Sumo Logic Helps Fintechs Modernize Banking with Continuous Intelligence

Rhea-AI Summary

Sumo Logic (Nasdaq: SUMO) announces an expansion of its services with fintech leaders like Currencycloud, MoonPay, and Snoop, leveraging its Continuous Intelligence Platform™ to enhance operational efficiency and security. This platform provides real-time insights crucial for diagnosing issues and reducing service interruptions. As the fintech sector saw $44 billion in global investments in 2020, Sumo Logic supports these companies in adapting to rapid changes, ensuring compliance, and enhancing customer experiences. This strategic partnership aims to address the growing need for real-time analytics.

Positive

• Collaboration with leading fintech companies enhances market reach and credibility.
• Sumo Logic's Continuous Intelligence Platform™ provides essential real-time insights for operational efficiency.
• The fintech sector's growth presents significant opportunities for Sumo Logic's services.

Negative

• None.

New Companies Using Sumo Logic Across Security and Operations for Data-driven Business Decisions Including Currencycloud, MoonPay, Paidy, Snoop and More

REDWOOD CITY, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Sumo Logic (Nasdaq: SUMO), the pioneer in continuous intelligence, today announced it is expanding its work with leading businesses in the fintech and banking sectors including Coincheck, Currencycloud, Moneytree, MoonPay, Paidy, Snoop and more. These companies use Sumo Logic’s Continuous Intelligence Platform™ to transform data from complex systems into real-time insights with a single pane of visibility across security and operations to help fintechs diagnose and troubleshoot issues faster and reduce service interruptions.

The fintech space is one of the fastest-growing areas of emerging technology, with investments of $44 billion globally in 2020 according to Innovate Finance. In order to successfully compete in this highly competitive and regulated market, fintechs need to know what happens in their business as it happens so they can respond with speed and relevance. Getting real-time access to data around application performance is essential for developing business operations while keeping those services both secure and compliant. With more companies developing their applications on cloud-native infrastructure, fintechs are turning to continuous intelligence, a new category of software with real-time insights delivered from a single, cloud-native platform across multiple use cases to speed decision-making, and drive world-class customer experiences.

“New cloud and application architectures, increasing regulation and security concerns coupled with the acceleration of digital transformation is challenging all industries including fintech to modernize their business in order to stay competitive,” said Dione Hedgpeth, Chief Customer Officer, at Sumo Logic. “The ability to harness real-time analytics and continuous intelligence across operations and security can support fintechs business objectives as they compete against more traditional banks. In turn, teams can move quickly and adopt new technologies faster which means organizations can spend more of their time building services for their customers and less time managing their infrastructure.”

Sumo Logic works with a number of the world’s leading fintech organizations to accelerate innovation and reduce the time to detect, identify, and resolve operational and security issues including:

“Our service is based on taking customer banking transaction data via Open Banking, understanding their behavior and helping them with money saving recommendations that are personalized to them, a bit like Instagram for their money. Customers trust us with their banking data, and therefore we have to be as secure as a bank. Sumo Logic takes the same approach that we deliver to our customers around security, developer and operations data, offering our DevOps team real-time insights and actionable intelligence. Because Sumo Logic’s platform spans security and observability, it significantly helps our team be more efficient as we look to scale up.”
Jem Walters, Chief Technology Officer, Snoop

“We wanted a partner that delivered on the promise of a great customer experience. Sumo Logic provides Currencycloud centralized security analytics with real-time alerts and actionable intelligence. It is helping us scale for enterprise services and banking-grade security.”
Derik Vercueil, Global Vice President of Architecture & Security, Currencycloud

“As one of Japan’s premiere cryptocurrency exchanges, it’s critical that we are able to detect early warning signs of illegal access of our systems so we can quickly respond to potential threats, while adhering to strict data compliance regulations. Sumo Logic helped us rebuild our monitoring framework and enabled us to have a single source of truth of our data that could be leveraged across IT, security and development teams.”
Yoshihiro Kyan, Cybersecurity Manager, Coincheck, Inc.

“Helping financial institutions connect with their customers is at the core of what Moneytree does by offering a secure sharing platform for financial data. We rely on Sumo Logic to provide the continuous intelligence needed across both operations and security, so customers can confidently move data between disparate systems quickly and securely."
Ross Sharrott, CTO and Founder, Moneytree

Modernizing Fintechs with Continuous Intelligence
Sumo Logic’s Continuous Intelligence Platform™ addresses the challenges fintechs face by unifying all machine data—logs, events, and performance metrics—across on-premises, cloud-hosted and hybrid environments. By providing a single pane of visibility across the entire heterogeneous architecture in real-time, and across multiple use cases, Sumo Logic helps IT operations, DevOps, SRE, security, and engineering teams with real-time, secure, unified alerts and dashboards to enable faster issue identification and troubleshooting.

Additional Resources

• View the infographic on the five intelligence gaps that threaten fintech companies
• Learn more about the Sumo Logic Continuous Intelligence Platform™
• Read the white paper on how Sumo Logic helps fintechs close intelligence gaps
• Watch the video with Sumo Logic, AWS and Snoop around objective driven observability
• Sign up for a free trial of Sumo Logic
  

About Sumo Logic
Sumo Logic Inc. (Nasdaq: SUMO) is the pioneer in continuous intelligence, a new category of software, which enables organizations of all sizes to address the data challenges and opportunities presented by digital transformation, modern applications, and cloud computing. The Sumo Logic Continuous Intelligence Platform™ automates the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights within seconds. More than 2,100 customers around the world rely on Sumo Logic to build, run, and secure their modern applications and cloud infrastructures. Only Sumo Logic delivers its platform as a true, multi-tenant SaaS architecture, across multiple use-cases, enabling businesses to thrive in the Intelligence Economy. For more information, visit www.sumologic.com.

Sumo Logic is a trademark or registered trademark of Sumo Logic in the United States and in foreign countries. All other company and product names may be trademarks or registered trademarks of their respective owners.

Any information regarding offerings, updates, functionality, or other modifications, including release dates, is subject to change without notice. The development, release, and timing of any offering, update, functionality, or modification described herein remains at the sole discretion of Sumo Logic, and should not be relied upon in making a purchase decision, nor as a representation, warranty, or commitment to deliver specific offerings, updates, functionalities, or modifications in the future.

Media Contacts
Melissa Liton
Sumo Logic
mliton@sumologic.com
(650) 814-3882

FAQ

What companies are using Sumo Logic's services?

Leading fintech companies, including Currencycloud, MoonPay, and Snoop, are utilizing Sumo Logic's Continuous Intelligence Platform™.

How does Sumo Logic help fintech firms?

Sumo Logic helps fintech firms by providing real-time insights for operational efficiency, enhancing security, and reducing service interruptions.

When was Sumo Logic's partnership announcement made?

The partnership announcement was made on February 17, 2021.

Why is continuous intelligence important for fintechs?

Continuous intelligence allows fintechs to respond swiftly to operational issues and maintain compliance in a rapidly evolving market.

What is Sumo Logic's stock symbol?

The stock symbol for Sumo Logic is SUMO.