Helping Secure Digital Identities; Managing Financial Crime Risk

Two of the biggest themes in fintech – digital identity and the rise of fintech in Central and Eastern Europe – meet in the latest announcement from biometric authentication specialist and Finovate Best of Show winner iProov. The company’s facial recognition technology now makes it easier for users of SK ID Solutions’ Smart-ID Service in countries like Estonia, Latvia, and Lithuania to renew their accounts without having to visit a physical bank branch.

“This is a major development for all digital identity providers,” iProov CEO Andrew Bud said. “Estonia has proved, for the first time, that a remote, automated, biometric ID verification service can deliver the highest possible levels of security.”

Recognized as equal to a handwritten signature throughout Europe, Smart-IDs enable users to authenticate themselves and provide permissions online using a smartphone app. iProov’s facial recognition technology adds a three-second scan to compare the image of the user to the image on their presented ID document to help defend against fraud and identity theft.

Smart-ID also leverages NFC-based ReadID document verification technology from InnoValor.

Financial crime risk management innovator Featurespace will be helping Enfuce combat fraud and money laundering courtesy of a newly announced partnership. Enfuce, a financial services firm based in Finland, will use Featurespace’s ARIC Risk Hub to enhance its ability to protect its customers from fraud and financial crime.

“Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud,” Enfuce co-founder and chair Monika Liikamaa said.

ARIC Risk Hub offers real-time transaction monitoring for fraud and financial crime, enabling institutions to identify and act against anomalous and potentially dangerous behavior as it occurs. The technology also reduces the number of false positives by as much as 70%, keeping anti-fraud processes efficient. Featurespace introduced its fraud-fighting technology to Finovate audiences at FinovateEurope 2016.

Here is a round up of recent news from our Finovate alumni.

  • Sezzle unveils new logo along with its first annual report.
  • Flybits expands its executive team in New York, Toronto, the U.K., and Dubai.
  • ID R&D updates voice biometric solution IDVoice.
  • M1 Finance surpasses $1 billion in assets on its platform.
  • Armor Bank selects Teslar Software’s automated workflow and portfolio management tools.
  • Mastercard partners with myPOS to boost adoption of card payment solutions among European SMEs.
  • Black Hills FCU selects nCino’s Bank Operating System.
  • Bazaarvoice launches partnership program with Yotpo as the piloting partner.
  • Keysafe inks partnership with Salt Edge to access tenants’ bank data without the need to acquire its own PSD2 license.
  • Lending Club appoints Annie Armstrong as Chief Risk Officer.
  • Assaray Trade and Investment Bank selects Temenos Infinity and Transact to power its digital transformation.
  • Long John Silver’s chooses Blackhawk Network for gift card program.
  • Trustly and Fly Norwegian team up to let travelers pay directly from their bank accounts.
  • Pindrop launches Deep Voice 3, the new version of its voice recognition technology.
  • Mastercard CEO Ajay Banga steps down, replaced by Chief Product Officer Michael Miebach.
  • Venmo to launch debit card for teens.
  • Almost 600 banks select Fiserv’s Turnkey Service for Zelle.
  • Finastra to offer ClickSWITCH’s account switching technolkogy to its clients.
  • Simmons Bank partners with Jack Henry to leverage its Banno platform to build a digital presence.
  • Currencycloud and Currensea team up.
  • Yseop and Automation Anywhere join forces to scale intelligent automation.
  • Lighter Capital appoints Kevin Fink at CTO and Patricia Elliott as CSO.
  • InComm launches Roblox gift cards in France and Germany.

Finovate Alum Features and Profiles

Revolut’s $500 Million Round Boosts Valuation to $5.5 Billion – Global financial platform Revolut has secured its place as the U.K.’s most valuable fintech.

Dealing with Deepfakes in Fintech – The fintech industry is ripe with security firms, such as iProov, that use AI to combat both video and audio deepfakes with anti-spoofing technologies.

Envestnet | Yodlee Acquires Indian Data Aggregator – Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.

Meet Sonect: Cash Network Builder, Finovate Newcomer, Best of Show Winner – What’s better than having a large pizza with all your favorite toppings delivered to your front door? How about a side order of cash, saving you a trip to the ATM or bank branch?

Azimo Taps Ripple for Cross-Border Payments to the Philippines – Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds.

Lendio Lands $55 Million to Match Small Businesses with Lenders – The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.

SheerID Expands Identity Marketing Platform – The move enables brands to identify and acquire new customers across the globe.

Finovate Alumni News


  • Blockchain-Based Payments and Rebooting the Financial System.

Around the web

  • BioCatch beefs up insights on behavioral biometrics platform.
  • Fujitsu partners with Personetics to leverage Personetics’ cognitive AI recommendation engine for its new personalized banking cloud service.
  • AutoRABIT partners with nCino to help banks deploy software solutions on the nCino Bank Operating System faster.

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.

nCino Brings AI to its Bank Operating System with nIQ

Cloud banking leader nCino is enlisting AI in the fight to help financial institutions make better, more informed decisions faster. The Wilmington, North Carolina-based company announced this week the release of nCino IQ (nIQ), a new expansion to its Bank Operating System that works across front, middle, and back office operations, to automate and connect. This not only reduces expensive and error-vulnerable manual data entry, the technology also enables financial institutions to leverage automation and analytics to make data-driven decisions that enhance the customer journey.

“Since its inception, nCino has championed the idea of the agile enterprise, where financial institutions can reduce loan cycle and account opening times by digitizing and automating their processes via our single end-to-end platform,” Chief Product Officer Trisha Price said. “Now, with nIQ, we’re evolving that concept further to the Intelligent Enterprise, where AI is injected into every stage of production and stands at the center of every business line we support.”

nIQ has three main components: nIQ Data Recognition, which automates data extraction; nIQ Insights, which uses predictive analytics to measure and monitor organization-wide performance and risk; and nIQ Digital Assistant, which gives bankers the real-time data they need in order to build personalized experiences. The solution can be used in commercial, small business, and retail banking, as well as for customer engagement.

“With nIQ supercharging their operations,” Price added, “financial institutions can achieve a competitive advantage that allows them to increase savings and, most importantly, make more informed decisions to more effectively and efficiently serve their customers.”

The product news from nCino follows company’s $80 million funding raising – its largest to date – announced last month. The funding, which took nCino’s total capital to more than $213 million, was led by a group investors advised by T. Rowe Price, and featured the participation of existing investor Salesforce Ventures. Also last month, nCino announced a partnership with CNB Bank, a $3.2 billion asset FI based in Pennsylvania, and added David Rudow to its C-suite, appointing the software and technology executive as Chief Financial Officer.

nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012, and named to the Forbes Cloud 100, the company partners with more than 250 financial institutions around the world. Pierre Naudé is CEO.

Finovate Alumni News


  • Spreedly Raises $75 Million in Growth Funding.
  • NLP Innovator Eigen Technologies Closes $37 Million Series B.
  • nCino Brings AI to its Bank Operating System with nIQ.
  • Lloyd’s Syndicate to Insure Ledger’s Vault.

Around the web

  • DriveWealth partners with Bamboo to give Nigerians real-time access to trade 3,500+ stocks listed on the U.S. stock market.
  • OnDeck builds liquidity with new $125 million securitization.
  • Salt Edge teams up with Exprivia to expand access to open banking solutions.
  • Insuritas partners with Security Federal Savings Bank to launch digital insurance agency platform.
  • Coinbase adds five new currencies to its Coinbase Card – XRP, BAT, REP, ZRX, and XLM – as it brings its card to ten new countries.
  • Mastercard launches Mastercard Accelerate, a worldwide initiative that gives fintechs access to the company’s suite of digital solutions to help differentiate their offerings.
  • Finastra inks partnership with UAE-based United Arab Bank, which will deploy the company’s Fusion Corporate Channels and Fusion Cash Management solutions.

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


  • Finicity’s AssetReady Reports Accelerate the Prequal Process.
  • Envestnet Adds Yodlee FinApps to MoneyGuide’s MyBlocks.

Around the web

  • PyraMax Bank launches PyraMax Insurance Services leveraging Insuritas’ digital insurance platform.
  • Finastra’s new Fusion Treasury Essential helps small banks with no dedicated treasury system automate their treasury function.
  • nCino appoints David Rudow as Chief Financial Officer.

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


  • Splitit Secures Partnerships with Shopify, Divido.
  • Thought Machine Helps Standard Chartered Launch Digital Bank in Hong Kong.
  • OurCrowd Teams Up with Toyota in Search for Tech Talent.
  • Saving for What Matters: A Q&A with INSPIRAVE Founder and CEO Om Kundu.

Around the web

  • FinovateFall Best of Show winner Cinchy earns $500,000 cash prize as one of the winners of the 2019 VentureClash competition.
  • Signicat unveils new capabilities, including a new technical interface and new third party integrations, that extend the reach of its digital identity verification technology.
  • Arkose Labs VP of Marketing and Strategy Vanita Pandey and Senior Producer Hedda Peters win Women in Cybersecurity honors at the Cyber Defense Global Awards sponsored by Cyber Defense Magazine.
  • nCino partners with Seacoast Bank ($8.6 billion in assets).
  • iProov earns a finalist spot in the 2019 Go:Tech Awards.
  • Compliance and risk management firm Middesk brings its business verification tool to the Dwolla Partner Ecosystem.
  • Kinetica opens office in Melbourne, Australia.
  • Ping Identity adds to its North European operations with a new office in Utrecht, Netherlands.

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.

nCino Inks Deal with CNB Bank

Pennsylvania-based CNB Bank has selected nCino and its Bank Operating System for the digitisation of its retail lending processes, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The bank, which holds $3.2 billion in assets, needed a platform which could work with its existing processes and could perform customer onboarding, document management, and retail lending.

According to Ruth Anne Ryan-Catalano, vice president of retail banking at CNB Bank, nCino “can provide us with back-end processing capabilities that will allow our employees to conduct their business with greater speed and visibility.”

Paul Clarkson, senior vice president of community and regional financial institutions at nCino, added: “CNB is not just rolling out new technology by utilizing nCino, they’re implementing a modern way of doing business.”

“We’re glad CNB chose to partner with nCino and look forward to working together closely to ensure the nCino Bank Operating System is a catalyst for enhancing CNB’s operational efficiency and customer-centric procedures and delivery channels.”

nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012 and headquartered in Wilmington, North Carolina, the company has raised more than $213 million in funding.

Finovate Alumni News


  • Blend Integrates with Mortgage Credit Specialist Avantus.

Around the web

  • Recognise Financial Services to deploy nCino’s Bank Operating System.
  • NCR announces plans to acquire Midwest POS Solutions.
  • Courtesy of a new partnership with Personetics, Metro Bank launches its Business Insights solution for business customers.
  • Revolut teams up with Bottomline, enabling real-time payment services to its retail and business customers in the U.K.
  • As part of a new initiative, open banking specialist NDGIT to bring its PSD2 Compliance APIs to Switzerland.
  • 3E Software’s Teslar Software adds Pendleton Community Bank to list of clients.
  • Overbond, FI.SPAN, and Finn.AI among 12 Canadian fintech startups chosen for U.K. trade mission.
  • CardFlight’s SwipeSimple terminal available on PAX A80.

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.

nCino Raises $80 Million

Cloud banking innovator nCino garnered its largest funding round to date, bringing in $80 million. The round was led by a group of investors advised by T. Rowe Price, with participation from existing investor Salesforce Ventures.

Today’s round elevates nCino’s total funding to over $213 million. The company will use the new investment to boost research and development efforts for the nCino Bank Operating System, expand globally, hire new talent, and develop the skills of its 750 person-strong workforce.

“Since day one, our vision has been to be the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino. “We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do. This strategic fundraise aligns with that vision and mission by leveraging the investment approaches of two industry leaders to help us further scale our business and Bank Operating System to continue enabling financial institutions to provide the kind of personalized, streamlined and fast experiences that customers have come to expect in the digital era.”

nCino demoed its Bank Operating System at FinovateEurope 2017. The SaaS solution is built on the Salesforce platform and aims to create efficiencies for financial services companies in delivering personalized onboarding, loan origination, and deposit account opening experiences.

Recently, nCino has partnered with Santander UK, teamed up with Mambu to create a banking solution for B-North, and acquired analytics firm Visible Equity.

With offices in London, Sydney, Toronto, Salt Lake City, and Wilmington, North Carolia, nCino serves a growing list of 1,100 financial services clients ranging in size from $30 million to $2 trillion.

Santander UK Swaps Out Legacy Tech for nCino’s Bank Operating System

Santander UK is set to replace 13 legacy systems in its SME, corporate and commercial banking operations with nCino’s bank operating system, writes Alex Hamilton of Fintech Futures (Finovate’s sister publication).

Santander UK, a wholly-owned subsidiary of Banco Santander, is looking to implement a “digital platform and modern technology stack that can be rapidly configured, tested and launched as market trends demand.”

“Customer expectations are constantly changing,” said Jonathan Holman, head of digital transformation at Santander UK. He added that it was “imperative” that the bank found the right partner during the selection process.

nCino’s bank operating system will be deployed at Santander on an outsourced basis. For Holman, this means that the bank will be able to onboard customers “more quickly, more efficiently, and respond to customer needs while remaining compliant with regulations.”

Pullen Daniel, international managing director of nCino, added: “Santander UK understands the importance of adapting to changing customer expectations and market needs, and has invested accordingly. We are extremely proud to work with this innovative and customer-centric institution.”

U.S.-based nCino has reported a series of wins in September and August, including Allied Irish Banks, B-North, and Alterna Bank.

Banco Santander revealed a €1.5 billion hit to its UK division’s value this week, something that the banking group blamed largely on a complex regulatory environment in the U.K. market, specifically the ringfencing of investment banking from retail banking.

Increased market competition and economic uncertainty created by the imminent departure of the U.K. from the European Union were also cited as reasons for the writedown.

nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012 and headquartered in Wilmington, North Carolina, the company has raised more than $133 million in funding. Salesforce Ventures and Insight Partners are among the company’s investors.

Finovate Alumni News


  • Hydrogen Brings its App Building Platform to the Oracle Cloud Marketplace.
  • Vymo Fuels Insight for VP Bank’s FE Credit.

Around the web

  • Blackhawk Network to acquire Edge Loyalty Systems.
  • Trustly to provide’s European customers with online banking payments via Ingenico.
  • TechCrunch: Revolut ramps up customer support with plans to hire 400 people in Porto.
  •  Xero integrates with enterprise solution GreatSoft.
  • BehavioSec joins the NICE X-Sight Marketplace.
  • Merck Sharp & Dohme FCU deploys trio of biometric authentication solutions from Fiserv.
  • New partnership brings nCino’s Bank Operating System to Allied Irish Banks.
  • Entrust Datacard partners with JPMorgan Chase to pilot email security project.

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.

Mambu and nCino Co-Create Banking Solution for B-North

U.K.-based start-up B-North has chosen a German Software-as-a-service (SaaS) company, Mambu, to provide its core banking technology, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The Manchester neobank, which is still awaiting a license from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a U.S.-based cloud banking tech provider, nCino.

The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.

“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” said B-North CTO, Ewan Hutton.

He added: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”

B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.

Currently, SMEs make up 99% of U.K. businesses and employ more than 16 million people.

nCino’s area vice-president, Jacqui Morcombe, said: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”

Founded in 2012 and headquartered in Wilmington, North Carolina, nCino demonstrated its Bank Operating System at FinovateEurope 2017. Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013, and returned to participate in our developers conference FinDEVr New York in 2016. Mambu was founded in 2011.