Sensibill Unveils Partnership with JPMorgan Chase

Digital receipt management specialist – and FinovateFall Best of Show winnerSensibill has forged a new partnership that will put its receipt capture and management solution in the hands of more banking customers.

JPMorgan has agreed to integrate Sensibill’s technology into its Chase Mobile Banking app, making it easier for the firm’s customers to manage expenses, provide proof of purchase for insurance claims, and monitor spending “at a granular level.”

The offering will be made available to the 38 million active users of Chase’s mobile app as part of a progressive rollout later this year. As the U.S. consumer and commercial banking business of JPMorgan Chase & Co., Chase has 4,900+ branches in 38 states and the District of Columbia, as well as a network of 16,000 ATMs.

“Chase has created a digital banking experience that makes it easier for consumers and businesses to manage their finances,” co-founder and Sensibill CEO Corey Gross said. “Through our partners with Chase, millions of customers will have access to a best-in-class product that solves the hassle of expense and receipt management.”

Sensibill’s smart receipt management enables users to capture any physical receipt or invoice by taking a photo or forwarding an email. The solution leverages optical character recognition (OCR) and AI to turn receipt images into categorizable data that can be downloaded into expense reports, spreadsheets, or other digital documents. Sensibill makes it easier to organize and add context to expenses, and includes functionality to link receipts to card transactions for SKU-level visibility into spending.

The technology also helps financial institutions enhance their customer engagement by leveraging digital receipt data to offer more personalized solutions. Sensibill’s 75 financial institution partners in North America and the U.K. have used the technology to spot small businesses that may be ready to migrate from a personal to a business account, identify non-card spending patterns to better guide their own product offerings, and build brand loyalty.

Founded in 2013, Sensibill has raised $55.4 million in funding according to Crunchbase. The company, based in Toronto, Ontario, Canada, includes Radical Ventures, First Ascent Ventures, Information Venture Partners, Impression Ventures, and Mistral Venture Partners among its investors.

Sensibill Pilots SME Receipt Management Technology with Metro Bank

UK-based Metro Bank has partnered with Canadian technology firm Sensibill to launch a receipt management beta for SMEs, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

The new feature, available via the Metro Bank app in 2020, will allow users to capture receipts using a smartphone camera and have them be automatically added to their transaction history.

According to the bank, the new pilot is the first in a “long list of innovations” that it is set to test out in the 2020. Metro states that it plans to “take the essential daily tasks of invoicing, receipt management, bookkeeping and VAT returns, and embed them intuitively into the Metro Bank mobile app.”

Paul Riseborough, chief commercial officer at Metro Bank, said of the new pilot: “Accounting tasks, along with chasing invoices and staying on top of receipts, are major pain points for SMEs.”

“By partnering with Sensibill we’re offering an innovative, digital solution that solves real problems for our customers, saving them time spent on admin and allowing them to focus on running and growing their business. And this is just the first piece in the puzzle as we set about developing a major new digital ecosystem of services to help SMEs,” Riseborough said.

Co-founder and CEO of Sensibill, Corey Gross, added: “Metro Bank is building a suite of compelling tools that will help transform the small business banking experience in the UK.”

“Our partnership with Metro Bank demonstrates our shared focus to deliver customer-centric solutions that improve the financial well-being of banking customers. We’re excited to support Metro Bank’s commitment to strengthening its relationship with their customers through digital innovation,” Gross said.

In October Metro Bank announced that it would be partnering with a number of fintech firms following the £120 million funding it secured from the Capability and Innovation Fund in February.

Sensibill demonstrated its Receipts for Microbusinesses solution at FinovateEurope 2018 in partnership with NatWest. The Toronto, Ontario, Canada-based company was founded in 2013, and has raised more than $50 million in funding. Sensibill includes Radical Ventures, First Ascent Ventures and National Bank of Canada among its investors.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Raise More Than Three Billion in 2019; $676 Million in Q4.
  • Sensibill Pilots SME Receipt Management Technology with Metro Bank.

Around the web

  • Mastercard partners with CleverCards and Appreciate Group for launch of digital gift card in the U.K.
  • TransferWise for Banks launches in Canada with EQ Bank as first partner.
  • CREALOGIX appoints Oliver Weber as new CEO as of January 2020.
  • Card issuing platform Marqeta and cloud banking services provider Mambu announce new collaboration.
  • Klarna to open tech hub in Berlin, Germany.
  • Splitit forges new strategic partnerships with Malaysian payment solution provider iPay88 and global payments company BlueSnap.

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

  • Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500
  • TransferWise Teams Up with GoCardless to Launch Global Network for Bank Debits
  • Finovate Global: Saudi Arabia Bets Big on Fintech; Sberbank Unveils Russian Supercomputer

Around the web

  • Worldline and Bitcoin Suisse partner to enable use of cryptocurrencies at the point of sale.
  • Ripple’s RippleNet tops 300 customers.
  • Tink hires Stripe’s former head of EMEA banking as its new Country Manager for the U.K. and Ireland.
  • DemystData makes Equifax data assets available on its marketplace in expansion of current partnership.
  • Fenergo earns recognition from Chartis Research in its RiskTech 100 2020 report as a category leader for Client Lifestyle Management and Know Your Customer.
  • RISQ Intelligent Software International and Compliy win finalist spots in the Monetary Authority of Singapore’s Global FinTech Hackcelerator.
  • Sensibill named a “Company to Watch” in Deloitte’s Technology Fast 50 Awards.

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

Around the web

  • Digital Finance Institute features Ethoca, Financeit, Flybits, Horizn, On Deck Canada, Salt Edge, Sensibill, and TickSmith in its look at the top fintech companies in Canada in 2019.
  • AdviceRobo launches new pan-European PSD2 categorization and default prediction API for lenders, CatRobo.
  • Thomson Reuters purchases regtech collaboration platform, HighQ.

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.

Canada’s Sensibill Closes $31.5 Million Series B

Toronto-based fintech, Sensibill, has raised $31.5 million in a Series B funding round led by Radical Ventures, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

Previous investors Information Venture Partners and First Ascent Ventures joined National Bank of Canada and others in the round.

This latest round takes the total raised to $46.5 million for Sensibill, which provides receipt management for mobile banking apps. Sensibill will use the funds to advance its AI-assisted decisioning and pursue its mission of unlocking the value of purchase data.

The company aims to offer contextual advice to users and says it is working with over 30 major banks in the U.S., U.K. and Canada – including Bank of Nova Scotia, Royal Bank of Scotland Group and FIS.

“We’re helping champion the future of work,” said Corey Gross, co-founder and CEO of Sensibill. “That means supporting small business owners, freelancers and entrepreneurs – they’re the fastest growing segment and the most underserved by banks.”

He added: “What we’re trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption. Tools beyond core banking, an incredible customer experience and meaningful customer insights for banks – that’s what we bring to the table.”

Jordan Jacobs, co-founder and managing partner at Radical Ventures, commented: “This is a classic story of an under-the-radar company from Toronto with fantastic data-driven, customer-facing AI solutions being used by a who’s who of global Tier 1 banks.”

Since its last funding round, Sensibill has more than doubled its workforce and opened a U.K. office.

Sensibill demonstrated its Receipts for Microbusinesses solution at FinovateEurope 2018 – in partnership with NatWest. Founded in 2013, the company was featured last month in Startup Here Toronto and this spring announced that it was chosen to participate in the incoming cohort of startups for Plug and Play’s Fintech Europe accelerator program.

Finovate Alumni News

On Finovate.com

Around the web

  • Startup Here Toronto features Sensibill.
  • Paysend announces expanding network and latest funding round.
  • Tinkoff announces the launch of Tinkoff Capital management company.
  • Entrust Datacard completes acquisition of nCipher Security.

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.

Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort

A pair of Finovate alums – including a Best of Show winner – are among the nine companies chosen to participate in the incoming group of startups for Plug and Play’s Fintech Europe. Nordigen, which made its Finovate debut at FinovateFall last year, and Sensibill, which won Best of Show in its FinovateFall debut in 2017, will join the fintech accelerator’s 12 week program.

“This batch has a strong focus on AI and Machine Learning,” Program Director  Fernando Zornig said, “with startups in their seed stage all the way to Series C.” Also participating in the upcoming class are: Bankify, Digital Shadows, E-bot7, Fino Digital, Labest, Precire, and Spin Analytics.

The nine startups in the incoming cohort, Fintech Europe’s third, were selected from more than 214 applicants. The program will give startups the opportunity to meet and work with Plug and Play’s corporate partners, as well as examine pilot projects and potential business and investment opportunities. “We are very excited with this new class of companies that are bringing a new atmosphere to the corporate ecosystem,” Zornig said. “They will get connected with financial institutions from all over the Euro-Zone and beyond.”

Fintech Europe also announced that its partner base had expanded to nine financial institutions: Deutsche Bank, TechQuartier, BNP Paribas, Nets Group, Aareal Bank, Abanca, Danske Bank, DZ Bank, and Elo.

Nordigen demonstrated its Nordigen Report at FinovateFall 2018. The Report gives banks and lenders more information about applicants with little credit history, and supports verification of any current liabilities or “red flags” like previous debt collection. The solution also gives lenders new predictive features for credit risk modeling. Founded in 2016 and headquartered in Riga, Latvia, the company returned to the Finovate stage earlier this year.

Last month, Nordigen was featured in EU Startups’ article, 10 Latvian startups to look out for in 2019. The company raised $800,000 in new funding last fall.

Sensibill was founded in 2013 and is based in Toronto, Ontario, Canada. The company demonstrated its Insights+ technology, which helps FIs spot revenue opportunities from on- and off-card purchase data, at FinovateFall 2017, earning a Best of Show award. Named to KPMG and H2 Venture’s Fintech 100’s Emerging Stars, Sensibill since then has announced partnerships with NatWest, Quontic Bank, and Royal Bank of Scotland.

Finovate Alumni News

On Finovate.com

  • Nordigen, Sensibill Earn Spots in Fintech Europe’s Incoming Cohort.
  • Jumio Unveils Automated AML Screening Solution.
  • Community Access from Urban FT Brings Digital Tools to Small Banks.

Around the web

  • PayPal teams up with JP Morgan Chase to offer instant transfer option.
  • Coinbase’s Custody service completes its first over-the-counter trade directly from offline storage.
  • HackerOne announces detecting vulnerabilities in up to 43 digital asset projects.
  • Ping Identity wins the DeveloperWeek 2019 Devies Award and the Info Security Global Excellence Award.
  • The Paypers interviews Modo CEO and founder Bruce Parker.

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

  • New Investment Helps Power Canadian Expansion for Financial Data Platform Quovo.

Around the web

  • HTC Global Services joins Quadient Partner Advantage Program.
  • Token Granted FCA Authorisation For Open Banking Payment & Information Services.
  • Erste Bank Hungary Readies for Immediate Payments and Open Banking Era with ACI Worldwide.
  • NICE’s Cognitive Robotic Automation Platform allows Amazon Lex’s conversational chatbot to fulfill more customer requests in real-time.
  • Salt Edge supports Account Information Services flows authorized under PSD2 Third Party Providers.
  • Sensibill powers receipt management for Quontic Bank.
  • Digital Onboarding to enhance Belmont Savings Bank’s customer engagement by increasing new checking account activation rates.

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

  • TransUnion to Acquire Callcredit for $1.4 Billion.
  • Mortgagetech Company Mr. Cooper Appoints Tony Ebers as COO. Come check out Mr. Cooper’s live demo at FinovateSpring next month.

Around the web

  • Fiserv announces partnership with Mexican credit union cooperative, Siscoop.
  • Customers Bank ($10 billion in assets) chooses core banking platform from FIS.
  • La Voz de Galicia profiles Spanish mobile banking startup, Fintonic (in Spanish).
  • Ovum names OutSystems a Market Leader in for Enterprise Mobile Application Development platforms.
  • TransUnion to acquire Callcredit in deal valued at £1 billion ($1.4 billion).
  • Ovum names Kony a leader in mobile app development platforms.
  • Cardlytics Chief Legal Officer named Atlanta Business Chronicle’s Corporate Counsel of the Year.
  • Uniken CEO recognized as a top 100 Most Innovative Business Leader.

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.

FinovateEurope Sneak Peek: Sensibill and NatWest

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Sensibill and NatWest are transforming banking services for small businesses, offering a powerful tool for NatWest’s SME customers to manage their expenses and gain control of their finances.

Features

  • Capture paper and digital receipts within NatWest’s mobile banking app
  • Receive automatic transaction matching for the receipts
  • Leverage the export feature for expense reports and taxes

Why it’s great
NatWest’s solution powered by Sensibill helps SMEs manage their receipts so they can spend more time focusing on what they love and do best – running their business.

Presenters

Wincie Wong, Digital Propositions Lead, Personal & Business Banking
Wong runs the digital propositions team at NatWest to identify, define and implement the strategic digital experiences of the future for personal and small business customers.
LinkedIn

Robert Fillmore, Vice President & General Manager, EMEA
Fillmore is a sales and operations leader with two decades of experience in scaling up the EMEA operations of North American telecoms and fintechs, leading to successful exits with IBM and Oracle.
LinkedIn

Jan-Lukas Wolf, Senior Manager
Part of Sensibill’s marketing team, Wolf is a financial services professional with years of experience spanning strategic planning, business development, product delivery and risk governance.
LinkedIn