.
Headquartered in San Diego, California, Mitek was founded in 1986. The company trades on the NASDAQ exchange under the ticker “MITK,” and has a market capitalization of $673 million. Max Carnecchia is Chief Executive Officer.
Among Finovate’s newest alums, DataVisor made its Finovate debut last year at FinovateFall 2023. At the conference, the company demoed its Fraud & Risk Platform that enhances fraud detection and minimizes fraud losses via a combination of device intelligence, rules and decision engines, case management, and the ability to seamlessly integrate any data source, including third-party data.
DataVisor’s partnership with Mitek comes less than a month after the Mountain View, California-based firm launched its end-to-end anti-money laundering (AML) solution. The new offering integrates with the company’s fraud platform natively to provide additional support against emerging cybersecurity threats.
Founded in 2013, DataVisor has raised more than $94 million in funding, according to Crunchbase. The company includes TruStage Ventures and NewView Capital among its investors.
Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week.
The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.
DataVisor made its Finovate debut at FinovateFall last September.
AI-powered fraud and risk platform DataVisorlaunched its end-to-end anti-money laundering (AML) solution this week. The technology leverages sophisticated machine learning and AI to cover the entire AML process without disrupting the customer’s existing workflows.
Natively integrating with DataVisor’s fraud platform, the new offering enables a unified fraud and anti-money laundering (FRAML) strategy. This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. DataVisor’s AML technology is customizable, supports a wide range of AML risk profiles and programs, and improves efficiency by reducing the number of false positives.
More specifically, DataVisor’s new AML solution provides:
Comprehensive end-to-end functionality: including customer risk rating, CDD, EDD, sanction/watchlist screening, transaction monitoring, case management, and automated SAR filing.
Enhanced detection and reduced false positives: leveraging robust data orchestration to provide a holistic view of customer profiles for more effective risk assessment.
Increased operational efficiency and reduced costs: courtesy of Generative AI-powered automation which triages alerts and automates manual processes.
Centralized insights and monitoring: using enhanced task prioritization to deliver insights into AML alerts, case statuses, and the progress of review teams.
Fast and flexible integration: via a cloud-based solution that integrates with existing fraud workflows for fast implementation.
“The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology,” DataVisor co-founder and Chief Product Officer Fang Yu said. “FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.”
Headquartered in Mountain View, California, DataVisor made its Finovate debut last September at FinovateFall. At the conference, the company showed how its platform provides a comprehensive, AI-powered fraud and risk platform for the entire fraud workflow in a single, self-serve solution. DataVisor demonstrated the platform’s ability to integrate any data source – including third party data sources – and apply its rules engine, device intelligence, decision engine, and case management to improve fraud detection.
Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance. A month later, the company unveiled a new solution to give sponsor banks better ability to monitor and manage Bank Secrecy Act (BSA) compliance and transaction fraud patterns. The solution also enables institutions to conduct a comprehensive customer risk assessment in partnership with fintechs.
According to Crunchbase, DataVisor has raised more than $94 million in funding. The company includes TruStage Ventures and NewView Capital among its investors. Co-founder Yinglian Xie is CEO.
To kick off Finovate’s commemoration of Black/African-American History Month this year, we’re highlighting some of the Black and African-American fintech professionals who represented their companies and their fintech innovations at our Finovate conferences in 2023.
Andre Llewellyn – Marketing Consultant/Advisory Board Member with AI Squared
Along with company CTO Michelle Bonat, Andre Llewellyn helped demonstrated the new Generative AI-based features on AI Squared’s platform at FinovateFall last year.
The company’s technology enables financial services companies to leverage Generative AI – and their own data – to maximize their enterprise assets.
A marketing consultant and AI Squared Advisory Board member, Llewellyn is a marketing veteran whose insights helped fuel new product and brand launches for Procter & Gamble, Instagram, Hashflow, and Candy Digital. He is a graduate of the NYU Stern School of Business.
Michael Duncan’s Bankjoy made its first Finovate appearance in 2016.
The company, which returned to the Finovate stage in 2022 and 2023 for FinovateFall, helps community banks and credit unions access modern banking technology. Bankjoy’s solutions help FIs better target specific market niches and deliver superior digital banking experiences.
Duncan (CEO) co-founded Bankjoy in 2015. Headquartered in Royal Oak, Michigan, Bankjoy has more than 60 clients, more than 120 integrations, and serves more than 1 million customers and members of banks and credit unions. This week, the company announced a new partner – Oregon State Credit Union – that will deploy Bankjoy’s online account opening and loan application.
Mountain View, California-based DataVisor made its Finovate debut last year at FinovateFall 2023.
Solutions Engineer Ryan Nichols (shown) joined company CRO Kevin McWey on stage as they demoed DataVisor’s Fraud & Risk Platform. The company’s solution supports the entire fraud workflow in a self-service solution that is single and flexible.
A software developer and solutions architect with experience at firms like CenturyLink and Internet publisher Giant Oak, Nichols joined DataVisor in 2021. As of the spring of 2023, he is both a Cryptocurrency Tracing Certified Examiner (CTCE) and a Certified Cryptocurrency Risk Specialist (CCRS).
Nate Gibbons – Chief Experience Officer with QuickFi
Nate Gibbons, QuickFi’s Chief Experience Officer, is no stranger to Finovate audience – nor to the Finovate Best of Show awards.
The company, an innovator in embedded financing for business equipment, has won Best of Show on two occasions: FinovateSpring 2022 and 2023. And Gibbons was part of the winning team both times (along with colleague Jillian Munson, VP of Process & Automation with QuickFi).
An alum of the University of Rochester Simon Business School, Gibbons is also a Certified Lease and Finance Professional (CLFP). Previous to his tenure at QuickFi, he was Project Manager and subsequently Vice President at First American Equipment Finance.
The company is an Equity, Diversity, & Inclusion firm that consists of The Urban Labs (services) and Lexicon (products). The Lazu Group made its Finovate debut last year at FinovateSpring, demoing its CULTURL Heritage Calendar that offers “content, ideas, and resources for creating timely communication to promote empathy and curiosity and encourage cross-cultural dialogue.”
Lazu is a speaker, a lecturer at the Massachusetts Institute of Technology, and an author. Her book, From Intention to Impact: A Practical Guide to Diversity, Equity, and Inclusion, was published this year. Lazu is also a former banking professional, having worked as EVP and Chief Experience and Culture Officer for Berkshire Bank in Boston.
ModernTax founder and CEO Matthew Parker introduced his company to Finovate audiences last year at FinovateSpring. ModernTax is a data company that makes tax and financial data on non-public entities more accessible. The company has created a verification platform that includes more than seven million businesses, and ModernTax has validated tax records for “hundreds of thousands” of them.
Before launching ModernTax, Parker was co-founder and CEO of Rapidly.co, a SaaS platform that connects accountants, enrolled agents, and tax professionals to their clients online. We caught up with him last fall to talk about the founding of ModernTax and what it means to have a more transparent financial ecosystem.
FinGoal first introduced itself to Finovate audiences at FinovateFall in 2021. But it was the company’s return to the Finovate stage the following spring that earned the Colorado-based fintech its first Best of Show award.
Led by Ariam Sium, VP of Product (shown) and Jenn Underwood, Product Analyst, FinGoal’s demo of its Aggregator Switch Kit showed how developers can readily transition from their current data aggregator to access the most enriched and reliable data available.
Finovate VP and host of the Finovate podcast Greg Palmer sat down with Sium in the wake of FinGoal’s Best of Show win last year. Check out their conversation from last summer.
AI Squared made its Finovate debut at FinovateSpring 2023. The company, founded in 2019 and headquartered in Washington, D.C., specializes in helping companies integrate AI and machine learning functionality into any web-based application. Leading the company’s demo was founder and CEO Benjamin Harvey.
With a Master’s degree and a Doctor of Science in Computer Science – as well as years spent as both a Research and Assistant Professor – Harvey brings a wealth of academic experience to the challenge of entrepreneurship and innovation in the fintech space.
We discussed this, and other aspects of his background and goals, in a Finovate blog interview back in August of last year.
Fraud and risk platform DataVisor launched its new AI Co-Pilot solution to enhance real-time fraud defense.
AI Co-Pilot includes AI-automated rule tuning, feature generation and automated debugging, and improved explainability among its features.
DataVisor made its Finovate debut last month at FinovateFall in New York.
Less than a month after making its Finovate debut at FinovateFall, fraud and risk platform DataVisor has launchedAI Co-Pilot. The new offering is a generative AI-facilitated fraud solution designed to catch fraud 20x faster than traditional methods.
AI Co-Pilot helps financial institutions detect fraud in real-time while at the same time reducing the number of false positives. This enables financial institutions to provide effective fraud defense without compromising the user experience with excessive friction.
DataVisor co-founder and CEO Yinglian Xie noted that innovation in the payment space required innovation in the fraud prevention space, as well. With bank transfer and payment fraud losses in the U.S. topping $1.58 billion last year, concerns over fraud risks can serve as an impediment to many financial institutions – especially smaller FIs and credit unions – when it comes to embracing instant payments and other new services that their customers and members want.
“Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention,” Xie said. “This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support.”
Among the new capabilities delivered by DataVisor’s AI Co-Pilot are AI-automated rule tuning to accelerate the fraud response and improve accuracy, feature generation and automated debugging, and improved explainability to ensure transparency.
“(AI Co-Pilot) considerably reduces the need for analyst resources,” Xie added. “This advancement signifies a pivotal step toward enhanced security and efficiency across the industry.”
Founded in 2013 and headquartered in Mountain View, California, DataVisor demoed its fraud and risk platform at FinovateFall last month. At the event, DataVisor’s Ryan Nichols and Kevin McWey showed how the technology’s rules engine, device intelligence, decision engine, and case management combine to enhance fraud detection and minimize losses.
DataVisor has raised more than $94 million in funding. The company includes CMFG Ventures and NewView Capital among its investors. Last month, DataVisor introduced new Chief Revenue Officer Kevin McWey. In July, the company announced that it had partnered with cyber and fraud threat intelligence specialist Q6 Cyber.
A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.
DataVisor delivers sophisticated AI-powered solutions to keep companies and their customers safe from fraud and abuse.
Features
DataVisor’s Real-Time Payments Fraud Solution is
Designed for real-time payments fraud scenarios
Provides real-time alerts and mitigates threats without delays
Includes generative AI powered automation
Why it’s great
The only fraud platform with embedded generative AI powered automation.
Presenter
Ryan Nichols, Solutions Engineer Nichols is grounded in software development and cloud solutions architecture. His expertise lies in crafting solutions for Cybersecurity, AML, and Fraud SaaS platforms. LinkedIn
