This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Tracking fintech, banking & financial services innovations since 1994
Three-time Finovate Best of Show winner iProov is bringing its innovations in biometric authentication to the web browser. The company announced the launch of iProov Web today, giving users of laptop, desktop, and tablet computers the same level of security enjoyed by users of iProov’s mobile app.
“iProov Web is a game changer for the digital identity industry,” company CEO Andrew Bud said. “Millions of people around the world have iProoved themselves on a mobile app, accessing online government, banking or travel services securely by proving that they are who they say they are, and that they are genuinely present during the authentication.”
The new offering is geared toward the significant number of people who prefer to use desktops or laptops, particularly for large online purchases and transactions, or when security is a top concern. In their product announcement, iProov cited data that indicated that while the web represented 37% of online traffic, it nevertheless delivered a disproportionate 56% of online revenue.
iProov’s patented Flashmark technology enables mobile apps to confirm genuine presence and provide seamless authentication, support digital onboarding, or assist in account or password recovery. The technology defends against presentation and replay attacks, as well as deepfakes, by ensuring both that there is a real person conducting the transaction and that the real person, is the right person.
London-based iProov most recently demonstrated its facial recognition-based biometric authentication solution at FinovateEurope in Berlin this February, picking up its third consecutive Best of Show award. Also that month, iProov opened a North American headquarters in Catonsville, Maryland at the Research and Technology Park at the University of Maryland Baltimore County (UMBC).
More recently, the company partnered with SK ID Solutions, bringing its technology to customers in Estonia, Latvia, and Lithuania. iProov was founded in 2011.
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.
Sezzleunveils new logo along with its first annual report.
Flybitsexpands its executive team in New York, Toronto, the U.K., and Dubai.
Yseop and Automation Anywhere join forces to scale intelligent automation.
Lighter Capitalappoints Kevin Fink at CTO and Patricia Elliott as CSO.
InCommlaunches 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.
How’s $7 billion for good karma? One of Finovate’s earliest alumsCredit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.
Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.
If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.
The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.
The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.
And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.
Here’s a round up of recent news from our Finovate alumni.
Larkyenters reseller agreement with Access Softek.
Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
OurCrowdexpands focus on growing early stage tech companies.
Finovate Alum Features and Profiles
eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.
Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.
The votes are in and the people have spoken! Congratulations to the winners of Best of Show at FinovateEurope in Berlin, Germany!
Dorsum for its Communication HUB that provides real-time, private, banking customer engagement through automated notifications and instant human and AI chat possibilities.
Glia for its digital customer service platform that connects financial institutions to their customers using chat, voice, video, cobrowsing, and AI.
Horizn for its focus on equipping frontline employees and customers directly with the knowledge to improve customer experience and increase digital adoption.
iProov for its solutions – used in production globally by governments and banks – that use biometrics to authenticate users online.
Sonect for its easy-to-use and accessible for everyone, everywhere global platform for cash transactions.
W.UP for its banking personalization platform that turns data into better banking.
Thanks to all the demoing companies that took the time and effort to demonstrate their innovations live on stage. Thanks also the City of Berlin for being such a wonderful host for our first conference of the new year and new decade. We are already looking forward to returning in 2021!
Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2019 conferences are below:
A look at the companies demoing live at FinovateEurope on February 11-13, 2020 in Berlin. Register today and save your spot.
Financial Institutions and governments worldwide rely on iProov’s Genuine Presence Assurance to authenticate users online, with zero effort and unrivaled security.
iProov’s remote palm and face authentication is revolutionizing the customer experience
Technology extended to unattended terminals, such as ATMs and kiosks
Improved inclusivity, accessibility, and ROI
Why It’s Great FinovateEurope 2018 & 2019 Best of Show winners for our patented face and palm authentication on users’ own devices and now showcasing iProov’s expansion into new territories.
Andrew Bud, CEO & Founder Bud CBE FIET is CEO & Founder of London-based iProov, the world leader in secure, usable authentication. Bud is an experienced technology entrepreneur with a thirty-year career in mobile. LinkedIn