Credit Karma Launches New Mobile App Design

Credit Karma Launches New Mobile App Design

CreditKarma_homepage_Feb2016

Maybe it’s the change in seasons. Just days after Paypal announced it would redesign its iOS and Android mobile apps, Credit Karma reports a new design for its mobile app.

CreditKarma_newapp_1Calling the redesign a “major reimagining,” Jonathan Chao, mobile product manager for Credit Karma, noted that user behavior strongly influenced the new look and feel of the app. “It has some of our most direct, specific and proactive product features to date, and we’re excited that we can finally show it off to our members,” Chao said.

What do members get with the redesign? Credit score information – letting users know of any changes in their score and likely reasons for the change – will now be available directly from the home screen. Also from the home screen, members can run credit simulations (courtesy of Transunion) to see how factors like reducing their overall credit card debt can positively affect their credit score.

The new app also includes opt-in credit monitoring via push notification, and lets members compare and shop for new credit cards or loans from Credit Karma’s new credit card and loan marketplace.

Credit Karma’s new app is available on iOS and Android.

CreditKarma_newapp_2Credit Karma’s new app redesign isn’t the only news the company is making in 2016. In January, Credit Karma announced the acquisition of Snowball, a debt-repayment app. The company also reported in January that it had surpassed 50 million users managing $3 trillion in debt.

Founded in 2007 and based in San Francisco, Credit Karma demonstrated its Debt Manager solution at FinovateSpring 2009. The company has raised more than $368 million in funding, giving the company a valuation of $3.5 billion. In December, Credit Karma won a spot on Fast Company’s 2015 Silicon Valley’s “Nice” list, and in November, Credit Karma celebrated giving out its billionth free credit score.

 

PayActiv Raises $9 Million in Series A

PayActiv Raises $9 Million in Series A

PayActiv_homepage_Feb2016

In a round led by SoftBank Capital, financial wellness specialist PayActiv has raised $9.2 million in new funding. The investment will help the company grow its suite of turnkey, workplace-based, financial wellness solutions.

Combined with a $4.35 million seed round from the summer of 2014, the Series A brings PayActiv’s total capital to more than $13 million.

PayActiv CEO and Founder Safwan Shah emphasized the potential for expansion when discussing both his company’s 2015 as well as the recent investment. “With this funding, we will continue to expand and enhance our innovative wellness programs that help all workers lead a better life with security, dignity, and savings,” Shah said.

PayActiv_stage_FS2015

Pictured: PayActiv CEO and founder Safwan Shah demonstrating the MyMo intelligent cash flow management app at FinovateSpring 2015.

PayActiv’s MyMo app is an intelligent, cash-flow management tool that gives workers the ability to get advances on future paychecks, as well as pay bills, transfer money, and top up prepaid mobile phones. PayActiv refers to this as helping close the “timing gap” between earning and spending, freeing earned income that is – from a cash-flow perspective – “stuck in traffic.” The app is available in both iOS and Android, and requires no changes in either incumbent IT or payroll systems. In addition to helping keep employees away from often predatory payday lenders, PayActiv’s MyMo can help workers build or rebuild credit, as well as help them manage their finances more efficiently.

Founded in January 2013 and headquartered in San Jose, California, PayActiv demonstrated MyMo at FinovateSpring 2015. The company was featured in an American Banker column on budgeting apps last November, the same month founder and CEO Shah was interviewed by TechnologyAdvice on the subject of income smoothing and real-time income access.

Zopa Launches New Product Line Up: Classic, Access, and Plus

Zopa Launches New Product Line Up: Classic, Access, and Plus

Zopa_homepage_Feb2016

Exact rates will not be available until the first of March, but U.K.-based, P2P lending-innovator Zopa is previewing three new lending products: Zopa Classic, Zopa Access, and Zopa Plus. The new products replace a number of Zopa’s current lending solutions, and are geared toward lender preferences in favor of easier access and the “ability to take on more risk.”

“Over the past months we’ve been listening to our lenders about what they want from their lending products,” an email from Zopa read today. “Based on your feedback, we’ll soon offer more choice and be providing benefits from recent regulatory changes, particularly around the tax status of peer-to-peer interest,” the statement said.

The new Zopa products are:

  • Zopa Classic
    • Return rates from 4% to 5%
    • Features Safeguard
    • Access fee of 1%
  • Zopa Access
    • Return rates from 3% to 4%
    • Features Safeguard but with “fee-free easy access”
  • Zopa Plus
    • Return rates from 6% to 7%
    • No Safeguard

Most interesting of the new products is Zopa Plus, which the company says will allow institutions to lend to higher risk borrowers. Zopa Plus is the product of performance testing the company has conducted with borrowers in these categories.

Zopa Plus loans are also different from Classic and Access in that they do not include Safeguard, a borrower-funded contribution based on the borrower’s expected default rate. Zopa says this provides a benefit for borrowers who can avoid the higher upfront fee that comes with Safeguard protection, and for lenders willing to accept greater risk for potentially higher returns.

Last month, Zopa earned honors as the Personal Loan Provider of the Year at the Consumer Moneyfacts Awards 2016. Zopa CEO Giles Andrews was interviewed by the Financial Times in December, the same month Zopa announced its partnership with Equifax. And in November, the company was recognized as the “Growing Business of the Year” by Growing Business Awards.

Founded in 2007 and headquartered in San Francisco, California, Zopa made its Finovate debut at FinovateSpring 2008.

Finovate Alumni News

On Finovate.com

  • Zopa launches three new loan products: Classic, Access, and Plus, expanding ability to lend to higher risk borrowers.
  • Envestnet | Yodlee teams up with South African API marketplace, Limitless.
  • “PayActiv raises $9 million in Series A”
  • “Modo Payments closes $2 Million in Funding”

Around the web

  • BioCatch announces real time detection of Remote Access and RAT-in-the-Mobile (RitM) malware.
  • PayPal unveils redesign of its Android and iOS mobile apps.
  • eToro partners with Sberbank to bring its social trading network to Russian investors.
  • News America Marketing and Linkable Networks announce partnership deal.
  • Nasscom Product Community blog features Bridgei2i.
  • InforcePRO adopts DTCC’s IR&S Solution to link with Carrier Partners.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Check out this week’s FinDEVr APIntelligence.
  • Akamai’s New Bot Manager Offers Insight into Bot Activity.

Around the web

  • Morocco-based microfinancier, Albaraka implements core banking system and CRM from Infosys Finacle.
  • Aerospike unveils version 3.7 of its NoSQL database. Aerospike returns to FinDEVr on 29 & 30 March 2016 in New York City.
  • TransferTo forges partnership with Vodafone Group to bring real-time international money transfers to M-Pesa Mobile Money accounts.
  • LoanNow begins reporting loan repayment behavior data to TransUnion.
  • Taulia partners with supplier information management solutions company Lavante.

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.

BluePay Acquires Billhighway

BluePay Acquires Billhighway

Billhighway_homepage_Feb2016

Billhighway, developer of cloud-based financial management solutions for non-profit and member-based organizations, has been acquired by card processor and gateway provider, BluePay.

John Rante, BluePay CEO, highlighted Billhighway’s “innovative technology, a strong annual growth rate, and incredible customer satisfaction.” Rante said Billhighway’s nonprofit vertical was a “great fit” for BluePay and sees the acquisition as an opportunity to grow BluePay’s integrated merchant base.

Billhighway Chairman and Founder Vince Thomas added that the merger will help “improve the level of products and services” the company provides its member-based association and not-for-profit clients.

Terms of the acquisition were not disclosed.

The announcement comes less than a month after Billhighway was again recognized as one of the “Best and Brightest” companies to work for. Billhighway offers a range of products, from its enterprise-grade financial management platform to its prepaid card (which won the “Head of the Class” PayBefore Award in 2014), to the mobile-fundraising solution the company demoed at FinovateFall 2012.

Last fall, Billhighway earned a spot on Deloittes 2015 Technology Fast 500 for North America for the third year in a row. That summer, the company adopted the SnapApp platform to enable development and publishing of interactive content. In March, Billhighway picked up a Silver Stevie Award for Innovation in Customer Service in the Financial Services Industry category, its second win at the Stevies since 2013.

Founded in 1999, Billhighway is headquartered in Troy, Michigan.

Fiserv Announces New CFO, Robert Hau

Fiserv Announces New CFO, Robert Hau

Fiserv_homepage_Feb2016

Three things for fintech fans to look forward to in March:

  1. The beginning of March Madness NCAA college basketball tournament
  2. The launch of FinDEVr New York 2016
  3. The end of a first quarter flurry of announcements

Fiserv_RobertHauAnd one big first-quarter announcement is a new appointment at Fiserv. The company has named Robert Hau as its new Chief Financial Officer. Hau, formerly a TE Connectivity executive, will take the helm on March 14. Hau replaces Tom Hirsch who is retiring after a 21-year career with the company.

Fiserv CEO and president Jeffery Yabuki credited Hau’s experience as a public company CFO at TE Connectivity, and his “strong operational approach to finance.” Before TE Connectivity, Hau was EVP and CFO for Lennox International and, previously had served in a variety of capacities at Honeywell International, including CFO of the company’s Aerospace Business Group.

Hau has a master’s degree in business administration from the USC Marshall School of Business, and a bachelor’s degree from Marquette University.

Recent headlines for Fiserv include the company’s purchase of ACI Worldwide’s Community Financial Services division for $200 million in January, and deployments of the company’s DNA core account processing technology at United Nations Federal Credit Union ($4.3 billion in assets) and Gate City Bank ($1.9 billion in assets). In its most recent Finovate appearance at FinovateFall 2015, Fiserv demoed its technology that enables cash ATM withdrawals by smartphone.

FinovateEurope 2016: Tweets By the Thames

FinovateEurope 2016: Tweets By the Thames

Twitterlogo_lightblueFollowing our conferences via Twitter is a great way for both those attending the show live as well as those following the action remotely to share their insights and opinions.

And browsing through the online conversation afterwards provides a wonderful reminder of what shocked and awed our audiences the most at this year’s event.

So, courtesy of Twitter and #Finovate, here is a small sample of FinovateEurope 2016’s more memorable observations and fintech-savvy tweets:

BoS_Tweet_Start

BoS_Tweet_IDscan

BoS_Tweet_Drivewealth

BoS_Tweet_JPNinvestingdisruptionBoS_Tweets_Swipestox

BoS_Tweet_fashion

BoS_Tweet_multicurrency

BoS_Tweets_JPN_makethecase

BoS_Tweet_noloyaltylending

BoS_Tweet_Crowd1

BoS_Tweet_Skinner_Fitbit

BoS_Tweets_Capitalise

BoS_Tweet_Eyeveryfiy

BoS_Tweet_Valuto

BoS_Tweet_Exciting

BoS_Tweet_Duena

i-exceed Teams Up with Mindtree to Bring Mobile Tech to BFSI Sector

i-exceed Teams Up with Mindtree to Bring Mobile Tech to BFSI Sector

i-exceed_homepage_Feb2016

Via a new partnership with Mindtree, Bangalore-based i-exceed technology solutions looks to bring mobility solutions to the BFSI (banking, financial services, insurance) sector.

Quoted in ETCIO.com, i-exceed’s Managing Director Joseph John said the agreement showed the increased traction Appzillon was gaining in the marketplace. “With our long-standing experience in the banking sector, coupled with Appzillon’s technical prowess, Mindtree can enhance their mobility edge in record time,” John said.

iexceed_stage_FA2013

From left: i-exceed’s Kapil Gupta, technology solutions director, and Sudhir Babu, VP of technology, demonstrated Appzillon at FinovateAsia 2013 in Singapore.

A mobile app-development platform, Appzillon has reduced app develop-and-deploy times by as much as 60%. The technology helps developers manage the security and integration challenges of building for enterprise back-end systems, including the ability to deploy predesigned B2B, B2C, and B2E banking apps. The latter is a particular point of emphasis for i-exceed, whose aim is to bring to market faster, via the new partnership, “strategic, prebuilt solutions for the banking industry.”

i-exceed released version 3.1 of its mobile app development platform last summer. Its features include enhanced security via a new user interface along with new style editors and additional default themes. In September, i-exceed announced deployment of its Appzillon Origination System (AOS) at one of the oldest public sector banks in India. This followed the company’s new partnership with Kris FinSoftware to help promote the greater mobility in the Philippines.

Founded in 2011 and headquartered in Bangalore, India, i-exceed demonstrated Appzillon at FinovateAsia 2013.


Join i-exceed as it makes its FinDEVr debut next month in New York City. Our developers conference is 29/30 March and tickets are available now. Visit our FinDEVr New York 2016 page for more information.

East Coast Credit Fund Puts $250 Million to Work on Patch of Land Platform

East Coast Credit Fund Puts $250 Million to Work on Patch of Land Platform

PatchofLand_homepage_Feb2016

An East Coast credit fund will invest $250 million across the Patch of Land platform. The investment comes in the form of an agreement to buy loans in a “forward flow arrangement,” and represents the credit fund’s first move into the P2P marketplace lending space.

CEO and Co-founder of Patch of Land Jason Fritton said the partnership will enable his company to “fill loans on a programmatic basis, creating a higher level of validation for the entire industry.”

PatchofLand_stage_FF2014b

Pictured (left to right): Patch of Land’s AdaPia d’Errico (CMO) and Brian Fritton (CTO and co-founder) demonstrating the company’s platform at FinovateFall 2014 in New York.

Fritton added that individual accredited investors – more than 95% of Patch of Land’s loan funding to date – will continue to be a priority. “We will continue to deliver quality product for the portfolios of large institutional players and the thousands of accredited investors who invest in our loans every day.”

In the two years since its launch, Patch of Land has funded more than 200 projects with an average blended rate of return of 12%. Patch of Land has returned more than $20 million in principal and interest to investors, who have suffered no loss of principal. The company’s platform offers proprietary risk scoring and pricing models which, in the words of Patch of Land EVP of business development, Jillian Jaccard, “appeal not only to institutional buyers, but also the company’s individual investors.”

Patch of Land added commercial real estate to its platform in August 2015, and last spring announced a $23 million Series A round led by SF Capital Group. The company was featured in Forbes magazine in the summer of 2015 in a column on top fintech trends, and was named by Entrepreneur magazine as “1 of 100 brilliant companies to watch” in 2015.

Founded in February 2013 and headquartered in Los Angeles, California, Patch of Land demonstrated its platform at FinovateFall 2014.

Finovate Alumni News

On Finovate.com

  • i-exceed Teams Up with Mindtree to Bring Mobile Tech to BFSI Sector.
  • FinovateEurope 2016: Tweets by the Thames.

Around the web

  • Popular Community Bank and Oriental Bank to deploy Cardless Cash, a mobile banking technology from FIS.
  • Mitek to combine its Mobile Verify solution with fraud prevention and risk management technology from IdentityMind Global.
  • Lending Club reports second quarterly profit since going public in December 2014.
  • BizEquity launches ‘Smarter Prospecting’ feature for its Advisor Office platform.
  • Wallaby’s Chrome 2.0 provides access to credit card advice in the browser.
  • Swipestox partners with German bank Hauck & Aufhäuser to offer its users foreign currency and securities trading.

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

Around the web:

  • Fastacash to boost global growth via new partnership with mobile wallet provider, Cellum.
  • Let’s Talk Payments profiles LOYAL3, Motif Investing, Kapitall, DriveWealth, and eToro in a look at millennials and investing.
  • ATM Marketplace quotes Robb Gaynor of Malauzai Software on the importance of app design in the mobile UX, and Prairie Cloudware’s Michael Carter on the debate over branded mobile wallets and banking apps.

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.