Finovate Alumni News

On Finovate.com

  • Kabbage Pulls in $700 Million in Debt Funding.
  • Fiserv Helps Hellenic Bank Streamline Payments.

Around the web

  • Eurobits Technologies and Trustly partner to help form European Third Party Suppliers Association (ETPPA), a non-profit that strengthensThird Party Suppliers (TPP) around PSD2.
  • Flywire adds machine learning capabilities to its payment platform.
  • Altfi: SocietyOne plans to triple peer-to-peer market share despite Australian ‘challenges.’
  • OnDeck offers same day funding for small business.
  • Cardtronics integrates FIS’ Cardless Cash into ATMs.
  • Identitii partners with Trace Financial Limited to enable the conversion from MT to MX message formats without data truncation or loss of payment message information.
  • Azimo earns license from Dutch Central Bank.
  • InComm named 2018 Vendor of the Year by 7-Eleven.
  • Varo Money chooses NICE Actimize as its AML technology vendor.
  • Capsilon partners with Home Point Financial to launch its new underwriting solution, Capsilon Digital Underwriter.

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

  • Onfido Raises $50 Million in New Capital.
  • Salt Edge Earns Account Information Service Provider License from FCA.

Around the web

  • Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
  • PayPal joins Series A round for Cambridge Blockchain.
  • EVRY partners with ACI Worldwide to enhance its mobile payment service in the Nordics and Europe.
  • ProfitStars wins 2019 FinTech Breakthrough Award for Best Business Lending Platform
  • Capsilon expands executive team, forms new product organization to drive mortgage innovation. Check out Capsilon’s newest tech at FinovateSpring in May.
  • SocietyOne launches new investor trust.
  • Portland Business Journal: Tyfone brings credit unions the digital tools members want.
  • Insuritas partners with Nymeo FCU to launch digital insurance agency.
  • NestReady to power integrated homebuying experience for Resource Financial Services.

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

Around the web

  • Avaloq signs clients for PSD2 service.
  • Kontomatik enters Southeast Asian market.
  • Feedzai named best in class in fraud and AML vendor market by Aite Group.
  • Yahoo! Finance features SocietyOne and the growth of P2P lending in Australia.
  • American Banker: Jumio teams up with ComplyAdvantage to help banks ID crooks.

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

  • Mambu introduces its Mambu Process Orchestrator (MPO), an integration-platform-as-a-service offering to help companies build and manage API- and cloud-based processes.
  • iSignthis teams up with Finland’s biggest cryptocurrency service provider, Prasos.
  • Mozo features SocietyOne in its lineup of 4 Aussie fintechs you need to know about.

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

  • Getting Gritty with Fintech’s Top Trends.
  • TradeIT Teams Up with TradingView to Help Retail Investors Reach Big Brokers.
  • Get Your VAT Back: Expensify Integrations to Streamline Reclamation.

Around the web

  • Mambu extends capacity with Integration Platform as a Service.
  • Entrust Datacard and Blackboard partner to enhance the ID card issuance process.
  • Peer-to-peer lender SocietyOne hits $500 million in loans.
  • CREALOGIX reports record sales for the third time in a row.
  • Compass Plus expands its processing business with Mastercard and Visa certified UK-based processing center.
  • Continuity recipient of 2018 Marcum Tech Top 40 Award.

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.

SocietyOne Appoints New CEO as it Nears $500 Million in Total Lending

Australian peer-to-peer lending company SocietyOne is shaking up its ranks as it approaches a lending milestone this week. The company appointed Mark Jones (pictured) as its new CEO, weeks after founder and former CEO Jason Yetton stepped down.

Jones, who has been with SocietyOne since February 2018, most recently served as chief financial officer and commercial director of SocietyOne. Prior to that role, he worked at WestPac for just over four years, serving in capacities including CFO to Director of Divisional Partnerships. Jones also brings experience from his tenure at Barclays and Citibank.

SocietyOne is celebrating its sixth anniversary this month, just as the company approaches $500 million in total lending since its product was launched in 2012. Since that time, SocietyOne has matched 20,000 customers with $480 million in loans from investors on its platform. The company anticipates it will surpass $500 million in September.

“The last 12 months have represented another year of growth, transformation, and progress,” said Jones. “We have seen continued growth in lending with more than $150 million originated since our fifth birthday.” Along with the boost in lending, Jones attributes the growth to an improvement in margins and disciplined cost management.

Additionally, Jones highlighted SocietyOne’s recent milestones:

  • Closed a strategic investor capital raise in January 2018
  • Appointed Simon Farrell as Chief Technology Officer and Ross Horsburgh as Chief Credit Officer
  • Launched a new personal loan offering through mortgage brokers
  • Ranked by The Australian Financial Review as #37 of the Top 100 Most Innovative Companies for 2018

“The next 6 months will be another exciting period of growth and innovation,” said Jones. Over the next two quarters, SocietyOne will improve the customer experience, build its brand, develop new investor tools, and create new partnerships.

SocietyOne presented its P2P lending platform at FinovateAsia 2012 in Singapore. The company offers borrowers personalized repayment programs with lower interest rates than major banks. Users can borrow between $5,000 to $50,000 for unsecured, personal loans for two, three, or five year terms.

Finovate Alumni News

On Finovate.com

  • SocietyOne Appoints New CEO as it Nears $500 Million in Total Lending.
  • Dublin’s Leveris Picks Up Investment from Link Asset Services.

Around the web

  • Coinbase rebrands its crypto wallet Toshi as Coinbase Wallet; announces acquisition of Distributed Systems.
  • Experian unveils new integrated data and analytics platform, Ascend Analytics on Demand.
  • ID.me to provide its digital credentialing service to government agencies and healthcare organizations as a white label offering in 2019.
  • Kofax earns spot on the Constellation ShortList for Robotic Process Automation.
  • Biometric Update features Jumio, Mitek, and Onfido in a review of digital identity verification providers.
  • Breaking Banks highlights EverSafe in a conversation on how fintech is meeting the needs of an aging population.
  • Ad Exchanger: Cardlytics Says It Hopes To Expand Beyond Bank-Owned Media.

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

  • Temenos Teams with Open Banking API Platform LUXHUB.

Around the web

  • Revolut and Trunomi earn recognition at the Europas Awards.
  • Enveil announces ZeroReveal Compute Fabric technology that offers organizations an encrypted data platform to protect against Nation-state level threats.
  • The Financial Brand features Digital Onboarding.
  • Jack Henry & Associates promotes Mark Forbis to EVP and CTO.
  • Jason Yetton moves on from SocietyOne after two years as CEO (paywall).

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.

The Faves of FinovateAsia: A Brief History of Best of Show Winners

With FinovateAsia less than one week away, it’s worth noting that the history of our Asian conference is a short, but illustrative one. Consider this: of the twelve companies awarded Best of Show from our three FinovateAsia conferences in 2012, 2013, and 2016, more than half are multiple-time Best of Show winners, having impressed audiences in London, Silicon Valley, and New York City, as well as Singapore and Hong Kong. And three of the companies have also been the targets of major acquisitions: IND Group by MisysEyeVerify by Ant Financial, and Yodlee by Envestnet.

So, other than winning multiple Best of Show awards and being acquired by major players in finance and technology, what have the Best of Show winners of FinovateAsia from last year been up to in the time since? See for yourself below.

FinovateAsia 2016Best of Show

Alpha Payments Cloud (demo)

The biggest news for Alpha Payments Cloud since winning Best of Show at FinovateAsia 2016 is likely the company’s comprehensive rebranding as Alpha Fintech in September. The move was designed to affirm the company’s status as “fintech’s first end-to-end middleware,” using a single API and UI to connect merchants and vendor suppliers across “the entire payments, risk, and commerce spectrum.”

Oliver Rajic, Alpha Fintech CEO added “Now with Alpha, (acquirers and gateways) can evolve to enable the right vendor combination for each unique requirement … thereby extending and enhancing their core solution subset.” Alpha Fintech has already made its first agreement under the new rebrand, teaming up with Payture, a major payment gateway in the CIS region. “Among the early adopters of the Alpha Fintech /Payture integration are businesses in Russia’s e-travel consumer market, which the company says is one of the largest segments of Russia’s e-commerce market.

Dynamics (demo)

Multiple-time Best of Show winner Dynamics announced a partnership with LG Electronics earlier this year. The agreement would put Dynamic’s Wireless Magnetic Communication (WMC) technology in LG Pay. The integration will enable LG mobile phones to transmit traditional magnetic stripe information wirelessly to traditional magnetic stripe readers.

“Dynamics has been building wireless magnetic communication solutions for nearly a decade and is widely considered the founder of the programmable magnetic stripe industry,” Dynamics CEO Jeff Mullen said. “Dynamics’ best-in-breed technology will help LG Pay reach hundreds of millions of new payment environments.”

EyeVerify (demo)

Acquired by Ant Financial Services Group just months before making its Best of Show-winning demonstration at FinovateAsia 2016, EyeVerify has hardly rested on its laurels. This summer, for example, the company partnered with fellow Finovate alum Daon, adding Eyeprint ID to Daon’s IdentityX platform. But the biggest headlines from this multiple Best of Show winning company have to do with their rebrand as ZOLOZ back in August.

“When I announced almost a year ago that Ant Financial acquired EyeVerify, I said we want to do more,” company founder and CEO Toby Rush wrote at the company blog. “Today we publicly commit to providing a hosted identity platform that helps people manage their digital lives.” Rush described an initiative to bring identity services to the underserved and underbanked consumers of Asia, with plans to ultimately bring hosted identity solutions to markets in North America and Europe.

Finn.ai (demo)

With two Best of Show awards in two Finovate appearances, intelligent banking assistant developer Finn.ai must be doing something right. Finn.ai earned a spot in Payment Canada’s pitch competition, Dragon’s Den, and was recognized over the summer by Capegemini’s global InnovatorsRace and at the VivaTech conference in Paris, France. Finn. ai also announced a few days ago that ATB Financial would use Finn.ai’s technology to offer its 700,000 customers the first, fully-featured, AI-powered virtual banking assistant on Facebook Messenger.

But in addition to making friends and influencing people, Finn.ai is raising capital, as well. The company raked in $3 million in new funding in October, and plans to use the financing to help add technical talent to its team, as well as support the company’s expansion in the U.S. and around the world. Banking industry veteran, Carrie Russell, who will join Finn.ai as Strategic Executive Adviser, noted the importance in helping banks “move beyond transactional banking to build deeper, more personal relationships with customers.” Russell added “I believe Finn.ai is the right partner to do this, acting as a proactive virtual assistant to help customers understand, plan and take action to improve their financial lives.”

The rest of our FinovateAsia Best of Show winners are listed below:

FinovateAsia 2013Best of Show

FinovateAsia 2012Best of Show

SocietyOne Tops $350 Million in Loans

Australian P2P lender SocietyOne announced today it has issued more than $350 million in loans on its platform since 2012. Additionally, the company has the highest number of current loans, setting a record for itself with $200 million in its books.

“Our growth in 2017 underlines the demand from consumers for a real alternative to the major banks. Consumers are looking for a better deal on their finances and our risk-based pricing is attractive for customers that have demonstrated that they have a good credit history,” said Jason Yetton, CEO and Managing Director of SocietyOne. The company’s loan volumes have seen seven successive quarters of growth. In fact, loan volumes in the first three quarters of this year have totaled $141 million so far; surpassing the $139 million in loans facilitated over the entire course of 2016.

Yetton also noted the growth of SocietyOne’s AgriLending product, which launched in 2014 to serve Australia’s farmers and ranchers. Out of the $350 million in lending on the company’s platform, $80 million was issued to farmers, ranchers, and their agents via AgriLending. “I’m also pleased at the way we are getting behind Australian livestock farmers as the growth in SocietyOne AgriLending has shown. The team is standing ready to help them even more so as rural and regional Australia waits for the rains that will kick start the Spring growth and rearing season,” said Yetton.

In addition to having a strong base of borrowers, SocietyOne reported that the number of lenders on its platform has also risen. The company has an investor base of 320 individuals who have committed a total of $61 million in loans. On the bank side, SocietyOne has 20 partners who have, to date, contributed $100 million of the $350 million in loans advanced to borrowers.

SocietyOne presented its P2P lending platform at FinovateAsia 2012 in Singapore. The company offers borrowers personalized repayment programs with lower interest rates than major banks. Users can borrow between $5,000 to $50,000 for unsecured, personal loans for two, three, or five year terms. In August, the company celebrated five years of facilitating loans and earlier that month was recognized at the 2017 Australian Business Banking Awards.