Author: David Penn

Finovate Alumni News

By David Penn Posted on
Categories: Authy, Avalara, BillGuard, Fidor Bank, Five Degrees, Heckyl Technologies, Insuritas, Interxion, iSignthis, Lending Club, Market Prophit, Nexmo, Prosper, PsychSignal, TickerTags, TSYS, Twilio, Xignite

On Finovate.com

  • Commentary: “”Prosper Signals Move into PFM with $30 Million Acquisition of BillGuard“
  • Thanks to Xignite, the #FintechRevolution Will Be API’d”

Around the web

  • Lending Club adds Indiana, Kansas, and Nebraska, expanding its services to 36 states.
  • Premier Bank in Bangladesh extends payments agreement with TSYS, upgrading to PRIME4.
  • iSignthis to provide KYC services to Danish payment processor and card acquirer, Clearhaus, beginning in early 2016.
  • LeasePlan Bank implements Matrix digital banking platform from Five Degrees.
  • Peoples Bank & Trust hires Insuritas to launch turnkey insurance agency.
  • Kaspersky’s blog mentions Twilio’s Authy as a way to protect your ID on a smartphone.
  • Avalara announces the availability of a benefits program exclusively for U.S. QuickBooks ProAdvisors® and their clients.
  • Celent advises banks to be more like Fidor Bank in order to remain relevant.
  • The Neutral Internet Exchange NL-ix will use Interxion Cloud Connect to connect to Microsoft Azure as a part of its new cloud connectivity services.
  • TABB Research features Heckyl Technologies, Market Prophit, PsychSignal, and TickerTags in its new report on “social alpha 2.0.”
  • Nexmo teams up with mobile operator, H3G, to bring its SMS-based user-authentication technology to Sweden and Denmark. See Nexmo at FinDEVr 2015 in San Francisco next month.

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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From API to UX/UI: A Preview of FinDEVr 2015

From API to UX/UI: A Preview of FinDEVr 2015
By David Penn Posted on
Categories: FinDEVr 2015, FinDEVr 2015 San Francisco

FinDEVr2015_ThemesCloud_FINAL

FinDEVr 2015 kicks off two weeks from today. Save your spot and join us in San Francisco, 6/7 October, for the premier event for fintech developers, engineers, and CTOs.

FinDEVr returns to the Mission Bay Conference Center at the University of California San Francisco for two days of fast-paced, TED-style presentations. Leading technology companies will showcase their latest tools, APIs, and case studies to help fintech developers optimize their innovations.

FinDEVr is a great way to stay on top of the latest trends in financial technology. For example, compare this year’s theme cloud above to the one below from our inaugural FinDEVr last year.

FinDEVr2014_ThemesCloud

Many themes remain front and center, even after a year. Seeing Payments, Big Data and Mobile as major themes reminds us what matters most to those building tomorrow’s fintech today.

At the same time, the biggest and most interesting difference between this year and last is the rise of bitcoin and the blockchain. If we are in a golden era of financial technology, then the emergence of technologies like the blockchain is as good as evidence as any.

And from our point of view, the best part is the growing population of builders from around the world who are developing tools to enable faster, more secure, and less costly interactive experiences online for businesses and consumers, wherever they are. We believe if you’re a part of this community—or want to meet those who are—you’ll want to be with us on 6/7 October for FinDEVr.

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Trading Ticket Picks Up $4 Million in Seed Funding from Citi, Valar Ventures

Trading Ticket Picks Up $4 Million in Seed Funding from Citi, Valar Ventures
By David Penn Posted on
Categories: Trading Ticket

TradingTicket_homepage_Sep2015

So how did you spend the days leading up to FinovateFall 2015?

Finovate newcomer and mobile trading platform developer, Trading Ticket, celebrated its first appearance at Finovate with a $4 million seed investment from Citi Ventures and Valar Ventures.

Ramneek Gupta, managing director and co-head of investing at Citi Ventures, praised Trading Ticket’s ability to “integrate mobile trading seamlessly into online publishing platforms.” Trading Ticket’s TradeIt platform makes trading easier and more secure, enabling traders and investors to trade from partner websites and apps with whatever broker they choose. The technology is expected to go live soon on mobile apps including Stock Trader, Rubicoin, and Investr. Major financial websites like Benzinga, MarketWatch, and The Street.com will also soon feature TradeIt.

As part of the investment, Andrew McCormack (Valar founding partner) and Blake Darcy (DLJdirect founding CEO) will join the Trading Ticket board. Gupta will serve as a board observer.

Trading Ticket distinguishes itself from other mobile trading solutions in three ways, according to company co-founder and CEO Nathan Richardson. “Speed to trade for users, order volume for brokers, and a direct monetization opportunity for publishers who don’t want the conflict of becoming a broker-dealer.” Publishers and web-app developers can integrate TradeIt into their own solutions through the TradeIt API, widgets, a short URL for use with social media like Twitter, as well as an iOS SDK, and ad units. Exchange-traded fund (ETF) providers say the platform helps them “close the sales cycle” with retail investors in particular by making it easier for visitors to buy highlighted fund offerings.

The technology won Trading Ticket “Most Innovative Trading Solution” at Citibank’s Global Mobile Challenge this spring.

Founded in September 2014 and headquartered in New York, Trading Ticket made its Finovate debut at FinovateFall 2015. Video of the company’s live demonstration will be available later this week.

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CoverHound Completes $33 Million Series C

CoverHound Completes $33 Million Series C
By David Penn Posted on
Categories: CoverHound, Funding, Fundings

Coverhound_homepage_Sep2015

Move over robo-advisers and alternative lenders, there’s a new destination for investment dollars in the fintech space.

Digital insurance-comparison and -shopping platform CoverHound announced today that it closed a $33.3 million Series C round. The investment takes the company’s total funding to more than $53 million, giving CoverHound a valuation of more than $100 million.

CoverHound_screen_FF2013_1The round was led by ACE Group and featured participation by existing investors, American Family Ventures, Blumberg Capital, Core Innovation Capital, Route 66 Ventures, and RRE Ventures.

CoverHound CEO Keith Moore emphasized his company’s commitment to the comparison-shopping model as the “fastest and smartest way” for consumers to buy property and casualty (P&C) insurance. The company plans to use the capital to invest in new talent, specifically in product management and engineering, as well as new products for SMEs and entrepreneurs. CoverHound also plans to emphasize adding insurance carriers to its platform and finding partnerships in new states.

2015 has been a banner year in funding for CoverHound. This spring, the company announced a successful $14 million Series B round that included news of its Google Compare partnership. CoverHound currently provides auto, homeowners, renters, and motorcycle insurance from more than 20 carriers including Progressive, Safeco, Travelers, and MetLife. The company says it has experienced new customer policy growth of more than 168% in 2015.

As part of the investment, James D. Robinson III, RRE Ventures’ co-founder and general partner, will join the CoverHound board. Robinson was CEO of American Express from 1977 to his retirement in 1993.

Founded in May 2010 and headquartered in San Francisco, California, CoverHound demonstrated its technology at FinovateFall 2013 in New York.

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Coinalytics Earns $1 Million in Seed Funding from The Hive

Coinalytics Earns $1 Million in Seed Funding from The Hive
By David Penn Posted on
Categories: Coinalytics, Funding, Fundings

Coinalytics_homepage_Sep2015

Feeling sour on cybercurrencies? Coinalytics now has one million more reasons why you should be a blockchain—if not Bitcoin—believer.

The Palo Alto-based blockchain-analytics specialist has raised $1.1 million in seed funding from The Hive. The Hive is an incubator that specializes in working with companies that develop technologies for “data-intensive enterprises.” And these days, when you hear “data-intensive,” think blockchain. According to Fabio Federici, Coinalytics CEO, technologies like those built by his company will play a major role in “break(ing) down a significant barrier for mainstream adoption of the blockchain.”

Coinalytics has developed a platform that helps businesses gain valuable intelligence, analytics, and risk assessment from the blockchain. The platform relies on advanced machine learning, pattern recognition, and distributed systems, providing businesses in industries ranging from online payments to financial services with real-time transaction information that is both secure and private.

The investment takes the company’s total capital to $1.3 million raised in three rounds.

While blockchain is synonymous with Bitcoin for many, Federici pointed out that the virtues of the blockchain extend beyond Bitcoin, potentially to any instance where value is exchanged, including not only financial services, but also supply-chain management and the internet of things.

FinDEVr2015LogoV2DateFounded in 2014, Coinalytics will use the new capital to drive growth, including building out technology and sales teams. Coinalytics will make its FinDEVr debut next month in San Francisco.

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FinovateFall 2015: A Week in Tweets

By David Penn Posted on
Categories: FinovateFall 2015

TwitterLogo_blue_newAfter every Finovate, it’s always fun to re-visit the event through the insight and wit of our community of passionate fintech professionals on Twitter. And FinovateFall 2015 is no different.

Surprise and excite our savvy family of more than 23,000 followers on Twitter with your demo, and the accolades will come early and often. On the other hand, woe unto the unfortunate presenter who fails to grab the audience’s attention within the first 60 to 90 seconds.

Fair, but firm. Tough, but tolerant of the occasional gaffe or mid-demo technology hiccup. Often irreverent, but always ready to give a tip of the hat to true innovation, that’s our crowd. And the truth is, our Finovate conferences just wouldn’t be the same without ’em.

So let’s take a look at some of the more creative, colorful, and consequential tweets of the FinovateFall 2015 week that was. And be sure to make us a part of your Twitter community by following us @finovate.

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Finovate Alumni News

By David Penn Posted on
Categories: Aerospike, Boku, Cachet Financial Solutions, Corezoid, edo Interactive, Enterprise Engineering, Gusto, Handpoint, Matchi, Prosper, Stratos, WePay, ZenPayroll

On Finovate.com

Around the web

  • edo Interactive brings its card-linking technology to the Rewards Network.
  • ZenPayroll changes its name to “Gusto,” adds health care and worker’s compensation to its services.
  • Boku partners with Japan’s Ueshima Coffee Company to allow customers to top up coffee cards using their mobile phones.
  • Cachet Financial Solutions receives approval from its issuing bank and MasterCard to offer Select Mobile Money for corporate clients.
  • KPMG and Matchi form alliance to enhance access to financial innovation.
  • Radius Bank partners with Prosper to direct customers interested in personal loans to the marketplace lender and receive referral fees.
  • Eastern Bank to pilot Stratos partner program.
  • Handpoint receives undisclosed investment from Icelandic VCs Eyrir Sprotar and Frumtak to fuel U.S. expansion.
  • WePay launches ACH-transfer capability to expand its payment-type platforms offered to customers.

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

By David Penn Posted on
Categories: Azimo, i-exceed, Intuit, On Deck Capital, TransferTo

On Finovate.com

  • “FinovateFall 2015 Best of Show Winners announced“

Around the web

  • OnDeck and Intuit join forces to launch $100 million lending-fund for small businesses. See Intuit at FinDEVr 2015 in San Francisco in October.
  • The Appzillon Banking Solution from i-exceed technologies earns deployment at two banks in India.
  • Azimo and TransferTo team up to provide mobile top-up services in more than 100 countries.

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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FinovateFall 2015 Best of Show Winners Announced

FinovateFall 2015 Best of Show Winners Announced
By David Penn Posted on
Categories: Best of Show, Blockstack.io, Dyme, Dynamics, Finanteq, FinovateFall 2015, Hedgeable, HelloWallet, SaleMove, Soundpays

BoS_TrophiesShot_FF2015

The Best of Show votes for FinovateFall 2015 have been cast and counted! After two days and 70 live demos of the latest in fintech innovation, our attendees made their opinions known as to which companies earned “Best of Show” (see footnotes for voting methodology).

This year at FinovateFall, it was the debuting companies that made some of the biggest impressions on our record-setting Finovate audience. Of the eight companies to take home “Best of Show” honors, five of them were making their very first appearance on the Finovate stage.

So with a hearty “Congratulations!” let’s meet the Best of Show winners of FinovateFall 2015 (in alphabetic order):

BlockstackioLogoBlockstack.io for its technology that enables financial services and other enterprises to set up and build applications on a private, hosted blockchain.

 

dymeDyme for its innovative method for helping people start a savings habit and fund their life using text messaging.

DynamicsLogoDynamics for its fully programmable interfaces—stripe, EMV, NFC—for use in next-generation payment cards.

 

FINANTEQLogoFinanteq for its SuperWallet that helps banks take full advantage of their potential by integrating m-commerce and remote services with mobile banking.

HedgeableLogoHedgeable for its private banking platform for millennials.

 

HelloWalletLogoHelloWallet for its Retirement Explorer solution, an approachable and actionable online planning tool that helps employees model and work toward specific retirement outcomes.

SaleMoveSaleMove for its Engagement Platform and OmniCall technologies that enable online consumers to engage live with businesses as if they were face-to-face.

Soundpays_logo_FF2015Soundpays for its patent-pending technology that allows the app to recognize ultrasonic and sonic waveforms even in extremely noisy environments.

We had a great time at FinovateFall 2015 and hope you enjoyed the show, as well. Thanks, as always, to everyone who attended, sponsored, partnered with and demonstrated their latest technologies at FinovateFall 2015. We’ll see you next year!

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate the companies on the basis of demo quality and potential impact of the innovation demoed.”
4. The eight companies appearing on the highest percentage of submitted ballot were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from FinovateEurope 2015 are here. Best of Show winners from FinovateSpring 2015 are here.

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ArcBit Presents BitCoin Wallet, Gives Consumers a “Bank In Your Pocket”

ArcBit Presents BitCoin Wallet, Gives Consumers a “Bank In Your Pocket”
By David Penn Posted on
Categories: ArcBit, FinovateFall 2015

ArcBitThis post is part of our live coverage of FinovateFall 2015.

Our final presentation of FinovateFall is up next. Here’s the team from ArcBit.

Your bank in your pocket, and your money safely in your control, that’s the way banking should be. ArcBit Wallet is a mobile application that gives you full control over your bitcoins. With the ArcBit Wallet, you can send and receive bitcoins from anywhere in the world to anywhere in the world. It is basically a bank in your pocket.

Presenters: Tim Lee, founder, and Cameron P., developer

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Product launch: June 2015

Metrics: 4 employees, has not yet pursued outside investment
Product distribution strategy: Direct to consumer (B2C)

HQ: New York City, New York
Founded: June 2015
Website: arcbit.io
Twitter: @arc_bit

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Ephesoft Enables Companies to Leverage Unstructured Data into Better Decision-Making Processes

Ephesoft Enables Companies to Leverage Unstructured Data into Better Decision-Making Processes
By David Penn Posted on
Categories: Ephesoft, FinovateFall 2015

EphesoftThis post is part of our live coverage of FinovateFall 2015.

Making their way to the stage is Ephesoft.

Ephesoft Universe mines document-stores for information that can be charted, graphed, studied, and compared to help users make better financial decisions. It is the first application to leverage big data tools like Hadoop and Spark to classify documents and extract meaning from them, allowing companies to incorporate unstructured data into decision-making processes. Ephesoft Universe takes access to and manipulation of these vast information streams out of the hands of data scientists and onto the desks of business and financial analysts.

Presenters: Director of Marketing Tim Dubes and CTO Ike Kavas

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Product launch: September 2015
Product distribution strategy: Direct to business (B2B); through other fintech companies and platforms, licensed

HQ: Laguna Hills, California
Founded: November 2010
Website: ephesoft.com
Twitter: @Ephesoft

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Voitrax Captures and Organizes Voice, Text to Ensure Full Dodd-Frank Compliance

Voitrax Captures and Organizes Voice, Text to Ensure Full Dodd-Frank Compliance
By David Penn Posted on
Categories: FinovateFall 2015, Voitrax

VoitraxThis post is part of our live coverage of FinovateFall 2015.

Coming to the stage next is the team from Voitrax.

The Voitrax platform captures voice, text, and other communication records and accurately organizes and stores them to ensure complete compliance with Dodd-Frank regulatory requests. The system uses a unique blend of advanced technologies to reconstruct swap trades. Our solution addresses the direct needs of Dodd-Frank 1.35a and 23.201-3.

Presenters: CEO Levi Orbach; COO Craig Eagle; CTO Moshe Rayman

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Product launch: September 2015
Product distribution strategy: Direct to business (B2B); through other fintech companies and platforms

HQ: Jerusalem, Israel; New York City, New York
Founded: October 2015
Website: voitrax.com
Twitter: @VoitraxInc

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