Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s Nubank announces debit options for its digital savings account.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Pindrop Advances into Smart Devices with $90 Million in Funding.

Around the web

  • iSignThis begins accepting customer deposits to its own issued International Bank Account Numbers (IBANs).
  • Personal Capital moves headquarters to Redwood Shores.
  • Signifyd opens EMEA headquarters in London to support its ecommerce fraud protection business in Europe.
  • Juvo expands across Asia with regional headquarters in Singapore.
  • Ondot announces new digital card services platform to support U.K. banks.
  • Lighter Capital provides NinjaCat $1.1 million.
  • R3’s new Corda App supports Ripple’s XRP.
  • Upserve (formerly Swipely) releases newest point-of-sale device, Upserve POS, now available for Android.

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.

20 Finovate Alums Earn Spots on One World Identity’s Top 100 Influencers List

When you think about it, what’s cooler than being named to a Who’s Who list in the world of digital identities?

One World Identity, an independent identity research and strategy company that specializes in cybersecurity, digital commerce, and risk management, published its roster of the Top 100 Influencers in Identity this week. This year, 20 Finovate alums made the cut. The individual influencers – as well as the companies they work for- are listed below.

As with last year’s roster, this year’s list was compiled by taking nominations submitted via Twitter, LinkedIn, and at oneworldidentity.com. The staff and advisory council for One World Identity whittled down the initial list of more than 1,000 nominees to a final 100.

One World Identity began as a project from a group of Google employees back in 2015. The company was officially launched the following year as a way to help spur innovation and collaboration in the field of digital identities. Travis Jarae is founder and CEO.

Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked

Mobile identity company Juvo has received an investment from Samsung NEXT, an off-shoot of Samsung that launched in 2013 to create new software and foster a startup culture at Samsung. The amount of the investment was undisclosed and adds to the San Francisco-based company’s $54 million in equity funding.

The bigger story here is that the investment is a strategic one. Samsung will bring Juvo access to billions of underbanked prepaid users across the globe. This will help Juvo enable MNOs to increase smartphone adoption among prepaid mobile subscribers.

Juvo was founded in 2014 with a mission to “establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded.” The company’s tag-line sums this up as, “access for all.”

In today’s press release, Steve Polsky, founder and CEO of Juvo, explained that the investment and alignment with Samsung NEXT is important because it allows Juvo “to further realize our vision by being among the first to integrate financial identity into a hardware device and, with it, offer unprecedented access to greater financial services.” He added, “Samsung opens a critical piece of the ecosystem for Juvo, and its world class organization, market expertise, and reach will accelerate the Juvo mission, putting sophisticated technology in the hands of unbanked people and provide financial access to those who need it most.”

“At Samsung NEXT, we’re focused on working with entrepreneurs and startups that are creating truly impactful software and services–software and services that will transform the way we, as humans, interact with our devices, each other and the world,” said Patrick Chang, Principal at Samsung NEXT Ventures. “Juvo’s impressive traction from mobile operators and consumers offers an opportunity for us to tap into the next billion customers through more comprehensive financial inclusion and accessibility.”

Polsky demoed Juvo’s Identity Scoring at FinovateFall 2016. The company empowers underbanked consumers by offering them a single identity with which to access financial services across the globe. Juvo also incentivizes financially underserved consumers to build credit and access financial services by extending microloans.

Since launch, the company has attained a reach of more than 500 million subscribers across four continents and is deployed in 25 countries. Last fall, Juvo partnered with Malaysian mobile virtual network operator, Tune Talk.

Finovate Alumni News

On Finovate.com

  • Xero Teams with DBS on Small Business Account Feeds.
  • Zopa Boosts Executive Ranks with Trio of C-Level Hires.
  • SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO.
  • Trulioo Launches KYC Tool to Connect MNOs.
  • Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked.

Around the web

  • Atomico uses Quid for the 2017 State of European Tech report.
  • Bobsguide interviews Lisa Shields, CEO of FI.SPAN.
  • Thomson Reuters unveils Wizcorp, a digital gateway that will provide customers with data on more than 1.8 million Indian private companies.
  • FICO partners with European regulatory risk analytics consultancy, 4most.
  • Finastra announces new partners to its FusionFabric.cloud open architecture.

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

  • Fenergo Helps Santander Enhance Customer Onboarding Experience.

Around the web

  • Juvo partners with Malaysian mobile virtual network operator (MVNO), Tune Talk. Join Finovate as we return to the Far East for FinovateAsia in November.
  • Alpha Payments Cloud accentuates its end-to-end middleware technology in rebrand to Alpha Fintech.
  • Klarna completes acquisition of German online payment specialist, BillPay.
  • ID.me adds support for FIDO U2F (Universal Second Factor) Security Keys.
  • DefenseStorm wins 2017 IDC FinTech Rankings Real Results Award for Digital Trust and Stewardship.
  • Alpha FinTech (formerly Alpha Payments Cloud) and Market IQ shortlisted for inaugural FinTech Abu Dhabi Innovation Challenge in October. Join our first foray to the Middle East as Finovate comes to Dubai in December.
  • Hip Pocket founder Mark Zmarzly to help promote innovation and provide mentorship to fintech startups in Australia as part of new Queensland-sponsored initiative.

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.

Juvo Raises $40 Million in Round Led by NEA, Wing Venture Capital

In a round led by New Enterprise Associates (NEA) and Wing Venture Capital, mobile identity scoring specialist Juvo raised $40 million in new funding. The Series B, which featured participation from SignalFire and other existing investors, takes the company’s total funding to $54 million. Juvo will use the funds to drive global expansion, especially in Asia, Latin America, and Europe. The additional financing will also help Juvo grow its product offerings for the financially underserved.

“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission,” company CEO Steve Polsky said. “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services, and consumer mobile services.” Managing general partner at NEA  Scott Sandell called Juvo a company that was “helping to shape the innovation economy” and credited the San Francisco-based firm for “addressing a vital global need while providing distinct value to its partners.” Founding partner of Wing Venture Capital Peter Wagner, who will join Juvo’s board of directors as part of the investment and whose firm has been involved with Juvo “since their earliest days”, praised the company’s “potent combination of data, the mobile platform and the cloud to bring the power of identity to massive untapped markets.”

Pictured: CEO and founder Steve Polski demonstrating Juvo Identity Scoring at FinovateFall 2016.

Juvo works by teaming up with mobile phone operators and financial institutions to enable members of underserved communities to build financial identities. The company’s technology uses credit algorithms based on advanced data science to find creditworthy individuals among what Polsky says are the “two billion underbanked people in the world – most of whom have a mobile phone” and to ensure their access to financial services. Juvo has been a beneficial partner, as well, helping its operators lower churn by 50% or more, increase average revenue per user (ARPU) by up to 15%, and realize an average increase in subscriber lifetime value of 65%.

Juvo demonstrated its identity scoring technology at FinovateFall 2016. Headquartered in San Francisco and founded in 2014, Juvo is currently operating in 25 countries on four continents. Named to CB Insight’s Fintech 250 list in June, Juvo added Prosper president Ron Suber as strategic advisor in May and, last fall, the company partnered with Cable & Wireless to bring mobile credit services to customers in the Caribbean.

Finovate Alumni News

On Finovate.com

  • Alpharank Among Startups Graduating from VC Fintech Accelerator Empowered by FIS.
  • Juvo Raises $40 Million in Round Led by NEA, Wing Venture Capital.
  • Klarna Unveils Free P2P Payments Service, Wavy.

Around the web

  • Fiserv acquires mortgage tech solutions provider, PCLender.
  • Consorsbank picks technology from Germany’s figo to power its multibanking service.
  • PayU Colombia to deploy SaaS-based core banking technology from Mambu.
  • Trulioo’s GlobalGateway platform coverage extended to six Latin American countries.

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.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • NuCypher and Sureify Earn Finalist Spots at Startup Battlefield, MetLife’s Collab.

Around the web

  • Mobile identity scoring innovator Juvo appoints Prosper president Ron Suber as strategic advisor.
  • BBVA unveils new chatbot providing basic financial information over Facebook and Telegram.
  • IBM opens the doors on its Blockchain Founder Accelerator program for blockchain startups.
  • Spanish tax agency, AEAT, certifies Comarch’s Accounts Payable solution.
  • Puget Sound Business Journal Features Lighter Capital.
  • NuCypher wins finalist spot at Disrupt NY 2017’s Startup Battlefield.

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.