Exact terms of the funding were not disclosed in Encap'spress release of the announcement. However, TechCrunch is reporting that the funding totaled $2 million.
This takes Encap's total funding to more than $2.8 million, courtesy of previous investment from Alliance Ventures.
Based in Oslo, Norway, Encap specializes in mobile authentication, providing in-app, banking grade security. Encap's technology eschews SMS codes, hardware tokens, and one-time, password-based authentication in favor of an approach that, in the words of ProVenture Seed Managing Partner, Herbjøm Skjervold, combines multi-factor authentication with risk profiling.
The company plans to use the capital to help expand into new regions, particularly the United States and United Kingdom, as well as to increase market share in a competitive market for security services. According to a report in SecureID News, the multi-factor authentication market itself should surpass $5 billion by 2017.
Encap demoed its technology as part of the FinovateSpring 2013 event in May. See the company's presentation here.
Participating in the round were InterSouth Partners, H.I.G. Ventures, and Florida Growth Fund, as well as additional investors. The new funding puts Locaid's total at just north of $30 million.
Founded in 2005, and now with offices in both Boca Raton and San Francisco, Locaid specializes in Location-as-a-Service (LaaS) solutions ranging from IP and Landline location to geofencing and location analytics.
Locaid's "footprint" extends to more than 4 billion connected devices worldwide, including more than 400 million mobile devices. The company is also the largest location gateway for major carriers such as AT&T, Sprint, and Verizon. Locaid made headlines earlier this month with the release of its Compliance API.
To see Locaid's FinovateFall 2012 presentation, visit the company's demo page here.
ayondo's European expansion just reached another border, as the company announces that it has launched its social trading service in the UK.
Based in Frankfurt, Germany, ayondo is an innovator in the world of social trading. The company's platform allows average investors to share trades and investments and, more importantly, to trade and invest alongside the best performing traders and investors on the platform.
Those using ayondo can trade a variety of assets, including currencies, stock market indices, individual stocks, and commodities. Traders can begin following up to 5 top traders for a little as €100.
That ayondo would expand to the UK should probably come as little surprise. The company had already expressed its interest in the UK and Irish markets by adding spread betting to the platform earlier this year. Spread betting is available only to ayondo's clients living in Ireland or the UK.
Said ayondo managing director Thomas Winkler in a press release, "ayondo is the first social trading platform to offer spread betting with proportional following for a wide range of asset classes."
ayondo was founded in 2008, and launched its social trading platform in January 2012. The company demoed its technology as part of the FinovateEurope show a year later in London. See the company's presentation here.
There are many ways to describe the innovators in financial technology.
And thanks to Intellaegis, we can add "fugitive catcher" to the list.
The El Dorado Country District Attorney's office in California sought out the services of hometown technology company, Intellaegis, to help them find an elusive fugitive who had been on the run for years.
Watch the news report from the CBS Sacramento affiliate.
According to the report, masterQueue was able to track the fugitive's data footprints as she traveled across the country to states as distant as Michigan, California, and Florida. The fugitive had been on the run for three years. masterQueue was able to track her down in five minutes.
Intellaegis was founded in 2009 and is headquartered in El Dorado Hills, California. The company debuted masterQueue in 2011 as part of FinovateSpring in San Francisco. See the company's presentation here.
This latest funding round was led by Massachusetts-based private equity firm, Chestnut Hill Ventures. The firm specializes in the commercial marketing and financial services industries, and provided more than $14 million in equity financing for Affinity Solutions a year ago.
Affinity Solutions says that the $21 million will go towards helping the company bring its marketing platform to market. Affinity Solutions currently has partnerships with more than 4,000 financial institutions, and more than 25,000 brick and mortar retail outlets.
This latest round of funding was a big jump up from the company's most recent capital-raising effort: $6.75 million raised in February via a combined equity/convertible securities offering.
All told, Affinity Solutions' fundraising over the past year:
$14.5 million in equity financing - June 2012
$6.75 million in equity/convertible financing - February 2013
$21+ million in funding - June 2013
Headquartered in New York, Affinity Solutions presented its technology at FinovateSpring in San Francisco in 2012. See the company in action here.
Narrative Science, the maker of Quill, announced yesterday it has reached a partnership and technology development agreement with In-Q-Tel.
As a part of the agreement, Narrative Science will tailor a version of Quill, a system that uses big data to generate natural language reports, to meet the needs of In-Q-Tel's U.S. government intelligence customers.
The terms of the agreement were undisclosed.
Currently, Forbes uses Quill's engine to generate earnings reports and previews. Additionally, Personal Capital recently partnered with the Chicago-based startup to generate written reports with personalized insights and advice for wealth management clients.
Kofax Analytics for Capture is designed to provide business intelligence analytics for users of its signature document processing solutions Kofax Capture and Kofax Transformation Modules.
The new technology provides dashboards that streamline operations, as well as data on system performance, accuracy, and productivity. The goal is to avoid reliance on IT professionals for activities such as report-building and modifying database queries.
Analytics for Capture provides:
The ability to review and filter documents and batches to avoid or eliminate bottlenecks.
Functionality to examine productivity statistics at the batch, document, and page level over a variety of timeframes.
Options to research and compare accuracy metrics at field level to improve the quality of the capture process.
Kofax has more than 20,000 customers in industries ranging from banking to healthcare, and have more than 800 partners in more than 75 countries. The company demoed its capture technology as part of the FinovateSpring show last month, earning positive reviews from Filene Research, among others. Filene included Kofax in its column on "Promising Products from Finovate."
That's the news out of Dynamics, which has made significant upgrades and enhancements to its ePlate intelligent payment card.
The company has launched its first television ad,in partnership with Visa, touting the changes, which include a "no annual fee" version of the ePlate Visa card, and rewards ranging from private jet flights to race car driving lessons.
Dynamics launched ePlate in the UK during FinovateEurope 2013. ePlate cards include a programmable magnetic stripe that limits fraud by rewriting itself with each new transaction. Additionally, users can access the Dynamics system to program the card to respond to preferred offers, rewards, and other incentives.
The generousity of the rewards available to ePlate cardholders is meant to represent a sharp distinction with industry norms. Dynamics CEO and founder, Jeff Mullen, said in a release that while traditional cards often provided rewards of 1% of each purchase back, "the ePlate card (provides) new rewards as high as 50% or more."
As of today, the real estate platform has crowdfunded a total of $1.2 million across its first six transactions.
"We are also the first crowdfunding company in the U.S. to my knowledge that has already returned investor capital," said Realty MogulCEO and co-founder Jilliene Helman by e-mail. Realty Mogul has paid out more than $100,000 to its investors to date.
Added Helman, "We plan to pay out additional distributions in June."
Realty Mogul provides a platform for accredited investors to combine their money to invest in pre-vetted real estate properties. The investments range from apartment buildings to retail centers to office buildings, and investors can invest as little as $5,000.
Founded in 2012, Realty Mogul demoed its technology as part of the FinovateSpring show in San Francisco. Video of the company's presentation is available here.
For more information on crowd funding, see our recently published research in the latest edition of the Online Banking Report here.
The report is an in-depth look at the emerging trends in crowdfunding and features a look at 18 up-and-coming platforms. OBR Subscribers can access the report here. It can also be purchased for US$495 here.
With the largest FinovateSpring to date in the books (you can check out the demo videos here), our team has switched focus to FinovateFall 2013 (September 10 & 11 in New York City).
Last year, FinovateFall welcomed a record crowd of 1,100 innovators who watched fast-paced demonstrations of 64 new fintech innovations.
This fall, based on the early interest, we are expecting a sell-out crowd of leading bank executives, venture capitalists, industry analysts, press and entrepreneurs eager to see the cutting-edge of financial tech debut.
If you're interested in attending FinovateFall to witness the future of fintech unfold live on stage, we highly recommend that you get your tickets as soon as possible to guarantee your seat. Plus if you register by this Friday, you'll save $300 via the very early-bird discount!
Targeted advertising relies on accurately assessing consumer behavior, linking that behavior to future interests and needs, and then building an advertising campaign that consumers will actually respond to with real purchases of goods and services.
In a feature on the company and its co-founders, Scott Grimes (CEO) and Lynne Laube (President), Polaris Partners takes a close look at the way Cardlytics has been able to acquire larger advertisers and to sign them for the long term. Consider these metrics:
Cardlytics has contracts with a quarter of the top 100 advertisers
Cardlytics' ads drove $500 million in purchases in the fourth quarter of 2012
Cardlytics has partnerships with more than 400 American banks.
Founded in 2008, Cardlytics specializes in transaction-driven marketing. The company's technology helps FIs make targeted, relevant offers and rewards to their customers based on their customer's actual shopping behavior. The platform currently serves 78 million households in the U.S.
Cardlytics was highlighted here in the Finovate Alumni news blog just last week when the company announced that it had raised $40 million in funding from undisclosed, but current investors.
Cardlytics demoed its technology as part of FinovateEurope 2013 in London in February. See them in action here.
Finovate: Where do you see miiCard's role in the evolving space of security?
Varga: The current market is extremely active and now more than ever trust online, across a number of sectors and countries, is at the top of agendas. This is reflected by government initiatives such as the National Strategy for Trusted Identities in Cyberspace (NSTIC) / Identity Ecosystem Steering Group (IDESG) in the U.S., the ID Assurance project in the U.K. and Trust in Digital Life in Europe.
As yet, the full market potential for identity and trust online remains unquantified, but in any one aspect it represents a huge opportunity, in aggregate it is simply enormous. Given the unique and patented approach adopted by miiCard, our geographical and industry sector coverage and the uses it supports, miiCard can become the predominant provider in this market.
Finovate: Give some specific examples of how miiCard benefits the banking industry.
Varga: By establishing trust in online identity, that a customer really is who they say they are, miiCard is directly addressing the key pains associated with selling high value and regulated products and services entirely online. Through a patented process that leverages the trust between an individual and their financial institution, miiCard establishes identity to Level of Assurance 3+ (LOA3+) and meets Know Your Customer (KYC) and Anti-Money Laundering (AML) identity guidelines, enabling the sale of regulated products and services purely online.
This translates to three key benefits for financial services, the first being fraud related to identity theft where we can realise reduction of up to 80% in the first 30 days; significant reduction, between 50% to 70%; in dropout rates in the customer onboarding process when offline ID proofing is introduced; and our customer-driven, pay-per verified identity transaction model means the business is only charged for customers who meet the identity proofing requirements, not those who fail to verify, and removes the need for back office or outsourced verification teams.
Finovate: What's the biggest hurdle miiCard has overcome?
Varga:As a provider of trust online our biggest hurdle has been to create trust within our own core member base. As a disruptive approach we have had to establish traction in a market where there are still a great number of assumptions towards online validation, trust and real identities. We now have a single, trusted digital ID founded on the principles of Bring Your Own Identity (BYOID), it is convenient and flexible providing members complete control over their online identity and personal information. With capabilities across five continents and over 350 million people, miiCard is creating trust online across a range of industries including finance, commerce, trading, gaming, healthcare, recruitment, dating, social and professional networking.
Finovate: How many people are currently using the miiCard platform and how do you plan to grow it?
Varga:miiCard has a core membership base that is quickly growing with each and every participating site that starts to accept miiCard as a trusted identity source. To support this growth we have established a channel distribution strategy to the market and gained a number of key partnerships. These include distributors; resellers; affiliates; technologies; consultancies and data providers. Key relationships include Yodlee; Call Credit Group; PA Consulting; Yubico; and Microsoft.
This market traction is driven by both marketing to our users (our C2C proposition) while selling to businesses (our B2B Identity as a Service platform). For businesses miiCard supports both full API access and a fully hosted offering for SME's called DirectID. Every participating site becomes a channel and creates context for our members in building trust online. These now include consumer finance, dating, social networking, pre-employment screening and a wide range of other use cases.
Finovate: What is something you tried that didn't work with the platform?
Varga: We are constantly iterating the product and actively engaged with our members and customers. This agile approach provides its own challenges but allows us to test, assess and deploy functionality at a rapid basis. There are always things that don't work, things that we could do better and things we shouldn't even have started - it's all part of the process.
What is most important is to build the service that our members and customers want while still changing the world.
Finovate: What is miiCard's latest news?
Varga: We have recently announced our work with Tradehill and PA Consulting and have a number of exciting customers launching throughout the year.
The metrics are as of the end of May 2013. Together they highlight SaveUp's ability to incentivize credit union members to improve their personal finances. The SaveUp platform relies on a combination of behavioral science and technological innovation to reward users as they save money and reduce debt.
Some metrics on SaveUp:
More than 40 credit unions participating across the country
More than 45% of users connect with CU branded content at least once a week
More than 2,600 inquiries into new CU products and services generated by SaveUp users.
SaveUp was co-founded by Priya Haji and Sammy Shreibati, currently CEO and CTO, respectively, and is headquartered in San Francisco.
We last wrote about SaveUp when the company announced a contest to allow users to vote for the prizes they wanted the savings and rewards platform to offer.
CU Solutions Group distributes SaveUp to credit unions as part of its business of providing marketing, technology, and other services. Among the credit unions participating in the SaveUp program are:
Veridian CU, Waterloo, IA, $2.4 billion in assets
Northeast CU, Portsmouth, NH, $878 million in assets
Belvoir FCU, Woodbridge, VA, $309 million in assets
Sir FCU, Negaunee, MI, $79 million in assets
SaveUp demonstrated its technology as part of the FinovateSpring 2012 show in San Francisco. See them in action here.
Fresh off their integration with Worksoft Certif, and the decision by BBVA Compass to deploy their app testing technology earlier this year,Keynotehas announced a pair of new features for its DeviceAnywhere Enterprise platform: ScriptObjects and Recorder.
Lets customers build object-level test scripts
Ability to work across multiple devices for faster test automation
Deploy test scripts with native, Web, and hybrid applications
Scripting tool with intuitive UI, requires no training to use
Develop scripts with precise validation checks
Add scripts quickly to test site to comply with demands for shorter test cycles
Keynote DeviceAnywhere's Enterprise platform provides fast, flexible test automation. The new enhancements are geared tower providing more intuitive testing tools for quality assurance professionals.
Keynote demonstrated their testing technology as part of the FinovateSpring 2012 show in San Francisco. Watch the presentation here.