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

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

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

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

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

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

Total raised for Q2 2014 = $594 million

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

Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at or
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It was only a few weeks ago that we were reporting that Swipely had topped $2 billion in annual sales managed.

Today, we're happy to add news that the payment marketing innovator has raised $20 million in funding.

The Series C round, led by the Pritzker Group, takes the company's total capital to more than $40 million. Also participating were existing investors First Round Capital and Shasta Ventures. The new capital is slated to help the company accelerate growth, boost product expansion, and enhance marketing.
Pritzker Group managing partner Chris Girgenti has credited Swipely for "help(ing) small business use big data to compete in the networked age" and for "bringing online technology to offline merchants." Swipely specializes in helping small businesses use their credit and debit card transaction data to provide better and more relevant offers and rewards for their customers.

The company's solution includes customer analytics, targeted campaign-building tools, and payment processing that is "baked into the core of Swipely's platform," according to Swipely CEO and founder Angus Davis. This last feature is what gives the technology the ability to tap into the Big Data buried in the local merchant's payment network.

"Not every consumer will opt-in to a loyalty program," Angus explained from the stage during Swipely's Finovate demonstration. "And so that's why we're also bringing powerful tools to the merchant not just from the data we glean from opted-in loyalty members, but from every credit and debit transaction that passes through that merchant."

Reporting from TechCrunch includes some interesting, SaaS-related KPIs that Angus uses to help explain how well positioned his company is in his industry. The upshot is that Swipely is managing to keep a very healthy ratio between revenues and the costs of acquiring new companies.

Swipely was founded in 2009, and has operations in more than 40 states and more than 50 cities in the United States. Based in Providence, Rhode Island, Swipely is an alum of the FinovateSpring 2012 show in San Francisco. See a demo of the company's Marketing Management technology here.
  • Intuit buys Invitco to help bookkeepers put bill processing in the cloud.
  • SocietyOne, an Australian peer-to-peer lender, mulls entering NZ market, is talking with 'multiple parties'.
  • miiCard graduates from SixThirty accelerator.
  • Swipely tops $2 billion in annual sales managed; launches Summer '14 release.
  • Bermuda Commercial Bank picks the T24 core banking system, Model Bank, from Temenos.
  • FinSMEs talks about BodeTree with CEO and co-founder Chris Myers.
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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Swipely is celebrating its new Summer '14 release with an announcement that the company has surpassed $2 billion in annual sales managed for its customers. The high mark comes as Swipely reports a doubling of sales under management in just six months.

The Summer '14 update will allow Swipely to work with larger hospitality and retail brands, says Swipely founder and CEO, Angus Davis. On four levels, focusing on customers, analytics, reviews, and access controls, the new features of the Summer '14 release give merchants the ability to better track operating performance and manage customer relationships across multiple locations.

Swipely works for a large range of business types - from brick and mortar retailers and restaurants to ecommerce websites. The company says its technology provides insights into the behavior of more than 10 million consumers.
Founded in 2009 and headquartered in Providence, Rhode Island, Swipely has operations in more than 40 states and more than 500 cities in the U.S. With 103 employees, the company has raised more than $20 million in funding from investors including First Round Capital, Greylock Partners, Index Ventures, and Shasta Ventures.

Swipely demoed its Payment Marketing solution at FinovateSpring in 2012 See a video of the presentation here.

Finovate Alumni News-- January 21, 2014

  • Thumbnail image for Finovate-F-Logo.jpgFenergo taps Stan De Schepper for SVP, Americas.
  • National Bank of Andrews, AimBank to adopt Temenos T24 core processing platform. See Tememos at FinovateEurope in London.
  • Business Review Europe takes a look at Azimo's expansion into Austria.
  • GMC Software Technology recognized as industry leader in latest Forrester Research Wave report.
  • Technics and Time feature PayPal and TransferWise in list of ways to pay without your wallet.
  • Swipely unveils its "Winter '14" release to extend its service to help restaurant and hospitality customers make smarter decisions.
  • SafetyPay signs agreement with Brazilian firm Privalia.
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.
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.

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 or

  • Finovate-F-Logo.jpgSwipely expands to new HQ building.
  • Wipro to buy mortgage consultancy firm Opus Capital Markets Consultants.
  • Apex Community FCU to offer Geezeo white label PFM.
  • Forbes highlights Cardlytics' growth and future of card-linked offers.
  • Xero adds 2 Australian banking partners: Greater Building Society and Investec.
  • TechCrunch reports: Blackhawk Network Picks Up Gift Card Startup, Retailo, To Bolster Its Reach In Europe.
  • C-SAM launches MasterPass-powered (MasterCard) digital wallet solution for FIs.
  • Jack Henry Banking wins outsourcing contract with Univest Corporation of Pennsylvania.
  • NCR to buy Digital Insight from Thoma Bravo for $1.65 billion.
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.jpgSwipely named one of America's top job creators with 2013 'Hire Power' Award from Inc. Magazine.
  • Wipro launches Mobility Center of Excellence with Kony in Hyderabad.
  • Tyfone trials smart card-based mobile banking security.
  • Locaid CEO Rip Gerber talks location verification services in new interview.
  • TipRanks launches Windows Phone mobile app.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News-- September 24, 2013

  • Capital Access Network listed among Information Week's top U.S. technology innovators in 2013.
  • FIS announces analytics programs for customers.
  • Swipely now managing $1 bil in annual sales, 1 yr. after entering payments market & launched Swipely Partner Network.
  • Cachet Financial Solutions announces Select Mobile Lending, a new mobile app.
  • MasterCard and Entrepreneurial Finance Labs join forces to promote SMB growth in developing nations.
  • TechCrunch reports PayPal, Stripe, & Braintree partner with Facebook to autofill billing info in mobile commerce apps.
  • ERN partners with FICO to embed FICO's marketing solutions within its real-time Big Data analytics platform Looop.
  • Mountaineer Gas joins doxo to simplify bill delivery, payment, and record keeping for its 220,000 customers.
  • Digital Insight announces new CEO, John O'Malley.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News-- July 30, 2013

  • FinovateLOGO.jpgOpenCoin is among the virtual currency innovators looking to form a self-regulatory body for the industry.
  • MasterPass from MasterCard launches in the United Kingdom.
  • Bank Innovation takes a look at FIS Global's recent remarks on the company's technology deal with Sainsbury.
  • Yahoo Finance looks at rewards earned using Dynamics ePlate credit card.
  • StreetFight features reasons to opt in for card-linked loyalty programs from Cartera Commerce, Cardlytics, edo Interactive and Swipely.
  • Netbanker features BillGuard, Manilla, and Credit Karma as value-added apps driving mobile adoption.
  • eToro adds price alerts to eToro Trader app.
  • Bright Ideas features Noreen Hafez, senior product marketing manager at Akamai.
  • Kasasa holds sweepstakes, films big-bank breakup video, featuring CEO Gabe Krajicek.
  • Betterment joins fellow Finovate alumni FutureAdvisor and LearnVest in this NYT column on bringing "financial planning to the masses."
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.
  • FinovateLOGO.jpgTSYS announces multi-year agreement to bring debit card services to KBC Bank in Ireland.
  • Inman News's Real Estate Connect column includes Realty Mogul in its list of companies likely to benefit from passage of the JOBS Act.
  • Swipely's Amanda MacArthur talks strategies for serving millennials.
  • Bank Innovation's Hornblass takes a close look at Intuit's decision to sell its IFS unit to Thoma Bravo.
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.

For the second quarter of 2013, fifteen Finovate alumni raised more than $200 million. The quarterly total exceeded both that of the previous quarter as well as the same quarter last year.*

  • Q2 2013: 15 companies raised more than $200 million
  • Q1 2013: 15 companies raised more than $155 million -- blog post
  • Q2 2012: 14 companies raised more than $120 million -- blog post

Here's the Q2 summary for 2013:

April -- $32 million raised by two companies
May -- $91.5 million raised by seven companies
June -- $81.7 million raised by six 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 or

Finovate Alumni News-- May 22, 2013

  • FinovateLOGO.jpgBangor Daily News blogger interviews CashStar CEO Steven Boal.
  • Service2Media announces implementation of mobile app development platform.
  • Locaid CEO Rip Gerber wins CTIA "Ingenious Innovator" award for product and service innovation.
  • Temenos unveils DataSource, their new enterprise data management system.
  • Take a peek at the new look of Comarch Smart Finance.
  • Swipely earns $12 million in Series B funding.
  • Big banks boost Capital Access Network's lending capacity by more than 50%.
  • SimpleTuition announces $4 million Series D round.
  • Pandai brings on John Porter as Chairman.
  • PandoDaily reports: Google closes Checkout, pushing thousands of merchants into Braintree's arms.
  • Arxan's mobile app integrity protection platform now supports the Tizen OS, protecting Tizen apps from cyber threats.
  • eToro reaches 50 million trades landmark.
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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Shasta Ventures led the financing round. Joining them were current investors First Round Capital, Greylock Partners, and Index Ventures.

Swipely plans to use the $12 million in new capital to help finance growth nationwide, as well as building the network of merchants who use their payment marketing technology. This latest round of funding brings the company's total to more than $20 million.

Some additional metrics:
  • Manages more than $700 million in annual sales.
  • Maintains service to merchants in 130 cities and towns in the U.S.
  • Provides consumer behavior analytics on more than 2 million customers
Swipely targets merchants with more than $30,000 in monthly credit card sales.

Founded in 2009 and headquartered in Providence, Rhode Island, Swipely launched its Payment Marketing solution in 2012. The company earned a spot on Forbes' list of "America's Most Promising Companies" and was named one of the "Best Places to Work in Rhode Island" by Providence Business News.

Swipely was among the companies to debut its technology at FinovateSpring 2012. See its demo here.

Customer loyalty management platform, Swipely announced today that it is adding two new features in May, merchants in more than 100 cities nationwide will be able to access these features for free:

1) Campaign Insights
This will help companies measure the impact that online and offline marketing campaigns have on sales. This includes:

    • Event-based campaigns
    • Twitter and Facebook marketing (see 1 below)
    • Customer reviews from Yelp and Google (see 2 below)
Campaign Insights conducts follow-up monitoring after the marketing campaigns conclude, in order to determine how many customers return over time (see 3 below).


2) Reputation Management
Swipely provides one platform from which small businesses can manage their reputation, including the capability to:

    • Monitor and manage their online reputation on Google, Yelp and OpenTable (see 1 below)
    • Engage with specific customers and address their online reviews directly from Swipely
    • Compare reputation with other businesses (see 2 below)

Swipely is currently managing more than $500 million in annual sales and provides merchants with insight into the behavior of nearly 1.5 million customers. This represents 100% growth in just the last quarter.

To learn more about Swipely, watch its FinovateSpring 2012 demo.

Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAccording 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
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Payment acceptance and rewards platform, Swipely, announced its Winter 2013 release this week.

The release brings three main upgrades:

1) Swipely's CRM tool automatically updates a customer's information each time they pay using a credit card. The tool creates a profile for credit-paying customers that details total money spent, number of transactions, average spend, and the customer's lifetime value.


2) Tablet-optimized merchant dashboard that now includes:

      • Simpler to use platform
      • Analytics on a store-by-store basis or in aggregate for retailers with multiple locations
      • Heat Map that indicates sales performance by hour
      • Daily Journal that shows merchants how weather, Facebook posts, and other factors impact buying patterns

3) Expanded support of POS middleware solutions, including:

    • Breadcrumb
    • Comcash
    • Dinerware
    • First Data
    • Focus
    • Isis POS
    • PC Charge 
    • Many others

The Rhode Island-based company has already upgraded existing merchants to the new release, and interested merchants will be upgraded with no extra cost.

In addition, Swipely informed me that it recently crossed the threshold of a quarter billion dollars in processing.

To learn more about Swipely, watch its FinovateSpring 2012 demo.

Afterwards, Swipely debuted its payment marketing platform:

Swipely's payment marketing platform will combine payment processing with loyalty, offers, and analytics. This enables businesses to leverage expenses they already incurred through payment processing.

Product Launched: FinovateSpring 2012

HQ Location: Providence, RI
Company Founded: August 2009
Metrics: 35 employees, $8.5 million raised

Introducing Angus Davis (Founder & CEO)

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Small business loyalty rewards platform,Swipely, released a tool called Main Street Marketing Manager today.

The tool uses customer spending data to design direct email marketing campaigns that aim to bring repeat customers and win back lost customers.

Because merchants are not required to use additional hardware or software and consumers can pay as they normally would, its easy for small businesses to implement. Swipely is available in Boston, New York, Providence, and San Francisco.

To learn more about Swipely, watch its FinovateFall 2011 demo and come to FinovateSpring in San Francisco May 8-9 to see its latest innovation.

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  • SimpleTuition's now used by over 40 colleges & universities.
  • Meniga's PFM goes live within Skandibanken's online bank in Norway.
  • Mobile Enterprise Strategies interviews Kony's VP of Mobile Strategies, Sam Lakkundi.
  • Super Sprowtz to implement Virtual Piggy's child-safe e-commerce tool.
  • Swipely launches Main Street Marketing Manager.
  • Seeking Alpha passes 1 million members, doubles its size in less than 2 years.
  • ThreatMetrix lands $18 million in Series D funding.
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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Swipely, the startup that provides loyalty rewards for local businesses made two announcements today. 

First, the Rhode Island-based startup is expanding its services to the Boston area:

"Swipely, the free loyalty and rewards program for Main Street, is expanding to the Boston area to help more than 150 area retailers turn credit card transactions into interactions. Swipely gives these new merchant members a hassle-free way to understand, retain and engage customers with loyalty rewards and personalized offers without coupons or keychain cards."


Providence, Swipely's home base, was the pilot city for Swipely's rewards-based platform. Boston will be the second, and New York and San Francisco will be next in line for its national expansion.

Second, Swipely simplified the credit card enrollment process:

"After some significant effort to integrate more deeply with the credit card network, we're excited to unveil our simpler one-step card enrollment. Simply provide your 16 digit card number to start earning cash back rewards; there's no longer any requirement for additional bank info when adding your card."

This upgrade is not yet available in Rhode Island but will be soon.

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

Next this morning, Swipely demonstrated a loyalty platform that provides insight to customer shopping behavior:

"The Swipely loyalty platform offers merchants an easy way to create dynamic, customized rewards programs linked to their customers' existing credit or debit cards. The Swipely merchant portal gives participating merchants unprecedented insights into customer shopping behavior and offers a powerful way to segment and engage with customers based on RFM (recency, frequency, monetary value) profiles. Consumers use Swipely to discover, track and earn cash-back rewards at their favorite places to shop."

Product Launched: Our service launched in Q1 of 2011 with significant new features added in Q3 of 2011. 

HQ Location: Providence, RI 
Company Founded: August 2009 
Metrics: Approximately 25 employees, raised $8.5 million, over 100 merchant customers

Presenting Angus Davis (CEO)


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