Finovate Alumni News

On Finovate.com

  • Personal Capital Raises $50 Million in Round Led by IGM Financial.

Around the web

  • OnDeck secures $85 million credit facility.
  • Central 1 integrates with SecureKey to offer the firm’s single sign-on authentication services to its members.
  • Consumer goods giant Unilever partners with Optimove to enhance its marketing operations.
  • Technology Association of Georgia names DefenseStorm a Top 40 Innovative Technology Company.
  • Ripple announces new partners in its global University Blockchain Research Initiative (UBRI).

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.

Euro Exim Bank Joins RippleNet

Euro Exim Bank has signed up for Ripple’s payment network RippleNet – putting its digital currency XRP on a potential path to replace correspondent banking, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The bank was one of the 13 new financial institutions that have signed up for RippleNet. The others comprise SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento. With these additions, there are now more than 200 customers signed up for RippleNet.

JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will use the XRP to source liquidity on-demand when sending payments on behalf of their customers.

For Euro Exim Bank, which operates in the worlds of trade finance, corporate banking and wire transfers, it offers some interesting prospects.

Kaushik Punjani, director, Euro Exim Bank, said: “Our customers – whether big corporates or individual remitters – have historically been restricted from obtaining suitable funds or settling transactions in a cost efficient and timely manner. Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] in record time.”

Let’s not the forget the views of the others as David Lighton, founder of paytech SendFriend, described the existing correspondent banking system as “slow, inefficient and costly”.

According to Ripple, using XRP for liquidity when sending a cross-border payment helps financial institutions avoid the hassle of pre-funding accounts in destination currencies.

Ripple is doing pretty well. In 2018, CEO Brad Garlinghouse said nearly 100 financial institutions joined RippleNet, and it also saw a 350% increase last year in customers sending live payments.

Meanwhile, its rival Swift has been thinking about correspondent banking as well.

Working alongside 34 banks, including Deutsche Bank, Swift completed a proof of concept (PoC) for nostro reconciliation using distributed ledger technology (DLT).

In an interview, Andreas Hauser (from Deutsche Bank) said the mandate for Swift to explore DLT usage in the correspondent banking space originated from the global payments innovation (gpi) community with the aim of fostering collaborative innovation.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • Singapore-based InstaReM announces new multi-currency feature to make overseas payments easier for SMEs.
  • Myanmar’s biggest privately-owned bank, Kanbawza (KBZ) Bank picks Finastra’s treasury management solution, Fusion Treasury.
  • Government ministries in South Korea partner for joint blockchain project to improve marine logistics and shipping.

Sub-Saharan Africa

  • Mastercard Foundation Fund for Rural Prosperity (FRP) invests $2.9 million three companies from Burundi, Malawi, and Uganda to support financial inclusion.
  • Nigerian Stock Exchange extends partnership with Nasdaq to continue using its matching engine technology.
  • Kenya’s Capital Markets Authority releases its “FinTech Sandbox Guidance Note” with an initial focus on robo advisors and blockchain technology.

Central and Eastern Europe

  • Intelligent CIO looks at the merger of Polish fintechs, Braintri and iCompass.
  • Mastercard partners with Polish Payment Standard to provide contactless payments.
  • New report from Deloitte and ID Finance analyzes the growth of Russia’s private fintech sector.

Middle East and Northern Africa

  • Iraq’s Hammurabi Commercial Bank to deploy ICS Banks Universal Banking Software Suite.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.
  • Egypt’s Commercial International Bank introduces nation’s first fintech-focused venture capital fund.
  • Clinc Brings Conversational AI to Turkey’s Isbank.

Central and South Asia

  • Obopay teams up with Federal Bank and Mastercard to offer new pre-payment card in India.
  • Indian digital payments firm ePayLater teams up with Cashfree to bring its credit-based payment option to merchants.
  • YourStory features Pune-based fintech startup, Phi Commerce.

Latin America and the Caribbean

  • Brazilian lender Creditoo announces $1.2 million in new funding.
  • IDB, Finnovista report notes that four out of ten Peruvian fintechs has a female founder.
  • Costa Rica unveils new virtual currency, Ecolones, to encourage recycling.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Finovate Alums Digital Onboarding, ForwardLane, and SizeUp Join MassChallenge’s 2019 FinTech Inaugural Program.
  • CB Alerts Portal from Ethoca Helps Carte Bancaires Merchants Fight Fraud.

Around the web

  • Agreement Express and TD Ameritrade Institutional deliver straight-through account opening to Veo Platform.
  • Gusto’s Flexible Pay is now available to employees directly in Texas through a newly created subsidiary Gusto Capital LLC.
  • AlphaPoint announces support for Stellar Lumens.
  • Lincoln Financial Group unveils new partnership with eMoney Advisor.
  • Sezzle hires former Target, TD Bank executive Jamie Kirkpatrick as its new Chief Risk Officer.
  • Averon co-founder and COO Lea Tarnowski earns finalist spot in Banking Technology Awards’ Women in Technology Leadership category.
  • Coinbase introduces instant PayPal withdrawals for U.S. customers.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s Nubank announces debit options for its digital savings account.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

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.

Finovate Alumni News

On Finovate.com

  • Pindrop Advances into Smart Devices with $90 Million in Funding.

Around the web

  • iSignThis begins accepting customer deposits to its own issued International Bank Account Numbers (IBANs).
  • Personal Capital moves headquarters to Redwood Shores.
  • Signifyd opens EMEA headquarters in London to support its ecommerce fraud protection business in Europe.
  • Juvo expands across Asia with regional headquarters in Singapore.
  • Ondot announces new digital card services platform to support U.K. banks.
  • Lighter Capital provides NinjaCat $1.1 million.
  • R3’s new Corda App supports Ripple’s XRP.
  • Upserve (formerly Swipely) releases newest point-of-sale device, Upserve POS, now available for Android.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • MoneyTap, DLT-based payment app developed by SBI and Ripple goes live in Japan.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • First Circle, a lending platform for SMEs based in the Philippines, has raised $26 million in new funding.

Sub-Saharan Africa

  • Daon Inks Deal with South Africa’s Capitec Bank.
  • Commercial Bank of Ethiopia deploys UP Retail Payments from ACI Worldwide.
  • Ivory Coast subsidiary of Togo-based Banque Atlantique goes live with Temenos’ T24 core banking system.

Central and Eastern Europe

  • Sberbank customers can now add “cash postcards” – automated images with sound – to their money transfers.
  • Payfone partners with Orange to fight identity fraud in four new global markets, including Poland and Romania.
  • Ukraine’s Akhmetov Bank leverages Corezoid’s cloud-based operating system.

Middle East and Northern Africa

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • Alcazar Capital Limited (ACL) to launch $100 million global fintech fund in collaboration with Fintech Consortium’s InQvest Partners.
  • Abu Dhabi Securities Exchange launches Sahmi, a new integrated digital platform for individual investors.

Central and South Asia

  • Bank of Punjab, based in Lahore, Pakistan, implements core banking technology from Oracle.
  • Entrepreneur.com considers the effect Indian fintechs have made on financial inclusion in India.
  • VC Circle looks at the rise in investment in insurtech innovators like India’s PolicyBazaar.

Latin America and the Caribbean

  • Brazilian challenger bank Nubank raises $180 million in funding.
  • UniBank Panama to implement biometric authentication technology from Ipsidy.
  • COK Sodality Co-operative Credit Union (COKCU) of Jamaica to modernize its core processing technology courtesy of a new partnership with Smart Solution.

Top image designed by Freepik

 

Finovate Alumni News

On Finovate.com

  • OnDeck Launches Subsidiary to Help Banks with Small Business Lending.

Around the web

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • YellowDog shortlisted for Tech Company of the Year honors at the 2018 U.K. Business Tech Awards.
  • Bluefin teams up with data security tokenization vendor, TokenEx, to boost payment security.
  • Finicity selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor.
  • Zenmonics earns a spot in the 2018 IDC FinTech Rankings.
  • FinTech Global recognizes Insuritas as a 2018 InsurTech100 Company.
  • Lendio announces facilitating $1 billion in financing to more than 51,000 U.S. SMEs since inception in 2011.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Blockchain innovator identitii to list on the Australian Securities Exchange this week with anticipated market capitalization of $41 million.
  • Atlanta Business Chronicle interviews Kabbage’s Kathryn Petralia, highlighting her as a 2018 Women Who Mean Business honoree.
  • Sara Berg appointed Chief Operating Officer of Trustly.
  • Expensify launches training and certification program for accountants.
  • Ping Identity launches new Quickstart Private Sandbox for Open Banking and PSD2
  • Openfinance signs data partnership with Refinitiv.
  • Trustly partners with Ingenico for online banking payments.
  • Moneynetint partners with Ripple to leverage instant payment rails.
  • Coinbase expands with new Dublin office.
  • Native American Bank selects Jack Henry’s SilverLake system.

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.