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FinovateFallWithDateLogo
Last week we took a look at 12 companies that will present at FinovateFall this September 23 and 24 in New York:

Today, we're covering six more companies who will hint at what their 7-minute demo will reveal on stage. If you're interested in seeing the full live demo, get your FinovateFall ticket here.



AlgomiLogo
Algomi

Features:

    • Aimed at financial markets trading
    • Finds trade opportunities on hard-to-trade items through its smart network
    • Connects the right organizations around trades 
    • Does not disclose sensitive franchise data
Why it's great:

It's a B2B inter-firm trading social network in high-value, professional financial markets

StuAlgomi
Presenters:

1) Stu Taylor, CEO
Named as one of the 40 most influential individuals in Fintech 2014 by the Wall Street Journal eFinancial News. Previously a managing director in trading at UBS.


UsmanAlgomi
2) Usman Khan, CTO
Before co-founding Algomi, Khan was managing director at CapXD, a company he founded that sells technology solutions to investment banks.






Flexscorelogo.jpgFlexScore is the industry's first personal financial health score that uses a patented algorithm and gamification to analyze your entire financial life and suggests ways to improve.

Features:

    • Sets up automated financial advice beyond budgeting and investing
    • Integrates with your financial institution's products and solutions
    • Offers a digital engagement platform for customers and advisors
Why it's great:

FlexScore simplifies financial planning for everyone and offers institutions a digital engagement platform that drives customer loyalty and profits higher.

JasonFlexScore
Presenters:

1) Jason Gordo, CEO
Jason worked as a financial advisor for thirteen years and co-founded an advisory firm that was recognized by Forbes as a top-fifty emerging RIA.
LinkedIn


JeffFlexScore
2) Jeff Burrow, President and COO
Jeff spent fourteen years as a financial advisor, working with foundations, retirement plan participants, and high-net-worth individuals. He co-founded an advisory firm with Jason Gordo.







HedgeCoVestlogo
HedgeCo Networks' HedgeCoVest is the first investment platform to allow investors and advisors to mirror actual hedge fund portfolios into their individual brokerage accounts in real time.

Features:

    • Real-time performance and portfolio-monitoring tools
    • Easy-to-use platform to analyze hedge fund's portfolios
    • Allocate/liquidate intraday with the ability to lever portfolios up or down

Why it's great:

HedgeCoVest provides an easy-to-use, secure platform for investors to mirror actual hedge fund portfolios in real-time with liquidity, transparency, and simple flat fees.

297f765Evan
Presenters:

1) Evan Rapoport, Founder & CEO
Rapoport is the CEO/Founder of HedgeCo Networks who has been featured as a hedge fund expert on CNBC, MSNBC, FOX and leading publications.


AaronWormusProfile
2) Aaron Wormus, CTO
Wormus is the CTO of HedgeCoVest. Prior to HedgeCoVest, Mr. Wormus was the director of technical operations for HedgeCo websites & chief architect of the analytics suite, Hedge Fund Calculator.
LinkedIn





LinqtoLogo
Linqto lets you talk to your neighborhood banker, anytime, anywhere. Linqto's Personal Banker delivers video-based, face-to-face transaction processing and communication with remote customers from any device.

Features: 

    • Instant, easy video connection from any device, website, or kiosk
    • Do-it-for-me transactions add security to mobile banking
    • One-to-many video feature provides cross-sell and social opportunities
Why it's great:

Consumer trust in banks is at record lows. Linqto's Personal Banker delivers the essential face-to-face human connectivity and relationship-building benefits your remote customers are missing.

Dune
Presenters:

1) Dune Thomas, Vice President of Mobile Banking Solutions
The innovation leader behind Personal Banker, Dune is also currently leading automation efforts for Linqto clients Digital Insight and NCR in the financial mobile-apps sector.

Bill
2) Bill Sarris, CEO
A recognized expert in the field of streaming and collaborative technology, Bill has delivered major enterprise software applications for Microsoft, Intuit, Digital Insight, NCR, Google and Stanford.






MalauzaiLogo2
Malauzai is designed for an exceptional user experience with superior economic value. SmartwebApps deliver the next generation of mobile banking by leveraging the power of an app-like experience on any device.

Features:

    • An app-like experience on any device, even the desktop
    • Responsive design and consistency across channels
    • More efficient and faster implementation
Why it's great:

Internet banking is dead as you know it.

1a4e986Robb
Presenters:

1) Robb Gaynor, Chief Product Officer and Founder
Gaynor heads up the product development and marketing for Malauzai, focused on ensuring the company has solutions at the cutting-edge of mobile innovation.


DannyMalauzai
2) Danny Piangerelli, Chief Technology Officer and Founder
Piangerelli leads the technology team and is responsible for all aspects of Malauzai's technology infrastructure.
LinkedIn







MyVirtualStrongBoxLogo
Virtual StrongBox is an online safe deposit box. Customers store important information for record keeping and disaster recovery. Nothing's more important than trust.

Features: 

    • Encryption-at-rest for stored documents
    • Easy-to-use interface
    • Enterprise file exchange
Why it's great:

Secure storage solutions are a valuable addition to the customer experience. Help your customers protect their important personal information with My Virtual StrongBox.

RonVirtualBox
Presenter:

Ron Daly, President and CEO
Daly knows a thing or two about digital communication and bottom-line performance. He is President/CEO of Virtual StrongBox and a former CFO of a $1.5 billion financial institution.


We'll feature 6 more companies this Thursday in Sneak Peek: Part 4 so stay tuned.

Alumni News-- August 26, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgACI Worldwide ranks #36 in Apps Run the Cloud's Top 500 application vendors.
  • Startups.co.uk interviews Michael Kent, CEO and founder of Azimo.
  • TechCrunch profiles Finland-based startup, Holvi.
  • American Banker looks at how banks can use BizEquity's app that enables small businesses to estimate the value of their company.
  • Wade Arnold, founder of Banno which was sold to Jack Henry & Associates, is 1 of 5 finalists honored in annual Silicon Prairie Awards.
  • SecureKey and Trustonic partner to enable SecureKey's briidge.net Connect services to work with Trustonic in select mobile devices. Check out SecureKey at FinDEVr this fall.
  • Bank Mutual selects D+H's Mortgagebot solution for end-to-end mortgage lending.
  • India's Bank of Maharashtra deploys FIS payment platform.
  • The new Citi Wallet supports digital payments via MasterPass from MasterCard. See the company present at FinDEVr in San Francisco this fall.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News-- August 25, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSan Antonio Federal Credit Union to integrate Geezeo PFM technology.
  • On Deck partners with Worldpay to provide access to financing for small and medium-sized merchants.
  • PaymentsSource features Dynamics ePlate among its list of "7 unusual emerging payments technologies."
  • Top Image Systems announces patent for full page mobile image processing.
  • The New York Times profiles Financial Guard, Motif, Betterment, FutureAdvisor, Jemstep, SigFig and Wealthfront .
  • InStream Solutions launches comparison tool.
  • Moven expands internationally, signs deal with New Zealand-based Westpac.
  • HuffPo profiles Prosper, Lending Club, and Kabbage in column on the rise of online lending.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Late summer has proven to be red-hot in the fintech sector. This week, 15 companies received new funds, with 14 equity investments totaling $65 million and one massive debt placement of $200 million to AvantCredit. Combined with the $102 million of equity raised in the first half of August, the sector has attracted nearly $170 million so far this month (not counting the $200 million in debt).  
--------------------
New equity rounds this week:
Listed by size of deal (Aug 16 through Aug 22, 2014)

Discount real estate agency in UK
Latest round: $11.7 million
Total raised: $11.7 million
Tags: Real estate, rent, mortgage, UK
Source: Crunchbase

Digital bill presentment and payments
Latest round: $11 million
Total funding: $36.7 million
Tags: Electronic bill presentment, billpay, payments, North Carolina
Source: Crunchbase 

Continuity Control
Compliance as a service (CaaS)
Latest round: $10 million
Total funding: $12 million
Tags: Compliance, legal, regulations, Finovate alum, Connecticut
Source: Finovate

Provides fast access to the block chain for bitcoin developers 
Latest round: $9.5 million
Total funding: $13.7 million
Tags: Bitcoin, cryptocurrency, California
Source: Crunchbase

Helps identify and reduce hidden financial fees in investment accounts
Latest round: $6.5 million
Total funding: $9.5 million
Tags: Investing, fees, disclosures, 401(k), IRA, New York
Mobile biometric security
Latest round: $6 million
Total raised: $10.4 million
Tags: Security, biometrics, Wells Fargo accelerator, Finovate alum, Kansas
Source: Finovate

Mobile security
Latest round: $6 million
Total funding: $9.4 million
Tags: Security, Wells Fargo accelerator, Finovate alum, California
Source: Finovate 

Crowdfunded real estate projects
Latest round: $1 million
Total funding: $1 million
Tags: P2P, investing, debt crowdfunding, rehab, mortgage, lending, North Carolina
Source: Crunchbase

Cryptocurrency distribution platform
Latest round: $800,000
Total funding: $800,000
Tags: Bitcoin, cryptocurrency, India
Source: Crunchbase 

Toopher (see them demo at FinovateFall 2014)
Two-factor authentication
Latest round: $791,000
Total funding: $2.8 million
Tags: Security, Finovate alum, Texas
Source: Crunchbase 

Platform for bitcoin/cryptocurrency intelligence & research
Latest round: $500,000
Total funding: $500,000
Tags: Cryptocurrency, payments, Amsterdam
Source: Crunchbase

Social lending for technical talent development
Latest round: $400,000
Total funding: $400,000
Tags: P2P, crowdfunding, student lending, California
Source: Crunchbase

Payments gateway in Bangkok
Latest round: $300,000
Total raised: $300,000
Tags: Payments, mobile, Thailand
Source: Crunchbase

Weeleo 
Crowdsourced cash currency exchange
Latest round: $20,000
Total funding: Unknown
Tags: Fx, P2P, currency, transfers, Paris
Source: Crunchbase

--------------------

Debt Funding:

AvantCredit
Near-prime lender
Latest debt funding: $200 million
Total debt raised: $425 million
Total equity raised: $104 million
Tags: Subprime, credit, lending, Chicago
Source: Crunchbase 

Zumigo_hi_res_FS2014
Guess which fintech company's just-completed, $6 million Series B round comes stamped "Intel Inside"?

On Friday, Zumigo announced an investment from Intel Capital, Intel's global investment and M&A arm, along with participation from existing investors, including Aligned Partners. This Series B round brings Zumigo's total funding to $7.7 million.
Zumigo_Assure_homepage
Zumigo's CEO and Co-founder Chirag Bakshi says the new financing "validates our direction and success and will accelerate growth in our core business of providing mobile location and identity products to financial organizations and enterprises alike."

In addition to growth in its core business, the company said in a statement that the funding also will help support investments in sales and marketing, as well as in new product development.
Zumigo_Reach_homepage
Yesterday we shared news that Zumigo will be one of three companies participating in the inaugural Wells Fargo Startup Accelerator. The Accelerator is geared toward startups that are capable of delivering solutions for FIs ranging from security and fraud to payments and operations. The six-month program includes an equity investment between $50,000 and $500,000.

Founded in 2008 and headquartered in San Jose, California, Zumigo demoed its technology at FinovateSpring 2014.

Alumni News, 22 August 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEyeVerify raises $6 million in Series A round, joins Wells Fargo Startup Accelerator.
  • Continuity Control announces $10 million investment.
  • Zumigo earns a spot in, and an investment from, Wells Fargo Startup Accelerator.
  • BlueVine brings in $1.5 million in funding. Check out BlueVine's live demo at FinovateFall.
  • Four notable website upgrades on Bankbazaar.com.
  • Houston Chronicle features Lending Club success story.
  • Check Point Software Technology positioned as a Leader in the 2014 Gartner Magic Quadrant for Unified Threat Management.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall 2014 Sneak Peek: Part 2

FinovateFallWithDateLogo

If you missed the first installment of our FinovateFall 2014 Sneak Peek series, click here for Part 1.

A few days ago we introduced you to BizEquity, Gremln, Hoyos Labs, Knox Payments, NopSec, and Rippleshot. Today we present another six companies that will be demoing on stage in New York in September.

FinovateFall 2014 is live in New York City on September 23 and 24. And with last year's show a sell-out, we're expecting even bigger things in 2014. So save your spot at this year's show; click here to register today.



Thumbnail image for BackbaseLogo.jpg
Backbase is a software company helping banks in the digital era.

Features:

    • Beautiful digital banking experience for end customers
    • Full control over the digital strategy by the bank
    • Backbase Marketplace to unite vendors and banks looking for fintech innovation
Why it's great: 

Backbase Engage helps banks regain control over their digital strategy.

Presenters:

PeteChapman_Backbase_FF2014
Peter Chapman, Principal FinTech Strategist
Before joining Backbase, Chapman worked as VP emerging technologies at First Trade Union Bank. Frustrated by the lack of control of the banks to own their digital future, he joined Backbase to fix this.




JelmerdeJong_Backbase_FF@104
Jelmer de Jong, Global Head of Marketing
De Jong focused his career on helping companies get the most out of new technologies. He has a strong focus on startups, B2B, product management and marketing.






biocatch_logo
BioCatch
 provides innovative online fraud-prevention solutions that dramatically reduce friction and fraud, giving customers confidence to expand their business.

Features:

The Cognitive Biometrics technology enables BioCatch to detect intruders, bots, and fraudsters.

Why it's great:

BioCatch: Less friction. Less fraud.

Presenters:

BioCatch_UriRivner
Uri Rivner, Co-Founder and VP Business Development & Cyber Strategy
Rivner is recognized globally as an industry expert on Cybercrime and advanced threats. He is a regular speaker in the leading Security and Cyber conferences, and writes a cyber-security blog.





blooom-low-res
blooom
 has developed a revolutionary way to open the eyes of 401(k) investors, by outsourcing the management of their 401(k) accounts, regardless of where custodied.

Features:

  • We don't use complicated charts or line graphs with a gazillion indecipherable colors
  • We make it easy to operate (no Ph.D in Finance required)
  • We rebalance the account, rather than just make recommendations
Why it's great:

Blooom allows investors to ditch their current strategy of ignoring-it, meaning-to-get-around-to-it, and hoping-for-the-best!

Presenters:

ChrisCostello_blooom_FF2014
Chris Costello, Co-Founder and Certified Financial Planner
Costello has 20 years experience and builds the model used to generate 401(k) recommendations, allowing blooom users to tap into advice traditionally only available to investors with a gazillion dollars.




RandyAufDerHeide_blooom_FF2014
Randy AufDerHeide, Co-Founder and Chief Technology Officer
AufDerHeide handles all the fancy, schmancy IT stuff. If it involves computers, code, Internet stuff, he's the guy. He also makes everything work smoothly, helping deliver a great experience to bloom users.





ibillionaire-logo-hd
iBillionaire
 taps into the investment strategies of Wall Street billionaires and provides unique and exclusive data on investment activity and trends.

Features:

  • Provides insights into billionaire investment portfolios and stock picks
  • Sends real-time alerts on buys, sells, and prices
  • Allows users to track their own portfolios and the iBillionaire Index
Why it's great:

With iBillionaire, anyone can invest like a billionaire.

Presenters:

RaulMoreno_iBillionaire_FF2014
Raul Moreno, Co-Founder and CEO
Moreno is a serial entrepreneur with a background in finance and tech. His previous ventures include social app discovery platform, Kinetik, and he previously worked as an analyst at GFG Capital.





patch-of-land-new-logo
Patch of Land
 is a peer real estate (P2RE) lending marketplace presenting its real-time, due-diligence engine.

Features:

  • Proprietary risk and credit-modeling system increases accuracy of risk profiling
  • Full-stack integration with existing platform and processes
  • Significant scale and velocity of underwriting
Why it's great:

We are creating an efficient, scalable system for underwriting and complex real estate lending transactions and pricing risk appropriately.

Presenters:

BrianFrittonPatchofLand_FF2014
Brian Fritton, CTO
Fritton is a seasoned eCommerce expert who oversees the development of Patch of Land's in-house platform and leads the research and implementation of our technology initiatives.






Settlelogo
Settle
 is a mobile-payment platform built to create greater customer loyalty by hastening the checkout process while improving the overall customer experience.

Features:

  • Bridge mobile payments and loyalty
  • Target marketing to consumers based on their paying behavior
  • Transfer P2P cash easily
Why it's great:

Settle brings easy mobile payments to customers and allows merchants to make the most of customer data.

Presenters:

StasMativiyenkoSettleFF2014
Stas Matviyenko, CEO
Matviyenko studied in Austria, worked for the Ukranian government (banking research). Founder at Advice Wallet (the biggest mobile loyalty program in CIS countries), believes in mobile payments, geek.






AnnaPolishchukSettleFF2014
Anna Polishchuk, COO
Polishchuk has a Masters degree in international business and is passionate about design and technology. She worked as Market Research Analyst at an international company and co-founded Advice Wallet.






Our Sneak Peek series continues on Tuesday with another six companies that will demo their fintech innovations at FinovateFall 2014 next month.
EyeVerify_hi_res_FS2014

With participation from Wells Fargo, Qihoo 360 and Sprint, as well as existing investors, EyeVerify just announced that it closed a $6 million Series A funding round. 

The investment takes EyeVerify's total capital to more than $10 million.

In a statement, EyeVerify CEO Toby Rush pointed to the fact that the investors included "the largest security software firm in the world, the leading bank in the U.S., and a wireless network operator serving more than 50 million U.S. customers" to underscore what he called the strong "marketplace validation" of the investment.

And the good news comes in twos for EyeVerify, with the company announcing that it is part of the inaugural class of the Wells Fargo Startup Accelerator. EyeVerify will participate in the new, semiannual fintech bootcamp along with two other companies, including fellow Finovate alum, Zumigo. Participation in the program includes a "direct equity investment" ranging from $50,000 to as much as $500,000. The specific investment in EyeVerify was not immediately available.
EyeVerify_homepage
EyeVerify's innovation is the way it approaches eye-based, biometric authentication. The company's technology uses the veins within the whites of the eyes to take an "eye print" that is as unique to the individual as a fingerprint. Eyeprints can be used in a range of authentication situations, from helping secure employee mobile devices to providing greater security for mobile banking customers. Kevin McGinnis, vice president of Sprint's Pinsight Media+ division said, "With mobile security evolving beyond passwords, we are pleased to invest in EyeVerify and its easy-to-use, innovative biometric solution."

Founded in 2012 and based in Kansas City, Kansas, EyeVerify last demoed its Eyeprint Validation technology at FinovateSpring 2014. See the company's Best of Show winning demo here.
Thumbnail image for ContinuityControlLogo2.jpg

Referring to its $10 million investment as "growth funding," compliance-management specialist Continuity Control says it is even better positioned to expand its regulatory intelligence platform for FIs.

The company's total capital now stands at $12 million.

River Cities Capital Fund led the way in an investment round that included participation from BancVue and the family of IBM founder Thomas Watson, as well as others. Impressively, the $10 million raised was twice the amount Continuity Control had initially sought.
Continuity_Control_homepage
Speaking of the investment, Continuity Control CEO and Co-founder Andy Greenawalt said, "The interest generated in this round of investment further validates our vision for compliance management and the opportunity it represents in the community financial industry."

What will Continuity Control do with the additional capital? According to the company, research and development are near the top of the list. But faster movement overall is what Continuity Control is counting on with the new investment. "The faster we progress, the sooner we'll fulfill our mission to eliminate the tedious, manual effort historically involved with compliance management."

An innovator in the field of compliance technology for financial institutions, Continuity Control specializes in helping credit unions and community banks reduce the costs and time involved in meeting regulatory requirements.

Founded in 2008 and headquartered in New Haven, Connecticut, Continuity Control demoed its technology at FinovateSpring 2010. See the company's demo video here.
Inc50002014

Inc. Magazine recently released the 2014 Inc. 5000 list that ranks the fastest growing privately-held companies in America. We combed the top 1,000 for Finovate alums and two made the cut. Many more are listed among the remaining 4,000 companies.

Before taking a closer look at the two fast-growing companies, here are some stats on the financial services sector as a whole ranked against the other 24 industry categories:

    • Revenue: It ranked 5 of 25 in 2013 revenue, with a total of $17.2 billion
    • Growth rate: It ranked 19 of 25 in growth over the course of 2010 to 2013, with a rate of 112%
    • Job creation: It ranked 12 of 25 in the number of jobs the industry created from 2010 to 2013

Here are the two Finovate alums that made the top 1000:

LendingClubLogo.jpg
Lending Club, a peer-to-peer lending platform
Rank: 248
Founded: 2007
Headquarters: San Francisco, CA
3-year revenue growth: 18x
LendingClubHomepage2

OnDeckLogo
OnDeck, offers alternative loans to small and medium sized businesses
Rank: 726
Founded: 2007
Headquarters: New York City, NY
3-year revenue growth: 6.3x
OnDeckHomepage2

Zumigo_hi_res_FS2014

Of the three companies participating in the inaugural Wells Fargo Startup Accelerator, two are Finovate alums. One is EyeVerify, which also reported a $6 million dollar investment on Wednesday. The other is Zumigo.

What was it about Zumigo in particular that caught Wells Fargo's eye? According to Zumigo, the big bank is especially interested in the company's mobile location intelligence technology, which provides authentication services for mobile transactions. Zumigo's solution allows financial institutions to be more proactive than is "current industry practice," according to Chirag Bakshi, founder and CEO of Zumigo.

Zumigo_homepage
"Zumigo's innovative technology for financial services institutions such as Wells Fargo can detect fraudulent transactions before (they) impact their customers," Chirag added.

In the words of Steve Ellis, executive vice president and head of Wholesale Services at Wells Fargo, the goal of the Accelerator is to increase the bank's "visibility into technologies and ideas that will stoke innovation across the enterprise." And considering that two out of the three companies participating are security/authentication-related, Wells Fargo may be telling us a lot more about the kind of innovation major banks are looking for than it may seem. The third company, Kasisto, is a New York startup that specializes in conversational artificial intelligence technology.

Participating in the Accelerator includes an equity investment of between $50,000 and $500,000. Zumigo did not immediately disclose the level of investment it received. The program lasts for six months, and will provide business planning expertise geared toward developing "innovative ideas and stoke innovation across the Wells Fargo enterprise."

Zumigo was founded in 2009, and demoed its Assure solution at FinovateSpring 2014. The company is headquartered in San Jose, California.
BlueVineLogo2

Last week, in an extension of its latest seed round, BlueVine raised an additional $1.5 million. This, along with the $4 million round in March, brings its total funding to $5.5 million.

While the specific investor was not stated, investors in previous installments include:

    • Greylock Partners Israel
    • Lightspeed Venture Partners
    • Kreos Capital
    • Correlation Ventures
    • Kima Ventures
BlueVineHomepage

BlueVine's platform frees up cash flow for small businesses by providing expedited payment to bridge the gap between outstanding invoice payments and working capital for business operations. After the small business connects their invoicing software to BlueVine, here's what happens:

    • They select the invoices for which they want immediate funding
    • BlueVine funds 85% of the invoice amount up front
    • When the invoice is due, the customer pays and the small business receives a rebate

BlueVine will demo live on stage at FinovateFall this September 23 and 24 in NYC.

Alumni News-- August 21, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAmerican Banker takes a look at the new Wells Fargo Startup Accelerator, with alums EyeVerify and Zumigo in the inaugural class.
  • Check out our first FinDEVr Preview, featuring Yodlee Interactive. Join Yodlee at FinDEVr in San Francisco this fall.
  • The Paypers spotlights BioCatch and the company's cognitive science-based biometric technology. See BioCatch at FinovateFall in New York next month.
  • MasterCard partnership with Zimbabwe's EcoCash designed to boost mobile money services in Africa. MasterCard is a presenter and sponsor of FinDEVr, the first fintech event for developers.
  • Taulia sees more than 350% growth in second quarter of 2014.
  • Mergermarket.com features AnchorID in latest report. See AnchorID's live demo at FinovateFall in NYC.
  • GECU providing members with online and mobile digital banking services from Digital Insight.
  • PayNearMe partners with Systems & Methods to offer a way to pay child support in cash. Check out PayNearMe at FinDEVr.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr Preview: Yodlee Interactive

FinDEVr_logo

In the weeks leading up to our inaugural FinDEVr conference, we're taking a look at the more than 40 speakers who will be making presentations. Click here to see the full agenda.

First up is Yodlee Interactive. Yodlee was a presenter at the first Finovate event in 2007, and continues that tradition by being a big part of the inaugural FinDEVr. In addition to its keynote address, Yodlee will deliver three workshops on the second day (see below). 

For more information on FinDEVr, the first event for fintech developers, coming to San Francisco on September 30, visit FinDEVr here



Thumbnail image for YodleeLogo2012.jpg
Yodlee is the platform for financial innovation. More than 600 companies globally, including seven of the top ten US financial institutions, rely on Yodlee to power personalized financial apps and services for millions of consumers, driving retention, engagement, and revenue. 

Leveraging the industry's largest data platform, Yodlee also delivers real-time insight into consumer behaviors to create more dynamic interactions - anywhere, anytime, on any device.
YodleeInteractive_homepage1

Yodlee Interactive is focused on making the Yodlee platform available everywhere that entrepreneurs, partners, and developers building digital financial apps and services can use to create value. As the architects of a new digital ecosystem, Yodlee Interactive optimizes the wisdom of the financial technology crowd to create, catalyze, and distribute innovations faster through an open and secure data API. 

Used by hundreds of companies, both small and large, Yodlee Interactive is the horsepower behind today's coolest and most personalized digital experiences.

At FinDEVr, Yodlee Interactive will be giving a keynote address and will provide three workshops for builders. The titles, topics, and presenters for the keynote and workshops are below.

Keynote: Demystifying the Yodlee Data
What is the Yodlee platform and what value do the Yodlee Interactive APIs open up to developers?
 
JosephPolverari_Yodlee_FinDEVr_new
Joseph Polverari
Chief Strategy & Development Officer, Yodlee;
Founder & General Manager, Yodlee Interactive

Joe Polverari is focused on making the Yodlee platform available everywhere that value can be created by entrepreneurs, partners, developers building digital financial apps and services. 

Joe is a graduate of the Stanford Graduate School of Business Executive Program, holds a juries doctorate and degree in Economics from Santa Clara University.

CheungTam_Yodlee_FinDEVr_new
Cheung Tam
Director API Product Management, Yodlee

Previous to Yodlee, Cheung served as Senior Product Manager, Developer Platform at Intuit. Cheung is a technologist with advanced degrees in business and engineering and has over 15 years of development, product, and project management experience.

Workshop Session #1
How to Build an App with Financial Data: Hands on help from Yodlee Interactive and the hot app builders who are leading the charge.

AnitaHayrapetian_Yodlee_FinDEVr_new
Anita Hayrapetian
Senior Solutions Engineer, Yodlee Interactive

Anita is a customer focused sales engineer with in-depth technical knowledge and superior presentation and interpersonal skills. Successfully developed and deployed more than 20 major projects including auction, e-commerce and ERP systems for global computer component re-sellers.

Session also features Cheung Tam and Guest Developers.

Workshop Session #2
Yodlee's Instant Account Verification (IAV) API for Managing Risk and Fraud

LoriMartel_Yodlee_FinDEVr_new
Lori Martel
Vice President, Platform Product Management, Yodlee

Session also features Jayasree Iyer and Guest Developers




Workshop Session #3
Supercharge your Apps with Wealth Data from Yodlee & Xignite

DevaprasadMaybe_Yodlee_FinDEVr_new
Deviprasad Kocherry
Product Manager, Yodlee






AlChang_Xignite_FinDEVr_new
Al Chang
Chief Technical Officer, Xignite






Look forward to our next FinDEVr Preview featuring TD Ameritrade Institutional next week.

Alumni News-- August 20, 2014

  • Finovate-F-Logo.jpgCUneXus improves loan acceptance by 68% over 2013 for Educational Employees CU.
  • With Simple's 2.0 mobile app update, users can send paper check payments via mobile.
  • ID Analytics names Daniel Rawlings as Chief Revenue Officer.
  • Essent Guaranty offering lenders access to rate quotes through an interface with D+H's MortgagebotLOS.
  • ThreatMetrix selected as one of CIOReview100s Most Promising Technology Companies.
  • EyeVerify and Zumigo selected for Wells Fargo's accelerator.
  • Expensify integrates with Uber's API to launch SmartRides feature.
  • PayNearMe and SIMI partner to offer cash collection services to US government agencies.
  • Kony launches MobileFabric to Accelerate Speed of Delivering Great Enterprise Mobile Apps.
  • PayPal announces access to its One Touch mobile payment solution. Join PayPal in San Francisco for FinDEVr this fall.
  • Cartera Commerce unveils new website.
  • Wallaby Financial launches CardBase and The Card Guide, opening its credit card database to the public.
  • National Real Estate Investor features Realty Mogul CEO and co-founder, Jilliene Helman.
  • Forex Brokerz talks about the beta release of Darwinex's social trading platform.
  • peerTransfer tops $1 billion in international education payments, announces 500th client.
  • Bloomberg.com features Venmo, Fiserv's Popmoney, and Dwolla in column on Millennials and mobile payments.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFallWithDateLogo
With the busy product development and release schedule that comes with the autumn season, FinovateFall is the perfect place to see what's new in fintech. 

This year, 71 companies will step up to the Finovate stage at the NYC Hilton Midtown on September 23 and 24. Tickets are going fast; register for yours today.

Here's an inside look at six of these hand-picked companies:


BizEquityLogo.jpg

BizEquity has invented the first and only patented way to value any business in real-time and in the cloud online.

Features:

    • BizEstimate feature that pre-values over 28 million private businesses 
    • Patented, online real-time business value and tailored advice and alerts to each user
    • Business ValueMonitoring Dashboard 

Why it's great:

BizEquity's mission is to democratize business valuation knowledge globally to every small business and financial institution through its patented cloud-based service.

Carter
Presenters:

1) Mike Carter, CEO
Carter is former Managing Director of The Musser Group, former Founder and CEO of Dashboard Systems, and former Chief Marketing Officer for U.S. Interactive.
LinkedIn

2) Semyon Fishman, Vice President of Engineering and Technology
Fishman is former Vice President of Product Engineering at Valex Consulting and former Lead Engineer for the Math Forum.


GremlnLogo.jpg

GREMLN Financial Social Media offers secure social media tools for the financial services industry. It's a full marketing and analysis suite wrapped in a security layer to maintain compliance.

Features:

    • Pre-approved content libraries
    • LinkedIn client prospecting
    • Mobile social media compliance platform

Why it's great:

Social media involvement is essential, but it can be dangerous for financial services companies. Gremln makes it possible to participate and succeed in social media...safely.

RyanGremln
Presenters:

1) Ryan Bell, CEO
LinkedIn  




TJGremln
2) TJ Tavares, Senior Sales Executive
LinkedIn






HoyosLogo
Hoyos Labs' app will finally put an end to the frustration that comes with usernames, passwords and PINs by replacing them with your unique biometrics.

Features:

  • Acquires users' biometrics via smartphone to replace all log-in information
  • Works with Apple and Android smartphones and tablets, and with PCs
  • Increased convenience and security for users
Why it's great:

Hoyos Labs' app allows users to increase the convenience and security in their life by removing the need to ever remember their log-in information.

Presenter: 
Hoyos

Hector Hoyos, Founder and CEO
Hoyos is a biometrics veteran and entrepreneur who has dedicated his life to the development of innovative technologies that change existing business paradigms and have a profound impact on society.


KnoxPaymentslogo
Knox Payments is a merchant tool for payments to and from bank accounts online for just $0.18/transaction.

Features:

    • Fastest online and mobile checkout process
    • Accept ACH payments without needing your customers to enter bank routing and account numbers
    • Instantly verify bank account and sufficient funds

Why it's great:

Fastest, cheapest checkout process for you and your customers.

KnoxThomas
Presenter:

Tommy Nicholas, Head of Product
Nicholas earned his BA from the University of Virginia. He founded CitySwig and helped grow Coffitivity to over 2 million users.
LinkedIn



NopSeclogo
NopSec is a cloud-based vulnerability risk management SaaS.

Features:

    • Correlate vulnerabilities with real-time threats and exploits
    • Drill down into the most critical risks across the full software and hardware stack
    • Analyze vulnerabilities using keyword searches

Why it's great:

Remediate what matters most, faster.

StevenNopsec
Presenters:

1) Steven Leonard, Chief Marketing Officer
Leonard is responsible for all areas of marketing strategy and execution. Prior to NopSec, he spent 17 years at Microsoft Corporation.
LinkedIn


2) Lisa Xu, Chief Executive Officer
Xu is responsible for strategic direction, sales, and operations. Prior to NopSec, she advised Fortune500 enterprises on data security, privacy and technology risk management.
LinkedIn


Rippleshotlogo
Rippleshot detects bank card data breaches. Its cloud-based solution helps banks proactively stop fraud before it occurs and protects merchant brand reputation.

Features:

    • Next generation fraud prevention -- stopping fraud before it occurs
    • 24/7 monitoring -- detecting breaches faster
    • Early warning alerts -- proactively protecting merchants, consumers and credit card issuers
Why it's great:

It's not if you are going to be breached, it's when. Rippleshot's 24/7 monitoring proactively detects, mitigates and stops fraud before it occurs.

Presenters: 

RippleshotLucas
1) Lucas Ward, Co-Founder and CTO
Ward is a proven technology leader. At Fundspire, he created an innovative product to change the way hedge funds viewed and analyzed their data.




RippleshotRandal
2) Randal Cox, Co-Founder and CSO
Cox has over a decade of experience in the credit card industry, modeling credit card and ATM fraud, ultimately culminating in the co-founding of Rippleshot.



Stay tuned later this week for a look at six more companies set to debut their new technology at FinovateFall this September 23 & 24 in New York.

Thumbnail image for PayPalLogo.jpg

For mobile shoppers using PayPal, instant gratification just got a little more instantaneous.

PayPal announced today that it is opening up beta access to its One Touch feature. This feature allows people to pay with PayPal with a single swipe from inside other apps. Initially available only to iOS users, the feature will be accessible for Android users in September when the product is officially launched.

paypal_homepage_new
In an interview with VentureBeat, Braintree CEO Bill Ready put "one-touch buying" at the center of what to expect when it comes to payments over the next few years (recall that Braintree was acquired by PayPal in September 2013). Bill believes part of this has to do with the challenge of entering data on mobile devices, especially smartphones. But this initiative also responds effectively to the Prime Directive of E-commerce Innovation: "More Time Shopping, Less Time Transacting."

The feature is optional, and users have both the ability to opt-in/opt-out, as well as specify which source of funding you want to be used for your One Touch transactions (PayPal balance, linked bank account, or credit card). Calling One Touch payments "the magical experience that every mobile user will come to expect," Bill may be engaging in a touch of hyperbole. But in a world in which Amazon is increasingly interested in the payments business, it is interesting to see PayPal leverage Braintree technology in order to strike back at Amazon on its own "one-step shopping" turf. 
PayPal_one_touch
There will be a handful of merchant apps available initially as part of the developer beta, with other merchants coming on board in the weeks to come.  Soon any developer with access to the Braintree v.zero SDK - and anyone who uses PayPal - will be able to take advantage of One Touch. More information on the technology for consumers and merchants is available here. Developers can find out how to get started, including accessing the SDKs at PayPal's developer portal.

And speaking of developers, join PayPal at FinDEVr for the company's presentation on how wearables are changing the payments landscape. The first fintech event for developers, FinDEVr will be held from September 30 to October 1 in San Francisco. For more information, visit our FinDEVr page.
VisaLogo

Visa's Visa Checkout, the rebranded version of V.me, has experienced increased success since its recent change of face.

Similar to PayPal, Visa Checkout stores users' credentials and enables them to pay at a merchant's site with only their username and password. The service launched this July with PNC and other banking partners.

VisaPNCCheckout

According to American Banker, PNC reported that customer enrollments of Visa Checkout doubled after it changed the brand from V.me (PNC declined to disclose actual enrollment 

VisaCheckoutCreditCards
figures). Some speculate that the success is partially due to the name change. Not only is Visa Checkout more descriptive, it also appeals to a wider audience and sounds more secure.

The potential for Visa Checkout to place a bank's card at the top of the digital wallet is enticing. When a user signs up for the Visa Checkout, they are prompted to enter their credit card information into the wallet. While the service works with any payment card, banks are hoping their card will be the most frequently used.

To see Visa's newest offering for developers, check out its upcoming presentation at FinDEVr San Francisco held September 30 through October 1.

simpleLogoNew.jpg

After it was acquired by BBVA in February, Simple is showing the first major sign of access to the mega bank's deep pockets.

The Portland-based startup updated its iOS and Android apps today to bring users an easier way to pay others via their mobile device. Aside from the redesigned interface, other major changes include: 

Simpleapp2.1
1) Simple Instant Transfer on mobile
Previously only available on the web interface, Instant Transfer enables users to instantly send funds to other Simple account holders. 

2) Updated goal interface on mobile
It's easier for users to create and manage their goals with the ability to add notes to their goals and easily transfer money into and out of individual goals. It still lacks, however, the function to add pictures to goals. 

3) Customized profiles
Customers can customize how other users see them by adding a profile picture (see screenshot on right) to their account. They can also select other Simple customers as favorite contacts.

4) Mail checks from mobile

One of the more notable upgrades, is the ability to mail checks for free to anyone. All you need is their name and mailing address. I tested the feature on my iPhone 5S by sending a check to my mother, who does not have a Simple account.

Note the text at the bottom that indicates both when the money will be withdrawn and when the check will be received. Pulling that information out of the fine print and into plain sight aligns with Simple's transparent policy.

SimpleApp2.4.2

After adding my mom's address, I entered the amount, followed by the 4-digit verification code that I received via text.

 
SimpleApp2.5

Once I entered the code, the $1 had been withdrawn from my account and was ready to be mailed to my mother.

In the U.S., where writing checks is still common, the ability to do it from a mobile device is a very useful feature. Simple could improve it with a few small additions:

1) Option for users to pay for expedited shipment of the check.
2) Optional note field to send with the check that allows users to personalize the payment
3) The ability to assign a photo avatar to contacts who are not Simple customers

Simple launched at FinovateFall 2011. You can check out the demo video here.

Alumni News-- August 19, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgLivePlan launches its Black Widow update to enhance performance monitoring.
  • Bank Innovation looks at GoBank's decision to shorten holding periods for mobile check deposits.
  • NICE Systems earns 2014 Star Performer award from Speech Technology magazine.
  • Top Image Systems partners with Allied Payment Networks to implement MobiPAY.
  • Time features ReadyForZero as 1 of 50 Best Websites for 2014.
  • Hiveage compares OnDeck, Kabbage, PayPal Working Capital, & CAN Capital Come see OnDeck at FinDEVr.
  • Quisk awarded US patent for enabling consumer activated security for a mobile payment system.
  • The Rude Baguette interviews Yseop CEO, John Rauscher.
  • New partnership brings Geezeo's PFM solution to MEA's native mobile banking platform. See Geezeo at FinovateFall 2014 in New York.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News-- August 18, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSilanis Technology releases e-signature solutions for Salesforce and Microsoft Dynamics CRM. See Silanis at FinovateFall 2014 in New York.
  • Michael Grillo of ACI Worldwide talks about the role of mobile devices in fighting payments fraud.
  • Klarna announces appointment of Jon Kamaluddin to its Board of Directors.
  • SumUp earns double-digit million dollar investment led by Life.SREDA
  • Xero's Customer Experience team wins Bronze Stevie Award in 2014 International Business Award. Check out Xero's presentation at FinDEVr in San Francisco this October.
  • TechCrunch: Coinbase acquires blockchain explorer, Blockr.io.
  • Silicon Angle: Why Cardlytics ditched sample data for its real-time analytics tactics.
  • EE Times reviews the similarities and differences between Ripple and bitcoin.
  • Forbes column on "the other sharing economy" profiles Expensify
  • Investors.com checks in with Betterment on strategies for meeting retirement financial challenges.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Thumbnail image for SumUpHiLogo.jpg

There are many nice ways to qualify an "amount undisclosed" investment. But "double-digit million" is probably near the top of the list.

SumUp, specialists in the field of mobile point-of-sale (mPOS) technology, announced today that it had completed a new round of funding. Characterized by the company as a "double-digit million dollar" investment, the round was led by Life.SREDA, and featured participation from Groupon, BBVA Ventures, and other existing investors.

LifeSREDA_logo_jpeg
Like the company's Series B round a year ago, the exact amount of this new investment was not made available. Last year's investment was characterized as "multi-million euro". 

Update: Crunchbase reports that the amount has been rumored at $13 million.

Daniel Klein, SumUP CEO, pointed to Life.SREDA's experience in the fintech space worldwide. "Life.SREDA is building an eco-system of companies disrupting a wide range of financial services and products. We are happy to become a part of this network."

For its part, Life.SREDA praised SumUp's focus on "end-to-end payment capabilities" such as the company's proprietary Chip & Pin terminal. Life.SREDA CFO Alex Ivanov said, "no other mPOS player in the world has focused so much on disrupting the actual technology behind the revolutionary mPOS business model."
SumUp_homepage
SumUp says that the new capital will help fund building out its payments gateway, proprietary hardware, and operations systems. Part of this will be a push to help promote the company's Chip & Pin terminal, called "PIN+" internationally.

Founded in 2011, SumUp is based in Dublin, Ireland. The company demoed its mPOS technology as part of FinovateEurope 2013, where SumUp earned Best of Show honors. See the company's demo video here.

Alumni News-- August 15, 2014

  • Credit.com releases new version of its iPhone mobile app.
  • Pymnts: EBay in talks to accept Bitcoin through its Braintree unit.
  • Pymnts compares DoubleBeam to the Merchant Customer Exchange.
  • GoBank now holds mobile check deposits for less than 10 days.
  • Forbes features multiple Finovate financial management and wealth planning alums: LearnVest, Personal Capital, FutureAdvisor, SigFig, Wealthfront, Betterment, Motif, and Kapitall.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

btn3_ov.pngFinovateFall 2014 is just six weeks away and the buzz is building. After announcing the impressive roster of presenters a few weeks ago we've seen a substantial surge in ticket sales. Based on that surge, we're now projecting a Finovate record audience of over 1,300 innovators, entrepreneurs, executives and investors!

If you're interested in attending to see the future of fintech debut live on stage, the last chance to get your ticket at the early-bird price expires this Friday. Last year, we sold out so please don't delay if you want to guarantee your ability to attend the event.

In case you're curious, here is a small sample of the great organizations already committed to attend:

  • Adobe
  • American Express
  • Bain Capital
  • Bank of America
  • Bank of Ireland
  • Bank of Montreal
  • Barclays
  • BBVA Compass
  • C1 Bank
  • Capital One
  • CIBC
  • Citi
  • Citi Ventures
  • Discover
  • Equifax
  • Everbank
  • Experian
  • FIS Global
  • Forbes
  • Gartner
  • IBM
  • Jack Henry
  • Liberty Mutual
  • MassMutual
  • MasterCard
  • MACU
  • New York Life
  • Nordea
  • Oliver Wyman
  • Paypal
  • Primerica
  • PwC
  • QED Investors
  • RBC
  • Rockland Trust
  • Route 66 Ventures
  • S&P Capital IQ
  • SAP
  • Saxo Bank
  • Sberbank VC
  • Scottrade
  • Silicon Valley Bank
  • SixThirty
  • Societe Generale
  • Sony
  • Swedbank
  • Tangerine Bank
  • TD Ameritrade
  • The Huffington Post
  • The Principal
  • Umpqua Bank
  • USAA
  • Venrock
  • Wells Fargo
  • Yankee Group
  • Zions Bank
  • And many more!

We'll see you in New York in September (or in San Francisco for FinDEVr)!

FinovateFall 2014 is sponsored by: The Bancorp, CapitalSource, Financial Technology Partners, Greater St. Louis Financial Forum, Hudson Cook LLP, Life.SREDA, UK Trade & Investment, Visa, Xignite & Zions Direct

FinovateFall 2014 is partners with: Aite, ABA, Bank Innovators Council, BankersHub, Bobsguide, California Bankers Association, Canada, Celent, Filene Research Institute, Hotwire PR, Javelin Strategy, Mercator, NYPAY, Payment Week, The Paypers, SME Finance Forum, & Visible Banking

It's mid-August. Who is even working now? Evidently, the folks cranking out new fintech (and their investors) are not letting up. So far this month, 24 startups have received a total of $102 million in new capital. 

Here are the newly funded, in order of deal size (fundings reported from Aug 1 through Aug 15, 2014). 
_______________________________

Pollen (no URL)
Working capital exchange
Latest round: $27 million
Total funding: $27 million
Tags: Working capital, treasury, marketplace, Kansas
Source: Crunchbase

SumUp (Finovate alum)
mPOS (point-of-sale) technology
Latest round: $13 million (per Crunchbase)
Total funding: $33 million
Tags: mobile, point of sale, payments, Ireland
Source: Finovate 

Online platform for private company financings
Latest round: $11 million
Total funding: $19.5 million
Tags: Investing, financing, New York
Source: Crunchbase

8 Securities
Social trading and wealth management platform
Latest round: $9 million
Total funding: $21.5 million
Tags: Investing, wealth management, Hong Kong
Source: Crunchbase

Online and mobile payments
Latest round: $8.5 million
Total funding: $8.5 million
Tags: Payments, mobile, Canada
Source: Crunchbase

NextCapital
Automated 401(k) management tools and portfolio analytics
Latest round: $6.1 million
Total funding: $6.1 million
Tags: Investing, 401(k), analytics, Chicago
Source: Crunchbase

Find the best real estate agent for your house
Latest round: $6 million
Total funding: $6 million
Tags: Real estate, mortgage, California
Source: Crunchbase

Helps underbanked access accrued wages through payroll cards
Latest round: $3.5 million
Total funding: $3.5 million
Tags: Underbanked, payday lending, California
Source: Crunchbase 

Mobile payment system for vending machines
Latest round: $2.8 million
Total funding: $3.2 million
Tags: Mobile payments, Oregon
Source: Crunchbase

Ecommerce technology enabling easy checkout and payment
Latest round: $2.7 million
Total funding: $2.7 million
Tags: Ecommerce, checkout, wallet, payments, Y Combinator, California
Source: Crunchbase

BlueVIne (debuting at FinovateFall 2014)
Working capital to small businesses
Latest round: $1.5 million
Total funding: $5.5 million
Tags: SMB, lending, credit, California
Source: Crunchbase

Portfolia
Equity crowdfunding platform
Latest round: $1.5 million
Total funding: $1.5 million
Tags: crowdfunding, California
Source: Crunchbase

Restaurant ordering and payment technology
Latest round: $1.5 million
Total funding: $1.5 million
Tags: Payments, order ahead, restaurants, Ukraine
Source: FT Partners from TechCrunch

Moneysoft 
Financial management software for small biz and individuals
Latest round: $1.4 million
Total funding: Unknown
Tags: PFM, accounting, payroll, SMB, Australia, UK
Source: Crunchbase 

Gift cards integrated with credit cards
Latest round: $1.4 million
Total funding: $1.4 million
Tags: Gift cards, prepaid cards, credit cards, California
Source: Crunchbase

Capital Float
Online platform providing small business financing in India
Latest round: $1 million
Total funding: $3 milllion
Tags: SMB, lending, financing, India
Source: Crunchbase

Real estate crowdfunding platform
Latest round: $1 million
Total funding: $34 million
Tags: Crowdfunding, real estate, investing, Washington D.C.
Source: Crunchbase

Lending technology for the SMB market
Latest round: $1 million
Total funding: $1 million
Tags: SMB, lending, B2Bank, Oregon
Source: Crunchbase

Geolocation technology for location-based services and payment solutions
Latest round: Undisclosed
Total funding: $920,000
Tags: Mobile payments, geolocation, Australia
Source: Crunchbase

Real estate discovery
Latest round: $550,000
Total funding: $550,000
Tags: Real estate, Philippines
Source: Crunchbase

Bitcoin peer-to-peer lending
Latest round: $270,000
Total funding: $270,000
Tags: P2P lending, Bitcoin, Germany
Source: Crunchbase

Coinmonk (Unocoin)
Bitcoin processor 
Latest round: $250,000
Total funding: Unknown
Tags: Bitcoin, India
Source: FT Partners from TechCrunch

Cash Sentinel
Facilitating payments for person-to-person vehicle sales
Latest round: $170,000
Total funding: $650,000
Tags: Escrow, vehicle lending, Switzerland
Source: Crunchbase

Payfont 
Identity theft protection
Latest round: $170,000
Total funding: Unknown
Tags: Security, identity, Scotland
Source: FT Partners from Finextra



CEO Interview: Paul Doyle of VerifyValid

verifyvalid.jpg

A person could readily go broke betting against the demise of the check. While there are at any given moment plenty of startups and fintech veterans looking for new ways to avoid writing checks, the data suggests that people (and businesses) aren't going to stop writing checks any time soon.

pauldoyle_verifyvalid

This is one of the reasons why we thought it would be a great idea to get in touch with Paul Doyle, CEO of VerifyValid. VerifyValid is a leader in the movement to bring checks into the 21st century. 

With solutions like Mobile Checkbook, which allows consumers to issue, receive and deposit eChecks from their iPhone or iPad, VerifyValid has made key additions to its basic web-based check service - all geared toward providing the benefits of paper checks with the cost savings of using VerifyValid's eChecks.

We were fortunate enough to catch a very busy Paul Doyle earlier this summer, and to ask him a few questions via email about his company, its partnership with Deluxe, and what we can expect from VerifyValid in the months to come.




Finovate: Your relationship with Deluxe is a big deal. Can you tell us more about how that partnership came about?

Paul Doyle: Deluxe's name is synonymous with the check. Having the biggest name in checks decide to resell your solution to their more than 4.5 million small business customers and selling through their more than 5,400 financial institutions is a big deal.

We at VerifyValid wanted a partner that could give us reach and whose brand completely aligned with the type of payment we enable ... the check! Deluxe was an obvious answer.

How and where did it all happen? We have been long-time participants in industry initiatives, such as standards development through X9 and ISO, as well as newer initiatives such as the Remittance Coalition. When one works among industry peers at this level, the industry becomes a fairly small and well-connected universe.

Finovate: What are some of the other companies and institutions that have deployed VerifyValid's technology?

Doyle: VerifyValid has over 10,000 users currently and more are joining every single day. Our customers run the gambit from several large companies such as $10B multi-national corporations down to sole proprietors and not-for-profits. Many of our customers are private sector, but we are getting an increasing number of public sector entities, such as school districts and municipalities, beginning to use the service.
VerifyValid_homepage1

Finovate: How big is the B2B check business right now? Amid the overall declining use of checks, are we still seeing strong numbers on check issuance in the B2B space?

Doyle: There are approximately 5 billion B2B checks written and another 3 billion B2C checks written. This means businesses will write roughly 8 billion checks in 2014. Given the average value of a check is $1,420, this translates to more than $11 trillion dollars disbursed via checks by businesses. Given all forms of cards combined still only add up to about $4.5 trillion, we think this is still a very big and important part of our payments marketplace.

Finovate: What kind of cost savings are your customers realizing by using VerifyValid?

Doyle: Customers can pay for using VerifyValid's service using money they already have in their existing budgets. For the same price as a 1st Class postage stamp, a user can complete the full process of creating, authorizing, and sending an eCheck.

As a result, all the other costs associated with the payments (i.e., purchasing of check stock, special printer cartridges, labor, etc.) go away. Our customers tell us they save $1 per transaction for each use of the service that would have formerly been a hard-copy check sent via the US Mail.
VerifyValid_homepage2
Finovate: Let's talk about the technology, the Trusted Time Stamp that keeps the check delivery system secure. What kind of authentication is happening here that ensures that a check a bank receives is legitimate?

Doyle: This can get VERY geeky very fast, so I will try to keep it simple, and high-level.

We have built and brought to market the industry's first Universal Positive Pay system, which gives a bank-of-first-deposit (BOFD) that ability to verify that a check which was issued through our service or registered with our service is a true, authentic item. 

The beautiful thing about the check is that the real value of the check is in the data of the check, not the paper. There are 5 critical pieces of information: 1) the bank routing and transit number, 2) the account number, 3) the check number, 4) the amount of the check, 5) the "Pay to the order of" or payee. We give the ability to prove the truth of authentic transactions. This is a big deal. It is a game changer when it comes to the problem of check fraud because now, through VerifyValid, banks can trap inauthentic checks before they even enter the banking ecosystem.

VerifyValid takes the 5 critical values and creates a cryptographic times tap or Trusted Time Stamp (per ASC X9.95). The cryptographic timestamp allows for us to prove the authenticity of the transaction while still preserving the privacy of the underlying financial transaction.

Finovate: What percentage of VerifyValid customers are printing out the electronic checks? Do you expect this percentage to change significantly going forward? If so, what would be the catalyst for that change?

Doyle: The vast majority of our customers are printing out the checks they receive and depositing them traditionally. While we do see this changing in the future, the nice thing is that it does not have to change before more people can take advantage of the service. We hear from customers their delight at receiving their payments faster. This, in and of itself, is a big benefit. When we talk to users and the opportunity to deposit the check electronically, this takes things to a whole new level. It surprises and delights. Most people say things like, "Wow ... now that is great ... you've got it all. That is cool!"
VerifyValid_mobilecheckbook
Finovate: Where do VerifyValid's revenues come from?

Doyle: VerifyValid's revenues primarily come from the business check writer. A business pays to issue checks and the cost of using the service is essentially equal to the cost of the 1st class postage that they no longer need to use.

Finovate: So VerifyValid's approach to electronic checks keeps banks in the picture?

Doyle: VerifyValid's approach is built around banks and credit unions. The check is a payment instrument drawn against a DDA and is the essential domain of the banking industry. We believe this is the right way to build a modern, next-generation payments capability: by working with and through the banks and credit unions, and constructed on a rock-solid foundation of an existing, trusted and effective payment system. We allow banks and credit unions to use what they already have, what they already own. No new IT spend or investment required.

Finovate: The option to deposit checks directly into your checking account is a key feature. How many participating banks/FIs do you have? How quickly can you grow that number?

Doyle: My team is working out a plan to open up deposit-ability and Deposit Services for all banks by the end of the year. Stand by for more details on this in the 4th quarter.

Finovate: Let's talk about the new app, Mobile Checkbook. How is it being talked about and received so far?

Doyle: Customers and pundits seem to love our mobile checkbook. As the market's first real general purpose checkbook for the smartphone, it has a wide variety of uses. We are also being asked for a number of additional features. This shows us how much customers already like and use the app, and what more they want to be able to do. This also shows how relevant and useful checks still are.

Finovate: Brett King of Moven famously predicted that the last personal check will be written in the US in 2018. Interestingly, an initiative in the UK that set out to sunset paper checks around the same time as King's prediction was met with a popular backlash. 

As an innovator in the space, what do you see as the future of the check?

Doyle: I believe Brett's prediction is simply wrong and may have been meant to hype his company's marketing message. The data in the US tells a different story, as do the direct experiences of the UK.

In the US, the actual number of checks written in 2012 as compared to nine years earlier in 2003 was 56% of the earlier volume. There were 21 billion checks written in 2012 as compared to 37.6 billion written in 2003. At this rate, if we look at 2018 (which would be a 6-year difference as compared to a 9-year difference in the prior number) one could predict that in 2018 there will still be approximately 12 billion traditional, paper checks written. Ironically, the number of consumer-to-consumer checks written has grown approximately 2% over the prior 6 years (2006-2012).

The experience of the UK is also worth noting. The UK Payments Council tried to mandate the end of checks by October 2018. Then, in July of 2012, this mandate was abandoned. The UK Payments Council was criticized for having attempted to implement a mandate without coming up with an acceptable alternative to the check.

According to mobilepaymentstoday:

"Checks still play an important part in the British payments landscape. Nearly 840 billion pounds ($1.4 trillion) worth of checks were processed in 2013 accounting for 10% of all payments made by individuals. In 2013, 23 million checks were sent as gifts because they are still the most trusted method of sending money through the post."

We believe the check is as good a form of payment or better than anything else out there today. If one removes the paper or shifts where an dhow the item gets printed, we think the check will see a very long future. My prediction is that the VerifyValid eCheck will help checks continue to be used for at least the next decade or two. I believe we will see eCheck volumes reverse the trend in paper checks and will ultimately result in an increase in check usage.

Finovate: What can we expect to see from VerifyValid in the second half of 2014?

Doyle: The second half of 2014 is going to be exciting
  • Significant expansion of our mobile offering
  • Expansion of our offerings on the security and fraud prevention side of the business
  • Enhanced experience, functionality, and services for banks
And a few things we cannot talk about just yet!

Learn more about VerifyValid. Watch the company's FinovateFall 2013 demo with Deluxe Corporation.

Alumni News-- August 14, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFiserv and DBS win Asian Banker Technology Implementation award.
  • Expensify enables in-app report comments to make annotations directly on expense reports.
  • Merchants using WordPress now have access to two new payment gateways: Dwolla and PayPal Express Checkout.
  • Bank Innovation takes a look at how "Pay with Venmo" will impact mobile e-commerce.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News-- August 13, 2014

  • Finovate-F-Logo.jpgNetbanker features 2012- 2013 fintech graduates from Y Combinator:  TrueLink Financial, Coinbase, and LendUp.
  • Netbanker features 2009- 2012 fintech graduates from Y Combinator: ZenPayroll, SmartAsset, TrustEgg, FutureAdvisor, ReadyForZero, and WePay.
  • American Banker considers how Diebold is leading the way on the branch of the future.
  • peerTransfer surpasses 500 clients, while processing over $1 billion in international payments.
  • Heartland Payment Systems buys out remaining shareholders of tablet software and hardware startup, Leaf.
  • ACI Worldwide announces completion of ReD acquisition.
  • Lending Club mentioned in HBR Blog's look at how new lending technology can help small businesses.
  • Silanis Technology partners with loan management software specialist Calyx Software. See Silanis at FinovateFall 2014 in September.
  • planwise teams up with Informa Research Services to launch plug-and-play search tool of real estate agents and brokerages.
  • NextAdvisor column in HuffPo highlights LendUp as alternative loan option for the underbanked.
  • Pandai announces joint cooperation with China and Hollard to leverage their experience in the loan insurance market.
  • Xero and Square partner to sync Square transactions and give a business a view of their finances. See Xero present at FinDEVr. 
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News-- August 12, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgUK peer-to-peer leader Zopa tops $1 billion.
  • TSYS launches its Enterprise Tokenization solutions to help boost e-commerce security.
  • Thomson Reuters introduces Watchlist Pulse, a buy-side app for its Eikon platform.
  • Jingit's Co-CEO and Co-Founder Joe Rogness explains to PYMNTS how they combine advertising and payment transactions.
  • StockTwits adds Former Yahoo! CEO and Robert Peck, SunTrust Tech Analyst, to Board of Directors.
  • Nanalyze features Dynamics ePlate technology.
  • Australia's The Age considers how Society One plans to undercut banks' personal loan rates by 5%.
  • Knox Payments considers how Mint, LendUp, and Simple are empowering our increasingly cashless society.
  • Oink brings its youth payment technology to online game company, Smilegate West.
  • San Francisco 49ers football team adds Wealthfront to list of benefits for employees.
  • Luxoft opens new delivery center in Guadalajara.
  • CEB Blogs interview Wipro's Chief Learning Officer Abhijit Bhaduri.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr 2014 Presenters Revealed!

FinDEVr Logo

FinDEVr San Francisco 2014 -- the first event focused on fintech developers -- is less than two months away, and we're excited to announce our presenters!

These leading companies came from a competitive application process designed to find the best ideas and innovations for fintech developers. Not only did we have an unprecedented number of applications for a debut event, but we also saw an incredible range of cutting-edge solutions!

On Sept. 30 & Oct. 1 in San Francisco, they'll showcase their latest tools, APIs, and platforms via fast-paced onstage presentations and in-depth workshops.

On the first day, our sponsoring presenters will reveal their latest & greatest fintech to a packed auditorium, then close out the day with happy hour and dedicated networking time. Here's who you can expect to see on stage on Tuesday, Sept. 30:

  • Platinum Sponsors: Yodlee Interactive, TD Ameritrade, MasterCard & Visa
  • Gold Sponsors: PayPal & Forte Payment Systems
  • Silver Sponsors: Financial Apps, Avoka, Xero, InComm, EVO Snap, Xignite, Eshta & Intuit
  • Bronze Sponsors: CardFlight, BehavioSec, Mifos Initiative, Cloud Lending, ModoPayments, StockTwits, Bluefin Payment Systems, Finicity, OnDeck, Paradigm4, Tradier & PayNearMe

After whetting the audience's appetite on day one, our sponsoring presenters will kick off day two with deep-dive workshops into their developer technology. These 50-minute workshops will run throughout the morning in six tracks and continue into the afternoon.

Alongside these workshops, another round of fast-paced presentations will also take place during the second half of Wednesday, Oct. 1 in a shrunken auditorium. Here is the initial list of the cutting-edge companies that have been selected to present on day two: BCL Technologies, Bionym, BlockChain.info, CopSonic, CrowdCurity, Entersekt, Kiind, Knox Payments, MASSPAY, Morpheus Aiolos, PayStand, Pich Technologies, Plaid, Prudena, Sekur.me, SimplyTapp, TagCash, Thinknum, Trulioo & The TxPUSH Initiative.

Even prior to today's announcement, tickets have been selling strongly and we're pleased to be projecting an audience of 400-500 for the event. The room is going to be packed with developers and technical execs from startups as well as financial institutions like CIBC, Experian, Wells Fargo, BlackRock, USAA, Capital One, Target, and Western Union.

If you and/or your technical colleagues are interested in attending to learn about the latest innovations for fintech builders, tickets are on sale at the very early-bird discount of $200 off through Friday August 22nd.

We'll see you there!

FinDEVr San Francisco 2014's VC sponsor is: Life.SREDA

FinDEVr San Francisco 2014 is partners with: BankersHub, BayPay Forum, California Bankers Association, fin-tech.org, Hotwire, Mercator, PaymentWeek & The Paypers

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London-based peer-to-peer lender, Zopa announced that it has surpassed the billion-dollar mark (£0.59 billion) in total lending since launch.

"The peer-to-peer industry is growing faster than ever," Giles Andrews, Zopa CEO and co-founder said. "And we're looking forward to offering new products like ISAs in the near (future)."

It's a testament to the growth Giles speaks of that a quarter of Zopa's lending has come in 2014 alone. The company has enjoyed 92% year-on-year growth (basis July), and expects to return £10 million in interest to lenders this year.
Zopa_homepage_new
A few metrics on Zopa:
  • Year-to-date number of loans (2014): 104,000
  • Year-to-date funds loaned (2014): £148 million
  • More than 63,000 active borrowers 
  • More than 57,000 active lenders
  • Average Zopa lender: 47 years old
  • Average Zopa amount lent: £5,710
  • Average Zopa borrower: 40 years old
  • Average Zopa amount borrowed: £5,500
  • Total amount returned to lenders since launch: £37 million
  • Top three most popular loan uses cases:
    1. Car: 40%
    2. Home improvement: 20%
    3. Debt consolidation 20%
Founded in 2005, Zopa demoed its technology at FinovateSpring 2008. The company recently made headlines by winning the Most Trusted Loan Provider and Most Trusted Specialist honors at the 2014 MoneyWise Customer Service Awards in June.

Earlier this year, Zopa was named to the 2014 European FinTech 50, and won "Best Peer to Peer Lender" from Moneynet Personal Finance. The company raised £15 million in funding from Arrowgrass Capital in January, taking their total capital to more than $56 million.
StockTwitsLogo

Stock market communications platform, StockTwits is adding to the brains behind its operation. The San Diego-based company announced on Thursday it picked up the former Yahoo! CEO, Ross Levinsohn, to serve on its board of directors.

Immediately prior to this appointment, Levinsohn worked as CEO of Guggenheim Digital Media.

RossLevinsohnIMG

Ross Levinsohn

According to Business Insider, StockTwits CEO John Melloy said that Levinsohn sees great potential in the StockTwits social network. He also mentioned that the web and mobile platforms are slated for a total redesign that will be launched this September, along with multiple new features.

SunTrustIMG

Robert Peck

Along with Levinsohn, StockTwits is also adding Robert Peck, a technology analyst at SunTrust.

Check out StockTwits' presentation at FinDEVr to get a closer look at their platform and be a part of the first event for fintech developers this September 30 through October 1 in San Francisco.

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For all the innovations in the ways alternative lenders connect borrowers with capital, it's nice to see a little innovation on the side of lenders getting their money back.

LendUp announced this morning that it had inked two service arrangements with global money transfer and payments company, MoneyGram. The partnership will let LendUp borrowers use MoneyGram's Express Payment Service to repay their loans. The service is available at 39,000 agent locations across the United States.

The goals, said LendUp CEO and co-founder, Sasha Orloff, was to provide "new payment options exactly where many of our customers prefer to do business." In a statement, LendUp shared research that indicated that among "small dollar credit" consumers, "store location convenience" was a major factor.
LendUp_homepage_new
Echoing this fact was MoneyGram's executive vice president of U.S. and Canada, Pete Ohser, who highlighted both innovation and convenience in celebrating the new relationship with LendUp.

And "new relationship" sounds like the proper way to think of LendUp and Moneygram going forward. Rather than a one-off deal, LendUp sees its relationship with MoneyGram growing to include additional products and services enabling access to credit via LendUp. Payment services are also under consideration going forward.

Founded in 2011, LendUp is based in San Francisco, California. The company demoed its RESTful API platform at FinovateSpring 2014 in San Jose, having won Best of Show honors the previous year at FinovateSpring 2013 in San Francisco. LendUp also made headlines in May with news that the company had raised a $50 million credit facility thanks to Victory Park Capital.

Alumni News-- August 11, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMisys announces acquisition of Custom Credit Systems.
  • Wipit brings omni-payment functionality to its prepaid cash mobile wallet.
  • LendUp partners with MoneyGram to enable real-time offline loan repay.
  • Barclays Pingit adds eGift options through Blackhawk Network partnership.
  • WSJ reports how Wealthfront, Betterment, Future Advisor, Personal Capital, and Motif are changing the investment landscape.
  • Wired UK Magazine lists BehavioSec as one of Euorpe's hottest startups. See BehavioSec at FinDEVr this September 30 through October 1.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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Wipit's mobile wallet just got even handier.

The company unveiled this week omni-channel payment technology that will enable Wipit mobile wallet customers to use their prepaid cash mobile wallets to make payments at the retail point-of-sale, as well as online.

Wipit CEO Richard Kang said, "Omni-payments is a natural extension of our mobile wallet and will allow merchants to provide more options and better payment experiences to their customers."
Wipit_homepage
The new features expand the range of payment choices for consumers using Wipit's network, which includes a branded GPR (general purpose reload able) card and in-app services. Brick and mortar retailers benefit from the wallet's POS payment feature. Online merchants can take payments from consumers who may be unable to make digital payments through other means (for example, credit cards). There is also the advantage of merchants of avoiding interchange fees when transacting via Wipit.

The technology is designed to be easy to implement. Merchants have the option to deploy point-of-sale payment features via closed-loop payment cards, in-app barcodes, or NFC.

Wipit was founded in 2010, and is headquartered in Pasadena, California. The company demoed its Boost Mobile Wallet at FinovateSpring 2014. See Wipit's live demo here.

Alumni News-- August 8, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTransferWise earns a spot on Wired UK's list of the "100 hottest start-ups" in Europe for 2014.
  • TMC Net takes a look at CU of America's deployment of mobile banking solutions from Malauzai Software. See Malauzai at FinovateFall 2014 in New York.
  • First Access Funding Corporation to deploy loan origination system (LOS) from defi SOLUTIONS.
  • MasterCard Indonesia launches e-commerce initiative.
  • Intuit acquires PaySuite, bringing cloud-based payroll services to Quickbooks.
  • American Banker: Authentify introduces extension of xFA called Smart Choice to determine authentication mechanisms the user's device has access to.
  • Cachet Financial Solutions and Contact Solutions bring Mobile Customer Care to Prepaid Clients.
  • CNBC looks at how LearnVest, Tuition.io, and ReadyForZero are making student loan payback easier.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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