Finovate Alumni News

On Finovate.com

  • Nordic Capital Fund Acquires Majority Share of Trustly.

Around the web

  • Coinbase granted e-money license by U.K’s Financial Conduct Authority (FCA); joins Faster Payments Scheme courtesy of partnership with Barclays Bank.
  • ACI Worldwide announces contract extension with DBS.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.
  • nCino and Enforce partner to accelerate cloud adoption for financial institutions.
  • Tradeshift partners with Canon Business Process Services.
  • Pindrop partners with Aeriandi to detect fraudulent calls through cloud platforms.
  • GMO’s Z.com Trade adds Trustly as payment option.
  • Kabbage teams with New Media to advertise to more than five million small and medium sized businesses (SMBs) that do business in New Media’s markets.
  • OnDeck appoints Kenneth Brause as CFO.
  • Sandia Area Credit Union hires Insuritas to launch member-owned, digitally-powered insurance agency.
  • Oregon Community CU selects Alkami Technology’s digital banking platform to provide its more than 150,000 members with a modern digital banking offering.
  • Bankjoy selected to compete in Google Demo Day in March.
  • TSYS implements new payment solution, Advanced AuthControl, with Walmart and Sam’s Club locations around 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.

Tradeshift Launches Innovation Lab to Bring the Blockchain to Business Commerce

Business commerce platform Tradeshift announced today the launch of Tradeshift Frontiers, an innovation lab and incubator designed to apply emerging technologies like AI, distributed ledgers, and IoT to business networks, supply chains, and global trade.

“Our goal is simple and singular: To significantly impact B2B commerce and global supply chains in the next 5 years,” co-founder and GM of Tradeshift Frontiers Gert Sylvest said. “We will leverage emerging technologies to make trade more inclusive, empowering, transparent, and sustainable.”

Applying blockchain technology to areas such as supply chain financing, asset liquidity, and supply chain transparency is one of the initial goals of Tradeshift Frontiers. In a press release, the company pointed to its role as a governing member with the Hyperledger project as one reason the company will be positioned to make an “industry-wide impact” in terms of using blockchains to “enable new incentive models to collaborate across the supply chain.”

“With Frontiers, we aim to bring the transformative potential of these technologies into the hands of every company in the network, no matter their size or role in the supply chain,” Sylvest said. “That also means unlocking greater value for small businesses and their trading partners to bring them on equal footing with the companies that dominate the digital supply chains today.”

Tradeshift connects more than 1.5 million companies in 190 countries, and is on course to process more than $500 billion in transaction value. The company offers procure-to-pay, supplier engagement, and financial services to its business clients, and enables its partners to leverage its business commerce platform to build their own apps. The company is off to a strong start in 2018: partnering with fellow Finovate alum Infosys to digitize its clients’ supply chain management and, a few weeks later, announcing that Panalpina World Transport had selected Tradeshift to support the digitization of its procure-to-pay process.

Founded in 2010, San Francisco-based Tradeshift demoed Tradeshift Instant Payments at FinovateEurope 2012. With more than $182 million in funding, Tradeshift includes Wipro Ventures, Data Collective, Scentan Ventures, Kite Ventures, ru-Net Holdings, Notion Capital, and PayPal among its investors.

Finovate Alumni News

On Finovate.com

  • Japanese Telecom NTT to Distribute Trusona Technology in Japan.
  • RealtyMogul Introduces new President, Aaron Halfacre.
  • Tradeshift Launches Innovation Center to Bring the Blockchain to Business Commerce.
  • Payfone Teams Up with U.K. Mobile Network Operator.
  • Expensify Reports More than 1 Million New Users and Double the Partnerships in 2017.

Around the web

  • Auto Finance Excellence talks with AutoGravity CTO Sheng Wang, who discusses the company’s new security features.
  • Sam Maule talks with Kabbage founder Rob Frohwein.
  • F&M Bank selects Geezeo to enhance digital banking.
  • Kantox partners with BELLIN to help support SMEs expanding globally.
  • Mitek and IdentityMind announce integration to enhance their digital ID verification capacities.
  • Zopa re-opens its platform for new customers.

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

  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

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.

Tradeshift Partners with Infosys to Help Clients Digitize Supply Chain Management

Software giant Infosys BPO teamed up with Tradeshift last month. The India-based company’s Business Process Outsourcing subsidiary will leverage Tradeshift’s cloud-based platform to enable clients to digitize their supply chain processes.

John Sibley, Vice President of Global Alliances and Channels at Tradeshift, said that he looks forward to “combining Infosys’ deep domain and process expertise” with Tradeshift’s B2B commerce platform. He added that the partnership “will provide greater transparency and agility, along with a compelling value proposition to suppliers and buyers alike, on various touch points in the source to pay lifecycle.”

Anantha Radhakrishnan, CEO and Managing Director of Infosys BPO said that the partnership “will help augment our experience and expertise in transformative Business Process Management and enable us to further deliver tremendous business outcome benefits to our clients.”

According to the press release, the partnership will enable customers to take advantage of early payment discounts, remove manual paper-based processes, and build custom applications. This will not only reduce costs but also increase efficiency. Infosys plans to pilot these capabilities for clients in North America, Europe, the Middle East, Africa, and China.

Founded in 2010 and headquartered in San Francisco, Tradeshift’s business commerce platform connects buyers and sellers. The company links up more than 1.5 million companies across 190 countries and is currently on track to process over half a trillion U.S. dollars in transaction value. At FinovateEurope 2012, the company’s co-founder and CEO Christian Lanng debuted Tradeshift Instant Payments, a solution that enables businesses to receive payments in real time for invoices. The company has raised a total of $182 million and was recently featured in CB Insights’ Fintech 250 list.

Infosys recently made headlines when it unveiled Finacle Trade Connect, a blockchain-based trade finance solution. Last month, the company appointed Salil Parekh as CEO and Managing Director. Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, showcased EdgeVerve Blockchain Framework for Financial Services at FinovateEurope 2017.

Finovate Alumni News

On Finovate.com

  • Passport Raises $43 Million from Bain Capital.
  • Tradeshift Partners with Infosys to Help Clients Digitize Supply Chain Management

Around the web

  • Finastra CMO Martin Häring discusses mobile payments with Tearsheet.
  • Abu Dhabi-based LuLu Exchange to deploy AML Risk Manager from Fiserv.
  • Ripple’s XRP now available on 50 exchanges worldwide.
  • Kinetica listed among ProgrammableWeb’s Most Interesting APIs in 2017.

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

  • NuCypher Raises $4.3 Million from Token Sale and VC Funds
  • Simility Adds PayPal as Strategic Investor in Latest $17.5 Million Fundraising

Around the web:

  • INETCO adds centralized switch application performance monitoring capabilities within the INETCO Insight software platform.
  • CFCU Community Credit Union Selects nCino to Boost Operational Efficiencies.
  • Blackhawk’s CashStar powers the launch of enhanced consumer gift card ecommerce program for Chico’s FAS
  • Tuition.io to power Student Loan Debt Reduction benefit to their Educational Assistance Program for MidWestOne Financial Group.
  • VentureBurn lists Entersekt as 1 of 8 12 South African startups to watch in 2018.
  • Vanguard turns to Symbiont smart contracts to simplify index data sharing process.

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

  • Wave Brings Business Services to Royal Bank of Canada’s Online Banking Platform
  • Finicity Teams with DataVerify.
  • Ripple Entices Banks with New Accelerator Program.

Around the web

  • Tradeshift joins the Hyperledger Board.
  • DAVO to offer app to Poynt merchants via Poynt’s App Marketplace
  • Ondot, Elan provide two-way fraud alerts for My Mobile Money app.
  • EverSafe wins a spot in Fidelity’s list of “8 financial tips for new widows.”

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 Alums Among Top Investment Targets for Top European Banks

Earlier this year, CB Insights took a look at where fifteen of the top European banks were spending their investment dollars. The result is an interesting portrait of an industry appears very committed to three areas of fintech in particular: blockchain, financial services software, and Regtech. Of the 15 banks represented in CB Insights’ survey, all but one had invested in R3, the blockchain consortium, with ten banks investing in financial services software companies, and eight banks funding Regtech firms.

Also noteworthy is the presence of ten Finovate/FinDEVr alums among the investments. Symphony Software Foundation, an alum of our developer’s conference, FinDEVr, was the alum with the most support from among the 15 European banks. Santander was the bank with the broadest support among our alum community, backing six out of the 11 alums listed.

Kabbage (FinovateSpring 2015)

  • Founded in 2009
  • Headquartered in Atlanta, Georgia
  • Total Capital Raised: $488 million
  • Top European banks: Santander, ING

Personetics (FinovateFall 2016)

  • Founded in 2010
  • Headquartered in Tel Aviv, Israel
  • Total Capital Raised: $18 million
  • Top European bank: Santander

Prosper (FinovateSpring 2009)

  • Founded in 2006
  • Headquartered in San Francisco, California
  • Total Capital Raised: $355 million
  • Top European bank: Credit Suisse

Ripple (as OpenCoin, FinovateSpring 2013)

  • Founded in 2012
  • Headquartered in San Francisco, California
  • Total Capital Raised: $93.6 million
  • Top European bank: Santander

SaveUp (FinovateSpring 2014)

  • Founded in 2011
  • Headquartered in San Francisco, California
  • Total Capital Raised: $7 million
  • Top European bank: BBVA

SigFig (FinovateFall 2011)

  • Founded in 2007
  • Headquartered in San Francisco, California
  • Total Capital Raised: $60 million
  • Top European banks: Santander, UBS

Socure (FinvoateFall 2015)

  • Founded in 2012
  • Headquartered in New York, New York
  • Total Capital Raised: $29.4 million
  • Top European bank: Santander

SumUp (FinovateEurope 2013)

  • Founded in 2011
  • Headquartered in Dublin, Ireland
  • Total Capital Raised: $44.3 million
  • Top European bank: BBVA

Symphony Software Foundation (FinDEVr New York 2017)

  • Founded in 2014
  • Headquartered in Palo Alto, California
  • Total Capital Raised: $229 million
  • Top European banks: BPCE/Natixis, UBS, Deutsche Bank, Societe Generale, BNP Paribas, Credit Suisse

Tradeshift (FinovateEurope 2012)

  • Founded in 2010
  • Headquartered in San Francisco, California
  • Total Capital Raised: $182 million
  • Top European banks: Santander, HSBC

Tyfone (FinovateSpring 2008)

  • Founded in 2004
  • Headquartered in Portland, Oregon
  • Total Capital Raised: $13.4 million
  • Top European bank: Deutsche Bank

The analysis focused on fintech investments from 2012 through June 2017, and includes investments made by the venture arms of the banks shown.

Finovate Alumni News

On Finovate.com

  • Expensfy Brings Auto Expensing to Lyft Business Riders.
  • Ephesoft Earns $15 Million Investment from Mercato Partners.
  • Summit View: What Drives Innovation in Regtech and Insurtech?

Around the web

  • LendingClub expands partnership with Opportunity Fund to help entrepreneurs access capital.
  • Gene Lockhart appointed Chairman of DemystData.
  • BioCatch receives patent for detecting the presence of remote access tools.
  • eToro launches Crypto CopyFund that includes top cryptocurrencies.
  • Segmint partners with IBM to enhance Financial Institutions’ data ACI Worldwide expands in Romania
  • FICO extends cybersecurity score to rate 4th party risks.
  • BrightFunds and Roostify named to Forbes Cloud 100.
  • GreenKey Technologies partners with Red Box Recorders to launch trading voice collaboration and compliance recording solution.
  • American National Bank selects Jack Henry Banking’s SilverLake System.
  • Hip Pocket graduates from Points of Light Civic Accelerator.
  • Financial Resources Federal Credit Union Teams with Roostify to Create Better Online Mortgage Experience.
  • Santander partners with supply chain finance startup Tradeshift.
  • Bancpass issued patent for its mobile payment technology.

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.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • 44 Alums Populate CB Insights’ Fintech 250 List.

Around the web

  • ProfitStars named a 2017 Top Workplace by The Tennessean for Third Consecutive Year.
  • Top Image Systems seeing momentum from eFLOW AP solution in 2017.
  • Digiliti Money (formerly Cachet Financial) adds new features to its Select Mobile Deposit and Select Business Merchant Capture solutions.
  • CNBC: Tradeshift hoping to ready initial public offering.
  • CoverHound partners with eHealth to expand insurance ecosystem for consumers and small business owners.
  • Payfone to unveil “One-Time Password-Killer.”

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.