Finovate Alumni News

On Finovate.com

  • Expensify Combines Spending Controls and Expense Tracking with New Corporate Card.
  • New Partnership Brings NCR’s D3 Digital Banking to NYMBUS.

Around the web

  • NYMBUS licenses NCR’s D3 Digital Banking platform as part of strategic partnership.
  • Kantox partners with Citi’s Commercial Banks to provide the bank’s customers in the U.S. with enhanced FX payments connectivity.
  • Featurespace collaborates with Latin American credit bureau Círculo de Crédito to help fight application fraud in Mexico.
  • Black Star News interviews CollegeBacker’s James Ryan on the “national emergency” of student debt.
  • Financial education technology innovator EVERFI acquires U.K.-based EdComs.

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.

BNP Paribas to Deploy Dynamic Hedging Tech from Kantox

BNP Paribas has formed a partnership with Kantox, a fintech firm specializing in FX risk management solutions, reports Sharon Kimathi of Fintech Futures (Finovate’s sister publication).

The agreement enables BNP Paribas and Kantox to jointly offer Kantox’s Dynamic Hedging solution to BNP Paribas’ clients across EMEA.

Dynamic Hedging is a software solution developed by Kantox, which allows corporate treasurers to fully automate and streamline FX workflows. The solution will complement the product suite available on Centric, BNP Paribas’ leading digital banking platform.

Philippe Gelis, CEO and co-founder at Kantox, said: “We believe that our offering, combined with the financial strength of BNP Paribas as a banking partner, is an attractive value proposition for their existing corporate client base.”

Xavier Gallant, co-head of corporate rates, FX and local markets sales EMEA at BNP Paribas, said: “When it comes to managing foreign currency risk, we are seeing a real need for our corporate clients to improve efficiency in forecasting their future cash flows, formalizing hedging practices and optimizing execution through automation. BNP Paribas’ partnership with Kantox will offer corporate treasurers in EMEA the opportunity to access a fully automated hedging solution and ultimately improve their treasury processes. We look forward to a successful partnership.”

Kantox demonstrated its Peer FX, its peer-to-peer foreign exchange platform, at FinovateEurope 2013. The technology cuts out the middle man – the brokers and the banks – in the process by directly connecting two parties in an FX exchange. Earlier this year, the company announced that it had raised $5.7 million in a debt financing round.

Finovate Alumni News

On Finovate.com

  • BNP Paribas to Deploy Dynamic Hedging Tech from Kantox.
  • Terafina Teams Up with Alabama’s Listerhill Credit Union.

Around the web

  • Klarna deepens ties with H&M to enable customers to shop now and pay later using the H&M app.
  • NICE’s AML and fraud SaaS solutions to power financial crime strategy for both anti-money laundering compliance and enterprise fraud protections.
  • Terafina to power Listerhill Credit Union’s omnichannel sales strategy and continue its digital transformation to increase member satisfaction and deepen relationships.
  • OurCrowd expands U.S. operations, opens office in Chicago.
  • ID R&D’s IDLive Face to power remote customer account openings and digital ID verification for Innov8tif’s EMAS eKYC.
  • ndgit and Synpulse launch international fintech marketplace in Switzerland.
  • Macrosoft joins Quadient’s Partner Advantage Program.
  • Onfido reports strong revenue growth momentum for Q2 2019; earns recognition from The Sunday Times as one of the fastest growing private companies in the U.K.

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.

Dynamic Hedging Specialist Kantox Teams Up with Silicon Valley Bank

Kantox’s Dynamic Hedging solution is the latest FX risk management option for U.K.-based corporate clients of Silicon Valley Bank. The deal with SVB, announced this week, is Kantox’s first bank partnership.

“By offering our Dynamic Hedging software to their corporate clients,” Kantox co-founder and CEO Philippe Gelis said, “we are providing a sophisticated solution which makes the treasurer’s job easier, while providing added value to SVB’s existing FX services.”

Kantox’s Dynamic Hedging technology makes treasury operations more efficient by automating FX risk management. The solution automatically hedges transactions in real-time to mitigate risk and improve competitiveness. Treasurers also gain greater visibility into FX exposure.

Kantox and SVB are no strangers. Silicon Valley Bank was behind the $5.6 million (€5 million) venture debt financing Kantox picked up in April. This marked the second such arrangement between the two parties, having previously inked a financing agreement in December 2017.

Calling Kantox “a technology partner that understands the innovation economy and the sectors in which they operate,” Erin Platts, Head of EMEA and President of SVB’s U.K. branch, explained the importance of efficiently managing FX operations for many of the bank’s corporate clients. “Through this partnership with Kantox, we aim to create genuine value for our clients by bringing automation and efficiency to their transactional FX management activities.”

Founded in 1983, Silicon Valley Bank provides financial services and expertise to companies in innovation centers around the world. More than 30,000 startups have benefitted from the bank’s funding.

Kantox’s first bank partnership announcement comes just over a month after CEO Gelis discussed the challenges of fintech/bank partnerships in a candid post at Kantox’s LinkedIn page.

“One of my key lessons learned is that navigating banks is very complex,” he wrote. “There are many people there whose jobs are basically to spend time speaking with fintechs about innovation – and not much else.” His takeaway? Among other insights, Gelis urged fellow fintechs: “Do not look for partnerships, instead engage with banks that are approaching you proactively.”

Kantox demonstrated its Peer FX solution at FinovateEurope 2013. The London, U.K.-based firm, founded in 2011, works with both top tier companies and SMEs to help them save money when exchanging foreign currencies. Kantox estimates that for every $100,000 transaction, it is able to save clients an average of $1,500. Offering spot and forward transactions in more than 20 international currencies, Kantox serves businesses in a wide variety of verticals ranging from e-commerce to travel to digital advertising.

In June, Kantox announced that clients have exchanged more than $10 billion on its platform. Last fall, the company was named to CB Insights Fintech 250 roster of the fastest growing fintech startups in the world. Kantox has raised more than $35 million in funding, and includes Partech and Idinvest Partners among its equity investors.

Finovate Alumni News

On Finovate.com

Around the web

  • Kofax closes acquisition of Top Image Systems.
  • Silicon Canals lists Kantox among 10 hottest Barcelona fintech startups to work for in 2019.
  • PYMNTS interviews Entersekt’s country manager of Canada Christian Ali.
  • Tunisian bank selects Temenos to drive digital transformation and future growth.
  • Diebold Nixdorf expands partnership with Belgian-owned Belfius Bank and Insurance to improve the UX for the bank’s 3.5 million consumers.
  • BlueVine and Nationwide partner to launch Pitch to Win small business contest with $100,000 prize.
  • Kabbage partners with the Building Trades Employers’ Association to provide members, specifically women and minority-owned business contractors, access to funding.
  • Micronotes sees triple-digit YOY client growth in Q1 2019

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.

Kantox Closes $5.7 Million to Bring More Tech to FX

Currency and foreign exchange solutions company Kantox boosted its total funding to just over $35 million today after closing a $5.7 million (€5 million) debt financing round.

The investment is the second debt financing deal Kantox has received from Silicon Valley Bank following a round of an undisclosed amount in December of 2017.

Kantox CEO and co-founder Philippe Gelis said that the company has a “very strong” relationship with the bank. He added, “This investment will contribute to our ongoing growth trajectory as we continue to bring more technology to the FX market.”

Founded in 2011, Kantox offers a low-cost way for businesses dealing with a variety of foreign currencies. The tool allows treasury managers to collect, hold, and pay in 29 different currencies.


Kantox also offers a host of other FX tools, including a product to help businesses price their goods dynamically, based on market changes; a service that provides companies with mid-market rates for spots and forwards in over 130 currencies and hundreds of currency pairs; and a suite of FX risk management tools. Dynamic Hedging, one of the risk management tools Kantox launched in 2016, helps companies monitor currency risk in real time.

Gelis demoed Kantox Peer FX at FinovateEurope 2013 in London. The company’s 3,500+ clients have leveraged Kantox’s foreign exchange management solutions to trade $9.7 billion in 143 countries.

Finovate Alumni News

On Finovate.com

  • Kantox Closes $5.7 Million to Bring More Tech to FX.
  • Payfone Raises $24 Million in Round Led by TransUnion.

Around the web

  • Kony helps Amway drive digital innovation for business owners across 100 countries and territories.
  • Revolut adds 5 new currencies to the app including: MXN, SAR, RUB, HRK, and BGN.
  • Entersekt expands operations, opening second office in Cape Town.

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

  • eToro’s eToroX Unveils Cryptocurrency Exchange.
  • CardFlight Expands to Offer Payment Terminal Hardware.

Around the web

  • Klarna launches Mindful Money, a financial management content hub for consumers.
  • Avaloq launches avaloq.one, a collaborative platform to help financial services companies work with fintechs.
  • NICE unveils IntelliAgent, a solution that provides employees with real-time compliance and authentication capabilities.
  • Kantox appoints Maria Chamorro as its new Chief Financial Officer.
  • Trulioo adds Malta to its Global Identity Verification coverage.
  • ieDigital shortlisted for Excellence in Open Banking and Best Rebrand awards at the Credit Awards 2019.

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

  • Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio.
  • Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool.

Around the web

  • LoanScorecard unveils SimpleCECL, its solution for loan-level analyses for Current Expected Credit Loss (CECL).
  • Onfido wins 7th place in Deloitte’s 11 fastest growing tech companies in the U.K. roster.
  • OutSystems earns recognition in two categories of the 2018 Gartner Peer Insights Customers Choice reviews: Mobile App Development Platforms and Enterprise High-Productivity Application Platform as a Service (HPaPaaS).
  • Payment Ninja introduces new invoice management feature of its platform.
  • Diebold Nixdorf inks Memorandum of Understanding with Europol to boost cybersecurity knowledge sharing.
  • Entersekt announces plans to expand to Nordic region.
  • RightCapital partners with Commonwealth.
  • Onfido, Azimo, TransferWise, and Kantox earn spots on Deloitte U.K.’s Fast 50.

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.

Highlights of This Year’s Inc. 5000

Inc. has once again released its lists of the fastest-growing 5,000 private companies in the U.S. and Europe this week. A total of 13 Finovate alums made the U.S. list and 14 earned spots on the Europe list. To qualify*, companies were required to be privately-owned and independent.

Inc. 5,000 U.S.

The 5,000 companies on this year’s list collectively generated more than $206 billion in revenue. Here are the 13 Finovate alums that made the cut this year:

SeedInvest

  • Rank: 117
  • 2017 revenue: $4.7 million
  • 3-year growth: 33.8x
  • Founded: 2013
  • Employees: 30
  • Ranked number 4 in top financial services companies

SeedInvest demoed at FinovateSpring 2013.

Cardflight

  • Rank: 139
  • 2017 revenue: $5.1 million
  • 3-year growth: 29x
  • Founded: 2009
  • Employees: 192
  • Ranked number 5 in top financial services companies

CardFlight demoed at FinovateSpring 2013.

Alkami technology

  • Rank: 284
  • 2017 revenue: $26.8 million
  • 3-year growth: 17x
  • Founded: 2009
  • Employees: 299
  • Ranked number 10 in top Dallas companies

Alkami debuted under the name iThryv at FinovateSpring 2009.

Passport

  • Rank: 389
  • 2017 revenue: $12.3 million
  • 3-year growth: 12.6x
  • Founded: 2010
  • Employees: 96
  • Ranked number 4 in top Charlotte companies

Passport demoed at FinovateEurope 2016.

Emailage

  • Rank: 625
  • 2017 revenue: $16.6 million
  • 3-year growth: 8x
  • Founded: 2012
  • Employees: 79
  • Ranked number 6 in top security companies

Emailage demoed at FinovateSpring 2015.

Lighter Capital

  • Rank: 776
  • 2017 revenue: $11.9 million
  • 3-year growth: 6.5x
  • Founded: 2010
  • Employees: 39
  • Ranked number 11 in top Seattle companies

Lighter Capital demoed at FinovateFall 2013.

Tango Card

  • Rank: 912
  • 2017 revenue: $17 million
  • 3-year growth: 5.4x
  • Founded: 2009
  • Employees: 80
  • Ranked number 14 in top Seattle companies

Tango Card demoed at FinovateFall 2016.

WealthForge

  • Rank: 932
  • 2017 revenue: $8.9 million
  • 3-year growth: 5.3x
  • Founded: 2009
  • Employees: 29
  • Ranked number 6 in top Richmond, VA companies

WealthForge demoed at FinovateSpring 2016.

Unison

  • Rank: 1048
  • 2017 revenue: $2.3 million
  • 3-year growth: 4.7x
  • Founded: 2014
  • Employees: 10
  • Ranked number 4 in top Detroit companies

Unison demoed at FinovateFall 2017.

Acuity Systems

  • Rank: 1107
  • 2017 revenue: $12.6 million
  • 3-year growth: 4.5x
  • Founded: 2010
  • Employees: 26

Acuity Systems demoed at FinovateEurope 2013.

defi SOLUTIONS

  • Rank: 1176
  • 2017 revenue: $14.6 million
  • 3-year growth: 4.1x
  • Founded: 2012
  • Employees: 80

defi SOLUTIONS demoed at FinovateSpring 2014.

Interactions

  • Rank: 1550
  • 2017 revenue: $92.9 million
  • 3-year growth: 3x
  • Founded: 2004
  • Employees: 413

Interactions demoed at FinovateSpring 2014.

Cardlytics

  • Rank: 2886
  • 2017 revenue: $130.4 million
  • 3-year growth: 1.4x
  • Founded: 2008
  • Employees: 342

Cardlytics demoed at FinovateFall 2014. The company went public early this year.

Inc. 5,000 Europe

This is the fourth year in a row Inc. has ranked European countries. The rankings are based on three-year revenue growth. Here are the 14 Finovate alums that earned a spot on the list, including SumUp, which took the number one slot:

SumUp

  • Rank: 1
  • 2016 revenue: $63.7 million (€56 million)
  • 3-year growth: 143.7x
  • Founded 2011
  • Employees: 500

SumUp demoed at FinovateEurope 2013.

VATBox 

  • Rank: 91
  • 2016 revenue: $6.9 million (€6.1 million)
  • 3-year growth: 25x
  • Founded 2012
  • Employees: 140

VATBox demoed at FinovateEurope 2015.

Kantox 

  • Rank: 390
  • 2016 revenue: $4.9 million (€4.3 million)
  • 3-year growth: 12x
  • Founded 2011
  • Employees: 73

Kantox demoed at FinovateEurope 2013

HelpMyCash

  • Rank: 699
  • 2016 revenue: $2.96 million (€2.6 million)
  • 3-year growth: 8.3x
  • Founded 2007
  • Employees: 16

HelpMyCash demoed at FinovateEurope 2011.

Featurespace 

  • Rank: 901
  • 2016 revenue: $3.41 million (€3 million)
  • 3-year growth: 7x
  • Founded 2005
  • Employees: 62

Featurespace demoed at FinovateFall 2016.

Kalixa Payments 

  • Rank: 918
  • 2016 revenue: $42.3 million (€37.2 million)
  • 3-year growth: 7x
  • Founded 2008
  • Employees: 112

Kalixa demoed at FinovateEurope 2013.

Zopa

  • Rank: 1314
  • 2016 revenue: $46.3 million (€40.7 million)
  • 3-year growth: 5.4x
  • Founded 2004
  • Employees: 188

Zopa demoed at FinovateSpring 2008.

Feedzai

  • Rank: 1330
  • 2016 revenue: $13.8 million (€12.1 million)
  • 3-year growth: 5.4x
  • Founded 2008
  • Employees: 68

Feedzai demoed at FinovateEurope 2014.

Trustly

  • Rank: 1344
  • 2016 revenue: $36.7 million ( €32.3 million)
  • 3-year growth: 5.4x
  • Founded 2008
  • Employees: 83

Trustly demoed at FinovateEurope 2017.

Fenergo

  • Rank: 1882
  • 2016 revenue: $33.8 million ( €29.7 million)
  • 3-year growth: 3.8x
  • Founded 2012
  • Employees: 183

Fenergo demoed at FinovateEurope 2012.

Innofis

  • Rank: 2452
  • 2016 revenue: $8.2 million (€7.2 million)
  • 3-year growth: 2.6x
  • Founded 2012
  • Employees: 69

Innofis demoed at FinovateEurope 2016.

Quadient France 

  • Rank: 2966
  • 2016 revenue: $8.9 million (€7.8 million)
  • 3-year growth: 1.8x
  • Founded 2007
  • Employees: 21

Quadient demoed at FinovateEurope 2018.

True Potential

  • Rank: 3233
  • 2016 revenue: $88.5 million (€77.8 million)
  • 3-year growth: 1.5x
  • Founded 2007
  • Employees: 234

True Potential demoed at FinovateFall 2014.

Comarch

  • Rank: 4954
  • 2016 revenue: $35.6 million (€31.3 million)
  • 3-year growth: 59%
  • Founded 1978
  • Employees: 148

Comarch demoed at FinovateEurope 2017.


*Companies on the 2018 Inc. 5000 are ranked according to percentage revenue growth from 2014 to 2017. To qualify, companies must have been founded and generating revenue by March 31, 2014. They must be privately held, for-profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2017. (Since then, some on the list have gone public or been acquired.) The minimum revenue required for 2014 is $100,000; the minimum for 2017 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.