Finovate Alumni News

On Finovate.com

  • Dynamics’ Battery-Powered Cards Hit Japan.
  • Q2 to Acquire Cloud Lending Solutions.
  • Onfido Helps TransferGo Onboard New Users Faster.

Around the web

  • OnDeck reports record net income for second quarter, credits asset growth and margin expansion.
  • Outsystems announces record-breaking quarter across all key business metrics, including a 63% gain in annual recurring revenue for Q2.
  • Varo Money to deploy Temenos’ T24 core banking system.
  • Ondot partners with PSCU, the premier payments credit union service organization to provide its card alerts and controls technology.
  • Tuition.io partners with Carhartt to help employees pay down student debt.
  • App Annie selected for JMP’s Hot 100 Best Privately Held Software Companies of 2018.

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.

OnDeck Scores $93 Million in Two Credit Facilities

Online small business lender OnDeck closed a pair of revolving credit facilities this week. The $93 million in asset-backed funds come from Credit Suisse, which contributed $55 million (AUD 75 million) to go to small businesses in Australia, and Crédit Agricole, which contributed $38 million (CAD50 million) for small business loans to Canadians.

“Securing cost-effective facilities that provide committed funding to support the loan growth of our international businesses reflects another step forward in the execution of our financing strategy,” said Ken Brause, Chief Financial Officer at OnDeck. “These two transactions provide additional capacity to support small businesses in Australia and Canada and help them to achieve their goals.”

OnDeck will use the Credit Suisse facility to refinance its loan book at a lower rate and to fund future small business loan originations. OnDeck will service the loans, which it will extend to OnDeck Australia and OnDeck Canada subsidiaries. The funds are expected to promote small business growth in Australia and Canada by burgeoning the amount of working capital available.

Both loans carry an initial weighted average interest rate of 5.6%. The Credit Suisse loan will mature in June 2020 while Crédit Agricole’s matures in June 2021. These credit facilities make a total of four funding events that the New York-based company has received this year, following a $100 million revolving credit facility and a $225 million securitization, both received in April.

Founded in 2007, OnDeck leverages its OnDeck Score that uses advanced analytics to make real-time lending decisions and deliver funds to small businesses in as little as 24 hours. Since launch, the company has deployed $8+ billion to customers in 700 different industries across the United States, Canada, and Australia. OnDeck demoed at FinovateSpring 2012 and gave a presentation at our developers conference, FinDEVr New York 2016.

Finovate Alumni News

On Finovate.com

  • OnDeck Scores $93 Million in Two Credit Facilities.
  • P2Binvestor Teams Up with Amalgamated Bank to Help SMEs Get Funded.
  • The ID Co. Unveils Open Banking API Platform.

Around the web

  • Carte Wealth Management to deploy advisor engagement platform powered by BlueRush.
  • CREALOGIX wins Best Web Front End Solution at the 2018 Systems in the City Awards for fintech in banking and wealth management.
  • Technology from Cognizant and Temenos helps Julius Baer complete core banking modernization.
  • Coinbase correction: No SEC approval received for acquisitions.
  • BehavioSec’s behavioral biometrics platform fulfills critical requirements achieving Payment Services Directive 2 (PSD2) compliance.
  • Roostify partners with Colonial National Mortgage to provide customers with a simple and intuitive online mortgage experience.

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

Around the web

  • Neener Analytics completes a Proof-of-Concept with one of the largest credit card issuers in Mexico
  • NetGuardians partners with valantic to take on the German market
  • Study Loans leverages Cloud Lending Solutions for Student Lending Offering.
  • Celent recognizes Fidor for its customer experience as a pioneer in the use of open APIs in banking.
  • Jack Henry & Associates partners with Autobooks to deliver enhanced small business banking functionality.
  • OnDeck delivers 8% sequential loan growth, announces Q1 gross revenue of $90 million.
  • PaySimple announces real-time data integration with QuickBooks Online.

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

  • SecuredTouch Receives $8 Million Strategic Investment from Arvato Financial Solutions.
  • Unison Sees 1,000% YoY Growth in Originations.

Around the web

  • IdentityMind Global partners with Etherparty Smart Contracts to provide KYC and AML compliance support. See IdentityMind Global at FinovateSpring next month.
  • Intesa Sanpaolo Private Banking Suisse to deploy Business Process as a Service (BPaaS) solution from Avaloq.
  • Finastra goes live with its blockchain-based syndicated lending market solution, Fusion LenderComm.
  • Forbes interviews Andrea Gellert, CMO of OnDeck.
  • Ebay And PayPal finalize new payments agreement.
  • Listrak and Persado announce strategic integration.
  • Q2 and StoneCastle partner with MoneyLion to offer deposit accounts and debit cards.
  • EverTrust Bank hires Insuritas to launch digitally powered insurance agency.
  • Backbase powering SSF Bank’s new mobile banking application.

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

  • Nordic Capital Fund Acquires Majority Share of Trustly.

Around the web

  • Coinbase granted e-money license by U.K’s Financial Conduct Authority (FCA); joins Faster Payments Scheme courtesy of partnership with Barclays Bank.
  • ACI Worldwide announces contract extension with DBS.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.
  • nCino and Enforce partner to accelerate cloud adoption for financial institutions.
  • Tradeshift partners with Canon Business Process Services.
  • Pindrop partners with Aeriandi to detect fraudulent calls through cloud platforms.
  • GMO’s Z.com Trade adds Trustly as payment option.
  • Kabbage teams with New Media to advertise to more than five million small and medium sized businesses (SMBs) that do business in New Media’s markets.
  • OnDeck appoints Kenneth Brause as CFO.
  • Sandia Area Credit Union hires Insuritas to launch member-owned, digitally-powered insurance agency.
  • Oregon Community CU selects Alkami Technology’s digital banking platform to provide its more than 150,000 members with a modern digital banking offering.
  • Bankjoy selected to compete in Google Demo Day in March.
  • TSYS implements new payment solution, Advanced AuthControl, with Walmart and Sam’s Club locations around the U.S.

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

Finovate Alumni News

On Finovate.com

  • AutoGravity Partners with Global Lending Services.
  • SelfScore Rebrands as Deserve, Closes on $12 Million in Funding.
  • Credit Sesame Raises More than $42 Million, Unveils Robo Advisor for Credit.

Around the web

  • Avoka extends strategic partnership with Mitek for digital identity verification solutions.
  • Commercial loan origination, CRM are among the new features in Baker Hill NextGen solution.
  • OnDeck partners with Ingo Money and Visa to provide loans to SMEs via debit card.
  • Westpac NZ to transition to real-time banking platform from ACI Worldwide.
  • Regions Bank to add P2P payment and account-to-account transfer solutions from Fiserv.
  • iSignthis announces new agreement with Omnislots.com operator, Dialinvest.
  • Payment Ninja to launch in the U.S. in November.
  • ThreatMetrix and ID.me partner to deliver ID verification for government and commercial digital services
  • Russian bank Lipetskcombank implements new mobile banking app built on Tranzware Mobile Banking from Compass Plus.
  • Accenture and nCino expand alliance to accelerate digital transformation within top U.S. banks
  • Symbiont joins Wall Street Blockchain Alliance as corporate member.
  • Envestnet | Yodlee to integrate risk insight solutions with Fannie Mae’s Ddsktop underwriter validation 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.

OnDeck Celebrates 10th Anniversary

This month marks OnDeck’s 10th anniversary. But when it comes to milestones and metrics, the New York-based small business lender is all about the sevens. As in: $7 billion in capital provided to more than 70,000 customers in 700 different industries in the U.S., Canada, and Australia.

“OnDeck started lending online to small businesses ten years ago with a customer-first philosophy and a relentless commitment to providing capital online with speed, efficiency, and top-quality service to America’s small business owners,” OnDeck CEO Noah Breslow said in a statement. Breslow, who was also OnDeck’s first employee, called small business lending “the hallmark of our business.”

In the company’s statement, OnDeck cited a New York City-area retailer who had benefitted from OnDeck’s services after being turned down for financing by a local bank because their business was “too young.” The retailer turned to OnDeck and was able to secure funding to expand its product line of speciality small batch wines and spirits. He praised the company’s “customer service, speed of capital and personal focus” adding ” that is one of the things that keeps me coming back.”

OnDeck provides small businesses with the financing they need to help grow their enterprises. The company offers term loans of up to $500,000 with rates as low as 9.99% and lines of credit of up to $100,000 with rates as low as 13.99%. The company leverages data aggregation and its proprietary credit scoring methodology – OnDeck Score – to provide credit decisions within minutes and, once approved, borrowers can sign their contracts and receive their money as fast as 24 hours.

Founded in 2007 and headquartered in New York City, OnDeck demonstrated its technology  at FinovateSpring 2012. Traded on the NASDAQ under the ticker “ONDK” since going public in 2014 and with a market capitalization of $342 million, OnDeck is also an alum of our developer’s conference, FinDEVr New York 2016.

Finovate Alumni News

On Finovate.com

  • Unison Leverages Institutional Investors to Help Home Buyers Bridge Affordability Gap.
  • Fiserv Wins Trio of New Credit Union Partners.

Around the web

  • Temenos unveils new online learning platform, Temenos Learning Community.
  • Service Credit Union (SCU) with $3 billion in assets to deploy nCino’s Bank Operating System.
  • DefenseStorm to bolster cybersecurity operations for Genesee Regional Bank ($551 million in assets).

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.