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November 2011 Archives

eToro Adds Live Discussion Feed

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Investment network eToro announced yesterday that it has added a live discussion feed to provide users a method to communicate outside of each others' profiles:

"OpenBook is enabling traders to follow the general buzz on the network through a live discussion feed that brings all current discussions to the user's attention."

The discussion feed joins general feed, the top 100 feed, and the watch list feed on the OpenBook platform.

To learn more about eToro, watch its FinovateFall 2011 demo.
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Mobile imaging company Mitek announced Monday that E*Trade will join Charles Schwab in providing remote check deposit technology to brokerage customers. It will be available on the iPhone next month and on the Android in early 2012. 

Mitek notes the benefit for E*Trade clients:

"The move by E*Trade, a New York-based online brokerage, is especially notable because customers currently have to mail a check or use direct deposit or transfer or wire money from an alternative account."

E*Trade is hoping the added convenience will keep clients more engaged with its trading platform.

To learn more about Mitek, watch its FinovateFall 2011 demo.

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  • Fox Business News interviews SmartCredit.com's John Ulzheimer.
  • TechCrunch reports PayPal's cyber Monday mobile payment volume is up over 500% from last year.
  • Bank Technology News profiles ActivePath.
  • Samurai from FeeFighters is now incorporated into Shopify in beta.
  • eRollover.com changes its name to FIPath.com.
  • Discover placed on 2011 InformationWeek 500 list that honors America's most innovative users of business technology.
  • Bank Technology News profiles Cardlytics.
  • E*Trade to use Mitek's remote check deposit technology.
  • Silicon India Startup lists SimpliFI as a tech tool to track investments.
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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Cartera Commerce announced today that it is powering a card-linked offers program for Navy Federal Credit Union, the world's largest credit union by asset size and by membership.

The program, called Member Mall, allows over 1 million of Navy Federal's NavyFCU2.jpg3.8 million members to earn cash back or rewards points when shopping with their Navy FCU credit card (see screenshot below). 

With Cartera's technology, Navy Federal's non-reward credit card holders now have the ability to earn rewards.

Thumbnail image for MemberMall.jpgTo learn more about Cartera Commerce, watch its FinovateFall 2011 demo.
  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgContra Costa Times describes how PayNearMe works for the underbanked.
  • The Motley Fool examines how Dwolla compares to credit card payment options.
  • Banking Technology interviews Jonathan Assia, eToro CEO.
  • Business Weekly reports Voice Commerce plans to expand with more staff and a larger office building.
  • The CBS Early Show recommends using BillShrink to help you calculate how  much RAM, storage, & data you need.
  • Cartera Commerce powers Navy FCU's card-linked offer program.
  • cbanc Network partners with HEIT, a Computer Services company, to survey FI strategies.
  • eToro Partners reaches out for regional partnership applications.
  • My Peer-to-Peer Lending Site's blog profiles LendingKarma.
  • Failsafe Payments adds SafetyPay to CertoConnect.
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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Earlier today, Credit Sesame released its free iPhone app that allows users to check their credit score on-the-go.

It also provides management tools that let users:

    • Manage debt pay-down with trending graphs
    • Receive personalized savings advice and alerts
    • See how much they owe on lines of creditCreditSesameMobileIMG1.jpg
    • View their credit-utilization ratio

To maximize security, Credit Sesame requires the use of a PIN before login and provides the ability to remotely deactivate the service in case of a stolen phone.

To learn more about Credit Sesame, watch its FinovateFall 2011 demo.

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PFM Pageonce recently announced that its online bill pay service has reached a milestone of $1 million in bills paid:

"Publicly available on smartphones for almost one month, consumers have used Pageonce to pay $1M worth of credit card, utility and other personal bills. 

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With mobile bill pay projected to grow almost four times by 2013, Pageonce is leading a new and smarter way for consumers to control and interact with their personal finances."

In an effort to relieve the pain of paying bills, it also launched a mobile bill pay app for the iPad that aims to simplify the process of paying bills.

To learn more about Pageonce, watch its FinovateFall 2010 demo.

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Online payment solution company SafetyPay recently announced that its payment platform can now be used to purchase Facebook Credits:

"SafetyPay will be a payment option for Facebook Credits in Mexico, Costa Rica, Peru, Spain, Canada, United States, Austria, Germany and Brazil starting on December 9th, 2011. Facebook Credits can be purchased through SafetyPay without a credit card and without disclosing any personal financial information, which provides a safe online buying experience."

Users can redeem the credits for virtual in-game elements, movies, Target gift cards, and more.

To learn more about SafetyPay, watch its FinovateSpring 2010 demo.

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  • Payments Journal looks at Dwolla's P2P payment platform.
  • Prosper announces iPod Nano giveaway for borrowers.
  • Simply Stacie describes BillFloat's daily $50 giveaway.
  • OnPoint CU debuts Tyfone mobile gift card service.
  • Active Filings describes how consumers can benefit from BillGuard's fraud-monitoring service.
  • Freewaregenius describes the Kapitall user experience.
  • Xero makes BestVendor's list of 25 most beloved web services and work apps with a belovedness score of 38%.
  • SafetyPay available as payment option for Facebook Credit purchases.
  • Pageonce sees $1 million in user bill payment, launches iPad app.
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.

LearnVest Updates My Money Center

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Yesterday, PFM LearnVest announced some updates to My Money Center, its free online budgeting service.

Here's an overview of what's new:

  • Categorize cash transactions: You can now categorize the $50 you withdrew from the ATM as a budgetary item.
  • LVInbox.jpgManually add an account: Is your Credit Union not syncing with LearnVest? No worries. Now you can manually include that money for a full picture of your finances.
  • Track your income: Now there's a folder in your financial inbox for your paychecks and other sources of income.
To learn more about LearnVest, watch its FinovateFall 2011 demo.
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  • Mitek updates its Remote Deposit Capture product to improve UX and performance.
  • CNBC reports CashStar fuels eCommerce this season with personalized eGift cards.
  • StockTwits adds real time streams to The Street's ticker pages.
  • Prosper launches '$5,000 Shop on Us' sweepstakes.
  • QVC selects CashStar to power its new eGift Card program.
  • The Next Web refers to HelloWallet as a "brilliant" personal finance tool.
  • MyCyberTwin wins 2011 New South Wales Australian Technology Showcase Rising Star Award. 
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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PFM company HelloWallet released a new iPhone app last week. In addition to providing standard PFM features such as account balance, spending overview, and budget outline, HelloWallet features a new tool that guides users based on their location:

"Once the app determines the user's location, it will display how much is left to spend in the associated budget category and how much has been spent historically at that location."

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The example on the right shows an example of a user visiting Caribou Coffee. The app informs them how much money is left in their coffee budget and displays their average spend at the merchant over the past year.

The HelloWallet app for Android will be available in early 2012.

To learn more about HelloWallet, watch its FinovateSpring 2011 demo.

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  • Richard Branson follows in the footsteps of Simple by avoiding the word 'bank' when naming his newly acquired FI.
  • Alkami wins VC backing for online banking technology.
  • Check Point Software Technologies acquires risk management company.
  • HelloWallet's iPhone app helps make budgeting advice more relevant.
  • Equifax partners with data quality and management company Ixsight.
  • Xero makes receiving overpayments and prepayments easier.
  • Credit Union Times reports Geezeo adds four credit union clients for its PFM.
  • Venture Studio interviews Alexa Von Tobel, LearnVest CEO, about how she started her business.
  • The Social Lending Network looks at Prosper's top P2P lenders.
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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Check Point Software Technologies recently announced the acquisition of Dynasec, a governance, risk management, and compliance (GRC) solution provider. This move will enhance Check Point's 3D Security platform that:

"Enables companies to view security as a business process, focusing on policy, people and enforcement. The combined security and GRC solutions will enable customers to manage their entire 3D Security process from corporate objectives, to policies and security enforcement..."

The added solutions will help clients sift through ever-changing security regulations and requirements when creating IT security policies. 

To learn more about Check Point Software Technologies, watch its Finovate 2008 demo.

Currensee.jpgLast week, currency trading platform Currensee announced the launch of its Trade Leaders Investment Program for institutional clients:

"The new service enables hedge funds, money managers, family offices and other asset gatherers to tap into the USD4 trillion daily Forex market by leveraging the elite Currensee network of Trade Leaders."

It also instituted the Currency Risk Management Control Center to assist investors with controlling risk.

To learn more about Currensee, watch its FinovateSpring 2011 demo.

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  • BrightScope plans to tweak its blog & redesign its homepage.
  • SimpliFi wins four Achievement in Marketing awards from Columbus chapter of American Marketing Association.
  • New York Shop Exchange interviews Brock Blake, Lendio CEO, about small business loans.
  • MyBankTracker looks at Yodlee's FinApps and the evolution of Mobile Banking.
  • Fifth Third Bank launches mobile banking apps powered by Clairmail.
  • TechCrunch reports Braintree receives investment from Capital One co-founder, Nigel Morris.
  • Currensee launches Trade Leaders Program for institutional clients.
  • TechCrunch explores the differences between Mint.com and HelloWallet's mobile apps.
  • Family blogger Darcy shares five of DoughMain's features.
  • Xero doubles its customer numbers, gains traction overseas.
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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Yesterday, Expensify launched an iPhone app, Expensify Lite, that is exclusively for mileage support. This simple app will include mileage and odometer entry, business card scanning, offline support, and comments on receipts.

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All other Expensify mobile capabilities can be found in the regular Expensify app. The app is now available on iOS, Android, Blackberry, and Windows. 

To learn more about Expensify, watch its FinovateSpring 2011 demo.

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Yesterday, PayPal relaunched Send Money, a Facebook app that allows payments, accompanied by e-cards, to be sent to friends. PayPal says 80% of its active users also use Facebook. 

The process begins inside Facebook where the app is launched and the recipient is chosen from the friends list. Then users select an e-card image, add a personal greeting, and type in the amount of the payment. The final step takes users into their PayPal account, where they login with their PayPal username/password, to confirm the transaction. Recipients need a PayPal account to redeem the cash. 


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While the e-cards and P2P payments are free, PayPal's international fees still apply.

To learn more about PayPal, watch its FinovateSpring 2011 demo.

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Mitek Systems, whose fiscal year ends in September, recently released its year-end earnings and client numbers, along with a hint towards a strategy move. 

Janney Capital's report details the highlights:

  • Earned $10.3 million in revenue in the 2011 fiscal year. This is double its $5.1 million 2010 revenue.
  • Increased revenue by $1.4 million from Q4 2010 ($1.6 million) to Q4 2011 ($3.0 million)
  • Reported that the number of signed financial institutions sprang from 80 to 161 in the final quarter of 2011. This doubles its customer base, which includes 7 of the top 10 U.S. Banks.
  • Acted on its plan to enter the insurance vertical market by signing Progressive as a customer.
  • Announced that an unnamed, tier 1 bank will introduce Mitek's Photo Bill Pay product to its customers in the near future

Mitek's customer base includes:

  • Charles Schwab
         - Experienced 40% mobile deposit adoption in 6 months
  • Progressive
         - This is Mitek's first step into the insurance vertical world
  • Intuit
         - Launched Mitek's Mobile Deposit in September 2011
  • Wells Fargo
         - Available only to commercial customers
  • JPMorgan Chase
         - Available to both private and commercial customers.

  • To learn more about Mitek, watch its FinovateFall 2011 demo.
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    • FiPath (formerly eRollover) launches FiPath for Advisors, online marketing solution for advisor leads.
    • TSYS signs largest private bank in Azerbaijan.
    • MShift to power AmeriCU's mobile banking platform.
    • StockTwits & Gnip partner to cater to traders.
    • StockTwits goes International with its real-time financial platform.
    • Mitek doubles clients, plans to enter insurance vertical.
    • PayPal relaunches Facebook app for friend-to-friend payments.
    • Expensify launches lite iPhone app for mileage support.
    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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    We're very excited to announce that Finovate will be returning to San Francisco next year on May 8 & 9 for FinovateSpring 2012. Once again, the event will showcase dozens of the best new fintech innovations from leading fintech companies and hot young startups via our signature format that blends fast-paced demos with high-quality networking.

    At FinovateSpring 2011 earlier this year, we welcomed the event's largest audience ever with over 850 attendees from organizations like Ally Financial, American Express, Bank of America, Battery Ventures, BBVA, Capital One, Charles Schwab, Chase, Citi, CNNMoney, Discover, ETRADE, Filene, FIS, GE, Google, GRP Partners, H&R Block, ING, Intuit, Morgan Stanley, Paypal, Reuters, Slate, The Bancorp, Time Inc., USAA, US Bank, Visa, Wall Street Journal and Wells Fargo. Overwhelmingly, they said they'd return for 2012 so we expect next year's audience to be even bigger and better!

    If you're interested in watching the future of financial and banking technology unfold live on stage at this must-attend event then please get your pre-sale ticket today for FinovateSpring 2012 to lock in your spot (and save $400 via the lowest price we offer).

    And, if you're a new startup, established fintech company, or leading financial institution innovating in financial or banking technology, we'd love to have you apply to demo your latest and greatest at the conference. To get more details, please email us at demo@finovate.com.

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    Transaction-based marketing startup Cartera Commerce announced today that it will be powering the Rapid Rewards Shopping platform from Southwest Airlines:

    "Rapid Rewards Shopping features thousands of valuable points offers from more than 700 participating online retailers. Members can use Rapid Rewards Shopping to get more out of their holiday shopping budgets -- on top of online retailers' sales and promotions -- by earning points for each gift they buy."

    SouthwestBag.jpg

    Members will be able to redeem points for airline tickets.

    To learn more about Cartera Commerce's transaction-based rewards platform, watch its FinovateFall 2011 demo.

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    Jingit, the startup that pays users to watch advertisements, announced positive initial results:

    "The number of participants doubled in October and again in November. The steady growth is attributed to its viral and social media marketing efforts as well as its captivating demonstration and unveiling at the FinovateFall Conference."

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    It is also having success with its U.S. Bank-issued Jingit Visa debit card. Almost 33% of Jingit participants have already ordered the card. And U.S. Bank is pleased with the numbers, saying that it has "exceeded expectations."

    To learn more about Jingit, watch its FinovateFall demo.

    Yodlee Partners with Open Solutions

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    PFM startup Yodlee announced today that it has formed a partnership with Open Solutions, a supporter of community financial institutions and credit unions.

    "Open Solutions will be the first channel partner to launch the Yodlee Platform with the FinApp Center to its community bank and credit union customers. Yodlee's FinApp Center is a consumer-driven marketplace for personalized financial applications, or Yodlee FinApps..."

    Open Solutions hopes to have the FinApps available by early 2012.

    To learn more about Yodlee's FinApps, watch its FinovateFall 2011 demo.

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    Yesterday, Visa unveiled its V.me mobile wallet that will compete with PayPal in "card number-shielded" online/mobile payments. 

    Key features:

    • Use on PC, tablet, or mobile device
    • Use multiple cards
    • Need only username and password to checkout online

    V.me hopes to differentiate itself from PayPal by also supporting payments at the physical point-of-sale. However, PayPal is working on that as well. 

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    The service is currently invite-only in the U.S. and Canada, but Visa hopes to make it publicly available in early 2012.

    To learn more about Visa, watch its FinovateSpring 2010 demo.

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    • Expensify listed as 1 of 10 innovative startups that rocked the Under the Radar Conference.
    • Reuters blog explains how Prosper and Lending Club are cutting out the banker middleman.
    • LearnVest offers free personal financial advice today. Use the code LVDAYPASS100 to get a day pass.
    • Xconomy reports: BillGuard, Backed by Khosla Ventures, Wants to Stop Sneaky Credit Card Charges.
    • Seventure Partners and Naxicap Partners invest 4 million Euro in Mootwin.
    • Michigan Farm Bureau selects Identity Theft 911 to provide members with ID Theft Protection & Resolution Services.
    • Betterment integrates its goal feature with Mint.com and Pageonce.
    • Visa's V.me mobile wallet to compete with PayPal.
    • Jingit sees good uptake on U.S. Bank debit card.
    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.
    finsphere_logo.jpgFinsphere announced yesterday that the Affinion Group will serve as the exclusive distribution partner of its Mobile Transaction Monitoring service to financial institutions in the United States.

    Here's how it works:

    "The service's unique algorithm takes into account not only a user's current location, but the historical location of the phone and previous financial transactions, as well as the transaction amount and merchant to determine whether the transaction is high-risk and whether to alert the user.  Once a user receives an alert, they can call the appropriate financial institution or an FCRA certified identity theft expert to get help in resolving any potential issues."

    The Affinion Group will offer the service as part of a suite that provides consumer protection from identity theft.

    To learn more about Finsphere, watch its FinovateFall 2010 demo.

    • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgApparel Retailer Aeropostale selects CashStar to provide e-gift cards.
    • CU Insight reports that Geezeo partners with IBT, a financial services innovator.
    • Dynamics' Chip And Choice Technology wins 2011 CARTES Best in Show Award.
    • NY Daily News recommends LearnVest and DoughMain as resources for financial education.
    • Lendio inspires future entrepreneurs with $2,500 scholarship.
    • Arroweye approved to digitally produce Discover Cards.
    • ABA Banking Journal describes mobile banking, citing Celent's report, "Innovations in Mobile at Finovate."
    • Affinion Group to distribute Finsphere's Mobile Transaction Monitoring service.
    • Betterment CEO Jon Stein interviews with top investment bloggers.
    • Centuryware discusses SecondMarket's success.
    • Wonga CEO named Entrepreneur of the Year by European Tech Tour Association.
    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.

    TrustedID Acquires Unsubscribe.com

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    California-based TrustedID announced its acquisition of Unsubscribe.com, the creator of Social Monitor, an antivirus for social networks.

    "Unsubscribe.com's Social Monitor, the most advanced security tool for consumers using social networks, scans apps within Facebook, LinkedIn and Twitter accounts to determine their risk. Social Monitor has evaluated over 100,000 apps to date, covering more than 90% of all Facebook app installs."

    The tool allows users to assess the risk level of individual apps and, if necessary, remove them from their social-network account.

    To learn more about TrustedID, watch its FinovateSpring 2011 demo.

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    Yesterday, Lendio announced that it will work with LegalZoom to allow users to access legal resources on its platform:

    "LegalZoom offers prepaid legal plans for individuals and small businesses at a cost of as little as $15 a month. Customers can obtain legal advice over the telephone and other services from an attorney licensed in their state."

    Bringing LegalZoom to the Lendio platform will provide users access to financing and legal resources in one place.

    To learn more about Lendio, watch its FinovateSpring 2011 demo.

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    • FamilySearch now using eWise's Secure Vault Payments Technology.
    • Business Insider recommends Credit Karma as a free way to learn your credit score.
    • Netbanker: WV United FCU offering both Square and Dwolla payments.
    • The Globe and Mail adds ticker content from StockTwits.
    • Brightscope holds off on adding yelp-like investor reviews in order to add a Q&A section to the site.
    • Wall Street Survivor launches affiliate program.
    • Williams-Sonoma works with CashStar to provide e-gift cards.
    • Lendio works with LegalZoom to bring legal resources to users.

    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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    The Globe and Mail announced yesterday that it has launched the StockTwits ticker stream on its website. Readers will be able to follow the news in real time and will be able to message the stream to Facebook, Twitter, and LinkedIn.

    Here are the three features that The Globe and Mail has included:

      1. StockTwits tab to the ticker page
      2. StockTwits widgets to the story page
      3. Ticker widget on the StockTwitsScreenShot.jpgticker page

    The Globe and Mail joins Yahoo! Finance, CNN Money, Reuters.com and Bing Finance as StockTwits content distributors.

    To learn more about StockTwits, watch its FinovateEurope 2011 demo.

    ewiselogo9.1.11.pngeWise's Secure Vault Payments technology was featured in Bank Technology News last Friday. The electronic payment network began working with genealogical site FamilySearch to provide a payment platform that will allow it to collect donation payments on its website:

    "When processing donations via Secure Vault, financial institutions authenticate the payer and provide FamilySearch with fast authorization. Minneapolis-based U.S. Bank, which is the first top-ten bank to offer Secure Vault, is sponsoring FamilySearch International into the Secure Vault network, a role similar to that of a merchant acquiring bank."

    While there are no numbers on increased donations yet, there has been a reported increase in donor interest.

    To learn more about eWise's platforms, watch its FinovateSpring 2011 demo.

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    • Credit Karma correlates consumers' credit scores with their email domain name.
    • Fierce Finance IT looks to Cardlytics, BillShrink, Clovr Media, FMN Technologies & Segmint for transaction-driven marketing.
    • Credit Union Times shares Andera's stats from bank-transfer day.
    • GCS Federal Credit Union to offer Geezeo's online PFM tools.
    • CIBC selects Kony Solutions to develop and deploy CIBC's mobile brokerage app.
    • City AM lists eToro as a way to sell your trading homework.
    • Citywire money discusses P2P platforms Zopa, Prosper, and Lending Club.

    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 Planwise(mifii) (2).jpgPlanwise released the beta version of its financial planning platform today. According to planwise:

    "We think the beta represents the tip of what is possible, and we look forward to bringing you a stack of additional capability over the coming weeks and months and hearing all about your thoughts for the tool."

    The beta should last about two to four weeks while the team gathers feedback and fixes bugs. To get the inside scoop, I took a quick tour of the platform. Here are some screenshots that detail my experience: 

    Profile-building page:

    planwiseBetaIMG1.jpg
    Set-up page:

    PlanwiseBeta Plan screen.jpg
    Plan for a major purchase (note the reference tool integration):

    planwiseBetaReference2.jpg
    Secure sharing feature:

    planwiseBetaSecureShare.jpg
    You can try this beta for yourself here by using the code betanov.

    To see planwise's tool in action, watch its demo from FinovateSpring 2011.
    PersonalCapitalLogo9.11.jpgWealth management startup, Personal Capital, launched a financial news and advice site called Daily Capital:

    "By combining human editorial judgment with Semantic Web curation, Daily Capital captures the long tail of high-quality financial and investing content and brings you the relevant few, all in one destination. The site also offers original insights and advice from Personal Capital advisors and other expert contributors, including former CBS MoneyWatch writers Carla Fried and Allan Roth."

    DailyCapitalClip2.jpgThe new site is powered by Eqentia and includes over 18,000 articles, videos, and other pieces of content.

    To learn more about how Personal Capital and other "bank-less" companies are influencing the industry, check out this month's Online Banking Report.

    To see Personal Capital's wealth management platform in action, watch its FinovateFall 2011 demo

    Weemba Plays Matchmaker For Borrowers

    Thumbnail image for weemba.jpgAfter yesterday's CNNMoney article portrayed Lendio as a matchmaker, Bank Technology News published an article entitled, "Matchmaker Matchmaker, Make Me a ... Loan?" that shows Weemba in the same light.

    This article, however, highlights Weemba's role as a friend to borrowers by treating them more as a partner than a product. Here are Weemba's borrower-friendly features:

      • Potential lenders are screened for predators 
      • The borrower decides when to open up communication
      • The borrower controls which personal pieces of information the lenders see
      • Borrowers do not pay fees, lenders do
    It also gave some stats on the startup:

      • Loan requests are between $1,000 and $5 million
      • 2,000 members
      • 32 lenders
      • Competitors includes Kiva, Prosper, and Lending Club
    City National Bank of Miami has been working with Weemba since launch. 

    To learn more about Weemba, watch its FinovateFall 2011 demo.
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    • Social Times hosts BillGuard as it shares its elevator pitch. Asks: Is it the next big thing? 
    • Business Insider interviews Ben Milne from Dwolla & shares how its frustrating credit card companies.
    • Lighter Capital reacts to fraud, implements fraud prevention.
    • Bloomberg reports SecondMarket gets lobbying win in gridlocked congress.
    • Prosper gives military families their second loan payment free when they get a loan via Prosper.
    • Vinod Khosla, founder of Sun Microsystems and Khosla Ventures, places BillGuard on his "Cool Dozen" list.
    • Weemba plays matchmaker For borrowers.
    • Personal Capital launches daily news service.
    • Planwise launches financial planning tool beta.
    • Tech Cocktail interviews HelloWallet CEO Matt Fellowes.
    • Pilot of the new Zecco Trading Center has begun.

    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.
    on deck capital.jpgLendioLogo11.11.jpgLendio was featured in CNNMoney this morning, where it was referred to as a, "small biz loan matchmaker." 

    The article goes on to describe the headache that an Alabama small business had when trying to secure funding. After being turned down by a bank, the business turned to Lendio and was able to secure funding within a week through On Deck Capital.

    The article also shares some stats on Lendio:

      • Loans range from $5,000 to $1 million
      • 2010 revenue was $8.6 
      • Since March it has received 3,000 loan requests
      • Loan approval rate is 50-70%
    To learn more about Lendio, watch its FinovateSpring 2011 demo.
    DoughMainLogo11.11.jpgFinancial education company DoughMain announced the beta of Sand Dollar City, a multi-player virtual world where pre-teens (age 8 to 12) can learn about finance through game play:

    "Players learn fundamentals of earning, saving, budgeting, spending, smart shopping, credit, and more as they attempt to upgrade their business and balance their purchases between the luxury clothing and furniture they want and the equipment they need to succeed."

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    To learn more about what DoughMain has to offer, watch its FinovateFall 2011 demo.
    Thumbnail image for bill.comlogo.jpgYesterday, bill payment startup Bill.com announced that its paperless bill management innovation was named by the Best in Biz Awards as a silver award winner in the Small or Medium Business Product of the Year category:

    "Simple to use, but extremely powerful, Bill.com's product offering was selected as a Best in Biz frontrunner due to its keen ability to help SMBs 
    Bill.comMobileIMG.jpg
    streamline their tedious bill pay and receivables processes"

    The award winners are selected by industry analysts and members of the press to recognize leading products from small and medium-sized businesses from companies of all industries. To learn more about the awards, click here.

    To learn more about Bill.com, watch its FinovateSpring 2011 demo.
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    • FeeFighters shares its web traffic spikes from being in TechCrunch articles.
    • Monitise launches mobile checkout service.
    • Fox Business News mentions how Tyfone is helping to retrofit cellphones with NFC capability.
    • Reuters reports how Lending Club uses consumer sentiment towards banks as an opportunity.
    • Striata selected by Securitas, a growing security company in South Africa, to provide eBilling & ePayment to customers.
    • ThreatMetrix deploys multi-layered data encryption architecture in new release of Cloud-Based Fraud Prevention Platform.
    • Iowa-based UNI CU and W.Va-based WV United FCU sign on for Dwolla's FiSync.
    • MyBankTracker compares Offermatic to Groupon and Womply.
    • Linkable Networks (formerly Clovr Media) partners with 24/7 Real Media to tap into card linked offers.
    • Wade Arnold, T8 Webware CEO, is selected for The Courier's Class of 2011 20 Under 40 award.
    • Bill.com's paperless bill management wins silver award.
    • DoughMain launches financial education game Sand Dollar City.

    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.

    Expensify Creates Four Pricing Plans

    Thumbnail image for Expensify.jpgExpensify, the expense reporting system that "doesn't suck," now supports 650,000 users across 90,000 organizations. 

    To accomodate their different needs, the company is now offering four service tiers: 

    • Personal: For individuals who want to test out the app. Up to 10 free scans per month.
    • Professional: Intended for power users and contractors. Includes Freshbooks syncing capability and the ability to exceed 10 scans per month by purchasing them for 20 cents each.
    • Team: Provides the abilities to create and share expense policies and sync expenses with Quickbooks. This subscription costs $5 per submitter per month and 20 cents for extra scans.
    • Corporate: Adds a level of administrative control over employee accounts, enhances expense policies with customizable rules, and provides the ability to reimburse employees via direct deposit. This subscription costs $10 per submitter per month and 20 cents for extra scans.
    Receipt scanning will be free until the end of the year.

    To learn more about Expensify, watch its FinovateSpring 2011 demo.
    Thumbnail image for BilleoLogo29.9.11.jpgBilleo, the registration and checkout assistant with 1.5 million users, launched a new app earlier today. This free app, called ShopSmart, brings consumers relevant discounts from over 1500 merchants and instantly alerts users of deals available from their loyalty or rewards programs. 

    For financial institutions:

    Thumbnail image for ShopSmartIMG.jpg
    "The app gives Billeo's network of financial institution and program provider partners the ability reach, engage and incentivize iPad users during the holiday shopping season."


    In addition to alerting users of their rewards, it also serves as a platform to help them organize their daily deals and share them on Facebook.

    To learn more about Billeo, watch its FinovateSpring 2011 demo.

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    • Read Write Web argues the mobile payments capital of the US is Des Moines, IA thanks to Dwolla.
    • Fox Business News reports GoalMine seeks to level the investing field.
    • PayPal updates its Android app with support for NFC payments.
    • eWise hires Alexandre Gonthier, former Boku CTO, as new CEO.
    • Lendio makes its business loan matching service free.
    • Finextra reports Intuit partners with AT&T to take on Square in the emerging mobile card processing market.
    • Xero updates its app: increases speed and improves UI.
    • Business Insider lists Dwolla and Simple as 2 of 20 most innovative startups in tech.
    • Billeo launches ShopSmart to bring consumers relevant discounts.
    • Zecco hosts $500 sweepstakes.
    • miiCard gives first 10,000 users free accounts for life.
    • Netbanker: Top 10 Reasons Why BankSimple Dropped the Bank.
    • Expensify creates four pricing plans.

    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 eToroLogo.jpg
    eToro announced a non-native mobile app to trade currencies, commodities, and indices on their mobile devices: 

    "The Mobile Trading application is based on HTML5 that runs the eToro OpenBook™ social trading platform and its award winning CopyTrader™ functionality and supports IOS (iPhone, iPad, iPod) and all Android mobile devices including tablets. eToro also provides a native Mobile Trader application for Android™ which was launched September of last year."

    Javier Paz, Senior Analyst at the Aite Group notes that the new app makes it easier for users to check their account performance, search for people to follow, and find a user to copy.

    To learn more about eToro's trading platform, watch its FinovateFall 2011 demo.
    SimpleLogo.jpgThis morning, BankSimple made two big announcements

    1) It opened its service to a select group of non-employee customers for the first time:

    Thumbnail image for SimpleCardIMG.jpg
    "We want to understand what works for them and what can be improved. We also want to learn how our customers prefer to reach us so that we can intelligently grow our customer relations team. Using this feedback, we'll rework and revise; the experience we're launching today will continuously evolve."

    2) It changed its name to Simple 
    (Simple.com). This is a logical move because the word "bank" was a misnomer. In fact, Simple is not a bank, but a consumer-facing product that partners with chartered banks that hold your money in FDIC-insured products:

    "Simple is a better representation of what we aspire to. It releases us from the constraints of an industry in desperate need of innovation."

    SimpleNewScreenshot.jpg
    To learn more about Simple, watch its FinovateFall 2011 demo.
    • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgNetbanker: Credit Karma Launches "Hands Free" Account Aggregation.
    • Kony and CIBC deliver new mobile brokerage application.
    • Backbase & Forrester Research to host free webinar Nov 9: 'Banks Need to Become SUPER.'
    • Everything PR lists BillGuard in the Money category of 2011′s Top 100 Best Startups for PRs.
    • eToro launches mobile HTML 5 App for social trading on the go.
    • SecureKey Technologies Inc. to power the Government of Canada's new online authentication service.
    • Malta Independent Online looks at Wesabe, Geezeo, and Budgettracker as key online money management tools.
    • BankSimple launches to the public, changes its name to Simple.
    • eToro launches iOS mobile app for on-the-go trading.

    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 BalanceFinancial.pngBalance Financial announced today that its Balance Professional platform has launched out of beta and is now available to any financial, accounting or tax advisor. 

    "Balance Professional gives financial professionals a free client portal to start that allows them to collaborate with their clients over shared files and documents as well as a client's financial accounts. The Balance platform allows clients to connect their financial accounts and use the integrated budgeting, expense tracking and reporting tools."

    The screenshot below shows the PFM platform for advisor clients.

    BFinProfIMG.jpg
    To learn more about Balance Profesional, watch the demo from FinovateFall 2011.
    Peertransferlogo.jpgLast week, peerTransfer announced that during the third quarter of 2011 it signed up more than 30 new universities:

    "Schools such as Oberlin College, Georgia State University, Western Kentucky University, Mount Holyoke College, University of San Diego and Stevens Institute of Technology join peerTransfer's now 50 plus partner schools."

    The startup allows international students to finance tuition in their own currency helping them save on currency exchange fees.

    To learn more about peerTransfer, watch its demo from FinovateSpring 2011.
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    • BillGuard CEO, Yaron Samid, shares lessons learned as a startup entrepreneur.
    • Expensify listed as 1 of 7 software makers to bring integrated, cheaper add-ons to Google Apps.
    • The Globe and Mail lists Wikinvest as a tool to help ordinary investors dig through the data.
    • Investors.com explains the benefits of using Yodlee to track your finances.
    • Fast Company examines Betterment and BillGuard's  #occupywallstreet event.
    • Dwolla alters its registration process into a more pleasant experience.
    • VentureBeat explains how Prosper is helping to support the #occupywallstreet protesters.
    • peerTransfer partners with 30 new universities.
    • Bill.com receives "Awesome Add-On" award.
    • Social Lending Network provides details on Prosper's recent round of funding.
    • Balance Financial launches professional platform.
    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.
    Lending ClubLogo11.4.11.jpg
    Yesterday morning, Lending Club announced its achievement of reaching the $400 million mark in loan originations:

    "The milestone comes less than four months after Lending Club reached $300 million in total loan originations in July. A record $27.5 million in personal loan originations in October contributed to the milestone. Lending Club loan originations are growing by more than 150 percent year-over-year, and the platform has now paid investors more than $33 million in interest."

    To learn more about Lending Club, watch its demo from FinovateStartup 2009.
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    • Plastyc launches UPside Visa Savings Purse.
    • Diversinet receives U.S. Patent for securely storing information on a mobile device.
    • American Banker reports Ohio Valley CU is working with Truaxis to offer discounts.
    • Xero calls on UK Gov to deliver better reporting, not simpler reporting for micro businesses.
    • Lendio adds 40 Banks, offers local business loans to 70% of the U.S.
    • Lending Club reaches $400 million in loan originations.

    • Huntington Bank works with Kony to create an iPad app.


    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.
    SecondMKTLogo.jpgYesterday, SecondMarket announced a new round of funding: a $15 million Series C from The Social+Capital Partnership, a new venture fund established by former Facebook executive Chamath Palihapitiya. He will also join the SecondMarket board. 

    This brings SecondMarket's total funding to $34 million with a $200 million valuation according to the Wall Street Journal, an increase of $50 million since February 2010.

    To learn more about SecondMarket, watch its FinovateStartup 09 demo.
    Thumbnail image for doxologo9.11.jpgMy collegue at Netbanker recently covered doxo's recent addition of auto pay with limits:

    "Digital ebill storage and payment startup doxo announced an important new feature to its service today, the ability to automatically pay ebills that fall within preset maximum values. For example, as long as my family's wireless bill is under $250, doxo will automatically pay it and send me a confirmation message. If it's more, I get an alert advising me to take a look at my bill before it's paid."

    It also announced the addition of AT&T, a biller with almost 100 million billing accounts.

    To learn more about doxo, watch its FinovateSpring 2011 demo
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    • Reuters highlights how ReadyForZero benefits those in debt.
    • Braintree continues rapid growth -- now processing $10 million daily.
    • doxo adds AT&T as a biller and launches new feature.

    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.
    Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete. 

    Out of 268 alumni, 80 had more than 10,000 unique U.S. visitors in September 2011 and are included in the tables below. Of those, 33 (41%) had more visitors in September than August. Year-over-year, 42 (52%) had traffic increases.

    Private Companies

    • Seeking Alpha and Cortera had the highest traffic in September with 2.1 and 2.0 million unique visitors, respectively. Cortera also had the highest increase in number of unique year-over-year visits with over 1.5 more visits in 2011 than in 2010.
    • Kabbage had the highest percentage growth year-over-year, up 280x.
    • Weemba saw the highest monthly growth percentage with more than 7.5 times the number of unique visitors in September compared to August.
    • SmartCredit.com had the highest increase in number of unique year-over-year visitors, growing by 126,000.
    PrivateWebTrafficSeptember2.jpg
    Source: Compete.com retrieved the week of October 26, 2011

    1) The previous month recorded was August 2011
    2) Sears Credit Score is powered by CreditKarma.com
    3) Truaxis was formerly BillShrink
    4) Kasasa is powered by BancVue

    Public companies

    • CheckFree had the highest percentage growth year-over-year, with over 7 times the number of visitors this year than last year.
    • Intuit had a notable increase in number of unique, year-over-year visitors, increasing by 300,000 visits.
    • Check Point had the highest month-over-month percent growth, with 41% more visitors in September than in August.
    PublicWebTrafficSeptember2.jpgSource: Compete.com retrieved the week of October 26, 2011

    1) The previous month recorded was July 2011.
    _______________________________________________________
    Notes:
    1. We reviewed 268 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed. 
    3. NM = not measurable
    4. t= tie
    5. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.
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    • Prepaid Awards honors CashStar and Dell for Best Prepaid Gift Program.
    • Backbase names Visionary in latest Gartner Magic Quadrant.
    • American Banker discusses T8 Webware's perfect solution for National Grand Bank of Marblehead.
    • Tab Times looks at the progress & success of Kashoo's iPad app.
    • The Wall Street Journal reports Visa Europe takes 8.8% stake in Monitise.
    • Check Point buys compliance solutions co Dynasec.

    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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    • Kashoo's small business iPad accounting app hits 5,000 downloads on iTunes.
    • CarryQuote named аѕ a winner οf the European Bully Awards.
    • Investment News examines how Personal Capital plays into the online-advice space.
    • The Washington Post surveys HelloWallet's business model.
    • RobotDough.com announces its student financial writing competition.
    • Silicon Angle compares the 3 iPad apps launched last week: Wikinvest, Pageonce, & Mint.
    • Q2ebanking discusses mobile-banking security in Credit Union Times.
    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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