SecureKey Raises $20 Million in New Funding

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Q. If you are Toronto-based identity and authentication specialist, SecureKey Technologies, what’s a nine-letter word for Canadian FIs commited to improving online security?

A. Investors.

SecureKey announced this week that it picked up $20.6 million ($27 million CAD) in new capital from BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada, and TD. The investment brings SecureKey’s total funding to $89 million and serves as growth capital to support the introduction of SecureKey’s digital identity network.

Greg Wolfond, SecureKey founder and chairman, said the support from “Canada’s largest financial institutions” would help his firm “develop and deliver a national ecosystem that puts consumers first.” Rizwan Khalfan, EVP and chief digital officer for TD, echoed this point and credited SecureKey for leading the way in making it easier for customers to manage their digital assets, as well as for the company’s willingness to work with and receive “substantial input from TD and other banks.” Khalfan added that TD was “uniquely positioned to help shape [SecureKey’s] offering” due to TD’s commitment to security and privacy.

Along with its collaborators, SecureKey anticipates launching its digital identity network in 2017. And with Wolfhound’s return as CEO, the company plans to further drive development of its SecureKey Concierge service, as well. “We want to help put the consumer back in the middle and let them take control of their digital assets, to share what they want, with whom they want, and always with informed consent,” Wolfond said.

Founded in 2008, SecureKey last demoed its technology at FinovateFall 2012. A Best of Show winner from its demo at FinovateFall 2010, SecureKey announced in September that CBIC had joined its authentication service, SecureKey Concierge. In 2015, SecureKey was named to KPMG and H2 Ventures’ Fintech 100.

Finovate Alumni News

On Finovate.com

  • SecureKey Raises $20 Million in New Funding

Around the web

  • Roostify teams up with Optimal Blue to improve the online experience for borrowers.
  • Partners FCU to deploy Kony Mobility Platform.
  • Forte Payment Systems to serve as the single premier gateway provider for Acryness Inc.
  • Portugal’s Banco CTT chooses FusionBanking Essence from Misys.
  • International payments provider, OFX, integrates with cloud accounting-software innovator, Xero.

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

  • Ripple Raises $55 Million Series B; Announces New Bank Partners
  • Hoyos Labs Rebrands as Veridium; Launches New Biometric Authentication Solution

Around the web

  • Wipro establishes blockchain research center at its Begaluru campus.
  • Sumitomo Mitsui Financial Group (SMFG) chooses biometric authentication from Finovate newcomer Daon. Video of Daon’s debut at FinovateFall will be available soon.
  • CBIC to join SecureKey’s Concierge, an authentication service.
  • Braintree SDK to help merchants in Europe accept UnionPay to better reach Chinese consumers.
  • Fidor Bank teams up with GFT Technologies to build mobile banking app.

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

  • “CoverHound Completes $33 Million Series C”
  • “Trading Ticket Picks Up $4 Million in Seed Funding from Citi, Valar Ventures”

Around the web

  • Engage Financial Technology, formerly OnBudget, powers BBVA’s new ClearSpend mobile budgeting app.
  • Eastern Bank to pilot Stratos partner program.
  • PYMNTS considers BlueVine’s approach to factoring.
  • CellTrust named a finalist for Arizona Technology Council’s 2015 Governor’s Celebration of Innovation Awards.
  • SecureKey brings its SecureKey Concierge authentication and ID verification service to the U.S.
  • Temenos executive James Redfern joins eWise as Global Head of Sales.
  • Geezeo unveils new API website with revised REST API and .NET SDK.
  • ShopKeep acquires Ambur, an mPOS software specialist.
  • TIO Networks forms TIO Telecom Solutions, a new division focused on the needs of network operators.
  • ThreatMetrix experiences 50% increase in mobile volume since Sep 2014.
  • Kanto X hits $2+ billion in currency-exchange transactions.
  • Check Point and AirWatch partner to secure the future of the mobile enterprise.
  • 7-Eleven and PayNearMe launch PayNearMe Bill Pay app, a full-service bill-payment center.

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.

Celebrate Canada Day with Our Alums from the Great White North

CanadaDay_cupcakes

July 1st is Canada Day, the day Canadians from Nova Scotia to British Columbia and all the provinces in between celebrate the day the country we know as “Canada” was officially formed as a single nation within the British Empire.

So if you’ve got room in your schedule for one more Canada Day Celebration, then please join us in spending a little time celebrating with a score of Finovate alums that are driving fintech innovation in and out of “the Great White North.”

And a special Canada Day shout-out to Finovate partner, the Canadian Trade Commissioner Service, which supports Canadian startups through mentorship and access to U.S. partners and investors.

SecureKey Raises $19 Million in Series C

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In a round led by Blue Sky Capital and Rogers Venture Partners, Toronto-based authentication specialist SecureKey has raised $19 million in new funding. The Series C investment brings SecureKey’s total capital to more than $70 million.

SecureKey also announced the appointment of Didier Serra to Executive Vice President. Serra will lead the company’s consolidated sales and marketing team.

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Charles Walton, SecureKey CEO said that the funding will play a key role in helping the company grow “as people, governments, and organizations worldwide embrace a future that removes the burden of passwords” while preserving both convenience and choice for consumers.
Blue Sky Capital’s Greg Wolfond echoed the importance of balance between convenience and privacy. Wolfond suggested that the path to new data-enabling and critical online services is paved with the ability of companies like SecureKey to provide secure authentication.
“Today’s consumers need and expect convenient access to the online services they use most, without sacrificing the critical security of their personal information,” Wolfond said.
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Above: SecureKey Vice President for Partner Engagement Chris Gardner demoing at FinovateFall 2010 in New York
SecureKey’s primary product line includes briidge.net Exchange and briidge.net Connect. The Exchange can be used to establish “identity ecosystems” that make online enrollment easier without compromising user privacy. Account opening, age verification, and health information exchange are a few of the ways the exchange serves its users. With Connect, SecureKey provides cloud-based, multi-factor authentication protection using device-based digital IDs.
Founded in 2008, SecureKey is headquartered in Toronto, Ontario, Canada, and has offices in Boston, San Francisco, and Washington, D.C.  The company recently made headlines by earning a spot in KPMG’s “50 Best Fintech Innovators Report” and announcing a partnership with Oberhur Technologies to provide security for a wide range of cloud-based transactions including online banking, online payments, and eCommerce.
SecureKey demoed its technology at FinovateFall 2010 in New York, winning Best of Show honors.

Finovate Alums Fill Ranks of KPMG’s Fintech Innovators for 2014

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Draw up a list of the top fintech innovators of 2014. Got it? Now tell me how many of your top 50 companies are not just impressive companies in their respective fields, but Finovate alums, as well.

If you are global accounting and consulting group, KPMG, then the answer is “more than half.”

Of the 50 companies recognized by KPMG in its 2014 review of top fintech innovators, 27 have demoed their technologies at Finovate conferences. And of that 27, 13 have won Best of Show at least once.
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The inaugural “50 Best Fintech Innovators” report is a joint venture between AWI Ventures KPMG Australia and the Financial Services Council (FSC). 
The companies chosen were selected based on four factors: total capital raised, rate of capital raising, degree of sub industry disruption, and “degree of product, service, customer experience and business model innovation.” 
Writing in an introduction to the report, AWI Limited CEO Ben Heap explained why fundraising played such a prominent part of the selection process.
“These assessment criteria reflect the fact that venture capital invested is a relevant measure of innovation which in turn fuels enduring competitive advantage,” he wrote. 
“Venture capitalists seek this enduring competitive advantage over and above everything else.”
Here’s a breakdown of Finovate alums in the list, in order of appearance, along with links to their most recent demo video. Boldface indicates Best of Show winner.
“Ones to Watch” 
See the full list of companies here.

Alumni News– November 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOberthur and SecureKey announce collaboration to enable secure cloud transactions.
  • Zopa reports £250 million lent in 12 months.
  • Xendpay eliminates fee for overseas bank-to-bank transfers.
  • MX boosts its funding total to $20 million with new investment.
  • Xpenditure announces two new partnerships, US expansion.
  • Financial Advisor profiles robo-advisor, iQuantifi.
  • SK Planet teams up with Celcom Axiata Bhd to form joint-venture company, Celcom Planet.
  • Programmable Web takes a look at Feedzai’s anti-fraud API.
  • EyeVerify announces Eyeprint ID v2.0 to launch in January on iOS and Android.
  • Fidor Bank and Kraken join forces to launch specialized bank for crypto currencies.
  • TipRanks CEO and co-founder Uri Gruenbaum discusses financial accountability in a CNBC panel discussion.
  • Dragon Wealth named Euromoney Magazine’s Best Wealth Management Innovator in Asia.
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.

FinDEVr Preview: Who’s Who on Day Two

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There will be a lot going on over the course of the two day FinDEVr conference in San Francisco next Tuesday and Wednesday. You can still pick up your ticket here.

Each of the companies below will have 6 minutes on stage to show off what their tools are all about:


PaystandLogo

PayStand, an online payment solution that offers zero transaction fees

Presentation: Comparing the Strengths and Weaknesses of Different Payment Types
Card Networks (Visa/MasterCard/Amex), eCheck (ACH/Bank Network/Check21), and Digital Currency (Bitcoin/Ripple/Altcoins) all have unique advantages and disadvantages. Explore the different use cases of why each are valuable and learn how to use PayStand’s unique multi-payment network technology to build the next generation of commerce applications.
Why it’s great for developers:
 
    • Payments as a service
    • Enables merchants to accept eCash, eCheck, and credit card payments
    • Allows for no transaction fees
PayStand is an online payment solution that enables organizations to accept credit cards, eChecks, and digital currency without transaction fees.

PlaidLogo

Plaid, an API that powers fintech applications

Presentation: Plaid: API for Financial Infrastructure
Learn all about Plaid, the problems we’re solving, and the companies we power.
Why it’s great for developers: 
    • Access detailed account and transaction data from financial institutions
    • Authorize accounts for ACH and Wire transfers in seconds
    • Verify account holder information

Plaid is an API for financial infrastructure – we give developers the tools they need to build applications that interface with banks.


PrudenaLogo

Prudena is a subscription-based online community that provides value analysis to developers.

Presentation: Prudena: Automating Financial Statement Analysis
Charlie Strout founded Prudena when – after graduating from Columbia Business School – he decided performing fundamental equity analysis was too labor intensive. The presentation discusses how he was able to leverage existing APIs to develop Prudena’s analysis tools and publish his own API.

Why it’s great for developers: 

    • Allows you to reduce the time required to perform financial statement analysis
    • Better understand risk by running simulations
    • Aggregate your investments accounts
Prudena automates the process of performing high-quality financial statement analysis–saving investors time and improving their decision-making processes.


securekeyLogo

SecureKey Technologies delivers authentication solutions for online consumer services

Presentation: Moving Away from Passwords: The Future of Digital Identity
We are first exploring some of the traditional ways to secure online access. We will then look at a more innovative approach via device anchoring and dynamic authentication that will show the audience how to strongly and uniquely identify customers with a unified solution across devices.
Why it’s great for developers: 

    • Every authentication event provides unique proof of their customer’s identity
    • Simple access with a better, more secure user experience
    • Eliminates password frustration
briidge.net Connect can provide users with the opportunity to use simpler methods that are actually far stronger than passwords and better secured.

SekurMeLogo

Sekur.me eliminates passwords by turning your phone into your digital identity. 

Presentation: Want to be secure? Eliminate passwords!
If you don’t have a password, it cannot be stolen. See a live demo of a patented disruptive technology taking security to the next level, while making login safer and simpler. And see how it can be used to secure payments and reduce shopping cart abandonment for eCommerce and mCommerce.
Why it’s great for developers: 

    • Eliminate passwords
    • Single-Click payments
    • Checkout and pay in 9 seconds
If you don’t have a password, it cannot be stolen.

SimplyTappLogo

SimplyTapp provides host card emulation

Presentation: Host Card Emulation
Overview of SimplyTapp’s HCE solution and offering.
Why it’s great for developers: 

Host Card Emulation (HCE) is the presentation of a virtual and exact representation of a card using only software.

TagCashLogo

Tagcash, a digital payments and rewards company

Presentation: TAGCASH
The importance and benefits of a platform for both users and merchants that makes use of these key features: digital wallet usage, merchant payments integration, remittance capabilities, and built-in rewards program (which includes marketing modules and advertising).
Why it’s great for developers: 

    • Digital Wallet Usage (including Remittance)
    • Rewards Program
    • Practical Advertising
Cash, Rewards, and Advertising can all be found on a single (yet multi-featured) and safe /secure platform.

TxPUSHlogo

The TxPUSH Initiative makes real time account events available to third party apps.

Presentation: Aggregation 2.0 – TxPUSH and the Evented Financial Web
TxPUSH technology is focused on aligning app user experience and FinTech industry players around the Evented Financial Web. The TxPUSH technology will improve the security model of the existing account aggregation ecosystem and promote the delivery of real-time financial transaction data to account holders in the apps they choose.
Why it’s great for developers: 

    • Eliminate third party interactions with user credentials
    • Push real time transactions to your app
    • See the launch of TxPUSH and the Evented Financial Web
TxPUSH and the Evented Financial Web deliver the framework to build secure, event driven, real-time apps for the Evented Financial Web ecosystem.

ThinknumLogo

Thinknum provides technology for financial analysts to host their financial data in the cloud.

Presentation: Thinknum: A Powerful Web Platform for Financial Analysis
Learn about Thinknum, the web platform that is changing the way that financial analysts work. Find out more about our unique data and technology that enhances the financial research process.
Why it’s great for developers: 

    • Utilize unique web data to value companies
    • Leverage web technology to enhance the research process
    • Manage user generated content
Thinknum is changing the way that financial analysts work, enabling them to manage their own content while enhancing their research processes.

TruliooLogo

Trulioo a cyber identification company.

Presentation: Trulioo’s Global Gateway
Demonstrating how Trulioo’s Global Gateway verifies a consumer’s identity within a single, unique portal. We will input a person’s first name, last name, date of birth and address to show how Trulioo verifies these attributes from our 130+ data sources.
Why it’s great for developers: 

    • Anti-Money Laundering and Know Your Customer compliant electronic ID Verification
    • Instant global address verification for ecommerce and P2P
    • Access over 3B identities
Global Gateway is the leading identity verification solution with the largest coverage in the market.

Alumni News– August 26, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgACI Worldwide ranks #36 in Apps Run the Cloud’s Top 500 application vendors.
  • Startups.co.uk interviews Michael Kent, CEO and founder of Azimo.
  • TechCrunch profiles Finland-based startup, Holvi.
  • American Banker looks at how banks can use BizEquity’s app that enables small businesses to estimate the value of their company.
  • Wade Arnold, founder of Banno which was sold to Jack Henry & Associates, is 1 of 5 finalists honored in annual Silicon Prairie Awards.
  • SecureKey and Trustonic partner to enable SecureKey’s briidge.net Connect services to work with Trustonic in select mobile devices. Check out SecureKey at FinDEVr this fall.
  • Bank Mutual selects D+H’s Mortgagebot solution for end-to-end mortgage lending.
  • India’s Bank of Maharashtra deploys FIS payment platform.
  • The new Citi Wallet supports digital payments via MasterPass from MasterCard. See the company present at FinDEVr in San Francisco this fall.
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.

Alumni News– July 28, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgPayPal announces partnership with MyOrder to enable PayPal payments at 1,500 locations in the Netherlands.
  • SecureKey launches new single-stack API integrations for card-present, card-not-present, and ACH transactions.
  • Concur adds gamification features to TripLink, the company’s spend management solution.
  • Expensify changes report submission and approval process for those using Expensify outside of an expense policy.
  • Concur partners with Airbnb to make it easier for business travelers to file expenses when booking on Airbnb.
  • RazorSocial takes a look at simplifying Google Analytics using Quill Engage from Narrative Science.
  • Financial Guard featured in Investment News’ review of “robo-advisors” and online investment managers.
  • Huffington Post: Pellucid Analytics turns data into content to make lives easier for investment bankers.
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.

Alumni News– July 11, 2014

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  • Taulia launches Early Payment Quick Start Initiative to facilitate early payment financing for small businesses.
  • SecureKey teams up with Oberthur Technologies to offer new, device-based online authentication solutions.
  • Guest column by Monitise in Forbes says Turkey is fertile ground for technology innovation.
  • Germany-based ayondo opens office in Singapore.
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.