eToro Launches GoodDollar to Reduce Income Inequality

Citing the fact that the 42 richest people on Earth have more wealth than the poorest 3.7 billion, social trading platform eToro made an announcement this week that it is supporting the social good through a new project. The Israel and London-based company’s new initiative, GoodDollar, is a non-profit, open source project that seeks to reduce income inequality with a new cryptocurrency.

And the GoodDollar project is already off to a good start. eToro announced it has injected $1 million into the project and is calling for more innovators to join in. GoodDollar leverages smart contracts, which help parties transparently exchange money, property, shares, or any unit of value. Overall, the project aims to use a new cryptocurrency to establish universal basic income (UBI) by paying “social interest” to individuals who have less. To reduce wealth inequality, GoodDollar will operate on four basic principles: its available to anyone, exchangeable with other currencies, has low transaction fees, and is fairly distributed across wealth segments.

“We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a UBI. Engineers, product designers and economists are currently developing the prototype. Today is just step one on a long, ambitious journey,” said Yoni Assia, eToro CEO.

Aside from building a robust user base, the most challenging aspect GoodDollar may face is maintaining a cryptocurrency that is neither inflationary nor speculative. GoodDollar will also need to come up with a global KYC alternative and design a structure to govern the cryptocurrency.

Founded in 2007, eToro demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company announced that clients can now invest directly in shares on the platform, and raised a $100 million in Series E round in March, more than doubling its funding to $162 million. Most recently, eToro began supporting IOTA and Binance cryptocurrencies.

Finovate Alumni News

On Finovate.com

  • eToro Launches GoodDollar to Reduce Income Inequality.
  • Zopa Seals Series G Investment En Route to Bank Launch.

Around the web

  • Privakey partners with FIDO board member Raonsecure to deliver joint solution to North America.
  • Green Dot reports record Q3 revenue of $230.6 million, up 14% from $201.6 million in Q3 2017.
  • Cardlytics expands U.S. Travel and Entertainment division with new appointment.
  • UOB’s Digital Bank advances customer-centric data solutions with Meniga.
  • Avaloq appoints Martin Greweldinger as Group Chief Product Officer.
  • LENDindex adds Centre’s USDC digital currency to its SME loan portfolio.
  • TransferWise secures £65 million syndicated debt facility with NatWest, JP Morgan, and LHV Bank.

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

  • Thought Machine Announces Strategic Partnership with Lloyds Banking Group.

Around the web

  • OutSystems announces its partner of the year awards.
  • A €5.5 billion independent French bank will deploy Ambit Focus, a regulatory reporting as a service solution from FIS.
  • eToro invests $1 million into cryptocurrency experiment, GoodDollar, designed to reduce wealth inequality.
  • Dell Small Business’ BetaKit interviews Finn.AI co-founder and COO, Natalie Cartwright.
  • Signicat launches new B2B document signing solution, Signicat Business Signature.
  • Backbase names Capgemini its Global Solution Partner of the Year.

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

  • Envestnet | Yodlee Doubles Down on the Developer Experience.
  • Braintree Merchants Can Now Accept Samsung Pay.

Around the web

  • eToro sets up a free bitcoin ATM to celebrate Bitcoin’s 10th anniversary.
  • Tradeshift announces new app from kompany to reduce supply chain risk.
  • Crain’s Chicago Business names Narrative Science on its list of most innovative companies.
  • Fenergo listed on Deloitte’s Technology Fast 50 Ireland list.
  • iSignThis’ ISXPay receives Bank Institution Code, will be able to accept deposits directly as a monetary financial institution as of December 4.

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

  • Coinbase Raises $300 Million, Becomes Unicorn 8x Over.

Around the web

  • The Financial Brand features Michigan First CU’s tech powered by Insuritas.
  • eToro lists Binance Coin (BNB) on its platform.
  • Leading Libyan private bank selects Temenos to power Islamic growth.
  • Lendio announces the opening of a Lendio franchise in Utah.

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

  • Klarna Rakes in $20 Million in Fall Funding Round

Around the web

  • Entrust Datacard named Employer of Excellence.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • Tradeshift appoints Silicon Valley veteran as its First CLO, CCO.
  • eToro cuts crypto costs to support mass adoption.
  • Roostify announces bidirectional integration with Ellie Mae’s Encompass digital mortgage solution.

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.

eToro Adds IOTA Cryptocurrency to Platform

After launching its cryptocurrency exchange earlier this year, social trading platform eToro has bolstered the number of the cryptocurrencies it offers, adding IOTA to the roster.

IOTA was launched in 2015 to provide fast communication and transactions for internet of things (IoT) platforms and has a market capitalization of $1.4 billion. The currency shows promising use as an IoT platform and, as eToro states in its blog, has received “quite a bit of attention” from the blockchain and cryptocurrency communities.

The addition of IOTA to eToro’s platform boosts the Israel-based company’s total cryptocurrency count to 12. This is up from the 10 cryptocurrencies eToro announced when it launched the exchange in March.

eToro CEO Yonni Assia, along with the company’s VP of Product, Tal Ben-Simon, demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company announced that clients can now invest directly in shares on the platform and it has gone on to raise a $100 million in Series E round in March, more than doubling its funding to $162 million.

Finovate Alumni News

On Finovate.com

  • eToro Adds IOTA Cryptocurrency to Platform.
  • First Data Partners with Ellie Mae to Improve Security of Lending Payments
  • Check out our latest FinovateFall Sneak Peek featuring ebankIT.

Around the web

  • UMB Fund Services adopts Temenos tech for ETF drive.
  • EMIDA joins wireless independent dealer association.
  • InSpirAVE earns spot in Top 100 at the Innovate Celebrate Conference’s Startup of the Year competition.
  • Data-in-use security specialist Enveil announces technology integration with Gemalto.
  • Onfido adds new VP of Global Marketing, General Counsel, and Director of People.
  • FICO extends partnership with Equifax Canada.

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 Favorites: A Baker’s Dozen of Best of Show Winners

Which fintech companies have continued to impress Finovate audiences over the years? The return of Kasasa to FinovateSpring last month, winning its fourth Best of Show award in the process, got a few of us thinking that it was a good time to take a look at which companies have been selected as fan favorites most frequently after demoing their latest technologies live on stage.

We’ve highlighted companies that have been especially popular at certain conferences, such as FinovateAsia and FinovateSpring before. Here is our compendium of the top Best of Show vote-getters to date for all shows combined (minimum of three wins).

The Big Three

The three companies that have won the most Best of Show awards from Finovate audiences reflect three different themes in fintech over the years: the allure of social investing (eToro), the rise of data analytics in banking (MX, formerly Money Desktop), and the persistence of the payment card (Dynamics). What is especially impressive about all three companies in our Best of Show Big Three is their ability to innovate over time. Each alum won their first Best of Show award between 2010 and 2012 and won their most recent Best of Show award between 2016 and 2018.

Dynamics (8) Founded in 2007. Headquartered in Pittsburgh, Pennsylvania. Jeff Mullen is CEO.

MX / Money Desktop (6) Founded in 2010. Headquartered in Lehi, Utah. Ryan Caldwell is CEO.

eToro (6) Founded in 2007. Headquartered in Tel Aviv, Israel and London, U.K. Yoni Assia is CEO.

The Super Six

Of our Super Six – the six companies to have won Best of Show awards four times – what is most interesting is also the way many of them have been proven innovators over a time of major change in fintech. Companies like Kasasa (formerly BancVue) and Yodlee (now Envestnet | Yodlee) made their big splash back in the earliest days of Finovate and, with recent Best of Show wins in 2018 and 2017, respectively, shown that they are still among fintech’s most inspiring solution providers.

Backbase – 4

Kasasa / BancVue – 4

Meniga – 4

oFlows – 4

SaleMove – 4

Yodlee (including Envestnet | Yodlee) – 4

The Fantastic Four

Two of the companies in our Fantastic Four companies that have won Best of Show awards three times have since been acquired. LearnVest, a three-time Best of Show winner from 2011-2013, was acquired by Northwestern Mutual for more than $250 million in 2015. EyeVerify, which won Best of Show awards on three different continents, was acquired by Ant Financial in 2016. The company now operates as ZOLOZ, and is focused on providing digital identity solutions for the underbanked in Asia.

BehavioSec – 3

EyeVerify (now “ZOLOZ”) – 3

LearnVest – 3

mBank – 3

Note: FA: FinovateAsia, FE: FinovateEurope, FF: FinovateFall, FS: FinovateSpring. Audience favorite awards from FinDEVr not included.

Finovate Alumni News

On Finovate.com

  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • AI Foundry Overhauls Agile Mortgages Solution.

Around the web

  •  Klarna partners with EMaC, a U.K. automotive service plan provider, for a drive now, pay later service.
  •  Paysend triples its customer base over the last 6 months.
  • eToro announces that clients can now invest directly in shares on the platform.
  • MX appoints Ben Holzman, a former managing director of Bain Capital Ventures, as new COO.
  • TechCrunch: Coinbase opens its crypto index fund to accredited U.S. investors.
  • Langley FCU to deploy Symitar Episys core processing platform from Jack Henry & Associates.
  • Mambu announces new board member, former SAP CEO, Henning Kagermann.
  • Revolut partners with Cyprus-based telecommunications company, PrimeTel.
  • First Data and Mastercard collaborate on a digital disbursement platform for business customers.
  • Entersekt opens new office in Atlanta, Georgia to support the company’s growth in North America.
  • The Open Bank Project collaborates with Citizens Bank on innovation event.
  • First National Bank Texas ($1.8B Assets) selects Insuritas to power turnkey insurance agency.
  • Prosper resumes operations for Montana residents

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.