Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

FileInvite Raises Over $1M


FileInvite Raises Over $1M to Protect Transfer of Personal Information

Auckland, 28 March 2018 - FileInvite, a cloud-based platform for securely transferring and storing personal information used in consumer applications for loans and insurance has raised over NZ$1M in equity funding from New Zealand and Australian investors. The start up offers businesses a more efficient and safer alternative to email to manage their customer’s personal information, and expects to benefit from a tightening of international data privacy regulations.

Originally developed for managing creative and media files among advertising agencies, Auckland-based FileInvite streamlines the process of requesting, receiving and storing personal information without the need to use email.

The three year old company already counts the majority of its customers in the USA, Canada and Australia, predominantly in the mortgage broking market, and expects to grow as businesses respond to new regulations designed to protect consumer data. These include the update to Australia’s Privacy Act in February requiring mandatory disclosure of a breach of personal data, the introduction of the EU General Data Protection Regulation (GDPR) in May and in New Zealand, the Privacy Bill.

For brokers and advisers, collecting multiple electronic files containing the personal information necessary to satisfy the application criteria for a loan or policy is time consuming and adds cost and delay to the approval process. A typical mortgage application involves 10-15 requests and anywhere up to 25 separate documents. Consumers have little control over the ongoing security of their information once the application process has been completed.

New investors include Flying Kiwis and NZVIF, as well as IceAngels, Enterprise Angels and private individuals from Australia. Garth Hinton, a member of lead investor Flying Kiwi Angels, will join FileInvite’s Board as Director and Chair. “FileInvite is addressing a real pain point among advisor-based businesses and over time will reduce costs throughout the whole value chain for a process like a loan. Our investment and Board level support will enable James’ team to replicate their early lead in mortgage broking into new industries and international markets.”

The new funding will enable product development and marketing to extend the AWS-hosted platform to other industries in which advisers hold sensitive personal information, such as immigration, tax accounting and education.

“We offer a safe and easy way to transfer the documents holding the personal information needed for so many every day processes, like applying for a loan or an immigration visa. Our customers don’t want to be in the business of collecting documentation but must do so to meet application criteria and comply with Anti-Money Laundering and other rules,” says James Sampson, Founder and CEO of FileInvite. “As public awareness of data privacy grows we expect consumers and governments will increasingly demand businesses raise the bar in safeguarding the personal data in their care.”

-Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>


OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>