FinovateEurope’s Alumni Alley: Innovations in SaaS Accounting, the Evolution of eDoc Delivery, and the Challenge of Digital Identity

FinovateEurope’s Alumni Alley: Innovations in SaaS Accounting, the Evolution of eDoc Delivery, and the Challenge of Digital Identity

Alumni Alley is the latest addition to our upcoming FinovateEurope conference in March. This new feature is exclusively for FinovateEurope alums, and will give these companies a unique opportunity to share their latest innovations in a special showcase at the event. Learn more about FinovateEurope’s Alumni Alley and see if it’s a fit for you!

This week we continue our commemoration of FinovateEurope’s earliest alums with a look at SaaS accounting platform innovator Xero, digital communications provider Striata, and digital identity pioneer miiCard – now DirectID.


Your Cloud Accounting Platform Hero, Xero

Believe it or not, there was once a debate about whether or not accounting technology truly qualified as fintech. Helping make the case were companies like Xero, a Wellington, New Zealand-based startup, founded in 2006, that was bringing its SaaS accounting solution to small businesses and their accountants around the world. When the company made its Finovate debut at FinovateEurope in 2011, the five-year old firm had raised $35 million and had 27,000 customers in 50 countries. Today, Xero is a cloud-based accounting powerhouse with more than $680 million in equity capital raised, and more than 3.5 million subscribers to its technology around the world.

Xero’s new CEO Sukhinder Singh Cassidy

Founded by Rod Drury, who was CEO of Xero until 2018, Xero offers small businesses the tools they need to manage many critical financial operations including accepting payments, billpay, inventory and project tracking, expense claim and invoice management, and more. A partnership with fellow Finovate alum Gusto enables Xero users to calculate pay and deductions, as well as make payroll payments to employees.

Earlier this month, Xero announced that Sukhinder Singh Cassidy had been appointed as the company’s new CEO. Cassidy will take the reins from Steve Vamos, who has served in the position for almost five years. Xero Chair David Thodey praised his new CEO as a “purpose-driven and human-centered leader who is passionate about supporting our customers and is committed to growing and nurturing Xero’s unique and vibrant culture.”


Striata Becomes Tilte: Beyond the Business of eDoc Delivery

The business of edocument delivery has changed significantly over the decade-plus since FinovateEurope 2011. But New York-based customer communications specialist Striata, which made its Finovate debut at our European event that year, has continued to innovate in this space, transforming complex customer communications systems and leveraging multi-factor authentication and encryption key management to ensure both security and compliance.

This helps explain why the company caught the eye of customer communications management (CCM) software and services company Doxim who, in 2020, acquired Striata for an undisclosed sum. The acquisition integrated Striata’s technology into Doxim’s CCM Platform, helping move the solution closer to Doxim’s goal of offering an “integrated SaaS CCM platform” that supports the entire omni-channel customer communications lifecycle.

Striata CEO Michael Wright introducing his company to audiences at FinovateEurope 2011.

“For over 20 years, Striata has been innovating in the CCM space by delivering digital-first solutions across multiple industries, channels, and devices,” Striata CEO Michael Wright said when the acquisition was announced. “As the world evolves into a digital community, a platform approach to scalable and secure yet personalized communications will be critical.”

In October, Striata underwent another transition as the firm’s South Africa team, under the leadership of Wright, launched Tilte.cx. The new venture is an IT services and consulting company that helps businesses enhance customer engagement via solutions ranging from digital communications and chat commerce to customer journey orchestration and data analysis.


Innovations in Digital Identity: from miiCard to DirectID

The FinovateEurope 2011 demo from Edinburgh-based miiCard (now DirectID) helped introduce many fintech observers to the challenges – and opportunities – in the field of trusted online identity.

Founded in 2010, miiCard appeared on the FinovateEurope stage with an identity-as-a-service solution that enabled users to prove that they “were who they said they were” online in minutes. The verification was as authentic as a physical passport or photo ID, establishing identity to level of assurance 3+, as well as meeting both KYC and AML compliance requirements.

Company founder and CEO James Varga introducing miiCard – now DirectID – at FinovateEurope 2011.

Founded by James Varga, who continues to serve as the company’s CEO, miiCard rebranded to The ID Co. in 2016. The move reflected the growth of the company’s B2B DirectID service, which, launched in 2014, provided an “all-in-one” embedded, integrated verification solution that was especially valuable for financial institutions processing high value transactions online.

“Our mission is to create a layer of trust online, a digital world where you can trust that people really are who they say they are,” Varga said when the rebrand was announced. “Our new company name represents who we are, and better reflects our mission to help solve one of the greatest challenges of our time.”

Four years later and the impact of DirectID on the company’s business was so profound that another rebrand was launched, this time naming the company after what had clearly been demonstrated to be the firm’s most accomplished solution. “The market has changed so much, and data has become such an important part of our offering, that this change in focus was required,” Vargas explained in a blog post.

Since the latest rebrand, DirectID has forged partnerships with a wide range of companies including authentication company Trust Stamp and credit hire organization AX. More recently, DirectID teamed up with U.K. payments company ShieldPay and secured $3 million in new funding.


Photo by Alex Pham

Striata Acquired by Doxim

Striata Acquired by Doxim

Secure messaging company Striata announced this week it has been acquired by Doxim, a customer communications management (CCM) software company. Terms of the deal were not disclosed.

Doxim will use Striata’s technology to expand its CCM platform and provide personalized digital interactive experiences in a secure manner. Doxim CEO Mike Rogalski expressed that the global pandemic has accelerated the need for communications technologies. “Especially with the impact of COVID-19, which has meant fewer face-to-face meetings,” noted Rogalski, “organizations need to find scalable ways to orchestrate and distribute multi-channel communications that are both personalized and legally compliant.”

“The joint strength of Striata and Doxim will power a world-class digital CCM platform and expert team for enterprises and small to mid-sized businesses,” said Striata CEO Michael Wright (pictured). “We look forward to working with Doxim to integrate our technology, systems and culture. The value proposition of the combined organization promises to be a formidable force in the market.”

Striata was founded in 1999 and, with a focus on security and compliance, has worked heavily in the financial services industry. The company’s services include message design, generation, security, delivery, and storage across multiple channels.

Striata is headquartered in New York City, with operations in London, Johannesburg, Hong Kong, and Sydney and partners in North and South America, Africa, Europe and Asia Pacific.


Photo by Jason Leung on Unsplash

Finovate Alumni News

On Finovate.com

  • Xero Learn Sets Stage for Next Generation of Number Crunchers.
  • SynapseFI Raises $17 Million in New Funding.

Around the web

  • iSignthis acquires core banking platform software business.
  • HooYu teams up with U.K. casino operator, Bear Group.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.
  • Ripple and TransferGo partner on real-time, blockchain-enabled remittances.
  • Striata inks partnership with UK-based customer communications specialist Communisis.
  • Experian to launch comparison service feature that gives consumers the real rate charged when applying for a credit card.
  • Tibco has started a research lab to develop new products and services in emerging areas such as blockchain, machine learning, artificial intelligence (AI) and the internet of things (IoT).
  • BeSmartee integrates with Fannie Mae’s Desktop Underwriter to Accelerate Mortgage Process.
  • Kasasa names Amy Gililland Chief Financial 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.

Finovate Alumni News

On Finovate.com

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

  • Lleida.net wins 20-year European patent for its registered email technology.
  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • France’s PayPlug to deploy ACI PAY.ON Payments Gateway from ACI Worldwide.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • Affinity CU becomes “trusted sign-in” partner in SecureKey Concierge.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • GMC Software awarded the Xplor Application of the Year Award.
  • Striata named a Visionary in Gartner Magic Quadrant for Customer Communication Software.
  • Signifyd joins Salesforce Partner 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.

Finovate Alumni News

On Finovate.com

  • IBM Opens Bluemix Garage in New York City
  • Lending Club Appoints Scott Sanborn as CEO
  • Canadian Government Selects OutsideIQ to Bring DDIQ to Brazil and London

On FinDEVr.com

  • Avalara Adds New Stripe Integration, Earns Dual Honors at American Business Awards

Around the web

  • Jack Henry & Associates launches new app collaboration platform, JHA Marketplace.
  • Digital Insight gives customers pre-login look at bank balances via their mobile banking app.
  • Absa Stockbrokers and Portfolio Management has implemented the Secure Document Repository solution from Striata.
  • TSYS Named to The Civic 50 in 2016

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”
  • “Loan Matchmaker Lendio Posts 2015 Growth Numbers”
  • “Open API! Shamir Karkal to Head BBVA’s New Developer Platform”

Around the web

  • eWise expands data aggregation network to include institutions in Singapore and Thailand.
  • Peel Hunt Technology’s sector report highlights Featurespace.
  • ThreatMetrix enters into agreement with FUJI SOFT to provide online fraud solutions to Japan.
  • Lending Club opens to retail investors in Maryland and North Dakota, bringing its total to 45 states and Washington D.C.
  • Striata makes its Secure Document Repository (SDR) available for general release.
  • Spend Matters interviews Cedric Bru, Taulia CEO.
  • Zooz taps former Worldpay executive Chester Ritchie as its new EVP of sales and development.
  • Temenos announces plans for $500 million refinancing of its banking facilities.
  • Payfone deploys at an additional tier-1 bank in the U.S., now protects 50+ million U.S. accounts.

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 Alumni News

On Finovate.com

  • Credit Karma Unveils New Mobile App Design”
  • “United Capital Acquires FlexScore

Around the web

  • Striata launches Secure Document Repository solution in the U.S. marketplace.
  • Credit Karma launches redesigned iOS and Android apps.
  • Vantiv Integrated Payments announces the second phase of its Security Pays initiative.
  • KPMG recognizes ebankIT as one of its top 10 “Emerging Stars” in the global market.
  • CoinDesk looks at Dwolla and its new focus on the blockchain.

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 Alumni News

On Finovate.com

  • Last Call for FinovateSpring 2015 Tickets! Join us in San Jose next week!

Around the web

  • Venture Scanner Insights features Motif Investing and TransferWise.
  • Top Image Systems names Carsten Nelk as chief technology officer.
  • DeviceFidelity picks up patent for its implementation of NFC.
  • CSI globalV Card wins multiple honors at the 2015 Communicator Awards.
  • Alcatel launches smartphone with EyeVerify biometric technology.
  • Striata partners with e-signature provider, CIC, to enable document execution via email.
  • Actiance now supports Skype for Business and Yammer.
  • ebankIT launches Watch Bank, an app that allows you to perform banking transactions on the Apple Watch.

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

  • Dream Payments Raises $6 Million in Funding for mPOS Technology
  • Finovate Debuts: Asseco SEE Brings Real-Time Big Data to Processing to Multichannel Banking
  • EZBOB Raises 3 Million in Private Equity Investment
  • Finovate Debuts: Telenor Banka’s Synergy of Telco and Banking Brings Financial Innovation to Serbia
  • CAN Capital Locks in $650 Million Credit Facility

Around the web

  • Striata acquires Mass Transmit for undisclosed amount.
  • PayPal closes acquisition of Paydiant.
  • Blooom participates in InvestMidwest Venture Capital Forum.
  • ayondo wins “Best Social Trading Program” honors at ADVFN International Financial Awards 2015.
  • Francepertise reviews TransferWise.
  • BioCatch and RippleShot earn 2015 METAwards from the Merchant Risk Council.
  • Tradier sees 35 million+ API calls in March. That’s 47k transactions per hour.

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– May 7, 2014

  • Finovate-F-Logo.jpgiFactor and Striata partner to offer robust push ebill solution to utilities.
  • Kingdom Trust and Bancbox partner to streamline the crowdfunding and P2P lending platform experience for the IRA investor.
  • Alternative lending pays up: Kabbage raises $50 million, Prosper pulls in $70 million.
  • Actiance extends Socialite to include Google+ & YouTube.
  • VentureBeat looks at the rise of P2P lending of many Finovate alums and predicts $1 trillion in loans by 2025.
  • App Annie now lets app developers track ads, app store optimization.
  • TradeHero launches a Chinese version, bringing the stock market game to traders in China.
  • Lend Academy speculates Prosper now valued $600 million, up from a $100 million valuation around eight months ago.
  • Personal Capital reaches 500,000+ registered users. Now is tracking over $70+ billion in & is managing $500 million in assets for clients.
  • Credit Sesame offers Target customers free ID protection, credit monitoring and credit scores without deadlines.
  • Jack Henry Banking’s Core Director processing platform deployed by Oklahoma State Bank and The Bank of Clovis in New Mexico.
  • BBVA Compass teams up with On Deck Capital to better score small business borrowers.
  • WSJ Personal Technology column recommends Dashlane as the “best way to manage online passwords.
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– March 20, 2014

  • Finovate-F-Logo.jpgMore than 25 banks have signed up for Matchi since its launch in November last year. 
  • American Banker looks at how Credit Karma and Credit Sesame provide more than just a credit score.
  • Thomson Reuters launches Know-Your-Customer service.
  • SecondMarket seeks to open Bitcoin fund to ordinary investors.
  • Pymnts features Feedzai’s CEO Nuno Sebastiao.
  • Striata unveils new logo, new website.
  • Fenergo appoints Oliver White to UK Head of Sales.
  • mBank and Orange partner to launch full-service, retail mobile bank in second half of 2014.
  • Narrative Science launches free app to turn data into readable documents.
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– December 12, 2013

  • Thumbnail image for Finovate-F-Logo.jpgMasterCard collaborates with Samsung, Commonwealth Bank of Australia to enable contactless payments via NFC.
  • Heckyl Technologies announces more than $3.5 million raised in Series B funding.
  • NetBanker: Mobile payments specialist Loop raises $10 million in Series A round.
  • Striata announced as a finalist in the Best Use of Technology category at 2013 Debt Collection Awards.
  • miiCard to help power ID verification for myrentalcv’s tenant screening platform.
  • Updated Advisor Pages platform from BrightScope drops charge for online profile maintenance.
  • Mitek and Kony collaborate to Deliver Mobile Photo Bill Pay With Mitek MiSnap Automatic Image Capture.
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.