With 300 fintech innovators already taking advantage of Yodlee’s 10-month old accelerator program, the company’s sights are set on still more companies coming on board. In fact, Yodlee anticipates growth of more than 50% by the end of the year.
One of the key features of the program is free access to Yodlee’s API, which brings with it the ability to draw from a wealth of financial data, from bank accounts to rewards campaigns. Program companies have taken this data and run with it, building everything from eWallets to new lending services.
Aside from its role in “paying it forward” (fintech edition), Yodlee has been a very successful outfit in its own right. The company has more than 40 million users and $100 million in capital, with 20% of its customers coming from outside the United States.
It’s worth pointing out that Yodlee’s accelerated startups include a handful of Finovate alumni such as EZBOB and FreeAgent (both companies fresh from appearances at FinovateEurope). Other alumni taking advantage of Yodlee’s platform include Credit Karma, Xero, and LearnVest.
Success with the accelerator program, which was launched in May 2012, may be what has encouraged the company to launch its API incubator program to cater to a different subset of startups. So far, Yodlee has been able to incubate 10 companies, including Finovate alumn, Planwise.
Yodless was last on the Finovate stage in September 2012 as part of FinovateFall in New York. Watch a demo of Yodlee in action here, as they present their small business platform.
The battle to liberate merchants from card reader hardware and proprietary mobile wallets just recorded another victory.
Flint Mobile has announced that they will bring their swipe-free mobile payments solution to Fidano, a subsidiary of merchant service provider NXGEN
Flint’s app enables merchants to accept credit card payments via iPhone. While the cardholder information passes through the app (the app scans the card numbers and is used to enter verification data) no information is stored on the phone itself.
Fidano’s partners will be able to take advantage of Flint’s platform in the second quarter of 2013. The company, which made the partnership announcement at the PYMNTS.com Innovation Project today, reports strong usage growth of its iOS app over the past six weeks. The app has been available since November 2012.
Flint Mobile was last on the Finovate stage in 2012 at FinovateSpring. See them in action here.
Index Ventures, Greylock Partners and the Social+Capital Partnership have just made financial advisory service Wealthfront $20 million wealthier.
Joined by angel investors from institutions as diverse as WordPress and the San Francisco 49ers professional football team, the funding round provides a significant shot in the arm to a start-up still seeking to distinguish itself in a crowded and growing marketplace.
Wealthfront is an online, SEC-registered financial advisory service geared toward average, non-accredited investors who want actively managed accounts. The service includes such features as tax-loss harvesting (for accounts above $100,000) and automatic rebalancing. Note that both of these features are often accessible only through in-person, human brokers and financial advisors.
The company has seen growth in assets under management of more than 70% since 2013, totaling more than $170 million.
Wealthfront first appeared on the Finovate stage as part of FinovateStartup 2009. Then doing business as “kaChing”, the company presented their virtual investing environment. To see their demo, click here.
Believe that mobile banking is the future? Then stay tuned for more from credit unions like Communication FCU which just announced a new partnership with mobile banking platform provider Tyfone.
What’s in the deal for Communication FCU and its members? The highlights include:
- Fiserv XP2 core integrated mobile banking
- Enhanced ID authentication
- NFC contactless payment technology
Central to Tyfone’s mobile banking solution is the iCashe mobile wallet. Tyfone’s mobile wallet provides opportunities for financial institutions to earn revenue while simultaneously offering wallet-users easy and secure access to their accounts.
Communication FCU has more than 55,000 members and more than $850 million in assets. Founded in 1939, the credit union has 10 branches in Oklahoma and Kansas.
Long-time alum Tyfone demoed at Finovate Startup 2008. You can see their demo here.
The latest on American mobile payment companies making a play for Europe?
PayPal says it’s on the way. And Square so far is nowhere to be found. Which makes Intuit‘s announcement that it is launching its Intuit Pay mobile payments service in the United Kingdom all the more provocative.
UK consumers have been waiting for Intuit Pay since the fall of 2012, when the company announced its intention to break into the mobile payments market in Europe. Starting in the UK, Intuit hopes to expand both to a wider European audience, as well as globally. This would follow in the pattern of previous, successful, region-by-region rollouts (i.e., Intuit’s QuickBooks).
Consumers in the United States can currently take advantage of Intuit’s GoPayment app, which is functionally the same service as Intuit Pay.
will be available initially as an iOS app, with other platforms to be added in the near future (including Android). Intuit is offering its reader for free for a limited time.
The company’s move to the UK may have been encouraged in part by results from a survey suggesting that 47% of the small business respondents would accept cards if there were more affordable options, such as a smartphone or tablet. Currently, less than 20% of companies with less than 10 employees accept card payments.
Intuit was last on the Finovate stage in September 2009. The company demoed an integration of TurboTax for Online Banking with FinanceWorks.
Paying bills with Pageonce just got easier, courtesy of a March update that allows customers to pay their credit card bills with their debit card.
The new capabilities
do come with a price (i.e., a transaction fee). The upgrade was released on March 7 for Android, and March 10 for iOS.
Pageonce announced that it had reached the $1 million a day milestone in January. The company was last on the Finovate stage in the spring of 2010. See their demo here