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.
- DemystData Lands New $7 Million Round
- FinovateEurope 2017 Application Deadline Has Arrived
Around the web
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- TSYS renews card payment deal with Rabobank.
- Student Loan Hero reviews FutureAdvisor.
- InComm partners with Geoswift to facilitate cross-border payments for international students.
- Misys to forsake initial public offering in 2016.
- FICO introduces FICO Enterprise Security Score to indicate an organization’s vulnerability to cyberattack.
- NuData Security announces partnership with Early Warning.
- Zopa presents its 24-hour “Zopathon 16” for developers, designers, and “product people.”
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.
FinTechCity unveiled its new FinTech50 Hall of Fame this week at the Money 20/20 event in Copenhagen, Denmark. Finovate alums took six out of the ten spots.
The “founding ten members” of TheFinTech50 Hall of Fame are companies that “have featured on our radar since the days when they could reasonably be called startups,” say FinTech50 founders Julie Lake and Nicky Cotter, writing in The FinTech50 2016 Yearbook. “In recognition of their pioneering spirit and competitive staying power, we felt they deserved their own special place within a list of remarkable game-changers,” the founders wrote.
FinTechCity also presented The FinTech50 2016, its roster of the fifty hottest FinTech businesses in Europe. Of the 50 companies selected by the panel of more than 30 industry experts who poured over more than 1,200 candidates, a full baker’s dozen were Finovate—or FinDEVr—alums.
- Algomi – London, U.K. – FinovateFall 2014
- BehavioSec – Lulea, Sweden – FinovateFall 2015
- Blockchain – London, U.K. – FinDEVr San Francisco 2014
- Fenergo – Dublin, Ireland – FinovateEurope 2012
- Fidor Bank – Munich, Germany – FinovateEurope 2011
- Five Degrees – Breukelen, Netherlands – FinovateEurope 2016
- InvoiceSharing – Rotterdam, Netherlands – FinovateEurope 2016
- Kantox – London, U.K. – FinovateEurope 2013
- Mambu – Berlin, Germany – FinovateAsia 2013
- Meniga – Reykjavik, Iceland – FinovateEurope 2016
- Personetics – Tel Aviv, Israel/London, U.K. – FinovateEurope 2016
- Revolut – London, U.K. – FinovateEurope 2015
- Yoyo – London, U.K. – FinovateEurope 2015
Read the full list.
Lake and Cotter called this year’s competition “the most hotly contested FinTech50 in its four-year history.” The founders also highlighted differences from the 2015 list, with this year’s roster featuring more companies innovating in “security, compliance, and risk.”
Also noteworthy was the number of European fintech companies from the United Kingdom (more than 30 out of the 50). The founders credited this to the U.K.’s broader access to funding, as well as the region’s local talent, and “favorable regulatory environment.” Lake and Cotter also praised other emerging European fintech communities in Amsterdam, Berlin, and Stockholm.
In addition to The FinTech50 2016 and its new Hall of Fame, FinTechCity also announced its FinTech20 India and FinTech20 Hong Kong. Finovate alums were represented here with Demystdata (FinovateAsia 2012) earning a spot in the Hong Kong 20, and Bank Bazaar (FinovateAsia 2012) getting recognition in the India 20. Lastly, The FinTech50 shared “The Hot Ten,” a roster of companies on their watch list for 2016. Here, Finovate alum, Ormsby Street (FinovateFall 2015), was recognized on that list.
More than a quarter of the companies recognized in AlwaysOn’s first OnFinance Top 100 roster are Finovate alums.
The OnFinance Top 100 is designed to recognize the Top 100 private companies in fintech. The list was chosen by the AlwaysOn editorial team, along with several venture capital firms and industry experts. The criteria included degree of innovation, market potential, commercialization, stakeholder value, and “media buzz.”
The list is divided into six categories, and Finovate alums are well represented in each. Category winners will be announced at Always On’s event at the NASDAQ OMX in New York City at the end of April 2015.
Banking and corporate finance
Big data and analytics
Capital markets and investing
Personal finance management
Headquartered in Menlo Park, California, AlwaysOn was founded in 2003 by Tony Perkins, founder and editor of Red Herring magazine. The company serves as a networking and social media platform for technology professionals in variety of fields, and has a membership of more than 5,000.
In the first quarter of 2014, 23 Finovate alums raised more than $592 million
And as the second quarter draws to a close, it’s clear that a comparable cohort of alums have kept the pace.
Over the course April, May, and June, 28 alums raised significant amounts of capital ranging from Gremln’s $100,000 to the $65 million raised by Lending Club. The quarterly total of $594 million is almost exactly
the same as the previous quarter.
And given that some amounts are undisclosed (I’m talking about you, Holvi, RevolutionCredit, and Tuition.io), we’re confident that Finovate alums have notched their second $600 million fund-raising quarter in a row.
How does this compare with the less recent past? Very well, indeed.
Total raised for Q2 2014 = $594 million
April — $217 million raised by 11 companies
May — $226 million raised by 11 companies
June — $151 million raised by six companies
Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at David@Finovate.com or Julie@Finovate.com
For DemystData, big data is more than just a buzz word. The New York-based company focuses on improving financial institutions’ access to information to optimize interaction with customers.
The company announced today it raised $5 million in a Series A investment. Investors include:
- Notion Capital
- SingTel Innov8
- Arbor Ventures
- P2P Equity Partners
- Errol Damelin (UK-based Wonga founder)
DemystData previously received two investments of undisclosed amounts.
The company’s software aggregates data from multiple sources in real time to build customer profiles. Institutions use these profiles to make better decisions. DemystData is processing more than 30 million profiles for financial clients, which include some of the largest, global P2P lenders in the U.S. and U.K., as well as leading banks in AsiaPacific.
Using this new investment, DemystData plans to continue its global growth while expanding its team. Additionally, it hopes to further enhance its API.
To learn more about DemystData, check out its FinovateAsia 2012 demo video, where it debuted Credit-in-a-Box. Interested in this and other back-end systems for FIs? Pick up your ticket to FinDEVr to check out more.
As we prepare to bring FinovateAsia to Singapore November 14, we researched the funding of six Asia-based companies who demoed at FinovateAsia last year. Combined, these companies raised more than $215 million from a variety of investors:
BankBazaar, a credit processing platform that allows banks to offer consumers 7-minute credit eApproval on retail credit products.
creates technology that proactively senses cross-sell, attrition, customer engagement and fraud in real-time.
enables real-time analysis of big data from consumers and SMBs, allowing for improved interactions as a result of richer, more relevant information.
- Venture Round: undisclosed amount from VentureLab
- Series A: undisclosed amount from Accion and Arbor Ventures
- FinovateAsia 2012 demo
provides real-time financial information, news analytics, trend matrix, and heat maps for coverage of markets, companies, and businesses.
, a virtual trading community where the system models trades and ranks trader performance by proven returns on investment.
, an information technology, consulting, and outsourcing company that delivers solutions to enable its clients to do business better.
- Total of $205 million from cMango, Gallagher Financial Systems, Science Applications International Corp., and Promax Application Group
- FinovateAsia 2012 demo
The funding for these companies comes from a diverse set of investors, many of whom are based in Asia. Janus recently published a piece outlining venture funding options available to Singapore companies. For the most part, Singapore’s equity financing scene is quite similar to the U.S., but there are a few significant differences:
- The VC scene in Singapore is small compared to the U.S. and Europe
- Singapore’s government actively pursues VC firms to invest in Singapore startups and entices them with tax and other monetary benefits
- There are more than 100 VC firms in the city today
- Many VC firms in Singapore focus on late-stage expansion financing, but some offer financing for early-stage startups
- Types of VC firms in Singapore range from independent limited partnership to corporate-backed firms
- Singapore VCs are attracted to services, manufacturing and the high-tech industry
At this year’s FinovateAsia, while not all demoing companies are looking for funding, each will show up to the MAX Atria @ Singapore Expo stage with their newest technology. Want to learn more? Check out FinovateAsia homepage or get your ticket here to be a part of the event.