Banking

OpenFin raises $17 million for its OS for finance

Posted by | Android, app-store, Apple, Apps, bain capital ventures, Banking, Barclays, bloomberg terminal, Cloud, Developer, Enterprise, Finance, financial services, funding, Fundings & Exits, J.P. Morgan, nyca partners, OpenFin, operating systems, Private Equity, Recent Funding, Startups, truphone, Uber, Wells Fargo | No Comments

OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners.

Likening itself to “the OS of finance,” OpenFin seeks to be the operating layer on which applications used by financial services companies are built and launched, akin to iOS or Android for your smartphone.

OpenFin’s operating system provides three key solutions which, while present on your mobile phone, has previously been absent in the financial services industry: easier deployment of apps to end users, fast security assurances for applications and interoperability.

Traders, analysts and other financial service employees often find themselves using several separate platforms simultaneously, as they try to source information and quickly execute multiple transactions. Yet historically, the desktop applications used by financial services firms — like trading platforms, data solutions or risk analytics — haven’t communicated with one another, with functions performed in one application not recognized or reflected in external applications.

“On my phone, I can be in my calendar app and tap an address, which opens up Google Maps. From Google Maps, maybe I book an Uber . From Uber, I’ll share my real-time location on messages with my friends. That’s four different apps working together on my phone,” OpenFin CEO and co-founder Mazy Dar explained to TechCrunch. That cross-functionality has long been missing in financial services.

As a result, employees can find themselves losing precious time — which in the world of financial services can often mean losing money — as they juggle multiple screens and perform repetitive processes across different applications.

Additionally, major banks, institutional investors and other financial firms have traditionally deployed natively installed applications in lengthy processes that can often take months, going through long vendor packaging and security reviews that ultimately don’t prevent the software from actually accessing the local system.

OpenFin CEO and co-founder Mazy Dar (Image via OpenFin)

As former analysts and traders at major financial institutions, Dar and his co-founder Chuck Doerr (now president & COO of OpenFin) recognized these major pain points and decided to build a common platform that would enable cross-functionality and instant deployment. And since apps on OpenFin are unable to access local file systems, banks can better ensure security and avoid prolonged yet ineffective security review processes.

And the value proposition offered by OpenFin seems to be quite compelling. OpenFin boasts an impressive roster of customers using its platform, including more than 1,500 major financial firms, almost 40 leading vendors and 15 of the world’s 20 largest banks.

More than 1,000 applications have been built on the OS, with OpenFin now deployed on more than 200,000 desktops — a noteworthy milestone given that the ever-popular Bloomberg Terminal, which is ubiquitously used across financial institutions and investment firms, is deployed on roughly 300,000 desktops.

Since raising their Series B in February 2017, OpenFin’s deployments have more than doubled. The company’s headcount has also doubled and its European presence has tripled. Earlier this year, OpenFin also launched it’s OpenFin Cloud Services platform, which allows financial firms to launch their own private local app stores for employees and customers without writing a single line of code.

To date, OpenFin has raised a total of $40 million in venture funding and plans to use the capital from its latest round for additional hiring and to expand its footprint onto more desktops around the world. In the long run, OpenFin hopes to become the vital operating infrastructure upon which all developers of financial applications are innovating.

Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Dar. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

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Google launches new Assistant developer tools

Posted by | Android, artificial intelligence, Assistant, Banking, belkin wemo, Developer, Finance, Google, Google Assistant, Google Cast, google home, Google I/O 2019, lifx, Nike, Philips, smart devices, smart home devices, tp-link, wemo | No Comments

At its I/O conference, Google today announced a slew of new tools for developers who want to build experiences for the company’s Assistant platform. These range from the ability to build games for smart displays, like the Google Home Hub and the launch of App Actions for taking users from an Assistant answer to their native apps, to a new Local Home SDK that allows developers to run their smart home code locally on Google Home Speakers and Nest Displays.

This Local Home SDK may actually be the most important announcement in this list, given that it turns these devices into a real hardware hub for these smart home devices and provides local compute capacity without the round-trip to the cloud. The first set of partners include Philips, Wemo, TP-Link and LIFX, but the SDK will become available to all developers next month.

In addition, this SDK will make it easier for new users to set up their smart devices in the Google Home app. Google tested this feature with GE last October and is now ready to roll it out to additional partners.

For developers who want to take people from the Assistant to the right spot inside of their native apps, Google announced a preview of App Actions last year. Health and fitness, finance, banking, ridesharing and food ordering apps can now make use of these built-in intents. “If I wanted to track my run with Nike Run Club, I could just say ‘Hey Google, start my run in Nike Run Club’ and the app will automatically start tracking my run,” Google explains in today’s announcement.

For how-to sites, Google also announced extended markup support that allows them to prepare their content for inclusion in Google Assistant answers on smart displays and in Google Search using standard schema.org markup.

You can read more about the new ability to write games for smart displays here, but this is clearly just a first step and Google plans to open up the platform to more third-party experiences over time.

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Movius raises $45M for its business communications service

Posted by | Banking, Enterprise, financial services, jpmorgan chase, Mobile, movius, new enterprise associates, Recent Funding, series D, Startups | No Comments

Atlanta-based Movius, a company that allows companies to assign a separate business number for voice calls and texting to any phone, today announced that it has raised a $45 million Series D round led by JPMorgan Chase, with participation from existing investors PointGuard Ventures, New Enterprise Associates and Anschutz Investment company. With this, the company has now raised a total of $100 million.

In addition to the new funding, Movius also today announced that it has brought on former Adobe and Sun executive John Loiacono as its new CEO. Loiacono was also the founding CEO of network analytics startup Jolata.

“The Movius opportunity is pervasive. Almost every company on planet Earth is mobilizing their workforce but are challenged to find a way to securely interact with their customers and constituents using all the preferred communication vehicles – be that voice, SMS or any other channel they use in their daily lives,” said Loiacono. “I’m thrilled because I’m joining a team that features highly passionate and proven innovators who are maniacally focused on delivering this very solution. I look forward to leading this next chapter of growth for the company.”

Sanjay Jain, the chief strategy officer at Hyperloop Transportation Technologies, and Larry Feinsmith, the head of JPMorgan Chase’s Technology Innovation, Strategy & Partnerships office, are joining the company’s board.

Movius currently counts more than 1,400 businesses as its customers, and its carrier partners include Sprint, Telstra and Telefonica. What’s important to note is that Movius is more than a basic VoIP app on your phone. What the company promises is a carrier-grade network that allows businesses to assign a second number to their employees’ phones. That way, the employer remains in charge, even as employees bring their own devices to work.

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Many popular iPhone apps secretly record your screen without asking

Posted by | analyst, app-store, apple inc, Banking, iOS, iPhone, iTunes, Mobile, mobile app, mobile software, operating systems, privacy, Security, smartphones, terms of service, travel sites | No Comments

Many major companies, like Air Canada, Hollister and Expedia, are recording every tap and swipe you make on their iPhone apps. In most cases you won’t even realize it. And they don’t need to ask for permission.

You can assume that most apps are collecting data on you. Some even monetize your data without your knowledge. But TechCrunch has found several popular iPhone apps, from hoteliers, travel sites, airlines, cell phone carriers, banks and financiers, that don’t ask or make it clear — if at all — that they know exactly how you’re using their apps.

Worse, even though these apps are meant to mask certain fields, some inadvertently expose sensitive data.

Apps like Abercrombie & Fitch, Hotels.com and Singapore Airlines also use Glassbox, a customer experience analytics firm, one of a handful of companies that allows developers to embed “session replay” technology into their apps. These session replays let app developers record the screen and play them back to see how its users interacted with the app to figure out if something didn’t work or if there was an error. Every tap, button push and keyboard entry is recorded — effectively screenshotted — and sent back to the app developers.

Or, as Glassbox said in a recent tweet: “Imagine if your website or mobile app could see exactly what your customers do in real time, and why they did it?”

The App Analyst, a mobile expert who writes about his analyses of popular apps on his eponymous blog, recently found Air Canada’s iPhone app wasn’t properly masking the session replays when they were sent, exposing passport numbers and credit card data in each replay session. Just weeks earlier, Air Canada said its app had a data breach, exposing 20,000 profiles.

“This gives Air Canada employees — and anyone else capable of accessing the screenshot database — to see unencrypted credit card and password information,” he told TechCrunch.

In the case of Air Canada’s app, although the fields are masked, the masking didn’t always stick (Image: The App Analyst/supplied)

We asked The App Analyst to look at a sample of apps that Glassbox had listed on its website as customers. Using Charles Proxy, a man-in-the-middle tool used to intercept the data sent from the app, the researcher could examine what data was going out of the device.

Not every app was leaking masked data; none of the apps we examined said they were recording a user’s screen — let alone sending them back to each company or directly to Glassbox’s cloud.

That could be a problem if any one of Glassbox’s customers aren’t properly masking data, he said in an email. “Since this data is often sent back to Glassbox servers I wouldn’t be shocked if they have already had instances of them capturing sensitive banking information and passwords,” he said.

The App Analyst said that while Hollister and Abercrombie & Fitch sent their session replays to Glassbox, others like Expedia and Hotels.com opted to capture and send session replay data back to a server on their own domain. He said that the data was “mostly obfuscated,” but did see in some cases email addresses and postal codes. The researcher said Singapore Airlines also collected session replay data but sent it back to Glassbox’s cloud.

Without analyzing the data for each app, it’s impossible to know if an app is recording a user’s screens of how you’re using the app. We didn’t even find it in the small print of their privacy policies.

Apps that are submitted to Apple’s App Store must have a privacy policy, but none of the apps we reviewed make it clear in their policies that they record a user’s screen. Glassbox doesn’t require any special permission from Apple or from the user, so there’s no way a user would know.

Expedia’s policy makes no mention of recording your screen, nor does Hotels.com’s policy. And in Air Canada’s case, we couldn’t spot a single line in its iOS terms and conditions or privacy policy that suggests the iPhone app sends screen data back to the airline. And in Singapore Airlines’ privacy policy, there’s no mention, either.

We asked all of the companies to point us to exactly where in its privacy policies it permits each app to capture what a user does on their phone.

Only Abercombie responded, confirming that Glassbox “helps support a seamless shopping experience, enabling us to identify and address any issues customers might encounter in their digital experience.” The spokesperson pointing to Abercrombie’s privacy policy makes no mention of session replays, neither does its sister-brand Hollister’s policy.

“I think users should take an active role in how they share their data, and the first step to this is having companies be forthright in sharing how they collect their users data and who they share it with,” said The App Analyst.

When asked, Glassbox said it doesn’t enforce its customers to mention its usage in their privacy policy.

“Glassbox has a unique capability to reconstruct the mobile application view in a visual format, which is another view of analytics, Glassbox SDK can interact with our customers native app only and technically cannot break the boundary of the app,” the spokesperson said, such as when the system keyboard covers part of the native app, “Glassbox does not have access to it,” the spokesperson said.

Glassbox is one of many session replay services on the market. Appsee actively markets its “user recording” technology that lets developers “see your app through your user’s eyes,” while UXCam says it lets developers “watch recordings of your users’ sessions, including all their gestures and triggered events.” Most went under the radar until Mixpanel sparked anger for mistakenly harvesting passwords after masking safeguards failed.

It’s not an industry that’s likely to go away any time soon — companies rely on this kind of session replay data to understand why things break, which can be costly in high-revenue situations.

But for the fact that the app developers don’t publicize it just goes to show how creepy even they know it is.


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Step targets teens and parents with a no-fees mobile bank account and Visa card

Posted by | Apps, Banking, family, Finance, kids, Mobile, mobile banking, parents, savings, Startups, Step, teenagers, Teens | No Comments

A new mobile banking startup called Step wants to help bring teenagers and other young adults into the cashless era. Today, cash is used less often, as more consumers shop online and send money to one another through payment apps like Venmo. But teenagers in particular are still heavily burdened with cash — even though they, too, want to spend their money on things that require a payment card, like Amazon.com purchases or mobile gaming, for example.

That’s where Step comes in.

The company aims to address the needs of what it believes is an underserved market in mobile banking — the 75 million children and young adults under the age of 21 in the U.S., who are still being forced to use cash.

This market isn’t the “unbanked,” it’s the “pre-banked,” explains Step CEO CJ MacDonald, whose previous startup, mobile gift card platform Gyft, sold to First Data several years ago.

Above: Step CEO, CJ MacDonald

“We’re building an all-in-one banking solution that primarily focuses on teens and parents,” he says. “We want it to be a teen’s first bank account. We want to be a teen’s first spending card. And we want to teach financial literacy and responsibility firsthand.”

MacDonald, along with CTO Alexey Kalinichenko, previously of Square and financial services startup Token, founded Step in May 2018. The 10-person team also includes several prior Gyft employees.

Last summer, Step closed on $3.8 million in seed funding from Sesame Ventures, Crosslink Capital and Collaborative Fund. Crosslink general partner Eric Chin sits on the board.

While there are a number of mobile banking apps out there today — like Chime, Monzo, Simple, Revolut and others — Step will specifically target teens, 13 and up, and other young adults with its marketing. Teens under 18 still need parents’ approval to sign up, of course. But the goal is to encourage the teens to bring the idea to their parents — not the other way around.

Step’s focus on this younger demographic puts it in a different space, where there are fewer competitors. Its more direct rivals are not the bigger mobile banks, but rather startups like teen debit card and bank app Current, or the parent-managed debit card for kids from Greenlight.

The mobile banking service Step provides will also aim to be more comprehensive than just a debit card. It will offer a combination of checking, savings and a Visa card that works as both credit and debit.

The card includes Visa’s Zero Liability Protection on all purchases from unauthorized use, and allows parents to set spending limits.

Parents will also be able to connect their own bank accounts to Step to instantly transfer in funds, which can then be distributed to kids’ accounts for things like allowances and chores, or other everyday spending needs. Step’s bank account itself is backed by Evolve Bank, so it’s FDIC-insured up to $250,000.

Unlike Current, which charges a subscription to use its service, Step aims to be a fee-free bank for consumers. Users don’t have to pay for their account, and there are no fees for things like overdrafts. Instead, Step’s plan is to generate revenue through traditional means — like interchange fees and by way of lending practices, once it has established a deposit base.

The company pays a 2.5 percent interest rate on deposits, offers a round-up savings feature and a range of budgeting tools and supports free instant transfers between Step accounts. It also provides access to a network of 35,000 ATMs with no fees.

Beyond simply facilitating mobile banking, Step’s bigger goal is to teach teens to become financially responsible.

“Schools do not teach kids about money. A lot of families don’t talk about money. And it’s a crucial life skill that’s not really addressed properly when people are growing up,” says MacDonald, who says he was lacking in life skills in this area, even as a young college grad.

“There were ‘Money 101’ skills that I had not learned — that no one had talked to me about. Things like building credit, how many credit cards you should have, debt to income ratio,” he continues. “A lot of people get released into the real world without experience [in those areas],” he says.

Long-term, after solving the needs associated with everyday banking transactions, Step wants to layer on other products and services — like tools that allow a family to save together for college, for example.

The company is launching the banking service under an invite-only system to scale up.

Today, it’s opening a waitlist and referral program. When you invite a friend, you each receive one dollar. Access will then be rolled out on a first-come, first-serve basis this spring. Users can join Step through the website, iOS or Android application.

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India’s largest bank SBI leaked account data on millions of customers

Posted by | Asia, Banking, Mobile, privacy, Security | No Comments

India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions.

The server, hosted in a regional Mumbai-based data center, stored two months of data from SBI Quick, a text message and call-based system used to request basic information about their bank accounts by customers of the government-owned State Bank of India (SBI), the largest bank in the country and a highly ranked company in the Fortune 500.

But the bank had not protected the server with a password, allowing anyone who knew where to look to access the data on millions of customers’ information.

It’s not known for how long the server was open, but long enough for it to be discovered by a security researcher, who told TechCrunch of the leak, but did not want to be named for the story.

SBI Quick allows SBI’s banking customers to text the bank, or make a missed call, to retrieve information back by text message about their finances and accounts. It’s ideal for millions of the banking giant’s customers who don’t use smartphones or have limited data service. By using predefined keywords, like “BAL” for a customer’s current balance, the service recognizes the customer’s registered phone number and will send back the current amount in that customer’s bank account. The system can also be used to send back the last five transactions, block an ATM card and make inquiries about home or car loans.

It was the back-end text message system that was exposed, TechCrunch can confirm, storing millions of text messages each day.

A redacted example of some of the banking and credit information found in the database (Image: TechCrunch)

The passwordless database allowed us to see all of the text messages going to customers in real time, including their phone numbers, bank balances and recent transactions. The database also contained the customer’s partial bank account number. Some would say when a check had been cashed, and many of the bank’s sent messages included a link to download SBI’s YONO app for internet banking.

The bank sent out close to three million text messages on Monday alone.

The database also had daily archives of millions of text messages each, going back to December, allowing anyone with access a detailed view into millions of customers’ finances.

We verified the data by asking India-based security researcher Karan Saini to send a text message to the system. Within seconds, we found his phone number in the database, including the text message he received back.

“The data available could potentially be used to profile and target individuals that are known to have high account balances,” said Saini in a message to TechCrunch. Saini previously found a data leak in India’s Aadhaar, the country’s national identity database, and a two-factor bypass bug in Uber’s ridesharing app.

Saini said that knowing a phone number “could be used to aid social engineering attacks — which is one of the most common attack vectors in the country with regard to financial fraud,” he said.

SBI claims more than 500 million customers across the glob,e with 740 million accounts.

Just days earlier, SBI accused Aadhaar’s authority, UIDAI, of mishandling citizen data that allowed fake Aadhaar identity cards to be created, despite numerous security lapses and misuse of the system. UIDAI denied the report, saying there was “no security breach” of its system. (UIDAI often uses the term “fake news” to describe coverage it doesn’t like.)

TechCrunch reached out to SBI and India’s National Critical Information Infrastructure Protection Centre, which receives vulnerability reports for the banking sector. The database was secured overnight.

Despite several emails, SBI did not comment prior to publication.

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N26 is launching its bank in the UK

Posted by | Banking, Battlefield, Europe, Finance, Mobile, N26, Revolut, Startups | No Comments

Nearly a year after German fintech startup N26 announced that it would launch its service in the U.K., the company is launching in the U.K. N26 is already quite popular in the Eurozone, with more than 1.5 million customers. In this new market, it will face tough competition from existing players, such as Revolut, Monzo, Starling and many others.

N26 is going to roll out its product in multiple phases. Some lucky few will be able to open an account right away. The startup will then go through its waiting list — 50,000 people already left their email addresses to express interest. After that, anybody will be able to download the app and sign up.

This might sound like a convoluted process, but N26 expects a full public launch in just a few weeks. So it should be quite quick if everything goes as planned.

So what can you expect exactly? British customers will get all the basic N26 stuff with one killer feature — U.K. account numbers and sort codes. This way, customers will be able to receive payments and share banking information with their utility providers just like they would with a regular Barclays or Lloyds account.

When you open an N26 account, you get a true bank account and a MasterCard. Basic accounts are free, and N26 has a proper banking license — your deposits up to €100,000 are guaranteed by the European deposit guarantee scheme. You can then send and receive money and pay with your card. Sending money to other N26 users is instantaneous (they call it MoneyBeam).

N26 recently launched Spaces, a new feature that lets you create sub accounts and put some money aside. It’s still limited, but the company plans to add more features.

Your MasterCard works like any other challenger bank. Every time you use it, you receive a push notification. You can set payment and withdrawal limits, lock your card if you lose it and reset your PIN code. N26 will also bring Black and Metal plans to the U.K.

How does it compare to Revolut?

Let’s be honest, the elephant in the room is Revolut . The company has hundreds of thousands (if not over a million) customers in the U.K. N26 lets you do many of the things you can already do with your Revolut account.

So let me point out a few differences. As I noted, N26 has a banking license and U.K. banking information. N26 cards work in Apple Pay and Google Pay.

When it comes to international payments, N26 lets you pay with your card anywhere in the world without any additional fee. The company uses MasterCard’s conversion rates. Revolut first converts the money with its forex feature and then lets you spend your money.

There are an infinite number of forum posts about the exchange rates you’ll get. Sometimes Revolut is cheaper, sometimes N26 is cheaper. It mostly depends on the day of the week (Revolut conversion rates are more expensive on the weekend) and the currency. Unless you plan to spend tens of thousands of GBP during your vacation, you won’t see a huge difference on your bank statement.

Revolut also has many more features than N26. You can insure your phone, buy bitcoins, buy travel insurance, create virtual cards and more. It’s clear that N26 and Revolut have two different styles.

Revolut has a bigger user base than N26. But it’s always been a bit hard to compare them, as N26 wasn’t available in the U.K. Of course, they will both say there are tens of millions of people relying on old banks — multiple challenger banks can grow at the same time if they capture market share from those aging players. Still, the battle between N26 and Revolut is on.

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N26 launches a revised metal card

Posted by | Apps, Banking, Battlefield, Europe, Mobile, N26, Startups | No Comments

Fintech startup N26 is updating its N26 Metal product and launching it tomorrow. You might remember that the company first announced its premium card at TechCrunch Disrupt Berlin in December 2017. Shortly after the conference, the card was available in early access for existing N26 Black customers.

But the company had to go back to the drawing board and update the card design. N26 Metal customers had some complaints about the design of the card in particular.

While the original metal card was primarily made of a sheet of tungsten, the metallic part was still surrounded by plastic. Customers complained about scratches and the overall feel of the card.

It didn’t really feel like a metal card. It was more or less a heavy plastic card with a metal core. You could easily get scratches and the MasterCard logo was just a sticker.

@N26 such a shame my Metal card has a big scratch… it doesn’t even look like a scratch but something deeper under the plastic 🙁 pic.twitter.com/7qFTNEkqlH

— W Bonnaud-Dowell (@bonnaud_dowell) March 5, 2018

Even more surprising, some customers had some issues going through airport security because tungsten was an uncommon material.

Travelled 2 times since I have the @n26 metal card and get an extra security check each time because of this. 😒

— Alex. Delivet (@alexd) May 14, 2018

At an event in Berlin, the company announced a revised version of N26 Metal. The front of the card is going to be made out of actual metal. The MasterCard logo will be engraved. And the name of the customer is moving to the back of the card.

You can join the waiting list now and customers will start getting the new metal card tomorrow. Everybody will be able to sign up next Tuesday.

But N26 Metal isn’t just a fancy card. For around €15 per month, you get all the advantages of N26 Black as well as partner offerings.

These offerings include the basic $45 per month WeWork subscription so that you can access a WeWork office for free for one day per month and pay for extra days. You also get 10 percent off hotel bookings on Hotels.com, promo codes for Drivy, Babbel and other services. The company says that there will be new offerings in the coming months.

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Meet the speakers at The Europas, and get your ticket free (July 3, London)

Posted by | accelerator, Advertising Tech, Apps, artificial intelligence, Asia, augmented reality, automotive, Banking, biotech, blockchain, Book Review, brazil, Built In, cannabis, Cloud, Collaborative Consumption, Community, Crowdfunding, cryptocurrency, Developer, Distributed Ledger, Diversity, Earnings, eCommerce, Education, Enterprise, Entertainment, Europe, events, Finance, food, funding, Fundings & Exits, Gadgets, Gaming, Government, GreenTech, Hack, hardware, Health, Hiring, Mobile, Social, Startups, TC | No Comments

Excited to announce that this year’s The Europas Unconference & Awards is shaping up! Our half day Unconference kicks off on 3 July, 2018 at The Brewery in the heart of London’s “Tech City” area, followed by our startup awards dinner and fantastic party and celebration of European startups!

The event is run in partnership with TechCrunch, the official media partner. Attendees, nominees and winners will get deep discounts to TechCrunch Disrupt in Berlin, later this year.
The Europas Awards are based on voting by expert judges and the industry itself. But key to the daytime is all the speakers and invited guests. There’s no “off-limits speaker room” at The Europas, so attendees can mingle easily with VIPs and speakers.

What exactly is an Unconference? We’re dispensing with the lectures and going straight to the deep-dives, where you’ll get a front row seat with Europe’s leading investors, founders and thought leaders to discuss and debate the most urgent issues, challenges and opportunities. Up close and personal! And, crucially, a few feet away from handing over a business card. The Unconference is focused into zones including AI, Fintech, Mobility, Startups, Society, and Enterprise and Crypto / Blockchain.

We’ve confirmed 10 new speakers including:


Eileen Burbidge, Passion Capital


Carlos Eduardo Espinal, Seedcamp


Richard Muirhead, Fabric Ventures


Sitar Teli, Connect Ventures


Nancy Fechnay, Blockchain Technologist + Angel


George McDonaugh, KR1


Candice Lo, Blossom Capital


Scott Sage, Crane Venture Partners


Andrei Brasoveanu, Accel


Tina Baker, Jag Shaw Baker

How To Get Your Ticket For FREE

We’d love for you to ask your friends to join us at The Europas – and we’ve got a special way to thank you for sharing.

Your friend will enjoy a 15% discount off the price of their ticket with your code, and you’ll get 15% off the price of YOUR ticket.

That’s right, we will refund you 15% off the cost of your ticket automatically when your friend purchases a Europas ticket.

So you can grab tickets here.

Vote for your Favourite Startups

Public Voting is still humming along. Please remember to vote for your favourite startups!

Awards by category:

Hottest Media/Entertainment Startup

Hottest E-commerce/Retail Startup

Hottest Education Startup

Hottest Startup Accelerator

Hottest Marketing/AdTech Startup

Hottest Games Startup

Hottest Mobile Startup

Hottest FinTech Startup

Hottest Enterprise, SaaS or B2B Startup

Hottest Hardware Startup

Hottest Platform Economy / Marketplace

Hottest Health Startup

Hottest Cyber Security Startup

Hottest Travel Startup

Hottest Internet of Things Startup

Hottest Technology Innovation

Hottest FashionTech Startup

Hottest Tech For Good

Hottest A.I. Startup

Fastest Rising Startup Of The Year

Hottest GreenTech Startup of The Year

Hottest Startup Founders

Hottest CEO of the Year

Best Angel/Seed Investor of the Year

Hottest VC Investor of the Year

Hottest Blockchain/Crypto Startup Founder(s)

Hottest Blockchain Protocol Project

Hottest Blockchain DApp

Hottest Corporate Blockchain Project

Hottest Blockchain Investor

Hottest Blockchain ICO (Europe)

Hottest Financial Crypto Project

Hottest Blockchain for Good Project

Hottest Blockchain Identity Project

Hall Of Fame Award – Awarded to a long-term player in Europe

The Europas Grand Prix Award (to be decided from winners)

The Awards celebrates the most forward thinking and innovative tech & blockchain startups across over some 30+ categories.

Startups can apply for an award or be nominated by anyone, including our judges. It is free to enter or be nominated.

What is The Europas?

Instead of thousands and thousands of people, think of a great summer event with 1,000 of the most interesting and useful people in the industry, including key investors and leading entrepreneurs.

• No secret VIP rooms, which means you get to interact with the Speakers

• Key Founders and investors speaking; featured attendees invited to just network

• Expert speeches, discussions, and Q&A directly from the main stage

• Intimate “breakout” sessions with key players on vertical topics

• The opportunity to meet almost everyone in those small groups, super-charging your networking

• Journalists from major tech titles, newspapers and business broadcasters

• A parallel Founders-only track geared towards fund-raising and hyper-networking

• A stunning awards dinner and party which honors both the hottest startups and the leading lights in the European startup scene

• All on one day to maximise your time in London. And it’s PROBABLY sunny!

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That’s just the beginning. There’s more to come…

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Interested in sponsoring the Europas or hosting a table at the awards? Or purchasing a table for 10 or 12 guest or a half table for 5 guests? Get in touch with:
Petra Johansson
Petra@theeuropas.com
Phone: +44 (0) 20 3239 9325

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DFS Lab is helping the developing world bootstrap itself with fintech

Posted by | accelerator, africa, Banking, Bill and Melinda Gates Foundation, Finance, fintech, funding, Gates Foundation, incubator, Mobile | No Comments

Entrepreneurs have it rough in Africa, India, Pakistan — places where VC cash doesn’t fall from the sky and necessary infrastructure like reliable banking and broadband can be hard to come by. But companies grow and thrive nevertheless in these rugged environments, and DFS Lab is an incubator focused on connecting them with the resources they need to go global.

The company was founded, and funded, on the back of a $4.8 million grant from the Gates Foundation, which of course is deeply concerned with tech-based solutions for well-being all over the world. Its name, Digital Financial Services Lab, indicates its area of focus: fintech. And anyone can tell you that sub-Saharan Africa is one of the most interesting places in the world for that.

This week DFS Lab is announcing a handful of new investments — modest ones on the scale companies are used to in Silicon Valley, but the money is only a small part of the equation. Investment comes at the end of a longer process, the most valuable of which may be the week-long sprint DFS Lab does on the ground, helping solidify ideas into products, or niche products into products at scale.

The relative lack of VCs and angel investors puts early-stage companies at risk and can discourage the most motivated entrepreneur, so the program is aimed at getting them over the hump and connected to a network of peers.

The latest round puts a total of $200,000 into four startups, each touching on a different aspect of a region or vertical’s financial needs. All, however, are largely driven by the massive growth of mobile money in Africa over the last decade and the more recent, ongoing transition to modern smartphones and the app/data landscape familiar to the U.S. and Europe.

  • Nala aims to move p2p payments away from the antiquated but widely used USSD system (more on this later) to a Venmo-like app interface that integrates multiple native mobile currencies like M-Pesa into a single tool.
  • Cherehani connects female entrepreneurs with financial resources; the idea is to provide both much-needed credit and financial literacy at as early an age as possible. (They have a chatbot too, naturally.)
  • Nobuntu is a platform through which South Africans can open and contribute to pension plans via mobile money, simply and with low overhead costs.

The fourth company is choosing to remain in stealth mode for now, but you see the general theme here.

For one reason or another there are major gaps in everyday services that many of us take for granted — the ability to prove one’s identity, for example, is critical but commonly absent. I talked with Paul Damalie, founder of a DFS-funded company called Inclusive that helps address that particular shortcoming.

Basic ID verification can be difficult when you remove many of the things we take for granted. So when, for example, someone wanted to get a loan, a savings account, or some other basic financial service, “Originally you’d have to literally walk into the bank to do it,” Damalie said. Needless to say that isn’t always convenient, and banks as well as users want better options.

“We’ve been collecting existing databases and building a layer of rich access around it,” he continued. “Now we can use facial recognition to check those details. Once you have the ID, you need to check it with the government records” — which Inclusive also does. A range of other data creates a confidence score in the person’s identity, helping avoid identity fraud.

Another opportunity arises not from these gaps but from the unique ways in which the African ecosystem has evolved. USSD, which I mentioned before, is probably unknown to many of our readers — it certainly was to me. But it’s become a standard tool used regularly by millions for important tasks in Africa; if you want to work in that market, you have to deal with USSD one way or another.

The problem is that, as you might guess from Nala trying to deprecate it, USSD is a technology dating back to the ’90s, a text-based interface that’s rudimentary but, much like SMS, universally accepted and intelligible. The importance of cross-platform compatibility in mobile markets as fragmented as these can’t be overstated.

So bridging the gap between USSD and a “traditional” (as we might call it) payment app is a unique opportunity, and one a company called Hover (also in the DFS Lab portfolio) is addressing. Its tech acts as a sort of translation layer between USSD and smartphone app interfaces, allowing for modern app design but also deep back-compatibility. It’s an opportunity specific to this time and this area of the world, but nevertheless one that may end up touching millions.

And from the narrowness of its vision that DFS Lab derives its effectiveness.

“They’re one of the most specialized accelerators in the world,” said Damalie. “It goes beyond just funding — it involves having the right kind of network: access to partners, data, sources across the continent. They had context-relevant fellows, people who had very specific challenges.”

“The grant was useful and let us build a proof of concept, and of course the Gates Foundation gives us credibility. But they were taking bets on us as individuals.”

Although DFS Lab has heretofore been funded by the Gates infusion, that well will run dry soon. Jake Kendall, DFS Lab’s executive director, indicated that the plan is to move towards a more traditional investor fund. They already focus on profitability and the potential for growth to the continental stage or beyond; this isn’t a charity but tactical investment in such a way that social good is a necessary byproduct.

“The best way to have a global impact is to be self-sustaining,” he said.

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