Finovate Alumni News

On Finovate.com

  • Paysend Seals Deal on $20 Million Financing.
  • ezbob Lands Undisclosed Investment from Honeycomb Investment Trust.
  • New Investment Takes ThetaRay’s Total Capital to More than $60 Million.

Around the web

  • Cryptocurrency trading platform DXE chooses Mobile Verify from Mitek for automated ID verification.
  • Delano.lu profiles developer platform Hydrogen, recognized last month as the 2018 fintech startup of the year by KPMG Luxembourg and Luxembourg House of Financial Technology.
  • Benzinga interviews Unison CEO Thomas Sponholtz in the wake of the company’s $40 million Series B round.
  • Hypepotamus features Cardlytics post-IPO, interviews CEO Scott Grimes.
  • Bluefin and NCR expand POS payment security to provide PCI-Validated Point-to-Point Encryption (P2PE).

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.

Signicat and Mitek Team Up to Improve Digital Onboarding

Identity assurance provider Signicat and digital identity verification company Mitek partnered to improve the onboarding experience for end customers while helping banks comply with new regulations.

The two teamed up to create a solution specifically for European-based financial services providers, who are facing a handful of new and ever-changing regulations, including PSD2, AMLD5, and eIDAS. The new tool, available in Signicat’s Digital Identity Platform, integrates Mitek’s Mobile Verify solution to authenticate identity documents presented during a remote, mobile onboarding process. To comply with AML and KYC regulations, Mitek’s Mobile Verify captures an image of the identity document to ensure its authenticity.

“Partnering with Mitek enables us to jointly offer European financial services institutions a customer on-boarding solution that is 100% online,” said Gunnar Nordseth, CEO at Signicat. “The partnership is designed to remove friction from the customer on-boarding process to ensure financial institutions can effectively compete in the marketplace.”

Nordseth also noted that Signicat clients can now simultaneously benefit from Mitek’s Mobile Verify solution, as well as Signicat’s secure authentication, electronic signing, and sealed document archival. Signicat also offers an eID hub, which consists of a wide variety of third party eID providers covering regions all over the world.

Founded in 2007, Signicat demoed Signicat Assure and Signicat Sign at FinovateEurope 2017. Assure combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Sign is a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender. In January of this year, the company closed a $2 million funding round, bringing its total financing to $3.9 million.

Mitek is publicly traded on NASDAQ under the ticker “MITK” with a market cap of $307 million. Mitek was founded in 1985 and is headquartered in San Diego, California. The company most recently demoed its MobileVerify solution at FinovateFall 2017. Last month, Mitek acquired artificial intelligence and image analysis company A2iA for $49.7 million.

Finovate Alumni News

On Finovate.com

  • Signicat and Mitek Team Up to Improve Digital Onboarding.
  • Meniga Scoops Up $3.6 Million in New Funding Courtesy of UniCredit Investment.
  • OutSystems’ $360 Million Funding Round Boosts Valuation Above $1 Billion.
  • Credit Karma Hires Colleen McCreary as First Chief People Officer.

Around the web

  • Oman’s Bank Sohar to deploy core banking platform from Infosys Finacle.
  • IdentityMind Global announces update of its trusted digital identities platform.
  • Revolut CEO Nikolay Storonsky tells Reuters his company will seek a banking license in the U.S.
  • i-Sight to deploy ACI Worldwide’s Case Management solution to fight bank fraud.
  • D3 Banking Technology unveils new account opening service.
  • collectAI improves Hanseatic Bank’s receivables management with a 24 percent higher collection rate.
  • SMArtX adds 18 new strategies.
  • Kony unveils new digital banking solution – Kony DBX
  • Edwards Federal Credit Union signs with Bankjoy to enhance home and mobile banking functionality.
  • Two of the top 5 US banks (and three of the Top 10) are now using Socure’s ID+ 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

  • Personetics Accommodates Digital-Only and Challenger Banks.
  • Diebold Nixdorf Brings its Bank-Like Kiosk to Emirates NBD Customers.
  • Munnypot Announces Strategic Partnership with Capita.
  • Switch Speeds Virtual Card Adoption with CardSavr API.

Around the web

  • aixigo wins top honors in the Outstanding Front-End Digital Solutions Provider (Vendor) category of the Private Banking Conference & Awards in Germany for its wealth management platform.
  • Trunomi announces partnership with blockchain-based digital ID solution, Shyft.
  • Mambu and Form3 team up to launch cloud-based payments processing service.
  • Fiserv collaborates with Rippleshot to provide early breach detection solution, Card Risk Office Fraud Warning.
  • Mitek adds identity document verification and biometric facial recognition technology to its platform courtesy of a new agreement with Experian.
  • Earnix introduces AcceleRate-it with Direct Deploy technology.
  • Trulioo wins Startup Canada’s Global Entrepreneurship Award.

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.

Mitek Acquires A2iA for $49.7 Million

Digital identity verification company Mitek is bolstering its capabilities this week with the acquisition of A2iA, an artificial intelligence and image analysis company, for $49.7 million. This is Mitek’s second acquisition in under a year– last October the company acquired ICAR for $15 million.

A2iA leverages AI and machine learning to create algorithms that process millions of checks, IDs and documents daily for financial services companies, retailers, mobile operators, healthcare providers, and governments. The company, which pulled in revenues of more than $15 million last year, works in more than 42 countries and 11 languages. A2iA’s software is used by top U.S. banks as well as all banks in the U.K., 90% of French banks, and 90% of Brazilian banks. It is leveraged by more than 75,000 ATMs worldwide.

In the press release, James B. DeBello, CEO and Chairman of Mitek said that he anticipates the acquisition to help Mitek get ahead in the industry. He added, “Mitek’s Mobile Verify product will be able to read government-issued identity documents even more accurately and quickly than today, and authenticate them using A2iA’s advanced AI algorithms, thereby increasing companies’ trust that their customers are who they say they are.” The move will also double the size of Mitek’s Labs team, a group that has been behind each of Mitek’s 39 patents.

Mitek software is deployed in 6,100 U.S. banks, including all 10 of the largest U.S. financial institutions, and is used by more than 80 million end consumers. The company is publicly traded on NASDAQ under the ticker “MITK” with a market cap of $305 million. Mitek was founded in 1985 and is headquartered in San Diego, California. The company most recently demoed its MobileVerify solution at FinovateFall 2017. Earlier this month, Mitek made headlines when it agreed to deliver digital KYC for cryptocurrency broker BTCDirect.

Finovate Alumni News

On Finovate.com

  • Mitek Acquires A2iA for $49.7 Million.
  • WeInvest Raises $12.3 Million for its WealthTech Platform.
  • Finovate Alums Take Top Honors at FinTech Breakthrough Awards.
  • PaySend Adds KYC and Risk Management Technology from 4Stop..

Around the web

  • Deutsche Bank Luxembourg to deploy Avaloq Banking Suite.
  • Temenos unveils new digital onboarding and origination platform, Temenos Origination.
  • Revolut announces support for XRP and Bitcoin Cash.
  • Moneyhub integrates with Intelliflo to enable real-time, two-way sharing between financial advisors and clients.
  • Klarna acquires e-commerce shopping cart, Shop.co.
  • Sberbank to test ICO technology issued by Level One.
  • Tinkoff Bank to launch a new Development Hub in Sochi.
  • ID.me teams with LinkedIn to provide one year of LinkedIn Premium for free to U.S. service members and veterans.

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

  • Trusted Key Raises $3 Million for Passwordless Authentication.
  • Student Loan Genius Picks Up $4.7 Million in New Funding.

Around the web

  • Argentine prepaid services provider Nubi partners with Mambu.
  • Mitek to provide KYC for cryptocurrency broker BTCDirect.
  • Flywire and Billtrust collaborate to improve cross border accounts receivable for Billtrust customers.
  • BioCatch offers its behavioral biometrics solution as an integrated module to the ForgeRock platform.
  • Personal Capital partners with benefits firm Alight Solutions and asset manager AllianceBernstein.
  • OurCrowd is set to hit $1 billion in crowdfunded assets in 2018.

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.

Finovate Alumni News

On Finovate.com

  • Japanese Telecom NTT to Distribute Trusona Technology in Japan.
  • RealtyMogul Introduces new President, Aaron Halfacre.
  • Tradeshift Launches Innovation Center to Bring the Blockchain to Business Commerce.
  • Payfone Teams Up with U.K. Mobile Network Operator.
  • Expensify Reports More than 1 Million New Users and Double the Partnerships in 2017.

Around the web

  • Auto Finance Excellence talks with AutoGravity CTO Sheng Wang, who discusses the company’s new security features.
  • Sam Maule talks with Kabbage founder Rob Frohwein.
  • F&M Bank selects Geezeo to enhance digital banking.
  • Kantox partners with BELLIN to help support SMEs expanding globally.
  • Mitek and IdentityMind announce integration to enhance their digital ID verification capacities.
  • Zopa re-opens its platform for new customers.

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.

Stronger Together: Fintechs, Techs, and FIs Collaborating on CyberSecurity

Image Designed by Freepik

Ready for some good news on the cybersecurity front?

Most of the time cybersecurity appears in the headlines, it is a report of a breach that just occurred or a new threat to guard against in the future. Caught between the hack that caught us unaware and the certainty that it won’t be the last, we can lose sight of the fact that there are hundreds of cybersecurity firms with thousands of security professionals that are working around the clock to make our lives online a lot safer. And many of these companies are Finovate alums specializing in service to the financial industry and its customers.

Ted Ross, founder and CEO of SpyCloud, demonstrating the company’s Best of Show-winning platform at FinovateFall 2017.

Importantly, not only are these companies working 24/7/365 to fight cybercrime, but also many of them are teaming up and partnering with financial institutions, retailers, and each other to test their technologies, make key improvements and enhancements, and ultimately get their fraud-fighting solutions to market.

With that in mind – and in line with our October focus on cybersecurity – here’s a look at the partnerships, agreements, and collaborations forged by our cybersecurity-related alums so far in 2017.

October

Fintech-to-Tech

  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services.
  • Ledger partners with Intel to boost blockchain app security.
  • BioCatch to power behavioral biometrics for Samsung SDS America. 
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Zighra launches flagship continuous authentication product.
  • Kony to launch digital banking solution leveraging Daon biometrics. 
  • iSignthis to integrate its Paydentity UBO Service with Web Shield’s InvestiGate platform.
  • TASCET teams with Secured2 to launch Algo5 data security offering.

Fintech-to-FI

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO.
  • National Bank of Canada joins SecureKey’s digital identity network.

Fintech-to-ECommerce

  • HooYu to provide ID confirmation for U.K.’s Cars-as-a-Service easyCar Club.

Multiple Best of Show winner EyeVerify demonstrating its Eyeprint ID technology at FinovateEurope 2017 with partner YapiKredi Bank.

September

Fintech-to-Tech

  • Vera to provide data security services for GE.
  • BioCatch to power fraud prevention solutions for HoneyTek Systems.

Fintech-to-FI

  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).
  • Open Banking selects Ping Identity to provide the identity and access management to underpin the U.K.’s open banking framework.

Fintech-to-Ecommerce

  • Signifyd guarantees fraud protection for Magento Commerce Merchants.
  • Infosys Finacle partners with ToneTag to leverage sound wave technology to drive contactless authentications and transactions.

August

Fintech-to-Tech

  • Jumio partners with Plynk to bring instant verification to Europe’s first money messaging app.
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services.
  • BioCatch partners with LexisNexis to leverage data and analytics for better risk management.

Fintech-to-FI

  • Samsung to power biometric authentication pilot for Bank of America.
  • Mexican payment processor chooses fraud fighting technology from Featurespace.

Fintech-to-ECommerce

  • HooYu brings identity confirmation technology to BCRemit.

July

Fintech-to-Tech

  • ID Analytics partners with Acxiom to strengthen risk assessment and combat fraud.
  • HackerOne Powering bug bounty program for Tor browser.

Fintech-to-FI

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.

Fintech-to-ECommerce

  • International Air Transport Association chooses fraud prevention technology from Featurespace.
  • Signifyd brings its Guaranteed Fraud Protection solution to Authorize.Net’s U.S.-based e-commerce merchants.

Behavioral biometric innovator BehavioSec, shown here demonstrating BehavioSec on Demand at FinovateFall 2015, has won three Best of Show awards.

June

Fintech-to-Tech

  • Daon adds EyePrint ID to IdentityX platform courtesy of new partnership with EyeVerify.
  • IdentityMind Global to offer Confirm.io’s document authentication technology to its financial services customers.
  • Jumio partners with Monzo for strong identity verification.
  • iovation to integrate its device-based authentication technology with PingFederate from Ping Identity.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.

Fintech-to-FI

  • Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud.
  • Ghana-based Premium Bank selects NetGuardians’ anti-fraud solution – FraudGuardian.

May

Fintech-to-Tech

  • Cisco and IBM team up on security.
  • BehavioSec partners with Kount.
  • Trulioo partners with Mitek to add facial recognition functionality to its ID verification platform.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.

Fintech-to-FI

  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.

April

Fintech-to-Tech

  • Fraud prevention innovator Featurespace partners with U.K. digital family banking solution, goHenry.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.

Fintech-to-FI

  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.

Fintech-to-ECommerce

  • Braspag announces integration of e-commerce and anti-fraud technology from ACI Worldwide.

A FinDEVr favorite, HackerOne and its bug bounty and vulnerability disclosure platform leverage white hat hackers to find critical security gaps before criminals do.

March

Fintech-to-Tech

  • Mastercard adds to authentication arsenal with acquisition of NuData Security.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.

Fintech-to-FI

  • Daon brings mobile biometric authentication to UnionBank.
  • Co-op Financial Services to leverage machine learning-based fraud fighting technology from Feedzai.
  • Pindrop to mitigate call center fraud for credit union service organization PSCU.

Fintech-to-ECommerce

  • Saltrex to use Jumio’s Netverify Trusted-Identity-as-a-Service.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.

February

Fintech-to-Tech

  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments.

Fintech-to-FI

  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins.

Fintech-to-ECommerce

  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

January

Fintech-to-Tech

  • Arxan Technologies partners with Cisco as to protect connected medical devices.
  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.

Fintech-to-FI

  • ACI Worldwide to provide fraud protection for Kuwait’s Shared Electronic Banking Services Company (KNET).
  • NetGuardians brings real-time fraud protection to Nigeria’s Keystone Bank.