Ripple to Acquire Digital Asset Platform Standard Custody

Ripple to Acquire Digital Asset Platform Standard Custody
  • Decentralized finance company Ripple acquired Standard Custody & Trust Company, a firm that offers institutional-grade custody, escrow, and settlement platform for digital assets.
  • The California-based company says the purchase not only underscores its commitment to regulatory compliance, but that it will also help bolster its existing product offerings.
  • Terms of the deal were undisclosed.

Blockchain and crypto solutions company Ripple announced its fourth acquisition today. The company bought Standard Custody & Trust Company for an undisclosed amount.

Ripple said the move serves two purposes. First, it underscores the company’s “commitment to regulatory compliance,” and second, it will enable Ripple to strengthen its existing offerings and add new products to its lineup. Specifically, the California-based company has its eye on Standard Custody’s limited purpose trust charter and its money transmitter licenses. Both will complement Ripple’s existing portfolio of regulatory licenses.

“Ripple and Standard Custody are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases building institutional-grade solutions to tokenize, store, move, and exchange value. By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions,” said Ripple President Monica Long. “We will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap and serve a broader segment of customers.”

Owned by blockchain infrastructure company PolySign, Standard Custody was founded to create an institutional-grade custody, escrow, and settlement platform for digital assets. “Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure,” said Standard Custody CEO Jack McDonald.

Amid an environment of increased scrutiny of decentralized finance tools and digital assets, Ripple is looking to conduct its operations in the most transparent, regulatory compliant way. The company and its subsidiaries have acquired a New York BitLicense, nearly 40 U.S. money transmitter licenses, a Major Payment Institution License from the Monetary Authority of Singapore, and a Virtual Asset Service Provider registration with the Central Bank of Ireland.

Ripple was founded in 2012 and offers tools for global money transfers, CBDCs, and digital assets. Last year, the company acquired digital asset management solutions company Metaco for $250 million. Additionally, Ripple has recently partnered with HSBC, BBVA, and Zodia Custody, and launched its payments offering in Africa. The company supports live commercial custody offerings in 20 regulatory jurisdictions, and facilitates payments to 70 countries worldwide.

Wealthify Taps ClearBank to Launch Instant Access Savings Account

Wealthify Taps ClearBank to Launch Instant Access Savings Account

U.K.-based Wealthify has sought out ClearBank to serve as its embedded banking partner. Online saving and investing service Wealthify will leverage ClearBank’s banking license and API to launch its Instant Access Savings Account.

ClearBank’s API offers real-time clearing access, or instant money transfers. Wealthify’s new savings account, which tracks the Bank of England’s base rate, pays out 4.91% AER (Annual Equivalent Rate), which equals 4.80% gross at the time of publishing.

Wealthify hopes the new account will help support customers in today’s cost of living crisis. “The way people save has evolved rapidly over the last decade,” said Wealthify CEO Andy Russell. “People want more from their money, and choices during different economic conditions, and we’re thrilled to provide it to them. Wealthify’s savings account—powered by ClearBank—offers speedy setup, a great rate, and the ability to see savings and investments all in one place—a holistic view of your finances, at your fingertips.”

Originally founded in 2016, Wealthify demoed its online investing service at FinovateEurope 2017 and had raised $3.15 million (£2.5 million) before being acquired by financial services giant Aviva in 2020. Wealthify currently offers investment products– including stocks and shares ISAs, junior ISAs, self-invested personal pensions– and general investment accounts along with its savings accounts.

The company’s tech-forward approach leverages human intelligence. All of the investments are managed by a team of professionals. “For wealth management experts like Wealthify, our embedded banking offering is an efficient way for them to focus on quality customer service, without spending unnecessary time and resources on licenses or outsourced projects,” said ClearBank CEO Charles McManus.

ClearBank was founded in 2015 by former Worldpay CEO Nick Ogden. The UK-based company earned its banking license from the FCA in late 2016. While ClearBank itself does not lend, provide credit, or invest end users’ funds, the company does allow its banking-as-a-service clients to leverage its banking license to provide banking services. End customers benefit from $107,000 (£85,000) in deposit insurance from the FSCS.


Photo by cottonbro studio

Nordic Capital Acquires Canadian Fintech Zafin

Nordic Capital Acquires Canadian Fintech Zafin
  • Nordic Capital has agreed to acquire Canadian banking technology company Zafin.
  • The acquisition will help Zafin become a “global leader in banking technology solutions.”
  • Zafin made its Finvoate debut at FinovateFall in 2017.

Nordic Capital agreed this week to acquire a majority share in Canadian SaaS core modernization solution provider for FIs, Zafin. In a statement, Nordic Capital noted that the investment was made “in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.”

Terms of the transaction were not disclosed. The deal is expected to be completed during the first quarter of this year, subject to standard closing conditions.

Zafin CEO Al Karim Somji called the transaction an “absolute game-changer” for his team and its customers. “We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years,” Somji said. “With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”

Nordic Capital Advisors Partner Mohit Agnihotri said the deal will help Zafin “emerge as a gold standard in bank IT modernization efforts.” He added, “Nordic Capital has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape.” Based in Stockholm, Sweden, Nordic Capital invests in companies headquartered in both Northern Europe and North America. The firm has made 24 technology and payments platform investments since 2001, deploying $6.5 billion (€5.8 billion) in equity capital. Nordic Capital includes Finovate alums boost.ai, Signicat, and Trustly among its portfolio companies.

Zafin’s customers include FIs such as Wells Fargo, US Bank, HSBC, Truist, and PNC. The company’s core SaaS platform enables users to collaborate in the design and management of pricing, products, and packages. The platform also gives users the ability to respond dynamically to changing customer preferences and market opportunities. This means faster time to market, greater potential revenues, lower operating costs, and fewer operational risks – all while maintaining compliance and transparency.

Banks using Zafin’s technology have experienced 129% increase in deposits, 50% improvement in time to market, and 70% reduction in annual fee change processing costs. Five of the top seven banks in the U.S. run on Zafin’s platform. The company processes more than 500 million accounts every day.

Zafin made its Finovate debut at FinovateFall in 2017. At the conference, the company demoed its enterprise banking platform that enables FIs to manage dynamic multi-product offerings, real-time pricing and billing, loyalty and rewards, analytics, and cash management.

Headquartered in Toronto, Ontario, Canada, Zafin was founded in 2002. A few months ago, we caught up with Zafin President of Modernization and Transformation Charbel Safadi. In a wide-ranging conversation, we discussed the challenges faced by banks when it comes to digital transformation. Safadi also shared his thoughts on what FIs can do to future-proof their businesses.


Photo by Brett Sayles

FinovateEurope 2024 Sneak Peek Series: Part 5

A look at the companies demoing at FinovateEurope in London on February 27. Register today using this link and save 20%.

Citrusx

Citrusx is a trusted end-to-end platform for AI validation and governance, enabling accurate, safe, and compliant AI in organizations.

Features

  • Provides 100% transparency into models
  • Delivers 82% faster time to production
  • Reduces risk by 75%

Who’s it for?

Banks, payment providers, credit unions, insurtech companies, and lending providers.

Darksquare

Darksquare is an investment platform for individuals that focuses on alternative, private market investment opportunities currently out of reach.

Features

  • Improves investment portfolio diversification
  • Potentially generates high-risk adjusted returns (target 12-15% pa)
  • Offers curated dealflow and bespoke research

Who’s it for?

Individuals, small-and-medium-sized asset managers, and family offices.

Doshi App

Doshi helps banks, credit unions, and lenders offer financial education to their communities and empower users with everyday money confidence.

Features

  • Boosts money confidence through engaging lessons and rewards
  • Delivers tailored user insights through embedded surveys and AI-based learning
  • Drives conversions to banking products and services

Who’s it for?

Banks, building societies, credit unions, responsible lenders, and lending and investment platforms.

FRNZX

FRNZX streamlines crypto AML compliance for banks and VASPs, from onboarding through ongoing surveillance, EDD, and suspicious activity reporting.

Features

  • Simplifies crypto AML integration; eases onboarding and EDD
  • Aggregates fragmented data for unified insights
  • Tailors policy enforcement to institutions’ risk appetite, enhancing compliance

Who’s it for?

Banks, financial institutions, virtual assets service providers, law and accounting firms, and AML compliance firms.

Intrepid Fox

Intrepid Fox is a unique SaaS solution that improves the KYB process and makes it 10x faster for banks and fintechs.

Features

  • Reads and understands most difficult free-form documents
  • Collects missing information directly from customers
  • Prepares information-rich summaries for compliance specialists

Who’s it for?

Fintechs, banks, neobanks, and payment providers.

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

We’re already well into the second month of 2024, and while funding has slowed down a bit, news in the decentralized finance world has picked up. Take a look at some of the top headlines in fintech and banking this week.


Digital Banking

Israel-based digital bank oneZero unveils its new GenAI-powered assistant, Ella.

HighRadius acquires Cforia.

Payments

Tuition payments solution for trade and technical school students Mia Share raises $6.5 million in funding.

Fiserv expands in-person bill payment network to NCR Atleos ATMs.

Airbase appoints Mathew Schulz from Forrester as its new Vice President of Procurement Strategy. 

Blackhawk Network launches Select Codes to allow quick distribution of rewards.

NMI launches NMI Payments, a comprehensive embedded payments solution.

Tradeshift appoints Iain Balchin as Chief Financial Officer.

i2c Inc. adds new clients in Brazil, Dominican Republic, Mexico, Peru, and Puerto Rico.

Banking-as-a-Service

Nordic Capital inks agreement to acquire majority stake in SaaS core modernization provider Zafin.

Crypto

Crypto wallet app COCA introduces virtual cards.

Cryptocurrency exchange OKX expands to Argentina.

Crypto custodian BitGo acquires private securities and alternative investment infrastructure provider Brassica.

Open banking / Open finance

Moneyhub named supplier of Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System framework for the U.K. government.

Akoya, Envestnet | Yodlee, MX, and Plaid to integrate into FISOpen Access platform.

FIS and Banked partner to create new pay-by-bank solutions.

Wealth management & Investing

Swedish investment platform Kameo secures $1.3 million (£1.1million) investment from Incore Invest.

Attune Solutions launches Attune WealthData powered by BridgeFT.

Clearwater Analytics launches Clearwater MLx, mortgage loan investment solution.

Blue Ocean Technologies and DriveWealth partner to expand geographic reach and trading services.

Exponential Markets receives strategic investment from Citi.

Card Issuance/Management

Card issuing platform Marqeta inks travel management software company, Internet Travel Solutions (ITS).

ConnexPay launches ConnexPay Flex, a new variable-rate virtual card.

Mastercard and the Bank of Punjab expand their partnership to cover the commercial segment.

Lending

Yardline and AMZ Pathfinder partner on ecommerce funding.

Traditional finance

Barclays to acquire Tesco Bank’s retail banking business.

AtlasClear combines with SPAC and acquires Wilson-Davis & Co.

NCR Atleos to bring surcharge-free cash access to American Express checking customers.

Clearwater Analytics extends support for accounting with fund accounting and pooled participant interaction.

Fraud & security

Signzy launches one-touch KYC for seamless digital onboarding.

TruShield Insurance collaborates with Visa to help address cybersecurity risks facing small businesses.

Tina Stewart joins Utimaco as Chief Marketing Officer.

Data Zoo names former London Stock Exchange Group executive Charlie Minutella as new CEO.

Canada’s EQ Bank partners with Trulioo for identity document and biometric verification.

Armilla AI lands $4.5 million in Seed funding to help de-risk AI adoption for enterprises.

Mortgagetech

Better launches digital VA loans powered by Tinman.


Photo by AbsolutVision on Unsplash

Founders Series: Five Conversations on Hiring

Founders Series: Five Conversations on Hiring

Headlines announcing layoffs in fintech and banking have been pulsing throughout the news cycle since the start of last year. And according to one fintech expert, we may see more throughout 2024.

And while there is no doubt that layoffs and job losses are personally devastating to those involved, there may be a silver lining. Freeing up talent– especially experienced and/or technical talent– allows other organizations in the sector the opportunity to capture new, experienced professionals while offering individuals the chance to level up their career.

In a series called Fintech Founders, our sister publication Fintech Futures recently produced five videos on hiring. The videos capture founders’ thoughts on their internal hiring process, how they intentionally build their company culture, their hiring strategy, how they create a versatile team, and upcoming industry trends.

Tune in to the conversations below from:

Hiring process

Building a company culture

Hiring strategy

Building a versatile team

Upcoming trends


Photo by cottonbro studio

Revolut to Add New Telecom Service

Revolut to Add New Telecom Service
  • Revolut has partnered with 1Global to offer telecom services to its users.
  • Starting this week, Revolut will offer eSIMs to customers in all five membership tiers.
  • Users in Revolut’s Ultra membership tier will benefit from 3GB of data they can use across international borders. Members in other tiers can pay to top up their data.

In an exclusive announcement with CNBC, global financial services innovator Revolut revealed it plans to begin offering telecom services in the U.K. The move, which is made possible via a partnership with 1Global, will make Revolut one of the only fintechs to offer telecom services.

Starting this week, Revolut will begin rolling out eSIMs, which are small, programmable chips embedded directly into a smartphone, tablet, or wearable device. While eSIMs serve the same purpose as a traditional, physical SIM card, the eSIM is permanently embedded into the device and cannot be removed or swapped out.

While the new eSIM service is available to Revolut members under any of the company’s five plans, customers that pay for the Ultra membership tier will receive 3GB of data they can use across the globe, with no roaming charges. The company launched the Ultra membership option last year. For $69.47 (£55) per month, users will benefit from a platinum-plated payment card and “top-of-the-line experiences” such as airport lounge access, up to 10% cashback on travel accommodations, and more.

Users that fall into the other four Revolut membership categories will receive the standard eSIM plan, which allows them to access the Revolut app at any time and top up their Revolut phone plan if they run out of data with their current provider. The company is offering its non-Ultra members 100MB of free data if they sign up before May 1.

Adding telecom services will bolster the company’s robust travel benefit offerings. Revolut’s Premium, Metal, and Ultra subscribers receive cashback on accommodations, global medical insurance, winter sports insurance, fee-free currency exchange, and more. Adding a benefit as essential as communication is a logical next step, and may convince the company’s Standard and Plus members to pay the extra money to level up their memberships.

The London-based company made it clear that the eSIM benefit is about more than just an added travel reward. As Revolut GM of Premium Products Tara Massoudi explained to CNBC, “Our ambition is very much to be the financial super app. This is really in that direction.”

Since the company was founded in 2015 it has received $1.7 billion in funding and has expanded to serve 35+ million personal customers and more than 500,000 business customers.

Interestingly, not many fintechs have made similar moves into the telecom space. India-based credit card fintech Zolve began offering eSIM and SIM services last August in packages ranging from $30 per month to $60 per month.


Photo by Andrey Matveev

Finastra and Tesselate Team Up to Power Trade Finance Digitization

Finastra and Tesselate Team Up to Power Trade Finance Digitization
  • Finastra and Tesselate announced a partnership to facilitate faster and easier trade finance digitization.
  • The two companies launched Tegula Trade Finance as a Service which enables banks to automate manual processes, increase efficiencies, and reduce processing times.
  • Finastra was formed in 2017 from a merger between Finovate alum Misys and D+H.

A partnership between Finastra and digital transformation consultancy Tesselate will facilitate faster and easier trade finance digitization courtesy of a new end-to-end pre-packaged service. Launched today, Tegula Trade Finance as a Service empowers banks in the U.S. to automate manual processes and adapt to emerging events with a faster time to market and value. Banks can also leverage Finastra FusionFabric.cloud to integrate fintech applications and take advantage of enabling technologies such as AI and the blockchain.

“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership,” Finastra Managing Director and Head of Enterprise Sales and Strategic Partnerships, Americas, Jim McMahon said. “Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services.”

The new offering is powered by Finastra Trade Innovation and Corporate Channels. Finastra Trade Innovation is an end-to-end solution that facilitates frictionless trade and supply chain finance via straight-through processing, digitization, and data analytics to support growth and agility. Corporate Channels is a digital banking platform that gives banks a unified portal for trade, cash, supply-chain finance, lending, and treasury services for corporates. These technologies, and easy integration, help make Tegula Trade Finance as a Service a tool banks can use in order to boost revenue, take advantage of new market opportunities, enhance security, and future-proof their business.

“By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitization,” Tesselate Chief Revenue Officer and Managing Partner Alexandre Arnoux said. “Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed.”

A digital transformation consultancy and integrator headquartered in Paris, France, Tesselate advises FIs on digital strategy and supports them in their digital transformation journeys. This includes helping them implement and integrate enabling technologies and software solutions from Tesselate’s partners to improve operational efficiency and support growth. Founded in 2010, the company last month announced a partnership with Swiss fintech MITech.

Formed via a merger between Finovate alum Misys and D+H in 2017, Finastra serves financial institutions of all sizes with a wide variety of solutions and services across lending, payments, treasury and capital markets, as well as universal banking. The company’s offerings help FIs develop and grow banking relationships via channels such as embedded finance and Banking as a Service. More than 8,000 institutions – including 45 of the top 50 banks in the world – use Finastra’s technology to support open banking and fuel collaboration.

Headquartered in London, Finastra began the year announcing an upgraded partnership with Allied Banking Corporation and a new collaboration with Vietnam-based LPBank. The company also announced last month that it has teamed up with data and AI company Databricks. The partnership will enable Finastra to further leverage its data and to deliver value-added solutions with Generative AI capabilities. Finastra has also used Databricks to set up a data platform, Secure Zone, for its developers. Simon Paris is Finastra’s CEO.


Photo by Pixabay

Finovate Global: Fintechs Representing More than 15 Countries to Demo at FinovateEurope 2024

Finovate Global: Fintechs Representing More than 15 Countries to Demo at FinovateEurope 2024

FinovateEurope 2024 will have its fair share of local talent demoing live on the Finovate stage on 27 February in London. And while we’re looking forward to the return of FinovateEurope 2023 Best of Show winner NayaOne, we’re also excited to meet a whole bunch of U.K.-based fintechs that are making their Finovate debuts:

FinovateEurope 2024 will also feature one of our most geographically diverse lineups to date. Companies from 15 different countries plus the U.K. will be on hand in just a few weeks to demo their latest fintech innovations at our annual European fintech conference.

See for yourself! Here’s a look at the range of countries our demoing companies are coming from:

Visit our FinovateEurope hub today and save your seat. Register by 16 February and take advantage of big, early-bird savings!


Here is our look at fintech innovation around the world.

Latin America and the Caribbean

  • Segura Bank International (SBI), a financial institution based in Puerto Rico, tapped Temenos to power its new digital bank.
  • Contxto showcased the Chilean Fintech Law, Ley Fintec, that went into effect last weekend.
  • TechRound profiled 10 Bolivian startups including POS management software provider Vendis, paytech Pagame, and inclusive finance platform Koban,

Asia-Pacific

  • Singapore-based cryptocurrency payments app Oobit secured $25 million in Series A funding.
  • Salmon, a consumer credit and debit product provider, has become a licenced bank in the Philippines.
  • Doxa Holdings, a Singaporean digital procurement platform for the supply chain industry, raised an undisclosed amount of funding from Cento Ventures.

Sub-Saharan Africa

  • 10x Banking announced plans to extend its expansion into Africa.
  • Semafor looked at the challenges Nigerian fintechs will face as the country’s central bank tightens regulations to fight fraud.
  • The Kenyan High Court enabled Nigerian fintech Flutterwave to access $3 million in funds frozen since July 2022.

Central and Eastern Europe

  • Hungarian fraud prevention platform SEON joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Programme.
  • Germany’s Commerzbank partnered with trade finance solutions provider Surecomp.
  • Estonia-based checkout solutions provider Montonio to offer BNPL services courtesy of a partnership with Inbank.

Middle East and Northern Africa

  • Commercial Bank of Kuwait teamed up with Network International to upgrade its payment systems.
  • U.S. and Israeli-based fintech Pagaya locked in a five-year, $280 million credit facility with BlackRock, JP Morgan Chase, and other lenders.
  • Emirates NBD turned to anti-crime platform Silent Eight to enhance its compliance operations.

Central and Southern Asia

  • Indian payment services firm PayU teamed up with Thought Machine to power its LazyPay credit service.
  • Nepal Clearing House partnered with ACI Worldwide to support its National Payment Switch (NPS) initiative.
  • India-based fintech CRED agreed to acquire mutual fund and stock investment platform Kuvera.

Photo by Pixabay

Greg Palmer and the Finovate Podcast Showcase Black Voices in Fintech

Greg Palmer and the Finovate Podcast Showcase Black Voices in Fintech

The stage is not the only place where Finovate celebrates the accomplishments of Black and African-American fintech and financial services professionals.

Since inception, Greg Palmer and the Finovate Podcast have showcased Black and African-American innovators, entrepreneurs, and thought leaders in the fintech and financial services space.

As part of our continued commemoration of Black and African-American History Month, today we highlight those conversations. Click the image to access the interview.


Nneka Ukpai – Better

Nate Gibbons – QuickFi

Jacqueline Baker – Author, The Unexpected Leader

Joseph Akintolayo – Deposits

Ariam Sium – FinGoal

William Crowder – Aperture Venture Capital

Sesie Bonsi – Bleu

Sharon Kimathi – Fintech Futures

Adrienne Harris – Superintendent NYS Department of Financial Services

Tosin Agbabiaka – Octopus Ventures

Fonta Gilliam – Invest Sou Sou


Photo by nappy

Entrust Confirms Plans to Acquire Onfido

Entrust Confirms Plans to Acquire Onfido
  • Payments, identities, and data security company Entrust confirmed that it has entered “exclusive discussions” to acquire identity verification technology company Onfido.
  • The acquisition will bring AI/ML-based biometric and document IDV technology to Entrust’s portfolio of identity solutions.
  • Both Entrust and Onfido are Finovate alums. Entrust has twice presented at our developers conference, FinDEVrSiliconValley. Onfido made its Finovate debut at FinovateEurope in 2018.

Trusted payments, identities, and data security company Entrust may be on the verge of acquiring identity verification (IDV) technology company Onfido. Entrust confirmed this week that it has entered “exclusive discussions” on the potential deal.

The acquisition would add an AI/ML-based biometric and document IDV tech stack to Entrust’s current portfolio of identity solutions. Entrust would also be able to leverage biometric, phishing-resistant authentication for use in high-value transactions.

Entrust President and CEO Todd Wilkinson praised Onfido’s IDV team, capabilities, and tech stack, calling them “best-in-class.” Wilkinson also pointed to the evolution of fraud – driven by new AI capabilities – that have created new challenges for identity verification. “Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more,” Wilkinson said. “Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions.”

Headquartered in London and founded in 2012, Onfido leverages machine learning, AI, and automation to offer a digital identity solution that creates trust at the point of onboarding and beyond. The company’s technology helps businesses acquire new customers and keep costs low, while remaining compliant with regard to both KYC and AML. Onfido made its Finovate debut at FinovateEurope in 2018 and returned to the Finovate stage months later for FinovateFall in New York.

Most recently, Onfido launched its Compliance Suite. The new offering, unveiled in late January, is an all-in-one identity verification solution that brings qualified electronic signature (QES) and One-time Password (OTP) to Onfido’s Real Identity Platform. The combination enables businesses to customize their onboarding workflows to meet local compliance obligations, increase customer conversions, and keep fraudsters at bay.

Entrust made its Finovate debut at our developers conference, FinDEVrSiliconValley 2015, and returned the following year to participate in FinDEVrSiliconValley 2016 (as “Entrust Datacard”). The company rebranded to “Entrust” in 2020, in a move that Wilkinson called “an evolution of our brand that honors our heritage as we look forward to our critical role in enabling companies to secure identity, payments, and data protection in a rapidly changing world.”

Today, Entrust has issued more than 20 billion payment cards, protects more than 100 million workforce and consumer identities, and encrypts and secures 24+ Swift messages daily. Founded in 1969 as DataCard Corporation, the company acquired Entrust in 2013, and Entrust Datacard was launched the following year.


Photo by fauxels

FinovateEurope 2024 Sneak Peek Series: Part 4

A look at the companies demoing at FinovateEurope in London on February 27. Register today using this link and save 20%.

Corsound AI

Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud.

Features

  • Provides an innovative method to detect deepfakes in call centers, with or without DB
  • Delivers a revolutionary way to prevent identity theft
  • Offers a unique voice-face matching technology

Who’s it for?

Banks, credit unions, payment providers, and small-and-medium-sized businesses.

Dotfile

Dotfile is an end-to-end business verification platform that automates KYB and AML procedures, reduces fraud, and streamlines compliance operations.

Features

  • Verifies businesses and UBOs and maps corporate structures
  • Automates onboarding, from data collection to risk scoring and periodic monitoring
  • Creates flexible risk-scoring models with custom rules

Who’s it for?

Payment service providers, banks, fintechs, forex platforms, private equity firms, crypto brokers, and asset managers.

Eleos

Eleos partners with consumer brands to embed income protection and life insurance into their online journeys.

Features

  • Bridges access and awareness gap that has kept penetration of these products down
  • Adds additional revenue stream for distributors
  • Improves customer retention rate for brands

Who’s it for?

Direct to consumer fintechs.

Finerative

Finerative is a Gen-AI native startup bringing generative technology to the financial space.

Features

  • Improves productivity and operational efficiency while driving revenues
  • Increases client satisfaction
  • Delivers innovation

Who’s it for?

Universal banks, private banks, asset management entities, wealth management institutions, and independent financial advisors.

SkenarioLabs

SkenarioLabs’ predictive data analytics solution integrates an advanced suite of risk assessment and reporting tools to guide sustainable investment and lending decisions in real estate.

Features

  • Minimal data requirements: delivers accurate insights from address-only data
  • Single-platform integration: provides value, risk, & ESG assessments for all asset classes
  • Streamlined compliance: offers flexible analytics

Who’s it for?

Banks and building societies, real estate investment and advisory firms, and insurance providers.

Tuum

Tuum’s next generation core banking software platform removes legacy constraints, transforms existing business models, builds new business models, and unlocks new revenue streams. Core Banking. Without Limits .

Features

  • Delivers a cloud native, modular, API first software – unlimited scalability and flexibility
  • Features Beyond Core – accounts, lending, cards, & payments from a single platform
  • Offers a highly configurable platform – launch new products in minutes

Who’s it for?

Retail and corporate banks, EMIs, fintechs, and financial institutions.

Zeed

Zeed offers a platform for public companies and asset managers to reach, educate, and engage retail investors using AI and video content.

Features

  • Reaches and educates investors where they already are
  • Utilizes AI-generated financial video content
  • Tracks attribution to share price liquidity and AUM

Who’s it for?

Public companies, asset managers, retail investors, and brokerage platforms.