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DriveWealth Hires Venu Palaparthi as Chief Operating Officer

PRNewswire — Fri, 06 Sep 2024 15:30:16 +0000

Drip Capital, a leading digital platform for trade finance, has secured $113 million in new funding. This includes $23 million in equity from Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), and $90 million in debt financing, led by the International Finance Corporation (IFC) and East West Bank.

Drip has seen remarkable growth, quadrupling its revenue and doubling its customer base in the past two years. The company has expanded its services for SMBs by integrating forex and risk analytics solutions with its core trade financing products. The new funding will expedite market expansion and support the development of new products tailored to customer needs.

Drip has been a pioneer in the fintech domain, utilizing advanced AI technologies to enable efficient credit risk assessment, streamline operations, and enhance customer experiences. By continuing to invest in AI, Drip Capital aims to be at the forefront of implementing AI for trade finance.

“In 2022 and 2023, the global trade sector faced significant challenges, including rising interest rates that squeezed margins and restricted capital access for SMBs. Despite these challenges, Drip has emerged as the preferred trade finance platform for SMBs in the US and India,” stated Pushkar Mukewar, Co-founder and CEO of Drip Capital. “We’ve achieved cash profitability and expanded our business during this period. We are excited to welcome our new investors, and alongside our existing investors and debt partners, are ready to drive our next phase of growth.”

On the debt capital raise, Drip Capital’s Chief Business Officer, Karl Boog, added: “Having financed over $6 billion in trade in the past eight years, we have successfully scaled our capital providers. We are thrilled to welcome additional capital from East West Bank and the IFC, the world’s largest development finance institution.”

Karl Boog continued: “For our North American business, we have financed nearly $1 billion for US and Canadian SMBs over the past few years. Our unique Payable Finance offering allows our customers to pay their suppliers’ invoices and extend payment terms up to 120 days.”

Drip’s new investors and lenders have praised the company’s impact and potential.

“We are proud to have supported Drip from its inception, through both equity investment and debt financing. We greatly admire the remarkable growth they have achieved so far. It is a great honor for us to participate with an additional equity investment and advance towards a strategic partnership. Drip’s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade. We believe Drip’s technology and proprietary underwriting are uniquely positioned to address the challenges in this space. We are excited to continue supporting their journey as they drive forward with ongoing growth and expansion,” said Ryu Muramatsu, Executive Vice President, GMO Payment Gateway.

“We are excited to contribute to the growth of society and market, by encouraging Japan–India corridor activities via this collaboration. We look forward to combining the expertise of SMBC Group with Drip Capital’s technologies, to optimize global trade and enable opportunities for small and medium-sized businesses,” commented Keiji Matsunaga, General Manager of Digital Strategy Department, Sumitomo Mitsui Banking Corporation (SMBC).

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FinTech Interview with Ali Hamriti, Co- founder and CEO of Rollee

FTB News Desk — Fri, 17 May 2024 13:30:01 +0000

Uncover strategies to tackle financial challenges for gig workers. Explore innovative solutions for enhanced financial inclusion, from flexible banking to tailored credit access.

Ali Hamriti, CEO and co-founder of Rollee

Greetings Ali, we’re delighted to have you for this interview, Could you please share with us your professional journey and how you came to co-found Rollee?
Thanks for inviting me, it’s great to be here. I’m a former data scientist, and in the past I was responsible for creating a credit score engine to assess independent workers. During my research I noticed that the data necessary for this project was scattered across hundreds of different data sources, making it very complex to address this growing part of the population. This gave me the idea to found Rollee and make it easier for financial institutions to assess independent workers with a fair credit rating.

In your experience, what key obstacles do traditional banks face when it comes to serving gig workers with their risk assessment and application processes?
In my experience, traditional banks face several key obstacles when serving gig workers, particularly in risk assessment and application processes. First, the variable and unpredictable income of gig workers complicates standard credit and risk assessment models that banks traditionally use, which often rely on consistent income streams to forecast creditworthiness. Second, the lack of formal employment documentation in gig work poses a challenge in the application process, as traditional banks typically require extensive paperwork and proof of income stability. Lastly, the rapid pace of change in the gig economy can outstrip the banks’ ability to adapt their processes and products quickly, leading to a gap in service to this segment. Addressing these challenges requires a shift towards more flexible and innovative banking solutions tailored to the needs of gig workers.

As the CEO of Rollee, what strategies have you employed to address the challenges faced by gig workers in accessing financial services?
Our research found that xx% of gig workers have been denied a load, despite having affordability.
Our strategies to address the financial service challenges faced by gig workers center on leveraging technology to enhance data accessibility and reliability. We’ve developed advanced APIs that allow gig workers to aggregate and share their income data with financial institutions. This has facilitated smoother income verification processes, which are often a barrier for gig workers seeking loans or credit. Additionally, we supplement our technology to company who create tailored financial products that account for the variable income patterns typical in gig work. Our focus is on making financial inclusion a reality for gig workers by providing tools that ensure their financial profiles are comprehensively and accurately represented.

How do you see the gig economy evolving in the context of a recession, and what opportunities does it present for banks in terms of offering financial products to gig workers?
In the context of a recession, the gig economy is likely to expand as more individuals seek flexible work options to supplement their income.
This shift presents a significant opportunity for banks to design financial products specifically geared towards gig workers, who may face more financial variability. Financial institutions can offer innovative solutions such as flexible savings plans, emergency credit lines, and insurance products tailored to the unique risks and cash flow patterns of gig workers. Additionally, banks can utilise advanced data analytics to better understand and predict the financial needs of this growing workforce, enabling them to offer more personalised and timely financial support.

From your perspective, what lessons can traditional banks learn from the agility and adaptability of fintech firms in catering to the needs of gig workers?
I believe traditional banks can learn a great deal from the commitment and adaptability of fintech firms in serving gig workers. Firstly, the commitment to rapidly develop and deploy new technology tailored to the unique needs of these workers is crucial. Fintechs often excel in using alternative data & analytics insights to understand and predict customer needs, enabling a holistic overview of their customers finances. Secondly, embracing a customer-centric approach that values flexibility in product offerings and communication can make a significant difference. Traditional banks should look to integrate these elements into their operations to remain competitive and relevant in the evolving financial landscape.

What specific innovations or technologies do you believe traditional banks should adopt or develop to better serve gig workers and adapt to the changing landscape of the gig economy?
Traditional banks should focus on adopting and developing technologies that enhance flexibility and accessibility, crucial for serving gig workers effectively. Key innovations might include dynamic infrastructure platforms that integrate seamlessly with various gig economy marketplaces for real-time income tracking and verification, therefore increasing their acceptance rate with verified and up-to-date income data points. These technologies not only cater to the needs of gig workers but also help banks stay relevant in a rapidly evolving economy.
The key developments banks can make is to update their infrastructure tools and therefore increase their acceptance rate due to verified, updated income data points.

In your opinion, what role can collaboration between fintech firms like Rollee and traditional banks play in addressing the financial needs of gig workers more effectively?
By combining Rollee’s infrastructure and access to gig economy data with the regulatory framework of traditional banks, these partnerships can lead to innovative financial products tailored for gig workers. Such collaborations can improve access to credit, streamline income verification processes, and offer more flexible banking solutions that adjust to the fluctuating incomes typical of gig work. Ultimately, this cooperative approach can drive greater financial inclusion and stability for this growing segment of the workforce.

Could you share any success stories or case studies where Rollee has successfully facilitated financial inclusion for gig workers, despite the challenges posed by traditional banking systems?
Rollee has made significant strides in promoting financial inclusion for gig workers. One notable success story involves a platform that integrated Rollee’s API to streamline income verification processes for gig workers. This integration allowed workers to swiftly and securely share their income data with financial institutions, leading to a higher acceptance rate for loans and credit applications.
Another case saw Rollee helping gig workers consolidate their financial data from various platforms into one accessible report, enhancing their ability to manage finances and prove income stability.

These case studies highlight Rollee’s role in overcoming traditional banking barriers and enabling fair access to financial services for gig workers. We’re going one step ahead with our AI-driven models to help financial institutions reduce their default events.

What personal advice would you offer to gig workers who may be struggling to access traditional banking services or financial products?
For gig workers facing challenges with traditional banking services, I recommend exploring digital banks and financial technology platforms. I see an emergence of young companies who specialise in addressing a diverse workforce: lending for gig workers, earned wage access, benefits for freelancers… These often offer more flexible options and easier access compared to traditional banks. Always stay informed about all available options and choose services that best suit your needs.

Finally, what are your thoughts on the future of banking in relation to the gig economy, and what steps do you believe banks should take to embrace this growing segment of the workforce?
The future of banking in relation to the gig economy appears increasingly digital and inclusive. Banks should adapt by offering more flexible banking solutions that accommodate the variable income patterns of gig workers. Implementing innovative technology to simplify the application processes and improve access to financial services can also be a game-changer. Additionally, implementing new data infrastructures could facilitate better financial products directly tailored to the needs of gig workers. Embracing these changes will not only help banks stay relevant but also support the financial stability of a significant and growing segment of the workforce.

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Minerva named Top AI & Data Product in the 2024 Product Awards

BusinessWire — Thu, 14 Mar 2024 14:00:37 +0000

Minerva, a leader in Anti-Money Laundering (AML) compliance technology, announced that it has been named a Top AI & Data product in the 2024 Product Awards. The 7th Annual Product Awards, presented by Products That Count in partnership with Mighty Capital and Capgemini, is the only awards program designed to celebrate the tools that help Product Managers build great products.

Nominees are chosen by Products That Count’s product manager network, and winners are chosen by an independent Awards Advisory Board composed of top product leaders. This year’s Board included product leaders from companies like Bank of America, Amazon’s Twitch, and S&P Global.

Minerva is a real-time client risk and AML assessment platform that enables investigators to make accurate and high-quality risk decisions in just a few minutes. Using sophisticated deep learning models and neural networks to analyze billions of data points and sources in real-time across 147 languages, Minerva helps compliance teams get ahead of financial crime, prevent money laundering, and comply with government regulations. Artificial intelligence (AI) enables the automation of a manual process that could take hours or days, returning results 300 times faster and reducing costs by 55 percent. Minerva is trusted by leading financial institutions that require faster, more accurate risk assessment results.

“Great tools are the Product Manager’s secret weapon,” said SC Moatti, Founder and Board Chair of Products That Count, “essential for staying ahead in the competitive market landscape. I congratulate Minerva on defining product excellence in 2024 and beyond.”

“This award highlights the innovative approach we have taken to addressing risk assessment and ensuring AML compliance for financial institutions. Using AI, Minerva instantly understands context, sentiment, and risk across structured, unstructured, open source, and proprietary data, and uses those insights to create context rich customer profiles and predictive risk analysis, in real time,” said Jennifer Arnold, co-founder and CEO of Minerva. “Deep neural networks enable automation so that Minerva can provide ongoing monitoring, empowering continuous risk assessment.”

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Verikai unveils CaptureHealth and Capture360

BusinessWire — Fri, 01 Mar 2024 14:00:42 +0000

Verikai, an industry innovator in health insurance, proudly announces the launch of CaptureHealth and Capture360, two groundbreaking solutions designed to revolutionize healthcare risk analysis. These offerings are part of the comprehensive Verikai platform.

The CaptureHealth model provides a health-centric risk score by feeding comprehensive medical claim and health history data into Verikai’s proprietary machine learning models. Capture360 adds hundreds of thousands of behavioral and social determinants of health (SDoH) factors to CaptureHealth in order to deliver the most accurate and comprehensive risk score in the market. Verikai’s breakthrough scoring technology uniquely combines dozens of sources of curated medical and pharmaceutical data covering over 330 million Americans, with behavioral attributes and SDoH, offering unparalleled precision in health risk assessment.

CaptureHealth and Capture360 collectively address longstanding industry challenges, offering concise and comprehensive views of claims histories while simplifying the task of assessing medical and pharmaceutical risks. The Verikai platform offers detailed insights into patients’ medical and pharmaceutical histories, facilitating enhanced understanding and foresight into healthcare needs and risks.

“These scoring solutions are a revolution in healthcare innovation,” says Paul Stock, President of Verikai. “We’re not just making waves; we’re creating a harmonious future for healthcare decision-making.”

CaptureHealth and Capture360 empower healthcare stakeholders with precise information for data-driven decisions. They illuminate disparate data sources, providing a solid foundation for decision-making and facilitating strategic healthcare planning. By identifying high-risk populations and potential cost drivers, stakeholders can achieve optimized health outcomes and effective risk management.

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Jumio announces Igor Beckerman as Chief Financial Officer

BusinessWire — Tue, 20 Feb 2024 16:00:00 +0000

Jumio, the leading provider of automated, end-to-end identity verification, risk assessment and compliance solutions, announced the addition of Igor Beckerman as chief financial officer.

Beckerman has three decades of finance leadership experience, most notably as leading customer success platform Gainsight’s first-ever CFO, and at Marketo, where he served through the IPO and the eventual acquisition by Vista Equity Partners in 2016. He was most recently the CFO at Newsela, and also held senior leadership roles at Precise Software Solutions and Symantec. He holds a Master of Business Administration from Stanford University and a bachelor of arts in economics (with honors) from The University of California, Berkeley.

Beckerman’s appointment comes at a pivotal time for Jumio, as its market-leading, AI-powered solutions are reaching record-breaking automation and quality rates.

“The identity landscape is facing a seismic upheaval, and Igor joining our team of innovators is just another step we’re taking to ensure Jumio remains the clear leader in this space,” said Jumio CEO Robert Prigge.

“I’m thrilled to join Jumio at such an integral moment in the company’s evolution and look forward to helping make 2024 the company’s best year yet,” Beckerman said.

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First AML joins The NayaOne Marketplace

First AML — Wed, 13 Dec 2023 12:15:20 +0000

First AML, the global scaleup which streamlines the entire anti-money laundering (AML) onboarding and compliance process, has joined the NayaOne Tech Marketplace. First AML’s leading AML platform, Source, is an all-in-one self-service for local and global KYC, designed to suit all AML teams and built for every step of the AML process.

Additionally, Source by First AML combines data sources, risk assessment, onboarding, case management, verifications, entity structure builds, PEPs and sanctions, workflow management and more in one easy-to-use place. It’s now set to become even more accessible due to NayaOne’s Sandbox-as-a-Service, which will make it available to a range of financial institutions. NayaOne provides access to synthetic datasets, tech marketplace and a digital sandbox to discover, allowing firms to evaluate and scale third party technologies to production to build proofs of concepts in 4-6 weeks.

Source by First AML is designed to empower financial institutions to save valuable time, reduce costs, and eliminate frustrations associated with AML/KYC compliance. Whether it’s simple EIV checks or tackling the most challenging and high-risk compliance areas, the platform equips organisations with the tools and capabilities to handle it all seamlessly from one platform.

It makes business sense, too; thanks to Source’s smoother onboarding procedure, it means there is a quicker time to revenue. It is designed for organisations to scale without excess, with more convenient onboarding processes that lower customer drop-off numbers and allow firms to use compliance as a competitive edge. With Source, there is less risk to a business in both monetary and reputational terms.

From legacy systems to leading innovation

Stride.VC, a London-based early-stage tech investor, struggled with painful, manual AML processes. A slick customer experience is expected, although not always delivered due to archaic processes, and First AML offered the opportunity for more effective work in that area. In 2021, Stride.VC implemented First AML to streamline workflows and screening checks to onboard limited partners and investments.

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Selective Insurance Introduces Ergonomic Solution

PRNewswire — Mon, 20 Mar 2023 14:30:30 +0000

Selective Insurance, a leading business and personal insurance carrier, has introduced an ergonomic risk assessment tool that can identify high-risk body positions or movements that may lead to severe injuries and costly workers compensation claims. This solution, developed by TuMeke Ergonomics, is available to Selective’s workers compensation policyholders.

According to a study of workers compensation claims made with Selective, in 2021 workplace-related injuries were reported 18% earlier in employees’ tenure than in 2011 – 5.2 years compared to 6.4 years. The study also found that during that period, strain-related injuries were the most common type of workers compensation claims in construction (22.4%) and manufacturing and wholesale segments (27.2%).

“Strains to muscles, nerves, and tendons are some of the most frequent injuries employees experience at work. Many times, they are preventable with some ergonomic changes to our behaviors, such as when lifting heavy objects or performing repetitive tasks,” said Scott Smith, Vice President, Director of Safety Management, Selective Insurance. “Selective’s ergonomic safety solution from TuMeke provides a unique opportunity for employers to promote workplace wellness by spotting these potentially hazardous behaviors so they can be addressed and reduced, especially in labor-intensive industries.”

To help maintain an injury-free workplace, Selective policyholders can use a smartphone to record consenting employees completing a task. TuMeke’s AI software will review the footage to build detailed 3D models of the human body moving through space to complete industry-standard assessments that identify high-risk body positions and motions while maintaining employee privacy. At the end of the process, policyholders receive a report with findings and suggestions to reduce musculoskeletal pain and disorder risks.

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Finvi Awarded FedRAMP® Authorization for Cloud Service Offering

PRNewswire — Fri, 24 Feb 2023 14:30:04 +0000

Finvi, a leading provider of enterprise workflow automation software built to accelerate revenue recovery and simplify the payment process, announced that it has Authorization to Operate (ATO) at the Moderate Impact level under the Federal Risk and Authorization Management Program (FedRAMP).

FedRAMP is a government-wide program that promotes the adoption of secure cloud services across the federal government by providing a standardized approach to security and risk assessment for cloud technologies and federal agencies.

Finvi is already a trusted solution provider to a myriad of state and local government agencies. Now, Finvi can bring its more than 40 years of experience and innovation to the federal level, enabling these agencies to achieve the same benefits as their state and local brethren.

“Achieving FedRAMP Authorization is an important milestone for Finvi,” said Raj Sethuraman, Chief Product and Technology Officer at Finvi. “With this FedRAMP Authorization, we can now provide federal agencies with data-driven solutions that enhance productivity, communications, and recovery efforts while improving regulatory compliance and decreasing cost.”

The process of obtaining FedRAMP authorization includes multiple reviews of the security of Finvi’s cloud offerings by a federal agency partner as well as an independent third-party assessment organization (3PAO). These tests and reviews were to determine if Finvi’s cloud offerings met the strict security standards required to work with federal agencies.

Finvi will be identified as Ontario Cloud Federal (OCF) in the FedRAMP Marketplace’s collection of Cloud Service Providers (CSP). As listed in the Marketplace, Finvi’s unique software-as-a-service cloud-based solution for healthcare revenue and accounts receivables management includes contact management and payment processing solutions to support debt collection, collections and receivables, payments, reporting and information services, customer service, and software system development.

Finvi’s solution is deployed in the Amazon Web Services GovCloud region and is hosted on the FedRAMP-authorized Amazon Web Services GovCloud Infrastructure, secured with a multi-layered architecture based on FedRAMP controls.

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