Blog
 |
|
|
|
Recently in
On Deck Capital
Category
 Braintree's Bryan Johnson provides columnist James Altucher with an example of "how to go from $0 to $1,000,000 in two years." See Braintree demo at FinovateSpring in San Francisco.
- TransactionAge takes a look at Klarna as an alternative to Google Wallet.
- Digital Mailer's My Virtual StrongBox deployed by Redstone Federal Credit Union.
- Investment News features Finect, a social network for financial advisors. Join them in San Francisco for FinovateSpring.
- miiCard partners with Bitcoin Exchange Platform, Tradehill.
- Innovation Agency updates Innovation Café to support formal judging process and integrated rewards payment process.
- TIO Networks announces partnership with mobile app developer iFactor Consulting.
- Bloomberg Businessweek reports: On Deck Capital Targets Businesses Banks Won't Touch.
- David Barrett, Expensify CEO, interviewed on SkyNews to talk about Bitcoin. Come check out what's new at Expensify at FinovateSpring next week.
- Best Vendor profiles Gremln. See them in action at FinovateSpring in San Francisco.
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.
 The latest funding for On Deck Capital comes courtesy of PayPal co-founder Peter Thiel, Industry Ventures, and Google Ventures, which led the round. The announcement is the second of its kind this year for On Deck, which raised $42 million in funding from Institutional Venture Partners in February. The company's immediate plans for the capital are practical: building products and adding staff. But longer-term On Deck remains focused on playing a growing role in the lending requirements of the five million small businesses in the United States. Here are a few metrics from On Deck: - Raised $59 million in funding so far in 2013; $100 million to date
- Increased its repeat customers by 34% in 2012
- Loaned $400 million since inception
- Grew distribution partners to 300% to 1,500 nationwide in 2012
On Deck was founded in 2007, and is headquartered in New York. Their small business loans range from $5,000 to $150,000, with terms extending as long as 18 months. Businesses that have been operating for longer than one year, and have annual revenues of at least $100,000 are eligible. On Deck was among the companies to take part in FinovateSpring 2012. See them in action here.
 - RIA Biz takes a look at BrightScope's plan to make advisory fees public.
- DietBet.com crowdfunds more than $300,000 via SeedInvest. Join SeedInvest in San Francisco for FinovateSpring in May.
- Finovate alumni make a strong showing in GoodApril co-founder's list of tax preparation innovation. Meet GoodApril at FinovateSpring.
- VentureBeat features Ripple developer OpenCoin. See OpenCoin in action at FinovateSpring in May.
- DroidBeans reviews Pageonce for Android.
- Puget Sound Business Journal highlights the role of Realty Mogul in a local real estate deal. Join Realty Mogul at FinovateSpring.
- PayPal buys Iron Pearl, a startup that helps companies make their products more attractive to customers.
- Reuters looks at a case study of how FutureAdvisor is used to save for retirement.
- PYMNTS looks at Kabbage's "secret weapon"
- New York Times Business Day interviews Sabrina Parsons, Palo Alto Software CEO. Come to FinovateSpring to watch it demo LivePlan.
- Channelnomics reports: Check Point Launch Makes Small Branch Foray.
- Dwolla takes top honors at Prometheus Awards in Des Moines.
- Massolution's Crowdfunding Industry Report places Lending Club and Prosper as leaders in the industry.
- American Banker considers On Deck Capital's growth.
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.
This quarter, both January and Feburary funding exceeded $50 million. Most of February's funding can be attributed to On Deck Capital's $42 million round. Over three months, 15 companies raised more than $155 million, This is very similar to last year's first quarter funding* when we saw a total of 11 companies raise more than $150 million. Here's the Q1 summary for 2013: January -- $57 million raised by 6 companies February -- $56 million raised by 5 companies March -- $42 million raised by 4 companies ___________________________________________________________________ *While the funding over last year has increased, so has the number of Finovate alums. We're tracking more than 100 additional companies this year compared to last year. Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.
- Expensify makes Reconciliation and Central Administration features available for American Express corporate cardholders.
- Micronotes providing series of marketing campaigns for USAlliance FCU to help cross-selling efforts.
- Palo Alto Software announces launch of EntrepreWorld, a virtual environment to test business plans in a virtual world of avatars. Come see Palo Alto demo its latest technology at FinovateSpring.
- Consumers CU chooses Andera's oFlows platform for online account opening and lending.
- Lighter Capital appoints Molly Gregg Otter as Vice President.
- Bloomberg looks at how Jemstep, SigFig, and FutureAdvisor help manage your portfolio online. See Jemstep's new tech at FinovateSpring.
- Forbes takes a close up look at London's FinTech Innovation Lab, including participants BehavioSec, Kiboo, and Open Bank Project.
- Huff Post blog considers Lighter Capital's Revenue Loans as alternative to VC funding.
- GCN looks at Dwolla's use in government.
- Huff Post blog considers automated report-writing software company, Narrative Science. See its new tech at FinovateSpring.
- Y C Universe profiles Trust Egg. See them demo at FinovateSpring in May.
- MicroStrategy signs technology alliance agreement with MapR.
- Berry Review takes a look at Pageonce Money and Bills on Blackberry 10.
- Times of India highlights Klarna's growth in Europe.
- Incentive Mag previews the launch of CashStar's table gifting solution.
- Eye Verify announces results from biometric standard, performance and assurance lab survey. Join them in San Francisco for FinovateSpring.
- IntelliResponse selected by KMWorld as one of "100 Companies that Matter in Knowledge Management" for 2013. Come see them in action at FinovateSpring in May.
- New York City Mayor Michael Bloomberg officially 'opened the doors' to On Deck Capital's new NYC HQ.
- Global Payments and edo Interactive launch pilot for card-linked offers network.
- Boston Business Journal interviews Leaf CEO Aron Schwarzkopf. See Leaf's demo at FinovateSpring in San Francisco.
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.
- American Banker asks if Atlanta is a fintech startup Mecca and looks at Kabbage and Cardlytics as examples.
- Actiance debuts Vantage for Lync Voice to capture VoIP calls for Mircosoft Lync users.
- BBC News looks at BehavioSec's biometric security.
- On Deck opens new regional office in Denver, Colorado.
- IDentity Theft 911's chief privacy officer Eduard Goodman talks smartphone privacy with Forbes.com.
- TransferWise announces support for peer-to-peer international payments using debit cards.
- TransWare from Compass Plus helps PrivatBank reach peak transaction processing.
- Balance Financial launches Digital Office suite to create personalized client portal templates that can be customized.
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.
Last week small businesses borrowing solutions company, On Deck Capital, announced that it has secured $42 million in funding. On Deck's Series D financing round was led by a new investor, Institutional Venture Partners. Existing investors also participated: - RRE Ventures
- SAP Ventures
- First Round Capital
This recent round brings the company's total funding to $96 million. The New York-based company also released some stats: - Deployed $400 million in loans to date
- Tripled its distribution partners to 1,500 nationwide
- From 2008 to 2011, the company saw 12X revenue growth
In conjunction with this financing, Sandy Miller, IVP General Partner will join On Deck's board of directors. On Deck Capital demoed at FinovateSpring 2012.
 According to Forbes, four of the 100 most promising companies in the United States right now aren't just fintech companies. They are Finovate alumni, as well.
Of the four, Lending Club is the highest rated, earning the number 12 spot in Forbes's "America's Most Promising Companies" roster. Also making the top 50 was Boku, with alumni On Deck Capital and Swipely helping round out the list.
Interestingly, Swipely CEO Angus Davis recently made a "most promising" list of his own. Davis was featured along with more than 20 of his peers in a profile of "America's Most Promising CEOs Under 35" also compiled by Forbes.
Here's a closer look at the alumni featured.
- Rank: 12
- Revenue: $16 million
- Employees: 125
- Demo video
- Rank: 38
- Revenue: $195 million
- Employees: 115
- Demo video
- Rank: 94
- Revenue: $37 million
- Employees: 152
- Demo video
- Rank: 95
- Revenue: $1 million
- Employees: 36
- Demo video
- Manilla update means one app is all you need to manage expenses from bills to subscriptions.
- Just in time for the holidays TradeHero is now available at the Apple app store.
- Former Treasury Secretary Lawrence Summers to join Lending Club board of directors.
- CorFire announces strategic integration with PayPal.
- Speaking of PayPal, you can now fund your account with cash using PayPal's new "PayPal My Cash Card."
- Credit Sesame launches free credit-monitoring service.
- Wipro announces the launch of SmartOffers, in partnership with Intuition Intelligence.
- On Deck Capital adds American Express veteran to head marketing efforts.
- InComm launches the Paypal My Cash Card.
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.
 August was the biggest funding month of the third quarter. Six companies raised more than $49 million, led by FreeMonee, which alone raised $34 million. In addition to the eight companies listed below, On Deck Capital raised $100 million in credit facility commitments in late August. Here's the Q3 summary for 2012: July -- $6 million raised by 2 companies August -- More than $49 million raised by 6 companies Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? E-mail us at Julie@Finovate.com or David@Finovate.com.
- Interactive Investor purchases DCisions, closes InvestorBee service.
 - Finextra reports Rabobank Australia and NZ selects ThreatMetrix to secure online channels.
- InComm & SkyMall Ventures partner to launch electronic gift card program.
- Opus Research report recognises ValidSoft as leader in voice biometrics.
- AloStar Bank of Commerce chooses Andera's oFlows for online account opening.
- TIO adds mobile bill pay app to its suite of services for El Paso Electric.
- Radian Mortgage Insurance now available through Mortgagebot's loan origination system.
- E-invoicing Platform features AcceptEmail.
- Xconomy examines how Giftly will disrupt traditional gift card market.
- Luup signs partnership with Arab Link, provider of money transfer and exchange services in Abu Dhabi.
- Crunched lists On Deck in top 25 startups to work for.
- TechCrunch reports Holvi Plans To Disrupt Traditional Bank Accounts With Simple But Powerful Services.
- Citi Innovation Lab and SapientNitro honored at National Infocomm Awards in Singapore for next-generation banking experience.
- ActivePath merges with PowerInbox.
- Experian expands debt-collection product suite with TrueTrace.
- DeviceFidelity launches moneto prepaid MasterCard.
- BlinkMobile announces five more councils to adopt BlinkForms.
- Klarna earns 2012 Entrepreneur of the Year award from European Tech Tour Association.
- Money Smart Life reviews Betterment and Kapitall.
- American Banker reports Betterment deepens finance advice features.
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.
 Online lending platform,On Deck Capital, released growth numbers late last week. Here's a quick summary: - Over the past 6 months the number of On Deck distribution partners has increased by 50%
- The partners in the network reach more than 1 million businesses such as:
- banks
- leasing companies
- funding advisors
- accountants
- payroll firms
- On Deck has opened offices in:
- Atlanta
- Sarasota
- Chicago
- Los Angles
As of this month, the platform has delivered over $300 million to U.S. small businesses. To learn more about On Deck, watch its FinovateSpring 2012 demo.
- Upstart Business Journal mentions Virtual Piggy, Waspit, & Kiboo as catering to young customers.
- On Deck reaches 1 million daily debit payments.
- Communication FCU enlists Tyfone to provide customers with mobile banking solution.
- TRADESHIFT increases language support to 190 countries.
- TIO hits $100M mark for mobile bill payments.
- Boston Business Journal reports Linkable Networks raises $3.2M.
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.
On Deck Capital, a company making it easier for small businesses to get loans, announced today it raised almost $100 million. Investors include: - Goldman Sachs
- Fortress Credit
- SF Capital
- Lighthouse Capital Partners
The funding will be used to make more loans, since demand has been increasing as of late. TechCrunch reports: "On Deck has doled out $275 million in capital to SMBs and expects to cross $300 million early next month. What's more, loan originations have increased by 50 percent in just the last four months."
To learn more about On Deck, watch its FinovateSpring 2012 demo.
- ReadWriteWeb seeks advice from Candace Klein, SoMoLend CEO, on winning startup competitions.
- Dwolla wins Startup of the Year, CEO Ben Milne wins Startup Exec of the Year in Silicon Prairie Awards.
- Xero Touch wins a Mobie Award at the 2012 Australian Mobile Awards.
- PC World interviews Ping Identity CTO, Patrick Harding.
- SimpleTuition lands $5 million from Horizon Technology Finance Corp.
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.
- American Banker reports Spreedly partners with Dwolla to let merchant clients accept the alt payments system.
- Ping Identity opens new Canadian offices.
- Check Point IPS recognized for outstanding security by NSS Labs.
- TIO Networks partners with BAF Global Group to bring its bill pay technology to the Bahamas.
- Fast Company explains how ReadyForZero helps users out of debt.
- Netbanker looks at Simple's messaging center.
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.
- Ben Milne, Dwolla CEO, speaks about payments during TedXDesMoines talk.
- Los Angeles Times looks at how Kabbage, On Deck Capital, and Capital Access Network work in the microlending space.
- Bloomberg Businessweek interviews Robert Frohwein, CEO of Kabbage.
- On Deck celebrates 5th birthday, ranked number 302 on Inc. 500 list.
- Bank Innovation's impression of 6 Finovate demo-ers that promise new products.
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.
Small business lender, On Deck Capital, announced its 5th birthday today. In celebration of this milestone, the New York-based company provided insight into its history and growth over the past 5 years: - Its first two loans averaged $4,000
- Currently employs over 100 people
- Has delivered over $250 million to small businesses nationwide since its start in 2007
The graph below illustrates the growth of its loans over time.  In addition to this news, On Deck was just ranked number 302 in the Inc. 500 list, where it divulged the following information: - It has grown more than 13x since 2008*
- 2011 revenue of $19.5 million
- 2011 employees numbered 96
To learn more about On Deck, watch its FinovateSpring 2012 demo. *Inc. 500 rankings are based on a 3-yr growth percentage.
Quid, a San Francisco-based data analytics company, recently compared the FinovateSpring 2012 presenters against its database of 800 financial services companies. The following were determined to be the most unique and valuable (see methodology below):
Methodology per Quid:
First, we identified 800 financial services companies in our database hat have raised capital in the past few years, including all of the Finovate presenters. Then, we processed thousands of documents related o these companies (such as patents, job postings, filings, and press releases) to identify key terms and phrases used to describe them. We created the network map by connecting nodes (companies) by a line when here is an overlap in the key terms and phrases used to describe them. Next, we applied a clustering algorithm to detect emerging themes, revealed in the color key. We then ranked the Finovate presenters by a network measure that filters for companies that are recombining existing technologies (a measure of innovation) and have raised high levels of capital (a measure of market worth). The top 7 companies are highlighted in the map, sized by innovation score.
Here's a look at press coverage from FinovateSpring 2012 in San Francisco last week. For comprehensive coverage, be sure to check out Erin McCune's live blog on PaymentsViews, which covers all 63 presenting companies:  2 Minute Finance
2MF @ Finovate Spring 2012 Conference
by Bobby Lee
Link BillGuard Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
Cardlytics Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
Concur Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
Flint Mobile Demo @ Finovate Spring 2012 Conference (Day 2) by Bobby Lee
Mitek Systems Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
TIO Networks Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
WattzOn Demo @ Finovate Spring 2012 Conference (Day 1) by Bobby Lee
Bank Innovation 5 Finovate Demo-ers' News Catching Our Eye by Mary Wisniewski
4 More Finovate Products We Like by Mary Wisniewski
Bank Technology News Best of Finovate Spring Day 1 by Penny Crosman
Best of Finovate Spring Day 2 by Penny Crosman
Dwolla Pitches Fast Fund Transfers, but Bank Participation is Vital by Sean Sposito
Edo to Harness Payment Data to Spur Consumer Spending by Victoria Finkle
WattzOn Helps Banks Help Customers Save on Energy Bills by Sean Sposito
BankersLab Blog CreditLab Launch: Reactions and Responses
BankNXT Finovate, Simple, and Re-Imagining Banking Applications by Bradley Leimer
Live at FinovateSpring 2012- day 1 by Jelmer de Jong
Live at FinovateSpring 2012- day 2 by Jelmer de Jong
BetaKit CoverHound Debuts Comparison Tool for Auto Insurance by Cheronne Thurab
Business Insider Finally, a Mobile App That Helps You Save Money: Meet Urge by Willy Staley
Business2Community What Does $4.6 Billion in Coupon Savings Have to Do with Savvy Consumers? by Andre Bourque
C'est pas mon idée! FinovateSpring 2012: quoi de neuf? by Patrice Bernard
Currency Marketing Blog Four Conference in Four Days by Tim McAlpine
Credit Union Times MoneyDesktop Named Best of Show at FinovateSpring Conference by Natasha Chilingerian
Daily Disruption Flint Mobile Announces Beta Launch at Finovate and Closes $3 Million Round of Financing by Tim Rygh
The Daily Guardian (BillGuard's blog) Financial Community Awards BillGuard Best Of Show at Finovate by Maryanne
DCisions Blog DCisions at Finovate Spring 2012 by Kritika Ashok
Des Moines Register Dwolla offers software for free by Adam Belz
Des Moines Register Blog Dwolla, Social Money earn praise at national banking conference by Marco Santana
Excelsior Kuspit, el primer Finovate mexicano by Alicia Salgado
Experian Blog Business IQ Express... what is the media saying? by Roslyn Whitehurst
FamZoo Blog Finovate Winners by Bill Dwight
Finextra Flint taps phone cameras for card payments
SoMoLend closes $1.17 million seed round
Forrester Blog Finovate Spring 2012: Digital Financial Services Innovation by Tiffani Montez
FP Pad [Video Spotlight] inStream Solutions CEO Alex Murguia at FinovateSpring 2012 by Bill Winterberg
[Video Spotlight] iQuantifi CEO Tom White at FinovateSpring 2012 by Bill Winterberg
[Video Spotlight] Sarah Carter of Actiance at FinovateSpring 2012 by Bill Winterberg
Iconowatch Accelerating Innovation at Finovate 2012 by Hans Eisenbeis
Investment News Personal Capital launches iPhone app by Davis Janowski
Lazy Man and Money What's Hot and What's Not from Finovate 2012
Mercury News Money Goes Mobile
Montreal Gazette Montreal's Wall Street Survivor teaches about investing by Jason Magder
MyBankTracker Can FinTech Stop You from 'Showrooming?' by Willy Staley
MoneyDesktop: How Personalized Deals Shine in PFM Tools by Simon Zhen
Save Your Wallet, and Maybe the Planet, with WattzOn by by Willy Staley
On Deck Capital Blog Photo Journal: Our Finovate Demo
PaymentsNews Highlights from Finovate Spring 2012 San Francisco
PaymentsViews Live Blogging Finovate Spring 2012 San Francisco by Erin McCune
The Paypers ZipZap rolls out CashCade payment service
PaySimple Blog PaySimple at Finovate by Sarah Jordan
PC World New Web Apps and Services for Business by Yardena Arar
QuidLabs Finovate Best in Show by Aliisa Rosenthal
SecurityPark.net BehavioSec voted 'Best of Show' for biometric solution by audience at Finovate Spring, San Francisco
Silicon Prairie News With upgraded FiSync, Dwolla cuts 3-5 day wait to real-time by Michael Stacy
Silver Tail Systems Blog Finovate Spring Demonstrates a Growing Richness in Online Interactions by Laura Mather
Social Lending Network Roundup of Social Lending News - May 12, 2012 by Peter Renton
TechCrunch Capital One Snags Mobile Savings Startup BankOns, Team Moving To Capital One Labs by Sarah Perez
Flint: A New Mobile Payment App For Small Businesses Picks Up $3M From Storm, True Ventures by Ingrid Lunden
How Personal Capital Wants To Bring Money Management Into The Internet Age [TCTV] by Colleen Taylor
Nearing The 1M User Mark, Expensify Adds 'Trips' Feature To Mobile Apps by Colleen Taylor
The Anti-Groupon? Edo Launches Real-Time Local Offers Platform, Tied To Your Bank Card For Instant Credits by Sarah Perez
Tradestreaming List Of Winners Of Top Fintech Conference, Finovate by Zack Miller
World News (wn.com) Instream Solutions Ceo Alex Murguia At Finovatespring 2012
Next, On Deck demonstrated how it can help third parties calibrate the appropriate loan amount:
"On Deck's technology is now available to third parties who want to leverage their own capital to reach small businesses. Third parties can connect their capital to the On Deck Platform to underwrite and service small business loans.
Our technology will also harness small businesses' digital information - such as online banking and cash flow information - in order to calibrate an appropriate loan amount. With our technology, these organizations will be able to vastly increase the number of small businesses they are able to service, while significantly decreasing the time required of small business owners to obtain capital."
Product Launched: May 2012
HQ Location: New York, NY Company Founded: 2007 Metrics: $200 million delivered to small businesses, 100+ employees
Introducing Noah Breslow (Chief Operating Officer), Tammy Halevy (SVP, Enterprise Opportunity) and James Hobson (SVP Strategic Partnerships & Platform Solutions)
- Carahsoft Technology partners with Silver Tail Systems.
- ARM Insight & IP Commerce close the loop on real-time offer redemption.
- eToro updates its Android app with Social Cherry feature.
- MoneyGram joins ZipZap's U.S. payment center network.
- Loyalty 360 interviews Tom Burgess, CEO of Linkable Networks.
- Internet Initiative Japan launches Ping Identity's Cloud Federated Authentication Solution.
- Q2ebanking powers Penn Liberty Bank's Android mobile banking.
- On Deck announces the launch of Split Funding, a loan repayment method. See its live demo at FinovateSpring.
- UPS recommends Kabbage for small business financing.
- Forward Thinking explains how Mint's mobile model has completely changed Intuit.
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 part 2 of the sneak peek of the companies that will demoing at FinovateSpring May 8 and 9 in San Francisco. Each company provided a short summary of the innovation they will debut on stage. We published 23 last week and we will complete the preview next week.
__________________________________________________________________________
 InvestorBee puts data at consumers' fingertips so they can make smart, confident investments.
- It's fact, not opinion. Users can tap into the database to learn from the experiences of nearly 1.5 million investors.
- It's an investment health check. Users can compare their portfolios and multi-asset products with fact-based, relevant benchmarks to understand whether they receive fair value.
- It's simple investing without guesswork. Users can choose an objective risk-based strategy to track that's right for them in a few easy steps.
Users extract wisdom from the crowd to make better, simpler investment decisions - all for free at InvestorBee.
Innovation type: Investing, marketing, PFM
 iQuantifi takes you way beyond budgeting! It helps you reach all your financial goals and tells you exactly how you can do it. No estimates. No calculators. Just solid advice and the power to do it all online.
Innovation type: Banking products, investing, PFM
Historically, investing in securities has been a difficult proposition for retail investors,  mainly due to the lack of access to competitive products and the absence of user-friendly financial education tools.
This problem is exacerbated in emerging markets, where financial markets tend to be less developed.
Kuspit offers retail investors an online platform to learn about investing, apply what they've learned, and invest in the same platform. All of this is available in an easy and progressive manner, while sharing ideas with the community.
Innovation type: Investing, online, PFM
The current infrastructure to deliver capital to Main Street businesses is broken. It's simply too expensive for banks to manually analyze and underwrite a small loan - whether it is $10,000 or $100,000. As a result, banks make fewer loans, and creditworthy small businesses are denied the capital they need to grow.
On Deck has created an efficient, effective and proven solution to this fundamental problem. By leveraging new digital sources of data, any institution can increase its small business lending through the On Deck platform, delivering funding decisions in minutes rather than weeks.
Innovation type: Lending, payments, small business
 PaySimple is launching an innovative platform for banks to set up their own private-labeled version of cloud-based receivables automation. With this platform, banks of all sizes can easily bring to market a sticky value-added offering to attract and retain small business members, while adding a new revenue stream.
PaySimple will demonstrate how banks can set up custom-branded software in a few simple steps and how small businesses can immediately benefit from a system that combines payment acceptance across channels integrated with customer management.
Innovation type: Online, payments, small business
 Portfolio Football is a first-of-a-kind application that addresses the need for financial planning and literacy through gamification. Portfolio Football plays on the popularity of American Football and the adoption of fantasy sports into the lives millions. It makes financial management competitive, fun and easy to understand, while providing users with a powerful tool for personal finance and portfolio management. It's a true "game changer."
Innovation type: Investing, Online, PFM
 With 80% of Americans between the ages 20-40 now using social media and playing social games, how can financial institutions reach their customers in new ways?
Introducing SaveUp - an innovative program that uses game mechanics to reward good financial behavior. When users save money and reduce debt, they earn credits to play for prizes like cars, travel, and cash up to $2 million.
Financial institutions can use a customized SaveUp experience to help their customers make better financial decisions, increase engagement, and cross-sell products. Current FI partner campaigns have conversion rates of up to 44%.
Build a deeper relationship with your customers while helping them succeed.
Innovation type: Marketing, rewards
 SoMoLend makes investing in your online community simple, affordable, and social. SoMo is an online platform that uses patent-pending lending technology executed within a hyper-localized geographic scope to connect small business borrowers with individual and organizational investors.
SoMo's user-friendly technology allows business borrowers to raise capital from friends and family, customers and community supporters as well as from Facebook, Twitter and LinkedIn connections. Investors lend money directly to borrowers through the SoMo platform, which then packages the loans and sells them as notes, bypassing banks and credit-card issuers.
Innovation type: Investing, lending, small business
 Thomson Reuters is pleased to introduce their new App Store solution that enables access to the latest innovative capabilities and tools for use across the digital enterprise. Thomson Reuters' solution makes it easy for financial institutions and third-party developers to create and integrate pioneering market monitoring and investing apps.
By seamlessly enabling the combination of Thomson Reuters content, firm's customer account data and firm's internal and other data sources, Thompson Reuters is helping institutions leverage the providers of financial content. This delivers a differentiated experience for their customers while lowering both development costs and time to market.
Innovation type: Investing, marketing, mobile, online, PFM
 Approximately half of the world's population are cash-preferred consumers (unbanked, underbanked, teens or privacy-concerned) and have no bank account or limited access to traditional financial services. eCommerce merchants have not had a way, until now, to monetize this segment of consumers simply missing out on the substantial revenues they represent.
ZipZap will unveil the latest innovations in global cash transaction solutions for eCommerce merchants. CashCade ensures no more lost revenue from card-based transactions being declined, while CashPayment enables consumers worldwide to make payments for online purchases at offline locations using cash.
Innovation type: Back office, payments
 Earlier this week, On Deck Capital launched a new way for small businesses to quickly access loans up to $25,000. Here's how it works: "Business owners set up their online profile at www.ondeckcapital.com and immediately get free insights into their credit profile and cash position. The On Deck Express application and approval process is completely automated, and once approved the business owner is empowered to select from available term and loan options that best meet their business needs. From there, On Deck's funding process enables a business owner who is approved Monday morning to have their funds deposited in their account by Tuesday."
For small businesses that need more funding, On Deck provides loans up to $150,000 in up to seven days.
- Independent research firm names ThreatMetrix a strong performer in risk-based authentication.
- Tagit announces the latest release of its proprietary Mobility Platform for mobile commerce & payment services in Asia, Middle East & Africa.
- Zecco releases its mobile app for iPhone & Android.
- FX Empire awards eToro as best social trading platform.
- Visa & Monitise sign deal with India's second largest private bank, HDFC, to introduce mobile money services nationwide.
- On Deck launches On Deck Express, loans up to $25,000 in as fast as 24 hours.
This post will be updated throughout the day as news and developments emerge. You
- Personal Capital launches "Savings Concierge" service for high rates & strong safety.
- ProfitStars introduces eCommercial Security Awareness Training.
- Nutmeg shares its Finovate experience.
- Xero wins 2012 Top New Accounting Product from Accounting Today.
- Fox Business News highlights Capital Access Network, Kabbage, and On Deck Capital as non-bank loan resources.
- Kapitall Generation enables next-day funds transfer.
- Wall Street Journal blog reports TrustedID buys reputation manager, Reppler.
- Capital Access Network brings in $30 million from Accel Partners.
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.
- Ready Receipts officially launches paperless receipt technology.
- nFinanSe seeks to halt new debit card network by InComm, alleges price-fixing conspiracy.
- VentureBeat discusses the IPO market with SecondMarket CEO Barry Silbert.
- On Deck partners with the National Association for Small Business.
- SignatureLink to integrate ThreatMetrix's Cybercrime Defender Platform with its technology
- Intuit hires former Apple executive to lead Canada division.
- Fox Business News interviews LearnVest founder and CEO, Alexa von Tobel.
- The Next Web compares and contrasts PayPal and Dwolla with other payment methods.
- Plastyc's UPside cardholders can now load cash onto cards at 7-Eleven stores.
- Oregon-based Credit Union launches BancVue's Kasasa.
- BrightScope partners with social media expert Arkovi.
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.
- Forbes lists Expensify as 1 of 10 financial innovations that will make your life easier in 2012.
- Guardian Analytics releases Anomaly Detection Toolkit to help FIs address the expectations for layered security.
- Tax compliance monitoring service, Tax Guard, partners with ProfitStars.
- ValidSoft joins "Get Safe Online" to help consumers protect themselves. Watch its live demo at FinovateEurope.
- Regions Bank joins eWise's Secure Vault Payments network.
- Intel will use SecureKey's authentication technology on new Ultrabooks.
- PayPal partners with payment solution company ABJ Software.
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.
On Deck, the startup that delivers capital to main street businesses, released the first version of its API today.
"This gives banks, online service providers to small businesses, and the over 800 On Deck Funding Advisor partners integrated access to the On Deck platform, which includes their powerful credit decision and application submission system. Through the API, these third parties can now incorporate On Deck's loan origination and credit scoring functionality into their own software applications, bringing increased efficiency to the small business lending process without adding additional steps to the workflow or user experience."
The API supports two functions: - Credit pre-qualifications -- Allows financial institutions to determine if their clients qualify for a short-term business loan
- Application submission -- Allows third parties to submit loan applications from their CRM system
Lendio, a company that matches lenders with small business owners seeking to borrow capital, is using the API to pre-qualify borrowers and match them with lenders using On Deck's technology.
To learn more about On Deck, watch its Finovate 2009 demo.
To wrap up 2011, we've compiled a list of all of the funding Finovate alumni received over the course of the year.
The results were impressive:
- A total of 34 companies received funding, some more than once
- The companies collectively raised over $423 million dollars
- The months with the highest number of companies receiving funding were June August, both with 8 companies
- The highest amount of funding came in the month of June, when the alumni brought in over $124.4 million
Here is a month-by-month breakdown of funding received:
January -- $40.8 million raised by 3 companies February -- $10.3+ million raised by 3 companies
March -- $20.4 million raised by 4 companies
June -- $124.4 million raised by 8 companies
July -- $1.1 million raised by 1 company
August -- $103.4 million raised by 8 companies
September -- $33 million raised by 1 company October-- $22 million raised by 2 companies November -- $16.3+ million raised by 3 companies December -- $52.2 million raised by 5 companies 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.
  Lendio was featured in CNNMoney this morning, where it was referred to as a, "small biz loan matchmaker."
The article goes on to describe the headache that an Alabama small business had when trying to secure funding. After being turned down by a bank, the business turned to Lendio and was able to secure funding within a week through On Deck Capital.
The article also shares some stats on Lendio:
- Loans range from $5,000 to $1 million
- 2010 revenue was $8.6
- Since March it has received 3,000 loan requests
- Loan approval rate is 50-70%
To learn more about Lendio, watch its FinovateSpring 2011 demo.
- FeeFighters shares its web traffic spikes from being in TechCrunch articles.
- Monitise launches mobile checkout service.
- Fox Business News mentions how Tyfone is helping to retrofit cellphones with NFC capability.
- Reuters reports how Lending Club uses consumer sentiment towards banks as an opportunity.
- Striata selected by Securitas, a growing security company in South Africa, to provide eBilling & ePayment to customers.
- ThreatMetrix deploys multi-layered data encryption architecture in new release of Cloud-Based Fraud Prevention Platform.
- Iowa-based UNI CU and W.Va-based WV United FCU sign on for Dwolla's FiSync.
- MyBankTracker compares Offermatic to Groupon and Womply.
- Linkable Networks (formerly Clovr Media) partners with 24/7 Real Media to tap into card linked offers.
- Wade Arnold, T8 Webware CEO, is selected for The Courier's Class of 2011 20 Under 40 award.
- Bill.com's paperless bill management wins silver award.
- DoughMain launches financial education game Sand Dollar City.
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.
- South Florida Business Journal covers Weemba's borrower-lender matching service.
- Deutsche Well World profiles eToro and also highlights Currensee and Zecco.
- Expensify launches a lite version of its iPhone app.
- RobotDough announces its Portfolio Monitoring Tool & discusses its FinovateFall experience.
- NBC 12 in Virginia reports InComm named Leading Prepaid Organization and Best Prepaid Product Distributor at 2011 Prepaid Awards.
- FierceFinanceIT looks at how Zecco and TradeKing are using social media.
- On Deck Capital reviews its experience at BAI.
- Fox Business News looks at PayNearMe's quest to assist consumers without credit cards.
- HelloWallet launches feature that allows users to manually add transactions.
- Spectrem's Millionaire Corner blog profiles Bills.com.
- Pageonce launches Mobile Bill Pay Service that allows consumers to "Tap to Pay."
- American Banker on how four Finovate alums unwrap the payments genome.
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.
 TSYS signs payments agreement with Imperial Bank.
- The Baltimore Sun mentions BillFloat & Prosper.com as two companies that are assisting cash-strapped consumers.
- LearnVest launches LV Mom's Newsletter & 2 new products: Baby On Board Bootcamp & LV Discussions.
- Weemba gives small businesses simple, direct pipeline for raising financing pre-holiday season.
- Morningstar recommends CheckFree to help control your bills by setting up automatic payments.
- Continuity Control buys Compliance Services Group of Iowa & Kirschler Peterson & Associates of Atlanta.
- Crain's New York Business.com mentions BillGuard, BankSimple, Betterment, SecondMarket, On Deck Captial & Plastyc.
- Jemstep launches out of beta to offer custom investment advice & guidance.
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.
Session Speakers - Tuesday, Global Game-Changer Session
Speaker: Jim Taschetta from FreeMonee
- Wednesday, Technology for Business Summit
Speaker: Mitch Jacobs from On Deck Capital
- Wednesday, Technology for Business Summit Session
Speaker: David Eads from Kony Solutions
- Thursday, Technology for Business Summit Session
Speaker: Eric Connors from Yodlee
- Thursday, Marketing & Product Management Summit Session
Speaker: Rod Witmond from Cardlytics
Exhibitors BAI Mobile Link Mobile Link Panel Discussions Solutions Theatre Jim Bruene and I (julie@netbanker.com) will be in attendance and will update the blog and Twitter with new developments throughout the event.
Bobber Interactive  Tech Flash interviewed Eric Eastman, Bobber Interactive's CEO, on how the gamification of money management aims to help Generation Y better manage their money. Link
BrightScope BrightScope released a report detailing the top 12 small-cap funds in America's 401k plans. This report is part of a series that provides insight into the top funds and managers in the retirement marketplace. Link
ChargeSmart Discover is offering an instant rebate to customers who pay their utility bills using a Discover Card on ChargeSmart's website. Link
Check Point Software Technologies - Check Point enhanced its Software Blade Architecture by releasing R75.20, a comprehensive approach to security that includes a URL filtering Software Blade, SSL inspection, and data loss prevention. Link
- The Wall Street Journal discussed Check Point's ZoneAlarm SocialGuard that helps parents protect children on Facebook in a non-intrusive manner. Link
Clairmail Clairmail announced record growth this quarter, with more than a 60% increase in bookings from last quarter. Link
Clovr Media  - BostInnovation stated that Clovr Media is changing the way consumers collect loyalty rewards through its Card-Linked Ads that allow consumers to access rewards by clicking on an advertisement. Link
- Mass High Tech's weekly Startup Watch listed Clovr Media as one of five startups to follow. Link
Credit.com EQuicknews listed Credit.com as a free way to check your credit score with no strings attached and highlighed the Credit Report Card feature. Link
doxo The Appvita blog profiled doxo, noting insider tips and practical uses, such as comparing bills on a month-to-month basis. Link
Dwolla Bank Technology News looked at the players in the mobile payments space and listed Dwolla as a formidable competitor. Link
EDO Interactive  EDO Interactive received $20 million in Series B funding to grow its Prewards platform that enables advertisers to offer digital deals and incentives that consumers redeem by using their existing credit, debit, or prepaid cards. Link
eToro eToro began a trading contest for users with both demo and live trading accounts. Traders who accumulate the greatest gains will win each round. Link
eWise eWise added Renasant Bank to its customer base, providing Renasant customers access to Secure Vault Payments, an alternative payment method. Link
Expensify - Expensify added a new feature that provides QuickBooks users a way to easily identify billable expenses to add to invoices. Link
- The Kitsap Peninsula Business Journal listed Expensify as one of ten business apps for empowering your inner geek. Link
Kony Solutions  Tower Group, in its Review of North American Consumer Mobile Banking Technology Vendors, ranked Kony Solutions among the top mobile banking technology vendors. Kony excelled in the feature/function and customization categories. Link
Lending Club TechCrunch highlighted Lending Club's announcement of $25 million in Series D financing from Union Square Ventures and other existing investors. Link
Lendio Lendio added Cardinal Bank to its network of lenders providing clients with more options in finding equipment loans, business lines of credit, acquisition financing, commercial real estate, SBA 7(a) and SBA 504 loans. Link
Mitek Systems Mitek Systems launched Mobile Imaging Cloud Service that captures, extracts, and routes information contained in documents. The service helps app developers create smartphone and tablet apps that use a camera input function. Link
Monitise Monitise Asia Pacific launched its mobile banking, payments, and commerce services in Indonesia and signed a joint venture agreement with PT Astra Graphia Information Technology, an information and communication business. Link
On Deck Capital  On Deck Capital raised $19 million of its own in a Series C round of funding. Link
RobotDough RobotDough founder, Wilton Risenhoover, revealed why he started RobotDough and how it works. Link
SafetyPay SafetyPay received a Payment Services Directive License to provide cross-border payments throughout Europe strengthening its position in that market. Link
SecondMarket BostInnovation used SecondMarket's alternative investments platform to discover top Boston companies. Link
Striata  Baton Rouge Water Company selected Striata, along with payment services company Western Union, to provide email billing with integrated electronic payment service. Link
The Receivables Exchange Treasury & Risk profiled The Receivables Exchange, describing the process companies use to sell their receivables on the online platform. Link
TradeKing TradeKing launched a $100 bonus for new customers who open an account by August 31, 2011. Link
Wonga Smarta interviewed Wonga director, John Moorwood, about Wonga's growth over the past 12 months. Wonga is now issuing over 1.5 million short-term loans. Link
Xero Xero released Xero Touch, its new accounting app for the iPad, iPhone, and iPod Touch. Link
|
|
|
 |
Watch Demos
Click above for video archives of all demos.
Twitter
See all Finovate tweets |
Watch Demos
Subscribe RSS
Subscribe Email
Follow Us
Contact Us
Topics
