Author: David Penn

Digital Retail Apps Raises C$1 Million in Round Led by Texas Ventures

Digital Retail Apps Raises C$1 Million in Round Led by Texas Ventures
By David Penn Posted on
Categories: Digital Retail Apps

DigitalRetailApps_homepage_Aug2015

Courtesy of an investment from Texas Ventures and featuring additional participation from angel investors in the U.S., Digital Retail Apps is C$1 million (US$770,000) closer to its goal of going global.

Digital Retail Apps is the company behind SelfPay, the mobile payments technology that alleviates the most overlooked pain point of the in-person payment process: the queue. “We are seeing more and more retailers shift their focus to an app-based payments model, which eliminates the checkout line, as opposed to a tap and pay model,” DRA founder and CEO Wendy MacKinnon Keith said.

“App and pay is much more convenient to the shopper because it saves them time – they don’t have to wait in line to pay,” she explained.

DigitalRetailApps_stage_FS2014

Pictured: Digital Retail Apps founder and CEO Wendy MacKinnon Keith demonstrating SelfPay at FinovateSpring 2014 in San Jose.

In order to make this work for merchants as well as consumers, Digital Retail Apps has built a platform that integrates directly into the merchant’s POS system, and provides a range of payment methods including all major credit cards, credit card branded debit cards, as well as Apple Pay and PayPal. The platform is available as a white label app for individual merchants, a multi-merchant app for mall operators, as well as licensed and integrated into a current mobile shopping app.

The new capital is the first non-founder, non-friends and family investment in the Toronto-based e-commerce startup. Scott Crist, Texas Ventures CEO, called Digital Retail Apps a leader in the mobile payment space and praised both the company’s IP portfolio and “partnership-based approach (that) brings many parties together to create a consistent shopping flow across retailers, payment processors, and payment types.”

Digital Retail Apps was featured earlier this year in Toronto Star’s coverage of Canada’s first financial technology cluster launched by MaRS. The company also earned a mention in a Financial Post column as an example of the “great strides” in store for digital payments in 2015.

Founded in March 2012 and headquartered in Toronto, Ontario, Canada, Digital Retail Apps demonstrated its SelfPay technology at FinovateSpring 2014 in San Jose.

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Finovate Alumni News

By David Penn Posted on
Categories: CashStar, Digital Retail Apps, EyeVerify, Fenergo, Kensho, Misys, NICE Systems, Personal Capital, Yodlee

On Finovate.com

  • “Holy Yodlee! Envestnet to Buy Yodlee for $660 Million”
  • “Artificial Intelligence Innovator Kensho Locks in $48 million Series B Round”
  • “Digital Retail Apps Raises C$1 Milllion in Round Led by Texas Ventures”

Around the web

  • Misys shortlisted in three different categories in the CIR 2015 Risk Management Awards.
  • Bloomberg TV looks at Fenergo in a discussion on investment in startups.
  • NICE Systems wins “8-figure contract” to bring call recording and incident-management technology to NYC’s Department of Information Technology and Telecommunications (DoITT).
  • Personal Capital CEO Bill Harris writes about the rise of robo-advisors in a column for Investment News.
  • CashStar to power digital gift card offerings from Maritz Motivation Solutions.
  • KCUR 89.3 FM interviews EyeVerify CEO Toby Rush.

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, FinDEVr Alums Earn Finalist Spots in BBVA Open Talent Competition

Finovate, FinDEVr Alums Earn Finalist Spots in BBVA Open Talent Competition
By David Penn Posted on
Categories: Coinalytics, DRAFT, Rippleshot, SizeUp, Token, Uncategorized

BBVAOpenTalent2015_homepage

The BBVA Open Talent competition released the list of finalists for its 2015 competition. And five alums from both our Finovate and FinDEVr conferences will be competing for the top prizes.

The three regional finals will be held in September (schedule below). Six winners will be chosen, two from each category. Winners will receive €30,000 to develop their fintech projects in partnership with BBVA.

  • Latin America Finals: Mexico City, 9/10 September
  • USA and the Rest of the World Finals: New York, 14/15 September
  • Europe Finals: Barcelona, 21/22 September

Here’s a look at the alumni who will be competing in September:

Coinalytics_logo_FinDEVr2015_250xCoinalytics provides an end-to-end intelligence platform that helps institutions gain actionable insights from the blockchain. The company will make its FinDEVr debut at FinDEVr 2015 in San Francisco in October. Coinalytics was founded in April 2014 and is based in San Francisco, California.

DRAFT_logoDRAFT made its Finovate debut at FinovateSpring 2015 in San Jose. The company has developed a crowdsourced, mobile investment-analysis solution geared toward mass-affluent millennials. DRAFT was founded in October 2014 and is headquartered in Austin, Texas.

Rippleshot_hi_res_FS2014Chicago-based Rippleshot builds security and anti-fraud solutions. Their cloud-based technology leverages big data to spot bank card data breaches. The company was founded in June 2013 and last demoed for Finovate as part of FinovateFall 2014 in New York.

SizeUp_logoFounded in September 2011 and based in San Francisco, SizeUp uses big data to give small businesses the kind of business intelligence and market analysis often available only to larger companies. The company demoed at FinovateSpring 2015 in San Jose.

FS2015_Token_logo_snagMaking its Finovate debut this spring at FinovateSpring 2015, Token has developed a payment platform that relies on public-key cryptography and digital signatures for faster, more secure transactions. Founded in January 2015 and headquartered in Palo Alto, California.

Now in its seventh year, the BBVA Open Talent competition seeks fintech projects that “contribute to the industry’s evolution and transformation.” Ideal areas for innovation include big data, e-commerce, and security. The Open Talent challenge seeks to emphasize solutions from companies and entrepreneurs interested in becoming “fellow travel companions” with the bank.

Here are the rest of the finalists in the competition (alums excluded).

Latin America category

  • Aflore
  • Bitnexo
  • Bitso
  • CAAAPITAL
  • Culqi
  • Destácame
  • Finvox
  • Moneero
  • Openpay
  • Quotanda
  • Uanbai
  • Volabit
  • Wayniloans
  • Zave App
  • Zoop

USA and Rest of the World category

  • Bitwage
  • ClearServe
  • Control
  • Dyme.co
  • Koho
  • LendingFront
  • ModernLend
  • New Constructs
  • SAASPASS
  • SnapCard
  • Voaztz
  • WeFinance

Europe category

  • Aplázame
  • Continuum Security
  • Cutover
  • Everledger
  • Grow.ly
  • Origin Markets
  • Ormsby Street / Credit HQ
  • PayBox
  • Pich
  • Ringpay
  • Safello
  • Squirrel Financial Wellbeing
  • TheMarkets Trust Ratings
  • Vaultoro
  • Wayerz
  • Wealth-Arc
  • 50wise

 

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Finovate Alumni News

By David Penn Posted on
Categories: Avoka, Azimo, EyeVerify, Wallaby Financial

On Finovate.com

  • “Finovate, FinDEVr Alums Win Finalist Spots in BBVA Open Talent Competition”

Around the web

  • CIO magazine features Wallaby Financial in a look at the end of passwords.
  • Waters Technology interviews Derek Corcoran, chief experience officer at Avoka.
  • Planet Biometrics looks at the updated version of the EyeVerify SDK.

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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Xero Launches its New Android Touch App

Xero Launches its New Android Touch App
By David Penn Posted on
Categories: Xero

Xero_homepage_Aug15

Xero calls the new look of its Android Touch app “the biggest release since the native version.” In an announcement at the Xero blog, we learn that the new app adheres to Google’s design guidelines: “Every pixel of the dated Android 4.x ‘Holo’ look is gone!” Xero Project Manager Luke Gumbley writes: “We’ve revisited every single screen with an eye on consistency and beautiful design.”

What’s new in the update? For one, the receipt entry process is now optimized for single line items. Also the new app has moved less frequently used fields into an overflow menu. Invoicing has been simplified, and the interface has been redesigned to be more straightforward and less crowded.

Download the free app here.

XeroAndroidTouch_500

Xero’s Android Touch app lets business owners manage many of their business affairs on the go. The app provides automatic bank reconciliation, the ability to generate and send invoices, track expenses and more – all from your mobile device. The app features a “Try It For Free” option that lets new users try the app without having a Xero account.

Xero has had a busy summer. The company updated its Tracked Inventory feature last month; announced the availability of its Payroll in Xero service in Nevada and Illinois; and partnered with Midpoint Holdings to make it easier for small businesses doing business internationally. Xero reached the 500,000 customer milestone in June, the same month Expensify announced it had upgraded its integration with Xero’s platform. Forbes ranked Xero #1 in its list of the 100 most innovative growth companies for 2015 in May.

Founded in 2006 and headquartered in Wellington, New Zealand, Xero is a veteran of both Finovate and FinDEVr conferences. The company demoed its Business Identification technology at FinovateSpring 2011, and discussed how Xero is building an API-driven ecosystem for small businesses at FinDEVr 2014 San Francisco.

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Lending Club Reports Growth in Revenues, Originations for Q2 2015

Lending Club Reports Growth in Revenues, Originations for Q2 2015
By David Penn Posted on
Categories: Lending Club

LendingClub_homepage_Aug15

Lending Club provided investors with plenty to think about in its Q2 2015 earnings conference call this week. Here are a few of the highlights from a second quarter that saw Lending Club reach $11.2 billion in total originations.

Financial stats:

  • Revenue gains of 98% year-over-year ($96.1 million this year compared to $48.6 million last year in the same period)
  • Cash, cash equivalents, and securities available for sale totaling $888 million; no outstanding debt
  • Originations increased by 90% year over year ($1.9 billion compared to $1 billion last year in the same period)

Milestones:

  • Opened to investors in Texas, Arizona, Arkansas, Iowa, and Oklahoma; now available to investors in 33 states
  • Opened to borrowers in Nebraska and North Dakota; now available to borrowers in 47 states
  • Partnered with Ingram Micro to provide term loans and unsecured lines of credit for Ingram Micro’s valued-added resellers in the U.S.

Lending Club said it anticipates Q3 2015 operating revenues of between $106 million and $108 million, and total revenues for fiscal 2015 between $405 million and $409 million.

Founded in 2006 and headquartered in Sunnyvale, California, LendingClub demonstrated its platform at the first Finovate in 2007. Renaud Laplanche is CEO.

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CashStar Raises Capital: New Investment Boosts Total to $50 Million

CashStar Raises Capital: New Investment Boosts Total to $50 Million
By David Penn Posted on
Categories: CashStar, Funding

Cashstar_homepage_Aug2015

A $15 million Series D round led by FTV Capital has boosted to $50 million the total capital of prepaid solutions provider CashStar. New investor Mosaik Partners and current investors, Passport Capital, Intel Capital, and North Hill Ventures also participated. The additional capital will help CashStar invest in product innovation, sales, and “client success.”

CashStar_Grayscale_Logo_No_TagFounder of Mosaik Partners, Miles Kilburn pointed to CashStar’s “exceptional growth potential” as one reason for his firm’s decision to support the company. “CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth,” said Kilburn, who will be joining the CashStar board of directors.

CashStar President and CEO Ben Kaplan saw the investment as part of a larger wave of momentum the company has enjoyed in recent months. The company made two executive appointments this year: Martin Hood as vice president of channel partnerships in May, and Matt Kerper as vice president of strategic business development in July. May was also the month CashStar moved into new offices in Portland, Maine, and announced that Studio Movie Grill would be launching CashStar-powered digital gift cards. In July, CashStar was named to the AlwaysOn Global 250 for the second year in a row; in March, CashStar won a 2015 PYMNTS Innovator Award in the Best Prepaid Innovator category.

Founded in 2007 and headquartered in Portland, Maine, CashStar demonstrated its Digital Gifting and Incentives Platform as part of FinovateFall 2011 in New York.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Azimo, blooom, CashStar, Currency Cloud, CurrencyFair, Dragon Wealth, FinanceIt, Lending Club, LendUp, peerTransfer, Ripple, TransferWise, Twilio, Xero, Yodlee

On Finovate.com

  • “Xero Launches its New Android Touch App”
  • “Lending Club Reports Growth in Revenues, Originations for Q2 2015″
  • “CashStar Raises Captal: New Investment Boosts Total to $50 Million”

Around the web

  • Star Tribune column on robo-advisors features blooom.
  • ACI Worldwide and Computop partner to provide payments and anti-fraud solution.
  • Yodlee adds four companies to its International Acceleration Program. Join Yodlee at FinDEVr 2015 in San Francisco in October.
  • BankNXT’s look at fintech in Singapore features Dragon Wealth.
  • Let’s Talk Payments highlights Azimo, Currency Cloud, peerTransfer, TransferWise, and Ripple in its list of “remittance startups to watch for.”
  • CurrencyFair signs on with global payment network, Earthport.
  • LendUp deploys TaskRouter from Twilio to improve its call-center customer service. See Twilio at FinDEVr 2015 in San Francisco.
  • The Globe and Mail highlights Financeit in a look at financing options for small businesses.

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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Five Finovate Alums Named 2015 Technology Pioneers by World Economic Forum

Five Finovate Alums Named 2015 Technology Pioneers by World Economic Forum
By David Penn Posted on
Categories: Ayasdi, FutureAdvisor, Ripple, Sedicii, TransferWise

WorldEconomicForum_homepage

According to the World Economic Forum, whatever it takes to be a Technology Pioneer in 2015, a quintet of Finovate alums has got it.

Ayasdi, FutureAdvisor, Ripple Labs, Sedicii Innovations, and TransferWise were named as 2015 Technology Pioneers in the World Economic Forum’s Information Technology category.

AyasdiLogo_FF2014The Technology Pioneers program was launched in 2000 to give recognition to early stage companies developing new technologies that will have a “significant impact on business and society.” Previous winners have included AirBnB, Google, Next, SoundCloud, and Twitter.

futureadvisorlogoThe World Economic Forum chooses approximately 30 companies each year out of a pool of “hundreds” of applicants. The field is winnowed by a selection committee consisting of top technology experts, academics, entrepreneurs, and venture capitalists who review the applications and submit a recommendation to the World Economic Forum. Since the program began, 600 companies from five continents have been represented in the Technology Pioneer program.

RippleLabs_logoCompanies interested in the 2016 program should apply before February 5, 2016. Applicants will be notified by mid-July 2016. More information about the program is available here.

Sedicii_logo_high-resAyasdi made its Finovate debut at FinovateFall 2014 in New York. The company raised $55 million in funding this spring, taking its total to more than $100 million. FutureAdvisor recently unveiled its FutureGift solution, to make it easier for friends and family to make contributions to a child’s college savings plan. The San Francisco-based company demoed its platform at FinovateFall 2013, and has total capital of more than $20 million.

Transferwise_logo_newRipple Labs picked up a $28 million investment and hired former Yahoo exec Brad Garlinghouse as its new chief operating officer in April. Irish startup Sedicii demoed its authentication solution at FinovateEurope 2015, and TransferWise, making its Finovate appearance at FinovateEurope 2013, began 2015 with a $58 million fundraising led by Andreessen Horowitz that boosted the company’s total capital to more than $90 million.

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Friday is the Final Day to Save Big on FinovateFall 2015 Tickets

Friday is the Final Day to Save Big on FinovateFall 2015 Tickets
By David Penn Posted on
Categories: FinovateFall 2015

FinovateFall2014_stage_balconyview_800

At Finovate, the Early Bird gets the hundred-dollar discount.

This Friday is the final day of Early Bird ticket sales for FinovateFall 2015. Our fall conference returns to New York City, 16/17 September for two days of live fintech demonstrations and high-caliber networking. The show will take place at the New York Hilton Midtown on the Avenue of the Americas. Find out more about the venue and local hotels here.

We hope you’ll join us. And we really hope you’ll take advantage of our early bird discount and save $100 off the ticket price by registering before the end of the week.

FF2015LogoRevLarge

We began introducing the companies that will be presenting at FinovateFall 2015 last month. Over the next few weeks, we’ll share more information, background, and insights into the entrepreneurs and innovations that will be on stage next month in New York City. Take a peek at the current roster below, and look for the full list of presenters the first few days of September.

FF2015_Presenters_Graphic

With 10 hours of live fintech demonstrations and another eight hours dedicated to networking among attendees, presenters, sponsors, and partners, FinovateFall 2015 is a unique opportunity to meet with some of the biggest problem-solvers and solution-builders in fintech. Come for the live demos. Stay for the Best of Show voting and celebration. And enjoy a sneak peek at what some of our industry’s most innovative entrepreneurs and organizations have to offer.

Time is running out, so we’ll let you take it from here. Early bird savings on tickets to our fall conference end on Friday. Stop by our FinovateFall 2015 page and register today.

FinovateFall is sponsored by The Bancorp, CapitalSource, Envestment, Financial Technology Partners, Hudson Cook, KPMG, and Zions SBIC.

FinovateFall is partners with Aite, American Bankers Association, Bank Innovators Council,BankersHub, bobsguide, Breaking Banks, California Bankers Association, Canadian Trade Commissioner Service, Celent, CoinTelegraph, Crowdfund Beat, Ebanking News, Hotwire, IDC Financial Insights, Javelin,Let’s Talk Payments, Mapa Research, Mercator Advisory Group, MergerMarket, The New Economy, NYPAY, The Paypers, SME Finance Forum, and World Finance.

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Finovate Alumni News

By David Penn Posted on
Categories: Ayasdi, Corezoid.com, Dragon Wealth, EverSafe, Flint Mobile, FutureAdvisor, Global Debt Registry, MaxMyInterest, PayNearMe, Q2, Qapital, Socure, Tradier, Xignite

On Finovate.com

  • “Socure Secures $2.5 Million in Debt Financing”
  • “Five Finovate Alums Named 2015 Technology Pioneers by World Economic Forum”

Around the web

  • Let’s Talk Payments interviews Stephane Dubois, Xignite CEO and founder. See Xignite at FinDEVr 2015 in San Francisco in October.
  • Flint Mobile upgrades its iOS mobile app to improve compatibility with Apple Wallet.
  • Cloud OS Corezoid is now available via the Amazon Marketplace (in Russian).
  • Forbes notes MaxMyInterest, Dragon Wealth, and EverSafe in a feature on the global growth of fintech accelerators.
  • Market Visual integrates with the Tradier API to enable investors to manage stock portfolios and trade on a single platform.
  • Q2 Holdings acquires Centrix Solutions for $20 million.
  • Ayasdi named a 2015 Technology Pioneer by World Economic Forum.
  • Delaware Business Times profiles Global Debt Registry.
  • RateFuel asks if Qapital represents the “future of banking.”
  • PayNearMe partners with The California Department of Child Support Services to offer a new payment option for cash-paying customers.
  • FutureAdvisor launches FutureGift to help friends and family easily contribute to kids’ college funds.

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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Socure Secures $2.5 Million in Debt Financing

Socure Secures $2.5 Million in Debt Financing
By David Penn Posted on
Categories: Socure

Socure_homepage_Aug2015

Finovate has confirmed that ID-authentication specialist Socure has raised $2.5 million in debt financing. This supports a recent report that Socure CEO Sunil Madhu had filed a Form D with the SEC in late July.

The debt financing adds to the more than $4 million in equity capital Socure has earned. The company’s last fundraising was a $2.5 million investment Novembe 2014 that featured participation from ff Venture Capital, Founder Collective, and Two Sigma Ventures.

Socure_stage_FF2013

From left: Socure CEO Sunil Madhu and Johnny Ayers, SVP of business development, demonstrated their company’s Social Biometrics technology at FinovateFall 2013.

Socure provides a real-time identity-verification technology to help payments-remittance companies, FIs, and online merchants combat identity fraud. The company’s Social Biometrics platform is an SaaS solution that combines artificial intelligence, machine learning, and social behavior-pattern analysis to distinguish qualified logins from attempted logins by fraudsters and bots.

Socure announced last month that it had earned U.S.-EU and U.S. Switzerland Safe Harbor Certification. This assures customers that the company’s handling of sensitive data meets the privacy requirements of both the European Union and the Swiss government. In June, Socure was profiled in PYMNTS.com, which interviewed co-founder Johnny Ayers, SVP of business development, and Ken Allen, SVP operations.

Founded in August 2012 and headquartered in New York, Socure demonstrated its Social Biometrics solution at FinovateFall 2013. The company returns to the Finovate stage in September for FinovateFall 2015. To learn more about our upcoming conference in New York City, visit our FinovateFall 2015 page.

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