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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
IDology on the challenge of faster, safer, easier cybersecurity – When it comes to using digital services, consumers are increasingly concerned about fraud, but still tend to underestimate the severity of cybercrime more broadly. Consumers are also more likely to abandon online account set-up than they have been in recent years. And while they rate security above both ease-of-use and speed when it comes to the onboarding experience, any friction in the security process can be costly.
These are some of the takeaways from the just-released report from real-time identity verification company IDology. The company’s Third Annual Consumer Digital Identity Survey takes a look at consumer attitudes toward cybersecurity, the willingness of consumers to work with companies that have suffered a cyberattack or data breach, and the ability of consumers – and fintech innovators – to balance between security and seamlessness.
“So while consumers overwhelmingly demand security,” the report noted, “there’s only so much friction they are willing to endure to receive it.”
Other insights from the survey, conducted between February 25 and March 7 of this year and including 1,499 online respondents, underscored the fact that consumers increasingly see their mobile devices as both a “component” of their identity as well as a tool for facilitating digital interactions. The report concluded that identity verification “can serve as a strategic differentiator” for organizations competing in the digital environment.
PayPal Letter Confirms Company’s Interest in Crypto – News that PayPal has been developing cryptocurrency capabilities, including reports that PayPal and Venmo would soon enable their users to buy and sell cryptocurrencies directly, have been a welcome sign for innovators in the digital asset space. PayPal’s initiative was revealed in a letter the company sent to the European Commission in June, which expressed PayPal’s views on a “regulatory framework for blockchain, distributed ledger technology, and crypto-assets”.
Interestingly, PayPal emphasized the capacity of cryptocurrencies to play a positive role in improving financial services for underserved communities. “Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services,” the letter read.
Here is the latest news from our Finovate alums.
Salt Edgepartners with Irish fintech OnlineApplication to help the company improve its mortgage application process.
Educational Systems Federal Credit Union to deploy digital banking technology from Finastra.
Revolutlaunches Open Banking features for its customers in France.
Open banking platform Tinkacquires credit decision solution provider Instantor.
Data security specialist ALTRlaunchesStackable Margins program in bid to broaden its channel community and add new partners.
Sitehands reports that its current President and Chief Operating Officer Chris Corrado will become the company’s next Chief Executive Officer.
Lendionamed one of the 2020 Best Places to Work in New York by Work and Fortune. The company also announced a strategic partnership with Web.com.
Altamaha Bank of Georgia partners with Ondot Systems to bring the company’s card management app to its debit cardholders.
Orion Advisor Solutionsmerges with investment management company Brinker Capital.
Fenergowins the Breadth of Functionality category at the xCelent Awards 2020.
Finance and Commerce profiles automated account switching specialist, ClickSWITCH.
Stockhead featuresIdentitii in its look at Australian fintechs that are embracing collaboration rather than disruption.
Biometric Update looks atIlluma Labs and how credit unions are adopting its voice biometric authentication technology.
nCino’s Record-Setting IPO – We previewed the initial public offering from cloud banking innovator and Finovate alum nCino a few weeks ago. Yesterday, the Wilmington, North Carolina-based company made its debut on the Nasdaq, climbing more than 150% on its first day of trading.
The one-day gain for nCino, which trades under the ticker “NCNO,” was the biggest for a U.S. tech company IPO since the dot.com days. The “exponentially oversubscribed” offering was priced at $31 on Monday, above two previous, lower price ranges, and nCino sold just over eight million shares to raise $250 million. The pricing gave the company a diluted market capitalization of $3 billion.
MaxMyInterest Integrates with Morningstar – A new partnership between cash management solution provider MaxMyInterest and Morningstar will give financial advisors a broader range of options when it comes to delivering higher yields for their clients’ cash. Head of Morningstar ByAllAccounts David Johnson said the integration would help “solve the problem of zero-interest rates on cash or cash-like balances for investors.”
The initial integration between MaxMyInterest and Morningstar ByAllAcounts data aggregation service will feature the ability to deliver client balance data into 40 platforms used by financial advisors for client reporting. Morningstar ByAllAccounts leverages AI technology to collect, consolidate, and enhance financial data and, regardless of platform, deliver that information to clients for a unified view of their investment holdings.
Currencycloud Readies for EU Expansion – Currencycloud has been one of our busier alums in recent weeks. The company partnered with fellow alums Ripple and Mambu in June, accessing the former’s RippleNet to better serve SMEs in underserved regions, and teaming up with the latter in an integration that will enable financial services companies to deploy virtual accounts, payments and FX services faster.
This week we learn that the U.K.-based, B2B cross-border technology company has formed a new partnership – this time with Canadian payments and FX platform Shift Connect. The company is seeking Currencycloud’s help as it expands into the U.S., Europe, and the U.K.
Currencycloud also reported this week that it has been granted an e-money license from the Dutch Central Bank. The license, only one of seven the central bank issues to non-banks, will enable the company to store money, operate e-wallets, process payments, and collections. Currencycloud will also be able to “passport” its e-money license to other countries in the E.U., ensuring its ability to continue its expansion throughout Europe. This will remain the case for the company – headquartered in London – after the Brexit transition period is over, according to Currencycloud CEO Mike Laven.
“The Netherlands possess the perfect blend of factors to support our expansion in the E.U.,” Laven said. “It has a strong fintech sector, access to top talent and a safe regulatory environment, which allows us to keep driving forward our services and product.”
Here is the latest news from our Finovate alums.
Sezzleannounces $60 million fundraising on Australian Stock Exchange, consisting of an institutional placement and a non-underwritten share purchase plan.
Backbaseexpands in the Asia-Pacific, opening offices in Sydney and Melbourne, Australia.
D1 Capital Partners invests $200 million for a 4% stake in TransferWise, sending the company’s valuation to $5 billion.
United Federal Credit Union to deploy core banking technology from Fiserv.
iProovteams up with IDV Pacific to support identity verification in Australia and New Zealand.
Nordigenfeatured in Silicon Canals’ look at top tech startups from Latvia.
NYMBUSteams up with Payrailz to enable financial institutions to access enhanced digital payment solutions.
Marqeta to power new digital wallet from Swiss fintech YAPEAL.
U.S. Secret Service to use blockchain analytics technology from Coinbase.
Cloud banking platform provider NYMBUS, which demonstrated its SmartLaunch banking-as-a-service solution at FinovateFall last year, has partnered with Pacific National Bank (PNB) to help the Florida-based company launch a digital-only bank, FACILE.
“We knew we had to act fast to meet the rising consumer demand for digital banking services,” Pacific National Bank CEO Carlos Fernandez-Guzman said. “Only NYMBUS could immediately offer us a proven, unified solution that delivers on-demand access to their wide-range of digital-first technology products combined with a 24/7/365 live call center and remote business process management support.”
The new offering from Pacific National Bank, an institution with more than $656 million in assets, is designed to provide on the kind of online and mobile banking services that young professionals increasingly demand. FACILE will offer both digital checking and savings accounts on a fee-free basis. Accountholders can make mobile transfers and payments, take advantage of personal financial management tools and resources, and access a network of fee-free ATMs. The account also comes with a debit card that features card controls for both better security and keeping spending at a manageable level.
Headquartered in Miami Beach, Florida and founded in 2015 by Scott Killoh, NYMBUS has raised more than $33 million in funding. The company began the year teaming up with PeoplesBank, a Massachusetts-based financial institution with assets of more than $2.9 billion, that deployed both NYMBUS’ SmartMarketing and SmartOnboarding solutions. “NYMBUS will integrate key aspects of our marketing, onboarding, and CRM ecosystems,” PeoplesBank president and CEO Tom Senecal said. “Together with instant end-to-end reporting that crosses business lines, we will ultimately be setup to strategically course correct future spending for even greater outcomes.”
Finovate Podcast Interviews Steve McLaughlin of FT Partners
In the latest edition of the Finovate Podcast, host Greg Palmer catches up with Steve McLaughlin, founder, CEO, and managing partner at Financial Technology Partners. Launched in 2001, FT Partners, as it is known, is the only investment banking firm dedicated solely to fintech. The company has been recognized by the M&A Advisor as “Dealmaker of the Year” and “Investment Banking Firm of the Year.”
Greg and Steve talk about the fintech industry from the perspective of an investment banker. They discuss the issue of capital availability, company valuation, and the idea of a harsher grading rubric for fintech.
Here is the latest news from our Finovate alums:
ThetaRaylaunches FAST START to help banks fight cybercrime during Covid-19.
Capita Consulting leverages low-code technology from Outsystems.
Minna Technologieslaunches pilot with Tatra banka in Slovakia.
SaltEdge’s new solution helps banks get exempted by the regulator from providing a fallback channel.
Token.io’s payments API to power open banking payment services for Upco’s Mobile Messenger.
DriveWealth to integrate with Access Softek’s new investing app, EasyVest.
ACI Worldwide to provide e-commerce payment processing for retail payments platform, Wundr.
Payment processor Trustlyteams up with Ecommpay to offer three months of free processing.
Finastralaunches its Fusion Credit Connect solution on Salesforce AppExchange, FusionFabric.Cloud.
Bokupowers direct carrier billing and e-wallet payment services for Korean game developer Pearl Abyss Corporation.
MXlaunchesAudiences, a new segment builder tool to help banks improve marketing efforts.
ID R&DreleasesIDFraud Contact Center to address subscription fraud in the contact center.
DriveWealth to bring U.S. stock investing to India-based INDmoney clients.
Coinbaseplans to be a “remote-first” company after COVID-19.
Ethoca and Mastercardpartner to help retailers deal with chargebacks and fraud during the COVID-19 crisis.
Kabbagereceives SBA approval to fund PPP applications totaling more than $3.5 billion.
FISlaunchesiQ Now, a mobile app for SMEs that enables owners to monitor real-time business performance.
WorldRemit teams up with Onfido to enhance the identity verification component of its onboarding processes.
iProov to bring its biometric authentication technology to the U.K.’s National Health Service (NHS).
Xeropartners with online small business bank Relay to offer real-time visibility of cash flow.
Finovate Alum Features and Profiles
Visa Backs GoodData in New Strategic Partnership and Investment – The collaboration includes an investment in the global analytics company and is designed to enable Visa to offer its customers and partners better access to aggregated data and analytics.
Plaid Exchange Offers Open Banking in a Box – The new tool, Plaid Exchange, offers banks a way to provide open banking connectivity to their clients while keeping their clients’ data safe and giving them control of their data.
Cloud banking innovator nCino has picked up another partner. The Wilmington, North Carolina company – which made its Finovate debut at FinovateEurope in 2017 – has teamed up with Swedish SME lender Yourban. The firm will deploy the nCino Bank Operating System to power its SME lending operations.
“Our vision for Yourban was to create an institution that could be in place for the long-term,” Yourban CEO and founder Marthin Larsson explained. “With this in mind, we wanted to partner with a technology provider that could adapt and scale our operations as we expand firstly across Sweden and then Europe.”
nCino’s Banking Operating System leverages the Salesforce platform to deliver an end-to-end banking solution that enables banks, credit unions, and other financial institutions to grow market share, meet compliance obligations and boost profitability. The cloud-based platform combines CRM, ECM, loan origination, workflow, business intelligence and reporting in a single, digitally-optimized experience, providing greater security, efficiency, as well as time- and cost-savings.
“In a competitive SME lending market, Yourban understands the need to provide customers with an unparalleled digital experience,” nCino VP of Sales, EMEA Edward Lane said. “We’re excited to be helping Yourban achieve its goals at such a critical time in its lifecycle.”
With the company’s SME loan business as a starting point, the partnership between nCino and Yourban is designed to expand to include additional product offerings as the lender’s business grows.
Two years ago, Access Softekdemonstrated its white label roboadvisory technology at FinovateFall in New York. Last week, the company announced the launch of its latest roboadvisory solution, EasyVest. The new offering provides investors with an automated personal investment advisor that seamlessly connects with bank, credit union, and mobile banking platforms.
“Over the next decade, America will experience the largest generational transfer of wealth we’ve ever seen as Baby Boomers pass along their assets to their children and grandchildren,” Access Softek founder and CEO Chris Doner said. “Robo-advisors especially appeal to the generations receiving the wealth transfer. Financial institutions that provide the technology recipients want will benefit from the transfer.”
Investors can use EasyVest to build wealth via a variety of low-cast exchange-traded fund portfolios. The technology supports individual and retirement accounts, conducts automatic portfolio rebalancing, and supports fractional share purchases. Investors can open an account with as little as $200.
Finovate Podcast Interviews Jim Bruene
In the latest episode of the Finovate podcast, host Greg Palmer talks with Jim Bruene, founder of the Online Banking Report – the first and longest lasting specialty information publication for the digital banking industry. Bruene is currently a Principal at Fintech Labs UX, a firm that collaborates with banks, credit unions, and fintechs to improve ROI.
Bruene is also the “Father of Finovate,” having founded the fintech conference series in 1994. In this podcast conversation, he talks about the third recession of the fintech era, how to apply lessons learned from the dot.com crash, the Great Recession, and the COVID-19 crisis.
FalconPro Technology selects Redrock Biometrics to co-develop a palm-based biometric identification solution for mass transportation.
Truliooadds new features to its EmbedID developer tool.
Daonextends partnership with ForgeRock to bring multi-factor authentication and digital onboarding to ForgeRock authentication trees.
Featurespace to grow behavioral analytics with fresh $37.4 million round.
nanopay to power self-service international payments for Brazil-based Treviso.
Envestnetprovides new integrated unified managed account (UMA) platform to Canaccord Genuity Group.
Washington Trust Bank deploys digital account opening technology from Terafina.
Prolific London interviewsDatasine CEO Igor Volzhanin.
Eigen Technologiesannounces new Chief Customer Officer David Brooks.
Infosys Finacleinks joint partnership agreement with Traydstream to drive automation in trade finance.
Thomson Reuterspartners with Path Solutions to add automation and greater efficiency to tax workflows and core banking processes.
Fiservlaunches new feature of its Clover POS platform, Clover Online Ordering, to help restaurants more easily serve take-out customers during the COVID-19 pandemic.
Jumiobrings its online identity verification technology to Mobiquity’s digital onboarding service.
Salt Edgeintroduces new feature for third party providers that streamlines PSD2 onboarding with banks.
Tradeshiftpartners with Denmark’s ECA Eksport Kredit Fonden on supply chain finance program for businesses.
Caixabankintroduces new mentoring program for female entrepreneurs and SME founders.
TransUnionannounces partnership with Horizon Media to support digital identity initiative.
Payoneerpartners with banking app ANNA to help SMEs and freelancers receive international payments in U.S. dollars or Euros.
Blytzpayforges strategic partnership with AFS Dealers.
FIS Unveils Portal to Help SMEs Access PPP Loan Forgiveness – This portal, available to FIs and merchants participating in the SBA’s PPP, automates and streamlines the process of applying for loan forgiveness under the provisions of the new program.
Two Finovate alums will be among the 12 startups selected to participate in Mastercard’s Start Path program. Thought Machine, a core banking technology provider, and Enveil, a data security firm specializing in protecting Data-in-Use, will join 10 fellow tech startups for the six-month virtual accelerator program.
Amy Neal, SVP, Start Path and Fintech, Mastercard, suggested that the current public health crisis will have an impact on the environment in which these startups compete. “This global pandemic has strengthened collaboration between corporates and startups,” Neal said, “and we look forward to co-creating with our newest Start Path members and providing them access to a powerful network and tailored programming on their mission to scale.”
Joining Thought Machine and Enveil are:
Hoolah
mx51
ryd
SmartPesa
Ukheshe
Worldcoo
Goalsetteris
Zinobe
ConnexPay
Mylo
The goal of the program is to help companies scale their business with the support of a Mastercard sponsor. Startups are able to develop relationships with a curated, global network of established financial services and e-commerce firms, as well as with technology and marketing professionals within Mastercard’s network. Since its inception in 2014, the program has worked with 230 startups.
“We’re delighted to announce we’ve joined @MAstartpath! An industry-wide collaboration of banks, merchants and startups building the future of commerce,” Thought Machine’s Twitter feed read when the news was announced. The company demonstrated its core banking solution, Vault, and FinovateEurope 2018. The U.K.-based company made fintech headlines this spring when it announced receiving an investment of $83 million to fuel the company’s growth in the Asia-Pacific region.
Enveil made its Finovate debut one year earlier, demonstrating its point-to-point, Data-in-Use security solution at FinovateFall. Picking up $10 million in funding in February, Enveil was highlighted in an Alumni Profile in March.
“Proud to be selected to join Mastercard Start Path!” the company’s Twitter feed read late last week. “Of the more than 1,500 applications evaluated per year, Start Path selects about 40 companies that offer the most promising technologies and demonstrate a readiness to scale.”
This week on the Finovate Podcast, host Greg Palmer talks with writer, researcher, and keynote speaker Aleks Svetski on Bitcoin in 2020, the halving event, and the importance of understanding the root of money’s functionality.
Svetski is the founder of Amber, an app designed to make it easier for individuals to invest in Bitcoin. He also launched one of the world’s premier publications on Bitcoin, The Bitcoin Times.
Amber Labs demonstrated its technology at FinovateMiddleEast in Dubai last year. The company won Best of Show for its all-in-one Bitcoin exchange, wallet, and micro-investment app.
Here is our weekly roundup of news from our Finovate alums.
Fiservdetails CEO succession plan, electing Frank Bisignano to succeed Jeffery Yabuki as Chief Executive Officer effective July 1.
Samsung to launch new Samsung Pay debit card courtesy of new partnership with SoFi.
linked2paylaunches CustomerConnect to help businesses eliminate late B2B invoice payments.
Tradeshiftteams up with the Danish Export Credit Agency to launch a program to free up liquidity for businesses.
Taulia now offering customers 3 cash analytics solutions for free.
Blackhawk Networkcreates digital version of its One4all gift cards with Dejamobile.
Microblinkoffers free access to its BlinkID solution to organizations fighting the coronavius pandemic.
BHD Leon, a bank based in the Dominican Republic, partners with Temenos to power its digital banking.
PostFinance goes live with its new digital investment platform powered by Additiv.
Finantix’s latest Digital Collaboration Hub helps banks drive advisor-client collaboration.
Visions FCU tapsZogo Finance to promote financial literacy.
Winvesta teams up with DriveWealth to offer investors in India access to U.S. securities.
The Financial Times ranksPayfone among America’s fastest growing companies.
FISadds GooglePay to its Hosted Payment Page product for online merchants.
Avaloq’s SaaS solution to help Bank of the Philippine Islands boost business.
Wyndham Capital Mortgage putsAI Foundry’sAgile Mortgages solution to work.
PointCheckout takes top prize in hackathon for its app that helps deliver funds quickly amid the global health pandemic.
Regtech innovator Keepabllaunches its Privacy Kitchen to help businesses learn about GDPR, the role of a data protection officer, and all things privacy-related.
Persistent Systemsearns recognition as a “Top 15 Sourcing Standout” from IT advisory firm ISG.
Wise Bankingannounces rebranding: “our look evolves, but our mission remains the same.”
BlueRush’sIndiVideo platform approved for 2020 USPS postage rebate program.
CollegeBackerintroducesBacker Bucks program to help parents save for college while shopping with major online retailers.
Norway’s Boost.ailaunches self-learning system for conversational AI.
Adluminintegrates automated cybersecurity examination tool (ACET) into its SIEM (security information and event management) platform for financial institutions.
Post-Compromise Fraud Specialist Breach Clarity Partners with Xtensifi – A collaboration between fraud prevention and detection company Breach Clarity and digital consulting firm Xtensifi will bring additional machine learning technology to bear in the battle against cybercrime in financial services.
TransUnion Launches Fraud and Identity Unit – The new unit, Global Fraud & Identity Solutions Group, will tie together TransUnion’s identity verification and authentication tools that help businesses do everything from fight originations fraud to target consumers in their risk profile.
Emailage Acquired by LexisNexis – Fraud prevention solutions provider Emailage recently announced it has been acquired. LexisNexis Risk Solutions, owned by parent company RELX, closed the deal for $480 million.
The 2019-2020 school year has been one of the many casualties in the fight against the coronavirus. While there have been some areas where student life has been relatively unchanged, for thousands of students around the world – from the youngest grades through collegiate ranks – learning has been disrupted significantly.
Financial education has suffered as well – which makes the newly-announced partnership between fellow Finovate alums Envestnet and EVERFI good news for the cause of financial literacy. The two companies have teamed up to provide clients and families of advisor customers with complimentary access to digital financial literacy courses.
“At a time when schools around the nation are closed, we are providing students and their parents with fun, interactive digital resources that can bring them closer together as families, while making progress toward financial wellness,” SVP and Head of Envestnet Wealth Marketing Kimberly Beck said. “We are there to provide advisors, clients, and their families with financial insights and learning at every point in their schooling, and their careers.”
Envestnet unveiled its first two digital financial literacy courses: Marketplaces and Vault, and noted that 20 additional courses from EVERFI also will be made available for a limited time. Marketplaces is directed toward high school students and helps them understand the global and real-world forces that can impact an investment portfolio. Vault enables elementary school age students to develop responsible decision-making skills using real-life financial scenarios such as creating a budget and goal-setting.
Envestnet most recently demonstrated its financial data management technology at FinovateFall last year. EVERFI made its Finovate debut a year ago at FinovateSpring, presenting its financial wellness solution, EVERFI Achieve.
Fintech in Extraordinary Times: Finovate Podcast and Learning Lessons from Leaders
Chair of the European networking forum, The Financial Services Club and Nordic Finance Innovation, Skinner is a well-known, independent voice on fintech and the financial markets. He maintains a blog, the Finanser.com, where he shares his insights and observations.
What are the challenges that financial institutions face in pursing digital transformation at a time of renewed uncertainty? How will fintech respond the new needs of small businesses, savers, and consumers in the current environment? Join the Finovate podcast and hear where the industry’s best analysts see fintech headed next.
Here is our weekly roundup of news from our Finovate alums.
Realrates goes live with RealCheck, a free credit affordability checking service, courtesy of a partnership with AccountScore.
Fenergointroduces remote access opening solution in the EMEA.
SecuredTouchtakes homeBest Product award at Loyal Security Association conference.
BlueRushlaunches COVID-19 personalized video library microsite featuring best safety practices for dealing with the coronavirus pandemic.
RedRock Biometricspartners with HYPR to provide palm-based authentication.
Lendio to help Mindbody’s fitness, wellness, and beauty business customers access SBA’s PPP funds.
Brattleboro Savings & Loan selectsNCR for digital banking.
DeutscheBank extends contract with Avaloq to 2028.
Finovate Best of Show winner Sonectearns spot in Fintech Europe’s incoming incubator class.
Finovate Alumni Features and Profiles
Taulia Teams Up with J.P. Morgan on Trade Finance – The collaboration will enable J.P. Morgan to build a “unique and differentiated” trade finance solution for its clients, giving them the ability to onboard a wide range of supplier types and sizes.
Motif Investing to Close its Doors – The company notified users via email on April 17 in a message saying, “At this time, we’ve made the decision to cease operations and transfer your account to Folio Investments.”
Micro Investment Platform Stash Secures $112 Million – The round, which also involved existing investors Union Square Ventures, Breyer Capital, Goodwater Capital, and Greenspring Associates, gives the company $300+ million in total capital and boosts the firm’s valuation to more than $800 million.
Personalization and One-to-One Communication – Gregg Hammerman has seen first hand what works when it comes to personalization. In fact, in 2012, he launched a company built around the entire premise of personalization.
As parts of the world inch toward a new normal in the face of the COVID-19 pandemic, fintech companies – including our Finovate alums – are increasingly finding their footing in an environment of health and financial insecurity. Companies are developing solutions to make it easier for small businesses, for example, to access relief funding. Others are helping consumers secure health care benefits and rewards, or giving SMEs and micro-entrepreneurs no-fee access to their services and solutions.
And while some fear that this global public health crisis heralds the end of globalization, alums like TransferWise and SoFi are busy setting up shop in places like the UAE, and making acquisitions that enable them to launch new solutions in markets like Hong Kong. Other Finovate alums are busy making friends and influencing innovation by combining data extraction technology with mortgage servicing, or leveraging digital identity technology to support eKYC for e-commerce and gaming.
COVID-19 remains a serious threat. As the number of cases worldwide nears three million and the number of deaths rise above 207,000 (985,000 cases and 55,000+ deaths in the U.S. alone), we are still likely closer to the beginning of this challenge than we are to its conclusion. But as Forrester Research analyst Alyson Clarke suggested in a recent Finovate podcast, the time to prepare for life after the crisis – as odd and uncomfortable as it may be – is often when the crisis seems at its worst.
Fintech in Extraordinary Times: Codes of Trust in the Age of Crisis
Finovate podcast host Greg Palmer sat down with Dr. Louise Beaumont to discuss in the impact of the global COVID-19 pandemic on the economy and the fintech ecosystem. Co-Chair of the Chair Open Banking & Payments Working Group at Tech UK, Beaumont works with lawmakers and regulators to drive positive disruption: helping corporates cope with it and enabling startups to exploit it.
A frequent speaker and lecturer, Beaumont has delivered keynote addresses to Finovate audiences on topics ranging from platformification in banking to the role of emerging codes of trust in financial services.
Finovate Newsletter Goes Bi-Weekly
Coming soon to an inbox near you, our Finovate newsletter soon will switch from a daily offering to a new, twice-weekly delivery. Whether you read us for the latest news on our Finovate alums or for a look at top trends in fintech, stay tuned as our new format helps you keep track of your favorite fintech upstarts, as well as gain new insights from some of our industry’s most perceptive analysts and observers.
Here is our weekly roundup of news from our Finovate alums.
Lending-as-a-Service innovator ezbobintroduces CBILS (Coronavirus Business Interruption Loan Scheme) eligibility and credit assessment engine.
Fenergolaunches cloud-based, digital remote account opening solution to help SMEs in the U.S. secure PPP (Paycheck Protection Program) funding faster.
The Logic looks at Cinchy’s plan to develop a “data collaboration command center” to help Canadian health organizations manage the COVID crisis.
Ocrolusbrings its data extraction and analysis technology to mortgage servicing platform Brace.
Voleoannounces pilot project to optimize data for tax reporting for independent broker dealer Haywood Securities.
StrategyCorpslaunchesIn This Together campaign to extend health-related benefit to the customers and members of banks and credit unions free of charge.
Fenergoinks OEM agreement with IBM to combat financial crime.
SoFiacquires parent of Hong Kong-based online brokerage firm 8 Securities, bringing SoFi Invest to the Hong Kong market.
Diamond Credit Union partners with financial literacy specialist Zogo Finance.
Blackhawk Networkteams up with Rybbon to provide digital prepaid rewards.
CRIF Realtime launchesCOVID-19 Credit Passport to help SMEs present an accurate portrait of their finances to potential lenders.
Ocrolus to support income verification for credit decisioning services provider FormFree.
U.K. online investment manager Nutmegintegrates with Yolt in an embrace of open banking.
Trustlyteams up with Swedish insurance firm Folksam to make it easier for students to make insurance payments and get their insurance claim payouts.
Digital asset security platform Curv Air debuts its Curv Air Gap signing solution with eToro.
Currencycloudlaunches pilot program to provide SWIFT gpi tracking capabilities to clients via API.
ETRONIKA’s BANKTRON to power digital banking for Baltic International Bank.
Jumioteams up with Playtech to provide remote onboarding and eKYC for gaming operators.
Kofax and ImageTech Systems collaborate on loan processing solution to help financial institutions process COVID-19 related assistance faster.
Fiservteams up with Deluxe to bring merchant services – such as access to the CloverPOS platform – to SMEs.
Experian and Funding Xchange team up to offer eligibility portal for borrowers seeking to access COVID-19 related relief funds.
Bankjoypartners with a trio of credit unions – Estacado FCU, Prospectors CU, and Discovery CU – with a combined $293 million in assets and 22,000 members.
Insuritasannounces strategic partnership with Salesforce and Veruna as it unveils its iInsure insurance agency management ecosystem.
Finovate Alumni Features and Profiles
Empyr Acquired by Augeo, Becomes Figg – Under the agreement, Empyr will rebrand as Figg, combining Augeo’s card-linking technology with Empyr’s publisher experience. Figg will benefit from Augeo’s existing 60 million users and $300 billion in transaction volume for loyalty offers.
TransferWise Brings its Money Transfer Innovations for Banks to Mambu – Mambu will leverage TransferWise’sTransferWise for Banks solution via API, giving its clients an out-of-the-box solution that allows them to focus on building a quality user experience and expanding their offerings.
Email Specialist SparkPost Celebrates Fifth Anniversary – SparkPost, which celebrated the fifth anniversary of the launch of its cloud-based solution earlier this month, is one of the companies innovating in the email delivery and analytics space.
CuneXus Strikes Strategic Partnership with TransUnion – The collaboration matches CuneXus’Perpetual Loan Approval platform with TransUnion’s vast data assets to deliver relevant brand experiences to consumers quickly, securely, and via the digital channels they increasingly prefer.
What is the state of fintech as we move toward the second half of 2020? As expectations struggle to catch up with the worldwide public health challenge of the coronavirus pandemic, Finovate will dedicate a week to examining where fintech is right now and where it’s going over the balance of this historic year.
With a focus on the latest trends in payments, fraud and cybercrime prevention technology, bankingtech, and wealthtech, Finovate Fintech Halftime Review will kick off on June 22 and run through June 26. The digital-exclusive, five-day event will feature webinars, videos, white papers, eMagazines, and more – with each day dedicated to a key theme driving fintech today. Login and join us from the comfort of your home – or your home/office. The Finovate Fintech Halftime Review is a great opportunity to get a deep dive into the content that matters to you most.
Finovate Podcast Examines Fintech in the Age of COVID-19
Feeling isolated and anxious while sheltering-in-place? Listen in on some of the most insightful conversations about fintech and the economic challenge of the coronavirus pandemic on the Finovate Podcast.
In his most recent episodes, host Greg Palmer continues his Fintech in Extraordinary Times series, examining the impact of the public health crisis on technology and financial services. Check out his interview with Brett King, founder of Moven, and host of the Breaking Banks podcast; as well as his conversation with fintech expert and former Special Assistant to President Obama, Adrienne Harris.
Here is our weekly roundup of news from our Finovate alums.
Ethocaannounces extension of its partnership with Microsoft to give the company’s customers access to their digital purchase receipts.
ACI Worldwidepartners with High Payment Solutions (Hi-Pay) to build the first payments gateway service in Mongolia.
Salt Edgebrings PSD2 and open banking solutions to Roundups’ donation platform.
Avaloqintegrates the ACTICO Compliance Suite to help clients prevent financial crime.
Worldline partners with Meniga to boost digital customer engagement with Meniga’s personalized banking features.
Lendio and TouchBistro partner to help restaurants access PPP loan funds faster.
Glance NetworkslaunchesGlance for Financial Services, a co-browse, screenshare, and video tool.
Finantixcloses acquisition of Swiss data analytics company InCube Group.
Minna Technologieslaunches subscription management pilot for RBI’s Tatra banka.
Bankjoyinks partnerships with four credit unions in Minnesota, Oklahoma, and Nebraska with a combined $724 million in assets and more than 65,000 members.
Hong Kong Jockey Club customers look toDaon’sIdentityX platform for mobile login services.
Tinkpartners with Kivra to facilitate payment of bills and invoices.
Hyundai Card partners with Personetics to deliver financial insights and advice to credit card users.
BlueRushappoints Andrew Osmak as new Chief Revenue Officer.
EnveilreleasesZeroReveal Machine Learning, an encrypted machine learning product.
4Front Credit Union to offerPlinqit to help members save money and stay engaged.
Finovate Alumni Features and Profiles
Arxan Joins Two Firms to Form New Company – Application security company Arxan Technologies announced yesterday that it has joined forces with two other industry firms, CollabNet VersionOne and XebiaLabs, to form a new entity, Digital.ai.
Apiax on Why 2020 is Turning Out to Be the Year for Regtech – News from regtech companies has been flowing in 2020. Not only that, we saw significantly more regtech companies at FinovateEurope earlier this year than we have at previous events.
Onfido Raises $100 Million Because “Identity is Broken” – Digital identity verification platform Onfido reeled in $100 million in a round led by TPG Growth this week. The London-based company’s total investment now sits at just over $182 million.
How to Underwrite Loans When Everyone is a Higher Risk – COVID-19 has rewritten so many rules about the economy. It is now more difficult than ever to underwrite risk and ultimately understand if a consumer will pay back their loan.
Currencycloud and Derivative Path to Bring FX to Community Banks – A new strategic partnership between Currencycloud and cloud-based FX trading platform Derivative Path will make it easier for community and regional banks to offer a variety of FX and interest rate derivative trading options to their customers.
Kyckr Deepens Relationship with Citi – Regtech company Kyckr, which first partnered with its client Citigroup in 2016, has extended its relationship with the bank.
Market data distribution and management solutions provide Xignite has scored a patent for the technology behind its CloudAlerts REST API. The patent recognizes the company’s innovation in developing real-time alerts based on pre-defined stock market conditions. This technology can be added to website or mobile apps by developers to provide users with real-time, automatic notifications on everything from price breakouts to volume surges via SMS, email or onscreen.
What’s unique about Xignite’s approach is the way it is able to deliver market data-driven user alerts at scale, incorporating both the wide variety of user preferences as well as processing a sizable volume of exception conditions in real-time. Fellow Finovate alum SoFi leverages Xignite CloudAlerts in its SoFi Invest service, using the technology to warn investors when a portfolio holding drops below critical levels.
“SoFi saw record investing activity last week during the coronavirus outbreak and that really tested our alerts system,” SoFi Trading and Investment Manager Samuel Nofzinger said. “Our customers value the alerts because they help them invest and protect their money better, especially in today’s volatile market.”
Congratulations to eXate Technologies. The U.K.-based cybersecurity firm – and FinovateEurope 2018 alum – earned a spot in Tech Nation’s Cyber 2.0 growth program. This year’s class marks the second cohort for the program, which is geared toward early-stage cybersecurity startups. Companies participating in the six-month accelerator get peer-to-peer learning with program mentors, masterclasses led by expert scale coaches, as well as meetups and networking with peers, investors, and potential clients.
Add Onfido to the list of Finovate alums that are pitching in to help organizations manage the COVID-19 pandemic. The company announced late last week that it is offering six free months’ use of its biometric identity solution to nonprofit organizations that are fighting the coronavirus. Nonprofits in healthcare, home care, and education are among those to benefit from the program, including a company that uses Onfido’s technology to verify completion of COVID-19 testing.
The Finovate Podcast is on fire! If you’ve not been able to keep up, here are links to the latest conversations with host Greg Palmer.
SoFi Inks Agreement to Acquire Galileo Financial Technologies – In a cash and stock deal valued at $1.2 billion, online lender and personal finance innovator SoFi has agreed to acquire financial services API and payments platform, Galileo Financial Technologies.
Building a Financial Advisor for Main Street America – We recently chatted with SuperMoney founder and CEO Miron Lulic to give us an update on the company’s platform that helps consumers reach their financial goals.
BankBazaar Adds $3.8 Million to Series D – The capital comes from Amazon and Walden SKT Venture Fund, who have joined Sequoia, GUS Holdings, and Eight Roads Investments in the round.
It is hard to imagine having a better start to your week than Plaid had seven days ago when the innovative fintech (and Finovate alum) announced that it had agreed to be acquired by Visa for $5.3 billion.
But the €90 million ($100 million) raised by Swedish open banking platform Tink on Monday is nothing to sneeze at. In fact, the funding, which is the company’s largest to date, is a reminder that investment interest in (and funding for) companies dedicated to developing the infrastructure that connects consumers, banks, and the financial technologies is very much in abundance.
“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to successfully develop financial services in the future,” Tink co-founder and CEO Daniel Kjellén said in a statement.
Tink demonstrated its platform most recently at FinovateEurope 2019. For more on this year’s Finovate event in Europe kicking off next month, visit our FinovateEurope 2020 page.
Azimo, one of our earliest FinovateEurope alums, announced a pair of big changes at the top to begin the new week.
The London-based money transfer firm, founded in 2012, promoted its COO Richard Ambrose to CEO back in August, as Azimo founder Michael Kent took what TechCrunch referred to as a lateral move to become executive chairman. Today, Fintech Futures, Finovate’s sister publication, reports that the company has appointed Dora Ziambra to the post of Chief Operating Officer. Azimo also promoted its head of finance Tatiana Okhotina to the post of Chief Financial Officer.
“We’re fortunate to have the depth of talent to fill these top roles internally,” Ambrose said in a statement. “We’re lucky too that Azimo will continue to benefit from the experience and leadership of these two outstanding women.”
Here’s our weekly roundup of the latest news from our Finovate alumni:
Union Bank to leverage technology from FIS for core banking.
Italy-based CREDEM leveragingWorldline’s Payment and Liquidity Hub software CRISTAL to process Target2 payments
POS software Vend partners with Klarna to offer retailers more flexible payment options.
U.K. food retailer The Co-operative to deployACI Worldwide’s fraud management solution, ReD Shield.
A partnership between TransferGo and Currencycloud will enable the money transfer company to enter 14 new markets.
YellowDogforges reseller agreement with Annex Pro.
Bankable cozies up with Plaid to allow its bank customers to connect with their users’ bank accounts.
Ohpenappoints former Tesla marketing leader Corinne Aaron as new head of marketing.
Segmint to acquire WAND’s Product and Service Taxonomy division.
CuneXuscelebrates 2019 success with a 40% year-over-year increase in consumer reach.
Three Key Lessons We Learned from Plaid – Unless you’ve been living under a rock, you’ve probably heard that Visa is acquiring Plaid for a deal that’s worth $5.3 billion. The fact that they were so widely used at such an early stage is a testament to the quality of their code, but there are also a few key lessons to take away from their success.
ITSCREDIT’s Joao Pinto on the Digital Lending Opportunity – ITSCREDIT is a spinoff from ITSECTOR and is a fairly new player in the digital lending space. In this interview, Pinto talks to us about the digital lending opportunity, how his company fits into the current state of this fintech subsector, and what we can expect to see next.
Kasasa Enhances its Take-Back Loan – Community bank marketing expert Kasasaannounced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan.
Plinqit Brings Rewards-Powered Financial Literacy to First Community Bank – One day in the distant future, children will be educated in basic financial literacy as readily as they are taught algebra. Until then, solutions like Plinqit from HT Mobile Apps will be valuable tools for credit unions and community banks looking for novel ways to engage and educate their members and customers.
Credit, Data, and Cryptocurrencies: Graychain Rebrands as Credmark – The company that is bringing credit data clarity to the cryptocurrency industry is entering 2020 with a new name.
Tradeshift Lands $240 Million as it Inches Toward Profitability – The San Francisco-based company will use the investment to boost expansion efforts and gear toward a “direct path to profitability in the near future.”
Fintech, Financial Services, and the Case for 5G – Calling 5G “something banks aren’t even thinking about,” Celent SVP Dan Latimore said, “we believe the effects of 5G are going to be subtle and profound over time.”
Backbase-as-a-Service Helps Banks Leverage the Cloud to Innovate and Scale – The solution makes the company’s broad portfolio of digital banking offerings available to FIs looking to accelerate their ability to develop and offer new technologies to customers.
Also on Finovate.com
Visa to Acquire Plaid in $5.3 Billion Deal – “Today marks an important milestone for our company and for fintech,” company co-founder and CEO Zach Perret wrote on the Plaid blog earlier today. “What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.”
Not Another 2020 Trends Prediction Post (Seriously, It’s Not!) – We’re taking a look at the trends you can expect to see on stage next month at FinovateEurope. To keep things simple this year, we assessed the themes at a very high level and broke them down into three categories: the big, the little, and the trends in-between.
Singapore’s Digital Banking License Space Race Accelerates – Is there anyone out there who is NOT trying to secure a digital banking license in Singapore? The Monetary Authority of Singapore announced last week that has received 21 applications for digital bank licenses.
MogoSpend Offers Credit, Cashback, and Help Reducing Your Carbon Footprint – The new digital spending account from Canadian fintech Mogo does more than help Canadians get control of their finances. The solution also offers cardholders generous cashback rewards and a way to make a positive impact on the environment by reducing their carbon footprint.
Getsafe Expands its Insurtech to the U.K. – If your insurance company is offering you drone insurance, you know it’s not your grandmother’s insurance agency. Germany-based insurtech Getsafe does just that– and the company announced today it is expanding its home contents insurance offering (though, sadly, not its drone insurance offering) to users in the U.K.
Raisin’s New Acquisition Gives Company Access to the U.S. Market – European deposit marketplace Raisin announced today it acquired New York-based Choice Financial Solutions.
French Fintech Lydia Locks in $45 Million – TechCrunch reported this morning that French mobile payment app Lydia has raised $45 million (€40 million) in a round led by Tencent.
Visa’s Tap to Phone Brings Contactless Payments to mPOS – With Visa’sTap to Phone app arriving pre-installed on the new, enterprise grade smartphone from Samsung, a broad range of merchants will have access to yet another way to accept payments from customers.
INTL FCStone Acquires International Bank Transfer Firm – Headquartered in Germany, GIROXX offers international bank transfers and currency hedging. INTL FCStone plans to leverage this technology to expand its current client base to small-and-medium-sized enterprises (SMEs).
