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Fintech

Vietnamese financial services app MFast gets $1.5M pre-Series A led by Do Ventures

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MFast founders Phan Thanh Long and Phan Thanh Vinh

MFast founders Phan Thanh Long and Phan Thanh Vinh

MFast, a mobile app that lets Vietnamese users in remote areas access financial services, announced it has raised a $1.5 million pre-Series A today. The round was led by Do Ventures, with participation from JAFCO Asia. 

Launched in 2019 by fintech company Digipay, MFast says it has been used by 600,000 people to date. It partners with financial institutions who provide services like loans and insurance, and says it has been used to distribute more than 50 billion VND (about $2.2 million USD) worth of products so far.

The majority, or about 75% to 80% of MFast’s users are in remote provinces or rural areas, which the company says often limits their access to banking and credit-related services. 

The funding will be used to expand MFast to more cities and provinces in Vietnam, develop its technology and partner with more institutions. MFast also plans to enter other markets in the future. 

MFast’s consumer credit partners include Mirae Asset, CIMB, Mcredit and Easy Credit, and its insurance partners include PVI, PTI and BSH. It claims to have a network of more than 350,000 advisors, who offers their services through the app, and that its data analysis tools are able to reduce bad debt and fraud rates. 

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Source: https://techcrunch.com/2021/06/21/vietnamese-financial-services-app-mfast-gets-1-5m-pre-series-a-led-by-do-ventures/

Fintech

Top cryptocurrency with best growth potential in september 2021

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Top cryptocurrency with best growth potential in september 2021
By Adilin Beatrice

Ever since Bitcoin’s debut in 2009, the cryptocurrency market as a whole has started heading towards an astonishing upward path. At this speed of adoption and more investors jumping into the bandwagon every day, digital currency investments might actually overtake the volume of stocks, precious metals, forex, and commodities soon. Even when every cryptocurrency is highly admired, the hype for bitcoin is undying. Being the first cryptocurrency and the most important digital token that drove traffic into the cryptocurrency market, bitcoin is still many investor’s first choice.

Unfortunately, bitcoin’s price is not very reliable and when you are planning to invest in digital currencies, you need to devise an effective strategy to keep your money safe. Bitcoin, for instance, rose from US$45,000 in March to a high of US$63,000 in mid-April only to plunge and almost hit a death cross before reaching a moderate value.

This volatility in bitcoin’s price indicates how important it is for investors to think beyond the foremost currency and also choose another top cryptocurrency as their investment pick. Even if you are buying a top cryptocurrency, make sure that you don’t spend more than you can afford. To ease your burden on choosing the right digital currency, Analytics Insight has listed the top cryptocurrency with the best growth potential in 2021.

Top Cryptocurrency in September 2021

Bitcoin

Bitcoin, synonymous with cryptocurrency, is the longest surviving digital token. Even new investors in the digital currency market would know why bitcoin is at the top. Its price, market capitalization, volume, etc are much higher compared to any other investment options. Besides, bitcoin miners also make good money by engaging in the mining process. All these aspects of bitcoin have kept the digital currency at the top for a long time. In 2021, the usage of bitcoin has intensified even more with many businesses and conglomerates accepting bitcoin payments.

Ethereum

Ethereum is one of the most loved cryptocurrencies among many investors who invest in the digital currency market to get more than profits. Both a cryptocurrency and a blockchain platform, ethereum serves many purposes and introduces extraordinary features to investors. Their smart contracts, easy-to-use transaction methods, exposure to NFTs, etc are often adored. In the past five years, ethereum has experienced tremendous growth. The prices have gone up from US$11 in 2016 to US$3,000 today, with a rough 27,000% growth.

Litecoin

Launched in 2011, Litecoin followed the footsteps of bitcoin when it comes to internal operations. It was also referred to as ‘silver to bitcoin’s gold.’ Charlie Lee, an MIT graduate, and a former Google Engineer created Litecoin as an open-source global payment network that functions autonomously without anyone’s supervision and authority. Crypto investors who know the internal mechanism of litecoin would pick the digital currency as a better source of investment compared to bitcoin for its amazing features. It has a faster block generation rate and hence offers a faster transaction confirmation time.

Dogecoin

With a funny and quite shady past, Dogecoin is the famous entrepreneur and all-rounder, Elon Musk’s favorite choice. In a nutshell, the cryptocurrency surfaced many instances and experienced severe price hikes because of Elon and his unintentional campaigns. The meme-based cryptocurrency is one of the cheapest, yet, best cryptocurrencies on the top list. Experts also voice that dogecoin has great potential to make it to the top in the coming days.

Tether

Tether made its debut as the first-ever stablecoin that rocked the world. The cryptocurrency breaks every cliche of volatility in the market by emerging as the dollar-pegged investment source. Even when famous cryptocurrencies like bitcoin, dogecoin, and ethereum face dramatic price falls and fluctuation, Tether will be the least affected. Tether attempts to smooth out price swindling to attracts users who may otherwise be cautious.

Cardano

Despite costing around US$2.90, Cardano is still one of the most popular cryptocurrencies in the digital currency sphere. It is known among crypto investors for its flexible network and fast transaction facilities. Cardano’s scalability, interoperability, sustainability, and ability to develop smart contracts, make it an investor’s top pick. Cardano’s price has gone up recently after it added the feature to build smart contracts on the app.

Solana

Being the most recently launched cryptocurrency, Solana didn’t sulk to reach new heights. Originally developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana has made a remarkable stand as an investment model as well. It runs on a unique hybrid proof-of-stake and the proof-of-history mechanism that quickens the transaction process.

Polkabot

After breaking away from ethereum, some in the leadership team came up with Polkadot. Unlike other cryptocurrencies with a one-lane transaction model, Polkadot contradicts their motive and provides multiple lane transactions. It is designed to reward genuine investors and weed out people who are just trading to make money quickly. Polkadot investors can also make decisions on network fees, network upgrades, and keeping or removing parachains.

To read more on cryptocurrencies:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/top-cryptocurrency-with-best-growth-potential-in-september-2021/

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Fintech

Top cryptocurrency with best growth potential in september 2021

Published

on

Top cryptocurrency with best growth potential in september 2021
By Adilin Beatrice

Ever since Bitcoin’s debut in 2009, the cryptocurrency market as a whole has started heading towards an astonishing upward path. At this speed of adoption and more investors jumping into the bandwagon every day, digital currency investments might actually overtake the volume of stocks, precious metals, forex, and commodities soon. Even when every cryptocurrency is highly admired, the hype for bitcoin is undying. Being the first cryptocurrency and the most important digital token that drove traffic into the cryptocurrency market, bitcoin is still many investor’s first choice.

Unfortunately, bitcoin’s price is not very reliable and when you are planning to invest in digital currencies, you need to devise an effective strategy to keep your money safe. Bitcoin, for instance, rose from US$45,000 in March to a high of US$63,000 in mid-April only to plunge and almost hit a death cross before reaching a moderate value.

This volatility in bitcoin’s price indicates how important it is for investors to think beyond the foremost currency and also choose another top cryptocurrency as their investment pick. Even if you are buying a top cryptocurrency, make sure that you don’t spend more than you can afford. To ease your burden on choosing the right digital currency, Analytics Insight has listed the top cryptocurrency with the best growth potential in 2021.

Top Cryptocurrency in September 2021

Bitcoin

Bitcoin, synonymous with cryptocurrency, is the longest surviving digital token. Even new investors in the digital currency market would know why bitcoin is at the top. Its price, market capitalization, volume, etc are much higher compared to any other investment options. Besides, bitcoin miners also make good money by engaging in the mining process. All these aspects of bitcoin have kept the digital currency at the top for a long time. In 2021, the usage of bitcoin has intensified even more with many businesses and conglomerates accepting bitcoin payments.

Ethereum

Ethereum is one of the most loved cryptocurrencies among many investors who invest in the digital currency market to get more than profits. Both a cryptocurrency and a blockchain platform, ethereum serves many purposes and introduces extraordinary features to investors. Their smart contracts, easy-to-use transaction methods, exposure to NFTs, etc are often adored. In the past five years, ethereum has experienced tremendous growth. The prices have gone up from US$11 in 2016 to US$3,000 today, with a rough 27,000% growth.

Litecoin

Launched in 2011, Litecoin followed the footsteps of bitcoin when it comes to internal operations. It was also referred to as ‘silver to bitcoin’s gold.’ Charlie Lee, an MIT graduate, and a former Google Engineer created Litecoin as an open-source global payment network that functions autonomously without anyone’s supervision and authority. Crypto investors who know the internal mechanism of litecoin would pick the digital currency as a better source of investment compared to bitcoin for its amazing features. It has a faster block generation rate and hence offers a faster transaction confirmation time.

Dogecoin

With a funny and quite shady past, Dogecoin is the famous entrepreneur and all-rounder, Elon Musk’s favorite choice. In a nutshell, the cryptocurrency surfaced many instances and experienced severe price hikes because of Elon and his unintentional campaigns. The meme-based cryptocurrency is one of the cheapest, yet, best cryptocurrencies on the top list. Experts also voice that dogecoin has great potential to make it to the top in the coming days.

Tether

Tether made its debut as the first-ever stablecoin that rocked the world. The cryptocurrency breaks every cliche of volatility in the market by emerging as the dollar-pegged investment source. Even when famous cryptocurrencies like bitcoin, dogecoin, and ethereum face dramatic price falls and fluctuation, Tether will be the least affected. Tether attempts to smooth out price swindling to attracts users who may otherwise be cautious.

Cardano

Despite costing around US$2.90, Cardano is still one of the most popular cryptocurrencies in the digital currency sphere. It is known among crypto investors for its flexible network and fast transaction facilities. Cardano’s scalability, interoperability, sustainability, and ability to develop smart contracts, make it an investor’s top pick. Cardano’s price has gone up recently after it added the feature to build smart contracts on the app.

Solana

Being the most recently launched cryptocurrency, Solana didn’t sulk to reach new heights. Originally developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana has made a remarkable stand as an investment model as well. It runs on a unique hybrid proof-of-stake and the proof-of-history mechanism that quickens the transaction process.

Polkabot

After breaking away from ethereum, some in the leadership team came up with Polkadot. Unlike other cryptocurrencies with a one-lane transaction model, Polkadot contradicts their motive and provides multiple lane transactions. It is designed to reward genuine investors and weed out people who are just trading to make money quickly. Polkadot investors can also make decisions on network fees, network upgrades, and keeping or removing parachains.

To read more on cryptocurrencies:

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/top-cryptocurrency-with-best-growth-potential-in-september-2021/

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Crowdfunding

Socure Introduces Predictive Document and ID Verification Solution with High Precision and Multi-Dimensional Risk Insights

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Socure, an established provider of digital identity verification and fraud solutions, has introduced the industry’s “first” predictive document and ID verification solution with native fraud risk signals and intelligence.

Socure’s Predictive Document Verification aims to go beyond just authenticating a government-issued ID and matching a selfie to the photo on the ID. It aims to predict “whether or not the identity itself is safe to do business with by employing real-time data linking for better accuracy and real-time identity trust decisions.”

With Socure’s Predictive Document Verification service, hundreds of validation checks may be carried out on every document and selfie “resulting in unrivaled auto-decision rates and risk insights.” The announcement also mentioned that its multi-dimensional predictive signals “inform ML-driven decisioning to identify more good customers and eliminate fraudsters in real time.”

Alex Faivusovich, fraud prevention manager at Lili, stated:

“Socure’s Predictive Document Verification helps us onboard new customers quickly and scale more rapidly than we could with other tools. It is the only solution providing a single, comprehensive view on the digital identity, not just on document authenticity and matching, but for actual risk and fraud decisions. No other solution compares in terms of accuracy or insights. With DocV, we gain confidence in knowing we are doing business with consumers who are who they say they are and won’t put our business at risk.”

Socure Predictive Document Verification’s advanced image capture “delivers up to 98% auto-decisioning rates within seconds,” the announcement revealed.

Meanwhile, less sophisticated image capture tools “result in only 65% to 70% auto-decisioning,” the update noted.

Socure’s Predictive Document Verification has also been designed to thwart “spoofing” attacks with 99.5% accuracy by using NIST PAD Level-2 liveness detection and “enhanced biometrics to match the selfie to the photo on the ID.”

The liveness detection checks “work passively in the background, so fraudsters can’t detect it’s happening,” the announcement explained. No user blinking or head rotation is needed, thus helping to significantly reduce consumer friction. Unlike other tools, a single selfie image “fulfills both facial recognition and liveness detection,” the release noted.

David Mattei, senior analyst at Aite-Novarica Group, stated:

“The use of document identification and verification solutions to verify a user’s identity is growing due to the surge in online, digital interactions. Socure’s Predictive Document Verification product goes beyond traditional document validation and photo-to-selfie matching. It looks at other risk attributes such as device fingerprints, phone number, and other digital identity signals to deliver a more comprehensive risk profile of the user.”

Using proprietary computer vision tech, Socure’s Predictive Document Verification “extracts document PII and verifies it by linking it to authoritative data sources, such as credit header, utility, telecom records, and more.”

From there, device, phone, and address data are also “collected and evaluated during the onboarding process, and then Socure derives predictive signals like phone to name correlation, address to name correlation, device intelligence, and IP distance from the physical address, all elements that are nearly impossible to fabricate,” the release noted.

The amalgamation of these predictive signals “informs a final decision (pass, reject, or resubmit), blocking risky attempts to enter a customer’s ecosystem while helping them onboard more legitimate customers faster, or identify existing good users with less friction.”

The announcement further noted that hundreds of predictive signals “incorporated into the document verification and biometric matching process provide the industry’s only digital identity continuum measuring against fraud risk.”

Socure’s Predictive Document Verification has been developed to employ machine learning classification models “trained with 530 million known good and bad identities and 400+ offline/online data sources to assess risk.”

As very large amounts of data are critical to enhancing the overall accuracy of Socure’s Predictive Document Verification, Socure has created a process for continuous improvement “using feedback data from a broad range of clients representing multiple industries.”

Also critical to Socure’s fraud detection engine, is “the incorporation of hundreds of highly predictive features that are unique to identity and device components that can indicate fraud intent to drive more predictive, data-driven outcomes,” the release noted.

Johnny Ayers, founder and CEO of Socure, remarked:

“Legacy providers that specialize only in identity document verification aren’t able to integrate seamless risk checks because they don’t have historical data, the machine learning engine, or the 1000s of predictive signals to deliver near perfect fraud classification. This means their customers are missing critical insights or are left with cobbling together disparate products that are costly to deploy and manage as they’re loaded with compounding false positives.”

Johnny added:

“What’s worse, the legacy approach still leaves gaps in determining whether it’s safe to do business with a consumer and predict the likelihood that person will commit fraud in the future while frequently requiring multiple retries on the capture of the document. With Socure’s Predictive Document Verification, we provide a single solution that eliminates the guesswork, with the highest degree of accuracy and customer experience.”

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Source: https://www.crowdfundinsider.com/2021/09/180536-socure-introduces-predictive-document-and-id-verification-solution-with-high-precision-and-multi-dimensional-risk-insights/

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Big Data

Israel’s Blumberg Capital Secures $225M to Invest in Early-Stage AI, Big Data, Cybersecurity, Fintech Ventures

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Blumberg Capital revealed on Friday (September 18, 2021) that it has secured $225 million as part of its fifth fund, which focuses on making strategic investments into early-stage ventures.

Blumberg was established around 30 years back by Jewish entrepreneur David Blumberg and has reportedly invested in hundreds of startups across the globe. The VC company has invested in 17 different firms through its fourth fund, which includes Israeli firms Zone7 and VERAI.

As reported by Calcalist, Blumberg’s portfolio reportedly includes several successful Israeli initiatives, such as Yotpo, which may be on its way to Nasdaq. Recently, the firm had been valued at more than $2 billion.

Other notable businesses include IntSights, which has been acquired for $400 million by Rapid7, and DoubleVerify, which became a  publicly traded firm with a $7 billion+ valuation.

Blumberg’s fifth fund will mainly invest in AI, Big Data, cybersecurity, digital health, Fintech, logistics, and supply chain solutions. Approximately 90% of the fund’s investments will be channeled towards seed funding rounds. Meanwhile, the remaining capital will be directed towards follow-up rounds.

Blumberg maintains business offices in San Francisco, Miami, New York, and Tel Aviv. Notably, the new fund will now take Blumberg Capital’s AUM to $750 million.

Yodfat Harel Buchris, MD at Blumberg Capital, who manages the company’s Tel Aviv-based office, said that the decline in overall investments in firms at the seed stage may negatively impact Israeli innovation efforts. He added that their fund aims to continue supporting the next generation of Israeli entrepreneurship, “regardless of market trends.”

He also mentioned that they’ve established a unique model that doesn’t simply include the investment of capital. It also aims to support the financial growth of the company, business development, marketing, “building of organizational culture, and strategy for recruiting employees across the world.”

He confirmed that they also support initiatives that may be “involved in training new employees for the industry from among former IDF soldiers that served in intelligence, technological, and combat units.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/09/180528-israels-blumberg-capital-secures-225m-to-invest-in-early-stage-ai-big-data-cybersecurity-fintech-ventures/

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