Kyndi, Featurespace, Onfido Recognized as AI Innovators in Fintech – A trio of Finovate alums are among the 100 companies highlighted by CB Insights in its newly-available report, AI 100: The Artificial Intelligence Startups Redefining Industries. The report, CB Insights’ 4th edition, focuses on companies that are innovating in the fields of “synthetic voice, quantum machine learning, protein modeling, and more.”
Top level takeaways from the report include the fact that 10% of the companies in the 2020 AI 100 are unicorns with a valuation of more than $1 billion. Most of the companies (65%) are U.S.-based, with Canada and the U.K. coming in second with eight startups each. China has six companies represented in CB Insights’ AI roster.
Kyndi demonstrated its Explainable AI platform at FinovateSpring 2018. The technology leverages machine learning to streamline regulated business operations and provide auditable AI systems. The company was founded in 2014, and is headquartered in San Mateo, California. An alum of FinovateFall, U.K.-based Featurespace demonstrated its ARIC Fraud Manager at FinovateFall 2016. This solution uses machine learning and adaptive behavioral analytics to identify potential fraud based on anomalous behavior.
Demonstrating its Facial Check with Video solution at FinovateFall 2018, Onfido showed how its technology used machine learning to compare images on identity documents with facial biometric data and digitally verify people’s identities.
Agora Scores $2 Million in Funding – Digital platform banking solution provider Agora is in the process of securing $2 million in funding. News of the investment comes as the company announces opening a new headquarters in Atlanta, Georgia.
“We selected Atlanta because the region provides us the best combination of access to business development and talent, while also being a part of the growing fintech community,” Agora Services founder and CEO Arcady Lapiro said. Agora made its Finovate debut last year at FinovateSpring, demonstrating its mobile banking solution for teenagers.
Regional banks and credit unions leverage Agora’s technology to provide a digital experience for their customers without having to replace their core banking systems. Agora enables institutions to offer their customers popular digital banking and financial management solutions such as shared accounts, PFM, card controls, money pools, and children’s account management.
“In order for financial institutions to remain competitive,” Lapiro said, “they must have the latest and most robust digital offerings. Banks have to move beyond a website, a standard app, or mobile check deposit. They must compete with the latest fintech technology.”
Here is our weekly look at the latest news from our Finovate alums.
- ECOMMPAY becomes the first PSP to integrate with the new PayPal commerce platform.
- Singapore Exchange accepts Ayondo’s application to extend submission deadline for its proposal to resume trading.
- MYHSM partners with ACI Worldwide to integrate its Hardware Service Module into ACI’s UP platform.
- TransferWise goes live in Portugal in partnership with Activo Bank.
- Fiserv acquires merchant services company MerchantPro Express.
- Leading Vietnamese commercial bank, MSB, will deploy Mambu’s cloud-native banking platform by the end of this year.
- Vantage Bank Texas to deploy digital banking technology from Backbase.
- Forte Payment Systems launches its new BillPay solution.
- Cryptoslate features Crypterium.
- CIO Magazine ranks Insuritas’ iNSURE a top 10 U.S. agency management platform.
- InComm debuts prepaid products in South Africa.
- TurnKey Lender partners with Cambodia-based Sambat to bring real-tie decisioning to their loan application processing.
- DemystData to provide contextual data for SparkBeyond.
- Roostify expands deal with TD Bank to include home equity loans and lines of credit.
- HousingWire names Loan Scorecard a 2020 HW Tech100 Mortgage Winner.
- Larky joins Visa’s Fintech Fast Track program to integrate Larky’s nudge engagement platform with VisaNet’s global payment network.
- New Hampshire Mutual Bancorp migrates to Jack Henry & Associates SilverLake System core platform
Finovate Alum Features and Profiles
PayPal Takes to the Google Cloud – Google Cloud has unveiled its latest data center and announced that PayPal will be among the first to move key components of its payments infrastructure to Google’s cloud region.
AlphaPoint Garners Additional $5.6 Million in Funding – The news follows the company’s last round in 2018 when it pulled in $15 million. Today’s investment brings AlphaPoint’s total funding to $23.9 million.
Conversational AI Innovator Clinc Inks Partnership with Visa – Courtesy of a newly-announced partnership between Visa and the conversational AI innovator, customers of participating banks and credit unions will be able conduct a wide variety of banking operations by communicating directly with their bank accounts using natural, conversational language.
How a Banking License Evolved Neo’s Vision – Neo was founded in 2017 with a vision, as described by CEO Laurent Descout, “to create a platform that can replace the old fashioned banking platform. A true ‘one-stop shop’ that offers all the financial products a corporate client needs to operate in a global environment.”
New Investment Gives Ant Financial a Minority Stake in Klarna – Chinese conglomerate Ant Financial has purchased a minority stake in Sweden’s e-commerce payments innovator Klarna. The terms of the investment were not disclosed, but the company said that the funding amounts to a 1% stake.
Equifax Adds Rental Payment History to Credit Insights – Consumer insights company Equifax is partnering with U.K.-based Credit Ladder, a rent reporting service. Under the partnership, Equifax will leverage data from Credit Ladder to help tenants who pay their rent on time access fairer credit rates.
Thought Machine Locks in $83 Million in Growth Funding – U.K.-based, cloud native, core banking technology provider Thought Machine has just secured Series B funding that will help the U.K.-based company expand into the Asia-Pacific.