Volkswagen Finance Arm Invests in AutoGravity

Volkswagen’s finance arm, VW Credit, has agreed to make an equity investment of an undisclosed amount in auto financing platform AutoGravity. This will be the company’s fifth round of funding since it was founded in 2015, bringing its total raised to more than $50 million. Andy Hinrichs, CEO at AutoGravity, said the company will use the funds to “accelerate in the face of rapidly growing consumer and industry demand.”

Also of note, VW will be using AutoGravity to power its Volkswagen Credit iOS and Android app. The app, which matches users with financing options for their VW vehicle purchase, will offer Volkswagen dealers a new source of potential clients. Volkswagen credit options are also now available to the 400,000 users who have downloaded the AutoGravity app.

Horst Meima, President and CEO at VW Credit said, “Customers are becoming more demanding of mobile technology and the world of auto financing is no exception.” Meima continued, “We are ready to become a leader in shaping this part of the industry and believe that AutoGravity can help get us there.”

AutoGravity aims to simplify the car shopping and financing experience by offering access to transparent loan and lease offers on a user’s mobile device. CEO Hinrichs notes that offering the service via a mobile app “saves time and improves satisfaction for all parties.” The app gives consumers up to four personalized financing offers on a vehicle of their choice before visiting a dealer. By providing the customer with this type of information up front, AutoGravity is arming consumers with the information they need to make educated purchase decisions.

At FinovateFall 2016, AutoGravity took home a Best of Show award. The company recently began offering its auto loan financing app to car shoppers in New Jersey. Earlier this year, AutoGravity landed a multi-million euro investment from Daimler, adding to the $50 million the company raised in 2015.

Finovate Alumni News

On Finovate.com

  • Volkswagen Finance Arm Invests in AutoGravity
  • CASHOFF Earns Spot in Inaugural Innotribe Startup Challenge Russia

Around the web

  • Xero launches new e-invoicing solution for SMEs, Xero Connect.
  • Boku extends direct carrier billing relationship with Microsoft.
  • American Banker looks at Klarna and the rise of “high-tech, low-effort” online lending.
  • Xero rolls out automated Stripe reconciliation to match transactions to the Stripe statement line.

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.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • StockViews Closes Second Round Equity Funding, Earns FCA Authorization.

Around the web

  • EverSafe picks up $250,000 in capital from JP Morgan as one of eight FinLab startup winners.
  • Affinity Plus FCU ($2 billion in assets) to deploy Fiserv’s Architect platform to power its online and mobile banking services.
  • Trusted Key CEO Prakash Sundaresan looks at changing customer expectations, security challenges, and the shifting regulatory landscape through the lens of FinDEVr London.
  • Payfone wins patent for technology that fights SIM swap fraud.
  • Ghana’s Premium Bank chooses NetGuardians’ anti-fraud solution, FraudGuardian.
  • LendingTree acquires DepositAccounts for undisclosed sum.
  • AutoGravity unveils partnership with Fletcher Jones Auto Group.

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.

AutoGravity Brings its Auto Loan Financing Solution to the Garden State

“You from Jersey?” If so, buying a car in your home state just got a lot easier.

AutoGravity, the Best of Show winning fintech that has pioneered car shopping and financing by smartphone, is now an option for auto loan borrowers in New Jersey. Via digitization and an engaging, smartphone-based user experience, AutoGravity’s solution is “transforming how people buy and lease cars by decreasing the financing time from hours to minutes for car shoppers,” according to CEO Andy Hinrichs.

With more than 400,000 downloads since its launch last summer, AutoGravity provides car shoppers with up to four financing offers on new and used cars from thousands of dealerships. The four-step process – choose a car, find a dealer, search for financing, select a lender – leverages AutoGravity’s unique partnerships with banks, lenders, and dealerships to provide users with a “single, convenient digital marketplace,” Hinrichs said. Available on iOS and Android, as well as online, AutoGravity is free to download and use, and is now available in 49 states in the U.S. (Nevada is the exception).

Founded in 2015 and headquartered in Irvine, California, AutoGravity demonstrated its car shopping app at FinovateFall 2016, winning Best of Show.  AutoGravity also presented “A Digital Marketplace for the Auto Financing Space” at our developers conference, FinDEVr Silicon Valley 2016 last fall. The company has raised $50 million in funding, and includes Daimler Financial Services among its investors. Winner of the 2017 North American Frost & Sullivan Entrepreneurial Company of the Year award, AutoGravity added to its financing options earlier this year courtesy of a partnership with Westlake Financial Services in February and another with First Investors Financial Services in January. Read our Finovate Debut profile on AutoGravity featuring an interview with company CMO, Serge Vartanov.

Finovate Alumni News

On Finovate.com

  • AutoGravity Brings its Auto Loan Financing Solution to the Garden State.

Around the web

  • Roostify names Sandeep Aji as Vice President of Products.
  • Symbiont partners with PrivateMarket.io to build alternative investment marketplace for closed-end funds.
  • Myanmar-based AYA Bank (Ayeyarwady Bank) chooses core banking technology from Misys.
  • NetGuardians wins spot in Euro Banking Association’s EBAday 2017 conference.
  • Clients of Nodus Technologies gain access to PCI-validated P2PE technology courtesy of new partnership with Bluefin Payment Systems.
  • Wall Street Journal reports Coinbase meeting with investors over a new round of funding that would lead to a billion dollar valuation.

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.

Finovate Alumni News

On Finovate.com

  • Caxton Leverages the Blockchain to Provide Faster, Safer, API-Free Connectivity.
  • Trulioo and the RegTech Revolution: How Smaller Teams Tackle the Compliance Challenge.
  • CUneXuscplXpress to Power One-Click Loans for MeridianLink.

Around the web

  • Symphony Software Foundation announces its latest Gold Member, Ipreo.
  • BBVA unveils open API marketplace.
  • Fiserv launches cybersecurity for digital banking solution, SecureNow.
  • Trustly partners with Nordic online fashion retailer, Boozt.com.
  • AutoGravity wins 2017 North American Frost & Sullivan Entrepreneurial Company of the Year Award.
  • Fonetic and Actiance partner for trade reconstruction.
  • IHS Markit launches Outreach360 platform on Counterparty Manager.

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.

 

Finovate Alumni News

On Finovate.com

On FinDEVr.com

  • Check out our latest FinDEVr Previews featuring ISARA and eSignLive by VASCO.

Around the web

  • TransferWise introduces multi-currency bank accounts for businesses.
  • Langley FCU to deploy Episys core system from Jack Henry & Associates’ Symitar division.
  • Great Southern Bank selects cloud banking technology from nCino.
  • getAbstract and CREALOGIX enter into a digital learning partnership.
  • InComm partners with Sony to deliver gift cards in Hong Kong.
  • NIIT Technologies partners with AI company Arago.
  • AutoGravity receives the 2017 North American Frost & Sullivan Entrepreneurial Company of the Year Award.
  • Fiserv launches SecureNow to integrate cybersecurity protection for digital banking.
  • Finextra: ABN Amro selects Fenergo to support KYC.
  • Yandex.Money brings Android Pay to Russia.
  • Misys FusionBanking Essence to power online and mobile banking offering for Crnogorska Komercijalna Banka (CKB).
  • Trustly to power online bank payments at leading online fashion retailer Boozt.com

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 APIntelligence

FDNY17-Logo-RevFinDEVr New York will be here in just three short weeks! Check out company features and take a look at the previews from upcoming presentations. And of course, don’t forget to register today to save!

On FinDEVr.com

  • Barclaycard Brings Payment Functionality to Fashion Accessories.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Alumni updates

  • Arxan Technologies completes the Federal Information Processing Standard (FIPS) 140-2 validation process from the National Institute of Standards and Technology (NIST).
  • New APIs from Citi to help clients access network with existing treasury applications.
  • Report highlights Nymbus, as a key digital banking player.
  • The Co-operative Group to leverage ACI Worldwide for cloud-based mobile wallet.
  • Lleida.net wins 20-year European patent for its registered email technology.
  • Thomson Reuters enhances data analytics platform with ultra high-speed processing of real-time and historical data functionality.
  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
  • BBVA to leverage mobile accounting opening technology from Oracle Communications.
  • FinDEVr veteran Hyperwallet adds former SecureNet Payments EVP, Mark Engels, as Chief Revenue Officer.
  • Best of Show winner AutoGravity forges new partnership with Westlake Financial Services to expand financing options for car shoppers.
  • The Paypers interviews Nicole Mantow, General Manager of EVO Payments, parent company of FinDEVr veteran, EVO Snap.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

FinDEVr APIntelligence

FDNY17-Logo-RevTickets for upcoming FinDEVr London and FinDEVr New York are at their lowest prices now. Register for FinDEVr New York now and save!

On FinDEVr.com

  • Payoneer Launches Cross-Border, Mass Payment APIs.

Alumni updates

  • FinDEVr veteran Hyperwallet adds former SecureNet Payments EVP, Mark Engels, as Chief Revenue Officer.
  • Best of Show winner AutoGravity forges new partnership with Westlake Financial Services to expand financing options for car shoppers.
  • The Paypers interviews Nicole Mantow, General Manager of EVO Payments, parent company of FinDEVr veteran, EVO Snap.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Bluefin Payment Systems powers payment processing solution for ticketing and ecommerce platform, AudienceView.
  • Mitek to provide AML and KYC compliance technology for European blockchain firm, Nocks.
  • AutoGravity Earns Multi-Million Euro Investment from Daimler.
  • Northern California’s Kaiperm Diablo FCU to deploy core banking technology from NYMBUS.
  • Arxan launches Arxan Application Protection for JavaScript to protect JavaScript-based applications.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.