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Tracking fintech, banking & financial services innovations since 1994
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. LinkedIn
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.
Trulioogoes 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.
Canadian identity innovator Truliooannounced 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.
“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.
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. LinkedIn
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. LinkedIn
To 100 countries and beyond! Identity verification specialist Truliooannounced 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.
Identity verification company Truliooannounced this week it will be promoting financial inclusion across the globe via a new partnership with financial market data provider Refinitiv.
The two are hoping to foster financial inclusion by promoting access to digital identity solutions. By combining Trulioo’s GlobalGateway solution with Refinitiv’s risk intelligence, banks can verify billions of customers online while remaining compliant with AML and KYC regulations and ultimately reduce fraud.
“The combination of Refinitiv’s trusted data and compliance expertise and Trulioo’s identity verification capabilities and global coverage, will bring modernized KYC processes to thousands of financial institutions around the world, and in turn, help millions of underbanked gain access to the financial services they deserve,” said Stephen Ufford, CEO of Trulioo. “Both organizations share a common mission of supporting financial inclusion through the power of world-class data and technology.”
Trulioo’s GlobalGateway maintains information on more than 5 billion people. Combined with Trulioo’s Digital Identity Network, the GlobalGateway database enables organizations to run identity verification checks on a wide range of the global population.
Founded in 2011, Trulioo leverages 400 data sources to offer verification of 4.5 billion personal identities and 250 businesses in 80+ countries. The Canada-based company also 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 to instantly verify customers in multiple markets by embedding a snippet of code to their website.