Month: March 2014

Hacking for Social Good: FinCapDev Sets Deadline for 2014 Competition

By David Penn Posted on
Categories: FinCapDev

FinCapDevComp_logo.jpg

Got an idea to help improve the financial lives of the unbanked and underbanked? FinCapDev wants to hear from you.

The mobile app development competition hosted by the D2D Fund and the Center for Financial Services Innovation is accepting proposals for its 2014 event. The deadline is April 7. 

And to better help inform the fintech community about FinCapDev, they are hosting the first of a series of free webinars Wednesday at 6pm Eastern.

Now in its second year, FinCapDev was founded with the goal of promoting what Shaheen Hasan, Innovation Strategist at the D2D Fund, calls “hacking for social good.”
“FinCapDev is hoping to create an ecosystem of players in all sectors to help move the needle to create better products and services for the unbanked and underbanked,” she said. “Especially using the mobile channel.”
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Proposals for the 2014 competition will be evaluated based on degree of innovation, potential positive impact on American consumers, feasibility to build, and sustainability. Finalists will be announced in May.
Teams can receive up to $7,500 per app for development, and participate in webinars and mentorships on topics such as mobile technology, app development and product engineering, and will have selected access to APIs and data sets. Participants that make it through the app development stage will be eligible to win a $50,000 cash grand prize (or one of two runners’ up cash awards of $25,000).
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After that? As a nonprofit, FinCapDev does not take an equity stake in the startups that participate in the program. “We are pre-incubators,” explained Shaheen, “helping transform ideas into apps, and facilitating relationships with investors, angels, accelerators, and incubators.”
For a list of the alums from FinCapDev 2013. click here. Our coverage of the winner, BetterHaves is here.

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Fintech Four: Banno, Borro, Personetics & Auction.com are on a Roll

By Jim Bruene Posted on
Categories: Loans & Credit, Mergers & Acquisitions, Personal Financial Management, Real Estate

It’s been a crazy week in fintech, and it’s only Wednesday morning. Because my brain can hold no more than four stories at a time (and that’s a stretch), it’s time to publish a “fintech four” mid-week. I don’t know which of these is more dramatic, so I’ll go in alphabetic order: 

1. Auction.com joins the billion-dollar fintech club

Thumbnail image for auction.jpgI’m not sure everyone considers Auction.com a fintech play, but as an online asset sales platform (which moved $7 billion last year), it’s close enough for me. It just raised a fresh $50 million from Google Ventures at a valuation of $1.2 billion. So I’ll be adding Auction.com to our “Fintech billion-dollar club.” 

>>> Metrics and more from Bloomberg here.

2. Banno acquired by Jack Henry

banno.jpgWhile we don’t know the $$ number, given the traction Finovate alum Banno had in the market (375 bank clients), and the relatively high valuations in the fintech space these days ($1.75 billion for Stripe), this must have been a pretty nice payday for the owners and investors in Iowa-based Banno (formerly T8 Webware). Founder Wade Arnold is staying on at Jack Henry and is super excited about his future with the Kansas City-based technology vendor. 
English: Wordmark of Borro, the characters &qu...

3. Borro borrows $112 million

In one of the biggest fundraising rounds in fintech history, U.K.-based Borro landed $112 million to further its high-end online pawn brokerage business. I met founder Paul Aitken last fall and was impressed with the product, which allows consumers to borrow against non-liquid assets, say, a Jacob Lawrence in the hall, at pretty high rates (3% to 4% per month). Until then, I had no idea there was a large, underserved (near prime?) market holding high-end assets (outside Downton Abbey anyway). Even so, I was shocked to see a $112 million round. While terms of the deal weren’t disclosed, I have to believe all or part of the money is debt, not equity. So I’m not going to add Borro to the billion-dollar club, yet. Apparently online lending is back! 

>>> Average loan amount = $12k (against a $20k value)… see Press release
>>> TechCrunch breaks down the Borro loan process and metrics here

4. Personetics is on a roll

pesonetics.jpgAt this week’s great Bank Innovation event in Seattle, I finally had a chance to meet face-to-face with Personetics, the Sequoia-backed “predictive financial services engine.” I’ve been impressed with what I’ve read about the company, and loved the Fiserv demo at FinovateEurope last month (demo here) featuring a forward-looking PFM piece powered by Personetics. But I had no idea how much traction the company was gaining in less than three years since its A-round. While I can’t name names, if even one of these deals moves into production, it has the potential to change the face of online banking. 
>>> Fiserv demo at FinovateEurope featuring insights powered by Personetics here (12 Feb 2014)

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iQuantifi Launches Financial Advice Platform to General Public

By Julie Muhn (@julieschicktanz) Posted on
Categories: iQuantifi

iQuantifiLogoNew.jpg

Earlier this week, iQuantifi launched its virtual financial advisor to the public. Now everyone can sign up for iQuantifi’s platform that helps users identify, prioritize, and achieve their financial goals.

Its Core Planning Algorithm helps users pay down their debt and achieve their financial goals that are personalized for each individual user.

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In order for iQuantifi to help users build their goals, they need to answer a few basic questions about:

    • Family status
    • Income
    • Expenses
    • Debts
    • Accounts and policies

A subscription for iQuantifi costs just under $10 per month. However, it is currently running a Refer a Friend promotion that grants users free access to the platform if they share iQuantifi on Facebook or Twitter.

To see iQuantifi’s Best of Show demo, check out a video of its live demo at FinovateSpring 2012.

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Finovate Alumni News — March 5, 2014

By David Penn Posted on
Categories: Ignite Sales, ProfitStars, Tradeshift, Trustev
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMargin Maximizer Interactive from ProfitStars added to ICBA Preferred Service Provider program.
  • Trustev partners with Datameer to combine big data analytics with its real-time ID validation technology.
  • Ignite Sales announces availability of AccountAdvisor sales solution for community banks and credit unions.
  • Spend Matters looks at Scentan Ventures, the Firm Behind Tradeshift’s $75M Round.
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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Finovate Alumni News — March 4, 2014

By David Penn Posted on
Categories: CUneXus Solutions, Digital Mailer, Fiserv, Jack Henry, LICUOS, MasterCard, MicroStrategy, VerifyValid
  • VerifyValid announces new iPhone app, Mobile Checkbook.
  • Finovate alums Fiserv, MicroStrategy, Digital Mailer, LICUOS, and CUneXus demo at Bank Innovation 2014 DEMOvation event. Catch Fiserv and CUneXus at FinovateSpring 2014 in San Jose.
  • MasterCard expands presence in Africa, entering seven new markets.
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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VerifyValid Launches New iPhone App, Mobile Checkbook

By David Penn Posted on
Categories: VerifyValid

verifyvalid.jpg

Combining the security and convenience of checks with the reduced costs of avoiding bankcard interchange fees is the goal behind VerifyValid’s Mobile Checkbook app, now available for download at the Apple App Store.

The new app makes it easy for small businesses and their customers to write, sign, receive and deposit electronic checks (“eChecks”) using their iPhone, iPad, or other iOS-powered device. All that is required to send someone an eCheck is the recipient’s email address, and new VerifyVaild customers can begin using the service by way of a free, 5-check, “starter” checkbook.

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Said VerifyValid CEO Paul Doyle, 
“While consumers gain the freedom to pay for goods and services directly through the app, our business customers experience greater convenience in accepting payments anytime, anywhere, without incurring costly interchange fees associated with card transactions.”

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VerifyValid maintains a record of all transactions in the user account, and data is stored on the company’s secure servers rather than on the iOS device itself.
Some additional functionality for Mobile Checkbook includes:
  • Remote authorization for review and signing of checks over cellular of Wi-Fi network.
  • eLockbox where users can access and print received eChecks, as well as deposit payments into their bank accounts
  • Full validation of check authenticity
This last item is especially key. Doyle said, 
“Based on growing instances of card network breaches, we saw a definite need for an advanced payment solution that builds upon traditional check payments to better serve and protect businesses and their customers.”
VerifyValid teamed up with Deluxe Corporation to demo its secure electronic checking technology at FinovateFall 2013 in New York. See the company in action here.

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Finovate Alumni News — March 3, 2014

By David Penn Posted on
Categories: Actiance, CashStar, Fiserv, IDology, Leaf, ShopKeep POS, Tactile Finance
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgLeaf adds chief operating officer, vice-president of finance, and vice-president of engineering as company expands to bigger offices.
  • Fiserv appoints Kevin Gregoire as group president of financial institutions group.
  • CashStar launches new edition of digital gifting platform, CashStar 5.
  • Actiance Socialite available through the EMC Select Program.
  • IDology’s ExpectID Global launches in Canada.
  • Tactile Finance PRO’s new features target mortgage loan officers’ ability to compete and increase referrals. See its live demo at FinovateSpring next month.
  • Pikanik Bakery discusses its experience with ShopKeep POS.
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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