Bolstr Raises $1.7 Million in Seed Funding

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Since its launch in 2011 Bolstr has been on a mission to offer a simple way for small businesses to get financing quickly. It began lending in 2013 and since then, the 1,000+ investors on its platform have delivered $1 million to more than 12 companies.

The Chicago-based startup pulled in its first round of funding yesterday. The $1.7 million comes from Montage Ventures, Kapor Capital, DRW Trading Group, Merrick Ventures, and Wilson, Sonsini, Goodrich & Rosati.

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Bolstr will use the funding to add to its six-person team and scale the platform. It aims to host 15 to 20 deals per month by the end of this year (it did not disclose its current volume).

On the Bolstr platform, accredited investors contribute to small business’ funding campaigns, which range from $25,000 to $500,000. The businesses have 30 days to reach their target amount, but since launch, every campaign has reached its goal within five days.

Businesses retain full ownership and pay investors back over 12 to 36 months, depending on the agreed-upon revenue share. So far, there have been zero defaults.

Bolstr debuted its platform at FinovateFall 2012 in New York.

Fintech Fundings: 16 Companies Raise $150 Million Last Week of January

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January went out with a bang, with another $150 million invested into 16 fintech companies. Finovate alums secured two-thirds of the cash with four companies taking in $90 million: Transferwise ($58 million), Ripple Labs ($30 million), Bolstr ($1.7 million) and Spreedly ($150,000).

In January, a total of $772 million was raised, $565 million in equity and $200 million in debt. That’s an annual run rate of more than $9 billion, or about $7 billion only considering the equity investments. 
The deals from Jan 24 through Jan 30 in order of size:

International money transfers
Latest round: $58 million
Total raised: $90.4 million
Tags: Remittance, international transfers, FX, payments, SMB, London, UK, Finovate alum
Source: Finovate
Open source payment network 
Latest round: $30 million
Total raised: $39 million
Tags: Cryptocurrency, virtual payments, San Francisco, California, Finovate alum
Source: Finovate
Digital lender
Latest round: $17 million
Total raised: $32 million
Tags: Credit, lending, personal loans, student loans, refi, San Francisco, California 
Source: Crunchbase
Builds trust between business & trading partners
Latest round: $12.5 million
Total raised: $12.5 million
Tags: B2B, SMB, enterprise, payments, identification, security, McLean, Virginia 
Source: Crunchbase
High-tech and high-touch bookkeeping services
Latest round: $7.0 million
Total raised: $10 million
Tags: Accounting, SMB, bookkeeping, Techstars, Vancouver, Canada
Source: Crunchbase
Solutions to automate accounts payables
Latest round: $6.0 million
Total raised: $10.2 million
Tags: Invoicing, billing, SMB, B2B, accounts payables, billpay, payments, Beaverton, Oregon
Source: Crunchbase
Helping consumers manage health care savings accounts 
Latest round: $5.1 million
Total raised: $5.1 million
Tags: Healthcare, payments, HSA, FSA, health insurance, Hunt Valley, Maryland 
Source: Crunchbase

Personal financial mangagement
Latest round: $3.7 million
Total raised: $7.8 million
Tags: Personal finance, money management, consumer, aggregation, PFM, online, mobile banking, Edinburg, Scotland, UK
Source: Crunchbase
Remittances that directly pay for goods & services
Latest round: $2.8 million
Total raised: $3.6 million
Tags: Remittances, payments, P2P transfers, Africa, Paris, France
Source: Crunchbase
Blockchain technology
Latest round: $2.5 million
Total raised: $2.5 million
Tags: Cryptocurrency, payments, blockchain, bitcoin
Source: Crunchbase
Crowdlending for small businesses
Latest round: $1.7 million
Total raised: $1.7 million
Tags: Lending, underwriting, SMB, investing, Carthage, Illinois, Finovate alum
Source: Finovate
Japanese Bitcoin exchange
Latest round: $1.1 million
Total raised: $2.9 million
Tags: Cryptocurrency, payments, Japan
Source: Crunchbase
Social lending platform
Latest round: $1.0 million
Total raised: $1.0 million
Tags: Lending, underwriting, social networks, P2P, peer-to-peer, New York City
Source: Crunchbase
Credit card with highly customizable controls
Latest round: $1.0 million
Total raised: $1.0 million
Tags: Credit, debit cards, customization, YC, security 
Source: Crunchbase
Netherlands Bitcoin exchange
Latest round: $570,000
Total raised: $570,000
Tags: Cryptocurrency, payments, Netherlands
Source: Coindesk
Secure card tokenization technology
Latest round: $150,000
Total raised: $2.2 million
Tags: Credit/debit cards, security, payments, Durham, North Carolina
Source: Crunchbase

Finovate Alums Populate the FinTech50

Looking for the most innovative startups in fintech? The FinTech50 is a great place to start.

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It also turns out to be a great place to find Finovate alums. Of the 50 companies recognized by FinTechCity’s panels of judges as being “game-changers transforming the future of finance,” nearly half are alumni of Finovate conferences – including our upcoming event in London.
Here is the list of alums in alphabetical order:
According to Chris Skinner, who was one of the panelists, more than 700 companies competed for spots in the FinTech50. The selection panel included veterans of finance and technology from companies ranging from American Express and Google to Silicon Valley Bank and UBS. The FinTech50 winners were announced at an invitation-only event in London.
Speaking of London, Five Degrees, InvoiceSharing, Ixaris, mBank, and Trunomi will be in town next month, demonstrating their latest solutions at FinovateEurope 2015, February 10 and 11. More information on the event available here.

Alumni News– January 30, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgWipro wins multi-year, IT outsourcing contract from Allied Irish Banks (AIB). Join Wipro in London for FinovateEurope 2015 next month.
  • The Financial Services Blog features more than 20 Finovate alums in its look at the 50 most innovative FinTech firms.
  • MasterCard PayPass partners with St. Petersburg Metro to bring contactless payments to Russian subway.
  • Blackhawk Network unveils Blackhawk Engagement Solutions to build customized incentive and rewards programs.
  • FinovateEurope 2015 Sneak Peek: Part 6 is now up.
  • American Banker highlights Cloud Lending’s role with banks.
  • PYMNTS interviews TSYS Merchant Solutions’ Tom Boyer about changes in the payments acquiring space.
  • Bolstr Raises $1.7 Million in Seed Funding.
  • The blog herald shares an infographic detailing online security methods: Nymiband, Myris, Eyeverify, BehavioSec, Entersekt.
  • Lifehacker features Betterment, Mint, Personal Capital as tools to manage your investments.
  • Bitcoinist features Bitbond. Check them out at FinovateEurope February 10 & 11.
  • BetaBoston: After a successful 2014, student services company SimpleTuition rebrands as Valore.
  • Mitek Q1 revenue up 21% YOY; reports 3,300 financial institutions now signed & 2,700 live.
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.

FinovateEurope 2015 Sneak Peek: Part 6

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February is only a few days away, which means that the first Finovate conference of the year – FinovateEurope 2015 – is almost here. We are well on our way to surpassing last year’s record crowd of 1,000. So don’t delay, get your tickets to join us in London on February 10 and 11. 
We’ve just revealed the official list of presenters to help whet your appetite for what some of fintech’s most innovative companies will demonstrate live on stage.
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Today’s installment of our FinovateEurope 2015 Sneak Peek series features Bitbond, Revolut, Smart e-Money, TiViTz, TransferTo, and Wipro.
Previous installments of our Sneak Peek series are below:

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Bitbond is a global peer-to-peer bitcoin lending platform. Get access to affordable loans and profitable savings from all around the world.
Features
With Bitbond AutoInvest:
  • Build a loan portfolio automatically
  • Define regions and risk categories to invest in
  • Re-invest received loan repayments
Why it’s great
Bitbond AutoInvest creates a portfolio of profitable loans for you at 0% fees according to your preferences.
Presenters

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Radoslav Albrecht, Co-founder and CEO
Background in economics. Prior to founding Bitbond, Albrecht was Senior Consultant at Roland Berger Strategy Consultants. Previously with Deutsche Bank London in structured equity.

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Robert Nasiadek, Co-founder and CTO
Programmer since childhood. Before joining Bitbond, Nasiadek started the Ruby on Rails development company, El Passion. Board advisor at Gimmy.pl.

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Revolut is a personal money cloud allowing you to avoid all hidden banking costs.
Features
You can exchange currencies at interbank rates, send them through social networks and spend with a multicurrency card acceptable anywhere.
Why it’s great
Revolut – Personal Money Cloud
Presenters

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Nikolay Storonsky, CEO
Storonsky has eight years experience in financial services (trading). Most recently he worked for Credit Suisse and Lehman Brothers.

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Vlad Yatsenko, CTO
Yatsenko has 12 years experience in developing IT projects in major financial institutions including Credit Suisse, UBS, and Deustche Bank.

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Smart e-Money’s LockByMobile is an anti-fraud security solution which allows you to lock and unlock your cards in real-time using your mobile phone.
Features
  • Provides an extra layer of security for your added peace of mind
  • Easy-to-use interface to lock/unlock your cards with a simple swipe of the finger
  • Customizable lock settings and built-in alerts
Why it’s great
Feel secure when using your card locally or even abroad. With LockByMobile, you have the power to prevent fraud from happening.
Presenters

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Angelito Villanueva, VP & Head of Innovation
With over 20 years experience, Villanueva is the lead in unlocking the huge potential of e-money by introducing digital payments innovations for financial inclusion including building a dynamic ecosystem.

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Guillaume Danielou, Senior Product Manager
With 12 years experience in IT Development/Consulting/Product Development, Danielou has experience working throughout the entire product development life cycle process in international environments.

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TiViTz College $avings Game-a-thon is a fully automated, easy-to-use, market-disrupting, patent-pending, activity-based fundraising tool for children’s college savings.
Features
  • Complements existing financial savings vehicles
  • Creates new college savings accounts and relationships
  • Provides a marketing tool for consumer and business banking
Why it’s great
The Game-a-thon provides families with a solution to afford higher education by significantly increasing children’s savings, while improving their math skills and financial literacy.
Presenters

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Siobhan Mullen, CEO
Former aerospace executive, Special Advisor to the NASA Administrator, and experienced high-tech entrepreneur in launch services, satellite communications and data distribution.

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Stephen Scully, President


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TransferTo’s Value Remittance service is an innovative and unique remittance solution that enables migrants to determine how the funds they send are allocated.
Features
Value Remittance provides direct payment of services such as electricity, mobile airtime, and education, while providing a new revenue stream for financial institutions and MTOs.
Why it’s great
Value remittance allows senders to know exactly how their money is being spent and provides the receiver with instant access to the selected service.
Presenters

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Eric Barbier, CEO
As founder and Chief Executive Officer, Barbier oversees the strategic direction of the company as well as manages the relationships with many of TransferTo’s customers and partners.

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Charles Damen, EVP Global Business Development
Damen is responsible for the development of new services, strategic partnerships, and the growth of global accounts with over 18 years of experience in telecommunications, Internet, and payments.

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Wipro ngGenie Smart Banking Assistant provides the “next generation banking experience” for customers. It helps by providing you with right information at the right place.
Features
A personalized, contextual, next generation user experience for banking customers that can result in reduced costs of serving customers and an increased cross sell / up sell opportunities.
Why it’s great
Wipro myAdvisor helps in day-to-day transactions and acts as your personal financial advisor.
Presenters

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Mukund Kalmanker, General Manager
Kalmanker is a general manager at CTO office and has a rich background in the banking domain. He had earlier handled the banking business for Wipro under the Analytics and Information Management domain.

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Sudhakar Babu Tamminedi, Practice Head
Tamminedi has over 15 years of experience in Consumer and Enterprise Mobility applications across industries. He has provided end-to-end mobility solutions form conceptualization to deployment.

Pick up your tickets for FinovateEurope 2015 today! Want more info? Visit our FAQ page.

Spreedly Raises $150,000 in New Funding

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North Carolina-based payments specialist Spreedly has secured a new investment of $150,000. Information on the investors was not immediately available. The new funding takes the company’s total to more than $2 million.

Spreedly’s “credit card vault in the cloud” technology gives merchants and aggregator platforms the ability to work simultaneously with multiple payment gateways. With its single API and secure credit card tokenization, Spreedly’s solution provides both greater flexibility and control over the payments process.

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Spreedly recently reported processing $50 million in credit card transactions in December 2014, the company’s 22nd month since its re-launch to its current incarnation. Spreedly launched a collaboration with PayItSimple in December, as well, helping the Israel-based POS consumer financing company integrate with 70% of U.S. payment gateways. Spreedly currently serves more than 70 gateways in more than 80 countries.
Founded in 2008, Spreedly demoed its technology at FinovateSpring 2014. Justin Benson is CEO.

Cachet Financial Solutions Integrates with Apple Pay

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With Apple’s recent record-breaking earnings report, there’s been no shortage of Apple-talk lately, and today is no different.

Earlier this week, Cachet Financial Solutions announced its Select Mobile Money platform now integrates with Apple Pay.

Cachet’s prepaid card clients can enable customers to make purchases using Apple Pay at the physical point-of-sale (POS).

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How it works:

iPhone 6 and 6 Plus users open their white-labeled Select Mobile Money app and click on the Apple Pay icon. Their prepaid card is automatically placed top-of-wallet in Passbook, ready to pay.

After payment, the Select Mobile Money app shows the user’s updated balance and transaction details (see image on right).

President and CEO of Cachet, Jeffrey Mack, likes the improved user experience and, states, “we expect this unique feature to attract new prepaid users to our clients, as well as bring new banks, credit unions and AFS providers to Cachet.”

The Apple Pay update is available now to its clients as an upgrade.

Cachet Financial demonstrated its Select Mobile Money app at FinovateFall 2014 in New York.

Alumni News– January 29, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTinkoff Bank to deploy fraud prevention solution from Iris Analytics.
  • EagleBank implements EnAct client management and sales software from Fiserv.
  • KDnuggets interviews Anthony Bak, principal data scientist for Ayasdi.
  • Red Zebra Analytics brings its card-linked offers service to Germany.
  • Ripple Labs raises $30 million in Series A round.
  • CNBC Tech Check interviews Tradeshift CEO Christian Lanng.
  • Computer Business Review features Venmo and Flint Mobile in its list of “5 mobile apps to turn your wallet digital.
  • Datamonitor analyst describes why he’s looking forward to watching Advice Games’ demo at FinovateEurope 2015.
  • Simple now works on BillGuard.
  • Google Cloud Platform now available to VMware customers.
  • TechCrunch explores Coinbase’s recently launched U.S. exchange.
  • Cachet Financial Solutions integrates with Apple Pay.
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.

Ripple Labs Raises $30 Million in Series A Round

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The Wall Street Journal, Crunchbase, and other sources are reporting that open payments protocol specialist, Ripple Labs, has raised $30 million in new funding. Although the company has not confirmed some of the details of the deal, participating investors are believed to be IDG Capital Partners, Google Ventures, and Andreessen Horowitz.

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This latest infusion of capital follows successful angel and seed funding rounds which raised $9 million in 2013, and takes the company’s total capital to nearly $40 million. WSJ further reported that the investment puts Ripple Labs’ valuation at $100 million.
(Crypto Coins News helpfully compares this valuation to Ripple’s “primary value in XRP” to arrive at a very different figure.)
Ripple Labs developed the Ripple protocol, a distributed open source payment network that enables the real-time transfer of funds in any currency. The technology was deployed by Fidor Bank AG last May, and in September Cross River Bank and CBW Bank became the first U.S. banks to incorporate the Ripple protocol into its settlement operations. In January, Ripple Labs named Gene Sperling, former Chief White House Advisor, to its board of directors.
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The investment comes at a time of resurgent optimism for digital and cryptocurrencies like Ripple. Recent investment in bitcoin exchange Coinbase, which opened its first U.S. exchange this week, has helped restore interest in the technology after the price of bitcoin dripped below $300 and fell to as low as $178.
Founded in 2012 and headquartered in San Francisco, Ripple demonstrated its technology at FinovateSpring 2013 in San Francisco. Chris Larsen is CEO.

Alumni News– January 28, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEasier Finance features Azimo in its list of the top money saving apps for 2015.
  • The Credit.com Blog writes about how Global Debt Registry can help consumers track down old debts.
  • Sonavation hires Karl Weintz as president and CEO.
  • Jim Siegienski of iQuantifi wins “CTO of the Year” award from 2014 Nashville Technology Council.
  • Fenergo earns top 100 ranking among risk technology providers according to Chartis.
  • CheBanca! to deploy digital banking platform from Backbase.
  • Insuritas to provide Tulsa FCU with insurance agency solution inside Tulsa’s existing insurance agency platform.
  • My Bank Tracker lists Expensify as 1 of 6 best apps for preparing your tax return.
  • Intuit and Uber partner to enable Uber drivers to import their earnings into the QuickBooks software.
  • ThreatMetrix enhances multi-factor authentication solutions for financial services institutions.
  • Credit Sesame and Identity Theft Council bring identity theft awareness to 100 cities.
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.

Red Zebra Analytics Brings its Card-Linked Offers Service to Germany

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Courtesy of a five-year extension of its partnership with Red Zebra Analytics, cash-back offers are coming to customers of Germany’s Wüstenrot Bank.

“We bring together consumers, banks, and retailers, with highly targeted rewards based on spending patterns,” explained Red Zebra Analytics CEO Attul Sehgal. 

“With our innovative card-link loyalty programme, banks build a closer relationship with their customers by personalizing the services and cash-back offers according to individual preferences.”
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Red Zebra notes that its card-link offers service is the “first of its kind in Germany and second in Europe.” Without relying on vouchers or coupons, the service automatically presents customers with offers when they log into their online bank or credit card accounts. Customers choose the offers they want, and those offers are activated when the customer purchases the item or service using their bank debit or credit card. Discount are granted as cash payments on a monthly basis.
Red Zebra’s technology takes advantage of real-time data to enable the kind of targeted campaigns that will better engage and retain customers. Consumers benefit from increased savings on the debit and credit cards they are already using.
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(Above, left to right: Ina Meixner, Marketing Manager, Europe; Attul Sehgal, CEO at FinovateEurope 2014)

The Wüstenrot Bank launch is the product of a collaboration that began in June 2013, and was piloted in Stuttgart and Ludwigsburg.
Founded in 2011 and headquartered in London, Red Zebra Analytics demoed its 3D OFFERS loyalty program at FinovateEurope 2014. It was around that time that the company earned a “seven-figure investment” from SBT Venture Capital, widely believed to be in the area of $8 million. 
We talked with Red Zebra Analytics CEO Attul Sehgal last week about the company’s 2014 as well as the year ahead.

FinovateEurope 2015 Sneak Peek: Part 5

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The 70+ presenters that will showcase their new tech on stage at FinovateEurope in two weeks are now unveiled. To take a closer look at the presenting companies, we’re continuing our Sneak Peek series. Today, we’re featuring Financial Media Solutions, Fiserv, Intelligent Environments, mBank & i3D, Pirean, and Telenor banka & Asseco SEE.

FEUAuditorumCropped.jpgDon’t miss our other Sneak Peeks, available here:


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Financial Media Solutions’ MAPPS simplifies Videographics, making it possible to create financial content in digestible bite size video formats for broadcast to any device, including smartphones.

Features

    • Makes Videographics easy
    • Empowers institutional users to convey financial concepts in concise video formats
    • Rapidly broadcasts dynamic content to any client device, including smartphones

Why it’s great
Communicating client content by video is the future. MAPPS resolves the challenge of how institutions better engage clients in financial concepts, even via their smartphone.

Presenters

Ian Park, Owner Director & CEO
LinkedIn   

Christopher Thomas, Marketing Director
LinkedIn  


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Fiserv is one of FORTUNE magazine’s World’s Most Admired Companies and will demonstrate next generation digital banking interactions.

Features

    • Focuses on a truly integrated payments user experience
    • Allows customers to manage their spending habits and banking products
    • Visually stimulates consumers using augmented reality technology

Why it’s great
This innovation is geared towards the consumer and will allow greater control and transparency over their spending and banking habits.

Presenters

Jonathan Atkinson, Market Development, Digital Channels and Payments
Atkinson is a Sales Executive in Digital Channels and Payments team at Fiserv, Inc., focused on new clients across EMEA, with previous experience in core banking and CRM.
LinkedIn

David Abbott, Payments Lead, EMEA
Abbot has 25 years’ sales, business development experience in payments & eCommerce joined Fiserv’s payments business to support development activities in the EMEA region.
LinkedIn


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Intelligent Environments is an innovative provider of mobile and online solutions for financial service organisations.

Features
Hopes to fight against cybercrime

Why it’s great
IntellEnvironmentPresenter.jpgNo firm is an island – we all have a shared interest in responding to the growing threat against cybercrime.

Presenter

Clayton Locke, CTO
Clayton Locke is a keen sailor. He is hoping for calm waters come Finovate!
LinkedIn


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mBank, financial sector innovator & i3D, world-class provider of high-tech virtual reality solutions, developed an ultra-modern interactive digital bank branch.

Features

    • Digital wall with unlimited touch points and innovative UI/UX
    • Proximity-motion-sensing and face recognition technologies for dynamic content adjustment
    • Integration with sales support systems

Why it’s great
mBankpresenter1.jpgmBank & i3D dare to challenge the traditional notion of physical bank branches with ultra-modern multi-touch screens, motion-sensing and face recognition technologies.

Presenters

Jacek Iljin, Managing Director Sales & Processes, mBank 
LinkedIn

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Marcin Wiśniewski, Sales & Marketing Director, i3D
LinkedIn


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Pirean enables organisations to provide secure, people-focused access for employees, customers, and partners across on-premise and cloud-based applications.

Features

    • Reduces lead-time to value for application access
    • Provides secure self-service capabilities for users
    • Introduces a single point of control and audit for all access management

Why it’s great
Pirean’s Access: One is an Identity and Access Management solution designed to provide a first class user experience anytime, anywhere.

Presenters

Rob Macgregor, Pirean’s Principal Consultant and Access: One’s Product Manager

Rob Blowers, Pirean’s Development Team Lead


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With Telenor banka & Asseco South Eastern Europe, banking goes mobile – changing customer experience and reshaping banking products & services to fit mobile, brought by Telenor banka in synergy with Telco, powered by Asseco SEE multichannel solutions.

Features

    • Big data processing enabling relevant offer at relevant moment and place
    • Superb customer journey supported by straight-through processing and full automation
    • Utilization of synergy

Why it’s great
IT is a fully automated and personalized online handset loan enabled by Telenor banka and Telenor, powered by Asseco SEE.

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Presenters

Martin Navratil, Chairman of the Executive Committee at Telenor banka
Managing Director of Telenor banka responsible for the design and implementation of the bank’s strategy, having great experience in Telco and Finance sector.
LinkedIn

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Piotr Jeleński, Group President of the Management Board of Asseco SEE
Executive manager with experience in running and establishing new business in Poland, SEE region and Turkey. Managing international structure with over 1,400 people in 12 countries.

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Marko Carevic, Marketing Director at Telenor Banka
Started his career in Telenor, initiated Telenor M&A initiative in financial services, currently responsible for entire customer value chain and go-to-market process.
LinkedIn


We’ll feature six more companies later this week. To see them all demo live, get your ticket to FinovateEurope 2015.