Check Out Who Took Home Top Honors at Last Night’s European Fintech Awards

GroupPhoto(Photo credit: http://www.fintech.nl/)

Last night in Amsterdam the 2016 European Fintech Awards celebrated innovators shaping the future of finance. A total of nine awards were presented to companies selected by a panel of judges for the quality of their pitch.

Four of the winners are Finovate and FinDEVr alums, including BehavioSec, who won the overall award of Best European Fintech Company of 2016:

BehavioSec
Category: Risk, Intelligence, and Security
HQ: Stockholm, Sweden
Founded: 2009
FinovateFall 2015 demo
FinDEVr San Francisco 2015 presentation

Backbase
Category: Innovative Banking Software
HQ: The Netherlands
Founded: 2003
FinovateEurope 2016 demo

Kreditech
Category: Financial Inclusion
HQ: Hamburg, Germany
Founded: 2012
FinovateSpring 2014 demo

Xpenditure
Category: Best of Show, selected for the best pitch
HQ: Mechelen, Belgium
Founded: 2011
FinovateEurope 2016 demo

A total of 29 Finovate and FinDEVr alums were recognized in the European Fintech Top 100 list. Companies awarded on this list were selected by a combination of online public votes (weighted 25%) and a panel of judges (weighted 75%).

  • AdviceGames
  • Kantox
  • Aire.io
  • Klarna
  • AMP Credit Technologies
  • Kontomatik
  • Azimo
  • Kreditech
  • Backbase
  • Mambu
  • BehavioSec
  • mBank
  • Cloud Lending Solutions
  • Meniga
  • ebankIT
  • Nutmeg
  • eToro
  • Qumram
  • ETRONIKA
  • Scalable Capital
  • eWise
  • SmartEngine
  • Fenergo
  • TransferWise
  • Holvi
  • Trustly
  • IdeaBank
  • Zopa
  • InvoiceSharing

The European Fintech Awards are organized by Amsterdam-based publishing company Alex van Groningen BV. The company offers a great explanation of the awards: “The purpose of the FinTech awards is not to scientifically prove who are the best FinTech companies. The judging is primarily based on the judges’ individual ideas and views on the nominating companies using their expertise, knowledge and ideas.”

Finovate Alums Dominate The FinTech50’s Inaugural Hall of Fame

Fintech50_homepage_April2016

FinTechCity unveiled its new FinTech50 Hall of Fame this week at the Money 20/20 event in Copenhagen, Denmark. Finovate alums took six out of the ten spots.

The “founding ten members” of TheFinTech50 Hall of Fame are companies that “have featured on our radar since the days when they could reasonably be called startups,” say FinTech50 founders Julie Lake and Nicky Cotter, writing in The FinTech50 2016 Yearbook. “In recognition of their pioneering spirit and competitive staying power, we felt they deserved their own special place within a list of remarkable game-changers,” the founders wrote.

FinTechCity also presented The FinTech50 2016, its roster of the fifty hottest FinTech businesses in Europe. Of the 50 companies selected by the panel of more than 30 industry experts who poured over more than 1,200 candidates, a full baker’s dozen were Finovate—or FinDEVr—alums.

Read the full list.

Lake and Cotter called this year’s competition “the most hotly contested FinTech50 in its four-year history.” The founders also highlighted differences from the 2015 list, with this year’s roster featuring more companies innovating in “security, compliance, and risk.”

Also noteworthy was the number of European fintech companies from the United Kingdom (more than 30 out of the 50). The founders credited this to the U.K.’s broader access to funding, as well as the region’s local talent, and “favorable regulatory environment.” Lake and Cotter also praised other emerging European fintech communities in Amsterdam, Berlin, and Stockholm.

In addition to The FinTech50 2016 and its new Hall of Fame, FinTechCity also announced its FinTech20 India and FinTech20 Hong Kong. Finovate alums were represented here with Demystdata (FinovateAsia 2012) earning a spot in the Hong Kong 20, and Bank Bazaar (FinovateAsia 2012) getting recognition in the India 20. Lastly, The FinTech50 shared “The Hot Ten,” a roster of companies on their watch list for 2016. Here, Finovate alum, Ormsby Street (FinovateFall 2015), was recognized on that list.

Finovate Debuts: InvoiceSharing Brings 21st Technology to Antiquated Invoicing Systems

InvoiceSharing_logo_high-res

InvoiceSharing is as straightforward – and unsexy – as it sounds. But beneath this eponymous exterior lies a company dedicated to using technology to help companies and financial institutions unlock major savings and efficiencies.

While there are early adopters of technology in the enterprise, there still are plenty of companies and organizations that still rely on outdated business operations, including antiquated invoicing systems. InvoiceSharing helps these companies overcome the hurdles to better business operations by offering a solution that is free, cloud-based, and open.
InvoiceSharing_homepage_new
With InvoiceSharing, companies connect their accounting systems to the platform, and use it to send invoices electronically. For its Finovate debut, InvoiceSharing introduced a branded version of the platform and highlighted the technology’s ability to work with a wide variety of accounting and electronic invoicing systems. Users send and receive invoices through their own accounting systems – “we speak all languages” says InvoiceSharing CEO Jeroen Volk – InvoiceSharing does all the translation. And by connecting with the systems of major suppliers, the platform makes it easier for newer companies and startups to build relationships with the companies that will be critical to their growth.
The Stats
    • Founded in 2013
    • Jeroen Volk is CEO
    • Headquartered in The Netherlands, with offices in London and New York
    • Raised more than $1.5 million in funding
    • Named to Forbes “The World’s Next 10 Big Fintech Stars” list (2014), and the Fintech 50 (2015)
    • Won Deloitte’s Most Disruptive Innovator Award (2014, and Red Herring’s Top 100 Europe Award (2014)
    • Participated in Startupbootcamp London (2014)
The Story
InvoiceSharing is a “connect the dots” technology that plays middleman between accounting systems, electronic invoicing systems and suppliers. InvoiceSharing is not an electronic invoicing system itself. But it has everything to do with making it easier for companies to communicate faster and ultimately cheaper when it comes to requesting and receiving payment.
InvoiceSharing_onboard_1
The platform’s eagerness to play well with others is important. The great diversity of systems has created an opportunity for InvoiceSharing to make sure that those working with one system will be able to seamlessly communicate with another. And by seamlessly, InvoiceSharing means not just being able to send invoices electronically, but to have incoming invoices come through your accounting system as well. Volk said that this is one of the stumbling blocks for companies – “why SMEs won’t work with you” – that can result in using alternatives that are more expensive and potentially less reliable than electronic invoicing.
InvoiceSharing_systems_2
Setting up the platform is straightforward. Users connect their accounting system, select their electronic invoicing system (there are many on the platform), and select their suppliers. This last point is a source of pride of the company, emphasizing its ability to onboard what it calls the “long tail” suppliers due to the openness of its platform. Suppliers can specific exactly how and what information is required and displayed and, again, InvoiceSharing takes care of the translation as this data is communicated back through the company’s system.
InvoiceSharing_suppliers_3
“Connecting all those systems, platforms, but also interfacing with all those platforms and networks is exactly the hassle we do that you don’t have to do as a company,” Volk said from the Finovate stage in February. “And as a result it is easy to work together.”
The Future
InvoiceSharing’s platform is offered for free. The company makes its revenues from premium products it provides its companies such solutions that automate the invoicing process or reporting tools. InvoiceSharing has also been active on the investment front, having raised € 2 million, and has earned accolades on both sides of the Atlantic, being named to The Fintech 50 in London in January, and winning the Most Disruptive Innovator 2014 Award from Deloitte back in October.
The future of the platform is already clear. InvoiceSharing is looking to empower banks and financial institutions to capture and combine invoice data with payment and other system data. This could give FIs the ability to better serve their business clients with more customized products, including better credit terms on financing. InvoiceSharing is working with one bank partner currently on developing this white label option, and looking to partner with others.
“Nobody is doing electronic invoicing for fun. But you can do great things with electronic invoices,” said Volk. “You can help companies cut costs and improve cash flow.” If InvoiceSharing’s current plan to leveraging invoice data into real customer insights proves popular, helping companies improve cash flow and cut costs may be just the beginning.

InvoiceSharing Launches its White Label, Electronic Invoice Distribution Platform for Banks

InvoiceSharing_logo_high-res.jpgThis post is part of our live coverage of FinovateEurope 2015.

InvoiceSharing is up next, demonstrating its free electronic invoice distribution platform for banks.
We learned that banks need a white-label version of the InvoiceSharing platform for five reasons:
  • Reduce cost of capital (cost of unused lines of credit)
  • Bring added value to clients and upsell more
  • Distribute cash to companies in a new way
  • Split transactions and services provided to customers
  • Prove that banks do not over-credit companies
We are launching the first white-label version for banks to capture all the data they need to achieve these goals. Capturing all data from incoming and outgoing invoices and combining it with payment data and data from the company’s clients systems allows banks to lend more money with less risk at lower costs.
Presenter: CEO Jeroen Volk; VP of Business Development Stephen van Stek
 
InvoiceSharing_7950.JPG
InvoiceSharing_7956.JPG
Product launch: February 2014
Product distribution strategy: Through financial institutions, through other fintech companies and platforms, licensed
HQ: Rotterdam, The Netherlands
Metrics: €2 million raised; growing 15% month on month with invoice volume in euros; 10 employees; deal with first bank for white label
Twitter: @invoicesharing

Finovate Alums Populate the FinTech50

Looking for the most innovative startups in fintech? The FinTech50 is a great place to start.

FinTech50_homepage.jpg
It also turns out to be a great place to find Finovate alums. Of the 50 companies recognized by FinTechCity’s panels of judges as being “game-changers transforming the future of finance,” nearly half are alumni of Finovate conferences – including our upcoming event in London.
Here is the list of alums in alphabetical order:
According to Chris Skinner, who was one of the panelists, more than 700 companies competed for spots in the FinTech50. The selection panel included veterans of finance and technology from companies ranging from American Express and Google to Silicon Valley Bank and UBS. The FinTech50 winners were announced at an invitation-only event in London.
Speaking of London, Five Degrees, InvoiceSharing, Ixaris, mBank, and Trunomi will be in town next month, demonstrating their latest solutions at FinovateEurope 2015, February 10 and 11. More information on the event available here.