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.

Finovate Alumni News

On Finovate.com

  • Kazakh Eurasian Bank Upgrades Cash Tech with Fiserv.
  • Token.io Teams Up with Omnio Group to Boost Open Banking.
  • Financeit to Power Mobile POS Financing for ServiceTitan.
  • Expensify Integrates with Southeast Asia Ridesharing Company Grab.

Around the web

  • The Five Minute Founder podcast interviews Jake Tyler, Finn AI CEO.
  • STRANDS and adorsys expand their partnership for digital transformation for global financial services.
  • Signifyd to power fraud protection for Solupay’s NetSuite SuitePayments.
  • Kony ships Kony Quantum for Microsoft Azure and Kony DBX digital banking suite on Kony Quantum for Azure.
  • Connect Financial Software Solutions partners with CuneXus to offer the CuneXus perpetual loan automation platform to its credit union clients.
  • Georg von Brevern joins Ixaris as Chief Legal and Compliance Officer.
  • Telenor to acquire majority stake in the Finnish telecom operator DNA.
  • Crypterium launches Crypterium SX, an AI-based system that ensures all transactions get the best exchange rates available.
  • Omnio Group and Token.io partner to deliver open banking and PSD2 compliance to Omnio’s financial institution customers.
  • Raiffeisen Bank International partners with Feedzai to bring advanced ML to European banking to fight fraud.
  • Jack Henry’s ProfitStars unveils Gladiator Total Protect, a suite of managed IT, network security, and compliance services to enhance banks’ cybersecurity and compliance management.

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

  • Kantox Closes $5.7 Million to Bring More Tech to FX.
  • Payfone Raises $24 Million in Round Led by TransUnion.

Around the web

  • Kony helps Amway drive digital innovation for business owners across 100 countries and territories.
  • Revolut adds 5 new currencies to the app including: MXN, SAR, RUB, HRK, and BGN.
  • Entersekt expands operations, opening second office in Cape Town.

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

  • Fintonic’s $21.4 Million Funding Boosts Valuation to $180 Million.
  • Sezzle Raises $5.6 Million in New Funding.
  • Fintech’s Innovation Opportunity: From AI to UX.

Around the web

  • Dwolla wins Best B2B Payments Product in the FinTech Breakthrough Awards.
  • G2 Crowd names Signifyd the leader in customer satisfaction in the fraud protection market.
  • FreeAgent launches new option that lets you create estimates that exclude the VAT amount from totals.
  • RightCapital selected to join LPL Financial’s Vendor Affinity Program.
  • American Banker: Envestnet to add lending option to its wealth services.
  • Taulia taps Google Cloud to launch AI-powered invoicing solution.
  • LendIt recognizes CuneXus as Top Emerging Tech Company, marking the company’s 3rd major industry recognition of 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.

Signifyd Unveils Chargeback Solution for Online Merchants

Malicious activity from cybercriminals tends to dominate the conversation about cyberfraud. But “friendly fraud” – the kid inappropriately making purchases on a parent’s credit card, for example – costs merchants more than $15 billion a year in chargeback losses.

Add to this both legitimate chargebacks on one hand and sophisticated criminal organizations that exploit chargeback processes to commit fraud on the other, and it’s easy to see how much of an issue chargebacks can be for e-commerce merchants.

To help merchants better manage with these challenges, antifraud solution provider Signifyd has unveiled a new offering Signifyd Chargeback Recovery to give companies the ability to respond to all types of chargebacks – from legitimate error to fraud, “friendly” or not.

“During business reviews with our merchants, we noticed that managing the remaining, non-fraud chargebacks was still a significant issue for many merchants,” Signifyd group product manager Gayathri Somanath said. “Analyzing the problem further, we believed that we could streamline the process for them to ensure their customers are treated well, while abusive consumers are stopped and revenue lost to them is recovered.”

Signifyd Chargeback Recovery is an expansion of the company’s Commerce Protection Platform for online merchants. The solution leverages advanced AI and the company’s data network of more than 10,000 merchants and 250+ million consumers around the world to analyze individual chargebacks in milliseconds.

The technology’s “intelligent targeting” differentiates legitimate shoppers from abusive customers and fraudsters. This ensures that the online merchants’ actual customers are treated well during the dispute process, while questionable chargeback requests are met with challenges such as customized evidence letters.

Founded in 2011 and based in San Jose, California, Signifyd demonstrated its Guaranteed Payments solution at FinovateSpring 2013. Guaranteed Payments provides an additional layer of security for CNP (card not present) merchants using Signfyd’s anti-fraud platform by assuming liability in the event of an error.

Earlier this year, Signifyd opened a new R&D center in Belfast, Ireland, which is expected to generate 150 new jobs. This was accompanied by a series of new hires designed to help the company’s global expansion efforts, and the company’s announcement of a new EMEA headquarters in London.

Named to CB Insights 2019 AI 100, Signifyd has raised $185 million in funding, and includes Menlo Ventures, Bain Capital Ventures, and PremjiInvest among its investors. Raj Ramanand is Signifyd’s CEO.

Finovate Alumni News

On Finovate.com

  • Signifyd Unveils Chargeback Solution for Online Merchants.
  • Tink to Support Payment Initiation, PFM for Lunar Way.

Around the web

  • Jumio wins trio of honors at 2019 InfoSec Awards: Market Leader in Compliance, Best Product in Biometrics, and Best Product in Fraud Prevention.
  • Tradeshift and Basware end takeover talk.
  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • TickSmith launches new transaction cost analysis (TCA) solution.

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.

Signifyd Takes in $100 Million in Series D Funding

Ecommerce fraud protection provider Signifyd has more than doubled its financing total with a new round of funding today. The company just closed a $100 million Series D round, bringing its total to $187 million.

Leading the round is Premji Invest, with participation from existing investors Bain Capital Ventures, Menlo Ventures, American Express Ventures, IA Ventures, Allegis Cyber, and Resolute Ventures. Signifyd will use the new capital to grow its retail customers.

“Premji invests in private companies with all the necessary ingredients to become thriving stand-alone public companies,” said Sandesh Patnam, lead partner at Premji Invest. He added that his firm is impressed with Signifyd’s growth, company culture, and the breadth of its customers. “More than that,” Patnam continued, “it comes down to the high quality of Signifyd’s innovation and technology. It couldn’t be clearer that guaranteed fraud protection is reaching mainstream adoption, and Signifyd is leading this space.”

Founded in 2011, Signifyd offers fraud protection for ecommerce merchants using technology that leverages machine learning algorithms, user behavior, and data science to identify fraudulent orders. Signifyd reduces merchant chargebacks on fraudulent charges, as well as saves companies money on shipping declined orders. In one case study, the company helped a major retailer realize a return on investment of 3.8 times over three years. Signifyd currently serves 10,000 retailers across the globe including top brands such as Build.com, Helly Hansen, iRobot, Jet, Lacoste, and Wayfair.

Signifyd demoed its chargeback mitigation solution at FinovateSpring 2013. Last month, the company opened its first European office in Spain following a partnership with Magento in February. Signifyd has been named on the Forbes FinTech 50 and was listed among Bloomberg’s 50 Most Promising Startups. Additionally, it has been named a top place to work by Entrepreneur, Inc. Magazine, San Francisco Business Times, and the Silicon Valley Business Journal.

Finovate Alumni News

On Finovate.com

  • Tradeshift Raises $250 Million in Round Led By Goldman Sachs.
  • VASCO Rebrands as OneSpan to Focus on Secure Onboarding.
  • Signifyd Takes in $100 Million in Series D Funding.

Around the web

  • Compass Plus announces new partnership with Payhuddle Solutions in Asia Pacific.
  • FICO to help Raiffeisen Bank accelerate digital transformation.
  • Fidor appoints Adam Woolford as Chief Information Officer.

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.

Signifyd Partners with Corra to Provide Guaranteed Fraud Protection to E-commerce Merchants

Fraud prevention specialist Signifyd announced a strategic partnership with e-commerce website designer Corra that will bring guaranteed fraud prevention technology to Corra’s high-end enterprise retail customers.

“Corra embraces the same deep commitment to merchants that Signifyd does,” Lee Hadsock, head of partnerships for Signifyd, said. “We believe in doing what needs to be done to ensure that merchants are successful – and to provide fraud-protection services, technology and tools that mean they don’t have to be distracted by issues and operations that are outside the core of their businesses.”

The partnership, announced at the eTail West conference, will give Corra clients both full financial protection from fraud costs, as well as the technology merchants need to establish the legitimacy of customer orders within milliseconds. Corra is a digital agency that builds commerce experiences for fashion, beauty, and lifestyle brands around the world. Signifyd’s partnership with the company is in some ways an extension of the relationship the company developed with Magento Commerce last fall.  The press release accompanying the announcement noted that both companies had been honored by Magento in 2016 – with Corra being named Magento Omnichannel Partner of the Year and Signifyd earning plaudits as Magento Best New Technology Partner of the Year.

Director of Global Strategic Alliances for Corra, Martina England praised Signifyd as an “enterprise-ready partner that can help us help our customers grow and succeed.” England referred specifically to the fraud fighter’s technology and domain expertise, as well as the firm’s sizable customer roster and history of success in supporting e-commerce. “We examined the full complement of guaranteed fraud protection players and found that Signifyd, far-and-away, met the needs of our clients,” England said.

Leveraging big data, machine learning, and human intelligence, Signifyd’s technology protects more than 5,000 online merchants and more than $37 billion worth of products against fraud. Available as an e-commerce platform plug-in as well as via an API, Signifyd automates back office operations including auto-fulfill and auto-cancel on orders, and makes it easy for merchants to get paid for chargebacks within 48 hours. Additionally, Signifyd offers a 100% financial guarantee in the event that an order approved by Signifyd’s technology proves ultimately to be fraudulent.

Founded in 2011 and headquartered in Palo Alto, California, Signifyd demonstrated its Guaranteed Payments solution at FinovateSpring 2013. Earlier this month, the company’s co-founder and CEO, Rajesh Ramanand, was named to One World Identity’s Top 100 Influencer’s list (along with 19 other Finovate alums). Signifyd partnered with Authorize.Net to bring its fraud protection technology to that firm’s U.S.-based e-commerce merchants last summer, less than one month after being added to CB Insights’ Fintech 250 list. The company has raised more than $89 million in total capital, including picking up $56 million in funding last year in a Series C round led by Bain Capital Ventures.