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Can Paris become the new Capital of Fintech in Europe? Yes, at least for two days! – Episode 2

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Team Europe
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Techfoliance is back on the road to go and meet the global Fintech community. Our ambition is to highlight emerging trends to better understand the future of finance. Our next stop will be Paris.

At the end of the month, our team will be at the Paris Fintech Forum, one of the biggest event in Fintech. Check out here to have more information !

As part of our pre-work to map the local Fintech ecosystem, we are sharing with you insights on one topic and we highlight 20 Fintech start-ups that will try to convince more than 1,200 professionnals and investors during the two-days event!

Episode 2 – Neo Banks: from buzz to reality

[See previous Episode on payments solutions]

The term ‘NeoBank’ has been part of the buzzwords in 2016 in the banking sector along with Blockchain or Artificial Intelligence. And yet, it is still impossible for most people to explain the difference between a Challenger Bank and a NeoBank or an iBank or even an Online Bank.

What we know is that the banking sector is facing huge challenges with the shift in demographics and the very low customer confidence toward traditional actors. But will emerging actors be disruptive in their business models or are they (we quote) “just fancy sotware”?

We suggest that you read Burnmark’s study on Challenger Banking published last October 2016. The study shows how a new breed of technology-driven and customer-centric financial institutions, aptly named challenger banks, are bidding to transform the banking landscape as we know it.

Fintech20 Focus of the week:

LogoNameDescriptionCountrySector
Currency CloudPowering Global PaymentsUnited KingdomPayment
CurveCarry all cards in one card - Save time, money and stay secure.United KingdomPayment
dejamobileDejamobile is a software solution provider of mobile secure transaction services in the fields of payment and retail, m-ticketing, access control & smart citiesFranceSoftware
Attic LabOpen source blockchain platformUkraineBlockchain
ePaisaenabling commerce® - SaaS Point of Sale. Features include Cash Register, Payments, Inventory, VAS & eCommerce Marketplace & more.IndiaPayment
eToroWorld's leading social trading networkIsraelTrading
Eurobits TechnologiesEurobits Technologies is a leading provider of Data Aggregation Services, Electronic Invoicing and E-Banking BenchmarkingSpainPayment
ExpensyaEasily manage your expense reportsFranceSoftware
FAMOCOEnabling NFC ServiceFrancePayment
FIDORFidor offers an easy to use Banking Account for money managementGermanyPersonal Finance
FinanceFoxYour pocket insurance managerSwitzerlandInsurance
FinanzarelAlternative finance platform for SMEsSpainCrowdlending
FinexkapAlternative finance platform for SMEsFranceFactoring
FINTONICAll your accounts and cards, or only one.SpainPersonal Finance
FIZENAccounting made easy.FranceAccounting
FluoManage all your insurances in one place.FranceInsurance
Compte NickelThe first account without a bank.FranceNeoBank
Fractal LabsData Driven Decisions. Connecting Entrepreneurs with Capital.United KingdomArtificial Intelligence
FraugsterAnti-fraud company with the goal of eliminating fraud and increasing our customers’ profits.GermanyPayments security
FundvisoryRobo-advisory as a Science.FranceRobo-advisor

#CuriosiTech – Discover the 4 Best FinTech of the week: Money Mover, Fintonic, James and Hello money

By
Team Europe
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0

Every week, Techfoliance highlights four promising Fintech start-ups in different part of the world in various verticals: lending, payment, investment, etc. In this weekly FinTech mapping we have Money Mover, Fintonic, James and Hello money.

Money Mover

Money Mover is a Cambridge-based Fintech that develops a new kind of currency exchange and payments service. The solution allows people and organizations to buy or sell currencies and then send the payment in a few simple steps. Its online platform offers real-time exchange rates, accurate quotes and global payments functionality that integrates with existing SME applications and bank products.

Discover here: https://www.moneymover.com/

Fintonic

Fintonic is a Madrid-based Fintech that has created a mobile app from which customers can have access to their financial information. Clients can apply to highly targeted loans and insurance products thanks to proprietary credit scoring and machine learning algorithms. Fintonic´s algorithm analyses the suitability of a user for a loan and presents it with pre-approved loans that can be contracted with just one click

Discover here: https://www.fintonic.com/

James

James is a New York-based Fintech that helps Risk Officers generate highly predictive credit scoring models. The algorithm allows to predict bad loans with Machine Learning and ultimately contributes to increase the performance of a portfolio.

Discover here: https://james.finance/

Hello Money

Hello Money is a San Francisco-based Fintech that provides a new way to easily design, share, and track portfolios to become a better investor. It allows users to build their investment portfolio from 24000+ stocks and funds, analyze it, and share it for peer and expert feedback.

Discover here: https://hellomoney.co/

 

5 key Fintech Figures to End 2016

By
Team Europe
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0

In 2016, our team selected every month 5 figures in Fintech to help people better understand the magnitude of the disruption going on in the banking sector. It is time for us to share with you the last 5 figures that we selected in December 2016 and wish you a very happy new year 2017 !

We highlight the surge of the bitcoin, the buzzword chatbot, the potential of India for Fintech, Artificial Intelligence’s potential for banks and the amount Fintech companies raised in 2016:

FINTECH FIGURES OF THE MONTH

+125%

the price of the bitcoin increased by +125% over 2016 which now value it at more than 1000$.

Reuters

2.2 billion

As of today, more than 500 million people use chatbots and that number is expected to reach 2.2 billion by 2020.

The Digital Finance Institute

900 million

There are 900 million mobile connections and Indians spend 45% of their incomes on mobile technologies and platforms (Americans only spend 11%).

The Daily Fintech

$9.2 billion

By 2019, the global market for content analytics, discovery and cognitive systems software is projected to reach $9.2 billion, according to IDC.

Accenture

$36 billion

In 2016, financial technology companies around the world raised a total of around $36 billion in financing across over 1500 funding deals from over 1700 unique investors.

Let’s Talk Payment

Cash is king, and Fintech is your queen!

By
Xavier Corman
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5

SMEs and larger companies have one thing in common: cash is their oxygen. Without it, they cannot survive for long. The recent tightening banking regulations has made bank credit scarcer and more difficult to obtain. Fortunately, a recent wave of Fintech startups have stepped in to fill the void.

Recent studies in Europe all point in the same direction: a major concern for companies, regardless of their size, is treasury management.

Payment, where art thou?

A first problem is that most companies are faced with very long payment terms on the client size. In a recent survey of more than 27.000 companies worldwide, credit insurer Euler Hermes, measured the average “Days Sales Outstanding” (DSO) ratio in B2B sales. The DSO is a measure of the number of days a company has to wait before an invoice is actually paid. According to the study, the average DSO in Europe is estimated to 59 days in 2016, one day less than in 2015, and 3 days less than in 2014. This is less than the worldwide average of 64 days, but it is hardly comforting. Southern Europe countries (including Belgium and France) do especially bad, with an average higher than 60 days and more than 30% of suppliers having to wait more than 90 days. In Belgium and France, the average DSO is respectively 65 and 70 days. In neighbouring Germany, it is only 53 days.

Bank credit, the fallen queen

At the same time, companies, especially SMEs, find it harder and harder to secure financing from their bank. This is a direct consequence of the tightening of banking regulations. In July 2016, Look&Fin, a Belgian Fintech company active in crowdlending published figures from a study carried out in partnership with BECI, the Brussels Chamber of Commerce. According to this study, 59% of SMEs find it harder than before 2008 to secure bank credit, and 25% reckon this is hindering their growth prospects. Moreover, 91% of the founders of young companies have had to provide personal guarantees to secure the loan. Larger companies can turn to asset-based finance such as leasing, sale-and-lease-back or factoring, but SMEs are indeed squeezed between long DSOs and a shortage of financing.

Long live the (new) queen!

Fortunately, nature abhors void, and this is also true in the arid world of company finance. The recent Fintech boom has delivered interesting solutions for companies looking for financing outside the traditional banking sector. While crowdfunding is already an established solution thanks to the likes of kickstarter.com, crowdlending has recently proven even more attractive, as the numerous successes of LookandFin can attest. Leveraging technology enables SMEs looking for a loan going from 1 to 5 years to secure the funds on the Lookandfin online platform in less than 1 hour once their file is online. Other Fintech companies in Europe are providing alternatives to factoring that allow SMEs to sell their outstanding invoices on a “need-to” basis instead of forfeiting a sizeable chunk of their receivables portfolio to factors – provided these are even interested. Among these new rising stars, Belgian startup Edebex has been one of the most innovative. Rather than financing the invoices itself, Edebex acts as a platform where cash-rich companies can invest their treasury by buying invoices from cash-strapped companies. Edebex acts as an intermediary, but also secures the transaction by making sure the invoice is real, by checking the solvability of the debtor and by insuring the buyer against default in partnership with Euler Hermes.

What next?

As competition intensifies, Fintech will doubtless provide new interesting solutions to SMEs looking for better ways to secure treasury. While services such as crowd lending and peer-to-peer factoring will doubtlessly grow, other services might add to the mix, for example by providing SMEs with automated solvability checks on new clients, or by allowing them to outsource their receivables management at a fraction of the cost of traditional providers. Indeed, even the EU now favours this approach: a recent report by the European Systemic Risk Board clearly stated that market-based finance solutions are now part of the equation.

#Event – Embrace the Blockchain revolution at BlockShow Europe 2017

By
Team Europe
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0

Join the Blockchain community next April the 6th in Munich at BlockShow Europe 2017, the most important event in Blockchain in Europe powered by cointelegraph.

Blockchain can be confidently called one of the most revolutionizing technologies for the past few decades. The great number of companies and the whole markets have already appreciated the benefits Blockchain brings to business. More than 70% of entrepreneurs and specialists dealing with Blockchain note that the main advantage of this technology lies in a reduction of operational costs.

Blockchain: key figures

$1.1 billion of venture capital investment made in Blockchain startups

The market for Blockchain technology is expected to reach $2.3 billion by 2021

There are 4x more Blockchain startups in 2016 compared to 2015

Over the recent years, Blockchain has been successfully implemented in more than 20 various industries, from insurance to supply chain

BlockShow Europe 2017 At a glance

Whether you are an entrepreneur, an investor or a corporation representative – it is a unique chance to meet experts who can potentially help you with outsourcing for research and development of Blockchain-related projects and keep up with the latest Blockchain investment trends and find new promising investment opportunities.

Experts from Blockchain, Technology and Finance industries discuss the vital problems of the Blockchain space, find solutions and address messages to the audience of what can be done to overcome the challenges.

 

techfoliance_blockshow-europe-2017_speakers

Why you should come?

Among other things, participants will have access to an exhibition hall, workshops, panel discussions and a start-up competition. For the first time, 10 promising blockhain startups will pitch to investors and potential partners.

The conferences will be conducted around key topics such as:

1/ Current state of the blockchain

2/ Revolutionary blockchain solutions: digital id, insurance, remittance, intellectual property

3/ Revolutionary blockchain solutions: content distribution, supply chain, energy, IoT

4/ Overcoming the challenges of the blockchain implementation

5/ Tokenization of assets & security on the blockchain

COME AND JOIN US

 

Techfoliance is a media sponsor. We will forward you with daily live news so that you can follow the best of BlockShow Europe 2017 if you did not have the chance to come directly to Munich to attend the event.

Do not hesitate to contact us before if you want to manage a meeting with our team to share thoughts, become a contributor or pitch your Fintech to be featured in our media!

Overview of the Chatbot FinTech Landscape

By
Team Europe
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15

The end of the year 2016 is getting closer and chatbot is probably among the hottest topics right now. Tech giants and start-ups are launching their own bots in every sectors, from health to financial services.

Some say that 2017 will be the year of Artificial Intelligence, a market that could reach $47 Billion by 2020. Even if AI and chatbots related topics in the banking sector have mostly been buzzwords so far, we can’t deny the huge potential of these technologies for the industry.

Techfoliance is introducing you its list of the chatbots you must know in the banking sector:

Chatbots Fintech Landscape

Please keep in mind that this is not an exhaustive list. The industry is nascent and some more actors could be added to the list in the coming weeks.

Last update: 23 December 2016

Varo money

Varo money is a San Francisco-based chatbot that combines the best in money management and the best in banking to build a mobile banking experience evolved for today.

Trim

Trim is a San Francisco-based personal assistant that helps customers save money and cancel subscriptions, fight overdraft fees as well as negotiate bills. The service is 100% free.

Ernest

Ernest is a London-based smart chatbot that helps with financial habits by answering clients’ questions and proactively giving you insights.

Bond

Bond is a New York-based chatbot that will help customers meet their financial goals in the shortest time. It’s revolutionary!

Wallet

Wallet is a San Francisco-based chatbot that builds intelligent engines that analyze millions of pieces of data to help you make better financial decisions.

Active

Active Intelligence is a Singapore-based platform that enables financial institutions to deliver their services using Intuition and Automation over channels of engagement.

Personetics anywhere

Personetics is a Tel-Aviv based chatbot that is Helping 15+m digital users of the world’s leading banks receive personalized, real-time, relevant guidance along the customer journey.

Digit

Digit is a San Francisco-based chatbot that checks your spending habits and removes a few dollars from your checking account if you can afford it.

Finie (by Clinc)

Finie is a Michigan-based chatbot that can be integrated into the banks’ mobile banking applications, acting as “a voice-activated intelligent personal assistant that is able to answer financial questions unique to each individual user, offer personalised spending advice, and fulfil any banking task”.

TalkBank

TalkBank is a Moscow-based chatbot that allows users to pay, transfer and split bills, as well as collect bonuses and converse with the bot about financial advice 24/7. It can tell users their balance and let them know about special deals available for them through their credit cards.

Dobot

Dobot is a San Francisco-based free financial app that makes it easy for the client to save for the things that they care about. Whether the client is saving for his/her next vacation, a downpayment or literally anything else.

Plum

Plum is a London-based personal savings assistant that automagically saves money for the clients. The chatbot is developed by early transferwise employees.

Finn

Finn is a Vancouver-based white-label virtual banking assistant powered by artificial intelligence. The chatbot helps put a personal banker in every customer’s pocket.

Cleo

Cleo is a London-based intelligent assistant that offers the simplest way to clients to manage their money. “It’s for people that would rather not spend a couple of hours every week in a spreadsheet trying to manage their cash”.

Chip

Chip is a London-based automatic savings app which does all the hard work to make saving money as easy as spending it. Chip automatically transfers small amounts of money from a current account into Chip’s savings account, every few days.

Coupy (by CouponHippo)

Coupy is an India-based coupon chatbot to help people save money without having to leave Facebook Messenger. Coupy will provide the user with a list of coupons according to their query and they can use those coupons to save money.

Abe

Abe is an Orlando-based conversational banking solutions for progressive community banks. Abe provides fast answers about finances. For complicated questions or concerns, customers can chat with a Certified Financial Planner (CFP ®).

Albert

Albert is a Los Angeles-based chatbot that connects to all of clients’ accounts, finds actionable ways to improve their financial health, and lets them act on the advice directly from the app.

Wally

Wally is a chatbot that lets you take control of your money, balance income and expenses, understand where the money goes and set and achieve financial goals.

Kasisto

Kasisto is a New York-based smart bots and virtual assistants for finance and commerce.

Bots (by Nerdwallet)

Nerdwallet is a San Francisco-based company that recently integrated a chatbot into their mobile app that collects clients’ personal goals and information before introducing them to a human financial advisor.

Bots (by Truebill)

Truebill is a San Francisco-based company that tracks and monitors clients’ paid subscriptions and cancels those they don’t want in a matter of seconds. This police bot helps users save $512 annually on the average.

Lucy (by Thinking Capital)

Thinking capital is a Montreal-based online lender for small businesses recently launched its fintech chatbot “Lucy” to enable business owners to instantly engage with Thinking Capital 24/7, starting on Facebook Messenger.

Erica (by Bank of America)

Bank of America recently launched its own chatbot named “Erica” to analyze customers’ personal financial data to generate recommendations for how to best handle their finances both via voice and text.

Lunar Way bot (by Lunar Way)

Lunar Way is a Denmark-based payment Fintech that will soon add its own chatbot to allow its customers find out basic banking information. It will give clients access to information from their Lunar Way account.

Circle

Circle is a Boston-based Fintech that recently launched its smart bots to help while clients use Circle to send & receive money instantly, with no fees.

Dyme

Dyme is a San Francisco-based Fintech that develops a savings and engagement platform that re-imagines text message and chatbots for banking.

Please, feel free to add chatbots in the comments below that we may have missed !

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