Finovate Alumni News


  • Market Earlybird Helps Market Professionals Identify Trading Opportunities First.
  • Additiv Lands $25.5 Million Investment
  • Algomi Acquires AllianceBernstein’s ALFA’s Fixed Income Liquidity and Analytics Tool

Around the web

  • Kony partners with KMC controls to bridge mobile apps and IoT
  • Clover now enables Android Pay’s Smart Tap
  • TickSmith releases a Python API for the new generation of financial data scientists
  • wins Trailblazer Award at 1st Annual K(NO)W Nodes Awards Show
  • Finextra: Google and PayPal partner for mobile shopping by fingerprint
  • ProfitStars introduces Automated Website Governance Solution
  • FinovateAsia Best of Show winner earns spot in Payments Canada’s pitch competition, Dragon’s Den.
  • OutSystems adds Tom Schodort and Bill Macaitis to its board of directors.

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


  • Passport Raises $8 Million in Series B.
  • OurCrowd Wins Red Herring Awards; Announces Partnerships with Bayer, DuPont.

Around the web

  • NCR releases updated version of its transactions processing solution, Authentic.
  • Major update to Xero’s online invoicing technology to help businesses avoid phishing scams.
  • TimeTrade brings its Banking by Appointment functionality to FIS’ mobile banking app.
  • Clover selects DAVO’s Sales Tax App as first app featured on its new blog.
  • ForwardLane and AlphaPoint selected to participate in Accenture’s Fintech Innovation Lab.
  • ENGIE to leverage Kony’s enterprise-mobility platform.
  • SafetyPay increases its volume of transactions paid in cash by 86% compared to last year.

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.

First Data’s Clover Launches Ecommerce Solution


Payment-processing company Clover, which was acquired by First Data in 2012, announced it will soon launch the Clover Online Store, a complete ecommerce platform for small businesses.

The offering is an all-in-one solution that delivers professional-looking web design and secure ecommerce capabilities. Clover is integrating the ecommerce offering with its in-store POS terminals, which range from a simple dongle to a fully-fledged countertop station. The combined solution will enable Clover to deliver an omnichannel shopping experience for end-customers and a comprehensive view of sales metrics and management capability across channels for small businesses.


Similar to Square’s ecommerce offering, the Clover Online Store lets users select from a variety of professionally designed web templates and guides them through the steps needed to create a responsive-design website and online store. Businesses can start accepting payments directly on their website using Clover’s open API.

Booker, an online scheduling platform for service-oriented small businesses, is the first third-party to build on the Clover API. Josh McCarter, CEO of Booker, is excited about the new capabilities the Clover Online Store will bring to its client base, “The combination of the Clover Online Store and Booker is a game-changer for SMB service businesses that will benefit from the first completely integrated business management and payment solution, allowing business owners to focus on the work they enjoy.”

Clover debuted at FinovateSpring 2012. The Clover Online Store is launching next month and will be available for free to small business customers until the end of this year.

Finovate Alumni News


  • Larky Launches at Three New Credit Unions.
  • London’s Revolut Unveils Version 2.0 of its Personal Money Cloud

Around the web

  • Fifth Third Bancorp to deploy AML solutions from NICE Systems’ Actimize.
  • interviews Kashoo Communications lead Dave Clarke on cloud accounting.
  • Baxter Credit Union ($2.4 billion) chooses ORB platform from Alkami Technology.
  • Roundup of Australia fintech startups features Avoka. See Avoka at FinovateEurope 2016 in London.
  • Encap releases version 3.1 of its mobile authentication and security platform.
  • First Data’s Clover launches Clover Go mobile POS dongle.
  • Coinbase introduces price alert push notifications on iOS and Android.
  • In 2015, Kasasa sees 45% growth in clients, now counts 779 signed community FIs.

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 Alums Earn Top Honors at U.K. Emerging Payments Awards

Three Finovate/FinDEVr alums won top honors at the Emerging Payments Awards in London, United Kingdom, earlier this month.

HyperwalletLogoHyperwallet won in the “Best Corporate/Government Payments Programme” division with its Paylution Global Disbursements Program. In a statement, CEO Brent Warrington highlighted the scalability and flexibility of the Hyperwallet platform, and reported that more than five million independent workers are currently using the technology. Hyperwallet demonstrated its RESTful API and embedded payout widget at FinDEVr 2015 in San Francisco in October.

Revolut_logo_high-resIn partnership with Optimal Payments, Revolut won the “Best Emerging Payments Startup” category. Optimal Payments and Revolut teamed up back in July to launch a multi-currency MasterCard and mobile app that helps travelers take advantage of the best exchange rates available. Revolut made its Finovate debut this year at FinovateEurope 2015 in London.

Clover_logoClover Mobile won “Best Payment Technological Innovation” for its Future-Proof mPOS. Clover Mobile was launched in the fall of 2014, a year after Clover was acquired by First Data. Clover made its Finovate appearance at FinovateSpring 2012 in San Francisco.

The other four Finovate/FinDEVr alums that made it to the finals were:

The event’s overall Industry Contributor Award went to IrisGuard for its EyeBank Iris Recognition electronic payment platform. The platform has been deployed to help bring “sustainable financial inclusion” to those in the Syrian refugee program. As of June 2015, the program had enrolled more than 1.6 million refugees.

Now in its eighth year, the Emerging Payments Awards help recognize creative and business talent in the payments industry. The Awards are run by the Emerging Payments Association, which has also provided the Prepaid Awards since 2006. The Association said that this year’s Emerging Payments Awards was its largest event to date.

If you’re in the United Kingdom and love fintech, then make sure FinovateEurope 2016 is on your calendar. Our two-day conference returns to London, February 9 and 10, 2016.





Finovate Alumni News


  • Azimo Lands $20 Million in Series B Investment Led by Frog Capital
  • Narrative Science Launches Quill Portfolio Review

Around the web

  • INETCO teams up with Printec Partners to bring customer transaction data and analytics to FIs in Central and Eastern Europe.
  • MasterCard to provide tokenization support for private-label credit cards used in digital wallets.
  • Dwolla joins steering committee of Fed Fast Task Force dedicated to creating a faster payment system.
  • iSignthis partners with IPGPAY Ltd., bringing online identity-verification to clients in the Asia Pacific region.
  • Avalara acquires Belgium-based VAT Applications. Check out Avalara at FinDEVr on 6/7 October 2015 in San Francisco.
  • Kabbage partners with UPS Capital Partners to offer more SMBs access to a loan through UPS. Kabbage will present at FinDEVr in San Francisco this 6/7 October.
  • SandHill mentions SnoopWall as 1 of 5 cool, pre-VC cybersecurity startups.
  • First Data launches Clover Mini for accepting Apple Pay, Android Pay, and other NFC-enabled wallets.
  • Thinking Capital announces new name, visual identity and tagline.
  • Insuritas partners with Gate City Bank to install insurance-agency solution in the North Dakota-based bank.
  • BizEquity signs distribution agreement with Four Seasons Financial Group, a wholesale insurance and investments provider for institutional markets.
  • Social Money and Sallie Mae Partner to Create New Digital Banking Solution.
  • The Coin Telegraph talks open source software and fintech innovation with Quantopian.

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 Alums Take Gold, Silver and Bronze at PYMNTS Innovation Awards 2015

Sixteen Finovate and FinDEVr alums have been recognized by the PYMNTS Innovation Awards 2015. Three alums, MasterCard , Clover Network and OnDeck took home top honors in their categories, winning gold in “Best New Technology,” “Best POS Innovation,” and “Best Small Business Innovation,” respectively. The rest of the alum field earned silver and bronze in 13 additional categories, including LoopPay, which earned Silver for Best New Technology and a Bronze for “Most Innovative.”


More than 600 companies competed for the awards, with more than 10,000 votes tallied. Finalists were selected by an expert panel, and the top five companies in each category were submitted to the “PYMNTS community” for voting. In addition to the Innovation Awards, the event recognized Phil Tomlinson of TSYS (also a Finovate alum) and Michael Joseph of Safaricom, inducting both into the PYMNTS Hall of Fame. Two women, Carey Kolaja, VP of Global Consumer Products for PayPal and Perse Faily, CEO of Tillster, were also recognized at the event. Apple took home the Innovation Award’s Catalyst Award for what MPD CEO Karen Webster called during the award ceremony, “creating a roadmap for the industry” with its ApplePay innovation.

The full list of winning alums is below. For more information about the Innovation Awards 2015, including the full list of all finalists, visit their page here.




Finovate Alumni Raise $825 Million in 2013, Up 79%


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.
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 or

First Data Launches Clover Station Cloud-Based POS Solution for SMEs

Thumbnail image for CloverLogo.jpg

Consider Clover’s relationship with First Data consummated.

As reported in TechCrunch, Gigaom and elsewhere, First Data quietly acquired the ecommerce checkout specialist and FinovateSpring 2012 alum last year.  And yesterday at Money 2020, First Data CEO Frank Bisignano announced the launch of their Clover-inspired solution for small businesses: Clover Station.

Clover Station is a cloud-based, point-of-sale and business management solution. What makes the solution special is that it provides the full point of sale terminal functionality of traditional POS units (the ability to track employees and inventory, for example). But at the same time, the merchants will be able to customize the technology by either downloading task-specific apps, or developing apps of their own through Clover’s API.

Additional features include:
  • Real-time business analytics and intelligence reports
  • Remote access at any time from any location
  • High-resolution camera for instant QR code recognition
  • High-definition touch screen
Enhancements and peripherals such as a modern cash drawer and a bar scanner can be added. Clover Station will be available to Bank of America Merchant Services small business customers by the end of the year.
Founded in October 2010, Clover is based in Mountain View, California. The company’s investors have included Andreessen Horowitz, Morado Ventures, and Sutter Hill Ventures.

First Quarter 2013 Funding for Finovate Alumni– More Than $150 Million Raised


This quarter, both January and Feburary funding exceeded $50 million. Most of February’s funding can be attributed to On Deck Capital’s $42 million round.

Over three months, 15 companies raised more than $155 million, This is very similar to last year’s first quarter funding* when we saw a total of 11 companies raise more than $150 million.

Here’s the Q1 summary for 2013:

January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies


*While the funding over last year has increased, so has the number of Finovate alums. We’re tracking more than 100 additional companies this year compared to last year.

Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? Email us at or