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This post is part of our live coverage of FinovateFall 2014.

KabbageLogo
Kabbage launched Karrot.com:

"Kabbage is launching the only fully automated consumer marketplace lending product in the industry to complement its leading position in SMB lending."

Presenting: Rob Frohwein, CEO & Co-Founder and Kathryn Petralia, COO & Co-Founder
KabbageHomepage
Product Launch: September 2014
Metrics: $106M in equity 
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), technology licensing and services

HQ: Atlanta, GA
Founded: February 2009
Website: kabbage.com
Twitter: @kabbageinc

Alumni News-- August 25, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSan Antonio Federal Credit Union to integrate Geezeo PFM technology.
  • On Deck partners with Worldpay to provide access to financing for small and medium-sized merchants.
  • PaymentsSource features Dynamics ePlate among its list of "7 unusual emerging payments technologies."
  • Top Image Systems announces patent for full page mobile image processing.
  • The New York Times profiles Financial Guard, Motif, Betterment, FutureAdvisor, Jemstep, SigFig and Wealthfront .
  • InStream Solutions launches comparison tool.
  • Moven expands internationally, signs deal with New Zealand-based Westpac.
  • HuffPo profiles Prosper, Lending Club, and Kabbage in column on the rise of online lending.
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.

Alumni News-- August 19, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgLivePlan launches its Black Widow update to enhance performance monitoring.
  • Bank Innovation looks at GoBank's decision to shorten holding periods for mobile check deposits.
  • NICE Systems earns 2014 Star Performer award from Speech Technology magazine.
  • Top Image Systems partners with Allied Payment Networks to implement MobiPAY.
  • Time features ReadyForZero as 1 of 50 Best Websites for 2014.
  • Hiveage compares OnDeck, Kabbage, PayPal Working Capital, & CAN Capital Come see OnDeck at FinDEVr.
  • Quisk awarded US patent for enabling consumer activated security for a mobile payment system.
  • The Rude Baguette interviews Yseop CEO, John Rauscher.
  • New partnership brings Geezeo's PFM solution to MEA's native mobile banking platform. See Geezeo at FinovateFall 2014 in New York.
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.

Alumni News-- July 25, 2014

  • Finovate-F-Logo.jpgFox Business News features Kabbage's small business lending process.
  • Huffington Post describes how DemystData's big data analytics help evaluate creditworthiness.
  • Cartera Commerce's CFO Karen Cambray named a finalist in Boston Business Journal's 2014 CFO of the Year Awards.
  • Bloomberg: BillGuard programmers code in bomb shelters.
  • Coinbase launches Coinbase Vault to Better Secure Your Bitcoins.
  • MoneyDesktop appoints Brandon Dewitt as its first ever CTO.
  • SecondMarket CEO Barry Silbert stepping down in order to refocus his attention solely on bitcoin.
  • InvestmentNews features roboadvisors Jemstep, FutureAdvisor, Wealthfront, and Personal Capital.
  • The Irish Times looks at Holvi's move into Ireland.
  • CMS Wire: Actiance wants to help companies curb social media mistakes.
  • Karen Webster of Market Platform Dynamics interviews Zooz CEO Oren Levy.
  • eToro announces new version of OpenBook for iOS.
  • Mobile Entertainment talks with Adam Levene, SVP of Strategy at Monitise Create.
  • LendingTree launches personalization platform.
  • Pymnts takes a look at the partnership between Malauzai Software and Trusteer. See Malauzai at FinovateFall in September.
  • Fortune.com interviews Bill Siegel, interim CEO of SecondMarket.
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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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
ondeck_logo_new.jpg

The only thing keeping pace with the investment interest in alternative lenders from Prosper to Kabbage may be the growing partnership interest from banks.

Earlier this week we reported on the deal between Lending Club and Union Bank. Today we learn that BBVA Compass will be working with OnDeck to develop better ways to provide loans to its small business clients.

Specifically, BBVA Compass will be relying on OnDeck's OnDeck Score. This technology allows banks and financial institutions to review thousands of relevant data points, including social data points, to help determine a would-be borrower's suitability for a given loan.

This new initiative is a big deal for OnDeck, and represents the first such collaboration with a bank the size of BBVA Compass. Founded in 2007 and led by CEO Noah Breslow, OnDeck made headlines a month ago when it announced a $77 million funding round led by Tiger Capital. The company specializes in combining loan underwriting analysis with the merchant's own business data to determine a potential borrower's creditworthiness faster than traditional lenders.

The average loan from OnDeck is $40,000, and loans can run as high as $250,000. Terms range from as little as three months to two years. The company demoed its technology at FinovateSpring 2012.
  • Finovate-F-Logo.jpgiFactor and Striata partner to offer robust push ebill solution to utilities.
  • Kingdom Trust and Bancbox partner to streamline the crowdfunding and P2P lending platform experience for the IRA investor.
  • Alternative lending pays up: Kabbage raises $50 million, Prosper pulls in $70 million.
  • Actiance extends Socialite to include Google+ & YouTube.
  • VentureBeat looks at the rise of P2P lending of many Finovate alums and predicts $1 trillion in loans by 2025.
  • App Annie now lets app developers track ads, app store optimization.
  • TradeHero launches a Chinese version, bringing the stock market game to traders in China.
  • Lend Academy speculates Prosper now valued $600 million, up from a $100 million valuation around eight months ago.
  • Personal Capital reaches 500,000+ registered users. Now is tracking over $70+ billion in & is managing $500 million in assets for clients.
  • Credit Sesame offers Target customers free ID protection, credit monitoring and credit scores without deadlines.
  • Jack Henry Banking's Core Director processing platform deployed by Oklahoma State Bank and The Bank of Clovis in New Mexico.
  • BBVA Compass teams up with On Deck Capital to better score small business borrowers.
  • WSJ Personal Technology column recommends Dashlane as the "best way to manage online passwords.
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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Between the proliferation of lenders at FinovateSpring 2014 demoing in San Jose last week, and today's funding announcements from alums Prosper and Kabbage, it is clear that lenders in the 21st century will continue to demand their space in the fintech headlines.

Today brings news that Lending Club has reached a deal that will allow Union Bank to sell loans from Lending Club. The two organizations will also work together to develop new credit products and services to be made available to customers of both companies. In a press release, Lending Club cited the combination of its low operating costs and Union Bank's "strong balance sheet and large customer base" as one of the synergies contributing toward the deal.

One key question is what sort of new credit products are Lending Club and Union Bank discussing? Details remain few and far between as this point. But this could be a significant development. It has been a goal of Lending Club to sell its loans to banks and other financial institutions. But the potential of a customer-facing link to Lending Club at FIs like Union Bank would be a very worthwhile opportunity for the P2P lender.

Lending Club also recently announced raising $115 million in debt and equity, and an acquisition of Springstone Financial. Based in San Francisco, California, Lending Club has issued more than $4 billion in personal loans since the end of March 2014. The company has also more than doubled its annual loan volume annually since its 2007 launch. With more than $335 in total capital raised, Lending Club has been valued at nearly $3.8 billion.

Union Bank is the primary subsidiary of UnionBanCal Corporation, a financial holding company with assets of more than $107 billion. Union Bank operates more than 400 branches in seven states in the U.S., as well as two international offices.

The partnership between Lending Club and Union Bank was announced at the LendIt 2014 conference in San Francisco on Monday. The arrangement represents the largest such partnership Lending Club has inked to date, and comes in the wake of Wells Fargo's decision to reverse, or at least clarify, a policy that banned its employees from participating in P2P lending platforms.

At FinovateSpring last week, we witnessed the popularity of alternative lending platforms as shown through Dealstruck, LendingRobot, and Venovate.

Further underlining this trend, two players in the alternative lending space, Kabbage and Prosper, both announced funding today.

KabbageLogo.jpg
Kabbage, an Atlanta-based company that provides working capital to small businesses.

    • Funding: $50 million in Series D
    • Previous funding totaled $465 million in combined debt and equity
    • Contributing investors include:
      • SoftBank Capital 
      • TCW/Craton
      • Lumia Capital
      • David Bonderman
      • Warren Stephens
      • UPS' Strategic Enterprise Fund
      • Peter Thomson's Thomvest
      • BlueRun Ventures
      • MDV
    • Founded: 2009 
    • Last demoed at FinovateSpring 2013

Kabbage plans to use the funding to boost its marketing efforts, build out its partnerships, and expand further internationally. It also has plans to better leverage big data for underwriting purposes.

ProsperLogo
Prosper, a P2P funding platform based in San Francisco.
  • Funding: $70 million.
    $50 million of this will be allocated to Prosper's balance sheet. The remaining $20 million is a secondary round in which some shareholders are cashing out.
  • Previous funding totals $190 million
  • Contributing investors include: 
    • Francisco Partners
    • Institutional Venture Partners
    • Phenomen Ventures
  • Founded: 2006
  • Demoed at Finovate 2007

Last month, Prosper announced $1 billion in total loans originated on its platform and it plans to reach $2 billion in total loans this year.

It is speculated that this new round places Prosper at a $600 million valuation, up from a $100 million valuation around eight months ago.

  • Finovate-F-Logo.jpgTuition.io brings in funding, surpasses $1 billion in loans under management.
  • eWeek talks to Pindrop Security about scams during tax season.
  • PYMNTS.com chats with miiCard CEO James Varga about identity theft.
  • Financial Samurai interviews FutureAdvisor CEO, Bo Lu.
  • Lending Club raises $115 million in debt and equity; acquires Springstone Financial.
  • Kabbage blog features Expensify in its list of the 10 best mobile apps for small businesses.
  • MasterCard to acquire APAC-region loyalty and rewards provider, Pinpoint.
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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It is hard to believe that it is almost time for FinovateSpring 2014.

There's still plenty of time for you to get your tickets to our upcoming event in San Jose, California on April 29 and 30. Our final Sneak Peek preview post is up, all the companies who were prepping under the radar are now out of stealth, and we can't wait for you to see what this year's spring crop of fintech entrepreneurs and innovators has in store.

Before we do, however, let's take a moment to take a look back at last year's FinovateSpring alums. As we scrolled through blog archives, several themes jumped out: the appetite for startups remains as passionate as ever, with three of our Spring 2013 alums being acquired by such financial sector potentates as Intuit and PayPal. And venture capitalists continue to see innovation in this space as a more than worthwhile investment, with 20 separate fundings for Spring 2013 alums

We've grouped the achievements into four categories: Exits, Fundings, Awards, and Acquisitions. Enjoy!



EXITS

  • Jack Henry buys Banno for undisclosed sum
  • The rumors are true: eBay's PayPal acquires Braintree for $800 million in cash
  • Intuit buys tax planning/preparation specialist GoodApril
  • TaxAct acquires Balance Financial
FUNDINGS

  • CardFlight secures $1.6 million in seed funding from ff Venture Capital
  • Encap earns seven-figure investment from ProVenture Seed
  • EyeVerify earns $2.3 million in Series A funding
  • Jemstep raises $4.5 million in Series A round
  • Kabbage brings in $270 million in debt financing to provide small businesses with funding of their own
  • Kabbage brings in $75 MIllion in debt financing
  • Leaf raises $20 million from Heartland Payment Systems
  • Alternative lender LendUp raises $14 million in new funding
  • D3 Banking creator Lodo Software Brings in $3 million
  • Narrative Science secures $11.5 million in Series C funding
  • OpenCoin wins investment from Google Ventures, IDG Capital Partners
  • P2BInvestor raises $1.2 million in Series A round
  • PayNearMe leverages Family Dollar Partnership; raises $20 million
  • PayNearMe raises $10 million in Series D funding, launches Express Merchant Onboarding Option
  • Prestadero raises 5 million pesos ($400,000 USD) in first round of funding
  • Quantopian raises $6.7 million in Series A round
  • Realty Mogul raises $9 million in round led by Canaan Partners
  • SeedInvest raises $2 million in crowdfunded investment campaign
  • SeedInvest Raises $1 million in round Led by Jumpstart New Jersey Angel Network
  • Zooz Closes $2 million Series A round Led by XSeed Capital
AWARDS

ACQUISITONS

  • OpenCoin acquires SimpleHoney
  • Kofax acquires data integration software provider Kapow Technologies
  • NICE to acquire Causata to enhance customer experience management

Finovate Alumni News-- April 11, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFinovateSpring 2014 Sneak Peek: Part 6 is now up.
  • Jumio partners with IdentityMind to provide anti-money-laundering Bitcoin compliance for exchanges.
  • FIS launches GenNOW to make it easier for mobile and prepaid card users to access their funds from FIs.
  • Aon Hewitt and HelloWallet partner to help employers bring financial wellness to their workforce.
  • PayPal partners with Samsung to enable users to pay with their fingerprint, launches app for smartwatches.
  • Blackhawk Network recognized for Best Prepaid Innovation at Innovation Project 2014 conference awards.
  • CU Times looks at Citizens Business Bank's success with Guardian Analytics' fraud prevention tools.
  • App Developer Magazine looks at Lighter Capital's RevenueLoan.
  • Birdback and Affiliate Window bring the ease of online offers to offline retailers based in Europe.
  • Betterment's mobile app makes mobile PIN login available for users.
  • Bill.com wins Monarch Innovation Award in Innovative Industry Partner category.
  • BizJournals profiles Kabbage co-founder and COO, Kathryn Petralia.
  • American Express Open Forum takes a look at ZenPayroll. See them demo at FinovateSpring in San Jose.
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.
KabbageLogo.jpg

Further highlighting Forbes' point that the traditional banker is dead, small business financing company Kabbage announced today it received a revolving, 3-year line of debt financing, totaling $270 million.

The funds, which were provided by Guggenheim Securities, will be used to supply small businesses with working capital, both in the U.S. and internationally.

This new installment comes a year after the Atlanta-based company received $75 million in debt financing from Victory Park Capital and Thomvest Ventures.

Kabbage has seen an increasing demand for small business financing, both for web-based businesses and brick-and-mortar stores. The Wall Street Journal commented on its growth, reporting:

"In the last 15 or so months, default rates have dropped by more than 50%.... while Kabbage's business has grown five-fold. The company aims to provide $1 billion in credit to businesses next year."

Rob Frohwein, CEO, hinted that growth has been so dramatic that the company expects to pull in more financing soon. In an interview with TechCrunch, Frohwein comments on the funding, stating:

"Yes, this is a large facility, but looking at our growth rate, it's something that we will need to look at again in a reasonably short period of time, believe it or not."

To learn more about Kabbage, check out its live demo from FinovateSpring 2013 where it debuted its QuickBooks Financing Platform.

Finovate Alumni News-- March 19, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgPing Identity announces partnership with Courion.
  • Desert Schools FCU to deploy mobile banking platform from Monitise.
  • Blue Cross and Blue Shield of Kansas City to use virtual agent technology from IntelliResponse to respond to Affordable Care Act queries. See IntelliResponse demo at FinovateSpring in April.
  • ID Analytics launches new versions of its Transaction Protector and Transaction Advanced Intelligence products for eCommerce.
  • Upstart Business Journal looks at how Kathryn Petralia and Kabbage are rewriting the lending rules.
  • BlinkMobile Interactive signs first NZ Council deal.
  • Southern Alpha calls iQuantifi "a budget platform we actually like to use."
  • Payment Source features Jason Richelson, founder of ShopKeep POS.
  • Bill Harris, Personal Capital CEO & former PayPal CEO discusses the future of PayPal on Bloomberg TV. See Harris demo Personal Capital's latest development at FinovateSpring next month.
  • TradeKing earns four-stars in Barron's online broker rankings for eighth consecutive year.
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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Fresh off their Finovate debut, Irish-based real-time ID verification innovator Trustev is the latest winner in the SXSW Accelerator awards in the Enterprise and Big Data category.

"It couldn't have come at a better time,"Trustev CEO Pat Phelan said in an interview with News At One. "I'm just moving to the U.S. to head up the U.S. launch of the business."

Trustev_homepage_2.jpg

More than 1,000 companies applied for this year's SXSW Accelerator. Forty-eight were selected to compete for 18 spots in the competition's final round.

This year marks the sixth year of the event, held in Austin, Texas as part of the annual SXSW Music Film Interactive. Previous Accelerator participants include Klout (2009) and Siri (2010), as well as Finovate alums Kabbage (2011), OneID, and Toopher (both 2012).

Trustev_Twitter_SXSW.jpg
A specialist in online fraud detection, Trustev serves more than 100 customers in five countries, and has raised more than $3.5 million in seed and angel funding. The company recently announced a partnership with Datameer, a big data analytics firm, that will help them further enhance the capabilities of their fraud detection system.

Trustev was named Europe's Top Technology Startup by the EU Commission, and was recognized as one of the Hottest Global Startups by Forbes magazine. See the company in action in their video from FinovateEurope in February here.

Finovate Alumni News-- February 27, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMountain America CU chooses ProfitStars' ImageCenter and Enterprise Payment Solutions.
  • TSYS renews payments agreement with Commerce Bank.
  • ProfitStars announces partnership with OnDeck to deploy LendingNetwork platform.
  • Wealthfront's automated investment advisory service goes mobile with new app.
  • Arroweye's 2013 performance reveals 25% growth & 60%+ increase in open loop card fulfillment compared to 2012.
  • SpendMatters covers Tradeshift's and Taulia's divergent yet converging cases and value propositions.
  • Tradeshift raises $75 million, plans to open office in Tokyo.
  • Andera upgrades software to enable mobile applicants take photos of their driver's licenses during the application process to populate data fields automatically.
  • Kabbage now extending more than $1 million per day in funding to small businesses.
  • Kony and AirPlug partner to deliver enterprise-grade mobile solution to mobile network operators.
  • CashStar wins Digiday Retail Award for achievement in online retail marketing and advertising.
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-F-Logo.jpgKabbage expands platform to serve all SMBs: online, brick-and-mortar, and services businesses.
  • Spend Matters interviews Taulia's Markus Ament on its discounting philosophy, e-invoicing, and ERP.
  • Gartner recognizes Backbase CXP as being at the forefront of UX design and mobile development support.
  • Washington Federal picks Fiserv's DNA account processing platform.
  • Digital Mailer adds eight new financial institutions to its My Virtual Strongbox service.
  • Experian launches real-time data sharing service for UK credit providers.
  • Genesis Financial chooses ACI Worldwide to power multichannel call center and eLockbox payment options.
  • LegacyTexas Bank of Plano to work with Digital Insight to deploy online and mobile banking solutions. See Digital Insight demo at FinovateEurope next week.
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.
  • DailyFinance looks at Kabbage's "war" on banking.
  • Blackhawk Network powering Mobile Money by T-Mobile.
  • Credit Sesame launches mobile credit dashboard for easy credit and financial monitoring.
  • Actiance launches Alcatraz, a cloud-based archive that combines a focus on context with the traditional requirements of an email archive.
  • New York Bankers Association endorses Gremln.
  • Service2Media unveils version 4.4 of M2Active mobile app development platform.
  • Ping Identity CEO Andre Durand featured in Xconomy column on University of Colorado at Boulder's New Venture Challenge program.
  • Be sure to check out the latest installment of our FinovateEurope 2014 Sneak Peek series.
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-F-Logo.jpgPersonal Capital "zips past the $350 million mark," reports growth rates of +10% month-over-month.
  • Inc. features Kabbage's growth & how it has extended $200+ mil in funding to SMBs in just 2.5 years of operations.
  • FINalternatives looks at P2P lending growth and evolution, including Lending Club and Prosper.
  • Ovum research report highlights ACI Worldwide's leadership in payment switching industry.
  • MarketWatch features Better ATM Services in report on the next generation of ATMs.
  • CSI globalVCard named a finalist in two categories in 2014 Stevie Awards.
  • RTE News takes a look at Irish fintech startups including CurrencyFair and Trustev. Watch Trustev demo its technology at FinovateEurope 2014.
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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Last year, Forbes selected four Finovate alums for its "America's Most Promising Companies" roster.

This year, Forbes picked five.

Lending Club is back, the veteran of last year's list climbing from a #12 ranking in 2013 to a #5 in 2014. Also returning is On Deck Capital, which soared from a #94 ranking last year to an #11 ranking this year.

When you look at the other alums to make the 2014 roster, it is clear that success in the lending  and capital-raising businesses are what bring in the votes over at Forbes. In addition to Lending Club and On Deck Capital, there is Kabbage coming in at #37. 

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Rank: #5
Revenue: $98 million
Employees: 379

ondeck_logo_new.jpg
Rank: #11
Revenue: $65 million
Employees: 240

Thumbnail image for KabbageLogo.jpg
Rank: #37
Revenue: $17 million
Employees: 80

Thumbnail image for CashStar.jpg
Rank: #81
Revenue: $16 million
Employees: 88

Thumbnail image for QuantopianLogo.jpg
Rank: #98
Revenue: $0
Employees: 12

Finovate Alumni News-- January 9, 2014

  • Thumbnail image for Finovate-F-Logo.jpgGartner's Web Access Management Marketscope Report gives Ping Identity a positive rating.
  • Moven, LendUp, Kabbage, and Xero are featured in a Wall Street Journal article on alternative lenders and social media.
  • CAN Capital raises $33 million from Meritech Capital, Accel Partners.
  • PenFed is now offering Mortgage Harmony's One Click rate reset protection.
  • Lighter Capital closes 39th financing with Influence Technologies.
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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Kabbage is the latest company to decide that it really is hip to be Square, after all.

The SME online lender announced that it will now use transactional data from companies that use Square to process payments as a tool for helping allocate capital and make loans.

The use of Square data for underwriting purposes is novel, according to Kabbage. Company co-founder and CEO Rob Frohwein credits the platform's "flexibility and power" in describing Kabbage's ability to "leverage the broadest range of business data sources ... to (make) funding simple and accessible to small business everywhere."


kabbage_homepage.jpg
Kabbage is a pioneer in the field of online small business lending. The Atlanta-based company specializes in analyzing data from actual business activity, from shipping data and seller channels to social media. This enables the lender to know more about their potential borrower than is often discovered using traditional credit modeling methods. A partnership with Intuit provides "under 7 minute" funding decisions for customers who use QuickBoooks.

Kabbage was most recently in the headlines with news of its partnership with Xero. The deal allows Kabbage to use small business accounting data as part of the basis for underwriting decisions. The company also announced earlier this year that it had integrated with Stripe to make it easier for companies that process online payments to apply for financing.

Kabbage demoed its technology as part of the FinovateSpring show in San Francisco this spring. See the company in action here.

Finovate Alumni News-- December 4, 2013

  • BBVA Compass announces launch of BBVA Research iPad app.
  • Bank Innovation column on fintech in Israel features TipRanks and Payoneer.
  • Emida launches Handset and SIM Programs.
  • BancVue and other Credit Unions Help U-Haul Refinance Corporate Debt.
  • Prosper's daily average loan originations grew almost 10% in November over October.
  • The Next Web reports: PayPal launches a digital gift store, featuring Apple as its sole launch partner.
  • City of Gig Harbor Launches on doxo; More than 5% of Residents Go Paperless in the First 90 Days.
  • Forbes: Kabbage Now Uses Square Data to Provide SMB Funding.
  • Mint is now available on Windows 8.1 and Windows Phone 8.
  • btcQuick Bitcoin Exchange working with miiCard to mitigate fraud.
  • EyeVerify interviewed on The Kansas City Power Lunch radio program.
  • IntelliResponse wins bronze in Best in Biz Awards' Most Innovative Product of the Year category for 2013.
  • Intuit to purchase document startup company, Docstoc.
  • American Banker features Zaydoon Munir, founder of RevolutionCredit.
  • ACI Worldwide adds new executives, open new South American HQ in Sao Paolo, Brazil.
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.
  • Kabbage launches iPhone app out of test market.
  • PC Mag includes Dashlane on list of the 50 best free iPhone apps of 2013.
  • Financeit brings in $13 million in series A funding.
  • TSYS Director of Innovation Chris Colson talks about the launch of their Idea Center.
  • Intuit launches Apps.com, a small business app store, and an updated QuickBooks Online API.
  • FIS to power Bharatiya Mahila Bank Ltd., the first women-focused public sector bank in India.
  • Fiserv wins top honors at Mobile Money Global and Mobile Excellence Awards with Popmoney P2P payments service.
  • TechCrunch reports that Google Wallet customers will soon have the option of physical, prepaid Wallet cards.
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-F-Logo.jpgPayPal partners with Revel systems for its physical POS device.
  • TechCrunch interviews Ping Identity Founder, Chairman, and CEO Andre Durand.
  • Comarch launches mobile business banking solution in the U.K.
  • Looking for an app to manage your money? USA Today suggests solutions from three Finovate alumni: Manilla, Mint, and Check.
  • StreetFight features Leaf among its list of 5 mobile payment platforms with integrated marketing solutions.
  • Encap announces partnership with ForgeRock to bring multifactor intelligent authentication to OpenAM.
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-F-Logo.jpgValidSoft releases latest addition to the VALid suite of telecommunication based security products, Zero Latency Correlation.
  • Kabbage partners with Xero to provide SMBs capital based on their online accounting data.
  • Faces of Innovation features Wade Arnold, Banno CEO.
  • FIS Global signs agreement to market ARM Insight's Prepaid Management Platform.
  • MasterCard announces partnership with Parkeon to provide merchant offers, loyalty services via smart parking terminals.
  • PYMNTS.com interviews ZooZ VP for business development, Noam Inbar.
  • ISO & Agent talks about Moolah LLC's deployment of Leaf's LeafPresenter POS tablets.
  • SmartyPig announces CorePro, the next generation of its savings solution which helps companies integrate savings accounts into their existing solutions.
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.
KabbageLogo.jpg

Two Finovate alums are joining forces to better provide online small businesses with working capital.

Atlanta-based Kabbage announced yesterday that it has partnered with New Zealand-based Xero to use small business' accounting data to underwrite loans.

XeroLogo.jpg

Through this partnership, Xero's customers will be able to receive an answer on an underwriting decision in fewer than 10 minutes.

This is Kabbage's fourth major underwriting and distribution partnership in the past six months. Integrations with Authorize.net, Quickbooks, Stripe have also provided enhanced ways to underwrite small business loans.

Kabbage debuted its Quickbooks financing platform at FinovateSpring earlier this year.

Xero showcased its Business Identification method at FinovateSpring 2011.

  • Finovate-F-Logo.jpgAmerican Banker reports: Cardlytics Announces First U.K. Bank Customer. Come watch Cardlytics' live demo at FinovateFall in NYC next week.
  • IBM partners with Monitise to provide software, technology services and consulting to improve Monitise's core services.
  • NPR's Tell Me More mentions ImpulseSave, Mint, and Manilla as 3 apps to help manage your money.
  • TSYS signs long-term payment processing agreement with Anovia Payments, LLC.
  • Check (formerly Pageonce) secures $24 million in Series C financing round.
  • Information Week highlights Credit Sesame and Kabbage in column on social media and credit worthiness.
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-- August 20, 2013

  • FinovateLOGO.jpgFinovateFall 2013 Sneak Peek Part 3 is up. Get to know more about this year's innovators.
  • Interactions chooses Edward Durkin for Chief Financial Officer. See Interactions demo at FinovateFall in New York.
  • Mercury Payment Systems to support PayPal in-store payments thanks to new collaboration.
  • IDology partners with AssureSign as primary authentication solution for advanced identity verification.
  • Kabbage integrates with Stripe to allow businesses that process online payments to apply for financing.
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.
KabbageLogo.jpg

Provider of working capital for online small businesses, Kabbage, is making it more convenient to access necessary working capital today with the launch of its free iPhone app.

The Atlanta-based startup's online platform can deliver up to $50,000 in a matter of minutes to qualified borrowers. They can use the app to:

  • Access cash
  • View their balance
  • Make transfers to Kabbage
Here's a look at some screenshots:
KabbageApp3.jpg

KabbageApp2.jpg

























To learn more about Kabbage, watch its FinovateSpring 2013 demo.

Finovate Alumni News-- August 8, 2013

  • FinovateLOGO.jpgKofax announces completion of Kapow Technologies acquisition.
  • ACI Worldwide cites role of their Universal Payments Platform in net new bookings growth for 2013 in this week's Q2 report.
  • The New York Times looks at Lending Club, Prosper, Zopa, On Deck, SocietyOne, and Kabbage as significant lending platforms.
  • Finextra reports: PayPal trials new geolocation payment service in London.
  • Leadfusion launches new RESPONSE interface for Premium Financial Tools.
  • Finect Founder Jennifer Openshaw moderates Best Practices in Compliant Social Media webinar. See Finect demo at FinovateFall 2013 in New York.
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-F-Logo.jpgERN raises another $1 million, acquires two UK companies.
  • Expensify announces additional approval modes.
  • TMC selects Interactions' Virtual Assistant applications for a 2013 Speech Technology Excellence Award.
  • The Financial Brand looks at NeoBanks: Moven, Simple, GoBank.
  • Reuters article features Wealthfront as a platform of choice for how millenials manage money.
  • MasterCard partners with United Bank for Africa to provide Nigeria's first personalized debit card.
  • BrightFunds announces that it is now an official contributor to Triple Pundit.
  • The Economist talks with TransferWise co-founder Taavet Hinrikus about technological innovation in Estonia.
  • Kabbage and On Deck Capital both featured in Fit Small Business column on raising money for an existing business.
  • Allied Payment Network partners with Access Softek to provide Picture Pay mobile bill pay technology.
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-F-Logo.jpgKeyBank names ProfitStars software operations strategic partner of the year.
  • Payment Eye interviews Currency Cloud CEO, Mike Laven.
  • Checkpoint Technologies partners with Mobile Labs.
  • Zopa sets record for P2P Lending in UK, amassing a total £20m lent for July.
  • ACI Worldwide again wins SWIFT Certified Application accreditation for its ACI Money Transfer System.
  • Meet the Innovators of FinovateFall 2013.
  • Kabbage announces it's made 80k advances over 2 years, with an advance volume 4X higher than nearest direct competitor.
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.
AOGlobal2503.jpg

This year, 12 Finovate alums were selected among 250 other winners in the AlwaysOn Global 250 awards, and two Finovate alums were identified among 50 other Companies to Watch.

The awards honor the top 250 U.S.-based private tech companies, plus recognize 50 to watch. Some of the underlying themes in this group of 300 innovative companies include mobile technology, cloud-based solutions, and social network integration.

Here are the 12 Finovate alum winners of the 250 Awards, listed in alphabetical order:

BillFloat

    • Category: B2B Applications- SaaS and Enterprise
    • Headquarters: Lexington, MA
    • Founded: 2005
    • CEO: Tom Beecher
    • Total funding: $21.2 million
    • FinovateFall 2011 demo video
    • Category: Consumer Internet
    • Headquarters: Atlanta, GA
    • Founded: 2009
    • CEO: Rob Frohwein
    • Total funding: $53.7 million (plus $91.7 million in debt funding)
    • FinovateSpring 2013 demo video
    • Category: B2B Applications- SaaS and Enterprise
    • Headquarters: New York, NY
    • Founded: 2007
    • CEO: Noah Breslow
    • Total funding: $102 million
    • FinovateSpring 2012 demo video
    • Category: B2B Applications- SaaS and Enterprise
    • Headquarters: Denver, CO
    • Founded: 2002
    • CEO: Andre Durand
    • Total funding: $78 million
    • FinovateEurope 2012 demo video
Placecast 
    • Category: B2B Applications - Mobile
    • Headquarters: San Francisco, CA
    • Founded: 2005
    • CEO: Alistair Goodman
    • Total funding: $8 million
    • FinovateSpring demo video
    • Category: B2B Applications- SaaS and Enterprise
    • Headquarters: San Jose, CA
    • Founded: 2005
    • CEO: Reed Taussig
    • Total funding: $36.2 million
    • FinovateStartup 2009 demo video
    • Category: Consumer Internet
    • Headquarters: Redwood City, CA
    • Founded: 1999
    • CEO: Anil Arora
    • Total funding: $116 million
    • FinovateFall 2010 demo video
Here are the two listed in the Companies to Watch category:

All companies were selected by industry experts in the following organizations:

  • The AlwaysOn editorial team
  • Morgan Stanley
  • KPMG
  • GSV Capital
  • Greylock
  • Google Ventures
  • New Enterprise Associates
  • Flybridge Capital Partners
  • Accel Ventures
  • Bridge Bank
  • Venrock
  • SV Angel
  • Roth Capital Partners
  • Intel Capital
  • Menlo Ventures
  • Khosla Ventures
  • FirstMark Capital
  • Doll Capital Management
  • Benchmark Capital
  • Cooley
  • GGV Capital
  • Finovate Alumni News-- July 1, 2013

    • FinovateLOGO.jpgCorduro teams up with LendUp to provide loans to help pay for medical expenses.
    • Entrepreneur Handbook reports on EZBOB's 12-month loan for online retailers.
    • CrowdFundBeat features SeedInvest and its new feature, SeedInvest Groups.
    • TSYS announces completion of NetSpend acquisition.
    • Banking Technology takes a look at LICUOS and the company's win of Innotribe Startup Disrupt at Next Bank Madrid.
    • SafetyPay and GlobalCollect partner to advance secure Int'l payment solutions to over 300 million consumers.
    • Navallo.net interviews BillGuard CEO Yaron Samid.
    • SecondMarket expands into Bitcoin.
    • Virtual Piggy teams up with Live Gamer.
    • AG Beat describes why Kabbage and other alternative lenders will remain prevalent.
    • miiCard wins award for Technology Innovation in Financial Services at the 2013 ScotlandIS Digital Technology Awards in Glasgow.
    • BlinkMobile Interactive announces partner agreement with Linktech Solutions.
    • Pymnts.com interviews CSI Enterprises CEO, Keith Stone, on recent updates to the company's globalVcard platform.
    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-- May 28, 2013

    • FinovateLOGO.jpgChris Larsen, CEO and co-founder of OpenCoin, calls Ripple, "HTTP for money" in CoinDesk feature.
    • Credit Union Times: ProfitStars' Director of Strategic Insight Lee Wetherington talks credit unions and big data.
    • Kalixa Group teams with MasterCard to test prepaid card.
    • Barron's Electronic Investor column on Quantopian now available to non-subscribers.
    • Mateo's Tech Travels reviews TransferWise.
    • Business Insider hosts Dwolla CEO Ben Milne in Startup Lab interview.
    • One of the largest financial services corporations in the world invests more than $4.6 million for software, maintenance and professional services with Kofax.
    • American Banker reports: Kabbage's Fresh Idea for Small Business Finance.
    • TIBCO announces launch of Cloud Bus, a subscription-based Integration Platform as a service (iPaaS) offering.
    • BellaDati opening partner network in Russia.
    • IP Commerce closing payment processing service on June 30.
    • M2CASH rebrands as V2PAY, now offers electronic ID verification, virtual loan solutions, virtual cards & virtual merchant services.
    • Billhighway adds Kids Kicking Cancer as client.
    • Comarch to provide reference, market data to SIX Financial Information.
    • Standard Chartered launches VISA Infinite Credit Card with chip and PIN technology.
    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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