Finovate Alumni News

On Finovate.com

  • Finicity Teams Up with Capsilon to Modernize Mortgage Origination.
  • CardFlight’s New Release Adds Paper Receipt Printing, Advanced Security, and More.

Around the web

  • iSignthis acquires core banking technology provider Probanx.
  • Entersekt taps Christian Ali as new country manager for Canada.
  • Jack Henry & Associates’ ProfitStars division unveils new online, anti-fraud monitoring and reporting technology.
  • Chris Savides named new global Chief Operating Officer at TransferTo.
  • Cortera announces partnership with Moody’s Analytics in new RiskCalc SMB solution.
  • PayNearMe powering Buildium’s Retail Cash Payments, a feature that allows residents to pay rent in cash.
  • Lendio Franchising has helped facilitate $16 million in financing to 500+ SMBs and reports a 111% percent increase in loans funded quarter over quarter.
  • Persado announces Persado for Salesforce on Salesforce AppExchange.

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

  • Lidya Scores $6.9 Million in Series A Investment.
  • Azimo Raises $20 Million in New Funding.
  • WorkFusion Closes Add-On Funding Round.

Around the web

  • Baker Hill to provide loan origination technology for Old Point National Bank, a Virginia-based FI with $988 million in assets.
  • Multiple-time Best of Show winner CREALOGIX adds cryptocurrency and blockchain market data to its Digital Banking Hub.
  • EdgeLab honored as MarketPlace Provider of the Year at the Temenos Partner and Customer Awards.
  • MarTechSeries features Persado’s AI platform.
  • CryptoGlobe: Currencies Direct Completes Successful European Pilot of Ripple’s xRapid and Calls XRP ‘A Game Changer.’
  • Payworks teams with Visa to enable omnichannel payments for CyberSource’s merchants.
  • ThetaRay wins Asian Banker Risk Management Award for “Regulatory Technology Implementation of the Year.”
  • Revolut unveils its “App Store for Business Banking” solution, Revolut Connect.

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

  • SecuredTouch Receives $8 Million Strategic Investment from Arvato Financial Solutions.
  • Unison Sees 1,000% YoY Growth in Originations.

Around the web

  • IdentityMind Global partners with Etherparty Smart Contracts to provide KYC and AML compliance support. See IdentityMind Global at FinovateSpring next month.
  • Intesa Sanpaolo Private Banking Suisse to deploy Business Process as a Service (BPaaS) solution from Avaloq.
  • Finastra goes live with its blockchain-based syndicated lending market solution, Fusion LenderComm.
  • Forbes interviews Andrea Gellert, CMO of OnDeck.
  • Ebay And PayPal finalize new payments agreement.
  • Listrak and Persado announce strategic integration.
  • Q2 and StoneCastle partner with MoneyLion to offer deposit accounts and debit cards.
  • EverTrust Bank hires Insuritas to launch digitally powered insurance agency.
  • Backbase powering SSF Bank’s new mobile banking application.

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.

Persado Unveils Persado One, Lands $30 Million Credit Facility from Silicon Valley Bank

Artificial intelligence (AI) -generated marketing campaign company Persado unveiled a new product this week, along with a fresh $30 million credit facility to fuel even more expansion.

Persado One

Persado One, the new offering, provides personalized emotional engagement at scale. The company says the new development represents the “most significant advancement to date” of Persado’s AI platform. Available through the company’s Enterprise Level of service, Persado One uses deep learning algorithms to deliver personalized messaging to a customer based on their emotional profile.

The company is also launching a professional class of tools to help marketers predict response rates, generate higher performing campaigns, and refine language according to a brand’s style. At launch, the tools will be available for email and social media channels.

“The debut of Persado One and the expansion of Persado’s marketing language cloud solutions mark an important milestone for our company as we continue to reach a broader audience of marketers with tools to directly impact their business,” said Assaf Baciu, Co-Founder and SVP Product & Engineering at Persado. “These innovations are reflective of Persado’s success in generating ROI for the world’s leading brands and increasing marketplace demand.”

Financing

Silicon Valley Bank provided the credit facility, which Persado will use to “fuel the expansion of the Persado Marketing Language Cloud and further the rapid growth of the business.” Alex Vratskides, Persado Co-Founder and CEO said, “As a bank built around supporting innovation, Silicon Valley Bank is the ideal partner in our drive to challenge what’s possible in applying an industry-leading AI technology to marketing and beyond.”

Persado was founded in 2012 to offer brands insight into how consumers respond to their messages in different channels and scenarios. At FinovateEurope 2016, the company’s Chief Revenue Officer Lawrence Whittle launched Persado Go, an automated solution that offers business customers persuasive messaging in real-time via a self-service interface. In the demo, Whittle showed how a bank can create a marketing email to persuade dormant credit card clients to resume their relationship with the bank.

Since 2016, the company has seen a 3.6x increase in user numbers. Pesado counts Oracle, Salesforce, Cheetah Digital, and Oracle+Bronto, as clients and has expanded globally to Europe, Australia, Mexico, Japan, and the Republic of Korea.

Finovate Alumni News

On Finovate.com

  • Swych Introduces Themed, Multi-Currency, Digital Gifting Options.
  • Persado Unveils Persado One, Lands $30 Million Credit Facility from Silicon Valley Bank.
  • Personetics Leverages AI to Help Chip Away at Student Loan Crisis.
  • Two-Time Best of Show Winner Finn.ai Raises $3 Million in New Funding.

Around the web

  • Actiance launches Safe Landing Program to ensure continuous compliance for stranded CA data protection customers.
  • PayNearMe helps NYC residents and visitors pay parking tickets with cash.
  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Revolut announces plans to expand to Singapore.
  • Zafin launches digital origination platform and partner ecosystem, Zafin Origin.
  • Klarna expands partnership with Arcadia, adding new payment solutions.
  • Yoyo Wallet reaches processing milestone of more than 1.75 million transactions per month.

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.

Six Alums Earn a Spot on on CNBC’s Disruptor 50 List

CNBC released its 2017 collection of 50 disruptive tech companies today. The fifth annual list names private companies “whose innovations are changing the world” and meet additional criteria according to CNBC’s methodology.

The list, which boasts 31 unicorns, includes household names such as Airbnb, Uber, and SpaceX. The 50 companies have an aggregate market valuation of $239 billion, and almost 20% of the list consists of fintech companies, six of which are Finovate and/or FinDEVr alums.

Trulioo
Identity verification specialist for AML/ KYC compliance
Rank: 37
Launched: 2011
Funding: $23.3 million
Showcased GlobalGateway at FinovateFall 2016

Payoneer
Global mass payout service platform
Rank: 40
Launched: 2005
Funding: $234 million
Debuted the Payoneer Commercial Account at FinovateAsia 2013

SoFi
A unique, online lending company that prides itself on social finance
Rank: 45
Launched: 2011
Funding: $1.9 billion
Presented its use of Quovo’s authentication API at FinDEVr New York 2017

Persado
Automated marketing messaging company
Rank: 48
Launched: 2012
Funding: $66 million
Debuted PersadoGo at FinovateEurope 2016

Quid
Offers unstructured data analysis
Rank: 50
Launched: 2010
Funding: $56.2 million
Demoed Opus at FinovateSpring 2016

Persado Earns Top 20 Ranking in Inc. 500 Fastest Growing Companies List

Persado_homepage_August2016

With a three-year growth rate of nearly 94x and revenues of more than $17 million in 2015, Persado came in at #16 on Inc.com’s roster of the fastest growing private companies in America. “The Inc. 500 list stands out where it really counts,” said Eric Schurenberg, Inc. president and editor-in-chief. “No one makes the Inc. 500 without building something great, usually from scratch.”

Alex Vratskides, Persado CEO and cofounder, called the recognition a “tremendous achievement” for his company. “It validates not only our dramatic growth, but also honors the transformative power of cognitive content technology, our pioneering customers, and our brilliant global team,” he said.

Persado_stage_FEU2016

Persado Chief Revenue Officer Lawrence Whittle demonstrated Persado Go at FinovateEurope 2016 in London.

Persado demonstrated its messaging solution, Persado Go, at FinovateEurope 2016 in London this February. The company’s technology “replaces the guesswork of copywriting” by using algorithms to generate language for marketing emails, landing pages, push notifications, social media and other communications. Discussing the technology at FinovateEurope 2016 earlier this year, company CRO Lawrence Whittle said, “In simple terms, we generate the most persuasive message every time with every digital touchpoint with your customers.” And using the example of trying to drive up business among dormant credit-card customers, Whittle showed how Persado was able to quickly build multiple variations of an email message as part of a marketing campaign far faster than a team of copywriters. Whittle pointed out the advantages of machine learning in this context, saying that “these messages are not in any way a judgment around creativity, [but] about what might work in terms of motivating someone to take an action. We are literally analyzing billions of transactions to generate these sixteen messages.”

PersadoGo_image

Persado has raised $66 million in total funding, including a $30 million Series C in April. The company includes Goldman Sachs, StarVest Partners, Bain Capital Ventures, Citi Ventures, and American Express Ventures among its investors. More than 80 global brands use Persado’s technology to enhance their marketing initiatives, earning an average conversion lift of more than 49% and an improvement of more than 68% in click-through rates. Founded in 2012 and originally from the U.K., Persado is headquartered in New York City.

Other Finovate and FinDEVr alums appearing on Inc.’s list include Kabbage (#183; 3-year growth of more than 20x; 2015 revenues of $97.4 million); Lighter Capital (#335; 3 -year growth of more than 11x; 2015 revenues of $4.3 million); and Tango Card (#402; 3-year growth of more than 9x; 2015 revenues of $6.2 million). Finishing just beyond the 500 mark was edo Interactive (#569; 3-year growth of more than 6x; 2015 revenues of $18.1 million).

Finovate Alumni News

On Finovate.com

  • Persado Earns Top 20 Ranking in Inc. 500 Fastest Growing Companies List
  • Qumram Wins Swisscom Startup Challenge (Note: See Qumram demonstrate its technology in New York at FinovateFall 2016 on 8/9 September.)
  • HelloWallet’s New Feature is a Budget Within a Budget
  • Upserve’s New Square Partnership Offers Clients Access to Funding via Square Capital

Around the web

  • New partnership lets small businesses using Xero pay invoices using PayPal.
  • TSYS extends payments agreement with Swisscard.
  • The Muse features Persado on its list of “20 companies that want you to be happy.”
  • CRN lists MapD Technologies as one of 10 of the coolest big-data startups of 2016.

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

  • “FinovateSpring 2016: Tales from the Tweet Side”

Around the web

  • i-exceed Technology celebrates its fifth anniversary.
  • Quantopian launches weekend hackathon.
  • Xpenditure board member Jonas Dhaenens awarded ICT Personality of the Year by Data News.
  • BankNxt interviews Sebastian Siemiatkowski on the origins of Klarna.
  • Persado announces new Chief Operating Officer, Greg Dale.
  • Entrepreneur profiles DriveWealth and TD Ameritrade in a look at finalists for the Benzinga Fintech Awards 2016.

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.

Persado Pulls in $30 Million in Funding Led by Goldman Sachs

PersadoHomepage

Marketing messaging company Persado closed on $30 million in Series C funding this week. The round was led by Goldman Sachs and included an all-star cast of previous contributors, including American Express Ventures, Bain Capital Ventures, Citi Ventures, and StarVest Partners.

This is the company’s third round of funding since it was founded in 2012, bringing its total to $66 million.

The New York-based company offers software that uses algorithms to map emotions and create optimal marketing content for emails, websites, social media messages, and push notifications. It uses machine learning to determine the message that will generate the best response from the target audience. Co-founder and CEO Alex Vratskides says, “Persado is revolutionizing how organizations communicate by propelling creativity into the data-driven age, arming brands with ‘smart content’ that resonates with any audience, every time, and inspires them to act.”

At FinovateEurope 2016, the company’s Chief Revenue Officer Lawrence Whittle (below) launched Persado Go, an automated solution that offers business customers persuasive messaging in real-time via a self-service interface. In the demo, Whittle showed how a bank can create a marketing email to persuade dormant credit card clients to resume their relationship with the bank.

PersadoFEUIMG

In a press release, Vratskides said the company will use the funding to invest in product distribution and development. Specifically, he plans to deliver messages in more communication channels and to expand the service into more sectors, such as healthcare messaging and civic engagement.