The use of cloud technology is rapidly catching up in financial services, with PwC calling it one of the major fintech trends for 2020.

A Cornerstone Advisors study found that a quarter of financial institutions are planning to invest in or implement cloud computing technologies in 2020. 40% say they’ve already done so, and half of them will enhance or modify what they’ve got.

Though adoption is still in its early stages with 22% of all applications running on the cloud, according to Bloomberg, growth is happening at a steady pace.

Here we look at six cloud-based services providers offering solutions for financial institutions and fintech companies.

Addepar

Addepar is a wealth management platform that specializes in data aggregation, analytics and reporting. The company’s platform aggregates portfolio, market and client data all in one place, providing asset owners and advisors with a clearer financial picture at every level. It interfaces with big financial platforms like Morningstar, Citco Fund Services, Quovo, iCapital Network and Salesforce.

Addepar works with hundreds of leading financial advisors, family offices and large financial institutions. Its cloud-based software is used by Morgan Stanley, AB Bernstein, Oppenheimer & Co., Silicon Valley Bank, and Jefferies, among others.

In 2020, Addepar was named as one of the Forbes Fintech 50 and in 2018, it received Morgan Stanley’s Fintech Award for making a significant impact on the firm’s mission of continuous innovation.

Addepar is headquartered in Silicon Valley and has offices in New York City and Salt Lake City.

Behavox

Founded in 2014, Behavox is an end-to-end data operating platform that enables organizations to aggregate, analyze and act on their internal data.

The compliance surveillance software, powered by artificial intelligence (AI), understands, learns, and transforms behavior and conduct within the workplace, enabling financial institutions to detect various types of misconduct such as insider trading, rogue trading, abuse of conflicts of interest, as well as more generic threats such as bribery, expenses abuse and IP theft.

The Behavox cloud-based platform, targeted at investment banks, brokerage houses, commodities traders and asset managers, is now used by more than 40 companies, including some of Wall Street’s biggest banks, quantitative funds and buyout firms.

Behavox is headquartered in New York City, with offices in London, Singapore and Montreal.

Mambu

Mambu provides a cloud-based core banking software for microfinance lenders and banks that want to expand into new markets through digital channels.

Through its banking technology, Mambu helps banks, microfinance institutions, and other financial innovators deliver essential banking services to individuals and emerging enterprises around the world.

Mambu’s cloud banking platform comes with essential core banking features including a lending engine, a deposits engine, transactions and accounting capabilities, document management, auditing features, and more.

Mambu works with more than 100 institutions in 30 countries and counts amongst its customers the likes of top tier banks including ABN AMRO and Santander, major fintechs like N26 and OakNorth, as well as telcos Globe Telecom and Orange.

Mambu is headquartered in Berlin with additional offices in Amsterdam, Singapore, London, Iași (Romania), Miami, Sydney, Dresden and Vilnius.

Fenergo

Founded in 2009 and headquartered in Dublin, Fenergo develops and publishes financial software, offering products for client onboarding, client due diligence, and government compliance for the investment, corporate, and private banking sectors.

The company’s award-winning CLM suite allows financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions, and is currently used by more than 70 global financial institutions.

In October 2019, the company launched Fen-Cloud, a cloud managed service offering that hosts Fenergo’s CLM solutions in the cloud, allowing financial institutions to quickly get their CLM solutions up and running.

Onfido

Founded in 2012 in London, Onfido provides cloud-based identity verification tools that help businesses verify people’s identities using a photo-based identity document, a selfie and AI algorithms.

Onfido’s technology is able to assess whether a user’s government-issued ID is genuine or fraudulent, and then compare it against their facial biometrics. This allows fintechs and financial institutions to onboard customers remotely and securely.

Recognized as a global leader in AI for identity verification, Onfido is backed by Salesforce Ventures, SBI Investment, M12 (Microsoft) Ventures, and others, and counts 1,500 customers including Revolut, Remitly, Orange and Zipcar.

Currencycloud

Founded in 2012 and headquartered in London, Currencycloud is a payments company that aims to transform the global payments landscape by removing the friction and inefficiencies of traditional cross-border payments through its flexible APIs.

Currencycloud currently has 85 different APIs across four modules – collect, convert, manage and pay – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is fully cloud-based on Amazon Web Services (AWS).

Currencycloud has processed more than US$50 billion to over 180 countries, and works with banks and fintechs globally including Starling Bank, Standard Bank South Africa, Brookline Bank, Monzo, Monese, Starling, Revolut, Dwolla, Fidor Bank, InstaReM, Lunar Way, and Seedrs.