Finovate Alums Earn Spots in European Fintech 100

Finovate Alums Earn Spots in European Fintech 100

Powered by collaborative Belgian innovation platform, B-Hive, and Dutch financial consulting firm, Alex van Groningen BV, the European Fintech Awards & Conference recognize fintech innovators working in a variety of areas ranging from the Blockchain/Bitcoin and Financial Inclusion to InsurTech and Payments.

The awards consist of a European Fintech 100 and a Top Three which will be selected from among the top three startups in each of the conference’s nine categories during a pitch contest at the end of September. Here are the Finovate alum finalists who will compete for top honors in their respective categories this fall.

Dorsum (FinovateEurope 2017)

  • Category: Innovative Banking Software
  • Founded in 1996
  • Headquartered in Budapest, Hungary
  • Róbert Kő is CEO and Founder

Meniga (FinovateEurope 2017)

  • Category: PFM / Robo Advisory
  • Founded in 2009
  • Headquartered in London, U.K.
  • Won Finovate Best of Show three times
  • Georg Ludviksson is CEO

Revolut (FinovateEurope 2015)

  • Category: Challenger Banks
  • Founded in 2013
  • Headquartered in London, U.K.
  • Nikolay Storonsky is CEO and founder

TWINO (FinovateEurope 2016)

  • Category: Alternative Finance
  • Founded in 2015
  • Headquartered in Riga, Latvia
  • Jevgenijs Kazanins is CEO

Below are the Finovate alums that have been named to the European Fintech 100.





See the full European Fintech 100 list.

Interested in fintech in Europe and the U.K.? Finovate brings its new, expanded format to London in February. With live demos on Days One and Two, and a diverse range of keynotes, panel discussions, and round tables with fintech professionals on Days Three and Four, FinovateEurope 2017 is an event you won’t want to miss. Visit our FinovateEurope page today to learn more and to take advantage of huge early-registration savings.

Finovate Alumni News


  • EquityZen Secures $3 Million in Round Led by Draper Associates.
  • Karmic Labs Lands $17.2 Million to Grow Enterprise Payment Solutions.
  • Innovation Acceleration: Incubators and Incubation Labs Drive Development in Fintech.

Around the web

  • MoneYou integrates Mitek’s identity solutions for real-time digital onboarding.
  • Xignite launches the Xignite Channel Partner Program to offer partners integrated cloud-based market data solutions.
  • Betterment launches new Socially Responsible Investing (SRI) Portfolio.
  • Forbes profiles Unison in look at the challenges facing homebuying millennials.
  • CrowdFlower adds former Amazon AI product specialist Robert Munro as VP of Machine Learning.
  • NuCypher introduces its decentralized key management system, NuCypher KMS.
  • AltFi talks about the role of “platformification” in supporting innovation in fintech with Avoka CEO Phil Copeland.
  • IDG Connect interviews Xpenditure CEO Boris Bogaert on current trends in banking including blockchain R&D.
  • IBM opens new data centers in London, U.K.; Sydney, Australia; and San Jose, California.

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


  • Revolut Unveils Billsplitting Feature.
  • Check out this week’s FinDEVr APIntelligence.
  • ThreatMetrix Shows Off its Strongest Year Yet.
  • Société Générale to Launch Personetics-Powered Chatbot.

Around the web

  • Five Degrees provides CRM and BPM technology for new UK robo advisor, Munnypot.
  • Coinbase wins New York State Department of Financial Services (NYDFS) virtual currency and money transmitter license.
  • FICO and Ethoca partner to improve card acceptance rates, fight CNP fraud, and reduce disputes.
  • PwC and Oracle team up to help FIs meet new accounting standards.
  • Handpoint expands line of commerce solutions with semi-integrated mobile EMV for cloud POS.
  • Guardian Analytics appoints Varouzhan Ebrahimian as the company’s new Chief Technology Officer.
  • Finextra: Blockchain launches Digital Asset Research Lab.

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.

Get Your VAT Back: Xpenditure to Help Reclaim International VAT Refunds

Get Your VAT Back: Xpenditure to Help Reclaim International VAT Refunds


Near the top of the list of expense reporting and reimbursement headaches for international travelers is the value-added tax, or VAT. And courtesy of a new partnership with Luxembourg’s VAT IT, Belgian expense-management solution-provider Xpenditure is here to help.

“Our mission is still to kill the monthly expense report,” says Xpenditure CEO Boris Bogaert, “and this partnership is an important next step in achieving that.”


(Left to right): Chief Product Officer Koen Christiaens and CCO Wim Derkinderen demoed the Xpenditure platform at FinovateEurope 2016 in London.

The new partnership with VAT IT will make it easier for Xpenditure users to reclaim VAT on international and domestic travel expenses, as well as services from international suppliers. For businesses with employees who work and spend internationally, the automated process helps reduce costs and errors. Users scan their receipts with their mobile device and get their expenses approved in real time. VAT IT’s proprietary, cloud-based technology extracts the necessary data from your accounting system and calculates VAT savings, minus a small-percentage transaction-fee. A specialist in cross-border VAT and tax recovery, VAT IT has more than 8,000 clients in 100 countries. In addition to Xpenditure, VAT IT has partnerships with Finovate alums Concur and Mastercard.

Founded in 2011 and headquartered in Mechelen, Belgium, Xpenditure demonstrated its technology at FinovateEurope 2016. The company has raised more than $9 million in funding, with its most recent investment a $5.7 million Series A in the fall of 2015. Xpenditure board member Jonas Dhaenens was named ICT Personality of the Year by Data News in May and, in April, the company was honored at the 2016 European Fintech Awards.

Check out our FinovateEurope Sneak Peek on Xpenditure for more.

Finovate Alumni News


  • Finovate Debuts: BaseVenture’s Command Center for Fund Managers & Administrators
  • Temenos to Power Wealth Management Solution for Standard Chartered
  • CREALOGIX Adds Authentication Technology from South African FinDEVr alum, Entersekt
  • Get Your VAT Back: Xpenditure to Help Reclaim International VAT Refunds

Around the web

  • Swiss financial services firm bob Finance to deploy Netverify from Jumio.
  • IBM partners with Credit Mutuel Arkea on blockchain KYC project.
  • Urban FT joins the Center for Financial Services Innovation (CFSI).

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


  • “FinovateSpring 2016: Tales from the Tweet Side”

Around the web

  • i-exceed Technology celebrates its fifth anniversary.
  • Quantopian launches weekend hackathon.
  • Xpenditure board member Jonas Dhaenens awarded ICT Personality of the Year by Data News.
  • BankNxt interviews Sebastian Siemiatkowski on the origins of Klarna.
  • Persado announces new Chief Operating Officer, Greg Dale.
  • Entrepreneur profiles DriveWealth and TD Ameritrade in a look at finalists for the Benzinga Fintech Awards 2016.

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.

Check Out Who Took Home Top Honors at Last Night’s European Fintech Awards

Check Out Who Took Home Top Honors at Last Night’s European Fintech Awards
GroupPhoto(Photo credit:

Last night in Amsterdam the 2016 European Fintech Awards celebrated innovators shaping the future of finance. A total of nine awards were presented to companies selected by a panel of judges for the quality of their pitch.

Four of the winners are Finovate and FinDEVr alums, including BehavioSec, who won the overall award of Best European Fintech Company of 2016:

Category: Risk, Intelligence, and Security
HQ: Stockholm, Sweden
Founded: 2009
FinovateFall 2015 demo
FinDEVr San Francisco 2015 presentation

Category: Innovative Banking Software
HQ: The Netherlands
Founded: 2003
FinovateEurope 2016 demo

Category: Financial Inclusion
HQ: Hamburg, Germany
Founded: 2012
FinovateSpring 2014 demo

Category: Best of Show, selected for the best pitch
HQ: Mechelen, Belgium
Founded: 2011
FinovateEurope 2016 demo

A total of 29 Finovate and FinDEVr alums were recognized in the European Fintech Top 100 list. Companies awarded on this list were selected by a combination of online public votes (weighted 25%) and a panel of judges (weighted 75%).

  • AdviceGames
  • Kantox
  • Klarna
  • AMP Credit Technologies
  • Kontomatik
  • Azimo
  • Kreditech
  • Backbase
  • Mambu
  • BehavioSec
  • mBank
  • Cloud Lending Solutions
  • Meniga
  • ebankIT
  • Nutmeg
  • eToro
  • Qumram
  • Scalable Capital
  • eWise
  • SmartEngine
  • Fenergo
  • TransferWise
  • Holvi
  • Trustly
  • IdeaBank
  • Zopa
  • InvoiceSharing

The European Fintech Awards are organized by Amsterdam-based publishing company Alex van Groningen BV. The company offers a great explanation of the awards: “The purpose of the FinTech awards is not to scientifically prove who are the best FinTech companies. The judging is primarily based on the judges’ individual ideas and views on the nominating companies using their expertise, knowledge and ideas.”

Telling Personal Stories via Bank Transaction History

Telling Personal Stories via Bank Transaction History


paper receipt pile

One of the initial aims of personal financial management (PFM) was making sense out of your spending. For a variety of reasons, most consumers view that as just too much work for too little in return. But, since the launch of Mint nine years ago, much progress has been made on that value equation. Thanks to mobile technologies and various APIs, tracking is easier as well as more data rich, resulting in output that is much more useful.

For example, Simple’s Safe to Spend predicts when you will run out of cash with virtually no user input. It’s a great benefit for numbers-oriented customers who already pay close attention to their balances. But what about the other 90% of the world? Can PFM services deliver value for those that will never appreciate an animated graphic of their 10-year moving average of Starbucks purchases?

I believe the answer is yes.

PFM services need to broaden their role and help customers track their “financial stories.” Think about it. Unless you are an obsessive Facebook/Instagram/Foursquare poster, where else can you look back and find out where you ate last year in San Diego, what souvenirs you brought back for the kids, and which car rental company you want to avoid next time?

All that info, and much more, is locked away in your credit/debit card transaction history. Just being able to search your transactions helps tremendously (thanks, Mint). But what if you had ready access to all the information on your receipt? Then you could see not only where you ate, but also which entree you loved (since you would have made a note on the receipt at the time).

Currently, integration with camera phones, such as that offered by Expensify, do this for highly motivated users, such as those with a large financial incentive to track their reimbursable expenses. But what about everyone else?

That’s where startups—such as Finovate alums Ready Receipts, Shoeboxed, Xpenditure, as well as dozens of PFM providers and mobile payment specialists—come into play. They are devoted to getting the transaction detail on receipts aggregated into a single, easily accessible source.


We recently met another startup that seems to have good traction solving this problem (and happens to count Expensify as an investor), Washington D.C.-based Piper. Most of our conversation was off the record, but I love what they are doing, working with the POS players to reach critical mass in a difficult two-sided market—one in which retailers don’t want to spend money on enhanced receipts unless there are users, and users won’t bother unless they see a sizable number of receipts available.

Piper has also narrowed in on a business model that charges fees to the portion of the ecosystem that stands to gain the most from better receipt management; namely, the merchants, card issuers, and transaction acquirers who benefit massively from the 30% reduction in chargebacks that the system has proven in early tests.

I look forward to the time when Piper and the others have changed the PFM story.


Note: Y Combinator’s latest batch (W16), debuting this month, contains another receipt provider worth watching, FlexReceipts

FinovateEurope Sneak Peek: Xpenditure

FinovateEurope Sneak Peek: Xpenditure


FEULogowithDate A look at the companies demoing live to 1,500 fintech professionals. Register today.


Xpenditure is a leading expense-management solution that helps you save time managing your expenses. Xpenditure automates the complex expense-management flow. The company’s motto is: Xpenditure—Claim Back Your Time.


  • Reward colleagues who save the company money by spending less than defined
  • Integrate directly with several global financial institutions
  • Save time reclaiming VAT with our integrated solutions

Why it’s great
Xpenditure is driven by a passion to save users’ time when managing expenses. This informs all decisions it makes. As a result, the company’s approach is unlike others who seek to replicate offline process online.


Wim Derkinderen, CCO, Co-founder
Derkinderen is a co-founder, the CCO and the executive chairman of Xpenditure. Derkinderen has a passion for SaaS and technology; he is involved in multiple startups.

XpenditurePresenter2Koen Christiaens, Chief Product Officer
Christiaens is chief product officer at Xpenditure and defines the product strategy, ensuring constant innovation and improvement so Xpenditure continues to lead the expense-management market.

Finovate Alumni News


  • Taulia Announces Record New Bookings; New CMO Holzapfel”
  • MX Recruits Don MacDonald, Former Intel and Fiserv CMO”

Around the web

  • Cachet Financial Solutions deploys its Select Mobile Deposit solution for Kentucky-based Whitaker Bank Corporation.
  • UBS hires Markit to manage its Investment Bank’s investible indices.
  • The Hindu quotes Cloud Lending Solutions’ CEO and co-founder Snehal Fulzele on digital transformation.
  • Personal Capital launches Financial Fitness program for employers to help employees reach their wealth goals.
  • Zopa wins Personal Loan Provider of the Year at the Consumer Moneyfacts Awards 2016.
  • Bank Innovation features video of Ripple CEO Chris Larsen discussing the internet of value at Davos.
  • CB&S Bank selects Insuritas to power its insurance-agency solution for customers.

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’s European Alums Raised More Than $350 Million in 2015

Finovate’s European Alums Raised More Than $350 Million in 2015


Nineteen Finovate alums headquartered in Europe raised $350 million in 2015.

From the $16,000 in seed money raised by U.K. startup, StockViews, to the €82 million investment received by Germany’s Kreditech, we’ve counted every euro, pound, and dollar that investors poured into our European alums. And whether the funding represented an initial infusion of capital or was part of a multi-stage Series E round, it is clear that investors are very interested in the fintech innovations of Europe.

Take a look for yourself at the “European Portfolio” from 2015 below, featuring Finovate alums from the United Kingdom, Ireland, Germany, Switzerland, and the Netherlands.





Netherlands_FlagThe Netherlands








UK_FlagUnited Kingdom

There’s still time to join us in London for FinovateEurope! Our two-day conference returns to Old Billingsgate Market Hall, February 9 and 10. Get your tickets today and save your spot.



Xpenditure Raises $5.7 Million in Series A

Xpenditure Raises $5.7 Million in Series A


FinovateEurope 2014 alum Xpenditure has just raised $5.7 million in new funding. The investment takes the Belgium-based expense management solution provider’s total capital to more than $9 million.

The Series A round was led by a variety of private investors, including current shareholder Bart Swanson, along with Lorenz Bogaert, Toon Coppens, and Jonas Dhaenens.

Writing about the investment at the Xpenditure blog, company CEO and co-founder Boris Bogaert said the investment comes as the company is poised for growth in Europe and beyond. Bogaert added that Xpenditure plans on “doubling the team in the next four months” as well as making additional investments in technology.


From left: Co-founder and COO Wim Derkinderen and Head of Product Koen Christiaens demonstrated Xpenditure at FinovateEurope 2014.

Xpenditure specializes in providing alternatives to traditional, often manual, expense report management. Or, as Bogaert is quoted in TechCrunch, “We want to kill the monthly expense report.” He pointed out that creating worthwhile solutions requires more than simply recreating manual processes in digital form, as some software companies have tried to do.

Instead, Xpenditure provides businesses with a solution that handles the entire expense management process from receipt to accounting. Xpenditure’s mobile app allows users to scan and upload receipt data directly to their online account. A dashboard enables transparency and easy expense management. Businesses can generate PDF reports or create them within their accounting and ERP software such as Intuit’s QuickBooks and Xero.

Founded in 2011 and officially launched in March 2013, Xpenditure demonstrated its platform at FinovateEurope 2014 in London. The company has offices in New York, Brazil, Germany, and Belgium, and serves customers in more than 22 countries around the world.