Finovate Alumni News


  • Gusto’s New Deal to Deliver Automated Accounting to Small Businesses.
  • Quadient’s New Launch Accelerates the Insurance Claims Process.
  • AlphaPoint to Power Asset Management Tools for Laureate Digital Securities.

Around the web

  • Pendo Systems appoints Bill Woodley as President and COO.
  • eMoney Advisor launches voice assistant for financial advisors.
  • Ledger to integrate IOTA tokens with its secure hardware cryptocurrency wallets.
  • KPMG names Klarna, Revolut, and SoFi among 25 most innovative Fintech startups in the world.

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


  • BeSmartee Integrates with FormFree’s AccountChek Asset Verification Service.
  • 280 CapMarkets Unveils 280 Advisor Services.
  • Quovo Unveils New Solutions for Loan Originators and Servicers.

Around the web

  • cyberProductivity joins DBS Accelerator in Hong Kong.
  • PayPal, Safaricom, and TransferTo team up to make it easier for Kenyans to transfer money between their M-PESA and PayPal accounts.
  • Former Goldman Sachs executive, Michelle Gill, named new SoFi CFO.
  • Bpm’online partners with ChessIT for smart CRM and business processes.
  • Dwolla enhances Transport Layer Security.
  • Baker Hill updates NextGen Omni-Channel Marketing to include P2P normative analysis to identify the most profitable cross-sell opportunities.

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

  • TechCrunch talks with HackerOne CEO Marten Mickos on bug bounties and the value of white hat hackers.
  • Cardlytics bolsters executive ranks with pair of new group presidents: Randall Beard and Shannon Johnson.
  • American Banker interviews new SoFi CEO Anthony Neto.
  • First Data goes live with Clover Mini and Clover Flex smart terminals in Germany and Austria.
  • Chetu earns Best Custom Business Software Developer Award from US Business News.
  • Ivan Nabalon, CEO and founder of Best of Show winning Electronic IDentification discusses the mainstream potential for cryptocurrencies.
  • ChartIQ teams up with Trading Central to provide technical insights and tool to traders.
  • Blockchain healthcare platform HealthCombix partners with NuCypher.

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.

SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO

Social media’s loss is social finance’s big gain.

Anthony Noto, Chief Operating Officer for Twitter, has stepped down from his post at the popular social networking platform. His destination? A job as Chief Executive Officer for lending and wealth management firm, SoFi.

“We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi,” interim CEO Tom Hutton said. “The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”

Starting at Twitter as Chief Financial Officer in 2014, Noto became COO in November 2016. He came to Twitter after serving as co-head of global TMT investment banking at Goldman Sachs, a firm he first joined in 1999, and where he was named partner in 2004. From 2008 to 2010, Noto was CFO for the National Football League. He is a graduate of the U.S. Military Academy, and has an MBA from University of Pennsylvania’s Wharton School of Business.

“SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company,” Noto said. “I’m excited to work with Tom and the rest of the SoFi team.”

Noto arrives at a time of significant growth for the company. SoFi announced surpassing $25 billion in funded loans last year, and reported that its student loan refinancing products helped borrowers save more than $2 billion. The company said that in the fourth quarter of 2017 it completed its largest securitizations to date for refinanced student loans ($776 million) and personal loans ($727 million). For the full year, SoFi’s total issuance was $6.9 billion.

A financing innovator, SoFi provides student loan refinancing, as well as mortgages and personal loans. The company looks beyond credit scores and debt-to-income ratios to consider factors such as cashflow, career, and education to offer lower rates to borrowers it refers to as “members.” This underscores another unique aspect of SoFi, which stands for Social Finance. The company proactively supports timely repayment of loans through a variety of tools, resources, and strategies including temporarily suspending payments in the event of job loss.

SoFi also provides wealth management and insurance services. The company’s investment management solution combines both live advisors and automated rebalancing to give investors comprehensive and low-cost advice and support for their long-term financial planning. The company has also partnered with Protective Life to offer life insurance coverage up to $1 million for online applicants and up to $5 million for applicants with a medical exam.

SoFi partnered with Quovo to present How Quovo and SoFi Perfected Bank Authentication at FinDEVr New York 2017, winning the Favorite FinDEVr Alum award. The company has raised more than $2 billion in funding, and has an estimated valuation of $4 billion based on its most recent $500 million fundraising in February 2017.

Finovate Alumni News


  • Xero Teams with DBS on Small Business Account Feeds.
  • Zopa Boosts Executive Ranks with Trio of C-Level Hires.
  • SoFi’s Choice: Former Twitter COO Anthony Noto to Take Helm as New CEO.
  • Trulioo Launches KYC Tool to Connect MNOs.
  • Juvo Receives Investment from Samsung to Boost Smartphone Usage Among Underbanked.

Around the web

  • Atomico uses Quid for the 2017 State of European Tech report.
  • Bobsguide interviews Lisa Shields, CEO of FI.SPAN.
  • Thomson Reuters unveils Wizcorp, a digital gateway that will provide customers with data on more than 1.8 million Indian private companies.
  • FICO partners with European regulatory risk analytics consultancy, 4most.
  • Finastra announces new partners to its open architecture.

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.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars

Finovate Alumni News


  • Socure Raises $14 Million in New Funding
  • BioCatch Partners with LexisNexis to Leverage Data and Analytics for Better Risk Management
  • Colorado’s PSCU Completes Digital Banking Roll Out Powered by Malauzai Software

Around the web

  • Voice collaboration specialist GreenKey wins patent for speech-to-text technology.
  • NCR deploys Windows 10 IoT Enterprise with major European financial institution.
  • IdentityMind Global announces enhancements to its Enterprise Fraud Prevention platform.
  • Vantiv goes live with its cloud payment API, triPOS.
  • Forbes lists SoFi, Credit Karma and Prosper in its list of the 10 biggest fintechs in America.
  • ABN AMRO selects DemystData for Launchpad Program.

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.

Europe’s Got a Brand New Bank as Klarna Earns License

As former Vice President Joe Biden might put it, today’s news that Klarna has been granted a full banking license is truly a BFD.

“Big Fintech Deal,” that is.

“We are now one of Europe’s largest banks with 60 million customers, 70,000 merchants, and working seamlessly across borders,” Klarna CEO Sebastian Siemiatkowski said (pictured). He called the banking license an “exciting milestone” for the Stockholm, Sweden-based company, in specific, and for the European banking sector, in general. The full banking license was granted by the Swedish Financial Supervisory Authority, Finansinspektionen, and will enable Klarna to provide a range of new services – from payment cards to digital wallets – to consumers throughout the continent. Indeed, TechCruch reported today that as part of the licensing, Klarna will legally change its name to “Klarna Bank” – though it will continue to operate in the market as “Klarna.”

Highlighting the company’s history as a e-commerce innovator and its future as a “consumer-oriented, product driven, and technology intensive bank,” Siemiatkowski trained his sights on retail banking itself. “We will … (provide) solutions that ensure a smooth customer experience, help people streamline their financial lives and continue to support businesses by solving the complexity in handling payments,” he said, adding, “the opportunities are tremendous, it is a thrilling prospect.”

Coverage of the news in The Financial Times notes that Siemiatkowski had planned on making this kind of move for some time. Blaming regulations for helping limit banks’ exposure to the competition that is commonplace in the technology world, Siemiatkowski criticized the way too many banks provide customer service that is both poor and overpriced. Ironically, he suggested that new, disruptor-friendly, regulations might be just the fix that’s needed, saying new rules might “set the right prerequisites for the destruction of that industry.”

Founded in 2005, Klarna demonstrated its after-delivery payment solution at FinovateSpring 2012. Earlier this month the company announced a major new strategic investor, Brightfolk, which acquired shares valued at more than $225 million from existing Klarna shareholders. Brightfolk is held by Anders Holch Povlsen, owner of European fashion company, BESTSELLER, which is a long-time partner of Klarna. In February, the Klarna integrated with Radial’s Payment platform, expanding e-commerce payment options for the company – the same month Klarna announced that it was acquiring German online payment provider, BillPay, from Wonga. Klarna began the year with news that it was teaming up with ASOS Partners, bringing its “pay after delivery” option to consumers in the Nordic region.

With more than $376 million in funding. Klarna is believed to have a valuation of $2.25 billion. The company is among a number of fintech companies in Europe and the U.S. that are pursuing banking licenses to diversify their businesses of late. Online lender SoFi applied for federal deposit insurance earlier this month, one significant step toward launching an digital-only SoFi Bank. And London’s TransferWise unveiled a new “Borderless” foreign exchange account in May that observers believe is part of the company’s goal to more directly challenge banks.

FinDEVr APIntelligence

Our first developers conference in the U.K. is just over a month away. Join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.


  • Trulioo Bolsters Regtech Solution with Mitek Partnership

Alumni updates

  • Trulioo Bolsters Regtech Solution with Mitek Partnership
  • Greenkey Technologies announces interconnection partnership with iMarket.
  • FinDEVr alum OutSystems expands to Asia with new office in Japan.
  • Ohio-based First National Bank of Pandora chooses core account processing platform from Fiserv.
  • Xero announces new partnership with Capital One to give SMEs more control over their data.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

SoFi Unveils Digital Wealth Management Platform, SoFi Wealth

Originally published at

Less than a month after announcing its new $105 million SoFi Prime Income Fund to help raise funds to issue loans, online lending innovator SoFi is making headlines again with the launch of SoFi Wealth. The new initiative, the company’s first digital wealth management offering, will allow investors in the U.S. to invest as little as $500 (or a $100 monthly recurring deposit) in automated, low-cost, ETF portfolios. But unlike many roboadvisors, clients of SoFi Wealth will have phone and/or chat access to human financial advisors.

SoFi believes that keeping human advisors as part of the overall investment picture is a plus for investors, especially the younger professionals that are a significant part of the company’s user base. “People love the low fees and automation of robo-advisors, but they struggle with not having an actual human being to talk to when facing big financial questions,” SoFi Wealth general manager, John Gardner said. “That guidance from a live advisor can help give them the confidence they need to start planning for a lifetime of financial success.”

Pictured (left to right): SoFi Wealth Head of Strategy Stephen Sikes and Quovo CTO and co-founder Michael Del Monte during their FinDEVr 2017 New York presentation, How Quovo & SoFi Perfected Bank Authentication.

In addition to providing live human advisors, low investment minimums, and access to low-cost automated ETF-based portfolios, SoFi Wealth also charges no management fees for clients who are also SoFi loan borrowers. Others pay a modest management fee of 0.25%, with no charge on the first $10,000 invested. Clients can access their accounts online, as well as via the SoFi Wealth app. Both Android and iOS versions are available.

The company also announced that it is developing a broader range of personal finance and financial planning solutions geared toward first-time home buyers and young families. SoFi anticipates rolling out these products and services over the summer of 2017.

Founded in 2011 and headquartered in San Francisco, California, SoFi made its FinDEVr debut earlier this year at FinDEVr 2017 New York. The company, in partnership with Quovo, discussed the challenge of managing consumer financial accounts in a presentation titled, How Quovo & SoFi Perfected Bank Authentication. The presentation focused on how Quovo developed a bank authentication API for SoFi that both improved security and streamlined UX. FinDEVr attendees gave the presentation a FinDEVr Favorites awards in the Favorite FinDEVr Alum category.

A member of CNBC Disruptor 50 for 2017, SoFi has raised more than $1.8 billion in funding – making the company one of fintech’s true “unicorns” – and includes Baseline Ventures, DCM Ventures, Discovery Capital, East West Bank and Morgan Stanley among its equity and debt investors. With origins in student loan financing, SoFi has since expanded significantly to include mortgage lending, personal loans, life insurance, and wealth management among the services it provides. Mike Cagney is CEO.