A daily newsletter summarizing recent activity & interesting start-ups globally
RECENT NOTABLE ACTIVITY – BANKING TECH
- Fiserv, a provider of technology solutions to financial services industry acquired Monitise, a white label mobile banking platform for £70. Link
- Verisk Analytics, a Data analytics and risk assessment firm acquired G2 Web Services, a provider of fraud and risk mitigation solution for acquirers, PSPs, and commercial banks for $112M. Link
- Blackrock acquired Cachematrix, a liquidity and cash management platform for an undisclosed amount. Link
- Atom Bank, a UK-based challenger bank, secured $38M (£30M) Tier 2 capital facility from British Business Bank. Link
- LevelUp, a white label mobile wallet provider raised $37M in Series E round of funding from JPMorgan Chase and U.S. Boston Capital and $13M in debt financing from CentroCredit Bank. Link
- Ohpen, a cloud-based core banking platform provider raised $17M in Series B round of funding led by Amerborgh. Link
- Sequent, a token service, card, and wallet management platform raised $16M in Series C round of funding from TIS, Opus Capital Partners, SBT Ventures and Jado Investments. Link
- Tide, a mobile first bank for small businesses raised $14M in Series A round of funding from Anthemis, Creandum, Passion Capital and LocalGlobe. Link
- Socure, an identity fraud detection platform announced $14M in Series B round of funding from Commerce Ventures, Flint Capital, Work-Bench, Santander InnoVentures and Two Sigma Ventures. Link
- Cardlytics, a card-linked marketing and loyalty service provider announced $12M in Series E round of funding from ITC Holding, Kinetic Ventures, Canaan Partners, Polaris Partners, TTV Capital. Link
- Qonto, a neo bank for entrepreneurs and freelancers closed $11M in Series A round of funding from Valar Ventures and Alven Capital. Link
SOME INTERESTING STARTUPS FOUND
Ntwist (2017, Hyderabad) Machine learning-based business process improvement and data analytics platform for financial institutions.
Hydra AML (2016, Leigh-on-sea) Transaction tracking-based anti money laundering tool.
LEADER BOARD – BANKING TECH
Alternative Banking
WeBank (2014, Shenzhen, $450M) – Internet first bank launched by Tencent Group. Backed by Temasek and Warburg Pincus.
Atom Bank (2014, London, $269M) – UK-based internet first bank. Backed by Anthemis Group, BBVA, Toscafund Asset Management, Marathon Asset Management, Polar Capital, Woodford Investment Management, British Engines.
Front-end Channel Providers
FINO Paytech (2006, Mumbai, $111M) – Financial inclusion technology provider and banking correspondent. Backed by Intel Capital, Blackstone, LIC, ICICI Prudential Life Insurance and some Indian banks.
MX Technologies (2010, Lehi, $57M) – White label personal finance management solution provider. Backed by Digital Garage, Commerce Ventures, USAA, DG Incubation, Subtraction Capital, TTV Capital, North Hill Ventures, Plus550, Peak Ventures.
Banking APIs
Yodlee (1999, Redwood City, $134M, Acq.) – Financial data API provider. Backed by Accel Partners, E-Trade Financial Corporation, Bank of America, Morgan Stanley, Sequoia Capital, America Online, Chase, Institutional Venture Partners, Intel Capital, Sherpalo Ventures, Warburg Pincus, W Capital Partners, Merrill Lynch, Lake Street Capital, Future Perfect Ventures. Acquired by Envestnet in August 2015.
Solaris Bank (2016, Berlin, $60M) – Cloud-based banking pl
Payments
First Data Corporation (1971, Atlanta, Acq, IPO) – Payments service provider specializing in merchant transaction processing, private label cards and e-check acceptance services. Was acquired by KKR in 2007 for $27.5B. Went public in October 2015.
Mozido (2008, Austin, $288.5M) – White label web and mobile wallet solution provider. Backed by MasterCard, TomorrowVentures, Atlanticus, Brentwood Associates, Wellington Management, Quabbin Capital.
Marketing Solutions
Cardlytics (2008, Atlanta, $200M) – Card-linked marketing and loyalty service provider. Backed by Canaan Partners, Polaris Partners, Kinetic Ventures, ITC Holding, TTV Capital, Aimia, Discovery Capital, ITC Holdings, Savano Capital Partners.
Edo Interactive (2007, Nashville, $76.5M, Acq.) – Provider of personalized card linked offers. Backed by Baird Capital, Nashville Capital Network, FCA Venture Partners, VantagePoint Capital Partners. Acquired by Augeo in January 2017.
Fraud & Risk Management
KnuEdge (2005, San Diego, $100M) – Provider of voice biometrics solutions. Backed by Hasso Plattner Ventures.
Secure Key (2008, Toronto, $90M) – Provides identity and authentication solutions. Backed by VISA, MasterCard, Intel Capital, Royal Bank of Canada, Rogers Venture Partners, BMO, Blue Sky Capital, Desjardins, CIBC, Discover, Scotiabank, TD Asset Finance, TELUS Ventures.
Regulatory & Compliance
Metricstream (1999, Palo Alto, $150M) – Provider of regulatory compliance, risk management, and corporate governance solutions. Backed by Goldman Sachs, KPCB, Integral Capital Partners, Gold Hill Capital, Sageview Capital, Saints Capital, Kaiser Permanente Ventures, Blade Ventures, Montage Capital, The Camelot Group.
Ping Identity (2002, Denver, $137M, Acq.) – Provider of comprehensive identity management solutions. Backed by DFJ, General Catalyst Partners, Silicon Valley Bank, KKR, Fidelity Ventures, W Capital Partners, Triangle Peak Partners, Appian Ventures, Volition Capital, Hercules Capital, Ten Eleven Ventures, Sapphire Ventures, F-Prime Capital Partners. Acquired by Vista Equity Partners in June 2016.
Back end Solutions
nCino (2012, Wilmington, $64M) Provider of cloud-based core banking solution. Backed by Insight Venture Partners, Salesforce, Wellington Management.
Think Finance (2001, Fort Worth, $60M) Provider of white label lending platform. Backed by Sequoia Capital, Technology Crossover Ventures, Victory Park Capital.
Leader board includes all the top funded, IPO and successfully running bootstrapped companies along with their location, founding year and funding amount.
For latest update, visit Banking Tech feed.