United Kingdom-based miiCard, a startup that helps you prove your identity online, announced a second round of seed funding for $2.5 million USD today. Investments came from a mix of groups including New Wave Ventures, IQ Capital and Par Equity.
The startup plans to use the funds to expand its digital passport technology. On its blog, miiCard mentions:
"The substantial investment supports miiCard's expansion into the US and will enable rapid growth of the business, across a range of markets including financial services, ecommerce, social networking and dating, where trust online is now critical."
One of the social networking platforms miiCard is working on is Twitter. It launched a Twitter validation function last week.
At FinovateEurope earlier this month, identity verification service miiCard polled 14 audience members to discover their take on what the top trends in financial services will be in 2012.
Some of the major themes included:
Harnessing big data
Mobile
Social
PFM
Security & authentication
To learn more about miiCard, check out its FinovateFall 2010 demo and watch for its FinovateEurope 2012 demo coming soon to the Finovate website.
FINalternatives interviews Currensee CEO Dave Lemont.
Three Finovate alumni named Lead411's Hottest San Francisco Companies.
miiCard asks FinovateEurope 2012 attendees about this year's fintech trends.
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.
Here's @Finovate's live Twitter stream from FinovateEurope on Tuesday, February 7.
Entries appear in chronological order:
Session 1
Here's the first Finovate demo. Nutmeg launch: "Investing the way it should be." Link
Nutmeg walking through investment goal setup; red popup tells you if you are drifting away from your goals and what to do about it.
Ping Identity launching methods for banks to integrate with social networks.>> huge priority for future. Link
Ping Identity demoing Facebook integration in account-opening process; has a number of integration ideas in the works with clients.
At Finovate, PayPal and la Caixa are launching PayPal account opening in 30 seconds by choosing email address and password. Link
Have found that PayPal account opening within la Caixa Bank environment increases account setup success by 2x to 3x.
iBrokr AG, unit of Fidor Bank, is launching Stockbattle: Social betting on stock market. Link
iBroker demoing 1-euro bet on the stock value of a German company; has Facebook integration to share the bet to find a counter bet.
iBroker is easy, transparent, fun and accessible. A wildly innovative service to offer within an online banking or investment account.
BCSG is launching CreditHQ represents, a better way for small businesses to handle credit management. Link
BCSG's CreditHQ demoing credit management dashboard; has integration with collection agency to help followup with late payments.
Backbase launching major new features in Bank 2.0 portal including targeting to customer segments. Link
Backbase has cool widgets targeted to segments, showing student page mockup. Working with ABN AMRO, ING, DB, Barclays, and Visa.
Fenergo demoing "deal manager," client on-boarding and KYC compliance solution for corp banking/investments. Link
Fenergo showing dashboard to build the "credit pack" to pass to underwriting and back office departments; shows work-flow backlogs.
Service2Media and Rabobank introduce mobile payments via an existing banking application. Link
Service2Media showing cool mobile features: OCR recognition, "drag and drop" coins across page; "shake to clear."
CurrencyFair launching peer-to-peer foreign exchange transfers with its QuickTrade. Link
CurrencyFair demoing a foreign exchange transaction, in this example a 68 GBP savings on 2000 GBP exchange; great user interface.
CurrencyFair has processed 90 million Euros, currently doing 0.5 million per day and growing quickly.
Holvi demoing "group account" replaces bank account with smart payment account designed for any group. Link
Holvi account assists groups with raising money, distributing cash, processing expense reports and tracking/ categorizing/ sharing it.
Holvi can also be used for group to setup online store for donations, t-shirt sales and so on; 58% of consumers involved in groups.
Session 2
We are back from break with Etronika showing voice, face and gesture recognition technology. Link
Etroinka demoing logging in via voice intro then authenticated with facial recognition; also showing gesture/voice navigation.
miiCard demoing new online Identity verification system to ease account opening and ID authentication. Link
miiCard demoing how it takes existing banking relationship to validate your identity; done in 5 to 10 minutes; then can share.
Mootwin launching one-stop-shop for mobile financial needs; demoing iPad app. Link
Mootwin showing streaming video on tablet; can communicate directly with financial adviser within UI; working with Cortal Consors.
Actiance showing dashboard for publishing to social media networks. Link
Actiance demoing dashboard in Socialite Engage that shows engagement with users; has tools to track overall program across company.
Fiserv is showing Mobiliti M-Cash service in use by ANZ; demoing mobile payment to non-ANZ customer. Link
Fiserv demoing M-Cash white label mobile payment service; entire process takes about 30 seconds; now showing online m-payment.
Aimia & Cardlytics launching transaction-based marketing platform; Aimia is investor in Cardlytics. Link
Cardlytics demoing their in-statement-offer UI within a live PNC Bank account; highlighting Burger King 20% cash-back offer.
Cardlytics demoing merchant dashboard; real-time results of spend of customers in entire category with offers vs those without.
Liqpay, with 1.5 mil customers, launching http://Zip.liqpay.com, payment detail shortener for SMS and email Link
Liqpay "payment detail shortner" is similar to bit.ly for URLs; showing how it works at Privatbank; increases accuracy and safety.
DCisions launching InvestorBee to take guesswork out of investing with understandable risk vs. return info. Link
InvestorBee will make investing benchmarks available free to consumers; believe simple facts will disrupt investing.
ValidSoft demoing secure m-banking with out-of-band four-factor authentication and transaction. Link
ValidSoft demoing voice-based authentication to confirm trans; system calls mobile number and customer answers to confirm... nice!
Dynamics showing battery-powered card that is "first mobile wallet that works everywhere plastic accepted." Link
Dynamics showing how to press a button on card to get a disposable number to use online; or request rewards points be used at POS.
Dynamics launching today Chip & Choice for Europe, allows multi-app card to be used with single-app software infrastructure.
Session 3
eToro, with 2 million users; launching Guru Finder crowdsourcing to find traders to follow and copy. Link
eToro demoing trader profiles and community communications; also launching iPad app.
Serverside Group launching a Facebook app for banks to provide tangible value. Link
Serverside Group app allows customers to upload images from FB to create their own customized credit/debt card; can increase usage.
When finished using Serverside app, users can post their cards in FB update; bank could run design competition to "like" cards.
Tradeshift demoing how businesses can manage cash flow; launching "instant payments" options. Link
Tradeshift showing dashboard controls; onboard process for suppliers and instant payment process; available to entire supply chain.
Finsphere, which recently partnered with Vodafone, uses mobile phone location to assist with authentication. Link
Finsphere demoing its "risk score" for each transaction; online banking login process; and consumer Pinpoint service.
Launching Handpoint Headstart, mobile Chip & PIN payment solution. Link
Handpoint demoing payments on mobile phone, table and mobile POS device; also showing Square-like mobile reader option.
Wipro Technologies launching tablet-based customer acquisition system. Link
Wipro showing interface that sales adviser would use with prospects to explain products and compare options.
Wipro app allows adviser to take a screen cap and email the page to the customer >Very cool way to follow-up on initial discussion.
Luup launching travel management system for businesses and governments. Link
Luup demoing employee registration; using mobile to create trip itinerary and request approval from manager.
Meniga, PFM provider, is launching "Peace of mind banking." Link
Meniga UI has forward looking cash position, like Simple's "safe to spend" balance; showing "emergency fund" balance tracking.
Meniga working to move PFM from a "tab" to the most used part of online banking.
Session 4
Striata is launching eConsent "PUSH email billing" with NO registration process. Link
Striata demoing process: 1st email is Yes/NO overlay on shaded-out bill. No username or password; use a secret, for example: mobile number and birthday.
Striata showing interactive bill, "mini-website" right in the inbox.
Sandstone Technology showing modern-looking user interface on iPhone built on HTML5. Link
Sandstone Technology showing on multiple phones; demoing how user can personalize app with own picture; change display views.
Kabbage launching ScoreKard today, a quantitative view of health of client's online store. Link
Kabbage has now loaned $10 million to small online sellers on eBay and elsewhere; showing integration with Etsy.
Kabbage showing "social climbing" system where Kabbage analyzes client's social media activity to help in underwriting.
AcceptEmail showing MOBILE electronic bill presentment & payment, its "Short Invoice Service." Link
AcceptEmail allows content of sent email to be changed while in client's inbox, eg. after bill paid, status can be changed.
Figlo's widget-based platform helps advisers communicate to clients via Facebook. Link
Figlo showing integration of online banking with long-range planning; showing table version.
Ixaris launching Opn Cardworks, "card system in a box", allows issuer to fully customize. Link
Ixaris can get Visa approval for new card within 6 weeks; demoing Ixaris "app store" for building programs.
IND Group launching new gamified banking interface " online banking goes from boring to fun" Link.
IND iGroup demoing UI which includes points area, achievements, badges (which unlock more rewards); shows totals over time.
That's a wrap folks. 35 Finovate demos and no one went over time limit! What a day, see you in the networking hall.
Next, miiCard launched an online identity verification service to help consumers prove that they are who they say they are:
"miiCard uses information only a user would know, accesses details to their online bank account, and creates a secure, encrypted link to this account which has already approved a primary identity check to meet AML/KYC regulations.
miiCard utilizes Yodlee's global account aggregation to provide validation weightings and traceability of source required by finance industry guidelines. Each point of validation is rechecked daily for accuracy and suitability. Vendors establish appropriate level of assurance requirements for their product/service. miiCard then allows those vendors to identify an individual with enough assurance to support the transaction, like the sale of a regulated financial product."
Product Launched: February 2012
HQ Location: Edinburgh, Scotland Company Founded: September 2011 Metrics: £550K seed funding, 5 employees
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.
Outright releases a widget to help those filing a 1099-K escape possible IRS audits.
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.
"Blending the identity validation and authentication services of miiCard with the consumer data and identity verification services of Callcredit will create a new kind of online identity service that not only provides convenience for the consumer but cost savings, fraud protection and increased conversions for in the industry."
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.
Geezeo signs 5 credit unions during the last week of 2011.
Cortal Consors announces new version and expansion of Hopee.
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.
Note: Funding that companies received before they demonstrated at Finovate was not counted. If you see any funding that is not on this list, please send the name of the company along with a link to the funding information to julie@netbanker.com and I will add it.
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.
Right now, over three dozen leading fintech companies, both hot young startups and established players, are gearing up to demo their latest innovations at the second annual FinovateEurope next February 7th in London.
To whet your appetite, we asked each handpicked company to provide a sneak peek of what it will be demoing on stage. Below is the first installment. We'll have another installment next week.
Don't miss your chance to see fast-paced demos of the newest ideas from each company and meet the execs responsible for the cutting-edge of innovation in financial and banking technology. Plus get your FinovateEurope ticket before December 23rd and you'll lock in the early-bird price!
AcceptEmail will launch a revolutionary way of billing and collecting. The inventor of billing and payment via email will introduce AcceptSMS, the world's first Short Invoice Service.
With this technology, AcceptEmail users will be able to send payment requests to a smartphone or PDA via SMS, WhatsApp Messenger or social media in an easy and clever way. Improve your customers' payment behavior by offering multi-channel and customer friendly payment methods.
Innovation type: Communications, mobile and tablet UI, payments
Find out more about a solution that Raymond James has already adopted to give its investment advisors authenticity on social networks. It also generated a $1 million prospect for another wealth management firm after just 96 tweets.
Actiance will also demonstrate how you can measure and analyse your network growth to accurately plot your social graph.
Brokertainment combines the fun and thrill of stock market trading with a reduced risk due to extremely low minimum investments (1 euro) and ultra-short term durations of derivatives (around 5 minutes).
Brokertainment will present a new product called STOCKBATTLE.
Business Centric Services Group (BCSG) will present an exciting new credit management tool to the SME market, which will break down the traditional barriers of cost, complexity and awareness.
BCSG has identified a customer need for this product through research, which highlighted that over half of small businesses never run credit checks on new customers, and just under half do not monitor their existing customers and suppliers.
Its innovative tool allows complex information to be delivered in a simple and usable format, ensuring the best possible end-user experience.
Innovation type: Banking products, online UI, small business
Almost all banking today is being done in digital space. Why not communicate with computers in a natural way, as we do in the real world?
Imagine a financial application that recognizes your face, congratulates you, analyzes your voice to identify you, and navigates you in online banking. You choose what is most convenient for you at that time: using your voice, gestures, keyboard, or a mix of all the approaches. You are smiling.
Motion and speech belong to the game world or laboratory geeks-- not to online banking solutions that refer to a serious, unshakable, respectable realm. ETRONIKA wants to challenge this point of view by introducing a new UX approach to financial online services.
Fiserv will demonstrate its next generation mobile P2P, small business and eCommerce merchant payments. As an international provider of digital banking and payment solutions, Fiserv delivers market-proven capabilities with innovations in both the mobile and online channels.
Innovation type: Mobile and tablet UI, online UI, payments
IND Group gamified its white-label Internet Banking and Personal Finance Manager. It added these methods to its new Banking-Front Office. The solution is based on the fact that customers love to do almost anything if they are rewarded for it.
With the two-level point system, banks can give points for things like function use, transactions, and product or service purchases. Customers can collect points and badges for dedicated actions. The system is closely connected with Facebook, where users can post their results and badges. With its strong visualization features and real rewards, the gamified IND Internet Banking and Personal Finance Manager creates a compelling, engaging user experience.
Luup will launch a mobile payment service for corporations and governments that is set to bring them cost-savings, efficiency and productivity gains. The service solves one of the biggest daily challenges that organisations face worldwide.
Through an interactive live demo from various mobile devices, Luup will showcase how the new service is a fast, convenient and secure way to optimise processes. Attendees will experience how Luup solutions are unique in being universally deployable, bank-grade, live and proven-- as well as scalable and easily managed.
miiCard, My Internet Identity, is the first service that allows a consumer to prove their identity to the AML/KYC standard purely online.
Through miiCard, a vendor can identify an individual to a level of assurance that supports real-time online sales of regulated financial products, and replaces the need for a 'wet signature' reducing operational costs and increasing conversions.
miiCard creates trust, protects consumers and fights against fraud. It helps realize the full potential of the digital economy by enabling higher value online business.
Innovation type: Identity, payments, sales and customer service
Sandstone will be showcasing its next generation mobile banking app that contains sophisticated money management/ OFM tools, the latest anti-fraud and security measures, and user experience capabilities that enable financial institutions to better engage with their customers.
Using the latest HTML5 technology, the app can be developed once and then delivered seamlessly across all smart phone app stores to run on any smart phone mobile device. The registration process for the app locks the user to the device while the page-fingerprinting technology ensures that fraudulent users will not be able to connect to the secure server.
Service2Media and Rabobank will introduce mobile payments via a banking app for all webshops. Customers of Rabobank that have installed the Rabobank Mobile Banking app can now pay for their mobile purchases as easily as their online purchases by using a mobile version of the online payment method IDEAL.
The new mobile IDEAL payment is facilitated by starting the Rabobank Banking app on an iPhone once a payment request is issued on the merchant's mobile site. The user then authorizes the transaction in the app with his account number and access code before being redirected to the merchant's mobile site. Mobile banking is now possible without an e-reader as long as the balancing account is known.
Innovation type: Banking, mobile and tablet UI, payments
The advancement of technology is making our lives easier. Mobile banking, or m-banking, is here and with 800,000,000 smartphones already in circulation globally, it is going to grow. But how do we make m-banking safe and practical to use? You can't hold your smartphone in one hand and your bank secure key in the other when walking down the street - that's not "making our lives easier".
A much simpler solution is using out-of-band, real-time, multi-factor authentication and transaction verification. ValidSoft will demonstrate how its products can do just that.
One of the primary tools direct sales agents need is a tablet variant of the unified desktop. Wipro has developed a customer acquisition framework on a tablet-based device, which is a step in this direction.
CAMS on Tablet leverages mobile, analytics and intelligent processes for on-the-go personalized offers and application capture. The solution is also relevant in next generation bank branches where a differentiated environment is created for HNI customers.
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.
Balance Financial launches version 1.2 of its mobile app in the Apple app store.
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.
Here's a transcript from Finovate's live twitter stream during FinovateFall last Tuesday and Wednesday.
The entries appear in chronological order:
Day 1, Session 1
Here we go, Finovate number 10 starts in 10 minutes. Lots of cool tech coming! Follow the #finovate hashtag for next 2 days.
Weemba is launching a "reverse lending" system that puts borrowers in control. Only lenders they authorize can contact them. Link
Demyst.Data is launching a lender predictive analytics system to grow portfolios through better segmentation. Link
Google is showing its new Advisor that is designed to improve the search experience for mortgages, credit cards, etc. Link
Google is showing how you can easily compare terms and conditions. It is inviting banks to talk to them to participate.
Betterment is launching goal-based investing to its simple investing platform. Link
Betterment is showing how to create multiple goals with different asset allocations. This is a great, understandable investment UI.
Segmint is launching SegmintSocial, a platform for financial institutions to interact with customers on Facebook. Link
Segmint is demoing a bank dashboard and live chat-like user interface to engage customers in Facebook.
Kabbage is debuting its SocialKlimbing system that uses social activity as part of the credit evaluation process. Link
Kabbage is demoing the social and sales analytics around an eBay merchant's store in order to assess the merchant's risk and increase credit.
RobotDough is launching an "antivirus for your portfolio" that monitors a brokerage account for accounting red flags. Link
RobotDough has massive coverage: it is worldwide on 130 stock exchanges, has 45,000 companies worldwide, and has options coverage coming soon.
RebirthFinancial is showing a new way for lenders to analyze small businesses. JAS (pronounced jazz) is a neural network rating system. Link
Rebirth Financial is looking to popularize a small business predictive model-- there is a big need for that.
CreditSesame is launching its "badges of financial responsibility" to "certify credit worthiness" to the world. Link
Day 1, Session 2
TandemMoney is launching a system for users to "borrow" from themselves, then repay. This helps to minimize interest. Link
TandemMoney is demoing the "loan" process that uses a "plain talk promise" to disclose exactly what's going on.
Equifax is demoing a freemium service that shows "Places" on its mobile app and has real-time access to your credit file. Link
Equifax is showing how you can use its mobile app to determine "neighborhood safety" based on credit scores. It also has a "credit report" lock toggle.
Transecq is showing its ENTERSECT out-of-band transaction authentication system using a mobile phone. Link
Transecq is using push-based notifications rather than an SMS message for the 2nd-factor authentication.
Balance Financial is demoing a bill upload process using an iPhone camera. It also launches a FaceTime chat with the personal bookkeeper. Link
Balance Financial's app has receipt uploads that are managed with help of a personal bookkeeper at $40 per month.
Micronotes is showing its new KulaX cross-sell engine 1st Advantage Credit Union on stage demoing it Link
1st Advantage FCU says it gets three times the number of leads using Micronotes compared to the traditional method of direct marketing.
PersonalCapital is launching its company today at Finovate, calling itself an "investment management for the Internet age." Link
Personal Capital is demoing an investment management UI which really pops, showing an "investment checkup" with fee projections.
Personal Capital demonstrates its free service using an iPad app with FaceTime connection to your financial advisor. It ends its demo with an iPad giveaway.
Kony is showing its new mobile commercial banking application that streamlines approvals and transactions. Link
MyCyberTwin is debuting an "emotionally responsive AI virtual agent" that is able to use emotion, smile, frown, etc. Link
MyCyberTwin is demoing a fully automated avatar deployed on Australia's NAB. It captures customer mood and responds to what they really want.
Day 1, Session 3
CashStar is launching its Digital Gifting platform where the iPhone app turns card points into mobile gift cards. Link
Authentify is launching 2CHK for a secure, 2-way window into user accounts for review, approval, or cancelation of transactions. Link
Backbase debuts its Retail Bank of the Future, and suggests products that "other people like you use" (Similar to Amazon.com's recommendations). Link
Andera is showing its new FortiFI system that scans new account applications submitted to over 500 financial institutions. The system discovers fraud patterns. Link
Andera is demoing a fraud app made on BankSimple app. Side note: this is the first Finovate company with masked man driving the laptop!
eToro is launching "Copy.Me," a store where you can find the top traders to follow and copy their trades. Link
The best jokes delivered at Finovate so far: eToro's Yoni Assia (high school copying) and Kabbage's Marc Gorlin (naked tweeting).
Yodlee is showing its new "Dynamic Consumer Experience" with a large "deals" section in the upper-right. Link
Yodlee is showing a goal-oriented profiling tool, Smart Credit, in its FinApp Store. Real-time PayPal payments can be used to pay bills.
BillGuard is demoing its new "Antivirus for Bills," a crowd-sourced database with information on bad charges to inform all users of the fraud. Link
BillGuard is demoing a Yodlee-powered daily scan on credit card transactions across all your cards. It flags potential issues and likely fraud.
BillGuard today is launching "BillGuard browser extension," so far it has found fraudulent charges on 20% of cards-- this adds up to $350,000 in savings.
BillGuard is launching a collaborative industry working group to track fraudulent charges.
Day 1, Session 4
modoPAYMENTS is showing its full-service mobile payments service using a live helmet cam at a local bar. Link
So glad that modoPAYMENTS the helmet cam demo worked!
cbanc Network is showing a "social network-like" system for bankers to work with each other to tackle issues. Link
cBanc uses a virtual currency to incent bankers to upload answers and solutions to the network so that others can "buy" the solutions.
cBank has 2,900 participating financial institutions and 3,000 solutions and answers in the system, including exam sharing. It even has a method to NOT share the information with competitors.
cBank Network is launching vendor opportunities today such as advertising, review responses, surveys, etc.
SigFig is a "second set of eyes for your portfolio." It can set up a meeting with your adviser within the system.
SigFig is showing its system for avoiding trading fees, showing a real example where the user could save $150k per year. Link
Mootwin is showing its new mobile investment management and trading system with real-time updates. Link
Experian is demoing its new myID privacy and identity monitoring system. Link
Experian myID will help you opt out from tracking services. This helps get your name and mobile phone number removed from data aggregation services.
Experian myID can be white-labeled for financial institutions.
Plastyc is showing its new savings account attached to Upside prepaid account. It includes goals and achievements. Link
Plastyc is showing its systematic savings tools and cash-back rewards to incent savings (currently 6% rate).
Dynamics is launching Chip & Choice, enabling advanced EMV applications without the need to update point of sale terminals. Link
Dynamics drops its card into a glass of water to show that it can go through the washer, nice.
Day 2, Session 1
FinovateFall 2011 day 2 starts off with T8 Webware.
T8 Webware is launching Grip, a mobile banking app with aggregation to monitor all accounts. It also includes receipt upload. Link
T8 Webware built its own aggregation engine. The app carries a fee of $0.99 for each month used.
Swipely is launching a "loyalty for main street," platform that is linked to customer credit and debit cards. Link
CREALOGIX is launching CLX.SentinelDisplay, a USB device with keypad, display, and a hardened browser for out-of-band authorizations. Link
CREALOGIX also includes complete data confidentiality: when the USB device is disconnected, nothing about the session remains on the PC.
ACI Worldwide and MShift are unveiling their Mobile Enterprise Banker," a business banking app for tablets. Link
ACI and MShift are demoing on the iPad, showing how an urgent push notification from a bank overrides an "Angry Birds" session-- nice visual.
FuzeNetwork is launching Swipe2Pay to make a cash payment or deposit to a bank by swiping a card at a retailer's point of sale. Link
Fuze Network is demoing actual point of sale transactions where "any card" works. The system is live at ACE now.
FreeMonee is showing its new card-linked offers system to provide simple cash back rewards. Link
MitekSystems is debuting "Mobile Balance Transfer" for banks to acquire new credit card customers. Link
Mitek is demoing "point.shoot.transfer.save." Users take a photo of a credit card statement, the tool extracts the APR/balance, then uploads the information to the issuer for an offer.
Mitek is showing what happens in the back office when an image is received and how it is evaluated.
Truaxis (formerly BillShrink) is demoing its new platform that delivers personalized discounts via web, mobile, and email. Link
Truaxis says that the majority of its users want "Netflix-like" recommendations for purchases. There is great potential for banks to showcase this information.
LearnVest is creating the 1st online 'financial fitness center'. Its goal is to make financial planning more accessible to women. Link
LearnVest has put 250,000 users through its "financial boot camp" in past 3 months. It is showing a PFM with a "Gmail look and feel."
LearnVest is demoing a "financial advice center" with costs $130/yr or $4.99 for 1-day.
Day 2, Session 2
Cartera Commerce unveils its Local Offers solution, part of its card-linked offers service. Link
Cartera Commerce is demoing its merchant self-service interface.
FamZoo is showing its system for teaching kids good money habits via co-branded FamZoo Virtual Family Bank. Link
FamZoo is demoing how kids and parents interact through its online interface, manage spending, incent savings/giving, and create rewards.
FamZoo is launching a "partnership edition" today, a private branded version for banks, credit unions, and advisors.
oFlows is launching a broad-based paperwork solution; allowing for the digitization of all types of paper-based transactions. Link
oFlows is demoing the upload of a voided check to handle account verification on-the-go.
InComm and CorFire are showing a new mobile platform for retailers to personalize the consumer payment experience. Link
InComm and CorFire are demoing an offer delivered in-store on a mobile device. It then uses a mobile barcode to pay at the point of sale.
planwise is debuting its company at Finovate today. It is designed to help consumers understand their financial plans. Link
planwise offers "Secure Share" to provide the ability to share parts of your financial plans with others-- this is a much-needed online finance feature.
Jingit is launching a transactional ad platform where consumers can earn cash for engaging with brands. Link
Jingit is demoing how it works with an online music store: "instant earn/instant spend." It is working with US Bank for cash-back rewards.
LighterCapital showing its new Revenue Loan that offers "debt-like risk with equity-like returns." Link
Ligher Capital is showing its two-question loan application--that should raise eyes. It is also discussing real "Tomato Battle" funding.
Lighter Capital is launching "social security" with partners. It combines "light-weight lending platform" with social media-based decisioning.
MasterCard is showing its new Small Business Controller, part of the inControl suite to create unique payment products. Link
MasterCard is demoing virtual card creation by small businesses with real-time alerts to employees.
BankSimple is showing its user interface publicly for the first time today, focusing on speed and simplicity. Link
BankSimple features a "Safe-to-spend" balance that is "red flagged" in the upper left corner of the main page. It is also demoing a "Goggle-fast" natural-language search.
BankSimple is "helping users learn from their transactions". It is demoing fast bill-pay with real-time processing.
BankSimple is demoing a goal setup. Users can pause, lock, resume, or manually add to it. It is also showing a mobile interface that was "designed before online UI."
Day 2, Session 3
PayNearMe is launching its new automobile-loan payment service using cash at local stores such a 7-Eleven. Link
PayNearMe is demoing with a Monopoly board and a toy cash register--a Finovate first.
PayNearMe demos making payments for rent and utilities with a mobile bar code scanned at a 7-Eleven.
CarryQuote is showing its Intellicast system to quickly publish investment research to mobile and tablet apps. Link
CarryQuote is launching a "conference feature" to connect with customers before, during, and after investment events. It also has real-time updates.
FeeFighters is launching the Samurai payment gateway, the "simplest way to accept payments online." Link
FeeFighters is demoing how to add its gateway to a webpage. It uses "intelligent routing" of payments to ensure the lowest cost.
Wall Street Survivor is launching a new interface catering to investing beginners. It uses missions to educate the learning investors. Link
Wall Street Survivor is the "largest fantasy stock market online," with 350,000 registered users.
Wall Street Survivor is demoing a stock trading "mission" with virtual cash and points to reward users. It also includes Facebook integration.
miiCard is showing "Assured Identities" to serve as "drivers license/passport checks" for the online world. Link
miiCard is designed to reduce high levels of "financial cart" abandonment, showing how it can be integrated into a banking site.
DoughMain is launching a family financial management platform and three age-relevant financial game sites. Link
DoughMain is showing a financial homepage for pre-teens with a service that includes a prepaid card. It also has a gift card purchase cart.
DoughMain is looking to offer versions for banks.
Bundle is using actual spending data to help "cut through the noise" of user-review sites like Yelp. Link
Bundle is demoing its advanced "search results filtering" to hone in on restaurants that attract repeat customers.
Day 2, Session 4
Transparency Labs is working on the transparency genome to decode and explain financial "fine print." Link
Transparency Labs is demoing how it can break down the "fine print" and uncover fees and important conditions, showing it in a dashboard.
Transparency Labs also monitors existing agreements and sends alerts when the "fine print" changes.
ActivePath and Cardlytics are teaming up to deliver in-statement offers delivered directly to clients via email. Link
Cardlytics and ActivePath are showing "active mail" within Gmail. It includes an "offers" tab within the emailed bank E-Statement.
The Cool House of Financial Media is launching eyeOpen, a financial matching service that provides the best-fit in financial products. Link
The Cool House of Financial Media is demoing a consumer profiling session with eyeOpen, and recommends products based on what other people liked.
IND Group is launching IND Innovation, a new online and mobile platform that includes a "bank feed." Link
IND Group is demoing mobile P2P payment with a QR code. It supports "mobile first" banking.
Offermatic is reinventing "daily deals" by making them relevant and easy to redeem through bank card linkage. Link
Offermatic is offering "guaranteed net new profitable customers." It is demoing a dashboard of metrics for merchants with zero cost to the merchant.
Offermatic is launching Dynamic Offers, the first system that pegs the value of a discount to the value of the customer. It also track repeat purchases.
ReadyForZero is showing a new system with loan repayment automation and data sharing. Link
ReadyForZero found that its users pay down debt twice as fast as non-users; its designed to reduce credit losses for banks/card issuers.
Bobber Interactive is launching its GoalCard app on Facebook. Link
Bobber Interactive's social-game-based system is geared towards GenY; asks "who would you rather loan $50 to?" using Facebook tools.
Later this afternoon, miiCard demonstrated an identity service that proves users are who they say they are:
"Simply put, we have a catalyst for change in miiCard - a user-centric federated identity that can truly change the way we transact online. A new proposition in the Electronic Identity and Verification (eID&V) market- place, miiCard, for the first time, offers the capability to establish online trust purely online and in real time. Whilst other identity providers and credit reference agencies validate informa- tion about someone - such as their address, credit rating and, more recently, some have introduced behavioral aspects such as questions about transaction history, miiCard validates that a customer is who they say they are. Equally important to the vendors, benefits to the consumer are:
Security and control of personal data
Convenience, consistency and simplicity
Trust between parties in a purely online environment
miiCard is a federated identity service, which means it sits between the consumer and the vendor (or other consumer) and provides a level of trust between parties. miiCard can support not only the UK but North America, Western Europe, India, Australia, New Zealand and soon South Africa."
Product Launched: October 2010
HQ Location: Edinburgh, United Kingdom Company Founded: 2010 Metrics: Seed funding raised, 5 employees Website: miicard.com
Edinburgh-based miiCard, a company seeking to create a way for users to prove their identity online using an Internet identity card, closed its first round of funding today.
"The funding raised a total of over £550,000 ($900,000) from VC, angel and public sector sources. Investment has been secured from angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank's Scottish Seed Fund."
miiCard will demo its internet identity card at FinovateFall and is expected to launch in time for the 2011 Christmas season.
Get your ticket here to come see miiCard's live demo at FinovateFall this September 20-21st.
More than 60 leading fintech innovators, both startups and established companies, are gearing up to present at the biggest Finovate ever, Sept. 20/21 in NYC.
Each company provided a sneak peek of what they'll be demoing on stage next month. Below is the second installment of these teasers (see part 1 here). We'll have more next week.
Customers use different communication channels throughout the day and expect the same from their FI. But to reach and interact with the greatest number of customers - and deliver reward value to both institutions and their customers - banks and reward vendors alike must fully support the growing range of channels: online, mobile, social, e-mail and more, while providing requisite security and privacy for email communications featuring sensitive data.
Cardlytics & ActivePath combine powerful technology to personalize reward offers based on transaction data that can be securely delivered and transacted directly within interactive email, enabling customers to respond at their convenience, anytime, anywhere.
Andera's FortiFI product stops online new account fraud. It scans applications submitted online at over 500 institutions, discovering patterns used by fraud rings only visible on an industry-wide scale, and flags applications matching known patterns before an account is opened.
FortiFI is available as part of Andera's hosted account-origination solution and its Software Development Platform that gives developers "plug and play" access to the services and software components (e.g., ID verification, application risk management, funding risk management, funds transfer, etc.) used by Andera's popular hosted online account-opening solution, reducing the time and cost to bring innovation to market.
Online and mobile banking has created a new breed of cybercriminal. New forms of defense are needed.
Authentify will unveil publicly for the first time, Authentify 2CHK. It is an app that will transform an end user's mobile device into a secure transaction authenticator. The device becomes a defensive weapon in the battle against cybercrime. Authentify 2CHK is a natural extension of Authentify's out-of-band technology and will help satisfy audit requirements for end user and transaction authentication spawned by FFIEC guidance updates.
BillGuard is the world's first antivirus for bills. This free, Web-based solution empowers consumers with the assurance of an unheard-of level of personal finance security. The easy-to-use service has already saved consumers more than $300,000 from unwanted or unauthorized charges.
BillGuard aims to be the "seal of approval" that merchants and financial institutions display so consumers recognize that their accounts are protected and that all posted charges are accurate. In the future, it will be imperative to display a BillGuard badge to gain customers.
Gen Y embraces frugality and seeks "engagement banking" with rich, interactive online experiences around their $200 billion in income.
Bobber represents a profound shift in how Gen Y relates to their money, integrating the most effective social engagement mechanics for cost-efficient acquisition, sustained loyalty, and increased wallet share. Bobber's cash-management tool simplifies daily spending and incentivizes goal achievement. Users engage in a highly interactive debit rewards program grounded in their personal savings goals.
Bobber's technology is architected into the Facebook ecosystem for low-friction onboarding, social collaboration, and experiences tailored to users' Facebook data.
CarryQuote IntelliCast is a private-labeled solution that allows you to securely deliver proprietary research and multi-media content directly to your clients' Apple, Android, BlackBerry, or Microsoft smartphones and tablets.
Through CarryQuote's unique, SaaS-based mobile technology platform, which offers compatibility across all five major mobile platforms, CarryQuote IntelliCast allows you to place a highly advanced, branded mobile application in your clients' hands, and become their "go to" source for the latest financial research. Notably, this turnkey solution can be customized and deployed across all platforms in fewer than six weeks.
Innovation type: communications, investing, mobile and tablet UI
Cartera Commerce is re-inventing the deal with card-linked offers.
Cartera, the leading provider of card-linked marketing solutions, will unveil its solution that enables banks to tap the explosive growth of the local deals market popularized by daily deal sites.
For banks, issuers and loyalty programs, Cartera provides the industry's most comprehensive card-linked offer platform powering personalized in-store and online shopping programs that build consumer engagement, maximize card spend and create new revenue streams. For merchants, Cartera powers the industry's largest card-linked advertising network, targeting and tracking shopping offers to 150 million+ loyal consumers.
CashStar, the preferred digital gifting and incentives partner for retailers and incentive partners, provides consumers with the most personal, compelling and convenient gifting experiences available. The only company to successfully combine an on-demand digital gifting and incentives platform with innovative multichannel marketing strategies, CashStar is changing the way rewards currency is exchanged from the digital world to the brick and mortar.
At FinovateFall 2011, CashStar will unveil a first-of-its-kind, location-based iPhone application that enables consumers to instantly turn credit card points into digital currency while they are in a participating retailer's store.
How do you know whether to trust online profiles? Where do you turn for assurance or accountability? The ability to demonstrate financial 'good sense' would give you an invaluable edge to stand out and succeed in career, business and personal objectives.
At FinovateFall 2011, Credit Sesame, one of the Internet's most trusted credit management sites -- backed by global financial institutions and world-class science, technology and financial experts -- will reveal how to get that "edge."
Whether you're applying for a new job, transacting commerce online, or interacting with someone on the Web for business or personal reasons, Credit Sesame can help.
You've seen it all: savings tools, financial games, virtual banks and so on. But these products have a limited reach with your customers. DoughMain is the first and only service to combine family coordination and financial education into one simple and convenient platform.
Achieve a new level of engagement with your adult customers who have active families. Integrate your bank and financial service products in a completely new way and upsell your offerings to a lucrative market.
Samurai is the easiest and most elegant gateway on the market. It gives you ultimate flexibility at an affordable price.
With Samurai, you'll be able to integrate payments on your site in minutes. Samurai boasts premium features such as intelligent routing, data portability, and gateway emulation. Send payments anywhere with Samurai -- it's universally compatible. Oh yeah, and that's just a sneak peek at all that Samurai has to offer.
Innovation type: back office, payments, small business
Google Advisor makes it fast, safe, and easy for consumers to find personal finance products. Google will be showing the latest version of Advisor and be available for conversations with potential partners who are interested in the platform.
IND Group "wow" innovation is a new online and mobile banking platform that has reinvented the way a bank can communicate with its customers. The platform's simplicity and ease of use is underpinned by natural language and data visualization -- key differentiators.
Easy-to-use main features are the account and transaction visualization, wizard-type money transfers and investments, zero-effort personal finance management, online sales engine and the support center. IND Mobile banking is more than just the extension of online banking features, unique ergonomic design, user experience, security and the fact that it is always-online.
Innovation type: mobile and tablet UI, online UI, PFM
See Kony's mobile commercial banking solution in action. It allows the corporate treasurer and executives to approve transactions from any mobile device, including tablets.
Each user is able to view the transaction amount, date, account involved, the approval status of other users, and a memo. This speeds the process of approving transactions as well as tracking the progress. Plus, from the development perspective, the application is updated and deployed to any mobile device, mobile Web or tablet from a single application definition.
Innovation type: banking products, mobile and tablet UI
LearnVest believes that financial planning should not be a luxury.
LearnVest is making personal financial advice accessible and affordable to millions of Americans. The company does this by providing the content, tools and advice to help women get informed, get organized, and get support.
LearnVest's new My Money Center and the LearnVest Advice Center are the keys to this transformation. By helping members create everything from a personalized budget to a retirement savings plan, LearnVest empowers women to build their wealth and afford their dreams. Come learn more about the new LearnVest Method and see where the company is headed.
There's a tremendous opportunity to gain share of cash and check spending by small businesses; if only business owners felt they could adequately delegate and manage the credit, debit or prepaid card spending of their employees. Now they can.
MasterCard inControl Small Business Controller empowers small business owners to more confidently and securely delegate card spending to employees, improving expense control and helping to better manage cash flow. Small business owners can also create profiles with controls and alerts for each employee card and use virtual card numbers to shop more safely online.
miiCard is a revolutionary digital passport. It enables users to prove their identity online to the same level of authority as a drivers license or passport would do offline.
By creating trust in an environment characterized by anonymity and transient identities, miiCard will open up opportunities for business online and put Internet users back in control of their personal information on a global basis.
Retailers are constantly looking for new ways to increase sales.
Over US$20 billion is spent on consumer promotions each year, but while promotions can be effective, they are costly and reduce margins.
Offermatic already enables any merchant today to precisely target Offermatic members based on their actual spending history. Merchants can acquire guaranteed-new customers, who are already spending in the category, on a 100% pay-for-performance basis.
At FinovateFall 2011, Offermatic will announce its latest innovation. This new model will enable merchants to run a free promotion and grow sales at no cost!
See you on September 21st.
Innovation type: marketing, rewards, coupons, small business
PayNearMe offers a convenient payment option to individuals who prefer to make payments in cash, as well as the more than 60 million adults who are unbanked or underbanked.
PayNearMe will demonstrate an easy and inexpensive way for these consumers to pay their rent and auto loans with cash at their local 7-Eleven store. And with our self-service portal, merchants of any size will soon be able to take advantage of this simple payment alternative.
Wall Street Survivor is relaunching at FinovateFall 2011 with a website that finally demystifies investing. Wall Street Survivor couples a real-time stock market simulator with content to create missions.
The product helps users understand financial concepts, such as creating a virtual portfolio, how to manage it, and how to find good stocks, all in a fun and rewarding way. If you want to learn how to invest better, or just want more confidence when speaking to your financial advisor or stockbroker, then the new Wall Street Survivor is for you.
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More than 60 leading fintech innovators, both startups and established companies, are gearing up to present at the biggest Finovate ever, Sept. 20/21 in NYC.
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