Finovate Alumni News

Around the web

  • Trulioo brings its identity verification service to Nigeria and Ghana.
  • ID.me introduces new solution to help businesses to comply with California’s Consumer Privacy Act (CCPA).
  • Greece’s Pancreta Bank partners with Finastra to enhance regulatory compliance.
  • Tinkoff unveils Russia’s first “super-app, offering functionality to serve the financial, leisure, and lifestyle needs of its users.
  • ThetaRay taps Edward Sander as its new Chief Product Officer.

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

  • RightCapital Inks Strategic Partnership with Financial Advisor Association

Around the web

  • Envestnet | Yodlee forges data sharing agreement with JP Morgan Chase.
  • Temenos partners with CWB Financial Group.
  • DriveWealth teams up with SBI Thai Online Securities, bringing access to U.S. stocks to Thai investors.
  • Open banking platform Tink announces expansion to Portugal and Italy.
  • New partnership with Smart Pension will enable Revolut to offer its business customers the ability to automate monthly pension contributions.
  • Artivest announces new partnership with Wellington Management.
  • Paysend introduces worldwide money transfers to Uzbekistan.
  • Jumio takes home top honors in the “Software Security Enterprise Product of the Year” category at the 2019 Best in Biz Awards.
  • Finastra inks deal with Pancreta Bank of Greece to deploy its Fusion Risk solution to help automate regulatory reporting.

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.

Nigerian Fintechs Near $400m Week; Ant Financial Eyes License in Singapore

The nearly-$400 million poured into fintech companies in Nigeria alone this week is being remarked upon as a testament to the growing investor interest in sub-Saharan Africa. The three recipients of the new capital in recent days are OPay ($120 million), Interswitch ($200 million), and PalmPay ($40 million). The investors include Sequoia Capital China and SoftBank Ventures Asia, as well as China’s Transsion and Visa.

For comparison, African fintechs raised $357 million in all of 2018, according to a 2019 report from the GSM Association, The Mobile Economy, Sub-Saharan Africa. Quoted in the Financial Times on the week’s funding news, Guaranty Trust Bank chief executive Segun Agbaje credited the payments industry for the surge in investment, calling the growth in the sector “probably like no other on the continent.”

Finovate made its African debut last year in Cape Town, South Africa. For an in-depth look at recent trends in African fintech, check out Jonathan Gregson’s “Africa’s Fintech Makeover.”

China’s impact on international fintech is also evident in the news that Ant Financial is considering applying for a virtual banking license in Singapore. Successfully securing such a license would enable Ant Financial to compete against Chinese incumbents like DBS Group Holdings and Oversea-Chinese Banking Corp. Ant Financial secured a license to operate a digital wallet in Hong Kong last year.

Latin America and the Caribbean

  • Brazil’s digital bank Neon raises $94 million in round led by General Atlantic and Brazil Banco Votorantim.
  • Biz Latin Hub’s Craig Dempsey makes the case for Mexico as the fintech sector to watch in 2020.
  • Mexican non-bank wallet service Todito Cash inks partnerships with four financial payment solutions companies.

Asia-Pacific

  • Ant Financial may be one the hunt for a Singaporean virtual banking license, reports Bloomberg, following the online finance titan’s recent scoring of a license to operate a digital wallet in Hong Kong.
  • InstaReM rebrands as Nium, announces cross border payments partnership with Cambodian banking group, PhillipBank.
  • Indonesia’s biggest banking group, Bank Mandiri will use the Avaloq’s Banking Suite to run its wealth management division, which has $14 billion in assets under management.

Sub-Saharan Africa

  • Nigeria’s OPay raises $120 million in new funding. The investment adds to the $50 million the mobile payments service raised in June.
  • Asilimia, a Kenya-based fintech that helps SMEs access more efficient mobile payment solutions, secures $350,000 in funding.
  • South African digital commerce fintech Vectra wins Seedstars Cape Town competition.

Central and Eastern Europe

  • Revolut reaches 250,000 users in Hungary and reports an 8x gain in monthly transaction volume since the beginning of the year.
  • Latvia-based, P2P lending platform TWINO surpasses €1 billion euros in originated loans.
  • Tradeshift moves Bucharest team to larger office in Tower Center, announces plans to hire more staff next year.

Middle East and Northern Africa

  • A partnership between BPC and WeNet will bring a new instant payments system to Yemen.
  • ZagTrader wins full certification for its market making technology from Bourse Kuwait.
  • In partnership with the Dubai Financial Services Authority, Wethaq pilots Sukuk issuance on its securities market infrastructure.

Central and Southern Asia

  • Perfios, a fintech software company based in Bengaluru, raises $50 million from Warburg Pincus and Bessemer Venture Partners.
  • Pakistan’s Askari Bank selects Finastra’s trade finance solution.
  • CredoLabNeener Analytics, and Vymo win finalist spots in the India FinTech Forum’s IFTA 2019 awards.

Finovate Alumni News

On Finovate.com

  • Signicat Inks Payments Verification Partnership with Twikey

Around the web

  • Citi goes live with Citi Global Collect, a new cross-border B2B payments tool.
  • Sezzle opens new office in Toronto, Ontario, Canada.
  • Finastra hires Lisa Fiondella as Chief Data Officer.
  • ZagTrader wins full certification for its market making technology from Bourse Kuwait.
  • Optimove extends partnership with multiplatform gaming service provider Funstage.
  • Revolut taps Pierre Decote as its new Chief Risk Officer.
  • Signicat teams up with Twikey on payments.

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

  • BlueVine Raises $102.5 Million in New Funding
  • Aerospike Raises $32 Million for NoSQL Data Platform
  • ACH Alert Partners with Apiture to Fight Payments Fraud

Around the web

  • ACI Worldwide announces strategic collaboration with Microsoft to deliver Universal Payments technology via Microsoft Azure.
  • Citi extends its existing contract with Temenos to continue using its Multifonds Global Accounting solution.
  • Arkose Labs and Trusona earn spots on CNBC’s 2019 Upstart 100.
  • Quadient awarded gold for sustainable development.
  • Salt Edge crosses the mark of 600+ integrated PSD2 APIs.
  • ACH Alert partners with Apiture to offer ACH Alert’s fraud detection services to Apiture’s 450+ customers.
  • Bank Mandiri selects Avaloq for wealthtech.
  • Askari Bank selects Finastra’s trade finance 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.

Finovate Alumni News

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.

Finovate Alumni News

On Finovate.com

  • Finicity’s AssetReady Reports Accelerate the Prequal Process.
  • Envestnet Adds Yodlee FinApps to MoneyGuide’s MyBlocks.

Around the web

  • PyraMax Bank launches PyraMax Insurance Services leveraging Insuritas’ digital insurance platform.
  • Finastra’s new Fusion Treasury Essential helps small banks with no dedicated treasury system automate their treasury function.
  • nCino appoints David Rudow as Chief Financial Officer.

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.

Ripple to Offer Blockchain Technology through Finastra

Enterprise blockchain solution company Ripple teamed up with Finastra this week. The two are collaborating to enable Finastra clients to transact with RippleNet partners and make international money transfers.

RippleNet is Ripple’s global payment network that works across 40+ currencies and consists of more than 200 financial institutions. Because RippleNet leverages the blockchain, users are able to track funds, delivery time, and status.

“This partnership will enable Ripple to expand the reach and solutions for our partners, and the footprint of RippleNet while allowing customers to transact directly with each other,” said Marcus Treacher, SVP of Customer Success at Ripple.

Riteesh Singh, Senior Vice President, FMS, Finastra said that the partnership will prove “particularly beneficial” to Finastra’s clients that rely on correspondent banks. That’s because, since RippleNet runs completely on the blockchain, transaction fees are lower than the industry average.

Ripple has offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore, Sydney, and, as of July, Brazil. At FinovateSpring 2013, company co-founder Chris Larsen debuted Ripple (originally known as OpenCoin). Ripple started this year by surpassing 200 customers and, in June, the company formed a strategic partnership with MoneyGram.

Finastra formed in 2017 from the combination of Misys and D+H after Vista Equity Partners acquired Misys in 2012 and bought D+H in 2017. Misys demonstrated its FusionFabric.cloud technology at FinovateEurope 2017.

Finovate Alumni News

On Finovate.com

  • Voleo Teams Up with Software Development Firm Convergence Concepts.
  • Finn.AI’s New Integration Makes Chatbots More Personal.
  • Ripple to Offer Blockchain Technology through Finastra.

Around the web

  • Salt Edge reaches milestone of 500+ integrated open banking APIs.
  • Tink makes its platform available in the Netherlands.
  • Stratifyd teams with Anexinet to scale delivery of its AI-powered analytics platform.
  • TASCET releases SYM Certain software suite.
  • Microblink earns a spot in the Deloitte Fast 500.
  • Vymo teams up with ABeam Consulting to expand its business in the Asia-Pacific region.
  • YUKKA Lab joins Plug and Play’s incoming cohort for its Insurtech Europe program.
  • Socure wins 2019 API Award for Best in Data APIs from API World.

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

  • Singapore’s CredoLab Partners with CIMB Bank Philippines in Bid to Boost Financial Inclusion.
  • Refinitiv Inks Strategic Partnership with SigFig.
  • PayPal’s move into China is a big deal.

Around the web

  • DriveWealth appoints Julie Coin as new President.
  • NOVO BANCO to deploy billing and payment tech from Fiserv.
  • Finastra deepens ties with Seattle Bank.
  • NIIT Technologies partners with mabl to deliver faster application testing services.
  • Lendio to double sales force, expand loan product offerings.
  • Faraday integrates with Iterable to enable mutual customers to leverage Faraday’s AI-generated predictions in their Iterable workflows.
  • BehavioSec earns Gold at the 2019 Golden Bridge Awards and is selected as the CyberSecurity Breakthrough Awards’ Multifactor Solution of the Year.
  • Signifyd’s Seamless SCA solution receives all of the merchant domain EMVCo certifications.
  • Backbase opens office in Dubai.

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.