Finovate Alums Populate RegTech Top 100 Power List

RegTech_image

Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

Temenos_stage_FD15

Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

NetGuardians_stage_FA16

Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

Mitek_stage_FE17

Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

BehavioSec_stage_FF15

Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Fintech Trending: RegTech Reality Check, Blockchain Bandwagon, and IBM’s New Wallet

makecompliancegreatagain_redhat

Hat, courtesy of Alloy, a customer-onboarding specialist that debuted at FinDEVr in October.

The dream of RegTech is alive at Finovate

Deloitte recently asked what we should make of regtech in a new report titled, “RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks.” To the extent that regtech represents technologies, strategies, and solutions designed to help firms better meet regulatory obligations, remain compliant, and/or secure their processes, there may be less new here than meets the eye. Compared to insurtech, regtech firms have been prominent players in the fintech firmament for years.

To its credit, Deloitte is aware of the “old-is-new-again” aspect of regtech. The report notes that “while the name is new, the marriage of technology and regulation to address regulatory challenges has existed for some time with varying degrees of success.”

Indeed. Consider companies like Gremln (F14), which demonstrated a social media platform specifically for regulated industries, and Finect (F13), which unveiled a compliant communication platform for financial professionals. Qumram (F16) provides software that helps ensure complaint communication by recording digital interactions from web, social, and mobile channels.

My Virtual Strongbox (F14) introduced the kind of secure document-storage technology that can help FIs better manage customer documentation. Global Debt Registry, another F14 presenter, provides compliance and risk-management solutions to the account-management industry. OutsideIQ (F16) enables FIs to uncover regulatory risk using a combination of machine learning and human analysis. FundAmerica (F15), arguably one of the most explicitly regtech companies to demo at Finovate, provides crowdfunding platforms with APIs for a wide variety of “mission-critical, back-end regulatory requirements.”

Additionally, there are a sizeable number of credit risk analysis innovators such as QCR (F15), CreditHQ (F16), and FICO (FD16); companies like Avalara (FD15) that help merchants recognize and satisfy sales-tax requirements (or by that token, even a VATBox (F15) that helps recover VAT fees for international travelers); and cloud-based auditing technologies like those available from Auvenir (F16), whose identity as a fintech company was a topic of our deliberations.

And all of this is to say nothing of the even larger number of security and authentication specialists whose technologies—at least by Deloitte’s definition—can be considered regtech. Note that Deloitte’s Ireland-based rundown of regtech companies includes Finovate alum Trustev (F14), whose online ID-verification technology is very much in the same category as dozens of other security, authentication, verification, anti-fraud innovators.

The question as to whether regtech as a “thing” (as the millennials say) can be separated from the broader fintech discussion is likely more of a marketing decision than anything else. Clearly regtech has the ranks; the issue is to what degree does distinguishing them as a type of innovator apart from the larger fintech world make it easier for these companies to attract top talent, develop necessary solutions, and raise the capital to drive and grow their businesses. From the perspective of fintech in general—and Finovate/FinDEVr in specific—we’re happier having regtech innovating from “inside the tent,” as opposed to being outside the tent trying to find a way in.

See also:

Blockchain bandwagon

Two more major players jumped on the blockchain bandwagon. IBM (FD16) showed its Hyperledger at FinDEVr last week and Visa (FD14) announced its cross-border payment system built on blockchain-like distributed ledgers, an apparent challenge to Swift. The technology is powered by Chain (FD15) which counts Visa, Capital One (FD15) and Citibank as investors. According to Javelin Strategy, banks will invest $1 billion this year in blockchain initiatives.

Mobile payments gets another huge player

Speaking of IBM, one of the more surprising announcements at Money2020 was the launch of IBM Pay, a private-label mobile payments and POS system. Details are sketchy, but in the IBM video below, it appears to be a Starbucks-like QR code system. It’s part of IBM’s Watson Commerce initiative.

Finovate Alumni News

On Finovate.com

  • Check out this week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: ArcBit Introduces its Secure, Easy-to-Use Bitcoin Wallet”
  • “FIS Closes SunGuard Acquisition to the Tune of $5.1 Billion”

Around the web

  • CSI globalVCard launches partnership program for banks for its electronic payments program.
  • SavingAdvice.com highlights how Personal Capital can help you gain control of your finances.
  • Credit Sesame features millennial-friendly robo-adviser investment-platforms: Betterment, FutureAdvisor, SigFig, Blooom.
  • Quisk selected as a 2015 Red Herring 100 Global Winner.
  • TSYS signs payments agreement with Atlanticus to continue support of loan-origination platform, Fortiva.
  • Digital Insight unveils Business Banking, an SaaS solution to enable FIs to offer personalized banking experiences to business customers.
  • Q2 opens new offices in Lincoln, Nebraska, to accommodate growth, acquisition of Centrix Solutions.
  • Xignite Market Data APIs now available on SoundHound’s Houndify sound recognition and search-technology platform.
  • Let’s Talk Payments features Trustev, Trulioo, and Trunomi in its look at “RegTech” startups in Europe and the U.S.
  • Temenos wins “Best Provider of Front-to-Back Wealth Suite Solutions” at Asian Private Banker’s Technology Awards 2015.
  • Avalara partners with open-source billing and payments platform, Kill Bill.
  • Silicon Prairie News interviews Daniel Carnes, CSO at Prairie Cloudware, on the future of cybersecurity.

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.

Exit Stage Right: Trustev Sells to TransUnion for $44 Million

TrustevHomepage2015

Today, in a blog post titled, A New Chapter, Trustev announced it has been acquired by one of its investors, TransUnion (NYSE: TRU), which went public on the NYSE earlier this year.

Pat Phelan says the exit will “allow us to deeply integrate with TransUnion and put our collective, rich-data sets and advanced technology to work in spotting fraudulent transactions even better than we already do.”

TransUnionIMGThe deal between the two companies, which have been partners since 2014, closed for $44 million. TechCrunch reports Trustev will see $21 million of the amount up front and $23 million more contingent on meeting certain targets.

TransUnion, one of the big-three U.S. credit bureaus, has recently been expanding into fraud and identity-management solutions. In a press release, TransUnion’s president and CEO Jim Peck said:

As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk. Holistic information is a powerful tool to help our customers approve good transactions and prevent fraud, and Trustev’s innovative capabilities are at the forefront of technology in this increasingly critical field.

Trustev, a Cork, Ireland-based company with 15 employees spread across the globe, says its service will not change for current customers. All employees have committed to stay.

Trustev debuted its Retail Decision solution at FinovateEurope 2014 in London. The company’s Retail Decision offers brick-and-mortar retail locations real-time verification of customer identities at the point of sale. TransUnion Interactive, a consumer subsidiary of TransUnion, debuted ZenDough at FinovateSpring 2010.

 

Finovate Alumni News

On Finovate.com

  • “FinovateSpring 2016: Last Chance for presale tickets!”
  • “Exit Stage Right: Trustev sells to TransUnion for $44 Million”
  • “CBANC Network Garners $4 Million in Series B Funding”

Around the web

  • Kony launches Mobile Field Service solution to make field workers mobile.
  • Glassdoor recognizes Credit Karma as one of the Best Places to Work in 2016 in Employee Choice Awards.
  • KPMG and Taulia partner to help organizations improve supplier relations.
  • Prosper launches new investor API platform, as well as developer documentation site.
  • SayPay Technologies and MaxMyInterest win Acceleration Awards in the UBS Future of Finance Challenge.
  • Crains New York Business highlights MaxMyInterest as a New York fintech startup.

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

  • LendKey to Power Online Student Lending at Navy Federal Credit Union. See LendKey at FinovateSpring 2015 in San Jose in May
  • Credit Karma Now Serves Americans with Thin Credit Files

Around the web

  • D3 Banking taps Jeffrey Hale as chief business development officer.
  • Business & Leadership features “Irish success story” Trustev and its CEO and co-founder, Pat Phelan.
  • MarketWatch looks at Betterment, Blooom, FutureAdvisor, Motif Investing, and Wealthfront in its column on the “battle” between human and robo-advisers.
  • Northwest Community Credit Union to deploy Portico from Fiserv.
  • Wallaby Financial launches Wallaby for Apple Watch.
  • TSYS enables full-service payment-processing for American Express OptBlue program.
  • Bazaarvoice hires Sara Spivey as its new chief marketing officer.
  • WSJ mentions StockTwits’ role in social media for investing.
  • Fierce Finance IT: Tradier’s API platform sees explosion of firms looking to build robo-advisers.
  • Linkable Networks launches Omnyverse affiliate network with digital offers, promotions and incentives.
  • InComm enables Budget Mobile to offer Airfair Lifeline Reload services through 90,000 retail stores.

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

  • Business Standard looks at the partnership between TradeHero and OANDA.
  • P2Binvestor reaches $50 million invoices-funded milestone.
  • Ripple Labs adds former State Department policy official, Anja Manuel, as advisor.
  • peerTransfer picks Digital River to provide payment processing.
  • Trustev Wins Most Disruptive Technology Award at SXSW.
  • WattzOn to participate in Georgetown University Energy Prize competition to help communities reduce energy consumption.
  • Toopher raises $200,000 of planned $300k financing round.
  • Fifth Third Bank launches online money movement solution from CashEdge.
  • Finovate Debuts: How Bitbond Leverages Bitcoin to Benefit Borrowers and Lenders.
  • Madrid-based Banco Mare Nostrum implements MicroStrategy as its analytics standard to drive analysis and insight for its employees.
  • American Banker features David Pinski’s move from a bank to a startup, Zumigo.
  • Payment Week interviews Cardlytics on how big data is changing consumer engagement.
  • American Banker: Ripple Labs hires Anja Manuel, a former U.S. State Department official, as company adviser.
  • Ovum names Kony a leader, recognizes it for its comprehensive cloud-based mobile solution.
  • ThreatMetrix enhances TrustDefender Mobile to help businesses meet new payment card industry data security standards.
  • Spring and All: FinovateSpring 2015 Presenters Revealed!

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.

Trustev Wins Most Disruptive Technology Award at SXSW

Trustev_highreslogo_FEU14     The best in Texas? This morning, it’s Irish security startup, Trustev.

Trustev won the Decoded Fashion competition at the annual SXSW festival in Austin, Texas. The company, which specializes in real-time fraud prevention, bested nine other finalists and more than 120 total applications to take top honors – and a cash prize of $5,000.

“This competition was meant to gain visibility for new startups with the potential to impact the future shopping experience,” said Decoded Fashion president and founder Liz Bacelar, speaking of the finalist field. Applicants included startups with specialties in e-commerce, data analytics, in-store retail technology, and mobile payments.
Trustev_FEU14_stage

The win at SXSW was Trustev’s second Texas triumph in a row. Trustev won the SXSW Accelerator Award for Top Enterprise Startup last year, just as the company was making its U.S. launch – and a month after the Trustev’s demo at FinovateEurope 2014.

The event, which was part of the festival’s “lifestyle hub” SXstyle, was sponsored by retail real estate operator, the Simon Group. Judges were Christa Allen (Simon Group), Jonathan Shieber (TechCrunch), Josh Goldman (Norwest Ventures), and Skyler Fernandes (Simon Venture Group).

Trustev was founded in 2013 and is headquartered in Cork, Ireland. The company was founded by Pat Phelan (CEO) and Chris Kennedy (CTO), and demoed its Trustev Retail Decision technology at FinovateEurope 2014.

Alumni News– January 22, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgKreditech secures $200 million credit line from Victory Park Capital.
  • GMC Software and Silanis Technology partner to integrate eSignLive with Inspire.
  • Internet Retailer features Trustev CEO Pat Phelan in discussion on consumer fraud.
  • TradeKing unveils Risk Assist to protect clients against steep market declines.
  • Braintree completes initial integration with Coinbase; opens up private beta access.
  • Financial Post business section features Digital Retail Apps in its look at digital payments in 2015.
  • Realty Mogul adds new Senior VP of Mortgage Operations, Kendra King.
  • Temenos forges strategic alliance with EFT processor, Elan Financial Services.
  • Check out our latest FinovateEurope 2015 Sneak Peek, Part 4 featuring Bendigo and Adelaide Bank, CPB Software AG, Ixaris, JSC Delta Bank, QCR, and Topicus Financial.
  • Planwise launches Connect, leveraging affordability tools to help real estate agents engage potential buyers.
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.

Alumni News– December 18, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFinovate Debuts: Knox Payments Leverages ACH to Reduce Payment Costs for Merchants.
  • Financial Times’ Ian McKenna takes a look at his “gadget of the fortnight”: True Potential Investor.
  • Wired.co.uk features digital fingerprinting technology from Trustev.
  • GoBank users now able to activate cards through banking app without starter kit.
  • FreeAgent expands Self Assessment filing to ease pain for SMEs.
  • Google Cloud Platform releasing SDK in Java for using Cloud Dataflow under an open-source license.
  • American Banker names online marketplace lending, such as Lending Club and Prosper, the innovation of the year.
  • InComm partners with Edenred UK, an employee benefits and solutions provider.
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.