Finovate Alumni News


  • Mortgagetech Innovator Blend Picks Up $100 Million Investment.
  • Finovate Alums Among Top Investment Targets for Top European Banks.

Around the web

  • iSignthis inks deal to begin contracting merchants to ISXPay Australia for card acquiring.
  • Stripe to offer instant payments solution from Klarna on its interface.
  • ABA Banking Journal features receipt management solution provider, Shoeboxed.
  • Xendpay launches Pay Day Initiative with no transfer fees or payment transfer limits.

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.

Shoeboxed Launches Fetch to Remove Blood, Sweat, and Tears from Expense Reporting

I once spent almost 4 hours of my workday completing my expense report for FinovateEurope. Painful. So the news that receipt and business card digitization company Shoeboxed is ushering a travel and expense reporting system out of beta this month caught my interest. The new product, Fetch, is an “expense-report-free” expense reporting solution for small businesses.

The idea for the new product came from Shoeboxed’s clients who were using the Shoeboxed platform as an expense management system– something the company never intended. As the Fetch blog post announcement explained, “While Shoeboxed serves as a state of the art receipt and business card digitization service, it was never meant to be a full-service expense reporting tool.”

Nine months of market testing and surveys revealed that consumers wanted an expense reporting tool that was not complicated or difficult to set up. So that’s what Shoeboxed built Fetch to be. The new product’s main objective “is to be the fastest tool on the planet for getting employees reimbursed for expenses.” The company stripped down the expense reporting process and “got rid of expense reports altogether.”

Fetch offers a streamlined way for employees to submit receipts, then batches the digitized documents and sends them in batches to team administrators for approval and repayment. To adjust to growing companies, Fetch can scale to different team sizes and adapt to organizational structures and workflow requirements.

Shoeboxed was founded in 2007 to help people turn paper receipts into organized digital data. The company’s one million account holders across 100 countries mail Shoeboxed their physical receipts, business cards, and bills and the company hosts the documents in a secure, digital format or exports the data to QuickBooks, Wave, Xero, Outright, Evernote, Excel, and more.

At FinovateSpring 2015, Shoeboxed won Best of Show for demonstrating how banks can leverage the company’s receipt capture platform. The company’s co-Founder, CFO & COO, Tobi Walter, showcased how banks can use Shoeboxed to help clients view line item data from email receipts, receive reminders about product return deadlines, product recall information, and more. Last summer, the company launched Direct Download for reports and in June of last year partnered with ScanSnap Cloud to offer a new way to scan receipts.

Finovate Alumni News


  • Shoeboxed Launches Fetch to Remove Blood, Sweat, and Tears from Expense Reporting

Around the web

  • AutoFinance highlights AutoGravity as 1 of 10 auto finance and mobility companies leveraging AI
  • Biometric Signature ID partners with National Fingerprint to provide virtual ID proofing and verification services

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


  • HooYu Brings Identity Confirmation Technology to BCRemit.
  • StreetShares Raises $10.3 Million for “Shark Tank Meets eBay” Approach to P2P Lending.
  • Flywire Expands Operations in Japan, Forms Partnership with Volvo.

Around the web

  • UPS Capital launches cross-border B2B payment service powered by Payoneer.
  • Risk Ident opens new U.S. office at Cambridge Innovation Center, near Boston, Massachusetts.
  • Venmo introduces QR code feature to help users find payee profiles faster.
  • eMoney launches redesigned website with a new UX enhanced navigation and multimedia content.
  • Digiliti Money (formerly Cachet Financial Solutions) appoints interim CEO.
  • Qapital now offers checking account and debit card.
  • BBVA joins Singapore-based trade finance platform Capital and Credit Risk Manager
  • Al Masraf selects Temenos’ digital banking technology
  • Kony announces V8 release of Kony AppPlatform to help developers design, develop and deliver omnichannel apps fast.
  • Shoeboxed launches Fetch, a new expense system
  • Trusona opens new office in Tokyo, Japan.

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


  • Fintech Trending: Alt Lending Woes, Asia Grows, and Everbank Exits
  • FinDEVr Alum UpGuard Raises $17 Million Series B
  • vaamo Partners with N26 (Formerly Number26)

Around the web

  • ayondo launches simulated trading app, the ayondo academy.
  • Chain announces new partnership with Initiative for Cryptocurrency and Contracts (IC3).
  • Shoeboxed launches Direct Downloads for reports.

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.

Shoeboxed Partners with ScanSnap Cloud for Receipt Scanning

Screen Shot 2016-06-14 at 8.24.19 AM

Email and mobile receipt-processing company Shoeboxed today announced a partnership that offers increased functionality to help small businesses import and organize their expenses.

The North Carolina-based company announced it is working with ScanSnap Cloud to help users scan receipts, documents, and business cards by using its iX500 and iX100 scanning devices.

ScanSnap, which has partnerships with companies such as Expensify, Evernote, and Dropbox, helps mitigate manual data entry by automatically extracting data and sorting scans in a way that is human-verified to be fully searchable.

Once the scans are uploaded, Shoeboxed extracts the data, which the user can export into other tools. Check out the video to learn more about the integration.

Founded in 2007, Shoeboxed presented at FinovateSpring 2015 where the company’s COO and cofounder Tobi Walter demonstrated receipt-capture for banks. The company’s team of 40 serves more than 1 million users in 100 countries.

Finovate Alumni News


  • “Shoeboxed Partners with ScanSnap Cloud for Receipt Scanning”
  • “Finovate Debuts: Race Data Helps Community Banks Turn Customer Data into Market Intelligence”
  • “Opentech Teams Up with MasterCard, Swiss Bankers to Launch Card Management App”
  • “HelloWallet Launches Savings and Debt Guidance Tool”
  • “Kasasa Reaches One Millionth Account”
  • Check out this week’s FinDEVr APIntelligence

Around the web

  • Fiserv announces its new biometric authentication solution, Verifast: Palm Authentication.
  • Markit to provide fixed income pricing data and liquidity metrics for the European Commission.
  • INETCO to power real-time transaction monitoring for Turkey’s Central Processor for Bank Payment Cards, Bankalararasi Kart Merkezi (BKM).
  • ThinkAdvisor looks at how Blackrock is taking on Schwab and Vanguard with FutureAdvisor.
  • ebankIT expands its headquarters facilities in Porto to grow R&D team.
  • Corezoid moves platform-as-a-service core banking engine to AWS.
  • Blackhawk Network Appoints Sachin Dhawan as CTO and SVP.
  • PCWorld votes Xero as its top-choice accounting software in 2016.

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.


Where Are They Now? A Look at FinovateSpring 2015 Best of Show Winners


FinovateSpring is quickly approaching. This year’s show, May 10 & 11 in San Jose, California, will be our biggest show yet with 72 winning ideas pitched to more than 1,500 fintech execs. Pick up your ticket to save your seat. While we’re eager to see this year’s demos, we wanted to reflect on the successes of last year’s Best of Show winners (in alphabetic order):

Alpha Payments Cloud

HQ: Singapore
Founded: 2012
Total funding: $12 million


May 2015 demo: Alpha Payments Cloud showed AlphaHub, its omnichannel solution-access platform that helps banks, merchants, MSPs, and ISOs gain access to any solution provider in the world. (Demo video)

Partnerships, presentations, and product offerings since August 2015:


HQ: Broomfield, Colorado
Founded: 2002


May 2015 demo: Avoka showed Transact for Financial Services, which combines social, cloud services, and crowdsourcing into the world’s fastest credit card application. (Demo video)

Partnerships, presentations, and product offerings since September 2015:


HQ: Las Vegas, Nevada
Founded: 2015
Funding: $300,000


May 2015 demo: MoneyAmigo debuted its new platform that brings financial services to the underbanked and underserved, delivering traditional banking products in an innovative way. (Demo video)

Activities and media coverage since May 2015:


HQ: New York, New York
Founded: 2011
Funding: $24.4 million


May 2015 demo: Moven introduced its Financial Health Platform that provides real-time, contextualized notifications and interactions that create “gamified money moments.” (Demo video)

Media coverage and new product features since October 2015:

NAMU Systems

HQ: Mahwah, New Jersey
Founded: 2014
Funding: $200,000


May 2015 demo: Namu debuted its Joyful Banking which uses new and intelligent behavior modeling to focus on customer behavior and digital experiences to create a new standard in mobile banking. (Demo video)

Namu’s awards and press coverage in 2015:


HQ: Durham, North Carolina
Founded: 2007
Funding: $2 million


May 2015 demo: Shoeboxed launched Receipt Capture for Banks solution which boosts the functionality of online and mobile banking apps while providing fraud protection. (Demo video)

Shoeboxed recently received media buzz for its product update and corporate move last year:


HQ: Ann Arbor, Michigan
Founded: 2012
Funding: $6.63 million


May 2015 demo: Stratos debuted its dynamic Stratos Bluetooth Connected Card and Digital Card Issuance Platform that analyzes card usage trends and interactively engages card members. (Demo video)

Awards and activities:

Finovate Alumni News

Around the web

  • recognizes Shoeboxed among its five startup companies to watch in Durham, North Carolina.
  • Business Builders interviews Harper Reed, head of commerce at Braintree.
  • Kurtosys features Personal Capital, Wealthfront, LearnVest, and Betterment in a look at the future of roboadvisers.
  • Kasasa (formerly BancVue) launches Retail Portfolio Optimization solution with enhanced, data-driven account analysis.
  • New York Times column on apps that help you save highlights Qapital.

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.

Telling Personal Stories via Bank Transaction History


paper receipt pile

One of the initial aims of personal financial management (PFM) was making sense out of your spending. For a variety of reasons, most consumers view that as just too much work for too little in return. But, since the launch of Mint nine years ago, much progress has been made on that value equation. Thanks to mobile technologies and various APIs, tracking is easier as well as more data rich, resulting in output that is much more useful.

For example, Simple’s Safe to Spend predicts when you will run out of cash with virtually no user input. It’s a great benefit for numbers-oriented customers who already pay close attention to their balances. But what about the other 90% of the world? Can PFM services deliver value for those that will never appreciate an animated graphic of their 10-year moving average of Starbucks purchases?

I believe the answer is yes.

PFM services need to broaden their role and help customers track their “financial stories.” Think about it. Unless you are an obsessive Facebook/Instagram/Foursquare poster, where else can you look back and find out where you ate last year in San Diego, what souvenirs you brought back for the kids, and which car rental company you want to avoid next time?

All that info, and much more, is locked away in your credit/debit card transaction history. Just being able to search your transactions helps tremendously (thanks, Mint). But what if you had ready access to all the information on your receipt? Then you could see not only where you ate, but also which entree you loved (since you would have made a note on the receipt at the time).

Currently, integration with camera phones, such as that offered by Expensify, do this for highly motivated users, such as those with a large financial incentive to track their reimbursable expenses. But what about everyone else?

That’s where startups—such as Finovate alums Ready Receipts, Shoeboxed, Xpenditure, as well as dozens of PFM providers and mobile payment specialists—come into play. They are devoted to getting the transaction detail on receipts aggregated into a single, easily accessible source.


We recently met another startup that seems to have good traction solving this problem (and happens to count Expensify as an investor), Washington D.C.-based Piper. Most of our conversation was off the record, but I love what they are doing, working with the POS players to reach critical mass in a difficult two-sided market—one in which retailers don’t want to spend money on enhanced receipts unless there are users, and users won’t bother unless they see a sizable number of receipts available.

Piper has also narrowed in on a business model that charges fees to the portion of the ecosystem that stands to gain the most from better receipt management; namely, the merchants, card issuers, and transaction acquirers who benefit massively from the 30% reduction in chargebacks that the system has proven in early tests.

I look forward to the time when Piper and the others have changed the PFM story.


Note: Y Combinator’s latest batch (W16), debuting this month, contains another receipt provider worth watching, FlexReceipts