First up for the second session, Waspit launched its social banking platform for students:
"Waspit's new platform combines the most innovative payment capabilities students now expect from an FDIC insured account (including mobile payments) with their emerging social media habits.
By syncing Waspit with any of the major social media platforms, users can easily exchange money with friends, benefit from auto-Foursquare and Facebook check-in, and post reviews that create conversation around venues they and their friends have made purchases at - particularly about those good venues and those to avoid. Users are rewarded with points each time they make a purchase, post reviews or introduce friends. Points can be redeemed for gift cards from retailers like Amazon."
Product Launched: September 2012
HQ Location: New York, NY
Company Founded: April 2010
Metrics: Seed funding of $1.8M, 11 employees in New York office and 4 in London office, original service launched in March 2011, $1.4M in annualized revenue so far, 12,750 pre-registrations for new platform, 32,000 users on old platform, 26 colleges with on-site representation for launch of new service
Finovate demo video: finovate.com/fall12vid/ (demo video will be posted next week)
Introducing Kasey Kaplan (CMO) and Richard Steggall (CEO)