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Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing at FinovateWest Digital on November 23 through 25, 2020. Register today and save your spot.
Instnt is the first fully managed customer onboarding platform with a warranty against fraud losses.
Fully managed onboarding platform with a guarantee to sign up more good customers
Codeless integration and a compendium of sophisticated features
Fraud loss insurance for up to $100 million annually
Why it’s great Instnt manages the onboarding process as well as the fraud for businesses so they can focus on building their topline revenue and their product.
Sunil Madhu, CEO & Founder Madhu is a serial entrepreneur with IPO and acquisition exits including Socure (Series-C venture-backed), Hopskoch (M&A exit to WPP), Securent (M&A exit to Cisco), and Netegrity (IPO). LinkedIn
A new partnership will enable customer onboarding platform Instnt to leverage phone intelligence-based authentication to enable firms to “green light” more customers without having to resort to time-consuming, knowledge-based authentication protocols. The company announced that it has teamed up with Prove, whose technology is used by more than 1,000 businesses and 500 bank clients to provide frictionless, passive authentication to their customers.
“As mobile devices have become the de-facto second-factor authentication tool, Prove’s robust phone intelligence technology becomes a crucial component to enable frictionless digital acceptance and authentication of consumers on Instnt’s digital customer onboarding managed service,” Instnt CEO and founder Sunil Madhu explained. “Through this partnership, Instnt aims to bring digital inclusion and one-click federated sign-up to consumers across mobile apps and websites on the internet.”
Instnt enables retail financial institutions and e-commerce merchants to sign up more customers with less risk and fewer fraud losses. Using Instnt’s technology, companies follow a simple, three-step process to create their digital sign-up form and generate a single line of code. This code is added to their website or app to create the onboarding functionality. Instnt leverages AI-powered predictive analytics to validate the user and the device being used during the onboarding process, conducting device and cohort analysis, network analysis, and data validation and verification to provide high accuracy and “requirement levels of compliance.” Instnt goes so far as to indemnify users of its customer onboarding offering for up to $100 million in annual fraud losses.
Instnt’s partnership with Prove comes just weeks after the company announced that it was collaborating with ComplyAdvantage. The partnership will bring machine learning and natural language processing-powered financial crime detection capabilities to Instnt’s onboarding and verification platform. Instnt began the year raising $2.9 million in seed funding from Charge Ventures, Fantail Ventures, Third Prime, and Revel Partners.
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.
Instnt Inc. is the first customizable, risk and compliance liability insured, online account opening and onboarding service for businesses.
Increase revenue by reducing your rejection rates
Shift your risk and compliance costs and loss liability for onboarding with a single line of code
Cut operating costs by outsourcing onboarding
Why it’s great Instnt helps improve business’ approval rates
Sunil Madhu Madhu is a serial entrepreneur with IPO and acquisition exits including Socure (Series C, venture backed), Hopskoch (M&A exit to WPP), Securent (M&A exit to Cisco), and Netegrity (IPO). LinkedIn
Mimi Salcedo Salcedo was the first Product Manager at Simple Finance and went on to co-found WinWin (acquired in 2019). She is now Instnt’s co-founder and VP of Product. LinkedIn