LendingFront, Veridium, Voca.ai Join Mastercard’s Start Path

LendingFront, Veridium, and Voca.ai are three of the seven companies recently selected to participate in Mastercard’s startup engagement program, Start Path. The accelerator program works with startups from a variety of fields ranging from banking and biometrics to data intelligence and security. Participating companies will access Mastercard’s worldwide ecosystem and leverage their new relationship with Mastercard and its customers to expand into new markets.

“After searching around its presence in 210 geographies and beyond,” a statement from Mastercard Start Path read, “Mastercard and seven startups are descending upon Dublin this week to ignite their collaboration.”

Start Path begins with a kick-off event that helps the program administrators get to know the companies, define goals and introduce startups to Mastercard’s partners, as well as future channels and customers. The majority of the program consists of a six-month virtual engagement that companies participate in from their home location.

Upon successful completion of the Start Path program, companies that have produced what the program referred to as “tangible value” for Mastercard’s partners will be eligible for potential strategic investment.

“The diverse technologies comprising the latest Start Path wave is a snapshot of the nearly 10,000 startups and fintechs connected to Start Path since its founding in 2014,” the program announcement noted. “It also shows how, through Mastercard Labs, we partner successfully to explore new technologies, accelerate new concepts and deliver transformative growth and change to the commerce landscape.”

The full roster of companies also includes Fligoo, mfarmPay, Monsoon CreditTech, and Segasec.

LendingFront demonstrated its Small Business Platform at FinovateFall 2016. Founded in 2015 and headquartered in New York City, the company offers an automated lending platform that consolidates processes typically conducted by disparate systems. The technology features application workflow for loan processing, a data engine, decision engine, offer screens, documentation and booking functionality, as well as servicing. LendingFront raised $4 million in Series A funding at the beginning of the year.

Massachusetts-based identity and access management solution provider Veridium demonstrated its VeridiumID with 4Fingers Touchless ID technology at FinovateEurope 2017. Earlier this month, the company unveiled its InMotion solution that leverages user behavior analytics to help secure online identities and prevent cyberfraud. Also this spring, Veridium partnered with Blue Turtle Technologies to drive adoption of biometric technology in Africa.

Best of Show winner Voca.ai demonstrated its intelligent virtual agent for call centers at FinovateEurope 2019 in February. It was the second Best of Show win for the company, which made its Finovate debut at FinovateAsia last fall. Founded in 2017 and headquartered in Herzliya, Israel, the company’s technology provides a flexible, natural-sounding, automated human voice system that improves customer satisfaction, and helps businesses convert and qualify more leads.

Finovate Alumni News

On Finovate.com

  • LendingFront, Veridium, Voca.ai Join Mastercard’s Start Path.

Around the web

  • Kinetica releases active analytics platform to simplify architecture and deliver analytical applications at scale
  • Tango Card partners with StatementGames to deliver e-gift cards as a redemption option for StatementGames players.
  • Larky wins big at Finastra’s Innovation Challenge

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 Global: Jumio Lands in Brazil; TurnKey Lender Raises Capital

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

Central and South Asia

  • Pakistan-based payment system operator and PSP Mobi Direct selects Worldline for its digital infrastructure platform.
  • State Bank of India partners with Hitachi Payment Services on joint venture to support digital payments in India. SBI also picked Financial Software and Systems to implement its “One Nation, One Card” digital payments program.
  • Inc42 lists 5 Trends in Fintech You Will See in 2019.

Latin America and the Caribbean

  • Jumio opens office in Brazil and operations center in Barranquilla, Colombia, as part of expansion into Latin America.
  • Mexico’s central bank turns to Amazon for public mobile payment system.
  • Banco Bolivariano of Ecuador deploys mobile banking technology from Diebold Nixdorf.

Asia-Pacific

  • TurnKey Lender locks in new investment from OSK Ventures.
  • United Overseas Bank (UOB) of Singapore launches its Smart Business Transformation Programme for SMEs in Thailand.
  • Malaysia’s Maybank introduces its e-wallet service for cashless payments.

Sub-Saharan Africa

  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • Nigeria’s United Bank for Africa (UBA) goes live in the U.K.
  • People’s Bank of Zanzibar launches new core banking system with technology from ICSFS.

Central and Eastern Europe

  • Russia’s Alfa-Bank joins Marco Polo Network to offer blockchain-based trade and supply chain finance services to its clients.
  • Kontomatik earns license from Bank of Lithuania to operate as an AISP in 11 EU countries.
  • Palestine Islamic Bank to deploy Temenos Infinity and Temenos T24 systems as part of its digital transformation efforts.

Middle East and Northern Africa

  • Al Taif Islamic Bank to deploy Sharia-compliant, core banking technology from Finastra, Fusion Islamic.
  • Working group supported by TheCityUK and Turkish stock exchange Borsa Istanbul launch joint effort to promote Islamic fintech solutions.
  • Scoop Empire looks at the UAE’s role in foster innovation in fintech, especially with AI.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Signifyd Unveils Chargeback Solution for Online Merchants.
  • Tink to Support Payment Initiation, PFM for Lunar Way.

Around the web

  • Jumio wins trio of honors at 2019 InfoSec Awards: Market Leader in Compliance, Best Product in Biometrics, and Best Product in Fraud Prevention.
  • Tradeshift and Basware end takeover talk.
  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • TickSmith launches new transaction cost analysis (TCA) 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.

Veridium’s InMotion Uses Behavior Analytics For Authentication

The new software-only solution from Veridium, InMotion, leverages user behavior analytics to protect online identities and stop cyberthreats before the damage is done. The platform provides mobile biometric authentication by matching behavioral data from the user’s interaction with their smartphone with the user’s biometrics.

By collecting data from the smartphone’s motion sensors and applying machine learning techniques, InMotion develops a user baseline after just 10 authentications. Future authentications are then compared to this baseline – which refines itself over time as it learns the user’s behavior – and given confidence scores. Lower confidence scores can be used as triggers to begin follow-up authentication via other channels such as SMS, email, or phone.

The combination of low confidence scores and repeated failed authentication efforts, the company noted, could signal potential fraud and, in some instances, result in blocking the user’s access altogether.

“As data breaches and insider threats increasingly plague the enterprise, businesses are in need of a strong solution that can better recognize and verify users’ identities,” Veridium head of product development Ionut Dumitran said. He pointed out that user behavior analytics make it difficult for fraudsters because while obtaining someone else’s phone may be hard, and obtaining their fingerprints even harder, replicating a person’s unique mannerisms is a far greater challenge for fraudsters and other malicious actors.

“By tapping into the power of behavioral biometrics, Veridium InMotion can help businesses diminish the risk of identity as an attack vector and strengthen authentication in a way that is both transparent and frictionless for the user,” Dumitran said.

Founded in 2015 and maintaining offices in the U.S. the U.K., Romania, and Benelux, Veridium demonstrated its VeridiumID with 4 Fingers Touchless ID solution at FinovateEurope 2017. The technology provides greater reliability in biometric authentication by using four fingerprints simultaneously. This adds to the complexity of the data and making the authentication effort more difficult to impersonate.

The company was recognized in nine Gartner reports in 2018, including as a vendor for biometric authentication in seven of Gartner’s Hype Cycle Reports. Earlier this year, Veridium announced that it had developed a biometric federated authenticator for WS02 Identity Server.

Veridium has raised $16.7 million in funding, and includes Citrix Systems, as well as Michael Powell and Michael Spencer among its investors.

Finovate Alumni News

On Finovate.com

  • Veridium’s InMotion Uses Behavior Analytics for Authentication.
  • FinovateGlobal: Vymo Launches in Vietnam; ZagTrader Helps FIs Go Crypto.
  • FinovateEurope Demo Videos Are Live!

Around the web

  • HackerOne announces that one of its bug bounty hackers is the first to top $1 million in bounty awards.
  • Equifax extends its partnership with the Small Business Financial Exchange (SBFE).

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

Around the web

  • New partnership makes Venmo a payment option for Uber and Uber Eats.
  • Hedgeable announces plan to end management of accounts by mid-August.
  • IdentityMind Global to provide KYC for Ontology Trust Ecosystem.
  • Socure named to Red Herring Top 100 in North America for 2018.
  • Mortgage Cadence integrates compliance auditing and monitoring into its loan origination platform.
  • Bluefin and Verifone team up to boost payment security with PCI-validated Point-to-Point Encryption (P2PE).
  • Twisto payment platform goes live in Poland this week.

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.

Veridium’s $16.5 Million Series B Led by Michael Spencer

Exactly one week after pocketing a $150k grant, Veridium has made headlines again after the company reported a Series B funding round totaling $16.5 million. Because Veridium’s initial funding round was unreported, the company’s total funding is unknown.

U.K. entrepreneur and philanthropist Michael Spencer led the round, contributing $14.2 million of the total financing. Other contributors include Citrix Systems, and investor Michael Powell. Both Spencer and Powell will join Veridium’s board of directors.

The company will use the capital to boost product development and to scale its sales and marketing efforts across the Americas, Europe, and Asia in order to meet demand. Veridium already boasts customers in multiple industries across the globe, having recently added several large financial services organizations. In February, the company onboarded the largest bank in the Nordic region, Nordea, and last month, it signed a deal with a multinational Swiss bank to replace passwords, tokens, and swipe cards to create a more user-friendly authentication process.

“In today’s digital age, global organizations are challenged to secure their most critical assets against advanced threats in a way that’s both convenient and secure,” said Spencer. “Veridium is unique in the industry because it provides organizations with an enterprise-ready authentication solution to address those problems with the adoption of biometrics – while increasing security and convenience.”

Veridium offers biometric authentication solutions available through a software-only biometrics platform. The identity access management technology allows users to replace passwords, tokens, and swipe cards with their own facial and fingerprint biometrics that can be read on the sensors already available on their smartphone.

At FinovateEurope 2017, Veridium showcased 4 Fingers TouchlessID, a multi-finger touchless biometric authentication that works on smartphones with a camera. Headquartered in London and Boston, Veridium was founded in 2015. James Stickland is CEO.

Finovate Alumni News

On Finovate.com

  • Inspire FCU to Deploy Core Banking Solutions from NYMBUS.
  • Veridium’s $16.5 Million Series B Led by Michael Spencer.

Around the web

  • NCR and Advanced Fraud Solutions team up to fight check fraud at interactive teller machines (ITMs).
  • ThreatMetrix partners with Lumin Digital to improve security for online and mobile banking.
  • Bluefin to collaborate with NCR to provide merchants with fraud fighting solutions.
  • The dream of Coinbase is alive in Portland.
  • HiddenLevers moves HQ location from NYC to Atlanta suburb.

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.

Veridium Earns $150,000 Grant

Biometric authentication software company Veridium (formerly Hoyos Labs) was recently awarded a $150,000 grant from Digital Financial Services Lab. The grant is funded by the Bill and Melinda Gates Foundation.

Veridium earned the funds by completing the first DFS Lab Biometrics Challenge, which required groups to develop software-based technologies that can capture and verify fingerprints using only an Android smartphone. The $150,000 winnings are to be used to create a mobile app that makes it easy to enroll and match users in developing countries against government databases in order to ensure they receive proper government aid and money.

Lori Cohen, CMO of Veridium, said, “Our goal is to help design a new banking model, using our biometric authentication technology to bring the unbanked into the financial services system. Additionally, over time, [we aim to] improve their circumstances, making it possible to open a bank account, apply for credit, and achieve a level of financial stability.”

This isn’t Veridium’s first grant. The company earned a grant in 2017 in which it piloted a new digital banking model using biometric authentication in a partnership with Wala. The pilot aimed to bring accessible, zero-fee banking to residents of sub-Saharan Africa.

“Winning the grant from DFS Lab has enabled us to be one step closer to our goal of disrupting the current banking model, which currently excludes billions of people around the world just because they lack identity documents,” added Cohen.

At FinovateEurope 2017, Veridium showcased 4 Fingers TouchlessID, multi-finger touchless biometric authentication that works on smartphones with a camera. This method of biometric authentication can be leveraged to onboard and authenticate consumers, since the quality of the fingerprint photos is equivalent to those captured on traditional flatbed scanners. Earlier this year, the company deployed its VeridiumID platform with Nordea, the largest bank in the Nordic region. Headquartered in London and Boston, Veridium was founded in 2015. James Stickland is CEO.