Finovate Alums Earn Spots in CNBC’s 2020 Disruptor 50

Six companies that have demonstrated their fintech innovations on the Finovate stage have been recognized this year by CNBC as part of their Disruptor 50 roster for 2020.

This year’s list, the eighth in the series, is marked by the high number of billion-dollar companies, or “unicorns.” Fully 36 of the firms in the 2020 CNBC Disruptor 50 have reached or surpassed the $1 billion valuation mark. Combined, the 50 companies have raised more than $74 billion in VC funding and achieved an implied market valuation of almost $277 billion.

The companies making the cut range in industry from cybersecurity and healthcare IT to education and, of course, fintech. In fact, the top-ranked company in the 2020 Disruptor 50 is none other than Stripe, the $36 billion payments platform founded in 2010. Stripe earned a #13 ranking in last year’s Disruptor 50 roster, and likely owes its first place appearance this year to a major $600 million funding raising – the company’s largest to date – and the economic and social consequences of the global health crisis.

“With many people throughout the world under lockdown to prevent the spread of Covid-19,” CNBC’s capsule on the company noted, “the move to shopping online has never been greater. That’s good news for digital payments platform Stripe.”

Stripe was not the only fintech to earn high marks from the 2020 Disruptor 50’s methodology. In addition to the half dozen Finovate alums below, some of the other fintechs on this year’s roster include:

  • Virtual bank WeLab (Hong Kong)
  • Digital mortgage company (New York City)
  • “Buy now pay later” e-commerce company Affirm (San Francisco, California)
  • Challenger bank Chime (San Francisco, California)
  • Banking app Dave (Los Angeles, California)
  • Microfinancier TALA (Santa Monica, California)
  • Trading and investing platform Robinhood (Menlo Park, California)

Also earning spots in this year’s list were a pair of insurtech companies, Lemonade and Root Insurance, as well as cybersecurity and biometric authentication firms SentinelOne and CLEAR, respectively.

Here’s a look at the Finovate alums that made this year’s list.

#5 Klarna

  • Founded: 2005
  • Headquarters: Stockholm, Sweden
  • CEO: Sebastian Siemiakowski
  • Valuation: $5.5 billion
  • Previous ranking: #8 in 2016

#8 SoFi

  • Founded: 2011
  • Headquarters: San Francisco, California
  • CEO: Antony Noto
  • Valuation: $4.8 billion
  • Previous ranking: #26 in 2019

#24 Kabbage

  • Founded: 2009
  • Headquarters: Atlanta, Georgia
  • CEO: Rob Frohwein
  • Valuation: $1.1 billion
  • Previous ranking: #14 in 2019

#27 Trulioo

  • Founded: 2011
  • Headquarters: Vancouver, British Columbia, Canada
  • CEO: Steve Munford
  • Valuation: N.A.
  • Previous ranking: #37 in 2017

#28 Ripple

  • Founded: 2012
  • Headquarters: San Francisco, California
  • CEO: Brad Garlinghouse
  • Valuation: $10 billion
  • Previous ranking: First appearance

#33 Marqeta

  • Founded: 2010
  • Headquarters: Oakland, California
  • CEO: Jason Gardner
  • Valuation: $4.3 billion
  • Previous ranking: First appearance

Photo by Malte Luk from Pexels

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Photo by Tirachard Kumtanom from Pexels

How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.

With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.

Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

FinovateEurope Sneak Peek: Trulioo

A look at the companies demoing live at FinovateEurope on February 11-13, 2020 in Berlin. Register today and save your spot.

Trulioo helps organizations instantly verify 5 billion people and 330 million businesses online through a single API. Hundreds of businesses around the world use Trulioo to digitally verify customers.


  • Gives regulated entities certainty about their business customers
  • And gives them confidence in meeting Customer Due Diligence (CDD) requirements

Why It’s Great
Through GlobalGateway Business Verification, companies can instantly verify business entity information, perform watchlist checks, and identify and verify the beneficial owners of the businesses.


Baraa Safaa, Project Manager
Safaa leads development for GlobalGateway Business Verification, identifying business pain points and translating them into product features that help regulated entities with AML compliance.

Investors Flock to Mexican Neobanks; Ant Financial, Ali Baba Ink Pact with ICBC

The challenger bank revolution is alive and well in Mexico. This week, three upstart financial institutions in the Latin American country were the recipients of a combined $20+ million in funding. The investments are a testament to the way local entrepreneurs are seizing the opportunity to provide banking services to a growing number of previously underbanked people in Mexico.

For some observers, Mexican banks have long been ripe for disruption. A 2017 feature in The Financial Times cited a Gallup poll in which more than three in four customers in Mexico were “indifferent to, or unhappy with their bank.” The same article noted that challenger banks and other fintechs could take as much as 30% of the Mexican banking market in the next ten years due to inefficiencies in the current banking system. Incumbents have also been criticized for a lack of outreach to the underbanked, to younger potential customers, and to the digitally savvy.

Check out Thiago Paiva’s in-depth look at the Mexican neobank market – and how some incumbents are fighting back – published at TechCrunch this fall. Paiva is product manager at Oyster, a challenger bank for Latin American SMEs.

Here’s our weekly look at fintech around the world.

Sub-Saharan Africa

  • Trulioo goes live with its GlobalGateway in Nigeria and Ghana.
  • Disrupt-Africa looks at the expansion and fundraising plans of South African payments startup Airbuy.
  • Kenyan insurtech firm Turaco closes $2.1 million seed funding round.

Central and Eastern Europe

  • Wefox, an insurtech based in Berlin, Germany, locks in $110 million extension to its Series B round.
  • Based in Latvia and founded in Russia, Robocash announces plans to raise $5 million in funding over the next six month to support expansion to SE Asia.
  • An AML startup founded by former workers at TransferWise and Skype, Estonia’s Salv has raised $2 million in seed funding.

Middle East and Northern Africa

  • National Bank of Fujairah, based in the UAE, readies for the launch of its new SME banking platform.
  • Oman’s Bank Muscat introduces $100 million fintech investment program.
  • UAE fintech FlexxPay locks in an investment from Wamda.

Central and Southern Asia

  • ZestMoney, an Indian fintech specializing in providing credit assessment and financing for the underbanked, raises $14 million as part of an extended Series B round featuring participation by Goldman Sachs.
  • Delhi, India-based SME lender LivFin secures in $5 million in growth funding.
  • What can Central Asian companies learn from Southeast Asia when it comes to building a fintech industry?

Latin America and the Caribbean

  • Mexican neobank Albo adds $17 million to its Series A, taking the round’s total to more than $26 million.
  • Flink, a Mexico-based challenger bank, receives seed funding from Spanish fintech Latina.
  • Challenger bank Fondeadora reels in $2.5 million in funding.


  • Ant Financial and Alibaba ink strategic payments partnership with Industrial and Commercial Bank of China (ICBC).
  • Hong Kong’s WeLab picks up $156 million to fund its digital bank launch in 2020.
  • ZA Bank pilots internet-only banking services in Hong Kong, the first FI to do so in the city.

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Top image designed by Freepik

Finovate Alumni News


  • Capture-as-a-Service Specialist Ephesoft Partners with Malaysia’s Alliance Bank
  • Tinkoff Launches Super App, Integrating Finance, Leisure, and Lifestyle

Around the web

  • Trulioo brings its identity verification service to Nigeria and Ghana.
  • introduces new solution to help businesses to comply with California’s Consumer Privacy Act (CCPA).
  • Greece’s Pancreta Bank partners with Finastra to enhance regulatory compliance.
  • ThetaRay taps Edward Sander as its new Chief Product 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


  • How Revolut and Mastercard Are Helping Fintech Do Good
  • Keepabl Partners with ClauseMatch to Boost GDPR Compliance
  • More Than $1 Billion Raised by 21 Finovate Alums in Q3 2019

Around the web

  • Gartner names Exagens a 2019 “Cool Vendor.”
  • Trulioo appoints Zac Cohen as chief operating officer.
  • Trustly reaches 100 live gaming brands with its Pay N Play player registration and verification product.
  • Tradeshift moves Bucharest team to larger office in Tower Center, announces plans to hire more staff next year.
  • Globitex taps Salt Edge for strong customer authentication.
  • After Belfast launch earlier this year, Signifyd recruits 63 people with plans to recruit 150 more over the next three to five years.
  • Revolut and Mastercard team up with Save The Children to support Universal Children’s Day.
  • The San Diego Union-Tribune names Jack Henry & Associates a top place to work in San Diego for the fourth year in a row.
  • CredoLab, Neener Analytics, and Vymo win finalist spots in the India FinTech Forum’s IFTA 2019 awards.
  • Chetu ranked as the number two of 50 top software development firms in the U.S.
  • Payments company VoPay teams up with Plaid to offer a new credit card alternative to consumers in North America.

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.

Trulioo Accepts Another $53 Million in Funding

Canadian identity innovator Trulioo announced today it brought in $53 million (CAD $70 million). The round was led by Goldman Sachs Growth Equity and saw participation from Citi Ventures, Santander InnoVentures and American Express Ventures. Trulioo’s total funding how stands at $73 million (CAD $96.6 million).

The Trulioo team will use the funds to build its presence in new markets, as well as boost its workforce from 130 to 200 people who staff the company’s Vancouver, San Francisco, and Dublin offices.

Trulioo’s team is 130 employees strong

“Today, families, businesses and entire economies are being powered by the global shift towards a truly digital economy, which is exciting but also opens up new forms of risk,” said Stephen Ufford, Trulioo CEO and founder. “We’re committed to leveraging technology to help our customers fight financial crime, money laundering and election fraud. I’d like to thank our investors for their trust in the work we are doing and for enabling us to push forward our solutions that transcend boundaries and channels, and which facilitate trusted transactions from anywhere, instantly.”

Trulioo’s API allows organizations to instantly verify identities of more than five billion consumers (more than two thirds of the global population) and more than 250 million businesses across 195 countries. The company’s GlobalGateway database offers an online electronic identity verification (eIDV) service that helps businesses comply with AML and KYC rules, as well as a range of international electronic identity verification requirements.

Trulioo, which will demo its technology at FinovateFall next week in New York, provides electronic identification technology that has the potential to positively impact people in developing nations who may not have much of an online record to prove their identity. This underrepresented group can now potentially open a bank account, apply for a loan, or conduct other financial activity that was previously out of reach.

Earlier this year, Trulioo’s Head of Growth, Anatoly Kvitnitsky,demonstrated GlobalGateway’s instant onboarding with EmbedID at FinovateSpring. EmbedID enables businesses to query Trulioo’s GlobalGateway API and instantly verify customers in multiple markets by embedding a snippet of code to their website.

Finovate Alumni News


  • Trulioo Accepts Another $53 Million in Funding.
  • Braintri Rebrands as Neontri En Route to U.S. Debut.

Around the web

  • SpyCloud launches new automated tools to support checking and maintaining password security in Microsoft Active Directory.
  • Marketing Technology Insights interviews Arkose Labs VP of Marketing Vanita Pandey.
  • P2Binvestor wins Best Small Business Solution at the 2019 Best of FinXTech Awards.
  • Hired names Akamai a top 10 employer in Boston.
  • INETCO launches INETCO Insight 7, a payment fraud detection platform.
  • Ephesoft and Infor partner to demonstrate new cloud-based document capture solution.

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: Trulioo

A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.

Trulioo presents EmbedID, a fast and simple way for startups and developers to verify customers across borders while supporting AML/KYC compliance requirements.


  • Integrate and test Trulioo’s identity verification API in minutes
  • Fully customize onboarding fields and forms
  • Verify customers in real time

Why it’s great
With only a snippet of code embedded into any website, Trulioo’s EmbedID enables organizations to verify over 5 billion identities worldwide.


Anatoly Kvitnitsky
Kvitnitsky has a wealth of experience working in fintech and identity markets, and is committed to helping solve identity challenges that organizations face in scaling their products for global use.

Marat Asadurian
A software engineering manager at Trulioo, Asadurian enjoys building new products as well as new teams. In his current role, he is managing a team that generates new business lines for GlobalGateway.

Finovate Alumni News


  • Namaste Credit Becomes Challenger Bank.
  • Chatbots.Studio Partners with Yozobi. Check them out at FinovateFall later this month!
  • Credit Sesame Raises $43 Million in Advance of IPO.

Around the web

  • Salt Edge marks 400+ integrations with open banking APIs.
  • Payfone teams up with Digital Matrix Systems to help companies fight fraud.
  • Fenergo appoints Louise O’Connell to the newly created role of Chief Customer Officer.
  • StrategyCorps brings on former Geezeo executive, Bryan Clagett.

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.

Trulioo Can Now Verify Customers in 4 New Countries

To 100 countries and beyond! Identity verification specialist Trulioo announced this week it is bulking up the list of countries for which it is able to conduct electronic identity verification (eIDV).

Customers in Bahrain, Georgia, Iceland, and Qatar can now be verified via GlobalGateway, a database that enables organizations to run identity verification checks on a wide range of the global population. GlobalGateway’s online eIDV service helps businesses comply with AML and KYC rules, as well as a range of international electronic identity verification requirements. The service offers organizations real-time access to more than 400 data sources to verify five billion people in more than 100 countries.

Each of the four countries has recently enhanced its efforts to counter online fraud. For Bahrain and Iceland, this move was motivated by the Financial Action Task Force (FATF), which said that Bahrain needed to bolster its AML and Counter Terrorist Financing (CTF) systems. The task force also recommended that Iceland take steps to mitigate money laundering.

Qatar recently created a Memorandum of Understanding signed by both the country’s General Authority of Customers and the Financial Information Unit. And Georgia is participating in an EU partnership program to promote AML and Counter Terrorist Financing (CTF) in accordance with European and international standards.

“Fraud and money laundering have hit these four countries especially hard and as a result they are navigating complex regulatory waters. Adhering to strict compliance requirements while successfully fighting financial crime is no easy task,” said Stephen Ufford, CEO and founder of Trulioo. “By extending our identity verification capabilities, organizations can quickly verify the identities of consumers in these markets, while also increasing trust, privacy, and access to digital financial services.”

Combined, these four countries have more than 8 million residents. Being able to verify identities of this group places Trulioo one step closer to its mission to provide (KYC) and AML-compliant identity verification for every individual around the globe.

In addition to today’s four countries, Trulioo recently added Malta, Bangladesh, Poland, and the Philippines to its Global Gateway coverage. The company is now able to verify more than two-thirds of the world’s population.

In addition to Global Gateway, Trulioo offers a data exchange platform that allows data partners to provide access to consumer data for electronic identity verification purposes, allowing them to set bid prices for electronic ID verification on a region-by-region basis.

At FinovateSpring 2019, Trulioo’s Head of Growth, Anatoly Kvitnitsky, demonstrated GlobalGateway’s instant onboarding with EmbedID. EmbedID enables businesses to query Trulioo’s GlobalGateway API and instantly verify customers in multiple markets by embedding a snippet of code to their website. Trulioo will demo its latest technology later this year at FinovateFall, which begins September 23rd in New York. Register today to be part of the action.

Finovate Alumni News


  • HSBC Creates Private Banking Portal with Finantix
  • Trulioo Can Now Verify Customers in 4 New Countries
  • AI Foundry Adds Mortgage Document Modeling to its Automation Platform
  • HiddenLevers and First Rate to Improve Risk Analytics for Wealth Managers
  • DemystData Signs Two Year Agreement with Kyckr
  • YSEOP Garners $9.3 Million in New Funding Round

Around the web

  • Xceptor appoints former GBST exec as new COO.
  • eToro has launched a portfolio of firms involved in Facebook’s new digital currency Libra.
  • Jumio to power digital identity for Brazil-based BTG Pactual.
  • Settle launches its mobile payments app in Croatia.
  • Worldpay and the University of Cincinnati partner to fill business talent shortfall.
  • Coast Capital Savings teams with OnDeck to offer small business members financing options.
  • Scooter fleet company Spin joins Passport’s micro-mobility pilot program.
  • First Rate and HiddenLevers partner to provide risk analytics and business intelligence to the wealth management industry.
  • BeSmartee announces direct integration with private mortgage insurance provider Arch MI.

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.