Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Photo by Tirachard Kumtanom from Pexels

How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.

With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.

Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

FinovateEurope Best of Show Winners Announced

The votes are in and the people have spoken! Congratulations to the winners of Best of Show at FinovateEurope in Berlin, Germany!

Dorsum for its Communication HUB that provides real-time, private, banking customer engagement through automated notifications and instant human and AI chat possibilities.

Glia for its digital customer service platform that connects financial institutions to their customers using chat, voice, video, cobrowsing, and AI.

Horizn for its focus on equipping frontline employees and customers directly with the knowledge to improve customer experience and increase digital adoption.

iProov for its solutions – used in production globally by governments and banks – that use biometrics to authenticate users online.

Sonect for its easy-to-use and accessible for everyone, everywhere global platform for cash transactions.

W.UP for its banking personalization platform that turns data into better banking.

Thanks to all the demoing companies that took the time and effort to demonstrate their innovations live on stage. Thanks also the City of Berlin for being such a wonderful host for our first conference of the new year and new decade. We are already looking forward to returning in 2021!

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2019 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019

How Will Fintech Respond to Europe’s Generational Shift?

With FinovateEurope kicking off this week in Berlin, Germany, we thought it would be fun to check in with FinovateEurope Best of Show winner and Central and Eastern European fintech innovator Dorsum.

How are the social and technological changes in Europe influencing the way fintechs and financial services companies build, pilot, and market their solutions? We reached out to Dorsum’s Senior Innovation Expert, Greg Csorba, to find out how the company is meeting these challenges and more.

Finovate: As a European fintech, what is the most exciting thing about fintech in Europe right now, and how is Dorsum taking advantage of this opportunity?

Greg Csorba: In the next 10 to 15 years a significant amount of wealth will pass from the Baby Boomer generation to the Y (Millennial) and Z generations. This will, among other things, change the service model expected of investment service providers. This multigenerational wealth transfer will present a real challenge for every player in the market to adapt to the digital expectations of the new generation, which could bring significant business benefits in the coming years.

Finovate: Dorsum won Best of Show at FinovateEurope last year. What does that accomplishment mean for the company on the eve of your return to FinovateEurope?

Csorba: We were very honored to have won the award last year at FinovateEurope. It confirms that our solutions represent what the industry demands. Every year we are working on understanding our clients better to create new, innovative products, answering their needs. This mindset lead us to create the subject of this year’s show as well, our Wealth Management Communication HUB. We do hope that it will win over the audience as well.

Finovate: For those unfamiliar with Dorsum, can you tell us a little bit about the company and the work it does?

Csorba: Dorsum is an investment software provider company, based in Hungary with two other subsidiaries in Romania and Bulgaria. Since our foundation in 1996, we became a leading software company in the CEE region. Our investment software family offers versatile solutions to players in the capital and wealth management markets. We are especially proud of our innovation team who always keeps one step ahead of the market for the company to continue creating industry-leading solutions.

Finovate: What are some of the key enabling technologies used by your platform? Do machine learning, AI, and other new technologies play a major role in powering your offerings?

Csorba: Yes, we always looking at new technologies and new ways to empower our customers. AI and machine learning are used in our Botboarding chatbot engine, our client-facing investment app My Wealth, and the new Communication HUB. As for the future, we are looking into innovative ways of using and applying information from Big Data databases, which has yet to make a notable change in the lives of wealth managers and investors. For example, we are excited to work on a project aiming to profile users based on their everyday interactions with other digital services – which could reflect their attitude towards risk taking and provide personalized product recommendations.

Finovate: Dorsum is known for its work in the Central and Eastern European markets. How is the company’s growth in this region going and are there any significant plans for expansion beyond the CEE?

Csorba: This year one of our greatest achievements was to win BNP Paribas and their Polish subsidiary as one of our customers and we are working on new deals to continue this growth in the future. In 2020 we are mainly focusing on the CEE market as our main target group. To this end, it’s important for us to have a constant presence in the most prestigious Europe-wide conferences such as Finovate.

Finovate: Dorsum uses a hybrid model combining traditional and digital advisory processes. Why do you think this is a winning strategy for you and your clients?

Csorba: We see that new digital technologies in wealth management and the private banking industry are always welcome, but clients still need and rely on the advice of their advisor. This type of advice however can be managed in innovative ways on digital platforms. This is why we created a hybrid advisory model where digital meets the personal touch. Clients can manage their portfolio on their own, but if they need, they can learn from an AI-driven chatbot or reach their personal advisor through an app and real-time chat.

Finovate: What does Dorsum have in store for 2020? Can you give us a little preview of what you’ll be presenting at FinovateEurope next week?

Csorba: We are presenting new communication features for our wealth management applications, referred to collectively as the Wealth Management Communication HUB. The HUB connects advisors and clients through notification sending and real-time chat. This GDPR- compliant, secure communication module is superior to non-binding e-mail chains, and includes automated notification sending, paperless document underwriting and even an integrated educational chatbot. The HUB represents our hybrid advisory vision, as it allows banks to reach the mass affluent and well as the private banking segments with digital products, saving time and money through efficiency.

Watch Dorsum demonstrate its latest technology live at FinovateEurope in Berlin, Germany, February 11 through 13. Tickets are still available.

Here is our weekly look at fintech around the world

Sub-Saharan Africa

  • Nigerian fintech Wallets Africa unveils its new Wallets for Developers offering.
  • ITWeb’s Samuel Mungadze looks at how a pair of South African fintechs – Meerkat and Spoon Money – are “redesigning financial services.”
  • Nigeria’s The Guardian profiles African fintech pioneer, Segun Aina, on his 65th birthday.

Central and Eastern Europe

  • Hamburg, Germany-based digital debt servicing platform Receeve raises 4 million euros in seed funding.
  • Analysis from Sberbank shows that for the first time, Russian made more digital payments than cash payments in the fourth quarter of 2019.
  • Varengold Bank announces plans to open a fintech hub in Berlin.

Middle East and Northern Africa

  • Morocco’s Bank Assafa goes live on Path Solutions’ iMAL core banking system.
  • National Bank of Kuwait announces availability of Fitbit Pay.
  • lists “4 Things to Know About the Middle East Fintech Industry.”

Central and Southern Asia

  • Freelance Wallet, the product of a new partnership between Paystand and JS Bank, enables freelancers in Pakistan to receive payments via smartphone.
  • PayU co-founder Shailaz Nag raises $8 million in seed funding for his finech startup, Dot.
  • State Bank of India partners with BEP Systems for mortgage origination.

Latin America and the Caribbean

  • The Mexico City-based Startupbootcamp Fintech accelerator run by Finnovista reports that four of the 20 fintechs in its latest graduating cohort have female leadership.
  • Born2Invest examines the state of Chile’s fintech sector.
  • Mexican digital banking startup Stori locks in $10 million in funding.


  • Jumio teams up with CIMB Bank Phillippines to bring its digital onboarding and AI-enabled identity verification to Filipino customers.
  • Singapore-based ridesharing firm turned fintech giant Grab acquires robo-advisor Bento Invest.
  • Fiserv partners with Hong Kong digtal bank pioneer ZA Bank.

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Top image designed by Freepik

FinovateEurope Sneak Peek: Dorsum

A look at the companies demoing at FinovateFall on September 14-16, 2020. Register today and save your spot.

Dorsum’s Wealth Management Communication HUB is a secure, real-time customer engagement channel that connects advisors to their clients.


  • Automated AI-driven notification system to free up human resources
  • Real-time client engagement to keep the personal touch
  • GDPR compliant digital document transfer and approval

Why It’s Great
The Wealth Management Communication HUB allow advisors to reach the mass affluent and private segment with digital banking products without losing the personal touch.


Imre Rokob, Director of Bus. Dev.
Rokob is responsible for the company’s expansion to new international markets. He is an experienced PMP certified project leader with strong IT and financial knowledge.

Gregory Csorba, Sr. Innovation Expert
Csorba joined Dorsum’s Banking Innovation team in 2017, where he currently works as a Sr. Innovation Expert, specializing in automated and AI driven technologies.

Ákos Szalay, Sr. Innovation Consultant
As Senior Innovation Consultant, running under the nickname “Mr. Simplicity” at Dorsum, Ákos’ main vision is creating simple and easy-to-use solutions for complicated business workflows.

Dorsum Builds Wealth Management Platform for BNP Paribas in Poland

One of Poland’s leading private banks, BNP Paribas Bank Polska, will deploy a new digital portfolio management solution from FinovateEurope Best of Show winner Dorsum. The bank will implement the Hungarian software company’s Wealth Management Platform to help give its advisors and wealth management relationship managers comprehensive wealth reporting, MiFID II compliant advisory workflows, as well as investment portfolio advisory.

Director of Brokerage House at BNP Paribas Bank Polska Emilia Jakubiak emphasized that the wave of digitization that is transforming the financial sector is as critical for financial services professionals as it is for customers. “It is not enough to focus only on the client facing platforms,” she said. “It is also important to give bank relationship managers a highly advanced and ergonomic digital platform for their everyday work. Dorsum’s solution will assist us in further improvement of our services and customer experience. ”

Jakubiak noted that the enhanced portfolio overview and MiFID 2 alignment in particular would enable advisors to “dedicate more attention to each customer which will additionally support the growth of the business in the investment segment.”

BNP Paribas Bank Polska is a member of the international BNP Paribas banking group. The institution, founded in 2015 and known previously as Bank BGZ BNP Paribas, offers savings, investment, and financing products to individual clients, and participates in the financing SMEs and corporate enterprises need in order to operate both in the Polish and international markets. The universal bank is listed on the Warsaw Stock Exchange.

“We are very proud that we have been chosen by another very prominent player in the European market,” Dorsum CEO Róbert Kő said. “BNP Paribas Bank Polska has positioned itself as potential market leader in the Polish private banking sector by embracing growth and innovation.”

At FinovateEurope earlier this year, Dorsum demonstrated its My Wealth app, which combines traditional and digital advisory processes to provide clients with a broader, more comprehensive view of their investments. The app features a self-learning chatbot, automatic portfolio notifications, and news, and supports the ability to reach out to the client’s financial advisor via a variety of channels.

Founded in 1996 and headquartered in Budapest, Dorsum works with more than 80 financial institutions, serving clients in 10+ countries and more than 8,000 individual users. A leading software company in the Central and Eastern European (CEE) market, Dorsum announced successfully implementing the new integrated securities account management system for Takarék Group in April. In March, the company won the SME Top 100 Silver Award in the Service Providers category at the Best Engines of the Economy conference series.

Finovate Alumni News


  • TSYS Unveils New Authentication Solution
  • Dorsum Builds Wealth Management Platform for BNP Paribas in Poland.

Around the web

  • Plaid discloses role of Visa and Mastercard as strategic investors in its $250 million Series C round from December.
  • iSignthis secures patent from European Patent Office for PSD2, SCA, and KYC.
  • SoFi inks 20-year arrangement for exclusive naming rights for the new Sofi Stadium where National Football League teams the Los Angeles Chargers and the Los Angeles Rams play.
  • Payoneer amps up cybersecurity efforts to significantly reduce phishing attempts.
  • Larky launches its nudge code library to bundle geo-location and engagement technology directly into mobile banking apps.
  • Spreedly launches Spreedly 3DS2 to help execute 3DS2-compliant transactions across multi-gateway environments.
  • BNP Paribas Bank Polska to implement Dorsum’s wealth management platform.

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.

FinovateEurope Demo Videos Are Live!

Just in time for your weekend viewing, the demo videos from FinovateEurope 2019 are now available for free in our video archives.

Whether you joined us in London at the Tobacco Dock last month, or will be watching the show for the first time, we think you’ll enjoy our high quality videos of each company that took the stage.

As a sampler, here are the demo videos from the eight companies that won Best of Show awards at FinovateEurope this year.



Glia (formerly SaleMove)





FinovateEurope Best of Show Winners Announced

The votes have been tallied and the people have spoken! Here are the winners of our Best of Show awards for FinovateEurope 2019.

CREALOGIX for its TimeWarp insights platform that enables banking customers to simulate various scenarios in their financial lives. Video.

Dorsum for its My Wealth solution for hybrid advisory processes in wealth management. Video.

Glia (formerly SaleMove) for its technology that creates digital-first moments that simplify and transform communications between businesses and their customers.  Video.

iProov for its solutions that assure the genuine presence of your user by leveraging controlled illumination with uniquely powerful anti-spoofing. Video.

Launchfire for its leadership in game-based employee and customer engagement for financial institutions. Video.

PayKey for its technology that bridges the gap between banks and social apps with a unique smartphone keyboard that enables frictionless access to key banking services. Video. for its intelligent virtual assistant for call centers that enables businesses to reach their customers at scale with a personal, human touch. Video.

W.UP for its technology that transforms the way banks generate digital revenue and interact with clients through AI-powered experiences. Video.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The eight companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018

FinovateEurope Sneak Peek: Dorsum

A look at the companies demoing live at FinovateEurope on February 12 through 14 in London, U.K. Register today and save your spot.

Dorsum is a multi-award winning, innovative investment software provider. The company presents its My Wealth solution for AI-driven hybrid advisory model in wealth management.


  • Clear and simple flow, making investments accessible to anyone
  • Ability to create your own thematic portfolio
  • AI-driven hybrid advisory model assisting a captivating user experience for clients.

Why it’s great
My Wealth’s “Easy Invest” feature brings the complicated world of investments close to everyday people – helping you to expand your investment services clientele.


Imre Rokob, Director of Business Development
Rokob is responsible for the company’s expansion to new international markets.


Gergely Csorba, Senior Expert
Csorba has worked in various leadership roles at Sberbank Hungary’s International Corporate Banking departments. He also served as product and project manager of digital services at the Hungarian Post, and later, as Creative Editor of the Communications department.


Agnes Bati, International Project Assistant
Bati has a profound knowledge of the entire software delivery lifecycle and performs a variety of analytical and project supporting tasks.

Finovate Alumni News


  • Process as Product: Middleware and Mambu Strengthen Alliance.

Around the web

  • Nordigen tests its transaction categorization and behavioral analysis capabilities with Nordic financial services firm SEB.
  • NICE Actimize launches financial crime enterprise consulting and advisory practice.
  • Sberbank partners with Russian supermarket chain Azbuka Vkusa to enable payment by fingerprint.
  • Kabbage drives’s Pay Later program for U.S. consumers.

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


  • Gro Solutions Helps Vermont FCU Deliver Better Banking Experiences.
  • Bringing Legacy Banks into the 21st Century.

Around the web

  • Forbes features SMRTSVR from Vaultz and Best of Show winner Golden in its look at PFM apps for people over 50.
  • Blockchain technology pioneer, Dr. Stuart Haber, joins Endor’s scientific advisory board.
  • Bpm’online adds enhancements to accelerate sales, marketing, operations, service, and citizen development in its latest update.
  • IDC Financial Insights includes CREALOGIX in its top 100 fintech ranking.
  • Dorsum launches its MyWealth wealth management app at Dubai banking conference.
  • Betterment introduces new Trust Account Opening feature for its Betterment for Advisors platform.
  • Onfido announces partnership with international remittance platform, Remitly.

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.


Dorsum Unveils My Wealth Mobile App

Budapest, Hungary-based Dorsum launched a new wealth management mobile app this week. The investment software provider’s new My Wealth mobile app helps customers better understand and review their portfolio holdings, as well as make new investments with just a few taps. The app leverages gamification and an education marketplace toolkit to ensure that customers remain well-informed about basic investment concepts and principles. My Wealth also features a self-learning chatbot as well as the ability to request a human financial advisor to take over the conversation, giving users the benefits of both AI and human advisory.

Imre Rokob, Director of Business Development at Dorsum noted that innovations like the My Wealth app are driven largely by a combination of a shift in investing preferences and the arrival of non-financial participants in the investment arena. “Present-day investors want to manage their portfolios on the go while staying in control in an efficient and intuitive way,” Rokob explained. “I’m very proud that our continuous effort to revolutionize our B2B software offerings has resulted in a digital innovation offering a unique wealth management mobile application with the right balance between intelligent automation and a human approach.”

My Wealth not only helps bridge the gap between AI and human financial advice. The technology also helps investors bridge the gap between their actual and optimal investment portfolios. When this occurs, the app provides customers with a list of potential investments the user could make that would help bring the actual portfolio more in line with the optimal portfolio. Users can receive personalized notifications and news on the app, as well as set up a meeting for a call or chat with an advisor. The solution works for both iOS and Android, and can be readily integrated into any wealth management platform or system. While designed for customers, financial advisors can use the app to keep in touch with clients and to send personalized notes and advice, as well.

“Our exceptional solution merges with the traditional advisory and the digital advisory process into a hybrid model,” Dorsum CEO Robert Ko said. “Our software meets the digital expectations of the younger generations, ready to fight with robo disruptors and boost performance of personal financial advisors.”

Dorsum demonstrated its Botboarding platform at the inaugural FinovateMiddleEast 2018 conference earlier this year. The technology, which won the company a Best of Show award last year at FinovateEurope 2017, creates customer onboarding chatbots that combine natural language communication with traditional data collection and user profiling.

In addition to its Botboarding platform, Dorsum offers a client acquisition tool that supports client engagement with vivid presentations and a portfolio calculator that provides instant financial planning simulations, as well as its wealth management platform. With subsidiaries in Romania and Bulgaria, Dorsum includes Raiffeisen Bank International, Erste Bank, and Generali among its clients.