Helping Secure Digital Identities; Managing Financial Crime Risk

Two of the biggest themes in fintech – digital identity and the rise of fintech in Central and Eastern Europe – meet in the latest announcement from biometric authentication specialist and Finovate Best of Show winner iProov. The company’s facial recognition technology now makes it easier for users of SK ID Solutions’ Smart-ID Service in countries like Estonia, Latvia, and Lithuania to renew their accounts without having to visit a physical bank branch.

“This is a major development for all digital identity providers,” iProov CEO Andrew Bud said. “Estonia has proved, for the first time, that a remote, automated, biometric ID verification service can deliver the highest possible levels of security.”

Recognized as equal to a handwritten signature throughout Europe, Smart-IDs enable users to authenticate themselves and provide permissions online using a smartphone app. iProov’s facial recognition technology adds a three-second scan to compare the image of the user to the image on their presented ID document to help defend against fraud and identity theft.

Smart-ID also leverages NFC-based ReadID document verification technology from InnoValor.

Financial crime risk management innovator Featurespace will be helping Enfuce combat fraud and money laundering courtesy of a newly announced partnership. Enfuce, a financial services firm based in Finland, will use Featurespace’s ARIC Risk Hub to enhance its ability to protect its customers from fraud and financial crime.

“Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud,” Enfuce co-founder and chair Monika Liikamaa said.

ARIC Risk Hub offers real-time transaction monitoring for fraud and financial crime, enabling institutions to identify and act against anomalous and potentially dangerous behavior as it occurs. The technology also reduces the number of false positives by as much as 70%, keeping anti-fraud processes efficient. Featurespace introduced its fraud-fighting technology to Finovate audiences at FinovateEurope 2016.


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

  • Sezzle unveils new logo along with its first annual report.
  • Flybits expands its executive team in New York, Toronto, the U.K., and Dubai.
  • ID R&D updates voice biometric solution IDVoice.
  • M1 Finance surpasses $1 billion in assets on its platform.
  • Armor Bank selects Teslar Software’s automated workflow and portfolio management tools.
  • Mastercard partners with myPOS to boost adoption of card payment solutions among European SMEs.
  • Black Hills FCU selects nCino’s Bank Operating System.
  • Bazaarvoice launches partnership program with Yotpo as the piloting partner.
  • Keysafe inks partnership with Salt Edge to access tenants’ bank data without the need to acquire its own PSD2 license.
  • Lending Club appoints Annie Armstrong as Chief Risk Officer.
  • Assaray Trade and Investment Bank selects Temenos Infinity and Transact to power its digital transformation.
  • Long John Silver’s chooses Blackhawk Network for gift card program.
  • Trustly and Fly Norwegian team up to let travelers pay directly from their bank accounts.
  • Pindrop launches Deep Voice 3, the new version of its voice recognition technology.
  • Mastercard CEO Ajay Banga steps down, replaced by Chief Product Officer Michael Miebach.
  • Venmo to launch debit card for teens.
  • Almost 600 banks select Fiserv’s Turnkey Service for Zelle.
  • Finastra to offer ClickSWITCH’s account switching technolkogy to its clients.
  • Simmons Bank partners with Jack Henry to leverage its Banno platform to build a digital presence.
  • Currencycloud and Currensea team up.
  • Yseop and Automation Anywhere join forces to scale intelligent automation.
  • Lighter Capital appoints Kevin Fink at CTO and Patricia Elliott as CSO.
  • InComm launches Roblox gift cards in France and Germany.

Finovate Alum Features and Profiles

Revolut’s $500 Million Round Boosts Valuation to $5.5 Billion – Global financial platform Revolut has secured its place as the U.K.’s most valuable fintech.

Dealing with Deepfakes in Fintech – The fintech industry is ripe with security firms, such as iProov, that use AI to combat both video and audio deepfakes with anti-spoofing technologies.

Envestnet | Yodlee Acquires Indian Data Aggregator FinBit.io – Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.

Meet Sonect: Cash Network Builder, Finovate Newcomer, Best of Show Winner – What’s better than having a large pizza with all your favorite toppings delivered to your front door? How about a side order of cash, saving you a trip to the ATM or bank branch?

Azimo Taps Ripple for Cross-Border Payments to the Philippines – Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds.

Lendio Lands $55 Million to Match Small Businesses with Lenders – The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.

SheerID Expands Identity Marketing Platform – The move enables brands to identify and acquire new customers across the globe.

The Winning Ten: Finovate Alums Earn Spots on the 2020 Fintech Power 50

The newly-released Fintech Power 50 for 2020 features ten Finovate alums. The roster is produced every December and bills itself as “meant to be controversial and provoke debate” while at the same time providing “inspiration to the rest of the industry.”

“Throughout its first year the Fintech Power 50 has seen consistent success for our members and we are very proud of the opportunities that being a member of the Power 50 has offered the companies involved,” Fintech Power 50 Managing Director and co-founder Jason Williams said. “We look forward to continuing the traction we have made this year with the 2020 cohort, with a more ambitious and exciting programme.”

The Finovate alums to make the cut are:

The Fintech Power 50 aims to help fintechs reach a broader audience around the world. Over the course of 2020, the program will offer media partnerships and networking, business development and branding support, and investment and talent acquisition. This year marks the third edition of the program; coincidentally, the 2019 Power 50 featured ten Finovate alums, as well.

“We’re incredibly excited at this announcement, which is clear recognition of Keepabl’s value to customers, and to trusted advisers alike, and our potential to keep disrupting compliance-as-a-service,” wrote Keepabl CEO Robert Baugh in an email.

CREALOGIX CEO David Joyce added that he was “looking forward to exchanging ideas with the renowned digital leaders in this unique group.” He praised the way the roster reflected “the breadth, diversity, and creativity of the global fintech scene.”

The Fintech Power 50 2020 also features ten fintech thought leaders whose names will be familiar to Finovate veterans. Nine of the ten – David Birch, Ghela Boskovich, Theo Lau, Brett King, Jim Marous, Devie Mohan, David Parker, and Ruth Wandhofer – have made major contributions to our Finovate conferences since we expanded our format in 2017. We’ll have to get Mr. Lawrence Wintermeyer, co-founder of Global Digital Finance and the tenth thought leader on this year’s Fintech Power 50, to a Finovate stage sooner than later!

See the full Fintech Power 50 2020 list.

FinovateMiddleEast Sneak Peek: Flybits

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

Flybits enables financial institutions to deliver hyper-personalized customer experiences, leveraging contextual intelligence and AI.

Features

  • Transform your mobile app into a sales channel
  • Assemble proprietary, public, and device data to deliver contextual experiences
  • Lower marketing costs and raise conversion rates

Why it’s great
Flybits powers mobile, in-app marketing and sales for banks.

Presenters

Amir Yazdanpanah, Managing Director (MENA Region)
Yazdanpanah is an entrepreneurial IT executive with extensive experience in software product development, product sales and marketing, business operations, and P/L management.
LinkedIn

Rebecca Engelberg, Market Intelligence Manager
Engelberg specializes in Market Intelligence, monitoring industry trends and translating them into actionable insights for sales, marketing and product strategy.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Revolut makes use of Open Banking with new Quickbooks integration.
  • Check out a sneak peek of Flybits‘ upcoming demo at FinovateMiddleEast.
  • SparkPost to Acquire eDataSource for Undisclosed Amount.

Around the web

  • Ondot Systems launches new Card App to deliver an “Apple Card-like experience” for end clients.
  • Temenos leverages Kony acquisition to launch Temenos Infinity for ominchannel digital banking.
  • Walmart expands relationship with Green Dot for seven more years. 
  • Experian launches a new Open Data solution: Experian Commercial Acumen.
  • Mambu’s composable banking solution to help new SME bank Recognise enhance the customer experience.

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.

FinovateFall Sneak Peek: Flybits

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.

Flybits enables financial institutions to deliver hyper-personalized customer experiences, leveraging contextual intelligence and AI.

Features

  • Target the consumer journey beyond traditional financial touchpoints
  • Leverage real time insights on consumer experiences
  • Trigger new use cases based on prior experience insights

Why it’s great
Flybits helps financial institutions become leaders in engaging consumers by providing a robust feedback loop to deploy, learn, and innovate on digital consumer journeys.

Presenters

Jason Davies, VP of Enterprise Innovation
Davies has more than 20 years of experience in marketing, digital payments, and fintech.
LinkedIn.

Katrina Shiu, Product Manager
Shiu is passionate about helping financial institutions build consumer experiences into their digital strategies in order to drive business results.
LinkedIn.

Finovate Alumni News

On Finovate.com

Around the web

  • Temenos teams up with Scotland-based neobank Alba.
  • Avaloq launches new Cost & Fee Analytics solution.
  • CashDirector earns a spot in Plug and Play’s Fintech Europe innovation platform.
  • Trustly partners with ECOMMPAY to fuel online banking payments across Europe.

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

  • NestReady to Enhance the Homebuying Experience at West Community Credit Union.

Around the web

  • Tearsheet interviews Flybits CEO Hossein Rahnama on the challenge of digital transformation.
  • Facebook partners with HackerOne to launch bug bounty for its Libra Project.
  • Crowdfund Insider quotes Unison CEO Thomas Sponholtz and Lending Club CEO Scott Sanborn on the trend of fintechs considering a move from the San Francisco area.
  • Hanscom Federal Credit Union selects Digital Onboarding to facilitate account activation.

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

  • Fiserv Drives Digital Transformation for NEFCU.
  • DemystData Lands $12.5 Million for its Data Marketplace.
  • CashFlows Partners with Akamai for Defense Against DDoS Attacks.
  • Wealthfront Acquires Financial Planning Startup Grove.

Around the web

  • SumUp to power card payments for Fleximize members.
  • Wipro teams up with Blue Prism to launch new automation lab in Australia.
  • AiThority talks with DataSine CEO Igor Volzhanin on the role of machine learning and AI in marketing technology.
  • IdentityMind picks up new patent for digital identity-based automated review.
  • Tink urges regulators to “be flexible” when it comes to the implementation deadline of September 14 for PSD2.
  •  Flybits named to the Digital Finance Institute’s list of Canada’s Top 50 Fintech Companies for 2019.

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

Around the web

  • New partnership between Starling Bank and SumUp to provide faster settlement to U.K. merchants.
  • ACI Worldwide unveils its strong customer authentication (SCA) toolbox.
  • Payoneer announces deal with Indian payments processing firm Paytabs.
  • Launchfire’s Lemonade named to 2019 Top Training Companies roster for gamification companies.
  • GoodFirms features bpm’ online among its list of top business process management (BPM) software providers.
  • Insuritas to power digital insurance agency for Marquette Bank.
  • Herald Extra highlights Lendio’s role as a “matchmaker” for small business lending.
  • Flybits to open a New York office in the city’s financial technology hub.
  • W.UP now a member of Five DegreesOpen Banking Marketplace.
  • Personetics opens R&D center in Nazareth.
  • Nvstr earns a spot in the Financial Venture Studio’s incoming cohort.
  • CREALOGIX introduces new Chief Financial Officer Daniel Bader.

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

Around the web

  • Digital Finance Institute features Ethoca, Financeit, Flybits, Horizn, On Deck Canada, Salt Edge, Sensibill, and TickSmith in its look at the top fintech companies in Canada in 2019.
  • AdviceRobo launches new pan-European PSD2 categorization and default prediction API for lenders, CatRobo.
  • Thomson Reuters purchases regtech collaboration platform, HighQ.

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.

Flybits Secures $35 Million in Series C Led by Point72 Ventures

In a round led by Point72 Ventures, contextual data intelligence specialist Flybits has raised $35 million in new funding. The fresh capital takes the company’s total equity financing to $50 million, and will help drive its growth in EMEA, Latin America, and the U.S.

The Series C round featured participation from Mastercard, Citi Ventures, and Reinventure, which was backed by Westpac Banking Corporation of Australia. Existing investors Portag3 Ventures, TD Bank Group and Information Venture Partners contributed to the round, as well.

The financing will also enable Flybits to commercialize its portfolio of AI and machine learning patents, as well as make enhancements to UX and design. Flybits also plans to launch a marketplace to make it easier for financial institutions, fintechs, and financial data providers to collaborate on new products and services.

“Banks are looking for ways to maximize their use of data and better engage with customers, but are having a hard time executing and scaling this on their own or by leveraging passive PFM (personal financial management) services,” Flybits founder and CEO Dr. Hossein Rahnama explained. “Flybits enables banks to use real-time data and contextual intelligence to shift to those new models and go to market with them faster without over reliance on their IT department.”

Point72 Ventures Partner Tripp Shriner shared Rahnama’s view on this new challenge for banks and other FIs, whom Shriner said “are struggling to communicate with their customers about their products and services in the digital environment.” He praised Flybits for developing a “superior end-to-end solution for personalization of the digital customer experience.”

Today’s investment comes just a few months after Flybits announced that it was a key enabler of the Mastercard Contextual Engagement Solution. The technology is the first product built using the Mastercard Innovation Engine and helps drive contextually-relevant and personalized digital engagement. Last fall, Flybits announced it would work with TD Bank Group to provide enhanced, “micro-personalized” mobile experiences to the bank customers.

Founded in 2013 and headquartered in Toronto, Ontario, Canada, Flybits demonstrated its contextual recommendation engine at FinovateSpring in May. The technology leverages behavioral data and combinations of data sets to provide a deeper understanding of individual customer behavior and preferences based on collective experiences.

Finovate Alumni News

On Finovate.com

  • Revolut and TrueLayer Team Up to Ease Access to Open Banking Data.
  • Flybits Secures $35 Million in Series C Led by Point72 Ventures.
  • Launchfire’s Lemonade Takes Off as Standalone SaaS Brand.

Around the web

  • Avaloq integrates OneSpan’s anti-fraud technology into its SaaS banking platform.
  • PayPal’s international money transfer acquisition, Xoom, goes live across Europe.
  • SumUp secures €330 million debt financing.
  • Ritholtz Wealth turns to Betterment’s Betterment for Advisors, a white label online investing solution, to power its Liftoff automated investment 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.