Author: Julie Muhn (@julieschicktanz)

BankBazaar Pulls in $13 Million from Sequoia Capital & Walden International

By Julie Muhn (@julieschicktanz) Posted on
Categories: BankBazaar, Funding

BankBazaarlogo.jpg

BankBazaar, a company that provides unbiased rate quotes on loans and insurance products, today announced that it received funding of $13 million. Investors include Sequoia Capital and existing investor, Walden International.

This newest installment, combined with the $6 million the company received from Walden in 2011, brings the India-based company’s total funding to $19 million. It plans to use the funds to enhance its mobile platform and educate consumers on the benefits of its service.

BankBazaarHomepage2.jpg

According to Adhil Shetty, BankBazaar CEO, there is increasing demand for products in the online loan market:

“Even in the slowing market, online loan market is growing at 90%, while the overall loan market is growing at 15%.”

BankBazaar demoed at FinovateAsia 2012 where it debuted its Real Time Credit Processing Platform.

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Trustly Providing Direct Account Payment Solution for Groupon Users

By Julie Muhn (@julieschicktanz) Posted on
Categories: Trustly

TrustlyHiLogo.jpg

Paying for your daily deal in Sweden is about to become easier. Payment-services company Trustly announced this week that it has partnered with Groupon to provide direct bank payment options to its end customers that have an account at a Swedish bank.

U.S.-based Groupon works with companies in 48 different countries to help businesses offer deals and incentives to potential customers.

The daily-deal giant is Trustly’s largestTrustlyHomepage.jpg customer to date in the ecommerce sector. It will directly provide convenient and secure payment methods online for customers of seven banks:

    • Swedbank
    • Nordea
    • Handelsbanken
    • SEB
    • Danske Bank
    • Skandiabanken
    • Länsförsäkringar Bank

Groupon anticipates the direct payment method to be popular with consumers both online and on mobile devices.

To learn more about Trustly, check out its demo video from FinovateEurope 2013.

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FinovateEurope 2014 Sneak Peek: Part 1

By Julie Muhn (@julieschicktanz) Posted on
Categories: CurrencyTransfer, Fastacash, FinovateEurope 2014, Luminous, Matchi, Tink, Toshl

FinovateEuropeButtonicon(highres).jpgFinovateEurope is almost a month away, and we’re well into preparing for the show, to be held in London on February 11 and 12 at the historic Old Billingsgate Market Hall.

Before we all gather around the demo stage, we wanted to give you a preview of what to expect. Below are the first six companies in our sneak peek series. Stay tuned for more!

CurrencyTransfer.com enables foreign exchange companies 

currencytansferLogo.jpg

to compete for your business transfers.

Features:
    • Compare low-cost currency quotes, and book trades in one independent venue
    • 100% cost transparency, displaying side-by-side ‘sell’ and ‘market’ quotes
    • Post trade analysis; no more paper trails
Why it’s great:
Access foreign-exchange quotes from all your providers in one place. Execute your business trades at the best price at the click of a button.

CurrencyTransferPresenter1.jpg

Daniel Abrahams
Co-Founder and Head of Partnerships at CurrencyTransfer.com. Half Israeli, Daniel divides his time between offices in London and Tel Aviv. Mentor at Startup ABC & Personal Finance blogger.
LinkedIn




CurrencyTransferPresenter2.jpg

Stevan Litobac
Co-Founder and Head of Product at CurrencyTransfer. Stevan has advised a number of early stage startups. Loves making things.







fastacash transfers value through social networks globally.
fastcashlogo.jpg

Features:
    • Addresses intersection of payments, social and mobile
    • Transfer monetary value and content across any social or messaging platform
    • Technology easily customized and embedded into partners’ solutions
Why it’s great:
Enables transfer of money, airtime, coupons and any other value across any social network or messaging platform.

FastcashPresenter1.jpg

Vince Tallent
Vince has extensive experience in the TMT industry with a global focus on mobile and payments.
LinkedIn

FastacashPresenter2.jpg

Gilberto Arredondo
Throughout his career, Gilberto has been involved with new technologies and innovation by driving commercial and operational activities for telecommunications companies.
LinkedIn

LuminousJackHenryLogo.jpg

Jack Henry & Associates & Luminous helps banks solve problems. It’s the ultimate financial innovations company with visionary products that are breakthroughs in sheer simplicity.

Features:
    • Virtual safety-deposit box 
    • Banking customers can upload, sort and store personal and business documents
    • Customers can automatically save and back up the latest version of important documents 
Why it’s great:
Customers can easily bank online with important documents automatically filed after just one click  

LuminousPresenter1.jpg

Andrew Teversham
As Chief Technology Officer for Luminous, Andrew heads up the development and implementation teams at Luminous and has gained extensive experience with SAP implementations over a number of years.
LinkedIn


PhillipWoodLuminous.jpg

Phillip Wood

Phillip is a business development leader with 17 years’ experience in direct sales, business development and strategy in B2C and B2B across EMEA.







Matchi is an innovation-matchmaking platform for banks and innovators.

matchi_logo.jpg

Features: 
    • Unprecedented collaboration opportunities for banks
    • Marketing platform for innovators to showcase their latest innovations to banks 
    • A go-to-destination for market-ready, banking innovations online 
Why it’s great:
It’s an innovation-matchmaking site for banks and innovators globally.

MatchiPresenter1.jpg

Warren Bond 
Warren Bond, CEO of Matchi, is constantly looking for new ideas and ways to drive innovation and change in the banking industry.
LinkedIn

MatchiPresenter2.jpg

Gerrit Hoekstra
Gerrit Hoekstra, CTO of Matchi, has been delivering embedded mobile and strategic enterprise-grade, big-data solutions for more than 25 years and is passionate about innovative technologies at all levels.
LinkedIn
Tink is an innovative personal finance-management app which allows users to better understand how their money is spent. 
TinkLogo.jpg

Features:
    • Making personal finance effortless
    • Consume data in a personalized feed 
    • Insights into your personal finance
Why it’s great:
Makes personal finance fun, beautiful and convenient for the first time! 

TinkPresenter1.jpg

Daniel Kjellén, CEO and Founder 
LinkedIn








TinkFounder2.jpg

Fredrik Hedberg, CTO and Founder








ToshlLogo.jpg

Toshl Finance Making finance fun. Helping people shake their finance-management indifference.
Features:
    • Funtastic finance management UI
    • Fully featured apps on phones, the desktop and everything in between
    • Available worldwide
Why it’s great: Making finance fun.  

ToshlPresenter1.jpg

Matic Bitenc
CEO, background in UX, international relations.

ToshlPresenter2.jpg

Miha Hribar
CTO, co-created numerous high-profile IT projects.
LinkedIn

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Finovate Alumni News– January 7, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancVue, Dwolla, Jack Henry, Numbrs, Q2, Q2ebanking, TSYS, Zopa
  • Finovate-F-Logo.jpgState of Iowa expands government payment partnership with Dwolla; Iowa DOT begins using service for IFTA and IRP.
  • Urban Partnership Bank introduces upbAnywhere, the New Virtual Banking Platform from Q2 (Q2ebanking).
  • ABL Advisor looks at BancVue’s BancAssets advising partnership with UHaul.
  • Zopa wins “Best Peer to Peer Lender” award from Moneynet Personal Finance.
  • TSYS announces partnership with Womply to provide TSYS Merchant Insights business analytics dashboard.
  • Jack Henry Banking to provide its clients with access to American Express’ FX International Payments service.
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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Finovate Alumni Raise $825 Million in 2013, Up 79%

By Julie Muhn (@julieschicktanz) Posted on
Categories: Affinity Solutions, Apprenda, Azimo, Bill.com, BillFloat, Cardlytics, Check, Clover Network, CoverHound, Credit Karma, CurrencyFair, DeviceFidelity, Doxo, Dwolla, ERN, Fenergo, FinanceIt, Flint Mobile, FTRANS, Funding, Heckyl Technologies, Jemstep, Kofax, Kony Solutions, LearnVest, Lendio, LendUp, Meniga, Moven, Narrative Science, Numbrs, On Deck Capital, OpenCoin, P2BInvestor, Payfone, PayNearMe, peerTransfer, Personal Capital, Ping Identity, Prestadero, Prosper, Q2ebanking, Receivables Exchange, SafetyPay, SeedInvest, Socure, SoMoLend, Spreedly, SumUp, Swipely, Taulia, TradeHero, Tradeshift, TransferWise, True Office, Trustev, Tuition.io, Wealthfront, Wipit, Xero, Zooz

FinovateFundingIMG.jpg

Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
    • 62 companies raised $825 million
    • Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). 
    • October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
    • May was second highest with $91 million raised by 7 companies
2012 comparison
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.
2013YearEndTable.jpg
Quarter 1 — blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies


Quarter 2 — blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies

Quarter 3 — blog post
More than $171 million raised by 22 companies

July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
Quarter 4
More than $294 million raised by 17 companies

October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies

Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

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DoubleBeam Bolsters its Mobile Commerce Solution with the Acquisition of GoPago

By Julie Muhn (@julieschicktanz) Posted on
Categories: DoubleBeam

DoubleBeamLogo.jpg

DoubleBeam, the company that powers mobile commerce at the POS, announced this week that it has acquired point of sale commerce solutions company, GoPago.

DoubleBeamMobileOffers.jpg

DoubleBeam’s solution can save merchants up to 75% on interchange fees by circumventing credit cards. Its acquisition of San Francisco-based GoPago will deliver a turnkey mobile commerce solution for merchants.

Shortly after DoubleBeam’s acquisition announcement, TechCrunch reported that Amazon purchased the technology and engineering team from GoPago, which means that DoubleBeam has acquired the POS business and merchant relationships side of the company.

To see a live demo of DoubleBeam, check out its FinovateFall 2013 demo.

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A Look Back at the Finovate Best of Show Winners in 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: Best of Show, FinovateAsia 2013, FinovateEurope 2013, FinovateFall 2013, FinovateSpring 2013

Here at Finovate, we’ve been keeping a close watch on the development of fintech since 2007. This year was no different. Over the course of our four conferences in 2013, we saw:

    • 241 demos
    • 28.1 hours of demos
    • 16 “time’s up” gongs
    • 39 hours of high-intensity networking
In case you missed them, here are the Best of Show winners from this year:
FinovateEurope2013.jpg
  • MenigaLogo.jpgMeniga for its PFM platform, including “buy” vs “not buy” feature
    demo videoMovenLogoNew.jpg
  • oink_newlogo.jpgVirtual Piggy (now Oink) for its kids’ payment system with parental controls
    demo video
FS2013_v1_Highres.jpg
FamZooLogo2Large.jpg
  • LendUp, for its LendUp Ladder loan platform that helps LendUpLogo.jpgthe underbanked build credit
    demo video
  • TipRanksLogo.jpgTipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
FF2013-horz-highres.jpg
  • motiflogo.jpgMotif for its platform that lets you invest in ideas in one click
    demo video
  • TipRanksLogo.jpgTipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
  • YodleeLogo2012.jpgYodlee, for its debut of TANDEM that helps groups manage and discuss shared finances
    demo video
FA2013-v2_highres.jpg


  • INDGroupLogo.jpgIND Group, for its Essence mobile banking app, with detailed financial management tools
    demo video
  • KofaxLogo.jpgKofax, for its omni-channel solution that accelerates and enhances the underwriting process
    demo video
  • YodleeLogo2012.jpgYodlee, for the international debut of TANDEM, an app that helps groups manage and discuss shared finances
    demo video
The Full History

Here’s the Best of Show history that spans back the inception of Finovate in 2007:

Finovate 2007
Held October 2, 2007

Held April 29, 2008
  • First ROI (now BancVue): Develops products and services for community financial institutions
  • Jwaala: Provides software solutions to help financial institutions compete
    demo video
Held October 14, 2008
  • Credit Karma: Provides a free and easy way for consumers to understand, monitor and monetize their credit profile
    demo video
  • Neosaej’s MoneyAisle (closed): Platform where banks compete in live auctions for an individual consumer’s business 
    demo video
Held April 28, 2009
  • BillShrink (now Truaxis): Provides a free cost-savings tool that saves consumers money on everyday bills
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012): Predictive analytics to prevent fraud abuse
    demo video
  • SimpliFi: A web service that allows anyone to create and update their own financial plan
    demo video
Held September 29, 2009
  • Credit.com: Provides free interactive tools, education, and unbiased comparisons of quality financial products and services
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012):  Online fraud detection services
    demo video
  • Yodlee: Provides personalized financial solutions to financial institutions
    demo video
Held May 11, 2010
  • oFlows (Purchased by Andera in 2011): Multichannel, paperless solutions for financial institution account opening
    demo video
Held October 4-5, 2010
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
    demo video
Held February 1, 2011
Held May 10-11, 2011
  • BancVue: Develops products and services for community financial institutions
    demo video
  • BankOns: Mobile app offering consumers real-time savings at local merchants
    demo video
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account opening
    demo video
  • Mitek Systems: Provides apps for smartphones that allow users to deposit checks and pay bills via the camera on their device
    demo video
Held September 20-21, 2011
  • FeeFighters (acquired by GroupOn in 2012): Platform that simplifies the process of choosing a merchant account provider
    demo video
  • Offermatic (closed in June 2013): Targeted online offers provider
    demo video
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
    demo video
Held February 7, 2012
  • Nutmeg: Online investment manager that democratizes saving and investing
    demo video
Held May 8-9, 2012 
  • Dwolla: FISync service to enable banks to originate real-time, P2P payments
    demo video
Held September 12- 13, 2012

  • Credit Sesame: Financial Fitness Indicator that gives users a comprehensive view of their financial situation
    demo video
Held November 6, 2012

  • Finantix: Launched Sharp digital banking platform to improve sales and service interaction
    demo video
  • Ubank: National Australian Bank (NAB), launched its peer-spending comparison tool, People like U
    demo video

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The companies with the highest percentage of submitted ballots were named Best of Show.  

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Prestadero Surpasses 11,000 Registered Users in 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: Prestadero

PrestaderoLogo.jpg

P2P lending platform Prestadero released growth figures this week that attest to the growing popularity of non-bank lending intermediaries.

Here are some of the growth numbers it released:

  • Surpassed 11,000 registered users
  • Received credit applications for more than 225 million pesos in 18 months
  • On track to double its credit origination every 3 months
PrestaderoHomepage.jpg

The Mexico-based company offers unsecured personal loans from $10,000 to $250,000 pesos at rates from 8.9% to 28.9% per year. These rates are much more attractive than classic credit card APRs which, in Mexico, average 56.32%.

Prestadero debuted its platform at FinovateSpring 2013. Check out the demo here.

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Finovate Alumni News– December 19, 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Allied Payment Network, ayondo, CR2, findabetterbank.com, Finovera, FIS, Fiserv, Jemstep, Klarna, PaySimple, peerTransfer, planwise, SigFig, Tradeshift, Trustev
  • Finovate-F-Logo.jpgThe Chicago Tribune lists Planwise, SigFig, Jemstep and FindaBetterBank as tools to fix your finances.
  • peerTransfer announces record setting 2013, bringing total customer base to 400 institutions.
  • Tradeshift brings in $15 million of a $57 million equity round.
  • Trustev brings in $500k from Notion Capital, Adding to the $3 Million it Garnered in October.
  • Business2Community features PaySimple.
  • Allied Payment Network teaming up with ACI Worldwide to provide same day bill pay via PicturePay.
  • Klarna acquires Sofort to become 10% of Europe’s $100 billion e-commerce market.
  • Les Muma, former Fiserv CEO, to join board of directors of FIS.
  • UAE’s Bank of Sharjah to offer CR2’s BankWorld-powered mobile banking app.
  • ayondo announces new features including open positions in profile view.
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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Trustev Brings in $500k from Notion Capital, Adding to the $3 Million it Garnered in October

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Trustev

trustevLogo.jpg

European fraud-fighting company Trustev made an announcement yesterday that further proves the increase in demand for fraud prevention security platforms. After receiving $3 million in seed funding in October, the Ireland-based company announced an extra $500k investment from Notion Capital.

TrustevHomepage.jpg

The startup, which processes an average of 2 million customer transactions per week for 60 merchant customers, will use the extra cash to increase the number of transactions it protects. By February, it plans to protect 10 million customer transactions per week, a 5x increase.

Additionally, by Q2 2014, it plans to bolster its service by not only protecting transactions, but also by guaranteeing the protection from fraud.

Trustev will demo at FinovateEurope 2014 in London. To come and see the action live, get your ticket here.

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Tradeshift Brings in $15 Million of a $57 Million Equity Round

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tradeshift

TradeshiftLogo.jpg

Electronic invoicing solutions company, Tradeshift, announced it recently brought in $15 million in equity funding.

This round is the first installment of a $57 million round. According to the San Francisco-based company this equity sale is, “part of something much bigger,” though it did not provide further detail.

TradeshiftHomepage.jpg

Tradeshift demonstrated at FinovateEurope 2013 in London where it debuted its Instant Payments feature.

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Finovate Alumni News– December 18, 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: Check Point, CR2, Dwolla, Emida, Geezeo, MasterCard, Mitek, MoneyDesktop, Payfone
  • Finovate-F-Logo.jpgDwolla launches Form Builder to enable users to build free custom payment forms.
  • Utah Valley Business Q Mag recognizes MoneyDesktop for its billboard advertising (see page 52-53).
  • Blue Coat and Check Point Extend Partnership on High-End X-Series Network Security Systems.
  • Payfone to use AT&T’s network data to enhance its mobile identity services.
  • Vovox and Emida partner to provide enhanced mobile payment options for users.
  • West – Aircomm FCU to offer PFM powered by Geezeo.
  • Mike Brady named COO at CR2.
  • MasterCard debuts MasterPass in Italy. 
  • Business Banking Review names Mitek-powered U.S. Bank Mobile Photo Bill Pay “Best Technology Initiative in Banking”.
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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