Trading Technology

02:53 PM
Becca Lipman
Becca Lipman
Connect Directly

6 FinTech Winners Revealed

Large banks threw their support behind six budding financial technology companies, helping them integrate their tools and maximize value.

New York City is the center of Financial Technology. At least, that’s what the third annual FinTech Innovation Lab is trying to prove.

On Thursday, after months of development and mentoring by big financial institutions, six winners of the competitive program were given the chance to present their financial technology products.

From security, consumer engagement, data analytics and storage, each business showed the potential to shake up the way financial services do business.

Here’s the scoop.

1. Centripetal Networks – Cyber Security with Agility

Centripetal Networks created an advanced cyber security solution, including a network-based security appliance and other services.

The Problem: Cyber threats are getting worse and worse according to CEO Steven Rogers (pictured at right). It is estimated more than 400 million malwares have been identified, and about 90% of all hacks were used with one-time-only malware. It seems hopeless to keep up.

The Solution: Centripital’s fast filtering algorithms enable over 100 trillion effective decision rate (EDR) per second (>1000x improvement) to combat cyber attacks. “It’s the first cyber product where ability to the protect scales larger than the ability to attack.”

2. Dashlane – A Digital Wallet With No Merchant Integration

The Dashlane product is a secure digital wallet and password manager for nearly every device. Real-time semantic analysis is used to autofill forms on virtually any webpage, enabling keyboard-less checkouts, registrations and logins. No merchant integration is required, removing many of the barriers to mobile wallet adoption.

Dashlane is the most downloaded password app on iPhones in the US. “People come to our product at first because they have a password problem but they quickly move to the wallet functions,” explains CEO Emmanuel Schalit (pictured at right). To date, Dashlane has been successfully used on over 1 million websites with projected purchases of $1.5 billion by year-end.

“I wouldn’t really call DashTech a fintech company,” says Doug Atkin, senior managing director at Guggenheim. “But I think it is a very interesting program and there are a lot of ways you can apply what they built.”

From another perspective, Dashlane is an online shopper’s dream. Without the need to pull out a credit card to fill in forms, a keyboard-less checkout makes it a bit too easy to press the ‘purchase’ button. “Consider Amazon,” says Atkin, “at any time there are billions of dollars worth of goods in shopping carts not being purchased, if you can even tick that up by even 5-10% that’s meaningful.”

3. InkTank – Scalable Data Storage At The Right Price

“The IDC says in 5 to 6 years we’ll be storing 15 zetabytes of data. Despite all efforts within the fintech community around better utilization of existing capacity, market still will grow from $35 billion to $55 billion in 2020,” says Bryan Bogensberger, CEO of Inktank (pictured at right).

In response to this growing problem Inktank provides data storage solutions based on the emerging open-source storage platform Ceph. Inktank helps organizations leverage Ceph by freeing them from restrictive and expensive proprietary storage systems.

“A penny per gigabyte per month. That’s all it costs,” Bogensberger says. The price includes support, hardware, data and support.

4. Narrative Science – Human Insight at Machine Scale

“If you have data, we can tell its story,” says Kris Hammond, cofounder and CTO of Narrative Science (pictured at right), a business-intelligence company whose artificial intelligence engine automatically analyzes data and produces clear English narratives.

Their patented technology will take structured data and mine it for insights, spitting it out in language and formats customizable to the audience. In financial markets, the technology can be applied to rapidly generate things like compliance reports, portfolio summaries and market recaps.

“I see tremendous opportunity in research reports and maintenance research, which at the moment takes staff time,” noted Steve Sparkes, Managing Director, CIO, Technology & Information Risk at Morgan Stanley. “That’s a really big market for them.”

5. OpenFin — Helping Financial Services Efficiently Manage Desktop Installation

OpenFin CEO Mazy Dar and cofounder Chuck Doerr recognize the need for financial service firms to improve application deployment on desktops without sacrificing security. At the same time, Wall Street is looking to cut their annual $40 billion IT budgets. A trusted application delivery model could be the answer.

OpenFin’s software enables financial services firms to use the latest HTML standards to deploy high-performance, interactive desktop applications. The company’s patent-pending software enables Web applications to run outside-the-browser and is tailored to meet the strict security and compliance requirements of financial institutions.

According to OpenFin their underlying platform helps clear three important hurdles to adoption:

1) Installation – Often an expensive 3-6 month process, OpenFin offer instant deployment and recall with no installation.

2) Application integration – Applications don’t exist in isolation and interoperability is absolutely critical.

3) Cross Platform – System support for both Windows and Mac devices without sacrificing user experience.

6. ScrollMotion – Changing Marketing Delivery

“Tablets will change everything about life inside companies,” says Josh Koppel, cofounder of ScrollMotion (pictured at right). “We want to become the gold standard for tablet-based interactive content for financial service companies.” From client presentations, internal communications and industry conferences Koppel believes all things will soon be done on tablets.

[Where is the Innovation in Trading Technology?]

ScrollMotion is a SaaS based software platform company 100% focused on mobile enterprise. “We’re a multi-tenancy product, encrypted at rest, in transit and on device.”

According to Koppel, enterprises need four things if want to deploy interactive apps on tablets that are more than flat documents, all of which are integrated with ScrollMotion:

1. Easily create interactive documents with flexible tools.

2. Distribute and recall content in real-time securely across the globe.

3. Integrate content with the firm’s core enterprise systems.

4. Learn with reporting tool to discover trends and patterns from content use across your company.


Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
Becca L
Becca L,
User Rank: Author
7/26/2013 | 7:57:40 PM
re: 6 FinTech Winners Revealed
I completely agree with you. While all the presenters showed the potential to change the finance game, this one seemed the most directly impacting to my life, my wallet, and a budding online shopping addiction.

Certainly the security and confidence is important. But most notably, this actually solves a problem (inconvenience of filling out forms) that mobile wallets as they are today simply don't. I think all mobile wallet companies should be taking note of this approach.
Cara Latham
Cara Latham,
User Rank: Apprentice
7/24/2013 | 1:08:17 PM
re: 6 FinTech Winners Revealed
So the Port Authority bus terminal can tout modern technology when it comes to revenue collection but when it comes to operational efficiency, technological innovations take the back seat? Why am I not surprised?
User Rank: Author
7/18/2013 | 4:51:33 PM
re: 6 FinTech Winners Revealed
I believe merchants not wanting to invest in the technology will be the biggest hurdle of all the ones you mentioned. You simply just can't walk into most stores and wave your Google Wallet or Isis and pay yet. In fact, the only place I've seen that specifically advertises that it accepts Google Wallet is, strangely, the Port Authority bus terminal here in NY.
Greg MacSweeney
Greg MacSweeney,
User Rank: Apprentice
7/16/2013 | 8:06:17 PM
re: 6 FinTech Winners Revealed
I agree. I'd love to have a great mobile wallet that could be used at most places. There are multiple limitations to mobile wallets. Security, fragmentation, and merchants who don't want to invest in the technology. I think it will be few more years, at least, before mobile wallets start to gain any traction.
Cara Latham
Cara Latham,
User Rank: Apprentice
7/16/2013 | 12:48:28 PM
re: 6 FinTech Winners Revealed
For me, Dashlane is the most intriguing on this list. I would consider using a mobile wallet if the security features are as strong as they appear to be with Dashlane, and I would love the autofill feature simply because I hate filling out multiple forms. The more convenient and the more secure it is, the more likely it is that users will feel more confident in using these newer technologies within the banking and capital market spaces.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.