Finovate Alumni News

Around the web

  • Estonia’s e-Residency program partners with Holvi to launch borderless digital banking for its borderless digital nation.
  • Prosper Closes $495 Million Securitization Transaction.
  • EFL is a finalist in the WSJ’s Financial Inclusion Challenge.

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

  • NuCypher and Sureify Earn Finalist Spots at Startup Battlefield, MetLife’s Collab.

Around the web

  • Mobile identity scoring innovator Juvo appoints Prosper president Ron Suber as strategic advisor.
  • BBVA unveils new chatbot providing basic financial information over Facebook and Telegram.
  • IBM opens the doors on its Blockchain Founder Accelerator program for blockchain startups.
  • Spanish tax agency, AEAT, certifies Comarch’s Accounts Payable solution.
  • Puget Sound Business Journal Features Lighter Capital.
  • NuCypher wins finalist spot at Disrupt NY 2017’s Startup Battlefield.

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

  • Finovate Debuts: unblu Delivers an In-Person Customer Experience Online.
  • Check out our latest Sneak Peeks of upcoming FinovateSpring demos from Newchip, IBM Trusteer, Divy, CallVU, Finicity, GoodData, & NCR Corporation.
  • Narrative Science Raises $11 Million Series E.

Around the web

  • MaxMyInterest members gain access to increased FDIC insurance and competitive yields on cash balances courtesy of new partnership with UFB Direct.
  • Bahrain-based Bank ABC goes live with omni-channel digital banking service using Backbase’s platform.
  • Revolut joins forces with UK online mortgage broker, Trussle, enabling prospective homebuyers to begin the application process on mobile phones.
  • PayPal teams with Android to launch a new way to pay.
  • Lending Club launches mobile app for investors.
  • Handpoint launches analytics dashboard.
  • ProfitStars and Tyfone partner to offer digital banking and billpay solution.

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

  • Check out sneak peeks from FinovateSpring demoing companies SpeechPRO, CallVU, ACH AlertnanoPay DefenseStorm, and SuperMoney.
  • InComm Partners with WeChat Pay Parent Tencent.

Around the web

  • PYMNTS.com looks at Payoneer and escrow service as a way to support B2B payments.
  • SelfScore launches Achieve Card to provide international students with access to credit.
  • New service from Azimo enables money transfers with just a phone number.
  • PYMNTS profiles LendUp’s target market focus.
  • Loan validation firm Global Debt Registry Adds Prosper to Network.
  • DemystData celebrates its one-year anniversary in Singapore by expanding its offices.
  • EyeLock receives patent for sequentially linking iris matching with facial imaging.
  • Wired gets into the algorithmic brains of 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.

A Look at the Savings Tech Horizon: Passive Investing

IMG_0274

This is the final post in our blog series about the savings technology horizon. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms. So far this week, we’ve looked at solutions targeted to Generation Zcrowdfunded savings technology, and advice-only solutions. Today, we’ll consider the final category– passive investing.

Savings tech isn’t sexy, and because it is often built into a larger, more robust product, sometimes it is difficult to notice. With the diversity of savers in this world, it only makes sense to have a wide variety of tools to help them save. Not all savings tools are built the same, and that’s a good thing. Missed the other five savings categories? Check them out:

Today’s category borders on wealth tech (okay, it is wealth tech). It is also, however, one of the major methods people use to set aside money for their future. I felt this series would be incomplete without considering a few examples of how passive investing helps people save.

Passive investing

A wide spectrum of companies, many of which will sound familiar, fall into this group. I’ve picked out three– Acorns, Betterment, and Prosper— to illustrate a variety of examples.

  • Acorns
    Most likely, you’re already familiar with Acorns. This millennial-focused app offers an easy way to help poor young, tech-savvy investors make the jump into the stock market. Founded in 2012, Acorns launched an app that connects with a user’s debit account, helping them invest the “spare change” from their daily transactions. To keep things simple for novice investors, the company charges a straightforward fee of $1 per month.

Screen Shot 2017-03-16 at 3.21.41 PM

Acorns’ Found Money feature leverages brand partnerships

Tying in saving and investing with spending, Acorns recently launched a FoundMoney feature (pictured above). With Found Money, Acorns’ merchant partners deposit bonus cash into the user’s Acorns account. When consumers spend money with select companies, the brand to invest back. Acorns currently boasts 10 millennial-friendly brand partnerships, including Airbnb and Dollar Shave Club.

  • Betterment
    Another savings/investment tool that will sound familiar is Betterment; the New York-based company made its first Finovate appearance at FinovateFall 2010. One of the first automated investment platforms in the U.S., Betterment was founded in 2008 to create an algorithmically-managed investment account with lower fees than a financial advisor.

    The company recently introduced a set of hybrid robo advice offerings with a personal touch; for a higher annual fee, users can opt for a robo advisory service blended with a certified financial planner (CFP). The service options range from a yearly call with Betterment’s team of CFP professionals to a one-on-one relationship with a financial advisor.

Screen Shot 2017-03-17 at 11.39.08 AM

Betterment uses an algorithmic approach to investing
  • Prosper
    This P2P pioneer also may sound familiar. Prosper launched in 2006 and has since become one of the largest P2P marketplaces in the U.S. The company offers investors an Auto Invest feature that lets users set investment rules based on the risk and type of loans in which they want to invest. When the user has liquid cash in their account Prosper will automatically re-invest those funds into loans that match the user’s criteria. Prosper debuted at the first ever Finovate in 2007.
Prosper’s Auto Invest feature helps users take a “set it and forget it” approach to saving

Next week, our analyst David Penn will pick up the series as he talks to industry experts and looks that the future of savings technology.

Finovate Alumni News

On Finovate.com

  • Lendio Brings the Franchising Model to Small Business Lending.
  • Excited to see Symphony Software Foundation at FinDEVr NY March 21 & 22. Check out our interview with Executive Director, Gabriele Columbro.
  • Scotiabank and AlphaPoint Wrap Up Blockchain Trial.

On FinDEVr.com

  • RSVP for FinDEVr’s International Debut.
  • PwC Brings Blockchain PoC to London’s Specialty Insurers.
  • Shwayhat Steps Up: Greenkey Technologies Announces New CEO.

Around the web

  • Vantiv to provide payment processing for Tyndall FCU ($1.3 billion in assets). See Vantiv at FinDEVr New York this month.
  • Scalable Capital recognized as only European startup on CNBC Upstart 25 roster.
  • Wealthify lowers minimum investment to £1.
  • Mambu goes live in the Americas with new offices in Miami and new regional managing director.
  • Trustly processes more than €3 billion in payments in 2016, announces UK expansion.
  • Fiserv Expands Contact and Servicing Center into Florida.
  • Yandex Money brings bankers onboard.
  • D+H Mortgagebot named HW Tech100 winner.

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.

A Plus for P2P Lending: Investors to Buy Up to $5 Billion in Loans on Prosper

Screen Shot 2017-02-27 at 2.35.14 PM

The rumors from last August are true. P2P lending giant Prosper announced a deal in which a group of institutional investors has agreed to purchase up to $5 billion in loans on the San Francisco-based company’s platform over the next 24 months. Investors include affiliates of New Residential Investment Corp., Jefferies Group and Third Point, and an entity of which Soros Fund Management serves as principal investment manager.

To further vest the interest of the investors in Prosper, the group will earn equity in the company based on the amount of loans they purchase. Additionally, warehouse financing of up to $1 billion will be provided by lenders including Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley.

“We’re very pleased to be working with this consortium of investors, and believe they will be great long-term partners as we continue to build a large-scale business,” said David Kimball, CEO, Prosper Marketplace. “This deal gives us the funding stability and additional capital markets expertise we need to continue to grow our marketplace and achieve profitability in 2017.”

Despite growing pains brought on in 2016*, Prosper has seen positive growth since mid-2016. Since July, monthly loan originations have climbed “steadily.” That progress has continued into 2017– the company reported an estimated net return of 7.86% for January. As for plans for the rest of this year, the company hopes to onboard banks and other institutional investors to the platform.

Founded in 2005, Prosper presented at FinovateSpring 2009 as well as the inaugural Finovate in 2007.


*The P2P lending industry has been scrutinized since last year, when Lending Club CEO was forced to resign and prosper laid off 28% of its workforce. Additionally, Prosper suffered a 12% drop in lending volume in Q1 of 2016.

Finovate Alumni News

On Finovate.com

  • Check out today’s FinDEVr Feature — FairCom.
  • A Plus for P2P Lending: Investors to Buy Up to $5 Billion in Loans on Prosper.

Around the web

  • Zopa awarded Superbrand status for the first time.
  • Benzinga features M1 Finance CEO Brian Barnes.
  • Kasasa names Guy Daubenspeck Chief Information Security Officer.
  • The Co-operative Group to leverage ACI Worldwide for cloud-based mobile wallet.

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

  • Braintree Hires John MacIlwaine as New CTO.

Around the web

  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins. Join EyeVerify in London for FinovateEurope.
  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.
  • Bloomberg Technology talks with Misys CEO Nadeem Syed on IPO plans, AI, and P2P lending. See Misys at FinovateEurope in London next week.
  • OutsideIQ’s Founder and CEO featured in InfoWorld.
  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.
  • Prosper Appoints Usama Ashraf Chief Financial Officer.

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

Around the web

  • FlashFX to leverage Ripple for its new foreign-exchange payments-solution in Australia, using XRP for liquidity.
  • Blackhawk Network launches HawkCommerce.com B2B and B2C solution for expanding, distributing and managing gift cards and egifts.
  • Philippe Gélis, Kantox CEO and cofounder, and Alexandre Gaillard, InvestGlass CEO and founder, are listed among 10 French Influencers who “rock the global fintech scene.”
  • Luxoft named a Top 15 Outsourcing Service Provider by ISG.
  • Compass Plus updates TranzWare remote banking products.
  • Prosper to launch seventh generation of credit model, switches from Experian to TransUnion.
  • InComm partners with Wakefern Food Corp. to expand gift card programs.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.