Eigen Technologies

Giving Kids the Gift of Goals; The New Rules of LendingClub

Giving Kids the Gift of Goals; The New Rules of LendingClub
By David Penn Posted on
Categories: Eigen Technologies, Fenergo, IBM, Lending Club, Revolut

Revolut has added a new feature to its Revolut Junior app for youth aged seven to seventeen that will help parents teach the value of saving to their children. Goals enables both parents and child users to set and track financial savings objectives, and leverages the app’s other main features – Allowances and Tasks – to provide a more comprehensive financial wellness solution that works for kids and their parents.

Available to Revolut’s Premium and Metal customers, the new option can be used by parents to create financial savings goals and monitor their child’s progress as savings accrue. Kids can set their own savings goals as well, which can be supervised via the parent’s app. Goals can be funded directly by parents or by child users via their Allowances or by completing assigned tasks and chores.

“Goals, along with payments, allowances, and tasks, was one of our customers’ top requested and valued features,” Revolut Head of Premium Product Felix Jamestin said in a statement. “(We’re) excited to be building a product that is making saving fun and easy for both kids and parents.”

Revolut launched its Revolut Junior app earlier this year, and now boasts more than 200,000 children signed up for the program. Currently available in the EEA and the U.S., Revolut plans to offer the solution in Singapore, Japan, and Australia “in the near future.”

Alumni News Updates

LendingClub sheds P2P lending en route to bank rebirth: You would be forgiven for thinking the first rule of a company called “LendingClub” is to lend money. But LendingClub’s pivot away from its origins as an innovator in the P2P space 14 years ago continues as it announces that it will shut down its retail P2P platform as of the end of the year. The move comes more than a year after LendingClub shuttered its small business lending arm, and is widely understood to be a path-clearing effort en route to LendingClub incarnation as a bank.

Fenergo, IBM partner to bring AI to customer onboarding: A new integration between IBM Watson, the IBM Cloud, and Fenergo’s client lifestyle management technology will improve the efficiency of the onboarding process for financial institutions. IBM Customer Lifecycle Management with Fenergo combines Fenergo’s leadership in customer journey and digital transformation with IBM’s AI-enabled, AML and KYC solutions to provide better personalization, risk assessment, and regulatory compliance.

Eigen Technologies hires its first CFO: London-based NLP technology innovator Eigen Technologies has selected Spyros Karageorgis as its first Chief Financial Officer. Karageorgis comes to Eigen after tenures as CFO and COO at image recognition company Cortexica Vision Systems, and as CFO at SaaS e-commerce platform Venda. Karageorgis is one of two new members of Eigen’s C-suite: the company also announced new Chief Revenue Officer Tony Ehrens.

Photo by Joslyn Pickens from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Eigen Technologies Hauls in $42 Million to Bring NLP Tech to Financial Services

Eigen Technologies Hauls in $42 Million to Bring NLP Tech to Financial Services
By David Penn Posted on
Categories: Alumni News, Daily news, Eigen Technologies, Funding
Photo by Digital Buggu from Pexels

Natural language processing technology innovator Eigen Technologies has added $5 million (£4 million) to its Series B, taking the round’s total to $42 million and giving the firm more than $60 million in overall capital. The funding comes from ING Ventures and is part of a “broader strategic partnership” that blends Eigen’s NLP technology with ING’s experience in applying machine learning to financial services.

Eigen Technologies co-founder and CEO Dr. Lewis Z. Liu put the investment from ING in the context of the two firms’ years-long relationship. “(We) have found them to have some of the most advanced thinking in the market in the application of machine learning in financial services,” Liu said, “something that comes from their fantastic innovation culture.”

ING currently uses Eigen’s NLP technology in its LIBOR replacement and loan operations. Via the strategic partnership, the companies will accelerate deployment of Eigen’s technology in other areas, including trade finance and small business banking.

Eigen leverages machine learning to extract data from a diverse range of documents, and then integrate that data into the workflows of its customers. The company’s algorithms use pattern recognition to examine words, phrases, and sections of text to help businesses review documents for compliance purposes, automatically extract granular information from asset portfolios, and has applications in fraud identification, contract negotiation, and other activities.

ING Chief Innovation Officer and CEO of ING Ventures Benoît Legrand praised Eigen’s ability to deploy its technology in multiple use cases such as retail and wholesale banking. “This partnership will allow both companies to work closer together when implementing use cases through data and process analysis,” Legrand said, “so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation.”

Eigen Technologies demonstrated its technology at FinovateFall 2019. The company has teamed up with more than 25% of the G-SIBs (globally systematically important banks), as well as major asset managers, insurers, hedge funds, and law firms. Eigen was founded in 2014 and has offices in London, U.K. and New York City.

Share this:

Send Post Twitter LinkedIn Facebook

NLP Innovator Eigen Technologies Closes $37 Million Series B

NLP Innovator Eigen Technologies Closes $37 Million Series B
By David Penn Posted on
Categories: Eigen Technologies, Funding

In a round co-led by Lakestar and Dawn Capital, natural language processing technology provider Eigen Technologies has raised $37 million (£29 million) in new capital. The investment, which also featured participation from Temasek and Goldman Sachs Growth Equity, takes the London-based company’s total funding to $55 million (£43 million).

Eigen plans to spend the funds to accelerate growth, including investments in technical and commercial talent. The company will also strengthen its transatlantic profile by basing additional senior management in New York.

“When we founded Eigen five years ago, I wanted to build a research-led transatlantic business,” Liu said in a statement. “Since the Series A, we have made great progress by massively scaling the company, expanding our client base, and integrating cutting-edge machine learning techniques into our NLP product.” Liu added that in this time Eigen has more than doubled the size of its workforce, grown recurring revenues by 6x, and expanded its customer base to now include more than 25% of the global systematically important banks (G-SIBs) in the world.

The funding announcement comes just a week after the release of Eigen 3.0. Eigen 3.0 extracts data 2x to 5x faster and features a new UI that accelerates the training process by 30%. The company noted that the platform will better enable it to serve both its traditional big bank customer base, as well as new customers among hedge funds and asset managers.

“Our customers asked us for three things in Eigen 3.0: a superuser workflow, improved performance for large teams working simultaneously, and easier document handling,” said Eigen Chief Product Officer Dr. Ashley Fidler, who joined the company in August. “Eigen 3.0 delivers all these improvements and more.”

Eigen Technologies demonstrated its platform at FinovateFall earlier this year. At the conference, Dr. Liu showed how Eigen’s flexible natural language processing solution automatically and accurately extracts data from a wide range of document types at scale. The technology can be integrated into customer workflows, and leverages machine learning algorithms to recognize patterns in text data.

Founded in 2014, Eigen’s clients include Goldman Sachs, Hiscox, Allen & Overy, and ING. The company won the Financial Times Intelligent Business Award for Repapering Technology in October and was named to the FinTech50 2019 in September. Eigen Technologies began the year earning recognition from CB Insights, which featured the company in its 2019 AI 100 roster of the Most Innovative Artificial Intelligence Startups.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Circlys, Coinbase, DriveWealth, Eigen Technologies, fcase, Finastra, Insuritas, Ledger, MasterCard, nCino, Okanii, On Deck Capital, Salt Edge, Spreedly

On Finovate.com

  • Spreedly Raises $75 Million in Growth Funding.
  • NLP Innovator Eigen Technologies Closes $37 Million Series B.
  • nCino Brings AI to its Bank Operating System with nIQ.
  • Lloyd’s Syndicate to Insure Ledger’s Vault.

Around the web

  • DriveWealth partners with Bamboo to give Nigerians real-time access to trade 3,500+ stocks listed on the U.S. stock market.
  • OnDeck builds liquidity with new $125 million securitization.
  • Salt Edge teams up with Exprivia to expand access to open banking solutions.
  • Insuritas partners with Security Federal Savings Bank to launch digital insurance agency platform.
  • Coinbase adds five new currencies to its Coinbase Card – XRP, BAT, REP, ZRX, and XLM – as it brings its card to ten new countries.
  • Mastercard launches Mastercard Accelerate, a worldwide initiative that gives fintechs access to the company’s suite of digital solutions to help differentiate their offerings.
  • Finastra inks partnership with UAE-based United Arab Bank, which will deploy the company’s Fusion Corporate Channels and Fusion Cash Management solutions.

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.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: Eigen Technologies

FinovateFall Sneak Peek: Eigen Technologies
By David Penn Posted on
Categories: Eigen Technologies, FinovateFall 2019, FinovateFall 2019 Sneak Peek

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

Eigen’s NLP software goes to work on your documents, extracting information to answer your unique questions. Eigen puts the power of machine learning (ML) in your hands.

Features

  • Puts the power of ML in your hands
  • Enables you to build a ML model with 20 to 50 examples
  • Can be used by anyone

Why it’s great
Eigen’s natural language processing (NLP) software is highly flexible and easy to use.

Presenter

Lewis Liu
Liu co-founded Eigen Technologies in 2014 after earning his physics Ph.D at the University of Oxford. He started his career with McKinsey in London.
LinkedIn

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: 3E Software, AI Foundry, ARM Insight, Bazaarvoice, BLUERUSH, Eigen Technologies, Flywire, Horizn, inSpirAVE, Instnt, NDGIT, Ohpen, Ripple

On Finovate.com

  • LeasePlan Bank Opts for Ohpen’s Core Banking Technology.
  • 3E Software’s Teslar Scoops Up $1.8 Million.

Around the web

  • PNC now using Ripple’s XRP for cross-border payments.
  • Mortgage Media interviews Steve Butler, founder and GM of AI Foundry.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • InSpirAVE is being issued its first patent for the technology underlying its savings social network system. The patent is part of the company’s portfolio of patents published internationally.

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.

Share this:

Send Post Twitter LinkedIn Facebook