Author: David Penn

LendUp Raises $150 Million in Series B, Expanded Credit Facility

LendUp Raises $150 Million in Series B, Expanded Credit Facility
By David Penn Posted on
Categories: Funding, Fundings, LendUp

LendUp_homepage_Jan2016

San Francisco-based alternative lender LendUp has raised $150 million in a combined Series B funding round and expanded credit facility.

The Series B, which involved participation from “almost all” of LendUp’s existing investors, was led by Susa Ventures and Data Collective. Victory Park Capital participated in the investment, as well as providing LendUp with a second credit facility. According to LendUp CEO Sasha Orloff, the expanded credit facility will help the company provide new “national products” and reach more customers.

LendUp_stage_FS2014

From left: LendUp Co-founder Sasha Orloff and CTO Jacob Rosenberg demonstrated their platform at FinovateSpring 2014.

Founded in 2011 and launched the following year, LendUp specializes in providing credit products to the millions of U.S. consumers who aren’t able to borrow from traditional banks. These products include the LendUp Ladder, an alternative to payday loans that helps borrowers rebuild their credit, and a new credit card business, the L Card, launched last year.

Named one of “30 Hot Fintech Startups to Watch” by Fox Business in June 2015, and earning a spot on AlwaysOn’s On Finance Top 100 in April 2015, LendUp demonstrated its platform at FinovateSpring 2014. The company has more than 130 employees and anticipates doubling staff by the end of the year.

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Finovate’s European Alums Raised More Than $350 Million in 2015

Finovate’s European Alums Raised More Than $350 Million in 2015
By David Penn Posted on
Categories: AdviceGames, Aire, Azimo, Bitbond, CashSentinel, Currency Cloud, CurrencyFair, eToro, EZBOB, Fenergo, Figo, FreeAgent, Funding, Fundings, Kantox, Kreditech, Revolut, StockViews, SumUp, TransferWise, Xpenditure

Euros_purple

Nineteen Finovate alums headquartered in Europe raised $350 million in 2015.

From the $16,000 in seed money raised by U.K. startup, StockViews, to the €82 million investment received by Germany’s Kreditech, we’ve counted every euro, pound, and dollar that investors poured into our European alums. And whether the funding represented an initial infusion of capital or was part of a multi-stage Series E round, it is clear that investors are very interested in the fintech innovations of Europe.

Take a look for yourself at the “European Portfolio” from 2015 below, featuring Finovate alums from the United Kingdom, Ireland, Germany, Switzerland, and the Netherlands.

GermanFlagGermany

 

Ireland_FlagIreland

 

Netherlands_FlagThe Netherlands

 

 

Switzerland_Flag

 

Switzerland

 

 

UK_FlagUnited Kingdom

There’s still time to join us in London for FinovateEurope! Our two-day conference returns to Old Billingsgate Market Hall, February 9 and 10. Get your tickets today and save your spot.

 

 

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Narrative Science Introduces Narratives for Qlik

Narrative Science Introduces Narratives for Qlik
By David Penn Posted on
Categories: Narrative Science

NarrativeScience_Qlik_homepage_Jan2016

Narrative Science is bringing its natural-language-generation technology to Qlik Sense, adding intelligent narratives, intuitive analysis, and insights to Qlik’s data-visualization platform.

Calling the collaboration an example of Qlik’s “leadership in the data discovery industry,” Narrative Science CEO Stuart Frankel sees businesses and industries embracing NLG.

“The next generation of smart data discovery platforms will include natural language generation capabilities to explain findings to users,” Frankel said. “It is just a matter of time before this is a mandatory capability of visualization and business intelligence applications.”

NarrativeScience_Qlik_videoshot

(Click image to play video)

Qlik specializes in visual analytics and business intelligence, ranging from reporting and self-service solutions to guided, embedded, and custom analysis. With the company’s technology, businesses can build drag-and-drop visualizations, create apps, and embed analytics into their websites and apps using both open and standard platform APIs. With offices worldwide and partners in more than 100 locations, Qlik is headquartered in Radnor, Pennsylvania, and trades on the NASDAQ under the ticker “QLIK.”

Narratives for Qlik automatically creates dynamic narratives that help illuminate key points in Qlik’s data visualizations. Moreover, Narratives for Qlik not only explains what the charts and graphs show, but also helps users discover non-obvious patterns and relationships in the data. Industry analyst Seth Grimes called the technology “a groundbreaking BI innovation,” adding that “the tight link to Qlik’s associative analysis and its personalization possibilities are pluses, but it’s the ability to provide a new means of communicating insights that is really compelling.”

Narratives for Qlik is available for download.

Founded in January 2010 and headquartered in Chicago, Narrative Science demonstrated Quill Financial at FinovateFall 2013. In November, Narrative Science unveiled its anti-money laundering solution, Quill for AML, and in September, the company launched a new version of its Quill Engage technology for Google Analytics. Last summer, Narrative Science released its Quill Portfolio Review solution, which helps money managers create better institutional portfolio commentary.

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BlueVine Raises $40 Million in Round Led by Menlo Ventures

BlueVine Raises $40 Million in Round Led by Menlo Ventures
By David Penn Posted on
Categories: BlueVine, Funding, Fundings

BlueVine_homepage_Jan2016

BlueVine, a startup that provides financing for small businesses, has raked in $40 million in new funding. The Series C round, led by Menlo Ventures, featured participation from new investor, Rakuten, and boosts BlueVine’s total capital to more than $64 million.

In a post at the company blog, BlueVine founder, CEO Eyal Lifshitz, said the investment would help “bolster its management ranks” as well as drive new feature development and exploration of new verticals. “With this capital infusion,” Lifshitz said, “our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.” BlueVine also announced an expansion of its maximum credit line from $150,000 to $250,000.

BlueVine_stage_FF2014

From left: BlueVine VP of Operations Edward Castano and CEO Eyal Lifshitz demonstrated their platform at FinovateFall 2014 in New York.

BlueVine specializes in cloud-based “invoice financing,” also called “factoring.” The practice helps small- and medium-sized businesses manage cash flow and payment cycles by advancing cash against outstanding invoices via a simple, online solution. BlueVine enables SMEs to get paid on “day one” for invoices due in 15-90 days with credit lines starting at $5,000. BlueVine reported a 12-fold increase in funded invoices in 2015 and expects to fund more than $200 million in working capital in 2016. Tyler Sosin of Menlo Ventures praised the company for “bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology.”

Founded in July 2013 and headquartered in Palo Alto, California, BlueVine demonstrated its technology at FinovateFall 2014. BlueVine’s approach to factoring was profiled by PYMNTS.com in September and, in February, the company was highlighted by Fast Company as one of “The World’s Top 10 Most Innovative Companies of 2015 in Money.”

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London’s Revolut Unveils Version 2.0 of its Personal Money Cloud

London’s Revolut Unveils Version 2.0 of its Personal Money Cloud
By David Penn Posted on
Categories: Revolut

Revolut_homepage_Jan2016

Revolut, the U.K.-based startup that demoed its Personal Money Cloud at FinovateEurope 2015, has released version 2.0 of its mobile money app.

In addition to a redesign and new user interface, most of the the enhancements are geared toward improving transparency and efficiency. The new app now provides previews of exchange rates for all 90 available currencies. Sending money to bank accounts is easier, and users can now create PINs without first having to use a MasterCard-approved Chip & Pin ATM. Revolut has also added tutorial screens that display when the app is first installed.

Revolut_stage_FEU2015

Pictured: Revolut CEO and founder, Nikolay Storonsky, and CTO Vlad Yatsenko demonstrating Revolut at FinovateEurope 2015 in London.

Revolut_DroidFounded with a mission to eliminate the fees that often accompany both spending and transferring money, Revolut has been used by more than 80,000 people in 150 countries. More than $180 million has been transacted via the app, saving users an estimated $15 million. With the RevolutCard, users can make purchases worldwide in any one of 90 different currencies. And with the Revolut app, users can make instant money transfers through SMS, social media, and email, all without fees or a bank intermediary.

The app is available for download at the Apple App Store and at Google Play. Both the app and the multi-currency RevolutCard are free.

Revolut’s announcement was accompanied by a handful of “Fun Revolut Statistics” from 2015. These metrics give some interesting insights into how the technology has been used since it was launched last summer.

A few highlights:

  • Most populous EU country where Revolut has users: Germany
  • Least populous EU country where Revolut has users: Gibraltar

Top 5 most popular countries for the Revolut community to visit (based on transactions)

  • Spain
  • France
  • Australia
  • Canada
  • USA

Top 5 most popular retailers with the Revolut community (based on transactions)

  • Ali Express
  • Universal Studios
  • Microsoft Store
  • Amazon UK
  • Walgreens

Founded in December 2013 and headquartered in London, Revolut demonstrated its Personal Money Cloud at FinovateEurope 2015. The company made its public launch in July, at the same time announcing a successful $2.3 million venture round led by Balderton Capital.

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Finovate Alumni News

By David Penn Posted on
Categories: Alkami Technology, Avoka, Clover Network, Coinbase, Encap, Envestnet, eWise, ING Bank, investUP, Kasasa, Kashoo, Larky, Meniga, NICE Systems, OutsideIQ, Revolut, Strands, Uselab

On Finovate.com

  • Larky Launches at Three New Credit Unions.
  • London’s Revolut Unveils Version 2.0 of its Personal Money Cloud

Around the web

  • Fifth Third Bancorp to deploy AML solutions from NICE Systems’ Actimize.
  • PYMNTS.com interviews Kashoo Communications lead Dave Clarke on cloud accounting.
  • Baxter Credit Union ($2.4 billion) chooses ORB platform from Alkami Technology.
  • Roundup of Australia fintech startups features Avoka. See Avoka at FinovateEurope 2016 in London.
  • Encap releases version 3.1 of its mobile authentication and security platform.
  • First Data’s Clover launches Clover Go mobile POS dongle.
  • Coinbase introduces price alert push notifications on iOS and Android.
  • In 2015, Kasasa sees 45% growth in clients, now counts 779 signed community FIs.

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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FinovateEurope 2016: Meet the Faces of Fintech

FinovateEurope 2016: Meet the Faces of Fintech
By David Penn Posted on
Categories: FinovateEurope 2016

FEU2016_banner

With more than 1,500 expected to attend FinovateEurope 2016, and a wide array of themes and topics to be discussed, we don’t know exactly what you’ll be talking about when you’re meeting, chatting, and networking with your fellow fintech fans next month in London.

But thanks to our Attendee Title Word Cloud, we’ve got a pretty good idea of who you’ll be meeting, chatting, and networking with.FEU2016Titles-FINAL

Whether its the CEO from the corner office, the developer from the lab, or the venture capitalist from the conference room, Finovate is the place to meet the people who are driving fintech innovation at every level. So if your LinkedIn could use a few more movers, shakers and decision-makers from the world of financial technology, then join us in London for FinovateEurope 2016.

OldBillingsgateMarketHall

Our London conference returns to Old Billingsgate Market Hall on the Thames, February 9 and 10, for two days of live demonstrations from a dynamic mix of startups and industry veterans. Tickets are on sale now. So visit our registration page today and save your spot at our first fintech conference of the New Year.

FEU2016_Bizzabo

And once you’ve registered, let us and your fellow attendees know you’re coming by joining the Finovate community on Bizzabo. Find the Bizzabo app at the Apple App Store or at Google Play. Download the app and search for “Finovate.” Sign in using the same email address you used during registration and then press “Join the Community” and you’re all set.

Bizzabo is also available as a web app for use with your laptop or desktop

Got questions? Our FAQ page has answers.

FinovateEurope 2016 is sponsored by The Bancorp and KPMG.

FinovateEurope 2016 is partnered with Aite Group, Bank Innovators Council, BankersHub, BayPay Forum, bob’s guide, Byte Academy, The Cointelegraph, CrowdReviews, Digital Currency Council, Fintech Finance, The Fintech Times, Harrington Starr. IDC Financial Insights, Let’s Talk Payments, Mapa Research, Mercator Advisory Group, The New Economy, Payments & Cards Network, PitchBook, Plus Journal, Verdict Financial, and World Finance.

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Finovate Alumni News

By David Penn Posted on
Categories: App Annie, ayondo, CurrencyFair, EyeVerify, FutureAdvisor, Ixaris, Zopa

On Finovate.com

  • FinovateEurope 2016: Meet the Faces of Fintech.

Around the web

  • Ixaris CEO Alex Mifsud shares his payment predictions for 2016.
  • i-vest.de reviews social trading platform, ayondo.
  • PYMNTS.com takes a look at App Annie’s recent $63 million funding.
  • Currency Fair considers plan to offer Irish businesses free money transfers abroad.
  • EyeVerify earns FIDO Alliance certification for its Eyeprint ID authentication technology.
  • Investment News features several Finovate alums in a look at roboadvisors attracting investment dollars as 2016 begins.
  • Zopa gives account views a makeover for the new year.

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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CaixaBank Launches imaginBank, a Mobile-Only Bank for Millennials

CaixaBank Launches imaginBank, a Mobile-Only Bank for Millennials
By David Penn Posted on
Categories: CaixaBank

Caixabank_homepage_Jan2016

Available only via mobile app, imaginBank is a new initiative by Spanish bank Caixabank that targets millennials.

CaixaBank CEO Gonzalo Gortázar said the new mobile-only bank was part of a “commitment to provide new services that perfectly complement the more traditional banking model.” He added that imaginBank would “secure greater loyalty” among the 18-to-35-year-old bank customer, as well as boost new customer acquisition.

imaginBank_image_padimaginBank provides customers with a complete array of financial services such as a commission-free current account, a Visa imaginBank debit card, and PFM tools, as well as up-to-date mobile and P2P payment technology. imaginBank also offers consumer financing of up to €15,000 with no arrangement fee.

CaixaBank serves 2.9 million customers in Spain aged 18 to 35.  And one in every three Spanish millennials is a customer of their bank. Chairman Isidro Fainé of “la Caixa” Group  underscored this point, saying that, with imaginBank, Caixabank has successfully leveraged both its “leadership in the world of innovation and mobility” and its “experience as a leading bank among the young client segment in Spain.”

imaginBank_image_phone“This has enabled us to incorporate in this project all the features that our young customers look for in financial services, such as digital banking, simplicity and service excellence,” Fainé explained.

The mobile app for imaginBank is available as a free download from Google Play (Android) or from the Apple App Store (iOS). imaginBank also has special services for smartwatch wearers, including ATM- and branch-finding functionality. imaginBank users can also use CaixaBank ATMs for transactions and to manage their accounts.

In addition to being mobile-only, imaginBank is social media friendly, as well. Users of the app can access their imaginBank accounts from within Facebook, checking account balances and viewing recent transactions securely. They can also use apps like Twitter and WhatsApp to access 24-hour customer service.

CaixaBank joined fellow Finovate alum PayPal on stage at FinovateEurope 2012 in London. The bank won 2011 and 2013 Banking Innovation Awards from the Bank Administration Institution, and was recognized as “World’s Best Retail Bank for Technology Innovation” by Euromoney magazine in 2013 and 2014. CaixaBank launched its mobile payments app, “CaixaBank Pay” last August, enabling contactless payments for NFC-enabled and Android devices.

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Finovate Alumni News

By David Penn Posted on
Categories: Acculynk, Arxan Technologies, Dashlane, Diebold, Moven

On Finovate.com 

  • Dashlane Achieves New Year’s Resolution: More Organized, Now Speaks 7 Languages.

Around the web

  • eWeek quotes Arxan CMO Patrick Kehoe on the problem of app security on health and finance apps.
  • Diebold introduces mobile, contactless, self-checkout technology.
  • Acculynk CEO Ashish Bahl talks about the growth of direct-to-debit card payments.
  • Pymnts interviews Moven President Alex Sion on what to expect in digital banking in 2016.

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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FinovateEurope Sneak Peek: Avoka

FinovateEurope Sneak Peek: Avoka
By David Penn Posted on
Categories: Avoka, FinovateEurope 2016, FinovateEurope 2016 Sneak Peek

Avoka_homepage_Jan2016

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Register today. 

Founded in Sydney, Australia and headquartered in Denver, Avoka accelerates customer-centric, digital transformation with frictionless sales transactions. The company will demo how to quantify and optimize customer effort to increase customer acquisitions.

Features

  • Measure the customer effort to complete an application
  • Predict the effort for each design change
  • Reduce abandonment and convert more prospects to customers

Why it’s great
Every step in a bank account opening that adds customer effort also increases abandonment. Minimize that effort and you will gain more customers.

Presenter

Avoka_CorcoranDerek Corcoran, Chief Experience Officer

Corcoran is CXO at Avoka, and a world-recognized expert on digital customer acquisition in financial services. He is the developer of Transaction Effort Score (TES) and a frequent industry speaker.
LinkedIn

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FinovateEurope Sneak Peek: Persado

FinovateEurope Sneak Peek: Persado
By David Penn Posted on
Categories: FinovateEurope 2016, FinovateEurope 2016 Sneak Peek, Persado

Persado_homepage_Jan2016

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Register today. 

Persado’s machine-learning platform generates the most effective language for communications designed to drive action.

Features

  • Emotionally engaging content at every lifecycle touchpoint
  • World’s largest database of scored and tagged marketing language
  • Data-driven technology that eliminates the guesswork from creativity

Why it’s great
Persado customers are seeing, on average, a 75% response lift across web, email, display, and social.

Presenter

Persado_WhittleLawrence Whittle, Chief Revenue Officer

Whittle is the Chief Revenue Officer of Persado. He is responsible for driving the overall sales, the go-to-market strategy and execution, as well as developing its network of eco-system partners.
LinkedIn

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