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In the first quarter of 2014, 23 Finovate alums raised more than $592 million

And as the second quarter draws to a close, it's clear that a comparable cohort of alums have kept the pace.

Over the course April, May, and June, 28 alums raised significant amounts of capital ranging from Gremln's $100,000 to the $65 million raised by Lending Club. The quarterly total of $594 million is almost exactly the same as the previous quarter.

And given that some amounts are undisclosed (I'm talking about you, Holvi, RevolutionCredit, and Tuition.io), we're confident that Finovate alums have notched their second $600 million fund-raising quarter in a row.

How does this compare with the less recent past? Very well, indeed. 

In the second quarter of 2013, 15 alums raised more than $200 million. This was a major improvement on the second quarter from 2012, which featured 14 companies raising more than $120 million. 

Total raised for Q2 2014 = $594 million

April -- $217 million raised by 11 companies
May --  $226 million raised by 11 companies
June -- $151 million raised by six companies

Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at David@Finovate.com or Julie@Finovate.com

Finovate Alumni News-- May 29, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgChina Loves Mambu: Microfinance Network Picks Cloud Banking Platform for SME Lending.
  • App Annie Acquires Distimo; raises $17 Million from Current Investors.
  • SumUp launches its own chip and PIN reader, PIN+, in Poland and Switzerland.
  • Credit Sesame launches mortgage rate marketplace.
  • DemystData brings in $5 Million for its Big Data API for financial institutions.
  • NHS Shared Business Services selects Tradeshift platform to enhance supply chain.
  • Actiance announces general availability of Alcatraz, a cloud-based, Context-Aware archive for email, social, and other communications.
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.
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For DemystData, big data is more than just a buzz word. The New York-based company focuses on improving financial institutions' access to information to optimize interaction with customers.

The company announced today it raised $5 million in a Series A investment. Investors include:

    • Notion Capital
    • SingTel Innov8
    • Arbor Ventures
    • P2P Equity Partners
    • Errol Damelin (UK-based Wonga founder)

DemystData previously received two investments of undisclosed amounts.

DemystDatahomepage

The company's software aggregates data from multiple sources in real time to build customer profiles. Institutions use these profiles to make better decisions. DemystData is processing more than 30 million profiles for financial clients, which include some of the largest, global P2P lenders in the U.S. and U.K., as well as leading banks in AsiaPacific.

Using this new investment, DemystData plans to continue its global growth while expanding its team. Additionally, it hopes to further enhance its API.

To learn more about DemystData, check out its FinovateAsia 2012 demo video, where it debuted Credit-in-a-Box. Interested in this and other back-end systems for FIs? Pick up your ticket to FinDEVr to check out more.

As we prepare to bring FinovateAsia to Singapore November 14, we researched the funding of six Asia-based companies who demoed at FinovateAsia last year. Combined, these companies raised more than $215 million from a variety of investors:

BankBazaar, a credit processing platform that allows banks to offer consumers 7-minute credit eApproval on retail credit products.
CustomerXPs creates technology that proactively senses cross-sell, attrition, customer engagement and fraud in real-time.
DemystData enables real-time analysis of big data from consumers and SMBs, allowing for improved interactions as a result of richer, more relevant information. 
    • Venture Round: undisclosed amount from VentureLab
    • Series A: undisclosed amount from Accion and Arbor Ventures
    • FinovateAsia 2012 demo
Heckyl provides real-time financial information, news analytics, trend matrix, and heat maps for coverage of markets, companies, and businesses. 
TradeHero, a virtual trading community where the system models trades and ranks trader performance by proven returns on investment.
Wipro, an information technology, consulting, and outsourcing company that delivers solutions to enable its clients to do business better.
    • Total of $205 million from cMango, Gallagher Financial Systems, Science Applications International Corp., and Promax Application Group
    • FinovateAsia 2012 demo

The funding for these companies comes from a diverse set of investors, many of whom are based in Asia. Janus recently published a piece outlining venture funding options available to Singapore companies. For the most part, Singapore's equity financing scene is quite similar to the U.S., but there are a few significant differences:

    • The VC scene in Singapore is small compared to the U.S. and Europe
    • Singapore's government actively pursues VC firms to invest in Singapore startups and entices them with tax and other monetary benefits
    • There are more than 100 VC firms in the city today
    • Many VC firms in Singapore focus on late-stage expansion financing, but some offer financing for early-stage startups
    • Types of VC firms in Singapore range from independent limited partnership to corporate-backed firms
    • Singapore VCs are attracted to services, manufacturing and the high-tech industry

At this year's FinovateAsia, while not all demoing companies are looking for funding, each will show up to the MAX Atria @ Singapore Expo stage with their newest technology. Want to learn more? Check out FinovateAsia homepage or get your ticket here to be a part of the event.

Finovate Alumni News-- January 23, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTemenos wins praise as "top advisor solution" from Aite Group.  Come see their demo at FinovateEurope in February!
  • Pageonce reaches $1 million mark in daily mobile bill payments processed.
  • A look at TradeKing after the merger.
  • ACI Worldwide's Money Transfer System helps FIs with Dodd-Frank compliance.
  • EZBOB forms partnership with ChannelGrabber.  Watch EZBOB in action at FinovateEurope!
  • Monitise and CGI Logica form mobile FS alliance to target European retail banks.
  • Tradeshift partners with Intuit to bring its social invoicing platform to more than 5m QuickBooks users.
  • American Banker reports: Fiserv extends relationship with BofA. Come to FinovateEurope in London to see its live demo.
  • CNBC talks with Alexa Von Tobel, LearnVest CEO.
  • Bill.com and Expensify announce product integration.
  • GrowthBusiness profiles Holvi. Comes see Holvi's new tech at FinovateEurope next month.
  • Fast Company reports you can now pay taxes in Iowa using Dwolla.
  • SimpleTuition reports 2012 success metrics for SmarterBucks program.
  • DemystData a finalist in AWS Global Startup 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.
Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgHere is a list of all the funding Finovate alumni received over the course of 2012.  

After an impressive 2011, where more than $423 million was raised, 2012 was even better, with more than $450 raised.

A few stand-out metrics for the year:

  • A total of 44 companies received funding, some more than once in 2012
  • Combined, more than $450 million was raised
  • The best quarter for raising capital was the first quarter when more than $150 was raised
  • The biggest funding month this year was March, with more than $68 million raised by three companies
Here is a month-by-month breakdown of funding received.

January -- $25 million raised by 3 companies
Currensee: $2 million -- blog post
Finsphere: $11.3 million -- blog post
HelloWallet: $12 million -- blog post

February -- $57 million raised by 5 companies
Capital Access Network: $30 million -- blog post
Dwolla: $5 million -- blog post
Jemstep: $6 million -- blog post
Kabbage: undisclosed -- blog post
Xero: $16.6 million -- blog post

March -- $68 million raised by 3 companies
Boku: $35 million -- blog post
eToro: $15 million -- blog post
ThreatMetrix: $18 million -- blog post

April -- $2.5 million raised by 1 company
miiCard: $2.5 million -- blog post

May -- $55.5 million raised by 5 companies
Kony: $15 million - blog post
Pindrop Security: $1 million -- blog post
SecureKey: $30 million -- blog post
SoMoLend: $1.17 million -- blog post
Yodlee: $8.3 million -- blog post

June -- More than $62 million raised by 8 companies
Affinity Solutions: $14.5 million -- blog post
Arroweye Solutions: $3 million -- blog post
Cartera Commerce: $12.2 million -- blog post
Credit Sesame: $12 million -- blog post
Doughmain: undisclosed -- blog post
Lending Club: $15 million -- blog post
Nutmeg: $5.3 million -- blog post
Planwise: $200,000 -- blog post

July -- $6 million raised by 2 companies
Continuity Control: $1 million -- press release
SaveUp: $5 million -- blog post

August -- More than $49 million raised by 6 companies*
DemystData: undisclosed -- blog post
FutureAdvisor: $5 million -- blog post
FreeMonee: $34 million -- blog post
The Currency Cloud: $3.1 million -- blog post
CashStar: $5 million -- blog post
Continuity Control: $2.25 million -- blog post

September -- More than $59 million raised by 5 companies
Banno: $2 million -- press release
Betterment: $10 million -- press release
Edo Interactive: $15 million -- press release
Fuze Network: $2.5 million -- press release
Kabbage: $30 million -- blog post

October -- $37 million raised by 2 companies
The Currency Cloud: $1.9 million -- blog post
Braintree: $35 million -- blog post

November -- More than $23 raised by 4 companies
ActivePath: $10 million -- blog post
Jingit: $7 million -- blog post
Bazaarvoice: $6.7 million -- blog post
Xero: $49 million -- blog post

December -- More than $16 million raised by 4 companies
Waspit: $3 million -- blog post
Controlabill: $570,000 (A$600,000) -- blog post
Zopa: undisclosed -- blog post
ShopKeep POS: $10 million - blog post
Clover Networks: $3.3 million - blog post

*In addition to the companies listed for August, On Deck Capital raised $100 million in credit facility commitments.

Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? E-mail us at Julie@Finovate.com or David@Finovate.com.
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August was the biggest funding month of the third quarter. Six companies raised more than $49 million, led by FreeMonee, which alone raised $34 million.

In addition to the eight companies listed below, On Deck Capital raised $100 million in credit facility commitments in late August. 

Here's the Q3 summary for 2012:

July -- $6 million raised by 2 companies

August -- More than $49 million raised by 6 companies

Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? E-mail us at Julie@Finovate.com or David@Finovate.com.

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Next, DemystData took the stage with its Credit-in-a-Box Suite:

"DemystData's Credit-in-a-Box suite enables financial institutions to leverage the power of big data and machine learning to make better lending decisions. As customer information becomes available, the DemystData API provides for real time aggregation of thousands of publicly available attributes from sources including social networks and online searches and returns this data in a structured, easy to comprehend format. Transparent, modern day scores analyzing factors such as customer identity and behavior provide lenders with an additional mechanism of knowing who their customers are and measuring financial risk and customer value."

Product Launch: November 2011

HQ: Hong Kong, China
Founded: June 2010
Metrics: Series A Investment
Twitter@demystdata
Finovate demo video: Demo videos will be posted next week

Introducing Mark Hookey (CEO) and Oliver Meyrick (Managing Director, Europe & Asia)

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  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgDiversinet upgrades mobile health security platform.
  • Forbes reports: FreeMonee Makes Gift Incentives Pay.
  • Killer Startups interviews Nick Hungerford, Nutmeg CEO.
  • DemystData blogs about what it will show in Singapore at FinovateAsia next week. Come to see its latest tech on Nov. 6.
  • Crowdsourcing.org interviews Candace Klein, CEO of SoMoLend.
  • Business Insider reports: PayNearMe has beaten PayPal to the cash market.
  • ChartIQ integrates With StockTwits Unveiling First-of-Its-Kind Social Stock Charting iPad App.
  • Online mortgage applications continue to soar as Mortgagebot clients' loan volume advances toward 1 million mark.
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.
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Here is the second and final look at the companies that will demo at FinovateAsia on November 6 in Singapore. Each company provided a short summary of the innovation they will debut on stage. In case you missed it, check out Sneak Peek Part 1.

Don't miss the opportunity to experience the hottest innovations in financial technology at the very first FinovateAsia. Get your FinovateAsia ticket here.

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ayondo shows the newest and third generation of their web application which will be the next 
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generation of social trading. Simply follow the best traders automatically with your brokerage account.

Innovation type: Banking, investing, PFM

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Backbase delivers Bank 2.0 Portal software that provides a new user experience layer on top of underlying infrastructure and IT systems. It gives financials the opportunity to create interactions that link customers to relevant information and applications to fit their needs and preferences. With its modern, widget-based architecture, Backbase Bank 2.0 Portal provides the flexibility and speed to create modern portals that truly empower the customer.

Innovation type: Marketing, mobile, online

BankBazaar.com will demo its 7-minute Credit eApproval 
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process highlighting the platform's real-time integration with underwriting engines, loan origination systems, net-banking systems, and online payroll management tools. Combined with a full service CRM system powering credit and sales work flow management, the platform delivers 7-minute eApproval via online, mobile, and tablet interfaces.

Innovation type: Lending, mobile, online

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Clari5 iRM brings extreme real-time intelligence to Relationship Managers (RMs) on the move. Typical RM mobile apps are screen extensions of CRM and are not connected in real-time to the underlying core systems. Consequently RMs are the last ones to know when a significant moment of truth event happens. 

Clari5 iRM is a next generation product that interprets customers' structured/unstructured events in real-time and provides an inference instantly empowering RMs to provide more personalized services. Clari5 iRM also leverages the full power of the device by using its real-time push, GPS, voice recognition, video, and screen sharing capabilities.

Innovation type: Marketing, mobile, sales

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Can publicly available information gleaned from Facebook, Twitter, LinkedIn and other online sources 
help financial institutions predict financial risk?

DemystData helps financial institutions tap into the explosive growth of online, social, and internal data to make better customer decisions. Our latest innovation navigates some of the world's newest data sources to provide our clients with a deep, holistic view of the modern day consumer, and then uses this information to assess consumer risk and behaviour.

Innovation type: Identity, lending, marketing

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Need an onboarding tool that increases customer engagement? Figlo offers a complete solution to gain insight in financial matters on a consumer level. Financial planning is now accessible to everyone on any device anywhere.

Innovation type: Marketing, online, PFM

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See how financial institutions can save millions by implementing BankFiling, a new innovation from Luminous that delivers short ROI yet requires limited investment. A whole new approach to commercial and business banking. A must see for all financial institutions!

Innovation type: Banking, lending, small business

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Pandai.cn delivers next generation peer-to-peer 2.0 lending services in China by answering what the future of peer-to-peer lending should be. It should be safe, transparent, inclusive and easy-to-understand. 

You'll see how easy it is to invest in creditworthy borrowers that have passed our robust credit risk management system.

Innovation type: Investing, lending, PFM

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Can you tag your financial position, identify the cross vertical exposure by currency, industry, issuer, region real-time; on-demand? The last 30 years have seen amazing advances in technology that have transformed the world. In the world of financial technology, all of this power has been applied to develop more complex instruments - derivatives, swaps, CDO's CDS's - faster and faster trading platforms - "flash trading" and co-location, and risk analytics and trading models.

But, the ability to track and account for this explosion of trading vehicles and volumes is right where it was 30 years ago. Not anymore, come see the future of transparency. 

Innovation type: Back office, insurance, investing

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PocketSmith is the comprehensive personal finance app with cashflow forecasting. 

We think that the best way to organize and control your money is to relate it to events in your life by using a calendar. This way, financial planning becomes a part of your daily routine rather than a chore.

As you plan, PocketSmith's calendar shows you the progress of your money over time, so you will better understand how your financial decisions affect your future.

Innovation type: Mobile, online, PFM

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Want to know the secret to getting 60% of your customers to say yes to eBilling? All it takes is 7 minutes to see why email delivery of bills and statements is what gets customers to turn off paper forever.

Join Striata as we demonstrate our powerful interactive bill which is encrypted, has integrated eConsent, shared password security, instant dispute capability, and mobile one click pay.

With registration-free push email billing, you can drive traffic to your portal, cut your costs and deliver bills and statements right into your customers' hands. Convenient, secure, mobile ready.

Innovation type: Communications, payments

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In the last 4 years, Tagit Mobility Platform Mobeix has been adopted by several leading enterprises. But, we believe mobility should be for all-- large, medium and small enterprises. 

With this vision, we started our journey to build the Mobeix Open Platform through which enterprises can build, launch and manage apps on their own. Using the Tagit Open Platform, merchants and enterprises will be able to develop and deploy apps for their customers and employees in no time. We will demonstrate how easy it is for anyone to register and start building apps.

Innovation type: Banking, mobile, security

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TradeHero empowers ordinary people to make money from the financial markets. Traders are able to place real-time virtual trades against stock exchanges and TradeHero generates performance rankings of the trader community. 

Members of the TradeHero community can follow the top-ranked traders for a fee. Traders can build a following around themselves and monetize off their trade-feeds while those following get relevant, pertinent and timely financial trading tips and feeds.

Innovation type: Investing, mobile, payments

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The world is increasingly adopting smartphones and social media. Leading FIs are beginning to leverage these seismic shifts in communications for competitive advantage, reducing costs and generating new revenue streams. Smartphones change user expectations about online banking services, functionality, and interactivity. They also present new risk vectors that cannot be ignored. 

Zighra's patent pending mobile technology provides unique interactivity, building closer customer relationships by increasing security, trust, and satisfaction while significantly reducing fraud and associated costs.

Innovation type: Communications, mobile, security
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Each year, SWIFT's Innotribe holds a Startup Challenge to determine the most promising startups poised to transform the financial services industry.

The winners, selected by the Innotribe community, will present their technology in front of top financial institutions. Six Finovate alums were chosen as semi-finalists and one was chosen as a finalist.

The 2012 list of selected companies includes two categories, growth-stage and early-stage:

Growth-stage

Vote for two growth-stage semi-finalists you think should present at Sibos here.

Early-stage:

Vote for seven early-stage semi-finalists you think should present at Sibos here.

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DemystData, a company that helps FIs tap into the power of data, announced a Series A investment today.

The investment, lead by Accion and Arbor Partners Asia, was for an undisclosed amount. The New York-based company plans to use the new funding to grow its team of engineers and data scientists to support a rising global demand.

Along with this release, it announced that Melissa Guzy from Arbor and Paul Breloff from Accion will join its board.

To learn more about DemystData, watch its FinovateFall 2011 demo.

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCU Journal reports Minnesota's Postal CU unveils mFoundry's M-Banking.
  • Payments News reports Cardlytics' System Uses 'Big Data' to Deliver Targeted Rewards.
  • TIO Networks launches TIO Connect to simplify onboarding for bill issuers and to open new markets.
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.
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Social data startup, DemystData, announced yesterday that it and Chexar Networks have implemented their new consumer scoring algorithm with select beta clients.

The two companies have spent a year testing and modeling Chexar's data on consumer check cashing with the data DemystData has around online, social, and mobile interactions. The intent of the tests is to help Chexar determine the riskiness of a new bank customer by using a map that correlates customer-level characteristics and risk outcomes.

With the map, Chexar is now able to help underbanked consumers coming into the banking world by assessing the data that exists about them online.

To learn more about DemystData, watch its FinovateFall 2011 demo.

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