Finovate Alumni News

On Finovate.com

  • H2 Ventures and KPMG Unveil 2016 Fintech 100

Around the web

  • Signifyd to power fraud protection for Magento Commerce platform’s online merchants.
  • InComm launches new brand of solutions for cash-based consumers, VanillaDirect.
  • Handpoint expands agreement with PaySafe to power EMV POS.
  • YoYo Wallet expands focus to U.K.’s high street retailers, with partnerships between Planet Organic, Fernandez & Wells and Hummus Bros.
  • Temenos launches Digital Engagement modules to offer real-time customer marketing and engagement.
  • TSYS signs payments agreement with Optal Financial Limited.
  • Bluefin Payment Systems launches cloud-based hosting option for its Decryptx PCI-validated P2PE product through Amazon Web Services.
  • Socure launches revamped Digital Identity Dashboard.
  • Civic expands focus from 2FA to Secure Private Login.
  • BBVA chooses Amazon Web Services as its preferred cloud infrastructure services provider.
  • FIS to provide reconciliation solution to U.K.-based Raphaels Bank to facilitate access to faster payments.
  • PayStand offers payment certification and notarization for its customers via the blockchain.
  • PrivatBank adds fund-transfer functionality via iMessage to its Privat24 mobile banking app.
  • ThetaRay unveils its analytic platform for fraud detection, THETA.

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

  • Actiance Hires Former Credit Suisse Exec as CTO
  • Check out this week’s FinDEVr APIntelligence.
  • Ethoca to Power Merchant Fraud Alerts for ACI Worldwide
  • Cortera’s Credit Exchange Now Gathers Insights from $1.2 Trillion in Purchases
  • BizFi Reaches $1.8 Billion Small Business Lending Milestone

Around the web

  • New partnership between Interactions and Genesys brings automatic speech recognition and text-to-speech to self-service customer care.
  • Karen Webster interviews Socure CEO Sunil Madhu on using social data for authentication.
  • Darwinex announces enhancements to its algorithms.
  • CREALOGIX Digital Banking Hub to power finance portal for VZ Depotbank.
  • Backbase to power customer experience and digital banking platforms for IDFC Bank.

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.

A Score for Socure: The Digital ID Company Lands Funds from Santander

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Digital identity-verification company Socure received a strategic investment from Santander’s $100 million fintech VC firm, Santander Innoventures. The Spanish bank’s investment arm will offer Socure access to resources and an undisclosed amount of funding.

This marks the ninth investment Santander Innoventures has made since it launched in 2014. The firm has also invested in Finovate alums Ripple, Kabbage, and most recently SigFig.

Socure’s founder and CEO Sunil Madhu described Santander Innoventures as “the perfect fit as a VC partner that can help us grow globally.” The New York-based company’s online identity-verification technology works in real time by analyzing a user’s digital footprint to fight identity fraud, increase acceptance rates for online account opening, and reduce KYC and AML costs. Because it does not rely on traditional credit-reporting systems, Socure’s Social Biometrics works especially well for thin-file, unbanked, and underbanked customers. Socure customers include Finovate alums Feedzai and Kabbage.

SocureDemoAt FinovateFall 2015, Socure’s co-founders Sunil Madhu, CEO, and SVP Johnny Ayers, business development, demoed Perceive (a facial biomentrics solution).

At FinovateFall 2015, Madhu debuted Perceive, the facial biometrics solution created to reduce account takeover. The Perceive SDK can be added to a web or mobile app to identify customers by their unique facial characteristics. The key to Socure’s new technology is that it doesn’t need the user to train the system on what their face looks like. Instead, Perceive uses pictures of the applicant already available through social platforms such as Google Plus, Facebook, and LinkedIn.

Prior to this week’s announcement, Socure had raised a total of $4.7 million in three rounds of funding. Last month the company expanded coverage for global watch-list compliance and earlier this year joined the FIDO (Fast IDentity Online) Alliance.

Finovate Alumni News

On Finovate.com

  • A Score for Socure: The Digital ID Company Lands Funds from Santander.
  • Digital Payments Guardian from Prairie Cloudware Goes Live at Multibillion Dollar Regional Bank.
  • Tradeshift Unveils Go,the First B2B Virtual Assistant for Managing Business Expenses and Travel.
  • With Ripple, Seven Banks Test Out the Blockchain.

Around the web

  • TSYS and Equinox team up to launch semi-integrated EMV payment solution for Value-Added Resellers.
  • Forbes column on “millennial money mistakes” features Kapitall.
  • iQuantifi founder and CEO Tom White writes about goal-based selling for BankDirector.com.
  • Accusoft wins spot in 2016 SD Times 100 for its innovations in software development.
  • Prairie Cloudware’s Digital Payments Guardian mobile wallet goes live with multi-billion dollar regional bank.
  • Fintech profile interviews Cloud Lending CEO Snehal Fulzele.
  • Fiserv launches Notifi to deliver actionable alerts.

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

  • “Tink Pulls in $10 Million to Launch Virtual Bank”
  • “TSYS to Leverage Featurespace’s Machine Learning Fraud Capabilities”
  • “Narrative Science Teams Up with Vermilion, Bringing Advanced NLG to Portfolio Commentary”
  • “New Investment for Personal Capital Takes Valuation to $500 Million”
  • “Zopa to Offer Auto Loan Refinancing”

Around the web

  • TIBCO introduces integration-software solution, Project Flogo and translytical database for big data, TIBCO Graph Database.
  • InFakt accounting system integrates with Valuto open API.
  • Micronotes launches downloadable trial version of Micronotes Cross-Sell Basic.
  • eToro appoints Robert Brown as new non-executive director in the U.K.
  • Socure expands coverage for global watchlist filtering and sanctions compliance.
  • Philippine-based credit union groups to build payments and banking platform based on technology from Temenos.
  • Robotic automation technology from NICE Systems helps prevent credit card fraud at Italian bank, Banca Popolare di Sondrio.
  • Finovate newcomer Student Loan Genius adds Honest Dollar co-founder Henry Yoshida as vice president of partnerships and product strategy.

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

  • Check out this week’s FinDEVr APIntelligence.
  • “Finovate, FinDEVr Alums Among Winners of 2016 Fintech Innovation Awards”
  • “Marketplace Lending “Power 20” List Honors 8 Alums”

Around the web

  • FamZoo celebrates its tenth birthday of helping parents prepare financially strong children.
  • EyeVerify’s EyeprintID to power HYPR’s Biometric Security Suite.
  • Socure launches v. 2.5 of its ID+ Digital Identity solution.
  • Blockchain solution provider Gem launches Gem Health.
  • EdgeVerve Systems launches its EdgeVerve Blockchain Framework for banks.
  • Sberbank to deploy risk management technology from Wolters Kluwer.
  • FD teams up with Thomson Reuters to power its DaaS platform, Velocity Analytics.

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

  • LendUp Raises $150 Million in Series B; Expanded Credit Facility”
  • Fiserv Buys ACI Worldwide’s Community Financial Services Division for $200 Million”

Around the web

  • Tradeshift partners with (RED) to facilitate donations to the Global Fund to fight AIDS, tuberculosis and malaria.
  • Payoneer selects AU10TIX to enhance online customer ID authentication and record generation.
  • AlphaPoint appoints Scott Scalf as EVP of Development Operations.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate, FinDEVr Alum News at Money20/20

Money2020StripeVinod

I spent the majority of last week at Money20/20 catching up with Finovate and FinDEVr alums.

With 5 tracks of panel discussions and product announcements, plus an exhibit hall floor, it was impossible to parcel out all of the themes buzzing around. However, from the slice of the mega-conference that I attended, the overarching theme was payments, specifically, removing friction from the payments experience. This became evident in the product announcements and discussions throughout the keynote sessions from Stripe, Poynt, Chase, Verifone, Google’s AndroidPay, Samsung Pay, PayPal, MCX, and First Data.

In addition to these larger players, there were many smaller companies in attendance. I sat down with five Finovate and FinDEVr alums to find out what’s new.

Arxan-LogoArxan
Arxan, which protects applications, has experienced 50% year-over-year growth for the past 5 years.

Last week the company announced the extension of its application protection to the Apple TV. Arxan safeguards the TV operating system and already protects multiple pre-installed applications on the Apple TV. The apps are shielded using multi-layered guards to fortify the application from being reverse-engineered and compromised and are inserted within the binary code of the applications.

See Arxan’s FinDEVr 2015 presentation.

endeavour logoEndeavour
This was the first time I’ve chatted with Endeavour since they debuted their mobile account opening solution at FinovateSpring 2014. The Austin-based company revealed some crucial news— it was acquired by Genpact, an operational efficiency specialist for enterprise organizations.

The structure of Endeavour’s organization will remain more or less unaffected by the acquisition which Genpact hopes will bolster its Lean Digital offering by adding Endeavour’s mobile expertise.

Kabbage-logoKabbage
Kabbage recently partnered with ING, Santander, and Kikka Capital, and the company is growing fast. These partnerships will help the Atlanta-based company expand operations outside of the U.S. Kabbage is especially targeting the growing ecommerce market in India through its Bangalore office.

Kabbage anticipates originating $1 billion in small business loans in 2015, and is planning a major push into consumer loans next year.

Watch Kabbage’s presentation from FinDEVr 2015 and its demo from FinovateSpring 2015.

SocureSocure
Socure uses a person’s existing online “fingerprint” (Facebook photos, email address, and phone number) to validate their identity. Because Socure sources the data from pre-existing information users to simply take a selfie to validate who they are.

In my discussion with Socure the company disclosed plans to extend its services to verify information for small and medium-sized businesses. Today, this process consists of manually scouring websites for data. Socure’s technology could speed up and streamline that process.

Check out Socure’s demo video from FinovateFall 2015

splititSplitIt (formerly PayItSimple)
SplitIt offers point of sale financing with no interest by placing a hold on the customer’s existing line of credit. The solution launched at FinovateFall 2014 under the name PayItSimple. Alon Feit, the company’s CEO, states that the new name is a better reflection of what the company does.

Since launching last year SplitIt has signed 100 merchant partners and is in negotiations for $14 million in funding. After the round closes the company plans to use the funding to further grow its merchant base, as well as its 15-person team.

Socure Launches Facial Biometric Anti-fraud Technology, Perceive

SocureThis post is part of our live coverage of FinovateFall 2015.

Socure is announcing Perceive at FinovateFall 2015. Perceive is a patented, remote facial biometrics solution designed to address account-takeover fraud and transaction security. The device-agnostic Perceive SDK can be added to any mobile or web application to accurately authenticate a consumer using their face, without the hindrance of prior training required by conventional recognition biometrics.

Presenters: Co-founders Sunil Madhu, CEO, and Johnny Ayers, SVP, business development

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Product launch: September 2015 at FinovateFall

Metrics: $7.2 million raised; $3 million revenue; 320 customers across 32 countries; 23 employees
Product distribution strategy: Direct to business (B2B); through financial institutions; through other fintech companies and platforms

HQ: New York City, New York
Founded: September 2012
Website: socure.com
Twitter: @SocureMe

Finovate Alumni News

On Finovate.com

  • “FinovateFall 2015: Mapping Fintech’s International Neighborhood”

Around the web

  • Feedzai teams up with Socure to combine social biometrics with fraud-risk scoring. See Socure at FinovateFall 2015 in New York City next week.
  • Moven CEO Brett King joins the advisory board for Jumio.
  • Fiserv joins Visa, Citi, Nasdaq, and Capital One in $30 million funding of blockchain startup, Chain. Join Fiserv in New York City next week for FinovateFall 2015.
  • iSignthis confirms the adequacy of its KYC services for use by financial institutions in the U.S.

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.

FinovateFall Sneak Peek: Socure

SocureHomepage

The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!


SocureLogo2Socure
takes an innovative approach to identity verification by using online and social media data to enable financial institutions to confirm consumers’ identity.

Features of Socure:

  • Innovative Social Biometrics Platform(TM)
  • Blends facial recognition with social media and online data
  • Patented technology to fight fraud, reinforce KYC/CIP

Why it’s great
Socure is the only platform that blends facial recognition with social media and online data, using artificial intelligence and machine learning algorithms to validate an identity in real time.

SocurePresenter1Presenters

Sunil Madhu, CEO, Co-founder
Madhu is a serial entrepreneur, with several successful transitions through IPO and acquisition. A security architect by profession, he has spent 20+ years innovating and implementing ideas for identity safeguards and access management.
LinkedIn

Johnny Ayers, SVP, Business Development; Co-founder
Ayers has worked at Socure since September of 2012.
LinkedIn

 

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Finovate Alumni News

On Finovate.com

  • “SumUp Raises €10 Million in Round Led by BBVA Ventures, Groupon, American Express”

Around the web

  • In its fiscal year 2015, Avoka signs record number of clients and experiences 70% year-on-year bookings growth.
  • Yodlee is accepting applicants for its upcoming Ynext Incubator class.
  • Markit acquires FX trade-processing specialist DealHug. See Markit at FinDEVr 2015 in San Francisco in October.
  • Emailage opens European data center.
  • After BlackRock’s acquisition of FutureAdvisor, ThinkAdvisor considers the fate of Wealthfront and Betterment.
  • Forbes looks at Mint, MaxMyInterest, Moven, and Venom in a discussion on the connection between mobile, messaging, and financial services.
  • Mainstream features a quote from founder of DoubleNet Pay, CEO Brian Cosgray, on the impact of debt on new retirees.

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.