Forbes Names 17 Finovate Alums on the Forbes Fintech 50

Forbes has released the third* Fintech 50 list, which this year features 17 Finovate alums, many of which have made the list for the third time. The Fintech 50 list highlights the top private fintechs that have operations, customers or impact in the U.S. The list excludes public companies and divisions of public companies.

Here are the alums honored in this year’s compilation:

Ayasdi

Among 22 newcomers to this year’s list.

Betterment

The company’s third time making the list.

Blend

Among 22 newcomers to this year’s list.

Blockchain

Among 22 newcomers to this year’s list.

Chain

The company’s third time making the list.

Coinbase

The company’s second time making the list.

Credit Karma

The company’s third time making the list.

Feedzai

Among 22 newcomers to this year’s list.

Gusto (formerly ZenPayroll)

The company’s second time making the list.

Kabbage

The company’s second time making the list.

Kensho

The company’s third time making the list.

Plaid

The company’s third time making the list.

Qapital

The company’s second time making the list.

Ripple

The company’s third time making the list.

Symbiont

Among 22 newcomers to this year’s list.

Symphony

The company’s second time making the list.

TransferWise

The company’s third time making the list.

In 2016, the list contained 20 Finovate alums, including Betterment, Chain, Coinbase, Credit Karma, Gusto, Kabbage, Kensho, Klarna, Motif, Personal Capital, Plaid, Qapital, Quantopian, Ripple, Signifyd, SoFi, Symphony, TransferWise, TrueAccord, and Xignite.

The list from three years back also contained 20 Finovate alums. Algomi, Betterment, Braintree, Chain, Credit Karma, HelloWallet, Kensho, LearnVest, Motif, Personal Capital, Plaid, Prosper, Quantopian, Ripple, Simple, TransferWise, TrueAccord, Vouch, Wealthfront, and Xignite made the list.


*Forbes skipped this compilation for 2017.

Kabbage to Serve Larger Businesses by Expanding Line of Credit to $250k

Alternative lending startup Kabbage is broadening its focus today. The Atlanta-based company has expanded its line of credit to $250,000 to offer more purchasing power to larger businesses for longer term loans.

This credit increase will not only serve existing Kabbage clients looking to borrow more, but will also add to the company’s customer base to include larger businesses. In a recent survey of 800 small businesses, Kabbage found that more than 73% of businesses expect to increase their revenue by more than 20% this year. Among the top investments businesses plan to make are:

  • Mobile technologies, such as apps, advertising or text automation for customer relationship management
  • Technologies to reduce manual process and paperwork
  • Social advertising
  • Cybersecurity tools and software to protect company and customer data

“Giving small businesses the peace of mind and security to focus less on their finances and more on their passions is a key tenet at Kabbage,” said Bob Sharpe, COO of Kabbage. “Increasing our lines of credit to $250,000 significantly enhances our ability to solve financial hurdles for larger and more specialized businesses that may otherwise be unachievable, which we see in the market today.”

Once they’re approved, businesses can draw on the $250,000 line of credit at any time, without having to reapply for each loan they take. Kabbage is not charging additional fees for the larger amount, has no annual withdrawal requirements, and no origination costs. Businesses can access the funds online, via the Kabbage mobile app, or on the Kabbage Card, which the company launched at FinovateSpring 2015. The Kabbage Card allows users to withdrawal from their line of credit at any point-of-sale where VISA is accepted.

Last month, the company released 2017 growth figures, stating it has extended $4+ billion to more than 130,000 small businesses since it was founded in 2009. In November of 2017, Kabbage made headlines when it brought in a $200 million credit facility. Check out our video interview with Kabbage’s President and Co-Founder Kathryn Petralia at FinovateFall 2017.

Finovate Alumni News

On Finovate.com

  • Wealthfront Launches Homeownership Planning Tool.
  • Kabbage to Serve Larger Businesses by Expanding Line of Credit to $250k.
  • BlueVine Boosts Invoice Factoring Credit Line to $5 Million.
  • TESOBE’s Open Bank Project Powering Santander’s First Hackathon. Come see TESOBE’s Open Bank Project at FinovateEurope in March.

Around the web

  • Playtech integrates Featurespace’s real-time gameplay fraud detection into IMS.
  • ATB Financial joins SecureKey Concierge Authentication Service.
  • Blackhawk Network partners with Casey’s General Stores to enable ‘cash customers’ with Amazon Cash.
  • TIBCO and Singapore Polytechnic collaborate to address skills shortage for SMEs.
  • Finabank selects Temenos for end-to-end technology.
  • Finastra acquires FX e-trading platform, Olfa Soft SA.
  • 4finance Group to deploy AML and KYC compliance solutions from FICO.
  • Best of Show winner Finn.ai hires former Twitter executive Stephen Morse as new head of global strategic accounts.
  • Nissan Motor Acceptance Corporation (NMAC) joins AutoGravity 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.

Finovate Alumni News

On Finovate.com

  • Japanese Telecom NTT to Distribute Trusona Technology in Japan.
  • RealtyMogul Introduces new President, Aaron Halfacre.
  • Tradeshift Launches Innovation Center to Bring the Blockchain to Business Commerce.
  • Payfone Teams Up with U.K. Mobile Network Operator.
  • Expensify Reports More than 1 Million New Users and Double the Partnerships in 2017.

Around the web

  • Auto Finance Excellence talks with AutoGravity CTO Sheng Wang, who discusses the company’s new security features.
  • Sam Maule talks with Kabbage founder Rob Frohwein.
  • F&M Bank selects Geezeo to enhance digital banking.
  • Kantox partners with BELLIN to help support SMEs expanding globally.
  • Mitek and IdentityMind announce integration to enhance their digital ID verification capacities.
  • Zopa re-opens its platform for new customers.

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

  • Credit Karma Teams with American Express to Offer Advance Tax Refund.
  • Insuritas Launches i-Insure Platform with 42 P&C Carriers.
  • Finova Financial’s New Fundraising Process Leverages Cryptocurrency to Serve Non-Accredited Investors.

Around the web

  • Superbcrew.com interviews BRIDGEi2i Analytics Co-founder and CTO Pritam Kanti Paul.
  • Entrepreneur names Kabbage, Cardlytics, BlueVine among top 360 best entrepreneurial companies in America.
  • Bill.com launches Accountant Partner Program.
  • Global Debt Registry earns spot in IBM mentoring program for blockchain app developers.
  • Moven founder and CEO Brett King discusses the AI race between China and the U.S. on CNBC’s Closing Bell.
  • Wall Street Journal leverages Quid to spot fraudulent entries on FCC website during net neutrality debate.

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.

Kabbage: Just the Facts

Online alternative lending company Kabbage has revealed its 2017 milestones this week. Here’s a quick, data-heavy review of the Atlanta-based company’s success:

  • Has extended $4+ billion to more than 130,000 small businesses since it was founded in 2009. This represents a 30% increase in both metrics since April 2017.
  • Has reached 1.5 million live data connections with its customers to enhance underwriting
  • Raised $250 million in 2017, bringing its total funding to more than $488 million
  • Added to its global bank partnerships with launches in France and Italy in 2017
  • Received a slew of 2017 industry awards: KPMG Fintech100, Deloitte Technology Fast 500, CB Insights Fintech 250, Kabbage co-founder and President Kathryn Petralia was named among Forbes 100 Most Powerful Women, and ranked 499 on the Inc. 5000 list.

Kabbage is also announcing today it has appointed Robert Sharpe (pictured) as Chief Operating Officer. Sharpe brings 20 years of executive leadership experience from North America, Europe and Asia, and 10 years of commercial banking and corporate finance experience. In a statement, Sharpe said that he is “excited to contribute the benefits of these experiences to Kabbage’s mission of driving small business success.”

The company recently made headlines when it brought in a $200 million credit facility. Kabbage demoed its Kabbage Card small business line of credit at FinovateSpring 2015. Check out our video interview with Kabbage’s President and Co-Founder Kathryn Petralia at FinovateFall 2017 last month.

Finovate Alumni News

On Finovate.com

  • AutoGravity Introduces Sheng Wang as New Chief Technology Officer.
  • nanopay Launches B2B Platform for International Commerce.

Around the web

  • Fiserv announces agreements with five credit unions to deploy its core account processing platform, DNA.
  • PNC goes live on real-time payments network via Finastra’s payment services hub.
  • Fifth Third Bank picks FIS to provide real-time payments for customers.
  • The San Diego Union-Tribune recognizes Jack Henry & Associates as a Top Workplace
  • RightCapital ends its second year reporting $20billion total assets linked to platform.
  • Wired names Meniga one of five Reykjavik startups to watch.
  • NYMBUS completes SOC 2 Type 1 Certification.
  • Avoka named in Deloitte Technology Fast 50 and joins CRN Fast50.

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.

Kabbage Expands Small Business Funding with $200 Million Credit Facility

Alternative credit company Kabbage has a lot to be thankful for this week. The Atlanta-based startup received a new $200 million revolving credit facility from Credit Suisse this week. This brings Kabbage’s total debt funding to $750 million.

Kabbage emphasized that this credit facility diversifies its funding sources, which will help it scale faster and bolster its growth. Specifically, the new funds will help the company serve more and larger small businesses while offering higher lines of credit with longer terms.

Global rating agency DBRS gave investment-grade ratings to the the top two classes of the transaction, which earned ratings of A and BBB. Both classes are collateralized with assets originated through Kabbage’s automated
underwriting technology. This marks the first time DBRS has rated one of Kabbage’s credit facility transactions.

Deepesh Jain, Kabbage’s Head of Capital Markets, commented on the rating from DBRS, saying, “To earn an investment-grade rating requires a rigorous evaluation of not only our lending models, automated risk analysis, and successful history of reducing bad debt to an industry-low, but also our operational processes—from exceptional customer service to unmatched technology development.”

Kabbage has served more than 125,000 small business customers since it was founded in 2009. This week, KPMG ranked Kabbage number 10 of 50 in its list of Fintech 100 for 2017. Earlier this Fall, CB Insights listed the company in its round-up of Top-Targets for European banks. That same week, Kabbage earned its place on the Inc. 5000 list. The company most recently demoed its Kabbage Card small business line of credit at FinovateSpring 2015. Check out our video interview with Kabbage’s COO and co-founder Kathryn Petralia at FinovateFall 2017 last month.

Finovate Alumni News

On Finovate.com

  • Coinbase Custody Helps Institutional Investors Securely Store Digital Assets
  • Kabbage Expands Small Business Funding with $200 Million Credit Facility.

Around the web

  • Overbond offers U.S. corporate issuers and institutional investors real-time access to its platform.
  • PayPal and Synchrony Financial expand strategic consumer credit relationship.
  • U.K.-based Featurespace to open office in Atlanta in November.
  • WealthForge Debuts Its First Regulation A Offering with New Investor Workflow
  • GoBankingRates features Blend, Unison, and Ellevest in its 10 Startups to Watch in 2018 list.

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.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars