Daily news Archives

FinovateSpring 2023 Best of Show Winners Announced!

By David Penn Posted on May 24, 2023
Categories: 1Kosmos, 9Spokes, Alumni News, Best of Show, Daily news, Flybits, QuickFi, SAVVI AI, Wink

There’s still one more day to enjoy FinovateSpring. But as far as the live demo portion of our program is concerned, the Best of Show celebrations have begun. With that in mind, please join us in congratulating the winners of Best of Show at FinovateSpring 2023.

1Kosmos for its technology that automates user onboarding for workers and customers, protecting against stolen and synthetic identities while eliminating ATO and fraud.

9Spokes for its technology that unlocks the potential of open data, giving financial institutions a powerful set of tools to engage business customers.

Flybits for its personalization platform that enables financial institutions to deliver best-in-class personalized digital banking experiences.

QuickFi for its 100% digital, self-service equipment financing platform that enables business equipment financing in minutes.

SAVVI AI for its technology that helps any FinCo team build and deploy AI apps in minutes. No data scientists, pre-existing data, or custom infrastructure required.

Wink for its biometric payments and identity platform that enables users to say goodbye to passwords and fraud – and say hello to secure and simple authentication.

On behalf of the entire Finovate team, we want to thank all of our demoing companies, our partners, and our sponsors. We also want to express our gratitude toward our attendees in the fintech and financial services industry who bring so much positive energy to our events. We look forward to seeing you again next year right here in San Francisco for FinovateSpring 2024!

Notes on methodology:

1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.

2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.

3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”

4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”

5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2023 conferences are below:

FinovateEurope 2015

FinovateSpring 2015

FinovateFall 2015

FinovateEurope 2016

FinovateSpring 2016

FinovateFall 2016

FinovateAsia 2016

FinovateEurope 2017

FinovateSpring 2017

FinovateFall 2017

FinovateAsia 2017

FinovateMiddleEast 2018

FinovateEurope 2018

FinovateSpring 2018

FinovateFall 2018

FinovateAsia 2018

FinovateAfrica 2018

FinovateEurope 2019

FinovateSpring 2019

FinovateFall 2019

FinovateAsia 2019

FinovateMiddleEast 2019

FinovateEurope 2020

FinovateFall 2020

FinovateWest 2020

FinovateEurope 2021

FinovateSpring 2021

FinovateFall 2021

FinovateEurope 2022

FinovateSpring 2022

FinovateFall 2022

FinovateEurope 2023

Share this:

Send Post Twitter LinkedIn Facebook

Obie Brings Home $25.5 Million to Bring Embedded Insurance to Real Estate Investors

By Julie Muhn (@julieschicktanz) Posted on May 18, 2023
Categories: Daily news, Funding

Real estate-focused insurtech Obie announced it received $25.5 million in funding.
The Series B investment brings Obie’s total raised to $39 million since it was founded in 2017.
Obie’s embedded insurance tool helps change the way insurance for landlords and real estate investors is bought and sold.

Insurtech company Obie announced a Series B round today. The company will use the $25.5 million investment to help change the way insurance for landlords and real estate investors is bought and sold.

Today’s round brings Obie’s total equity raised to $39 million, following the $10.7 million the company raised in its 2021 Series A round. Battery Ventures led the investment, which also saw participation from Brick and Mortar VC, DivcoWest, and real estate funds and investor groups.

“We’re excited to have the ongoing support of our investors as we continue to build insurance products that drive efficiency and change the way insurance is bought and sold,” said Obie Co-founder and CEO Ryan Letzeiser. “This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.”

Obie was founded in 2017 to improve the way insurance was bought and sold in the real estate investing industry by launching an embedded insurance option. The company’s embedded insurance solutions underwrite investors by pulling more than 1,000 data points from multiple databases. Additionally, it creates a better user experience by offering instant, bindable quotes via its partner platforms, such as Baselane, Awning, and Marketplaces Homes.

Obie has grown 300% over the past two years. And with 18 million real estate investors across the U.S., the company expects to continue that trajectory. Earlier this month, Inc. Magazine named Obie to its 2023 Best Workplaces List.

Photo by Curtis Adams

Share this:

Send Post Twitter LinkedIn Facebook

Payroll Connectivity Firm Argyle Announces New Customers, Unveils Latest Edition of Platform

By David Penn Posted on May 18, 2023
Categories: Alumni News, Argyle, Daily news

Payroll connectivity platform Argyle announced that it has onboarded more than 35 new customers year over year.
The New York-based company also unveiled the latest edition of its platform, Argyle 2.0.
Argyle made its Finovate debut last May at FinovateSpring 2022.

Payroll connectivity platform Argyle is crediting its new customers – more than 35 of them – for doubling the number of customer verifications the company has facilitated year over year. The announcements from the New York-based firm arrive as the company unveils the latest edition of its technology, Argyle 2.0.

“We’ve packaged five years of learning and innovation into our next-gen platform to continue automating critical workflows, reducing business risk, and providing exceptional experiences,” Argyle founder and CEO Shmulik Fishman said. “The growth of our company over the past year echoes the demand for real-time access to reliable, direct-source data.”

Argyle offers businesses direct-source data portability tools for mortgage, lending, banking, background, and tenant screening, among other use cases. With Argyle 2.0 the company seeks to change the way businesses are able to retrieve and use income and employment data – a key factor in expanding access to financial services. Lake Michigan Credit Union VP of Mortgage Strategy John Harpst praised the company’s technology for its ability to provide “a complete picture for the member without the concern that we missed important information that could affect the outcome of their loan approval.”

Argyle’s new platform also features updates to Argyle Link, Console, and API. Argyle Link is the platform’s front-end interface which enables consumers to connect their accounts and share income and employment data with service providers in real-time. Argyle Link also supports the manual upload of income documents. The company notes that it covers more than 210 million U.S. consumers and 95% of Fortune 1000 companies. This enables Argyle to achieve a verification “hit rate” that is 5x better than other solutions.

Founded in 2018, Argyle made its Finovate debut at FinovateSpring 2022. At the conference, company co-founder and COO Billy Marsden demoed the latest design update of Argyle’s platform. The redesign helped increase transparency, decrease drop-off rates, and improve the overall look at feel of the technology for end users.

Argyle has raised more than $77 million in funding, according to Crunchbase. The company’s investors include Bain Capital Ventures and Checkr.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Tyro Payments Launches Tap to Pay on iPhone

By David Penn Posted on May 18, 2023
Categories: Alumni News, Daily news, Tyro

Tyro Payments enables in-person, contactless payments for its users.
The new functionality is made possible courtesy of an integration between Apple’s Tap to Pay on iPhone and Tyro BYO App.
Tyro Payments made its Finovate debut at FinovateSpring 2017.

Australia-based Tyro Payments announced today that its customers in-country can now accept in-person, contactless payments. Courtesy of the new Tyro BYO App, the company’s customers will be able to seamlessly and securely take advantage of Apple’s Tap to Pay on iPhone contactless payment acceptance technology.

“Tap to Pay on iPhone is a fantastic simple and secure way for new or existing Tyro customers to accept payments using only their iPhone, anytime, anywhere – without the need for additional hardware,” Tyro CEO Jon Davey said. “We are excited to provide this new offering to our customers, providing greater flexibility when staff are working on-site or on the move.”

Tap to Pay on iPhone only requires an iPhone and the Tyro BYO app in order to accept contactless payments. These payment options include Apple Pay, contactless credit and debit cards, as well as other digital wallets. To use Tap to Pay on iPhone, users simply need to hold their Apple mobile device (iPhone or Apple Watch) near the merchant’s iPhone. Payments are completed securely using NFC technology. PIN entry, with multiple accessibility options, is also available. Tap to Pay on iPhone users also benefit from Apple’s commitment to privacy and security insofar as Apple does not store card numbers on the mobile device nor on its servers.

Founded in 2003 and headquartered in Sydney, Australia, Tyro Payments made its Finovate debut at FinovateSpring in 2017. At the event, the firm demoed its first lending product, Smart Growth Funding. This offering became the first lending solution released by an Australian challenger bank. In the years since then, Tyro has grown into a leading paytech with more than 600 employees; more than 66,000 customers; and more than $150 billion in transactions since inception. Going public in 2019, the company celebrated its 20th year in operation in February.

“From Australia’s largest EFTPOS provider outside the big four to streamlined business lending and banking products, I’m proud of how Tyro is powering the future of payments and business, both now and into the future,” Davey said.

Photo by Catarina Sousa

Share this:

Send Post Twitter LinkedIn Facebook

Ripple Acquires Metaco for $250 Million

By Julie Muhn (@julieschicktanz) Posted on May 17, 2023
Categories: Alumni News, Daily news, Mergers & Acquisitions, Ripple

Ripple acquired Metaco for $250 million.
The acquisition will help Ripple enter into the crypto custody market, enabling clients to custody, issue, and settle any type of tokenized asset.
Both BNY Mellon and NASDAQ have made recent moves in the crypto custody market.

Blockchain-based payments network Ripple announced its latest acquisition this week, picking up digital asset management solutions company Metaco for $250 million.

The move will help Ripple enter into the crypto custody market, which is expected to reach $10 trillion by 2030. Specifically, it will enable Ripple to expand its offerings, providing customers the technology to custody, issue, and settle any type of tokenized asset.

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record,” said Ripple CEO Brad Garlinghouse. “Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”

Founded in 2015, Metaco helps non-traditional financial institutions securely build their digital asset capabilities. The Switzerland-based company’s flagship offering, Harmonize, helps banks, regulated exchanges, and fintechs issue, store, trade, transfer, settle, and service digital assets. Metaco has more than 100 employees that serve clients in more than 15 countries.

Regarding today’s acquisition, Metaco Founder and CEO Adrien Treccani said, “This deal will enable Metaco to leverage Ripple’s scale and market strength to reach our goals and deliver value to our clients at a faster pace. We look forward to continuing to serve unprecedented levels of institutional demand with the utmost excellence in delivery, as our clients have come to expect.”

Today’s acquisition comes during a time when interest in the crypto custody space is heating up. BNY Mellon offers digital asset custody for U.S. asset managers, and NASDAQ is planning to launch crypto custody services for Bitcoin and Ethereum by the end of this summer.

Ripple was founded in 2012 and offers tools for global money transfers, CBDCs, and digital assets. Earlier this month, the company expanded its Middle East operations, opening a new office location in the Dubai International Financial Centre (DIFC).

Photo by Karolina Grabowska

Share this:

Send Post Twitter LinkedIn Facebook

Solve Finance Unveils Latest Debt Management Partnerships

By Julie Muhn (@julieschicktanz) Posted on May 16, 2023
Categories: Alumni News, Daily news, Solve Finance

Solve Finance has partnered with credit analysis tool ScoreNavigator and home financing ecosystem Better.com.
The company’s Debt Optimizer is helping its customers understand their debt-to-income ratio (DTI), and ultimately qualify for financing.
The company is teaming up with Better.com to launch a feature to optimize consumers’ home-buying power.

Solve Finance recently unveiled two new fintech partners. The New York-based company has tied up with credit analysis tool ScoreNavigator and home financing ecosystem Better.com.

Solve Finance’s technology will help ScoreNavigator’s clients navigate their credit journey by looking at more than just their credit score. The company’s Debt Optimizer tool also shows them their debt-to-income ratio (DTI), a key metric in receiving a mortgage or refinancing an existing property.

“By partnering with Solve Finance, our members will get a complete analysis of their DTI, along with a plan to help them qualify for financing,” said ScoreNavigator CEO Rusty Bresse. “Solve Finance is making it easier for our members to navigate home finance by aligning incentives and automating the best possible borrowing outcomes with data and AI. We couldn’t be more pleased with this recent partnership.”

“Home affordability is especially tough in today’s environment, and we can’t wait to add a path to make the best-possible borrowing outcomes available to everyone,” added Solve Finance CEO Sean Hundtofte.

Solve Finance has also partnered with home financing platform Better.com by launching a feature to optimize consumers’ home-buying power. The new tool helps shift debt burdens and optimize up-front and monthly liquidity. Solve Finance reports it has been able to increase the mortgage users are able to afford by over 20%.

“This strategic alliance combines Solve Finance’s innovative financial technology and expertise with Better Mortgage’s innovative lending solutions,” the company said in a statement. “This partnership has significantly reduced the financial barriers to homeownership. This collaboration exemplifies Solve Finance’s commitment to driving financial inclusion and ensuring homeownership is attainable and affordable for individuals and families.”

This feature is currently in a pilot stage with mortgage lenders and homebuying platforms across the country. Ultimately, Solve Finance hopes to address consumers’ confusion about how much home they can afford in today’s interest rate environment and tackle financial exclusion in homeownership.

Solve Finance, which demoed at FinovateSpring 2022, was founded in 2021 and is headquartered in New York. The company’s Debt Optimizer tool, which is available as an API or as a direct-to-consumer platform, leverages real-time market and credit data to serve as a financial debt advisor and save users money.

Photo by Monstera

Share this:

Send Post Twitter LinkedIn Facebook

Consumer Engagement Platform SKUx Launches New Card Program with Highnote

By David Penn Posted on May 16, 2023
Categories: Alumni News, Daily news, Highnote

Embedded finance company Highnote is powering the new card program from SKUx.
SKUx is a payments technology and consumer engagement platform headquartered in Florida.
San Francisco, California-based Highnote made its Finovate debut last May at FinovateSpring 2022.

SKUx, a payments technology and consumer engagement platform, has launched a new card program. The company has teamed up with embedded finance company Highnote to power the new offering. SKUx noted in a statement that the partnership will help the Florida-based company continue to innovate in the disbursements space.

Highnote’s card platform technology enables a range of solutions from SKUx. Among these products are SKUx Customer Care and Recovery, which streamlines the product recall process, and SKUx Crisis Disbursements, which streamlines emergency payments to individuals. These new solutions join SKUx’s flagship solution, SKUPay, for product-based payments redeemed at the point of purchase.

In a statement, SKUx co-founder and President Bobby Tinsley highlighted the “magnitude of money” that moves between merchants and customers. Tinsley also bemoaned the fact that so much of these flows take place over “outdated and clunky” systems. He added, “We are obsessed with powering the best experiences by providing payments at the speed of today’s consumer – designing products optimized for digital wallets, mobile payments, and QR codes. Our partnership with Highnote enables us to continue this vision at both the quality and service our clients demand.”

Founded in 2021, Highnote is based in San Francisco, California. The company made its Finovate debut at FinovateSpring last year. At the conference, Highnote demoed its GraphQL API-based card issuance platform, showing how the technology enables organizations to make card issuance an embedded feature in their solution. The platform uses notifications and SDKs to empower developer teams to bring card products to market quickly. A no-code dashboard enables management and support, as well as providing product-wide visibility.

“The average consumer has become more digitally savvy, and their expectations around ease of use and instant access to funds have risen,” Highnote CEO John MacIlwaine said. “SKUx has tapped into this trend by providing more elegant and modern solutions to consumer needs, and we couldn’t be more proud to be their enabler in driving this digital transformation.”

Highnote has raised more than $104 million in funding. The company’s investors include Costanoa Ventures and Oak HC/FT.

Photo by SHVETS production

Share this:

Send Post Twitter LinkedIn Facebook

Generative AI-Powered Business Automation Specialist Kognitos Secures $6.75 Million

By David Penn Posted on May 15, 2023
Categories: Alumni News, Daily news, Funding, Kognitos

Business automation specialist Kognitos raised $6.75 million in seed funding. The investment takes the company’s total capital to $9.35 million.
Kognitos leverages Generative AI and Natural Language Processing (NLP) to enable business users to build automations using “English as code.”
Kognitos made its Finovate debut at FinovateSpring last year.

Here’s a funding announcement from a new alum that slipped beneath our radar. Business automation solution provider Kognitos raised $6.75 million in seed funding earlier this year. The round was led by Clear Ventures. Engineering Capital and Wipro Ventures, the corporate investment arm of Wipro, also participated. The investment takes Kognitos’ total funding to $9.35 million.

Kognitos will use the capital to expand its cloud-based Koncierge platform. The platform leverages an AI engine that interprets English as well as humans do. This enables businesses to build automations using natural language. Koncierge blends business data and logic with logic learning machine (LLM) technology to automate business processes at cloud scale.

“It’s time for computers to behave like humans, and humans to stop behaving like machines,” Kognitos founder and CEO Binny Gill said. He referred to the technology as an “unprecedented engine that runs English as Code.” He also noted that now “anyone can describe what they want to be automated, and their automation is generated – all in auditable English. That means no developers, no complex tools, no bots.”

Kognitos’ technology responds to two challenges. On the one hand there is a growing opportunity in business automation. On the other hand, there is a relative lack of skilled workers in the automation field. Kognitos’ solution tackles these issues with a combination of Generative AI and NLP to enable automation of a wide variety of processes from invoicing processing and insurance claims to credit card payment reconciliation. The ability to use natural language also gives Kognitos’ technology an advantage over many no code/low code solutions. This is because those technologies still require the involvement of IT and other service providers. Clear Ventures founder and General Partner Rajeev Madhavan underscored the value of avoiding this obligation. “Kognitos already has several customers using this capability in production,” Madhavan said, “saving significant time and resources in their businesses, without the need for developers.”

Founded in 2020, Kognitos made its Finovate debut last year at FinovateSpring 2022. At the conference, Gill and VP of Growth Jason Langone explained how its business automation solution helps all business users contribute to the company’s competitive advantage. By enabling them to build automations and microservices with NLP and Generative AI, Kognitos technology empowers users and helps remove obstacles and technical barriers-to-entry for a wide variety for businesses.

Kognitos is headquartered in San Jose, California.

Photo by Brett Sayles

Share this:

Send Post Twitter LinkedIn Facebook

Smart Raises $95 Million for Retirement Technology

By Julie Muhn (@julieschicktanz) Posted on May 15, 2023
Categories: Daily news, Funding

Smart just landed $95 million in funding for its savings and investment platform.
The Series E funding brings Smart’s total raised to $391 million.
Today’s investment will fuel the company’s global expansion and boost its retirement savings platform, Keystone.

Global savings and investment platform Smart has raked in $95 million in a Series E round this week. The London-based company’s total funding now sits at $391 million.

Aquiline Capital Partners led the round, followed by existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays, and Natixis Investment Managers.

Smart, which currently operates in Europe, the U.S., the Middle East, and Asia, will use today’s investment to further fuel its global expansion. The funding round will also help finance acquisitions and boost its retirement savings technology platform, Keystone.

Andrew Evans and Will Wynne co-founded Smart in 2014 after the U.K. launched its workplace pension auto enrollment requirement. The company serves more than one million end users and 70,000 employers. Smart’s flagship product, Keystone, is a retirement platform-as-a-service that offers companies infrastructure to offer employees digital retirement savings tools.

“Smart’s distinct retirement technology leadership coupled with Aquiline’s deep experience in the retirement technology industry makes this a compelling investment, as does the growing global need for better retirement saving technology,” said Aquiline Chairman and CEO Jeff Greenberg. “Smart has consistently delivered impressive commercial growth, and is backed by an array of top-tier investors whom we are delighted to join. Under the leadership of Andrew and Will, we have every confidence that Smart is a multi-billion pound company in the making.”

Based on the company’s growth, it is apparent that Smart has struck a nerve with its global user base. The company saw revenues top $83 million £67 million last year, which was a 65% increase over 2021. Earlier this year, The Financial Times ranked Smart among Europe’s fastest-growing companies. Smart currently has over $6.9 billion (£5.5 billion) in assets under management on its platform and expects to exceed $12.5 billion (£10 billion) by the end of next month.

Photo by MART PRODUCTION

Share this:

Send Post Twitter LinkedIn Facebook

Expensify Now Facilitates Global Reimbursements

By Julie Muhn (@julieschicktanz) Posted on May 12, 2023
Categories: Alumni News, Daily news, Expensify

Expensify now enables business customers to reimburse international employees in multiple currencies.
Expensify customers can send employee reimbursements in over 154 currencies and across 200+ countries.
Today’s move also enables businesses to link withdrawal bank accounts in the U.K., Canada, Australia, and the European Union.

Business expense management firm Expensify made a move this week to support businesses operating in the global economy. The San Francisco-based company now enables its business customers to reimburse their employees across borders in multiple currencies.

Using the Expensify app, customers can send employee reimbursements in over 154 currencies and across 200+ countries. The international reimbursement process doesn’t require businesses to pre-fund payment. Rather, businesses can pay employees at any time by linking their local bank account.

“Employees can work from anywhere these days and expect to be reimbursed quickly for out-of-pocket expenses regardless of where they live,” said Expensify Founder and CEO David Barrett. “We have listened to these customers and now include global reimbursements for free in all paid Expensify plans.”

Additionally, Expensify is taking another step to support international businesses. The company now enables businesses to link withdrawal bank accounts in the U.K., Canada, Australia, and the European Union.

If you’re familiar with Expensify’s company culture, the only surprising aspect about this move is that the company didn’t launch it sooner. Even pre-pandemic, Expensify was known for its flexible working policy, taking its entire workforce to fun, overseas locations to work for a month. “The entire team goes on a month-long Offshore to a new country every year,” the company’s website states. “We start out the trip in hostels and Airbnbs, and then for our final week together, we re-locate to the most amazing or unique accommodation we can find!”

Expensify went public in 2021 and now trades on the NASDAQ under the ticker EXFY. The company launched expense reporting in 2008, and has since grown to add billpay, a travel concierge, a corporate payment card, and– as of last month– a co-working space as a perk for its business clients.

The business expense management space has become increasingly crowded in recent years, having seen competition from the likes of Brex, Ramp, Divvy, PayEm, Bento for Business, and more. According to Grand View Research, the market size for global spend management platforms was valued at $15.9 billion in 2021 and is expected to expand at a rate of 10.3% from 2022 to 2030.

Share this:

Send Post Twitter LinkedIn Facebook

Cable Raises $11 Million to Help Reduce Financial Crime

By Julie Muhn (@julieschicktanz) Posted on May 11, 2023
Categories: Alumni News, Cable, Daily news, Funding

Cable received $11 million in Series A funding, boosting its total raised to over $16 million.
Cable will use the funds to boost hiring and speed up its product development to help crack down on financial crime.
Cable’s technology helps BaaS banks oversee their fintech partners to remain compliant.

Financial risk control platform Cable announced an $11 million investment today. Today’s investment, which boosts the company’s total funding to just over $16 million, comes from Stage 2 Capital, Jump Capital, and existing investor CRV.

The London-based company will use the Series A funding to solve what it calls a “$4 trillion problem,” financial crime. Specifically, Cable will use the money to ramp up hiring across its product, engineering, data, and go-to-market teams, and speed up its product development.

“Raising money in and of itself is not our goal at Cable,” company CEO Natasha Vernier said. “We look at this fundraising as a way to reach more customers more quickly with the products and features they need to do their jobs better. To that end, we’ll be using this money to hire across our product, engineering, data, and go-to-market teams, and quicken our product development pace to make more headway into our long roadmap of products and features.”

Cable’s financial risk control platform helps firms reduce financial crime with automated account monitoring, quality assurance that minimizes the need for human review with simplified testing, real-time alerts, reporting, risk assessments, and more.

Cable was founded in 2020 and demoed its technology at FinovateFall 2022 in New York. Since launch, the company has debuted its Automated Assurance product that identifies financial crime regulatory breaches and control failures in real-time, launched its automated risk assessment tool, and created its Quality Assurance tool that offers business intelligence and workflow tools to help compliance officers succeed.

The company’s technology doesn’t just help banks manage financial crime. Cable’s infrastructure is aimed to work in the banking-as-a-service (BaaS) era, offering BaaS banks oversight over their fintech partners. In fact, Axiom Bank, Quaint Oak Bank, and Griffin are currently leveraging Cable to manage their fintech partners.

Photo by Snapwire

Share this:

Send Post Twitter LinkedIn Facebook

Experian Introduces New Fintech Data Network to Help Businesses Fight Fraud

By David Penn Posted on May 11, 2023
Categories: Alumni News, Daily news, Experian

Global information services company Experian launched a new fraud prevention solution this week.
The new offfering is a fintech-focused version of its fraud prevention data network Hunter.
Hunter takes a collaborative approach to fraud mitigation. The technology has saved businesses more than $6.5 billion a year in fraud losses.

Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the U.S. The technology is currently being used by more than 450 organizations in 24 different countries. Experian reports that Hunter has saved its clients more than $6.5 billion a year in fraud losses.

Hunter works by providing participants with a “line of sight” into borrower activity across the fintech industry. A collaborative data network, Hunter enables participants to share data on fraudulent activity in real-time. That data is then securely linked across the network. Participants can use the network to identify potential fraud when onboarding new customers or when verifying current customers. Experian noted that its clients have seen a 35% increase in fraud detection when participating in a Hunter network.

“Our new U.S. Hunter network will harness the power of data and analytics to address real pain points that fintechs experience in combatting fraud,” President at Experian Decision Analytics in North America Robert Boxberger said. “By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve the customer experience, and mitigate major fraud losses.”

The Hunter network will be available in the U.S. later this year, the company said.

Experian made its Finovate debut in 2012 and most recently returned to the Finovate stage for FinovateFall 2018 in New York. The company’s Hunter announcement comes just weeks after Experian unveiled a new cloud-based fraud solution powered by adaptive machine learning called Aidrian. The new offering is designed to help businesses fight fraud without negatively impacting the customer experience. Last month, Clearcover Insurance Company announced that it had launched a new embedded insurance solution courtesy of a partnership with Experian. The technology gives insurance consumers final, bindable quotes when they shop using Experian’s auto insurance comparison shopping service.

Headquarted in Dublin, Ireland, Experian was founded in 1980. Brian Cassin is CEO.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook