Socure

Finovate Alums Populate RegTech Top 100 Power List

Finovate Alums Populate RegTech Top 100 Power List
By David Penn Posted on
Categories: Ayasdi, BehavioSec, BioCatch, DemystData, Feedzai, Fenergo, Global Debt Registry, InvestGlass, Mitek, nCino, NetGuardians, Qumram, Rippleshot, SecureKey, Socure, Temenos, Trulioo, Trunomi, Trustev

RegTech_image

Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Socure Raises $13 Million In New Capital

Socure Raises $13 Million In New Capital
By David Penn Posted on
Categories: Funding, Fundings, Socure

socure_homepage_december2016

In a round led by Flint Capital, digital identity verification technology specialist Socure has raised $13 million in funding. Featuring participation from ff Venture Capital, Santander InnoVentures, and Two Sigma Ventures, this week’s investment takes Socure’s total financing to more than $17 million.

“Security, compliance, and fraud prevention are key issues for investors, consumers, regulators, and employees in the financial services industry,” Socure CEO and co-founder Sunil Madhu said. “As a year when major breaches made headline news now draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.” The company says it will use the funding to fuel innovation on its platform and scale operations—including Socure’s 300% growth in 2016.

socure_stage_ff2015

Sunil Madhu, Socure CEO and co-founder, demonstrated Perceive at FinovateFall 2015 in New York.

Socure specializes in providing identity verification for unbanked/underbanked, thin-file customers, making the solution ideal for younger populations as well as for those in developing regions. Sergey Gribov, a partner at Flint Capital, in his praise of Socure, says the firm “supplements market deficiencies in which current identity verification solutions fall short—including millennials, who largely avoid the use of credit, or [for those] abroad, where credit systems don’t exist at all.” Socure provides a suite of RESTful APIs delivering over a secure, scalable cloud-based system that operates in real-time. Stash CEO and co-founder Brandon Krieg called the technology “a key element in our identity verification stack.” He added, “Socure … has enabled us to substantially increase acceptance of new customers.”

Founded in 2012 and headquartered in New York City, Socure develops online identity-verification solutions. The company’s Social Biometrics Platform is designed to provide ID verification and increased acceptance rates by leveraging both social behavior data from major social networks as well as online and offline GLB and DLPA data. Socure demonstrated Perceive, its remote facial biometrics solution at FinovateFall 2015. Last month, Socure unveiled a “momentous redesign” of its digital ID verification solution, and in May, the company announced expanded coverage for KYC, CDD, CIP, and AML compliance.

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Finovate Alumni News

By David Penn Posted on
Categories: eToro, FIS, Kreditech, NICE Systems, NuData Security, PayPal, Personal Capital, Quantopian, SocietyOne, Socure, WorldPay

On Finovate.com

  • “Socure Raises $13 Million in New Capital”
  • “Investment from Rakuten Boosts Kreditech’s Total Capital More Than $10 Million”
  • “Personal Capital’s Growth Leads to Additional $25 Million in Funding”

Around the web

  • eToro forges strategic partnership with Lufax Holding, China’s largest internet financing company.
  • PayPal teams up with Citibank, FIS to expand cross-channel presence.
  • NICE Systems celebrates record year in customer acquisitions.
  • SocietyOne appoints Maria Loyez as chief marketing officer.
  • NuData Security partners with Arvato Financial Solutions to combat fraud and enable a smoother customer experience.
  • Quantopian hires Marc Volpe as chief financial officer.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: Actiance, Compass Plus, Entrepreneurial Finance Lab, FICO, Kasasa, MasterCard, Neustar, Ripple, Socure, Turnkey Lender, Tyfone

On Finovate.com

  • From Advisers to VPs: A Profile of FinovateAsia Attendees
  • FICO Teams Up with EFL Global as Part of Financial Inclusion Initiative
  • Fintech Trending: Australia and the Road to Fintech in Asia

Around the web

  • Socure unveils new dashboard for its digital ID verification technology.
  • Compass Plus announces successful stress test of TranzAxis on Oracle Exadata.
  • Neustar CEO Lisa Hook named to Advertising Ages’s 10 Digital Marketing Innovators You Should Know.
  • Singapore Fintech Awards 2016 lists Turnkey Lender as finalist. Check out their live demo next week at FinovateAsia.
  • Mastercard launches blockchain APIs for developers.
  • Portland Business Journal: Tyfone looks to open-source to solve IoT security issues.
  • Forrester Wave: Information Archiving Cloud Providers cites Actiance as an information archiving cloud leader.
  • Kasasa Wins 12th MarCom 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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BBVA, Bluefin Payment Systems, Civic, FIS, Handpoint, InComm, PayStand, PrivatBank, Signifyd, Socure, Temenos, ThetaRay, TSYS, Yoyo

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.

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Finovate Alumni News

By David Penn Posted on
Categories: Actiance, Backbase, Bizfi, CardFlight, Cortera, CREALOGIX, Darwinex, Ethoca, Interactions, Socure

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.

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

A Score for Socure: The Digital ID Company Lands Funds from Santander
By Julie Muhn (@julieschicktanz) Posted on
Categories: Socure

Screen Shot 2016-06-23 at 6.44.45 AM

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.

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Finovate Alumni News

By David Penn Posted on
Categories: Accusoft, Cloud Lending, Coinbase, Fiserv, iQuantifi, Kapitall, OurCrowd, Prairie Cloudware, Ripple, Socure, Tradeshift, TSYS

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: eToro, Featurespace, Micronotes, Narrative Science, NICE Systems, Personal Capital, Socure, Student Loan Genius, Temenos, TIBCO Software, Tink, TSYS, Tuition.io, Valuto, Zopa

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: EdgeVerve Systems, EyeVerify, FamZoo, Gem, Sberbank, Socure, Thomson Reuters

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: additiv, AdviceGames, AlphaPoint, Capital Preferences, eWise, Fiserv, LendUp, Payoneer, Socure, TaxFree4U, Tradeshift, Valuto

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.

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Finovate, FinDEVr Alum News at Money20/20

Finovate, FinDEVr Alum News at Money20/20
By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, Endeavour, Kabbage, PayItSimple, Socure, SplitIt

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.

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