Finovate Alumni News

On Finovate.com

  • Ping Identity and TIBCO Partner to Provide Advanced API Security Solutions

Around the web

  • ThetaRay wins the Software & Applications – Analytics category of the 2019 Fortress Cyber Security Awards.
  • Artivest appoints Karl Jaeger as Chief Financial Officer.
  • Arkansas Money & Politics features Finovate Best of Show winner Invest Sou Sou.
  • Beyond Protection highlights Enzoic in its list of top leading cyber security solution providers.
  • Onfido to help lead new identity verification and binding working group of The Fido Alliance.

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.

Onfido Teams Up with Checkr to Boost ID Verification and Background Checks

Courtesy of a partnership with ID document verification specialist Onfido, Checkr has launched a new solution that will enable businesses to add identity verification to their trust and safety programs. The new solution, Checkr Connect IDV, leverages Onfido’s technology to verify the user’s ID and conduct a biometric check comparing the image on the ID to a selfie taken by the user.

Combined with Checkr’s AI-powered background check technology, the new offering gives businesses a unified identity verification and background check solution. Available in the fall, Connect IDV will help businesses avoid some of the hurdles – from complex integrations to a dependance on multiple manual processes – that have discouraged businesses from using identity verification solutions more completely.

“Identity verification and background checks are becoming increasingly important in our digital society and (are) an essential step for every company that wants to grow its customer base or workforce,” CEO and co-founder of Onfido Husayn Kassai explained. “By embedding our identity verification technology within Checkr’s platform we can now offer customers what they have been asking for: a strong, seamless solution for their end-users.” Kassai called this a “shared priority” between the two companies.

“Every business today faces increased risk from identity fraud, and traditional anti-fraud methods are falling behind the capabilities of sophisticated bad actors,” VP of Product at Checkr Lydia Varmazis said. “We designed Checkr Connect IDV to make it simple for our customers to add identity verification into their hiring workflows, allowing them to elevate their trust and safety programs.”

San Francisco, California-based Checkr was founded in 2014 by Daniel Yanisse (CEO) and Jonathan Perichon (CTO). The company offers solutions for continuous background checking, quality screening, and well as security resources, and includes Uber, Instacart, and GrubHub among its 10,000+ customers. Checkr has raised $149 million in funding. T. Rowe Price, Y Combinator, and Accel are among the firm’s investors.

Founded in 2012 and based in London, U.K., Onfido demonstrated its Facial Check with Video technology at FinovateEurope 2018. More recently, the company announced a partnership with mobility-as-a-service firm Drover, and earned a spot in the inaugural cohort of cross-border regulatory sandbox, Global Financial Innovation Network (GFIN).

Onfido picked up a major investment this spring, adding $50 million in new capital and taking the company’s total funding to more than $100 million. Onfido added C-level talent this year, as well, hiring Kevin Goldsmith as Chief Technology Officer and Thomas Ammirati as Chief Revenue Officer.

Finovate Alumni News

On Finovate.com

  • Finovate Global: Brazil-Mexico Fintech Bromance Continues; Iran to Build Blockchain Network

Around the web

  • TSYS agrees to merge with Global Payments in all-stock deal valued at more than $21.5 billion.
  • Onfido to provide ID document verification and facial biometric technology for new background check solution from Checkr, Connect IDV.
  • Vents Magazine highlights Trustly’s Pay’N Play technology.
  • The 2019 Aspire Leaderboard recognizes Quadient as overall leader for CCM for the second year in a row.
  • Star Tribute profiles Sezzle and its plans to go public in Australia later 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.

Onfido Delivers ID Verification to Mobility-as-a-Service Firm Drover

Mobility-as-a-service platform Drover has teamed up with identity verification specialist Onfido to support smarter, more secure onboarding for its customers.

“Balancing security against a smooth user experience is a challenge for many businesses, but our AI technology means we’re able to help Drover deliver both,” Onfido CEO Husayn Kassai said. “Reducing risk and building trust is core to both of our businesses, so the partnership is a natural fit.”

With Onfido as a partner, Drover will offer its drivers the ability to easily verify their identity when signing up for the company’s flexible car subscriptions. Drivers take a photo of their government-issued ID document, and Onfido checks to assure that the document is genuine by cross-referencing it against international databases. The technology also leverages machine learning to conduct facial checks to ensure image accuracy and liveness.

Drover CEO Felix Leuschner highlighted this last factor as one of the key reasons for partnering with Onfido. “As we grow our user base, being able to consistently deliver the speed our users want with the security they need is crucial,” he said. “Onfido helps us do both, so we can protect our platform without impacting on (our) user experience.”

An alternative to car leasing and buying, Drover began as an option for drivers working for Uber. Founded in 2015, the company has since grown into a subscription service for consumers that provides access to a new car for a single, all-in-one monthly payment. Drover is based in London, U.K., and has raised more than $9.7 million (£7.5 million) from investors including Partech, Version One Ventures, Cherry Ventures, Forward Partners, and BP Ventures.

Onfido demonstrated its Facial Check with Video technology at FinovateFall 2018. The London, U.K.-based company, which was founded in 2012, raised $50 million in new funding last month in a round led by SBI Investment and Salesforce Ventures. Appointed to the FIDO Alliance Board of Directors and added to the inaugural cohort of cross-border regulatory sandbox, Global Financial Innovation Network (GFIN) this spring, Onfido also made major C-suite moves in the first half of the year, appointing Kevin Goldsmith as Chief Technology Officer and Thomas Ammirati as Chief Revenue Officer.

In addition to its partnership with Drover, Onfido has teamed up with a variety of businesses and institutions this year. In March, the company announced a collaboration with INTERPOL to help the international police organization better spot fraudulent IDs. In February, Onfido announced it would provide identity verification for 2nd Address, a California-based online rental marketplace for extended accommodations.

Finovate Alumni News

On Finovate.com

  • Onfido Delivers ID Verification to Mobility-as-a-Service Firm Drover.
  • Segmint powers data analytics for Buzz Points.

Around the web

  • Paysend announces its new stablecoin will be available on the Stellar Network in June.
  • LoanScorecard forges partnership with Calyx Software, merging its SimpleCECL solution with Calyx’s Path LOS.
  • Digital Onboarding will join Best of Show winners Voleo and Neener Analytics as part of the fourth annual FIS Fintech Accelerator program.
  • Chartis Research recognizes FICO as a category leader in AI for Financial Services.
  • Judo Bank of Australia goes live with Temenos’ T24.
  • Xero launches new feature in the Xero Projects iOS app that suggests project time based on geolocation

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

  • Refundo to Return Tax Refunds in Bitcoin.
  • Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers.

Around the web

  • Kony and Micronotes team up to bring Micronotes’ personalized conversation solution to banks using Kony DBX.
  • SecureKey’s Verified.Me identity verification solution is now available for consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada.
  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • NIIT Technologies’ AdvantageGo launches Underwriting, a solution that consolidates and provides all underwriting functions into a single platform.
  • GreatHorn awarded U.S. patent for new email impersonation detection method.
  • Onfido, Alphapoint earn spots in the inaugural cohort of cross-border regulatory sandbox, Global Financial Innovation Network (GFIN).
  • Envestnet unveils new suite of analytical tools for financial advisors, Envestnet Advisor Analytics.

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

  • NPM Capital Now Owns 35% of Ohpen.
  • Visa to Help Wave Solve Small Business Cash Flow.

Around the web

  • Gusto unveils Talk Shop for small business clients.
  • defi SOLUTIONS delivers loan origination system to First Investors Financial Services.
  • Trusha Patel joins CrediVia as Chief Business Development Officer.
  • Onfido welcomes Kevin Goldsmith as Chief Technology Officer and Thomas Ammirati as Chief Revenue 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.

Onfido Raises $50 Million in New Capital

A new round of funding led by SBI Investment and Salesforce Ventures has driven identity verification specialist Onfido’s total capital to more than $100 million.

“With this new funding, we can protect more businesses, in more countries – and in more ways – from the effects of fraud,” Onfido co-founder and CEO Husayn Kassai said. “We’ll also be able to expand the reach of our technology, so that people without a credit history can finally access the online services they badly need.”

This week’s $50 million financing, which featured participation from M12 (formerly Microsoft Ventures), FinVC, and other investors, will help Onfido fulfill its goal of leveraging AI to standardize how businesses verify identity. In a statement, the company said the funding would also help it “consolidate its core market in the U.S.” as well as support growth in areas like Europe and Southeast Asia.

As part of the investment, former Chief Sales Officer and Vice Chairman of Salesforce Frank van Veenendaal (pictured right with Onfido CEO Kassai) will join Onfido’s board of directors. “There has never been a more important time for companies to build trust with their customers by showing they are one step ahead of fraudsters,” Veenendaal said.

“I believe Onfido has the unique opportunity to transform the digital identity market and deliver robust and scalable authentication-as-a-service,” he added, “similar to how Salesforce transformed customer relationship management.”

Onfido demonstrated its Facial Check with Video solution at FinovateFall 2018. The technology offers enhanced security during new user onboarding by having users video themselves performing specific actions such as repeating random numbers to ensure liveness. Onfido’s solution then leverages machine learning to compare the facial image in the video to the image on the user’s identity document.

Appointed to the FIDO Alliance Board of Directors in March, Onfido also last month announced a project to help train officials at INTERPOL to better identify fraudulent ID documents. The company has made a number a partnerships in the first few months of the year including teaming up with PensionBee, collaborating with P2P RV rental firm, RVshare, and providing verification services for extended stay marketplace, 2nd Address.

Most recently, Onfido partnered with IDValidation to fight the growing problem synthetic identity fraud in which only a single element of an individual’s identity – rather than the users’s complete identity – is stolen and used to make transactions.

With more than 1,500 customers around the world – including industry leaders like DraftKings, Remitly, and Zipcar – Onfido was founded in 2012. The company is headquartered in London, U.K.

Finovate Alumni News

On Finovate.com

  • Onfido Raises $50 Million in New Capital.
  • Salt Edge Earns Account Information Service Provider License from FCA.

Around the web

  • Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
  • PayPal joins Series A round for Cambridge Blockchain.
  • EVRY partners with ACI Worldwide to enhance its mobile payment service in the Nordics and Europe.
  • ProfitStars wins 2019 FinTech Breakthrough Award for Best Business Lending Platform
  • Capsilon expands executive team, forms new product organization to drive mortgage innovation. Check out Capsilon’s newest tech at FinovateSpring in May.
  • SocietyOne launches new investor trust.
  • Portland Business Journal: Tyfone brings credit unions the digital tools members want.
  • Insuritas partners with Nymeo FCU to launch digital insurance agency.
  • NestReady to power integrated homebuying experience for Resource Financial Services.

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

  • ACI Worldwide Partners with Solutions by Text.
  • Envestnet to Acquire PIEtech for $500 Million.

Around the web

  • Prepaid Technologies Acquires Dash from Karmic Labs.
  • Switch launches its issuer-branded CardUpdatr app.
  • Kinetica unveils its active analytics platform that makes it easier to deliver smart analytics applications at scale.
  • Forbes interviews co-founder and CEO of Onfido, Husayn Kassai.
  • Tinkoff Mobile, a subsidiary of Tinkoff Bank, announces service in six new regions.
  • DocuSign launches its DocuSign Agreement Cloud to help companies better manage business agreements digitally.
  • Capsilon announces the beta launch of its digital underwriter solution.
  • AlphaPoint adds DiamondBack stablecoin to its crypto exchange.
  • Sri Lanka’s Bank of Ceylon goes live with Clari5 Anti-Money Laundering (AML) Solution to address money laundering threats.
  • PYMNTS: Amazon and Worldpay team up on one-click commerce.
  • NetGuardians‘ AI fraud-prevention software available on Microsoft Azure.
  • TurnKey Lender signs partnership agreement with Refinitiv.
  • MX and Personetics partner to bring AI-driven insights to financial institution customers.
  • ICBA and Jack Henry’s ProfitStars expand preferred service provider program with remote deposit capture solutions.
  • Insuritas and Oregon Mutual announce partnership to offer auto and home insurance solutions through meta-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.