Finovate Alums Shine in 2019 Forbes Fintech 50 Roster

A baker’s dozen of Finovate alums has been honored this week with spots on the 2019 Forbes Fintech 50, an annual aggregation of what the editors called “the most innovative companies in fintech.”

Here are the Finovate alums that made the cut. Read the full list.

“Recognition as a leading innovator in fintech is tremendous validation for the hard work we’ve done at Marqeta to open the industry up to the possibilities and opportunities of modern card issuing,” company CEO and founder Jason Gardner said. Marqeta is among the 20 companies to make its first appearance on the Forbes Fintech 50 roster.

Also earning their first appearances on Forbes Fintech 50 roster are New York based mobile investment platform Stash and San Francisco supply chain payments innovator Tradeshift.

“Very excited to be included in the 2019 Forbes Fintech 50!,” Stash tweeted once the news was released at the start of the week, “Monday = made.”

“We made the list!” Tradeshift tweeted this morning.

Summarizing this year’s selection of top fintechs, the editors noted that while 19 out of the 50 fintechs featured are unicorns with valuations of more than $1 billion, a nearly equal amount – 20 startups – are making their first showing on Forbes top fintech list. The two areas where newcomers were more prevalent, according to the editors, were payments technology and startups serving the un- and underbanked.

Finovate Alumni News

On Finovate.com

  • Process as Product: Middleware and Mambu Strengthen Alliance.

Around the web

  • Nordigen tests its transaction categorization and behavioral analysis capabilities with Nordic financial services firm SEB.
  • NICE Actimize launches financial crime enterprise consulting and advisory practice.
  • Sberbank partners with Russian supermarket chain Azbuka Vkusa to enable payment by fingerprint.
  • Kabbage drives Alibaba.com’s Pay Later program for U.S. consumers.

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

  • MaxMyInterest Brings Intelligent Cash Management to Radius Bank.
  • SuperMoney Launches Student Loan Refinancing Marketplace.

Around the web

  • Payfone recognized for growth with Deloitte’s 2018 Technology Fast 500 Award.
  • Benzinga talks with Kabbage Co-founder Kathryn Petralia.
  • IndusInd Bank launches Dynamics-powered, interactive credit card with buttons.
  • PayPal completes acquisition of Hyperwallet.
  • Education technology pioneer Kinderlime selects Gusto as its exclusive payroll provider.

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.

What’s Driving the Fintech Ecosystem?

The fintech space is filled with new players bringing to market new innovations and solutions to old business and consumer problems, as well as traditional businesses looking to develop in-house innovation teams and partner with start-ups. But what they both have in common is a desire to meet and exceed changing customer demands, make financial services more accessible and user-friendly, and keep up with the fast-paced technological advances. During FinovateFall, we sat down with the experts on the ground to ask them about what’s driving the fintech ecosystem where they work.

Andrew Boyajian, Head of Banking, North America, Transferwise on overcoming regulatory challenges to launch a global product.

Neeraj Arora, Global Head of Decision Science and Data Automation – Personal Insurance at AIG on the importance of an innovation branch in the business and why they should work hand-in-hand with start-ups.

David Snitkof, Head of Data Integration & Insights at Kabbage discusses leveraging data and why it should be more than just plugging in some numbers to get an output.

Christian Zimmerman, Co-founder & CEO, Qoins on the pain points which lead him to Qoins and what the future has in-store for crowd-funding to pay back loans.

Alyson Clarke, Principal Analyst, Forrester on the three components for a quality customer experience.

Finovate Alumni News

On Finovate.com

  • DoubleNet Pay Acquired by Benefits Provider Purchasing Power.

Around the web

  • Moxtra partners with Virtusa to help banks with client engagement.
  • Daon announces partnership with Avtex to improve contact center experience.
  • Envestnet | Yodlee launches risk insight for pre-qualification.
  • Benzinga features Kabbage growth stats.
  • CNBC: Coinbase and Circle form joint venture to boost adoption of dollar-backed digital coins
  • City A.M. reports Azimo and CurrencyCloud to open offices in Amsterdam.
  • Temenos announces new Hybrid Pooling cash management solution for corporate banking.
  • ClearBank selects Featurespace for real-time fraud and AML detection.
  • Insuritas partners with Northwest Bank to launch bank-owned digital insurance agency platform.

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

  • OnDeck Launches Subsidiary to Help Banks with Small Business Lending.

Around the web

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • YellowDog shortlisted for Tech Company of the Year honors at the 2018 U.K. Business Tech Awards.
  • Bluefin teams up with data security tokenization vendor, TokenEx, to boost payment security.
  • Finicity selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor.
  • Zenmonics earns a spot in the 2018 IDC FinTech Rankings.
  • FinTech Global recognizes Insuritas as a 2018 InsurTech100 Company.
  • Lendio announces facilitating $1 billion in financing to more than 51,000 U.S. SMEs since inception in 2011.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Blockchain innovator identitii to list on the Australian Securities Exchange this week with anticipated market capitalization of $41 million.
  • Atlanta Business Chronicle interviews Kabbage’s Kathryn Petralia, highlighting her as a 2018 Women Who Mean Business honoree.
  • Sara Berg appointed Chief Operating Officer of Trustly.
  • Expensify launches training and certification program for accountants.
  • Ping Identity launches new Quickstart Private Sandbox for Open Banking and PSD2
  • Openfinance signs data partnership with Refinitiv.
  • Trustly partners with Ingenico for online banking payments.
  • Moneynetint partners with Ripple to leverage instant payment rails.
  • Coinbase expands with new Dublin office.
  • Native American Bank selects Jack Henry’s SilverLake system.

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

  • Algomi Picks Up Investment from Euroclear.

Around the web

  • YUKKA Lab selected to participate in the Swiss Kickstart Accelerator.
  • Finicity announces integration with SimpleNexus’ enterprise digital mortgage platform and mobile app.
  • Diebold Nixdorf teams up with Progress Systems to bring self-service cash withdraw and deposit services to credit unions in Ireland.
  • Lending Club appoints Ronnie Momen as Chief Lending Officer.
  • Kabbage appoints Scott Rosenberg as CFO.
  • BeSmartee integrates with Equifax to automate service options.
  • Crowdfund Insider: OurCrowd celebrates 5 years with $750 million raised, 160 companies & 21 exits.

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

  • BlueRush’s IndiVideo to Boost Customer Engagement for Meridian Credit Union.
  • Tradeshift Collaborates with MakerDAO on Blockchain Payments.
  • Azimo Adds 10 Countries for Nordic Users.

Around the web

  • Inc. talks to Kabbage about why its holding off on an IPO.
  • Lendio has helped facilitate nearly $120 million in growth capital through 5,000 loans to small businesses in California to date.

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.

Kabbage’s Planned Payment Processing Services to Bolster Client Data Stores

Online lender Kabbage has been providing working capital to small businesses since 2009. This week, the startup’s President, Kathryn Petralia, disclosed plans to enter into payment processing by year end.

The company hopes the move will diversify its offerings, which have largely stayed in the same sector since 2009. Kabbage also anticipates the launch will help it compete with ever-rising fintech giants such as PayPal and Square, both of which started as payment processing solutions and have since added small business lending services. The payment processing offering will leverage Kabbage’s existing small business client base, providing merchants solutions for in-store and online payments.

In an interview with Reuters, who broke the news on Monday, Petralia said, “The monoline businesses have a hard time succeeding long term.” She added, “We have seen a huge pain point around cash flow management,” noting that payment service providers’ lengthy contracts and high fees contribute to the issue.

As with many fintech developments these days, this one comes down to data. When Kabbage gains insight into transaction data from small business clients, it can more accurately underwrite loans for those clients. Additionally, access to client data will offer Kabbage an advantage when serving its existing client base. The company can speed up traditionally slow onboarding and application processes by leveraging data it already has on existing clients.

Kabbage demoed at FinovateSpring 2015, where it debuted the Kabbage Card, which allows users to withdraw from their line of credit at any point-of-sale where VISA is accepted. Earlier this year, the company expanded its line of credit to $250k and most recently announced the acquisition of online lending competitor Orchard.

Finovate Alumni News

On Finovate.com

  • eToro Launches Cryptocurrency Exchange, Expands to U.S.
  • Tradeshift’s Tradeshift Pay to Free Up $9 Trillion in Cash Trapped in Accounts Receivable.
  • International Invoicing Platform from Flywire Emerges from Beta.

Around the web

  • Compass Plus adds interchange functionality to its open development payments platform, TranzAxis.
  • Finastra names Jim Fiesel Managing Director of Capital Markets and Lending Sales for the Americas.
  • eToro to incorporate in Gibraltar to take advantage of new DLT regulatory framework.
  • Neener Analytics completes proof of concept with one of Mexico’s largest credit card issuers.
  • Multiple-time Best of Show winner Ondot Systems announces more than  3,000 financial institutions are offering mobile card controls powered by its technology.

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.