DemystData Lands $12.5 Million for its Data Marketplace

Data-as-a-service (DaaS) startup DemystData received $12.5 million in a Series C round co-led by MissionOG and Notion Capital. Singtel Innov8 also participated in the round, which raises the New York-based company’s total funding to $31.5 million.

DemystData will use the funds to further develop its data platform, bolster its workforce, and increase data onboarding. The company offers an alternative data marketplace that helps banks and businesses protect themselves against fraud using email and address verification, criminal history information, and data on negative online sentiment. Leveraging its third party data warehouse, DemystData also offers property information for risk underwriting, as well as commercial marketing segmentation.

In 2018, DemystData launched its API-based external data platform. The data-as-a-service tool helps bank’s data teams improve their growth, risk, and compliance workflows.

“This is an exciting time for us,” said DemystData Founder and CEO Mark Hookey. “Data demand is growing from AI, digitization, and faster innovation cycles. Clients are rapidly adopting platforms to meet data compliance needs, support testing, and eliminate the friction from the external data.”

With AI evolving into a hot topic these past few years, data services have become increasingly popular. DaaS companies such as DemystData are fueling the AI era by breaking down silos of big data and creating a type of subscription service for live data streams. These information services companies allow firms to break outside of their internal data sources by accessing real-time data streams.

This information services vertical is a $50 billion market. In the past four years, the number of enterprises demanding information services rose from 17% to 59%. “Over the past 12 months we have doubled ARR, tripled our data access, and tripled our client base,” added Hookey.

 At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. Among the company’s competitors are Alpine Data Labs, TIBCO, and MX.

Finovate Alumni News

On Finovate.com

  • Fiserv Drives Digital Transformation for NEFCU.
  • DemystData Lands $12.5 Million for its Data Marketplace.
  • CashFlows Partners with Akamai for Defense Against DDoS Attacks.
  • Wealthfront Acquires Financial Planning Startup Grove.

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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.

DemystData Signs Two Year Agreement with Kyckr

Data-as-a-service firm DemystData ahas partnered with compliance and risk management specialist Kyckr to enhance its offerings for financial services clients.

Under the two-year agreement, DemystData will integrate Kyckr’s API into its platform. The move will allow DemystData customers to use Demyst’s platform to access Kyckr’s network of real-time registry information, allowing them to test the information in a secure sandbox environment.

“Partnering with DemystData brings together deep expertise in the data and automation space, helping us deliver the most up-to-date, legally accurate information to financial institutions globally,” Kyckr CEO Ian Henderson said. “The agreement is in alignment with our strategy to enhance collaborations with strategic partners as an accelerated method of growing our exposure to new clients and revenue.”

Founded in 2007, Kyckr provides APIs and cloud based, automated decision engines for Know Your Customer (KYC) compliance, due diligence, and customer onboarding. Kyckr’s company intelligence database offers access to 200 official registries, 120 countries, and 170+ million legal entities. The company showcased at FinDEVr Silicon Valley 2016, our developers conference.

“Know-Your-Customer verification is becoming increasingly critical and we are excited to be embedding our unique registry network onto the DemystData platform, and we look forward to working with our new partner and customers,” Henderson added.

Today’s deal also stipulates that DemystData promote Kyckr’s API to its client base, bringing awareness to Kyckr’s company intelligence tools to a fresh group of potential clients.

DemystData offers a data marketplace that helps banks and businesses protect themselves against fraud using email and address verification, criminal history information, and data on negative online sentiment. The company also offers property information for risk underwriting, as well as commercial marketing segmentation. At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. 

Finovate Alumni News

On Finovate.com

  • HSBC Creates Private Banking Portal with Finantix
  • Trulioo Can Now Verify Customers in 4 New Countries
  • AI Foundry Adds Mortgage Document Modeling to its Automation Platform
  • HiddenLevers and First Rate to Improve Risk Analytics for Wealth Managers
  • DemystData Signs Two Year Agreement with Kyckr
  • YSEOP Garners $9.3 Million in New Funding Round

Around the web

  • Xceptor appoints former GBST exec as new COO.
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  • Settle launches its mobile payments app in Croatia.
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  • First Rate and HiddenLevers partner to provide risk analytics and business intelligence to the wealth management industry.
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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 Alumni News

On Finovate.com

  • Socure Raises $14 Million in New Funding
  • BioCatch Partners with LexisNexis to Leverage Data and Analytics for Better Risk Management
  • Colorado’s PSCU Completes Digital Banking Roll Out Powered by Malauzai Software

Around the web

  • Voice collaboration specialist GreenKey wins patent for speech-to-text technology.
  • NCR deploys Windows 10 IoT Enterprise with major European financial institution.
  • IdentityMind Global announces enhancements to its Enterprise Fraud Prevention platform.
  • Vantiv goes live with its cloud payment API, triPOS.
  • Forbes lists SoFi, Credit Karma and Prosper in its list of the 10 biggest fintechs in America.
  • ABN AMRO selects DemystData for Launchpad Program.

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

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  • Expensfy Brings Auto Expensing to Lyft Business Riders.
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  • Summit View: What Drives Innovation in Regtech and Insurtech?

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  • BrightFunds and Roostify named to Forbes Cloud 100.
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  • Financial Resources Federal Credit Union Teams with Roostify to Create Better Online Mortgage Experience.
  • Santander partners with supply chain finance startup Tradeshift.
  • Bancpass issued patent for its mobile payment technology.

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

  • Check out sneak peeks from FinovateSpring demoing companies SpeechPRO, CallVU, ACH AlertnanoPay DefenseStorm, and SuperMoney.
  • InComm Partners with WeChat Pay Parent Tencent.

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  • DemystData celebrates its one-year anniversary in Singapore by expanding its offices.
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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 Alums Populate RegTech Top 100 Power List

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Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Finovate Alumni News

On Finovate.com

  • IBM Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect
  • DemystData lands $7 million round.

Around the web

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  • Free Enterprise highlights the biometric technology of Best of Show winner EyeVerify.
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  • NuData to power behavioral biometric security for Early Warning’s Zelle.

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.

DemystData Lands New $7 Million Round

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Data-as-a-service company DemystData this week announced it closed a $7 million Series B round led by MissionOG. Notion Capital and Singtel Innov8 also contributed to the round, which boosted the New York-based company’s total funding to $16 million.

To meet increased demand in the U.S. and Asia, DemystData will use the funds to build its team and expand data partnerships. The company leverages big data pulled from in-house and online sources to help banks make informed decisions, improve the user experience, and decrease risk. DemystData counts as customers some of the world’s largest banks and insurance companies across 10 countries.

“We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints,” CEO Mark Hookey is quoted in a press release. He noted the company helps clients “cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers.”

DemystData also this week released the Atlantic Platform, an API that aims to “assess consumer and small-business risk on the back of massive streams of data, text, images, and log files, while improving compliance with emerging privacy law.”

At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. The API aggregates publicly sourced consumer data in real-time to help lenders measure risk and assess customer value. Founded in 2010, the company recently earned a spot in the FinTech20 Hong Kong. In April 2015, DemystData was recognized as a top 100 private company in AlwaysOn’s OnFinance Top 100.