Financial Identity as a Service Innovator Juvo Teams Up with DOCOMO Digital

Juvo, a company that specializes in building financial identities for the underbanked, announced this week that it has forged a strategic partnership with global mobile commerce company DOCOMO Digital. The collaboration will marry Juvo’s financial-identity-as-a-service capabilities with DOCOMO Digital’s payments platform to give prepaid mobile users broader payment options when it comes to paying for digital services.

The partnership specifically helps address the challenge that many prepaid mobile users in emerging markets face when accessing digital services. Many users abandon purchases because of insufficient prepaid balances or lack of other payment options such as credit cards. Working together, Juvo and DOCOMO Digital will now offer micro-credits, in real-time, to allow the transactions to be completed without requiring the user to top-up their balance immediately.

Founder and CEO of Juvo Steve Polsky described the company’s mission as creating a “YES economy” that provides financial identities for the 68% of adults around the world who are unable to participate in the regular economy because they do not have a credit history. “By creating financial identities, Juvo empowers our partners with the data to say YES to more of their customers, opening up new revenue streams,” Polsky said.

The emerging markets are a particular focus for the initiative. In a statement, DOCOMO Digital CEO Jonathan Kriegel said the partnership will make it easier to provide financial services to the underbanked in these regions, where access to mobile and data services is on the rise. “Our partnership with Juvo aligns perfectly with our endeavor to make the mobile commerce experience seamless for consumers, while unlocking more value for mobile operators and digital merchants,” Kriegel said.

Juvo introduced its Financial Identity as a Service (FiDaaS) platform in September. The solution uses alternative, typically untapped data sources to establish creditworthiness and build financial identities for the underbanked that will help them access financial services. Juvo’s platform presently updates more than five billion data points daily for 200 million consumers on four continents.

Juvo demonstrated its Identity Scoring solution at FinovateFall 2016. At the conference, Polsky and VP of Product Jason Robinson showed how the technology leverages consumer internet “know-how,” data science and game mechanics to identify mobile users and encourage them to engage with their mobile operator. The cloud-based solution also offers intelligence and reporting tools to give mobile operators the analytics and insights they need to boost engagement.

Named to the Deloitte 2019 Technology Fast 500 earlier this month and honored by Frost & Sullivan for Strategic Excellence in Emerging Markets in July, Juvo was founded in 2014 and is headquartered in San Francisco, California. The company has raised $54 million in funding, and includes Samsung NEXT, Wing Venture Capital, and New Enterprise Associates among its investors.

Finovate Alumni News

On Finovate.com

  • Financial Identity as a Service Innovator Juvo Teams Up with DOCOMO Digital
  • SheerID Lands $64 Million for Segmented Identity Verification

Around the web

  • HackerOne awards $3,500 in bounties to a pair of researchers who discovered vulnerabilities on its own platform.
  • AlphaPoint adds support for margin trading to its platform.
  • Bank of Georgia goes live with a new smart personal financial management (PFM) solution, mBank, developed by Strands.
  • Installment payment solution Splitit announces a new partnership with chiliPAD sleep system maker, Chilli.
  • Tradeshift integrates with fraud protection specialist SiS-id to reduce payments fraud.
  • Xero launches Pay with TransferWise, a new domestic bill payment solution to help U.K. customers pay and manage bills.
  • Pendo Systems teams with WSN to help customers navigate digital transformation.

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 Alums Earn Spots on Deloitte’s 2019 Technology Fast 500

Of the 500 fastest growing technology companies in North America right now, how many have demonstrated their technology live on the Finovate stage?

The answer, courtesy of Deloitte’s just-released 2019 Technology Fast 500 ranking, is a full, baker’s dozen of thirteen innovative firms that have introduced their solutions to Finovate audiences. Update: 11/13: Make that 14 companies!

“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Deloitte Vice Chairman Sandra Shirai said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”

Making the top 20 of Finovate alums making the cut was Unison, which made its Finovate debut at FinovateSpring in 2017, winning Best of Show. Unison’s HomeBuyer and HomeOwner solutions help make homes more affordable and home equity easier and less expensive to access.

Also notable on Deloitte’s list is the appearance of two of our newest alums – SheerID and EVERFI – which demonstrated their solutions earlier this year at FinovateSpring.

Check out all the Finovate alums that made the list below. We’ve included their Technology Fast 500 rank, three-year revenue growth rate, headquarters location, and a link to the company’s most recent Finovate demo video.

Unison
Rank #19
Growth 5,280%
San Francisco, California
FinovateFall 2017

Signifyd
Rank #115
Growth: 1,084%
San Jose, California
FinovateSpring 2013

Juvo
Rank #122
Growth: 1,036%
San Francisco, California
FinovateFall 2016

WorkFusion
Rank #129
Growth: 974%
New York City, New York
FinovateFall 2014

Alkami
Rank #130
Growth: 958%
Plano, Texas
FinovateSpring 2009 (as iThryv)

Payfone
Rank #185
Growth: 596%
New York City, New York
FinovateFall 2012

Passport
Rank #214
Growth: 510%
Charlotte, North Carolina
FinovateEurope 2016

Feedzai
Rank #231
Growth: 472%
San Mateo, California
FinovateEurope 2014

SheerID
Rank #243
Growth: 450%
Portland, Oregon
FinovateSpring 2019

WealthForge
Rank #297
Growth: 359%
Richmond, Virginia
FinovateSpring 2016

Dashlane
Rank #348
Growth: 282%
New York City, New York
FinovateEurope 2013

Lendio
Rank #378
Growth: 250%
Lehi, Utah
FinovateSpring 2011

Kabbage
Rank #448
Growth: 198%
Atlanta, Georgia
FinovateSpring 2015

EVERFI
Rank #469
Growth: 184%
Washington, D.C.
FinovateSpring 2019



Finovate Alumni News

On Finovate.com

  • Drumroll … Finovate Award Winners Announced

Around the web

  • Technology from Tink helps power the new PFM app, DABOX, from Portuguese bank Caixa Geral de Depósitos (CGD).
  • Juvo introduces its Financial Identity-as-a-Service (FiDaaS) technology suite.
  • MX teams up with U.S. Bank to provide customers with secure access to their financial data.
  • FICO forges KYC/AML partnership with Dutch PSP Visma Connect.

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 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.