Finovate Alumni News

On Finovate.com

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of this year.

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

  • Alternative Data Platform Thinknum Raises $11.6 Million.
  • SigFig Appoints Anne Morrissey as its First CFO.

Around the web

  • Modo taps Matt McBride as its new Chief Information Security Officer.
  • eToro to end commissions for U.K. customers trading on its platform.
  • Avaloq joins Enterprise Ethereum Alliance.
  • Kofax launches its Robotic Process Automation (RPA) 10.4 solution.
  • Vymo wins FICCI (The Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics.
  • TurnKey Lender opens new office in Malaysian capital, Kuala Lumpur.

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.

Kofax Agrees to Acquire Top Image Systems

Intelligent automation software platform Kofax announced today that it has agreed to acquire intelligent content processing solution provider – and fellow Finovate alum – Top Image Systems (TIS)

The deal, financed entirely with cash on Kofax’s balance sheet, will give TIS shareholders $0.86 per share in cash, representing a 65% markup on Top Image Systems’ volume weighted average price over the past 30 trading days.

Final closing of the transaction is subject to a vote by TIS shareholders – expected early this year – as well as required regulatory approvals.

“We are pleased to announce this transaction with Kofax,” Top Image Systems CEO Brendan F. Reidy said. “The transaction will allow Top Image Systems to continue to provide its innovative content processing and remittance solutions to our customers while benefitting from the substantial resources of Kofax and Thoma Bravo.”

“TIS customers will enjoy single-vendor access to Kofax’s Intelligent Automation solutions that deliver increased efficiency, enabling the human and digital workforces of tomorrow,” Kofax CEO Reynolds C. Bish said. “Leveraging TIS’ SaaS expertise will assist us as we further advance the secure cloud capabilities of our end-to-end Intelligent Automation platform.”

Kofax demonstrated its KYC Automation with RPA solution at FinovateSpring 2016. Founded in 1985 and headquartered in Irvine, California, the company spent $400 million in cash to purchase the imaging division of Nuance back in November. Kofax earned a spot on the Constellation ShortList for Robotic Process Automation last August and in July, the company entered a sales agreement with JIEC to provide RPA and digital transformation solutions.

Kofax was acquired by Lexmark in 2015 in a billion dollar deal. The company was bought by private equity firm, Thoma Bravo, two years later.

Headquartered in Tel Aviv, Israel, Top Image Systems was founded in 1991. The company demonstrated its eFLOW Intelligent Capture solution at FinovateAsia 2018. Back in October, the company announced that Allied Bakeries would use its eFLOW AP for SAP for centralized, automated invoice processing. Earlier in the year, Top Image Systems partnered with a leading Japanese personal care company to provide the firm with its eFLOW Extract accounts payable solution.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Shine in 2019 Forbes Fintech 50 Roster.

Around the web

  • Mirror Review features Neener Analytics founder and CEO, Jeff LoCastro on small data and social media analytics.
  • Connecticut’s Guilford Savings Bank to deploy technology from Jack Henry & Associates.
  • BioMetric Signature ID to integrate identity verification technology from Mitek to provide authentication for its BioProof-ID solution.
  • Business Intelligence Group honors Jumio as part of its 2019 BIG Innovation Awards.

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

  • Finablr Takes Majority Stake in Digital Gifting Innovator Swych.
  • Simple Appoints Former Amazon Exec as CEO.

Around the web

  • Analyst Ian McKenna highlights six Finovate alums – Access Softek, Bucket Technologies, Systelos, BlueRush, Tinkoff, and Golden – in his roundup of “fintech innovators making waves.”
  • Marketing Technology Insights interviews CallVU CEO Ori Faran.
  • Hydrogen, iProov, Ocrolus, and James Finance are among 20 startups competing for top honors at the India FinTech Awards 2018.
  • The Constant Investor’s Crypto Watch interviews Identitii CEO Nick Armstrong on the role of blockchain technology in fighting cybercrime.
  • Tinkoff Mobile extends service to seven additional areas of Russia including Smolensk and the Republic of Mordovia.
  • Kofax pays $400 million in cash to buy Nuance’s imaging division.
  • Walmart’s in-store Direct2Cash service gives PayActiv users instant cash access to earned wages.
  • Kony enhances Kony AppPlatform to support progressive web apps.
  • CEO Review magazine features AdviceRobo CEO Diederick Van Thiel.
  • BehavioSec launches new features for version 5 of its behavioral biometrics 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

  • SocietyOne Appoints New CEO as it Nears $500 Million in Total Lending.
  • Dublin’s Leveris Picks Up Investment from Link Asset Services.

Around the web

  • Coinbase rebrands its crypto wallet Toshi as Coinbase Wallet; announces acquisition of Distributed Systems.
  • Experian unveils new integrated data and analytics platform, Ascend Analytics on Demand.
  • ID.me to provide its digital credentialing service to government agencies and healthcare organizations as a white label offering in 2019.
  • Kofax earns spot on the Constellation ShortList for Robotic Process Automation.
  • Biometric Update features Jumio, Mitek, and Onfido in a review of digital identity verification providers.
  • Breaking Banks highlights EverSafe in a conversation on how fintech is meeting the needs of an aging population.
  • Ad Exchanger: Cardlytics Says It Hopes To Expand Beyond Bank-Owned Media.

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

  • Microsoft, Nationwide Invest $12 Million in SME Lender BlueVine.
  • Gusto Brings in $140 Million, Doubling Valuation to $2 Billion.
  • Tavant Technologies Powers New Personalized Mortgage POS System from Ditech.

Around the web

  • Coinbase taps Jeff Horowitz as its next Chief Compliance Officer.
  • Thomson Reuters announces strategic partnership with global cryptocurrency market data aggregator, CryptoCompare.
  • FIS and blockchain platform Billon sign letter of intent to pursue joint product development.
  • Prosper surpasses 1 million loans have been originated, totaling about $13 billion.
  • Kofax enters sales agreement with JIEC to deliver RPA and digital transformation solutions.
  • CurrencyFair surpasses milestone: €7 billion traded.

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 Take Top Honors at FinTech Breakthrough Awards

Dedicated to recognizing “the top companies and products in the financial services and technology industry today,” FinTech Breakthrough has announced its FinTech Breakthrough Award Winners for 2018. This marks the second year the independent organization has sponsored the fintech awards event, recognizing fintech startups and veterans from a wide variety of categories including payments, lending, investing, and regtech.

“The FinTech Breakthrough Awards serve as a testament to the passion, skill and vision of individuals and teams that are truly setting the standard for innovation in the global FinTech industry,” Managing Director for FinTech Breakthrough James Johnson said in 2017 during the Awards’ inaugural year. “We are thrilled to recognize all of the FinTech Breakthrough Award winners for their well-deserved industry recognition as they drive the global FinTech market forward.”

This year featured 20 Finovate alums earning top honors from FinTech Breakthrough. The names and Finovate demo dates for each winning alum – as well as the category they won – are featured below. For a complete list of 2018 FinTech Breakthrough Award Winners, visit the company’s awards announcement page.

Leadership

Consumer Lending

  • Innovation Award for Consumer Lending – Text for Credit by Experian (FF17)

Business Lending

Wealth Management

Payments

Investments

Consumer Banking

Financial Research and Data

Fraud Prevention and Transaction Security

This marks the second time both eMoney Advisor and ThreatMetrix have been honored by the FinTech Breakthrough Awards. Among last year’s winners were a significant number of Finovate alums including: Sindeo, BizFi, DriveWealth, Quovo, Jumio, Trulioo, Qumram, and Xero.

Finovate Alumni News

On Finovate.com

  • DriveWealth Closes $21 Million in Funding.
  • Symbiont Brings the Blockchain to Mortgagetech in New Partnership with Raneiri Partners.
  • Micronotes to Scale AI-Enabled Marketing Platform with $3 Million in Funding.

Around the  web

  • nCino appoints James Peverell as General Manager, EMEA, and Hali Kahn as Regional Vice President.
  • Finastra named a Category Leader in the Chartis Hedge Fund Risk Management Quadrant in the Hedge Fund Risk Management Technology 2018 report.
  • Comarch wins award from the Italy Protection Forum for innovation in digital transformation of insurance companies.
  • Insuritas to power digitally powered insurance agency for Priority Bank.
  • Kofax reports that 50% of top U.S. life insurers leveraging TotalAgility.
  • Temenos tables takeover of Fidessa.
  • FierceCEO features DefenseStorm CEO Sean Feeney.

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.

Kofax’s Kapow to Fuel Spotcap’s Credit Assessment Algorithm

Kofax announced this week that small business financing provider Spotcap has implemented Kofax’s Kapow Robotic Process Automation software.

The Kapow software automatically aggregates, extracts, and transforms business and cash flow data into actionable information. Leveraging this information, Spotcap’s machine-learning credit models offer underwriters insight into a company’s creditworthiness. Ultimately, this helps Spotcap meet its goal of providing flexible financing options to SMEs.

The application takes businesses only 15 minutes to complete and are reviewed within 24 hours. If the application is accepted, businesses gain access to funds immediately.

“For every loan application received, thousands of data points must be analyzed to make a decision about whether to offer a loan,” said Karl Sponholz, COO of Spotcap. “Unlike traditional lending processes, where credit decisions are based primarily on historical financials and credit scoring, we are tapping into Kapow smart automation software to quickly and easily access data from a large number of sources for in-depth insight.”

Kofax CEO Reynolds C. Bish said that when fintechs digitally transform their operations they are poised to better serve their customers and will “thrive by developing deeper and better engagement with customers across their entire lifecycle.”

It seems that machine learning, automation, and AI are much more than just buzzwords for Kofax. In January, the company announced its largest single transaction for a robotic process automation solution. The order, which came from a top 10 global bank, totaled more than $8 million. And early last month, Kofax’s Kapow was named to Constellation ShortList for its robotic process automation technology.

Founded in 1985, Kofax offers products ranging from information capture, robotic process automation, financial process automation, and customer onboarding solutions. The company’s network of more than 1,000 partners in 70+ countries across the Americas, EMEA, and Asia Pacific, leverage Kofax to serve 20,000 end customers.

Last May, Kofax was acquired by Thoma Bravo, marking Kofax’s second acquisition after Lexmark acquired it for $1 billion in 2015.