eWise: The Behind-the-Scenes Software Solution to Better Banking

September 30, 2015     By : Shannon

Now that online banking is quickly becoming standard practice for both consumers and businesses, the flow of data online involves higher stakes than ever. The criticality of both security and privacy continues to elevate, as highlighted by horrifying breaches (ex: Target’s recent fiasco). Consumers need a behind-the-scenes software to protect their most personal and sensitive information. An average household in the US has over 16 financial products from bank accounts to car loans to retirement plans, and money is moving routinely in all directions via the Internet. eWise has built a complex but elegant software that helps users securely manage all of their personal/family finances in a comprehensive and pragmatic way.

eWise targets three customer segments: financial institutions, financial advisors and technology companies providing related digital services. The company’s first product labeled “Money Manager” helps customers understand and manage their money better, providing banks with tools (ex: account aggregation, spend analysis, categorization) to enhance engagement and expand customer relationships. The second major product offering, “Personal Data Vault,” is a software that enables customers to aggregate, store, manage and share financial information from their own device. Lastly, eWise’s “Connected Insights” product consolidates transactional data and adds external data (ex: geolocation) to create rich datasets of consumer behavior allowing business analysis and insights.

eWise was founded by Alexander Grinberg who started his career in Law and Technology as Senior Legal Counsel at IBM in Australia. After eight years at IBM, he joined Oracle as General Counsel for Nordics, Eastern Europe, the Middle East and Africa. In 2000, he founded eWise and now has several technology patents.

CEO, David Hamilton, has over a decade of experience in the financial services technology market. Prior to eWise, Hamilton held senior executive positions at FinTech 100 providers Fiserv and SunGard.

In 2011, eWise raised $14 million in one round of funding lead by Wellington Partners. A year before that, the company received $12.1 million from Balderton Capital and TTV Capital, totaling just $26.1 million in just two funding rounds.

Clients include Westpac, HSBC, The Yorkshire Building Society, Black Swan Financial Management, First Direct and Wealth Help. One of their highly successful software platforms called “Client-Side Aggregation” lets consumers view their accounts residing with diverse other banks and institutions (ex: eBay, PayPal, rewards schemes, store cards, loans, mortgages and even cryptocurrency) all in one place.

eWise

Stay Fresh on FinTech. Get our Daily Insights.