Finovate Alumni News

On Finovate.com

  • Conversational AI Fintech Clinc Raises $52 Million in Series B.
  • Kabbage and Azlo Launch Mission Street Capital to Help Fund SMEs.

Around the web

  • Mastercard unveils its Mastercard Innovation Engine, an API-based platform to enable easier deployment of digital customer experiences.
  • Sezzle teams up with Bank of America Merchant Services, who will serve as the fintech’s digital card processor.
  • Plaid earns recognition as one of the Best Workplaces from Inc.com.

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

  • Holvi Expands to Five New European Markets.
  • Artivest Inks Deal with Institutional Investment Manager LaSalle.
  • BioCatch Brings on New Chief Revenue Officer.
  • Yseop Pairs Up with Larsen & Toubro Infotech.

Around the web

  • Inc. names Blend, Kabbage, Lendio, Plaid, Pendo, Signifyd, and Ripple among the best places to work.
  • Alt Coin Magazine interviews Steven Parker, Crypterium CEO.
  • Interactions‘ IVA was named the top virtual assistant in Speech Technology Magazine’s 2019 People’s Choice Awards.
  • Salt Edge Open Banking API now supports eIDAS PSD2 certificates.
  • NIIT Technologies launches Cognitive Service Desk Audit, a tool to help applications understand and interpret user needs through natural communication.

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.

doxo and Plaid Team Up to Bring Overdraft Protection to Billpay

Online and mobile billpay innovator doxo has announced a new integration with financial services data and insights network – and fellow Finovate alum – Plaid – that will help consumers avoid overdraft charges when paying bills via doxo’s service.

“doxo’s mission is to massively simplify bill payment and reduce anxiety of failed payments and overdraft fees,” doxo CEO and co-founder and Steve Shivers said. “Through this new integration with Plaid, we’re now providing real-time bank balance, at the time of every payment, to help our users avoid those fees. Now users can better time their payments to align with their bank balance, or switch to alternative payment accounts like credit cards when needed.”


In addition to providing transparency, better organization, and less stress for consumers, doxo believes billers will benefit from the improved confidence they will have for each incoming payment. Billers who join doxo’s payment network will be able to add the overdraft protection feature as a user benefit easily, without complexity or expense.

doxo will make the new solution available initially as a beta offering for a limited group. The company anticipates expanding access to all of its customers beginning in June.

“Account overdraft is a huge problem in the U.S. that could be solved in part with more tools that provide real-time insight into consumers’ own bank accounts,” Plaid Head of Sales Paul Williamson said. “Solutions that give people transparency into their financial life are a real win for consumers and can make a serious impact on their ability to understand and manage money.”

doxo made its first Finovate appearance in 2011, demonstrating the web-based Control Panel interface of its technology, and returned to the Finovate stage this week as part of FinovateSpring. Plaid is an alum of our developers conference, presenting Plaid: API for Financial Infrastructure at FinDEVr Silicon Valley 2014.

San Francisco, California-based Plaid was founded in 2013. The company began 2019 with a major acquisition, purchasing rival and fellow Finovate/FinDEVr alum Quovo for $200 million. Named to the Forbes Fintech 50 in February, Plaid has raised more than $309 million in funding from investors including New Enterprise Associates, Kleiner Perkins, Index Ventures, Spark Capital, and Goldman Sachs Investment Partners.

Founded in 2008 and headquartered in Seattle, Washington, doxo launched itsdoxoINSIGHTS report last month. DoxoINSIGHTS is an anonymized, crowdsourced report on household expense data from the largest 25 metropolitan areas of the U.S.

In March, doxo added Apple Pay as a billpay option for its customers – the same month the company announced a partnership with R.R. Donnelley & Sons Company to provide the firm’s clients with access to doxo’s electronic billpay solutions. Winner of a Gold Stevie award from the American Business Awards last year, doxo serves more than 2.5 million users who make payments to more than 45,000 local and national businesses.

doxo has raised $18.8 million in funding, and includes Sigma Partners, Bezos Expeditions, and Mohr Davidow Ventures among its investors.

Finovate Alumni News

On Finovate.com

  • Simple’s Payments Go Analog with Paper Checks.
  • Fenergo Supports Bahrain’s Blockchain-Based KYC.
  • Flywire Offers Chinese Students and Patients Discounted FX Rates.
  • doxo and Plaid Team Up to Bring Overdraft Protection to Billpay.

Around the web

  • ACI extends partnership with Vocalink into Saudi Arabia to facilitate the adoption of real-time payments through ACI’s UP Real-Time Payments solution.
  • First National Bank selects ProfitStars’ Commercial Lending Center Suite.
  • Centrale Kredietverlening selects nCino for its Bank Operating System.
  • Wipro develops blockchain-based solution with R3 to power digital currency transactions for Thailand banks.
  • Klarna and Stripe partner to offer Klarna’s Pay in 3 to Hideout festivalgoers through ticketing platform Kaboodle.
  • Forbes highlights BioCatch’s behavioral biometrics fraud prevention technology.
  • Insuritas and Tower Hill Specialty partner to bring Tower Hill’s property products to market through Insuritas’ bank partner network.
  • NIIT Technologies partners with Blue Chip to bring its wealth management application to Blue Chip’s IBM POWER.

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

  • FICO and Equifax Forge Strategic Partnership.

Around the web

  • Motive Partners closes investment in Finantix announced in December.
  • Since launching in the region last year, Plaid expands coverage in Canada, adding support for Desjardins, National Bank of Canada, President’s Choice, and Simplii.
  • NDGIT’s API platform enables UBS to deliver PSD2 APIs for TPPs.
  • Ledger partners with Hong Kong-licensed Legacy Trust to introduce institutional-grade custody solution to accelerate the flow of institutional money into digital assets.

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 Shine in 2019 Forbes Fintech 50 Roster

A baker’s dozen of Finovate alums has been honored this week with spots on the 2019 Forbes Fintech 50, an annual aggregation of what the editors called “the most innovative companies in fintech.”

Here are the Finovate alums that made the cut. Read the full list.

“Recognition as a leading innovator in fintech is tremendous validation for the hard work we’ve done at Marqeta to open the industry up to the possibilities and opportunities of modern card issuing,” company CEO and founder Jason Gardner said. Marqeta is among the 20 companies to make its first appearance on the Forbes Fintech 50 roster.

Also earning their first appearances on Forbes Fintech 50 roster are New York based mobile investment platform Stash and San Francisco supply chain payments innovator Tradeshift.

“Very excited to be included in the 2019 Forbes Fintech 50!,” Stash tweeted once the news was released at the start of the week, “Monday = made.”

“We made the list!” Tradeshift tweeted this morning.

Summarizing this year’s selection of top fintechs, the editors noted that while 19 out of the 50 fintechs featured are unicorns with valuations of more than $1 billion, a nearly equal amount – 20 startups – are making their first showing on Forbes top fintech list. The two areas where newcomers were more prevalent, according to the editors, were payments technology and startups serving the un- and underbanked.

Plaid Acquires Quovo in $200 Million Deal

San Francisco-based fintech app provider Plaid has made its first major acquisition with the purchase of competitor Quovo for $200 million, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Plaid hasn’t gone public on the price, but a source familiar with the deal spoke with CNBC to spill the financial beans. Plaid reckons the acquisition will make it easier for developers to build products that incorporate investment and brokerage data.

New York-based Quovo offers investment, insurance, and loan account coverage. Its platform is used by such firms as Betterment, Wealthfront and SoFi, as well as wealthtech companies like Stifel, Vanguard, Empower Retirement, and John Hancock.

Some of Plaid’s users include cryptocurrency exchange Coinbase, robo-advisors Betterment and Wealthfront (same as Quovo), trading app Robinhood and PayPal’s digital wallet Venmo.

Plaid plans to build a single platform to let users “build any financial application – from payments to lending to wealth management.”

This deal follows on from last month when Plaid enjoyed a $250 million Series C funding round. With that investment, the start-up earned an impressive valuation of $2.65 billion.

Back in October 201, Plaid linked up with JP Morgan Chase to help the bank make a move toward open banking by enabling account holders to share their financial data with third-party fintech applications.

Prior to that, in May 2018, the company expanded to Canada as its first international market.

The firm was founded in 2013 and has got the backing of some big names. These include Goldman Sachs, Amex, Citi, and Google Ventures. About two years ago Plaid got a handy $44 million in funding led by Goldman Sachs.

Plaid CEO and co-founder Zach Perret presented API for Financial Infrastructure at FinDEVr Silicon Valley 2014. Quovo is a two-time veteran of our developers conferences: sharing the stage with SoFi at FinDEVr New York 2017, and teaming up with Betterment at FinDEVr New York 2016.

Finovate Alumni News

On Finovate.com

  • Braintri Drives Insurtech Innovation in Europe.
  • Plaid Acquires Quovo in $200 Million Deal.

Around the web

  • Salt Edge joins Temenos Marketplace as the community’s first data aggregator.
  • BBVA leads $12 million Series A round for payments startup Grabango.
  • Cardlytics CEO Scott Grimes appointed board chair of FinTech Atlanta.
  • FICO awarded five new patents for fraud, AI, and advanced analytics technologies.
  • PYMNTS.com interviews Ondot CEO Bharghavan Vaduvur.
  • Akamai Technologies reveals plans to acquire customer identity access management firm, Janrain.

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.

Plaid Raises $250 Million Series C Round Led by Mary Meeker

Provider of APIs for financial infrastructure, Plaidclosed a $250 million Series C round. The company’s founders, Zach Perret and William Hockey, discussed the funds in a blog post today, along with Plaid’s plans to “reinvest in the fintech ecosystem,” an industry they say is “just getting started.”

The investment, which boosts Plaid’s total funding to $310 million, comes with celebrity endorsement from Mary Meeker. Meeker led the round and will join the company’s board of directors. Additional investors include Andreessen Horowitz, Index Ventures, Goldman Sachs, NEA, and Spark Capital.

“Plaid has built an important underpinning for financial services on the web and mobile. Plaid allows businesses to rapidly launch innovative products, drive growth and enhance consumer satisfaction. We are excited about the evolution and potential ahead,” Meeker said.

The San Francisco-based company will use the funds to onboard new employees and expand its operations. “We’re focused on shipping and scaling products that will both serve the growth and scale of these customers, and become the foundation for fintech for decades to come,” the founders said in the blog post. “Every company is becoming a fintech company…. Plaid’s role is to empower these innovators with a platform—and a data network—that delivers access to the financial system.”

TechCrunch, which pinned Plaid as a company to watch in 2019, reported that Plaid is now valued at $2.65 billion. This is up significantly from the company’s last valuation in 2016, which sat at $200 million after Plaid’s $44 million Series B round.

At FinDEVr San Fransisco 2014, Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Since then, the company has grown to 175 employees and offers six products, including Auth, an account authentication tool; Balance, which pulls account balance information in real-time; Identity, which leverages bank data to verify consumer identity; Transactions, which pulls bank statement data across banks; Assets, a verification of assets tool; and Income, a tool that validates a consumer’s income and verifies direct deposit data.

This May, Plaid launched in Canada– its first international market. The startup also partnered with JPMorgan Chase to help the bank make a move toward open banking by enabling account holders to safely share their financial data with third party fintech applications.

Finovate Alumni News

On Finovate.com

  • Plaid Raises $250 Million Series C Round Led by Mary Meeker.
  • Bill.com Achieves NACHA Certification.

Around the web

  • Narrative Science introduces its new language-based augmented analytics product, Lexio, in beta.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • AlphaPoint to support Stellar Lumens.
  • Motive Partners acquires majority stake in Finantix.
  • Camden National Bank further leverages Jack Henry relationship to support demand for growth, innovation.

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.