Alumni News– November 6, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSmartphone checkbook app MagicMony powered by VerifyValid. Read our CEO interview with VerifyValid CEO Paul Doyle here.
  • Pymnts.com takes a look at how innovators like Mitek, Top Image Systems, and Kofax are dealing with mobile deposit fraud.
  • Sramana Mitra interviews Avoka CEO Phil Copeland for the One Million by One Million Blog.
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.

Gremln Secures $500,000 Investment from Cultivation Capital

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Gremln, the company dedicated to making it easier for banks and other financial institutions to benefit from social media, has secured a new investment of half a million dollars from Cultivation Capital.

The new funding takes Gremln’s total capital to nearly $2 million. 

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Tim Stern, General Partner at Cultivation Capital, emphasized the “safety first” aspect of Gremln’s technology, saying there is a “large need” for software that will help industries control what is shared via social media. Stern will be joining Gremln’s board of directors as part of the investment.
Gremln specializes in social media management software that helps institutions use platforms like Facebook, Twitter, and LinkedIn without having to worry about regulatory and compliance issues. The technology includes compliance and organizational tools, analytics, features like bulk post upload, scheduling, and message assigning, and is available as a white label solution. Gremln has won awards and recognition from PC World, CIO Magazine, and the Innovators Cup. This summer, Gremln raised $100,000 as a participant in the SixThirty Accelerator program.
Among the interesting notes in the coverage of the investment was the suggestion from Gremln CEO Ryan Bell that the company looking into other potential revenue sources, such as working with financial broker dealers. Bizjournals also reports that Gremln has grown approximately 500% since early 2013.
Gremln last demoed on the Finovate stage in September as part of FinovateFall 2014. See the company present its new mobile platform here.

InvoiceASAP Raises $700,000 from Current Investors

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CEO Paul Hoeper confirmed the WhoGotFunded.com report yesterday that InvoiceASAP had raised $696,000 in new funding.

The company’s SEC Form D filing is available here. The investment takes InvoiceASAP’s total capital to more than $1 million.

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InvoiceASAP is a cloud-based mobile invoicing and payments platform. The technology is available as both a “freemium” offering as well as a premium service that allows for credit card acceptance and QuickBooks syncing. InvoiceASAP is compatible with PayPal and QuickBooks, and users can add and send a variety of media (from pictures to audio files) to their invoices, as well. A partnership with Zebra Technologies enables mobile printing, and all content is safely stored on InvoiceASAP’s secure servers.
InvoiceASAP was founded in November 2010 and is headquartered in San Francisco, California. The company demoed its Mobile Invoice Network as part of FinovateSpring 2013.

Alumni News– November 5, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBraintree announces new service that makes it easier for merchants to sign up for the platform.
  • MasterCard launches MasterPass in Czech Republic.
  • CAN Capital to offer loans via Yodlee’s Small Business solution.
  • PayPal’s Venmo to power payments for web and mobile chat app, Dasher.
  • Wall Street Sector Selector highlights Financial Guard and lists Betterment, FutureAdvisor, Jemstep, Nutmeg, SigFig, and Wealthfront in a column on using roboadvisors with retirement accounts.
  • SumUp partners with BitPay to integrate bitcoin into its mPOS solution.
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.

Trustly Announces $30 Million Investment from Bridgepoint Development Capital

Trustly Announces $30 Million Investment from Bridgepoint Development Capital

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Trustly, the Swedish payments company that began 2014 with a deal to make Groupon easier to use for customers at seven Swedish banks, is closing out the year with a €23 million ($30 million USD) investment courtesy of Bridgepoint Development Capital.

Carl Wilsson, Trustly CEO, said that the investment from Bridgepoint will help fuel the company’s European expansion. Trustly is live in eight European countries, and covers 57 banks representing 67 million consumers. The company currently processes more than seven million payments a year.

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“We are delighted to partner with Bridgepoint, who will provide support and financial resources as we continue to grow and innovate,” Wilsson said. A partner at Bridgepoint, Johan Dahlfors, pointed to both the growth of the European online payments market and the B2B, B2C, and P2P-based payment tools developed by Trustly as support for his firm’s investment.
“The business is therefore well positioned in a growing market for online payment solutions,” Dahlfors said. “We look forward to working with the ambitious team to build out its European presence further.”
Trustly develops online and mobile banking payment solutions. The company specializes in enabling direct bank e-Payments, integrating its technology with FI’s existing online banking infrastructure to make paying online as easy as paying in person with cash.
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The technology allows the merchant website to be visible throughout the payment process – a boon for both consumers and banks, as far as Trustly is concerned. The platform supports a wide range of authentication methods used by banks, as well, from MobileBankID to SMS codes.
Named one of the fastest growing technology companies in Sweden, Trustly’s recent headlines include the release of its open source, alternative messaging technology, BankAPI in September. In June, Trustly announced a partnership with PayPal to facilitate direct payments for online banking customers in Sweden and Denmark.
Trustly is headquartered in Stockholm, Sweden, and was founded in 2008. See the company’s 2013 FinovateEurope demo of Trustly’s direct, person-to-person bank payment solution here.

Alumni News– November 4, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOberthur and SecureKey announce collaboration to enable secure cloud transactions.
  • Zopa reports £250 million lent in 12 months.
  • Xendpay eliminates fee for overseas bank-to-bank transfers.
  • MX boosts its funding total to $20 million with new investment.
  • Xpenditure announces two new partnerships, US expansion.
  • Financial Advisor profiles robo-advisor, iQuantifi.
  • SK Planet teams up with Celcom Axiata Bhd to form joint-venture company, Celcom Planet.
  • Programmable Web takes a look at Feedzai’s anti-fraud API.
  • EyeVerify announces Eyeprint ID v2.0 to launch in January on iOS and Android.
  • Fidor Bank and Kraken join forces to launch specialized bank for crypto currencies.
  • TipRanks CEO and co-founder Uri Gruenbaum discusses financial accountability in a CNBC panel discussion.
  • Dragon Wealth named Euromoney Magazine’s Best Wealth Management Innovator in Asia.
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.

MX Takes its Funding Total to $20 Million with New Investment

MX Takes its Funding Total to $20 Million with New Investment
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The amount was undisclosed, but the latest investment for MX (formerly MoneyDesktop) reportedly takes the company’s total capital to $20 million.

“We are thrilled to be partnered with those that are on the side of innovation,” Ryan Caldwell, MX CEO and founder said in a statement. “And we are humbled to be a critical part of making that shift possible.”

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More is known about the investors than the investment – though the company’s previous funding total of more than $11 million suggests that the current investment is around $8-9 million. Speaking for one of the investors, TTV Capital’s Mark Johnson, referred to MX as “the kind of innovation and company that only comes along so often,” and praised how MX was able to deliver a “truly engaging” experience across platforms.
Also participating alongside TTV Capital were Commerce Ventures and North Hill Ventures.
Formerly known as MoneyDesktop, MX specializes in helping banks provide cross-platform banking and financial management experiences to their clients and customers. A Finovate multiple Best of Show award winner, MX launched a pair of products in September – Helios and WideNet. These technologies not only provide FIs with the technology they need to make their banking apps deployable on a wider variety of devices. They also make it possible for FIs to reach beyond their current customer base and expand their market reach.
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“For the first time in banking history,” Caldwell explained from the Finovate stage last month. “not only your account holders, but non account holders (can) download and use your app. This allows you to quickly, easily, and cost-effectively cast a wide net across all the potential account holders you don’t yet have, but want.”
In addition to the funding news, MX announced seven new clients with assets of $74 billion combined.
  • America First Credit Union
  • ATB Financial
  • BECU (Boeing Employees Credit Union)
  • Cadence Bank
  • LGFCU (Local Government Federal Credit Union)
  • Washington Federal
  • Wilson Bank and Trust
MX was founded in 2010 and is headquartered in Provo, Utah. See the company’s award-winning, multi-device demo from FinovateFall 2014.

Alumni News– November 3, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMoney on Toast to outsource its administration to Equiniti Wealth Solutions.
  • Mitek announces Restrictive Endorsement feature to reduce risk of duplicate check deposits.
  • Azimo opens up money transfer service to Kenya’s M-Pesa.
  • Better ATM Services signs agreement with ATM manufacturer, Genmega.
  • Ixaris teams up with United bank for Africa (UBA) to bring its virtual card platform to 20 markets in Africa.
  • Socure scores $2.5 million to overcome evil with good.
  • Yantra Financial Technologies integrates Ripple Protocol into risk management system.
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.

TransferWise Hits London with #RIPHiddenfees Halloween Parade

TransferWise Hits London with #RIPHiddenfees Halloween Parade
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With a giant, inflatable tombstone inscribed “RIP Hidden Fees” looming overhead, international money transfer startup, TransferWise used a horde of Halloween ghouls and more than a little theatre, to put traditional banks on notice when it comes to hidden charges.

Led by a hearse, the parade of costumed TransferWisers and its customers marched through the City of London to the Silicon Roundabout tech cluster. The crowd of goblins and ghosts numbered more than one hundred and claimed to be “lay(ing) misleading price claims” to rest.

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See for yourself. Below is actual footage of the fee-eating zombies making their way down Old Street Roundabout on Thursday (All Hallow’s Eve Eve?).
TransferWise is one of fintech’s more creative marketers. The company announced a major redesign last month, and accompanied it with a fun, cheeky TV advertisement that similarly heralded the beginning of the end of bank fees.
TransferWise has been recognized as an innovator in the money transfer space by a variety observers, earning a spot in CNBC’s Disruptor 50 list earlier this year. The company has attracted the interest of the investment community in 2014, as well, announcing an investment of $25 million and the support of investor, Sir Richard Branson.
TransferWise demoed its technology at FinovateEurope 2013 in London. See a video of the company’s presentation.

And because nothing beats a doubleheader, here’s a little more movie fun, this time from the clever folks at Moven. Have a great weekend!

Alumni News– October 31, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgRippleshot wins Up and Comer honors at Chicago Innovation Awards.
  • Vantiv announces agreement to provide merchant services to MUFG Union Bank.
  • Symitar division of Jack Henry introduces Malauzai-powered Episys Anywhere.
  • Breaking Banks interviews Derek Corcoran, Founder of Avoka.
  • App Annie releases new app, VPN Defender, published by Smart Sense.
  • Currency Cloud partners with XE.com to deliver money transfer solution for business.
  • Excess Return launches new Ideas Center and Screener modules in partnership with Keytrade Bank
  • Coinbase introduces Multisig Vault to enable companies to control their private keys on Coinbase.
  • Benzinga interviews Howard Lindzon on what’s next for StockTwits.
  • Quantcha enhances stock options search engine with integrated trading from Tradier.
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 Debuts: EverSafe

Finovate Debuts: EverSafe
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The Finovate Debuts series introduces new Finovate alums. At FinovateFall 2014, Howard L. Tischler and Elizabeth Loewy demonstrated EverSafe, technology that helps seniors and their caretakers fight financial elder abuse.

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EverSafe’s technology is a proactive defense network that helps older Americans defend themselves against financial fraud. The software reviews financial transactions and credit report activity on a daily basis. Alerts are sent in the event of suspicious activity, such as unexpected patterns in spending, deposits, or withdrawals.
The Stats
    • Founded in January 2012
    • Headquartered in Columbia, Maryland
    • Funding raised: $1.5 million
    • Total employees: 7
    • Product launched: Spring 2014 (soft launch)
    • Howard L. Tischler is Founder and CEO
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The Story
    • 10,000 Americans turn 65 every day
    • 20% of Americans over 65 are financially exploited 
    • Seniors lose more than $2.9 billion a year to financial exploitation
    • At least $18 trillion at risk (the net worth of Americans 65 and over)
These are the numbers that drive the EverSafe story. Older Americans are particularly vulnerable to criminals who take advantage of new technologies to steal and commit fraud. Whether it is due to declining cognitive facilities, relative ignorance of technology, or both, seniors and their families can face a number of challenges when it comes to making sure financial accounts remain fraud-free.
Howard Tischler, founder and CEO of EverSafe knows these challenges first hand. In helping his mother, who was a victim of what is called “elder financial abuse,” he learned about the scope of the problem. He also realized that his background as a technology entrepreneur might go a long way toward helping solve it.
“I saw the devastating effect it had on my mother and my family and resolved to apply technology to help prevent this tragedy from happening to others,” Tischler said.
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The idea of providing a solution directly to seniors and their caretakers was key for Elizabeth Loewy, who worked as the former chief of the Elder Abuse unit at the Manhattan District Attorney’s office, and is now SVP for Industry Relations with EverSafe. She noted that as a prosector, she was only able to try and help after the fact. “Finally we have a service that addresses the problem at the source,” she said.
Addressing the Finovate audience, Loewy told attendees that over the 20 years she spent battling this phenomenon, she realized that the victims varied. Some had cognitive difficulties, like dementia, and some were certainly wealthier than others. “But these seniors all had one thing in common,” she pointed out. “These seniors had worked hard investing and saving in an effort to ensure that the fruits of their labor would be put away safe and sound for their golden years, protected from exploiters.”
Equally painful were the conversations she had with adult children, caregivers, powers of attorney who were devastated that they hadn’t detected elder financial abuse that had occurred “under their watch.”
In this, the founding of EverSafe represents a coming together of law enforcement and technology in order to not just defend seniors against financial exploitation, but to empower older Americans and those caring for them, as well. “(EverSafe) allows seniors to live independently, which is what seniors want,” Tischler said.

The Solution
EverSafe can be thought of as a suspicious activity report (SAR) for consumers. Getting started on the platform is simple and straightforward. Set up an account by linking credit cards, savings, checking, money market, investing accounts and more. EverSafe links to more than 20,000 different types of account. Once the account is registered, the platform downloads the last 90 days worth of activity, and begins daily monitoring.
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The technology scans linked accounts, using pattern recognition to ferret out instances of atypical and potentially suspicious behavior. “We’re analyzing whether someone is taking their money,” Tischler explained. “And notifying them immediately rather than waiting until the end of the month.”
When suspicious activity is detected, the platform sends out an alert to the designated contact person. Alerts can be modified and customized, for example to set spending limits or transactions at certain locations and merchants. Similarly, alerts and transactions can be customized and annotated for further reference.
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The point is to bring activity to the attention of someone in a position to make a call. Some of the alerts will undoubtedly turn out to be unusual, but benign, transactions. But because most financial fraud “starts small and then escalates,” as Loewy explained, “early detection and monitoring is key.”
Basic service provides daily monitoring of up to five financial accounts and one credit bureau for $9.99 a month. EverSafe will soon offer a “Full Alert plan” that will provide monitoring of an unlimited number of financial accounts and all major credit bureaus. The Full Alert plan will be $24.99 a month. There is also a “limited time only” $4.99/month “introductory offer” that consists of account monitoring.
The Future
For now the task is obtaining broader adoption of the platform, which includes helping people understand the breadth of the problem and recognize that there is now a technology that is easy to use and dedicated specifically to stopping it. “Financial institutions and credit card companies have definitely gotten better at detecting suspicious activity,” Loewy said. “But they can’t catch it all.”
Asked what’s next for EverSafe, Tischler mentions wearables. He sees a compatib
ility between his platform and wearable technology, especially watches, which may be a better way to deliver alerts to some seniors or caregivers. He hinted at a prototype, although provided no specifics at this point.
And while today’s octogenarians may not be big smartphone users, those of tomorrow are likely to be. “Aging (baby) boomers are among the fastest growing users of technology,” Tischler said. While it is true that in many instances those actually using EverSafe on a daily basis are the grown children, seniors of the future may be better equipped to take the fight against financial elder abuse into their own hands.
Check out a video of EverSafe’s FinovateFall 2014 demo.

Alumni News– October 30, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTemenos announces availability of its new mobile banking app.
  • Mitek reports more than 3,000 FIs have signed up for its mobile deposit solution.
  • BBVA Compass partners with Dwolla to bring real-time payments to bank customers.
  • Personal Capital announces $50 million series D round.
  • xconomy profiles anti-fraud innovator, Trustev.
  • Fiserv launches Popmoney for Disbursements.
  • Insuritas to open and manage turnkey insurance agency for Heritage Community Credit Union.
  • Knox Payments recognized in emerging startup category at Venture Forum RVA event.
  • Cardnotpresent.com features how SimplyTapp uses host card emulation (HCE).
  • Lendio partners with The UPS store to help SMBs.
  • Cardlytics pulls in $70 million in Series F round, prepares for IPO.
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.