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Thumbnail image for FinovateSpring2014ButtonLogo.jpg

It is hard to believe that it is almost time for FinovateSpring 2014.

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

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

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



EXITS

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

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

ACQUISITONS

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

Want some context on the torrid pace of fintech financing in the first three months of 2014?

Consider this: a year ago, fourteen Finovate alums raised a total of more than $150 million in the first quarter of 2013.

A year later, we have just nine alums raising more than twice as much in the month of March alone.

March Madness, indeed.

Q1 of 2014 saw 23 Finovate alums walk away with just under $600 million in capital. The biggest haul of the quarter came courtesy of Klarna, which raised more than $125 million. 

But there were plenty of similarly impressive fundraisings, including the $85 million raised by Credit Karma, and the $77 million and $75 million secured by OnDeck and Tradeshift, respectively.

Total raised = More than $592 million

January -- $91 million raised by seven companies
February -- $139 million raised by seven companies
March -- $362 million raised by nine companies

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

Finovate Alumni News -- March 31, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThreatMetrix CTO Andreas Baumhof discusses the need for new authentication strategies for retailers.
  • NBC Chicago interviews Larry Baker, co-founder of Bolstr, on the basics of crowdfunding.
  • Trustly named to 2014 Red Herring Top 100 Europe award.
  • The Real Money Story reviews Jemstep.
  • Top Image Systems and Konica Minolta Spain partner to market eFLOW Invoice and Digital Mailroom business automation projects.
  • Upstart Business Journal looks at how developments from payment startup PayNearMe match up against big players.
  • A look at Xero's new integration with Square.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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The votes are in. The judges have decided. And 11 Finovate alums have earned awards at the 2014 PYMNTS.com Innovation Project, including three gold medals.

Finovate alums won awards in a diverse range of categories, from "B2B Innovation" to "Best Comeback Story." Areas where alums dominated included "Best Credit Innovation," where Credit Karma, Lending Club, and Klarna swept the field, as well as "Best Innovation via ACH" and "Best Check Innovation."

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The Innovation Project is "powered by PYMNTS.com," a joint venture between BusinessWire and Market Platform Dynamics. The event is in its second year, and was again held at Harvard University in Cambridge, Massachusetts.

A total of 49 awards were presented. Gold, silver, and bronze in fifteen categories, plus singular Catalyst, Women Driving Innovation in Payments, Lifetime Achievement, and Best in Show awards. 

Also announced were three inductees to the Payments Hall of Fame.

See how the rest of the Finovate family fared below.




Catalyst Award 
  • International e-commerce payments and money transfers
  • Finovate demo video: Europe 2012
Gold
  • Best B2B Innovation
  • Cash flow management solution for business integrating electronic payments, accounting, digital documents, and more
  • Finovate demo video: Spring 2012
  • Best Credit Innovation
  • Aggregates consumer financial data from bank accounts and credit scores to mortgage loans in one location
  • Finovate demo video: Startup 2009
  • Best Check Innovation
  • Enables check payments without having to write paper checks
  • Finovate demo video: Spring 2012
Silver
  • Best Credit Innovation
  • Online, peer-to-peer lender
  • Finovate demo video: Startup 2009
  • Best Cash Innovation
  • Cash transaction network 
  • Finovate demo video: Spring 2013
  • Best New Technology
  • Open-source, distributed payment protocol
  • Finovate demo video: Spring 2013
  • Best Innovation via ACH
  • Best Check Innovation
  • Send money to a Venmo account, bank account or supported debit card for free
  • Finovate demo video (with Braintree): Spring 2013
Bronze
  • Most Innovative Company
  • E-commerce solution mitigates credit and fraud risk for online merchants 
  • Finovate demo video: Spring 2012
  • Most Disruptive Innovation
  • Best Comeback Story
  • Peer-to-peer lending
  • Finovate demo video: Finovate 2007
  • Best Credit Innovation
  • Best Innovation via ACH
  • Solution leverages mobile device camera to enable check deposit, account opening, and bill pay.
  • Finovate demo video: Fall 2013

Finovate Alumni News-- March 21, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTechCrunch features an interview with App Annie CEO, Bertrand Schmitt.
  • MasterCard announces MasterPass debut in China.
  • Q2 goes public, shares rally early in trading debut as company earns $533 million market cap.
  • miiCard working with eMerchantPay to offer merchants a more secure payment processing platform.
  • PayNearMe partners with self-storage management software E-SoftSys to enable users to accept cash payments online.
  • PayPal to let UK users order food ahead of visiting a restaurant, and use its app to pay for their food with a four-digit code when eating at a restaurant.
  • Venture Beat: Ping Identity acquires Accells Technologies.
  • Payoneer wins role as payments provider for Google Trusted Stores.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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  • iQuantifi launches financial advice platform to general public.
  • Billeo and Danal partner to create a mobile ID solution for Billeo's XpressBuy checkout service to make it easier by autofilling forms with your relevant information.
  • GMC Software Technology and Kony partner to develop next-gen document tech solutions for businesses.
  • SecureKey Concierge Service tops one million-credential mark.
  • American Banker takes a look at Jack Henry & Associates and its acquisition of Banno.
  • FinovateEurope: Behind the Scenes with Arxan Technologies, Kensho, and Plutus 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.
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Helping separate itself from the growing pack of consumer payments platforms, PayNearMe's partnership with the Family Dollar retail chain will bring the company's cash payment solution to more than 8,000 locations in 40 states.

"Footprint" has been the company's biggest limitation, according to PayNearMe CEO Danny Shader. With the technology already in use at 7-Elevens and ACE Cash Express, the addition of Family Dollar will expand PayNearMe's reach to 17,000 payment locations.

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PayNearMe also announced a major new funding: $20 million in a round led by GSV Capital, with existing investors August Capital, Khosla Ventures, Maveron, and True Ventures also participating. The company's total funding now stands at more than $56 million.

A cash transaction network, PayNearMe provides an easy way for cash-based consumers to pay bills, rent, auto loans, and other obligations at designated payment locations. The solution benefits consumers who prefer to pay with cash, retailers who gain additional foot traffic to their brick and mortar locations - as well as earning commissions from their PayNearMe payments, and merchants looking to expand their customer base by accepting cash. 

According to PayNearMe, the cash economy remains important, especially for the underbanked. They note:
  • More than 28% of U.S. households are un- or underbanked
  • 68 million adults living in the U.S. are un- or underbanked
  • 54% of U.S. adults cite cash as their preferred form of payment
For its part, PayNearMe has experienced major growth, including a tripling of payment volume from 2012 to 2013. 

PayNearMe demoed its technology as part of the FinovateFall 2011 show in New York. See the company in action here.

Finovate Alumni News-- February 6, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFIS announces multi-year business process outsourcing agreement with wealth manager Diversified Trust.
  • Mexican micro-lender Kueski chooses Mambu's cloud banking platform.
  • Billeo launches social e-commerce solution for Facebook fan pages and Twitter.
  • PayNearMeleverages Family Dollar partnership; raises $20 million.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.

2013 funding summary:
    • 62 companies raised $825 million
    • Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). 
    • October was the busiest month, with $177 million raised (mostly Xero's $150 million)
    • May was second highest with $91 million raised by 7 companies
2012 comparison
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.

2013YearEndTable.jpg
Quarter 1 -- blog post
More than $155 million raised by 14 companies

January -- $57 million raised by 6 companies
February -- $56 million raised by 5 companies
March -- $42 million raised by 4 companies

Quarter 2 -- blog post
More than $205 million raised by 15 companies

June -- $81.7 million raised by 6 companies
May -- $91.5 million raised by 7 companies
April -- $32 million raised by 2 companies

Quarter 3 -- blog post
More than $171 million raised by 22 companies

July -- More than $63 million raised by 8 companies
August -- More than $26 million raised by 6 companies
September -- $82 million raised by 9 companies

Quarter 4
More than $294 million raised by 17 companies

October-- $177 raised by 6 companies
November -- More than $87 million raised by 7 companies
December -- More than $30 million raised by 6 companies


Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

  • Finovate-F-Logo.jpgBillhighway listed as one of the 100 Best & Brightest Companies to Work for.
  • Actiance to launch Vantage Compliance App on Salesforce.com's AppExchange.
  • Virtual Piggy launches new iOS mobile app. 
  • hyperWALLET to integrate with PayNearMe to offer cash payment acceptance options.
  • Uber is first company to use PayPal's mobile SDK.
  • Acculynk offers UnionPay debit card acceptance to U.S. merchants.
  • American Banker takes a look at efforts by Moven and GreenDot to bring transparency to payments.
  • Techcrunch reviews Finovera, includes shout-outs to Mint, Manilla, and doxo.
  • Intellaegis to provide masterQueue to Portfolio Recovery Associates, world's largest debt buying company.
  • The Week features Saved Plus in column "3 money apps that look more useful than Coin."
  • MasterCard and Worldline partner to provide MasterPass-powered digital wallet.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
  • Finovate-F-Logo.jpgRentPaidOnline and PayNearMe partner to bring cash payments to its online platform 
  • Daily Finance interviews PaySimple CEO Eric Remer on Next-Gen Payment Processing.
  • ShopKeep POS releasing new version of its iPad-based sales mgmt system to cut checkout time in retail locations.
  • Novant Health launches on doxo to deliver bills & simplify the patient experience.
  • Lendio named one of Utah Business Magazine's Best Companies to Work for in 2013.
  • Credit Sesame launches banking channel with new interest rate comparison tool.
  • Billhighway ranked no. 146 fastest growing company in North America on Deloitte's 2013 Tech Fast 500.
  • Former U.S. Treasury assistant secretary for financial institutions and Google SVP join Lending Club's advisory board.
  • The Paypers reports SumUp extends to Latin America with launch of m-payments service in Brazil.
  • Lend Academy reports: Lending Club now valued at over $2 Billion.
  • Open Bank Project organizing the second edition of Hack/Make The Bank FinTech hackathon in Paris on Nov 30th.
  • EyeVerify competes tonight in Kauffman Foundation's "Get in the Ring: The American Startup Clash".
  • Texas Advanced Computing Center to test pilot Toopher's Invisible Multifactor Authentication solution.
  • MasterCard opens office in Bangladesh.
  • Leaf featured in column on Boston-based mobile payment hardware systems.
  • The Points Guy compares new Coin card to Wallaby 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.
  • Finovate-F-Logo.jpgMarketWatch mentions BrightScope and FutureAdvisor as two ways to enhance your retirement portfolio.
  • Quippi to use PayNearMe to enable cash payments for its international gift cards.
  • MoneyDesktop launches Client Services product to offer employee training, marketing, tech support & other services to increase ROI PFM investment.
  • Atlanta-based Cardlytics opens first NYC office.
  • The Guardian mentions SumUp in its review of popular mobile apps for business.
  • Finovate alums FIS, Fiserv, ACI Worldwide, Jack Henry Banking, and Temenos earn spots on IDC Financial Insights tenth annual FinTech 100 list.
  • PandoDaily takes a look at Netswipe 2.0, Jumio's payment card scanning solution.
  • Celent reviews Comarch Wealth Management Platform.
  • Ignite Sales launches mobile recommendation guides to accelerate bank customer on boarding.
  • Multicom announces partnership with pre-paid virtual card provider, Ixaris.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
  • Finovate-F-Logo.jpgUS Storage Centers and PayNearMe unveil convenient electronic cash payments for self-storage tenants.
  • Actiance expands partnership with ZL Technologies to deliver enterprise and public social data into unified archive.
  • Blackhawk Network to acquire InteliSpend Prepaid Solutions.
  • Cachet Financial Solutions launches CheckRisk Pro, a tool to mitigate RDC risk.
  • Netbanker: Simple to launch bluetooth-based P2P payments.
  • The American Bankers Association endorses Q2's enterprise solutions for secure virtual banking.
  • Flint Mobile announces launch of swipe-free mobile payment app for Android.
  • Bloomberg Businessweek takes a look at Motif's "design-it-yourself investing."
  • TechWorld Australia features P2P currency exchange innovator, CurrencyFair.
  • Fenergo, Aite Group report: Capital market firms prefer centralized client onboarding.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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We recently chatted with the team at PayNearMe, maker of the electronic cash transaction network, about how banks can benefit from its new offering.

Company overview:

PNMHomepage.jpg

What is PayNearMe?
PayNearMe helps consumers who prefer to pay with cash, a market estimated to be somewhere between 60 and 100 million Americans whose cash transactions total $1.3 trillion each year. Previously, cash users had been pretty much shut out of the ecommerce world. 

PayNearMe's technology solves this by giving consumers the option to pay with cash remotely in brick-and-mortar stores around the country. It currently accepts cash at just under 10,000 7-Eleven and Ace Cash Express locations. Check out our experience using the technology

Merchant Examples:

  • Service providers, such as Greyhound, who sell tickets online (see example in video below).
PNMGreyHound.jpg


  • Billing service providers, such as Infosend

PNMInfoSend.jpg

  • Landlords and property management companies, such as Aclara Realty (see example in video below)

PNMAclara.jpg


How can banks benefit?
PayNearMe can help banks manage cash receivables for corporate Treasury Management accounts. This allows banks to act as funds managers, but reduces their need to deal with the retail management side of handling cash. 

From the end consumers' perspective, this works a bit like a remote deposit capture solution that deposits cash instead of a check. Unlike traditional remote deposit capture for checks, it requires consumers to surrender their cash at the nearest 7-Eleven or Ace Cash Express.

While this won't fully replace all foot traffic into bank branches, it has potential to mitigate the burden and cost of extra cash deposits and payments inside bank branches, especially in lower income neighborhoods where some banks have been closing their branch doors, as seen in this Bloomberg Businessweek piece.

In the end, PayNearMe has the potential to help banks reduce branch costs and/or locations. 

Use cases
The cash management side of PayNearMe is well-suited for industries such as property management (think rent payments), and government (think court fees and parking tickets) where a lot of small cash receivables are handled and processed. Because some consumers still need to pay in cash, it removes the hassle of travelling to the bank or a payment window that manages the receivables.

Here are two real-life examples:

1) Water bill payment

Typically, a consumer paying their utility bill in cash must go to a bank branch or payment window managed by the utility provider. With PayNearMe, consumers bring their cash to 7-Eleven or Ace Cash Express stores which credit the consumer's account by scanning the barcode on their paper bill (see sample below).

SampleWaterBill.jpg

2) Armand Dupree (owned by Tupperware)

Cosmetics company Armand Dupree has a team of in-home salespeople, many of whom are underbanked. Because the end customers are also typically underbanked, payments are generally collected in cash. The salespeople can essentially remotely deposit cash by using 7-Eleven and Ace Cash Express stores as cash depositories. This can extend the bank's reach without adding new brick-and-mortar expenses. 

ArmandDupree.jpg

What's next:
During the next 8 or 9 months, PayNearMe plans to add new retailers that would triple the number of locations where it accepts cash. If all goes according to plan, this time next year the company will have more than 25,000 access points, compared to the just under 10,000 today.  

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After the final demos wrapped up on two fintech-packed days at FinovateSpring 2013, the audience voted for their favorite demos to ultimately decide who would be named Best of Show. The top 5 overall took home the trophies.

The winners (in alphabetical order):

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FamZoo, for its prepaid card family pack

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LendUp, for its LendUp Ladder loan platform that helps the underbanked build credit
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MoneyDesktop, for its Target and Insight back-end data analytics and marketing platform

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PayNearMe, for launching the white-labeled version of its cash payments platform

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TipRanks, for its solution that brings transparency to individual investors, helping investors decide who to trust

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We'll have the videos of all 72 demos posted on Finovate.com in a few weeks.

Thanks to everyone who joined the audience and came to be a part of our largest show so far. And thanks to the 77 innovators* who braved the Finovate stage. 

------------------------------------------------------------------

*Five demos hosted a co-presenting company, including Visa, MasterCard, USAlliance Credit Union, Intuit, and Paydiant

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: "Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed."  
4. The five companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners.

Finovate Alumni News-- May 16, 2013

Finovate-F-Logo.jpg
  • FamZoo, LendUp, Money Desktop, PayNearMe, and TipRanks win Best of Show honors at FinovateSpring 2013 in San Francisco.
  • Blaze Mobile earns three NFC mobile payment patents.
  • OpenCoin announces completion of an angel funding round from Google Ventures and IDG Capital Partners.
  • ForexThink interviews QuantConnect founder and CEO Jared Broad.
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 is a part of our live coverage of FinovateSpring 2013.

paynearmelogo2.jpeg
Second up this afternoon, PayNearMe launched a white-label offering of its cash-payment service for the underbanked:

"Powered by PayNearMe is a white-label treasure services product that any financial institution can offer to their merchants to enable them to accept cash payments from consumers at thousands of 7-Eleven and ACE Cash Express stores nationwide."

Product Launch: May 2013

HQ: Sunnyvale, CA
Founded: May 2009
Website: paynearme.com
Twitter: @paynearme

Presenting Danny Shader (CEO & Founder) and John Minor (VP Product Management)

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Finovate-F-Logo.jpg
  • Expensify adds corporate card reconciliation for more banks, including Wells BofA, and Citi. See Expensify's demo at FinovateSpring.
  • Forbes interviews Marc Gorlin, co-founder of Kabbage. See Kabbage's new tech next week at FinovateSpring.
  • PayNearMe hires Billy Robbins, former VP of PFM at Wells, as its VP of business development. Come see PayNearMe's demo at Finovate.
  • Kashoo tops 100,000 registered users and more than 50,000 iPad downloads of its cloud accounting app.
  • PaymentsSource interviews CashStar chief marketing officer Gene Cornfield on mobile commerce.
  • Kalixa to become its own company, separating from Bwin.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Finovate-F-Logo.jpg

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.

InnovationProjectIMG.jpg

PYMNTS.com, a website owned by Business Wire and Market Platform Dynamics, recently published the winners of the 2013 Innovator Awards.

Three Finovate alums were selected as overall Best in Show winners:

First place: Pangea Payments
  • Innovation: A new way to send money anywhere, at a flat fee, instantly, leveraging the prepaid rails.
  • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
Second placeWaspit 
  • Description: Combining mobile payments with social media channels to empower and inform the user in everyday purchases.
  • Finovate demo: FinovateFall 2012
Third placeLeaf
  • Description: Small business payments solution
  • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15

In addition, five Finovate alums took home Gold awards, five won Silver awards, and seven were awarded in the Bronze category. Here is a summary of all of the winners:

Gold

    • Category: Most innovative
    • Innovation: PayPal POS Initiatives that leverage its worldwide digital wallet accountholder base.
    • Finovate demo: FinovateEurope 2012
    • Category: Best credit
    • Innovation: The consumer's advocate for demystifying credit with a range of tools and information resources to help them monitor and manage their financial health.
    • Finovate demo: FinovateStartup 2009
    • Category: Best B2B innovation
    • Innovation: Online working capital for small businesses.
    • Finovate demo: FinovateEurope 2013
    • Category: Best SMB innovation
    • Innovation: Small business payment platform integrated with Quickbooks.
    • Finovate demo: Finovate 2009
    • Category: Best innovation via ACH
    • Innovation: Cash flow management, accounts payable/ receivable management platform
    • Finovate demo: FinovateSpring 2011
Silver
    • Category: Most invisible
    • Innovation: Platform-as-a-Service that powers POS 2.0 commerce solutions.
    • Finovate demo: FinovateSpring 2012
    • Category: Best credit
    • Innovation: Offers consumers "more time to pay" their bills on time to help avoid late fees, overdraft charges, service termination and high cost loans.
    • Finovate demo: FinovateSpring 2011
    • Category: Best cash
    • Innovation: Enables consumers to shop online and pay with cash easily for a wide range of goods.
    • Finovate demo: FinovateSpring 2011
    • Category: Best SMB innovation
    • Innovation: Cloud-based, small business platform that integrates invoicing and payment acceptance in one system.
    • Finovate demo: FinovateSpring 2012
    • Category: Best comeback
    • Innovation: Alternative business financing that helps businesses tap into the capital it needs to run the business.
    • Finovate demo: FinovateEurope 2011
Bronze
    • Category: Most disruptive
    • Innovation: Mobile checkout service that enables one touch payments across multiple applications.
    • Finovate demo: FinovateSpring 2011
    • Category: Best technology
    • Innovation: OneID lets people sign in without usernames and passwords, yet delivers authentication solutions with non-repudiation, keeping both people and businesses safe from today's biggest identity and personal information threats.
    • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
    • Category: Best newcomer
    • Innovation: Aggregates financial account information and allows users to manage their money in one place, online or with a mobile device.
    • Finovate demo: FinovateSpring 2012
    • Category: Best credit
    • Innovation: Brings together investors with creditworthy borrowers to reduce the cost and complexity of traditional lending.
    • Finovate demo: Finovate Startup 2009
    • Category: Best debit
    • Innovation: Reinventing personal banking with modern online and mobile experiences, no surprise fees, and great customer service.
    • Finovate demo: FinovateFall 2011
    • Category: Best prepaid
    • Innovation: A new way to send money anywhere, at a flat fee, instantly, leveraging the prepaid rails.
    • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
    • Category: Best check
    • Innovation: Mitek's patented mobile imaging technology allows users to remotely deposit checks from anywhere, at anytime by snapping a picture with their camera-equipped smartphone or tablet, and has become the "gold standard" for mobile check deposit.
    • Finovate demo: FinovateSpring 2012
paynearmelogo2.jpeg

Today, cash payment network PayNearMe announced a $10 million round of funding along with the launch of a self-service Express option for merchants.

Funding
August Capital led the $10 million Series D round, bringing the company's total funding to $30 million. Existing investors Khosla Ventures, Maveron, and True Ventures also participated.

Express option
The new Express option for merchants is offered alongside Pro and Custom accounts that each provide different levels of service, including API access and receipt customization, as seen in the chart below.

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Along with a lower price tag, the Express option also benefits merchants by requiring less backend integration, so they can begin using the service in less than an hour without the help of IT staff. Setup requires banking information and unique data about each customer, such as customer number and address.

The new Express option opens the possibility for PayNearMe to serve a large number of small merchant accounts, as opposed to just a handful of large accounts, such as existing clients Greyhound and H&R Block.

2013 plans
From 2011 to 2012, the San Francisco-based company tripled its volume. BetaKit adds that, for 2013, PayNearMe plans to expand beyond its 7,000 7-Eleven stores and 1,600 ACE Cash Express stores to add more partner retailers, likely more convenience stores. Also, it aims to support more small, ecommerce retailers.

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

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  • Business Insider reports: PayNearMe has beaten PayPal to the cash market.
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  • Online mortgage applications continue to soar as Mortgagebot clients' loan volume advances toward 1 million mark.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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  • Equifax announces Spectrum Verification Services Platform, which helps verification through underwriting, QA & closing.
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  • Tenants Can Now Pay Rent Using Cash with PayNearMe's Cash-Payment Solution.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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Earlier this week, cash-payment platform PayNearMe partnered with property management software company, AppFolio, to allow tenants to pay their rent in cash.

AppFolio's software will provide another payment option for unbanked, underbanked, and cash-preferred individuals to pay rent online with cash by using a printed bar code or a bar code on their smartphone that they can take into a local, brick-and-mortar 7-Eleven store.

According to CEO Danny Shader, 20% of rent payments are made using cash or money order, so this was a logical move for the California-based company.

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

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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We recently looked back at Finovate's Best of Show Awards archives and wanted to share the list of the 41 award-winning companies.

Here's the Best of Show history that stretches back to 2007, the inception of Finovate:


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Held October 2, 2007


Mint: Online PFM for individuals

Mortgagebot's Mortgage Marvel: Mortgage marketplace

Prosper: P2P lending network


FinovateStartup.jpg

Held April 29, 2008


First ROI (now BancVue): Develops products and services for community financial institutions

Jwaala: Provides software solutions to help financial institutions compete

Zecco: Online stock and options trading

Zopa: P2P lending network


Finovate2008.jpg

Held October 14, 2008

CheckFree: Online banking platform 

Credit Karma: Provides a free and easy way for consumers to understand, monitor and monetize their credit profile

Mint: Online PFM for individuals

Neosaej's MoneyAisle: Platform where banks compete in live auctions for an individual consumer's business 


FinovateStartup091.jpg

Held April 28, 2009


BillShrink (now Truaxis): Provides a free cost-savings tool that saves consumers money on everyday bills

Prosper: P2P lending platform

Silver Tail Systems: Predictive analytics to prevent fraud abuse

SimpliFi: A web service that allows anyone to create and update their own financial plan


Finovate2009.jpg

Held September 29, 2009


BancVue's Kasasa: national checking/ savings account brand for community financial institutions

Credit.com: Provides free interactive tools, education, and unbiased comparisons of quality financial products and services

Digital Insight from Intuit: Provides on-demand banking services to help financial institutions serve clients

Silver Tail Systems: Provides online fraud detection platform 

Yodlee: Provides personalized financial solutions to financial institutions


FinovateSpring2010.jpg


Held May 11, 2010

Bobber Interactive: Money management platform for youth

Expensify: Online and mobile expense report platform

oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings

Wikinvest: A platform for investors to share trading tips


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Held October 4-5, 2010


Betterment: Investment account for savings management 

BillShrink (now Truaxis): Loyalty rewards provider

Bundle: Provides socially informed money management for individuals

Dynamics: Produces and manufactures intelligent powered cards

oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings

PayNearMe: Cash transaction network for the underbanked

SecureKey: Token-based authentication technology


FinovateEurope2011.jpg


Held February 1, 2011

eToro: Social investment network

Finantix: Provides sales and advice solutions for financial services 

Liqpay: Payments platform

Meniga: Online PFM for financial institutions


FinovateSpring2011.jpg


Held May 10-11, 2011

BancVue: Develops products and services for community financial institutions

BankOns: Mobile app offering consumers real-time savings at local merchants

Dwolla: Online, mobile, and social peer-to-peer payment platform

oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings

Mitek Systems: Provides apps for smartphones that allow users to deposit checks and pay bills via their devices' cameras

PayNearMe: Cash transaction network for the underbanked

Wikinvest: A platform for investors to share trading tips


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Held September 20-21, 2011



BillGuard: People-powered antivirus for bills

Dynamics:  produces and manufactures intelligent powered cards

eToro: Social investment network

FamZoo: Online "virtual family Bank"

FeeFighters: Platform that simplifies the process of choosing a merchant account provider

LearnVest: Online PFM for women

Offermatic: Targeted online offers provider

oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings

Personal Capital: Online financial advisor helping people manage their investments


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Held February 2, 2011


Cardlytics: Transaction-based rewards

Dynamics: produces and manufactures intelligent powered cards

eToro: Social investment network

Nutmeg: Online investment manager that democratizes saving and investing
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  • CNNMoney describes how Kasasa helps credit unions.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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Bank Technology News reported last week that alternative payments company, PayNearMe, is working with Progreso Financiero to launch a mobile version of its 7-Eleven cash payments platform in mid-February:

"Progreso will send a bar code to individuals' smartphones using a text message. 7-Eleven's clerks would scan the bar code after to complete the payment after receiving users' cash, Shader says. Progreso, of Menlo Park, Calif., helps Hispanic consumers build credit in the United States and gain access to mainstream financial services."

The startup also hopes that by the end of March, it will add another brick-and-mortar store where consumers can go to process cash transactions for bills, bus tickets, auto loans and more.

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

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  • PayNearMe to launch mobile cash payment application in mid-February.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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  • The Wall Street Journal lists Prosper, Lending Club, and Weemba as resources for home financing.
  • PayNearMe partners with iSend to simplify international gift giving this holiday season.
  • Doxo wins Red Herring Global 100.
  • Credit Karma and Intuit team up to provide credit services within FI-branded environments.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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Last week, PayNearMe announced PayNearMe Auto, a new version of its service that allows Buy Here Pay Here vehicle dealers to accept cash payments in a broader number of locations:

"PayNearMe Auto is a secure, hosted Web application that dealers can have up and running in less than 15 minutes. Dealers simply enter the buyer's information and assign the individual a PayNearMe card. To make a payment, the customer hands the card and cash to a store associate at any of the 6,400 participating 7-Eleven stores throughout the United States. Dealers are notified when the payments are made and the customer can use their PayNearMe card repeatedly."

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PayNearMe Auto aims to increase operational efficiency by allowing merchants to securely collect payments off-site.

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

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  • cbanc Network partners with HEIT, a Computer Services company, to survey FI strategies.
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  • My Peer-to-Peer Lending Site's blog profiles LendingKarma.
  • Failsafe Payments adds SafetyPay to CertoConnect.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSouth Florida Business Journal covers Weemba's borrower-lender matching service.
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  • 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.

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