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.

Spring Forward: FinovateSpring 2016 Alums Top $200 Million in Funding

FinovateSpring2016_scene

With FinovateSpring 2017 coming next month, we thought we’d take a look back at how the alums from our last spring conference a year ago have fared on the fundraising front.

And after a quick review, it seems that investors continue to be interested in the innovations of Finovate alumni. In fact, even without the $1.8 billion Golden Gate Capital spent on its acquisition of Neustar late last year ($2.9 million with debt included), the alums from FinovateSpring 2016 have had an impressive year of fundraising. While the specific funding amounts for a number of alums were not officially disclosed, our review shows more than $200 million raised by 20 FinovateSpring 2016 alums over the past year alone.

Among the bigger deals of the past year, the $72 million raised by OurCrowd stands out. OurCrowd, a crowd investing platform for venture capital, was founded in 2013 and is headquartered in Jerusalem, Israel. With a growing network of more than 17,000 investors, OurCrowd has raised $400 million on its platform, providing funding for 110 companies. Also noteworthy was the $29 million raised by FinDEVr/Finovate alum NYMBUS in two separate fundings in August and February. NYMBUS is an innovator in developing advanced, cloud-based core banking systems. Known as a “bank in a box” NYMBUS technology gives smaller banks and credit unions the ability to compete with larger FIs when it comes to providing customers with the latest digital banking services.

So to help get you ready for FinovateSpring 2017, here’s a list of the investments scored by alums from last year’s conference. And remember you can see live demos from all 20 of our fundraising FinovateSpring 2016 alums in our Video Archives.

February 2017

  • FinDEVr New York Alum NYMBUS Announces $16 Million in New Funding
  • Qumram’s Regtech Offering Lands $1.49 Million
  • Empyr Raises $3 Million in Funding

January 2017

  • ForwardLane Raises $1.1 Million in New Funding
  • Earnix Receives $13.5 Million in Growth Capital from New and Existing Investors

December 2016

  • Cyberfend Acquired by Akamai Technologies for Undisclosed Amount

November 2016

  • Sezzle Raises Seed Funding Ahead of Shopify Debut ($1.85 million)
  • Neustar Acquired by Golden Gate Capital for $1.8 Billion (including debt $2.9B)

October 2016

  • ThreatMetrix Picks Up $30 Million in Growth Capital from Silicon Valley Bank (debt financing)

September 2016

  • OurCrowd Pulls In $72 Million
  • WealthForge to Raise $2.5 Million in New Convertible Note Offering
  • OneVisage Earns Seed Funding in Round Led by Polytech Ecosystem Ventures (amount undisclosed)

August 2016

  • CUneXus Closes $5 Million Series A
  • Automobile Title Lending Platform Finova Financial Raises $52.5 Million
  • NYMBUS Raises $12 Million in Round Led by Vensure Enterprises

July 2016

  • Linqto Announces New Venture Funding from Keiretsu Capital (amount undisclosed)

June 2016

  • NICE Funding! CallVU Raises $3 Million
  • Civic Announces New Debt Financing from Blockchain Capital (amount undisclosed)
  • savedroid AG Completes €1 ($1.1 USD) Million Seed Round; Announces Beta Launch
  • Cyberfend Earns Undisclosed Non-Equity Assistance from MasterCard Start Path Global Program.
  • BanQu Secures $100,000 in Financing (convertible note)

Are you a FinovateSpring 2016 alums whose funding we missed? Send us an email research@finovate.com and we’ll be happy to make the update.

Top Business-to-Business Wealth Tech Players

wealthtech4

If you’ve been following our series on wealth tech, you’ve seen our analysis of the industry as a whole, a review of the top trends, and an examination of B2C wealth tech players.

Our wealth tech coverage continues this week with a review of business-to-business (B2B) players in the wealth tech space. These are companies that cater directly to banks, advisors, or brokerages, instead of offering products or services directly to consumers. B2B wealth tech is a large category, so I’ve sub-divided it into four digestible groups and listed my top picks for each category. Since category sizes vary, the number of selections also varies.

Alternative investment services
These are platforms that help advisors connect clients with unconventional investment types, such as private equity, hedge funds, futures, real estate, etc.

Screen Shot 2017-01-19 at 11.44.57 AMEquityZen’s EZ Institutional lets advisors give clients access to a diverse asset class

Technology for advisors and brokerages
These are tools available via API, SDK, or web interface to help advisors compete with robo advisors by allowing them to invest with less bias, increase client communication, scale operations, find new clients, and more.

Screen Shot 2017-01-19 at 11.40.41 AMTrizic offers advisors their own digital tools to compete with robo advisors

Non-U.S. B2B investment and advisor technology
Similar to the above category, these companies offer tools for advisors outside of the U.S.

Screen Shot 2017-01-19 at 11.30.52 AMmeetInvest helps advisors invest like world-renowned market experts

News and Information Companies
These are online platforms, APIs, or SaaS offerings that provide advisors market information, show them trending news, or connect businesses with market data to power their own products.

Screen-Shot-2016-10-31-at-3.22.22-PMForwardLane’s dashboard acts like a private research analyst for advisors advisors, helping them stay current on new trends and funds

Finovate Alumni News

On Finovate.com

  • “Andreessen Horowitz Leads $25 Million Investment in Quantopian
  • “Finovate Debuts: GoodData Helps Banks Put Their Data to Work”
  • “Nutmeg Spices Things Up with New $37 Million Investment”

Around the web

  • FinDEVr alum Smart Token Chain completes first smart token transfer via Ripple network.
  • From apps to APIs: Dwolla rebrands as platform.
  • PwC unveils Vulcan Digital Asset Services, a suite of digital currency solutions including digital wallets and international payment processing.
  • Entersekt to power mobile app security for FirstBank.
  • CoverHound partners with Metromile to offer more coverage options for auto and property insurance.
  • WealthForge exceeds $250M in transactions completed on platform.
  • Kabbage hires chief technology officer and chief data officer.
  • AutoGravity to power digital car sales and finance app for Fletcher Jones Motorcars.
  • Visa Developer Challenge winner Corezoid earns recognition at Money 20/20 Hackathon.

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.

WealthForge to Raise $2.5 Million in New Convertible Note Offering

wealthforge_homepage_september2016

WealthForge will raise $2.5 million in new capital using the same convertible note strategy the company used last year to raise $2.2 million. Bill Robbins, who took the helm as CEO at WealthForge last December, said the funding will help WealthForge build its core business, as well as make investments in “sales, marketing, and support.” Characterizing the initial response to the convertible note offering as “extremely positive,” Robbins expects to complete the fundraising by the end of the year.

WealthForge has raised more than $5 million in total equity funding, and includes CIT GAP Funds, NRV, and SenaHill Partners among its investors. The current convertible note investment is structured as debt that can be converted into equity. Reporting on WealthForge’s SEC filing, Richmond Biz Sense noted that WealthForge is looking for minimum investments of $25,000 from outside investors.

wealthforge_stage_fs2016

C0-founder and Chief Strategy Officer Mat Dellorso demonstrated the WealthForge Network at FinovateSpring 2016.

A pioneer in bringing financial technology to the process of raising private capital, WealthForge connects issuers, investors, and their intermediaries within an online platform that provides a new level of transparency and efficiency for all parties. Issuers can present their offerings to registered intermediaries in an online showcase, while giving intermediaries the ability to provide investors with a branded investment experience. The company’s innovations include their “invest button technology” that enables anyone seeking to raise private capital to allow their investors to invest with a simple click, as well as the Dynamic Tombstones of its WealthForge Network that make it easy for anyone raising capital to market and advertise their offerings online in a safe and compliant way.

Founded in 2009 and headquartered in Richmond, Virginia, WealthForge demonstrated the WealthForge Network at FinovateSpring 2016. More than $240 million and more than 5,500 investments have been transacted on its platform. WealthForge is a UBS Future of Finance Challenge winner, a runner-up in the Benzinga Fintech Awards for 2016, and was named the fourth most active broker-dealer in U.S. private placements in 2015.

Finovate Alumni News

On Finovate.com

  • WealthForge to Raise $2.5 Million in New Convertible Note Offering

Around the web

  • Green Dot unveils Visa credit card for thin-file consumers.
  • First National Bank of Pennsylvania upgrades its mobile banking and payments platform from Fiserv to enable debit card management.
  • Martech Advisor interviews Radius CEO and co-founder Darian Shirazi.
  • PYMNTS.com talks with Hyperwallet VP Tomas Likar about the challenge of payments in the on-demand workforce. See Hyperwallet at FinDEVr Silicon Valley 2016, October 18 & 19.
  • Radius announces the Radius Customer Exchange (RCX), a solution to advance co-marketing for B2B marketers.

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

  • “Ripple’s New Partnership Lets Banks Test Blockchain and Ripple Integration”
  • Quantopian Adds Chief Investment, Compliance Officers Ahead of Opening Fund to Public”

On FinDEVr.com

  • UpGuard Brings Better Vulnerability Detection to ServiceNow”

Around the web

  • Kasasa partners with AudioEye to offer accessibility for community banks.
  • Zopa customers have borrowed $72 million+ this year for home improvement, a 54% increase in home improvement loans compared to the same period last year.
  • Ripple launches blockchain pilot program in partnership with Expertus.
  • Banking Technology reports that Temenos is nearing a core banking software deal with Iran’s Ayandeh Bank (Future Bank).
  • Fiserv earns a spot in Newsweek’s 2016 Green Ranking, which evaluates corporate environmental performance.
  • Google’s Economic Impact report profiles Onovative.
  • HousingWire reports: Mason-McDuffie Mortgage announces partnership with tech company Blend.
  • B2B Nation HR interviews PayActiv CEO Safwan Shah.
  • Infoworld feature on AI shares insights from OutsideIQ CEO Dan Adamson.
  • DigSouth highlights DoubleNet Pay and WealthForge in its look at fintech startups from the American South.

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 2016 Benzinga Financial Awards

Trunomi_homepage_June2016

Finovate alum Trunomi took home two awards at the 2016 Benzinga Fintech Awards this week. The KYC and data-sharing solution provider won first place in the Proprietary Technology & APIs and Most Promising Startup categories.

Also winning top honors were Loyal3, which took first place in the Leveling The Playing Field category, and SmartAsset, which won first place in the Best Educational Tools & Services category.

BenzingaFintechAwards2016

This year was the second for the Benzinga Fintech Awards. More than 250 companies from five countries competed for this year’s awards, including Founder of the Year which was awarded to TickerTags founder, Chris Camillo.

Other alums earning recognition were runners up PsychSignal (Finding Alpha category) and WealthForge (Lending & Alternative Investments category). TipRanks picked up a runners up spot in the Research Platforms, Apps & Tools category, as well as third place overall. DriveWealth earned an honorable mention in the Innovation in Mobile category for its Passport solution.

See the full list of 2016 finalists.

Jason Raznick, founder and CEO of Benzinga, congratulated this year’s winners and praised their “forward thinking and product development.” This year marked the second strong performance at the Awards from Finovate alums in general and TipRanks in particular, which in 2015 took top honors in Trade Recommendations category in 2015. Other alum winners from 2015 include Betterment, EquityZenLikeFolioMarket Prophit, Motif InvestingPersonal Capital, and HedgeCoVest, which won runners up in the Most Disruptive category, Best in Class in the Robo Advisor Tools category, and first place overall.

FinovateSpring Sneak Peek: WealthForge

WealthforgeHomepage

FS2016-wdateA look at the companies demoing live to 1,500+ fintech professionals on May 10 & 11. Register today.

WealthForge is powering the next generation of private capital markets. The WealthForge Network connects issuers and intermediaries to syndicate opportunities and improves the ability to raise capital.

Features:

  • Post an offering to the Network Showcase
  • Enlist a selling syndicate to distribute your offering via Dynamic Tombstones
  • Track all investments brought in through the Network with the Issuer Dashboard

Why it’s great
We believe that empowering market participants to work together further breaks down the barriers in private capital markets and WealthforgePresenter1improves transparency and efficiency, allowing more capital to be raised.

Presenters

Mat Dellorso, Co-founder
With his passion for innovation and financial technology, Delores drives forward WealthForge’s vision. He leads company strategy and invigorates growth by being a frequent speaker on private capital markets.
LinkedIn

WealthforgePresenter2Arthur Weissman, Head of Sales
Weissman oversees sales and business development at WealthForge. He previously served as a co-founder of Market76, an industry-leading, financial advising technology-platform.
LinkedIn


Check out all of today’s sneak peeks:

Finovate Alumni News

On Finovate.com

  • Credit Karma Thinks Mobile with Snowball Acquisition
  • “Finovate Debuts: Urban FT Brings a Social PFM to Prepaid Cardholders”

Around the web

  • Let’s Talk Payments features several Finovate alums in its look at fintech in Europe. Remember FinovateEurope 2016 is just over one month away.
  • American Banker highlights Global Debt Registry in a review of companies tackling the problem of debt collection.
  • WealthForge publishes its 2015 Year in Review in infographic form.
  • American Banker recognizes CBW Bank’s Suresh Ramamurthi as Innovator of the Year.
  • Suffolk Bancorp in N.Y. Names Fiserv Core Processor (paywall).
  • Zopa reviews 2015 stats and discloses 2016 plans.

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.