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.

eToro Launches Cryptocurrency Exchange, Expands to U.S.

Social trading platform eToro is broadening its expertise this month, announcing its entrance into the cryptocurrency exchange market, the launch of a mobile wallet, as well as an expansion into the U.S. market.

The exchange and wallet will be available across the globe, marking the company’s first availability in the U.S. market, where eToro will offer 10 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS. There is currently no date set for the launch of the crypto exchange and mobile wallet, but eToro said the features will be “gradually introduced globally over the coming months.”

In a blog post announcing the launch, eToro CEO Yoni Assia said, “U.S. crypto holders have a strong appetite for diversified portfolios.” He added, “we’re committed to offering the best tools and assets to help them manage their investments all in one place.”

eToro has been serving the European region since it was founded in 2007, and this is the company’s first foray into the U.S. market. While the company hasn’t announced the official date for its U.S. launch, it has disclosed that the service will only be available in a select number of U.S. states, including California. The lag time is attributed to regulation– each state has varying cryptocurrency laws and it is unclear if some tokens are considered securities that must be registered with the SEC.

Leading eToro’s U.S. launch is Guy Hirsch, who previously served as director of innovation strategy at Samsung. “We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies,” said Hirsch.

eToro joins the cryptowallet space as a competitor to successful exchange platform Coinbase, which recently began offering cryptocurrency investment tools (a product eToro launched in 2014) and is now seeking to apply for a federal banking license. In an interview with Fortune, Assia said that the company’s social media features and its copy trading tools grant eToro a competitive advantage in the U.S. market, despite well-established incumbent players such as Coinbase.

Assia, along with the company’s VP of Product, Tal Ben-Simon, demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company has gone on to raise $100 million in Series E funding, which it announced in March, that more than doubled its funding to $162 million. And eToro hinted at more releases to come, saying, “As major as these announcements are, we have even more to offer and our clients can be sure we will have some more exciting announcements for them in the near future.”

Finovate Alumni News

On Finovate.com

  • eToro Launches Cryptocurrency Exchange, Expands to U.S.
  • Tradeshift’s Tradeshift Pay to Free Up $9 Trillion in Cash Trapped in Accounts Receivable.
  • International Invoicing Platform from Flywire Emerges from Beta.

Around the web

  • Compass Plus adds interchange functionality to its open development payments platform, TranzAxis.
  • Finastra names Jim Fiesel Managing Director of Capital Markets and Lending Sales for the Americas.
  • eToro to incorporate in Gibraltar to take advantage of new DLT regulatory framework.
  • Neener Analytics completes proof of concept with one of Mexico’s largest credit card issuers.
  • Multiple-time Best of Show winner Ondot Systems announces more than  3,000 financial institutions are offering mobile card controls powered by its 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

  • JPMorgan Chase Signs Deal with Cardlytics.
  • Revolut Introduces New Payment Sharing Feature, Near Me.

Around the web

  • FinTech Breakthrough names Cloud Lending Solutions Best Business Lending Platform.
  • Payoneer announces new investment and support for cross-border U.S. SMEs.
  • eToro to launch cryptocurrency offering in the U.S., initially enabling investors to buy and sell 10 cryptocurrencies.
  • Uniken earns Cool Vendor in Identity and Access Management recognition from Gartner.

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

  • ACH Alert Unveils Anti-Fraud Solutions for Real-Time Payments and ACH Credits.

Around the web

  • Fenergo appoints new global heads of marketing and sales, Conor Coughlan and Greg Watson, respectively.
  • RACQ Bank of Australia partners with Avoka to enhance account opening and onboarding.
  • CUCollaborate & Montana’s Credit Unions announce partnership to help consumers join CUs without friction. Check out CUCollaborate next week at FinovateSpring.
  • Kabbage appoints James Chou as its chief technology officer.
  • eToro powers The Next Web’s initial crowd offering project.

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

  • HooYu Brings KYC, Enhanced Customer Onboarding to Gold-as-Currency Enabler Glint.
  • Modo Payments Wins Top Prize at ETA TRANSACT Payments Pitch-Off.

Around the web

  • FBI Director Wray highlights Symphony as a model of “responsible encryption” that solves the problem of “going dark.”
  • Luxoft builds blockchain adapter for Appian’s low-code Rapid Application Development (RAD) platform.
  • eToro adds trading support for EOS, expands list to 10 cryptocurrencies.

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.