Author: David Penn

Finovate Alumni News — May 5, 2014

By David Penn Posted on
Categories: DeMyst Data, FinovateSpring 2014, FutureAdvisor, ID.me, Jumio, Kashoo, LearnVest, Mint.com, Xero
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCheck out our Twitter highlights of FinovateSpring 2014 – from the opening demo to Best of Show.
  • LearnVest, Mint, and FutureAdvisor featured in Wall Street Journal column on managing your own money.
  • Forbes highlights Demyst.Data, showing how Big Data can be used to determine loan suitability for the underbanked.
  • Xconomy profiles authentication specialist, Jumio. Video of Jumio’s FinovateSpring 2014 demo will be available soon at Finovate.com.
  • Kashoo and Xero are among the cloud accounting apps reviewed in a new ebook by the Sleeter Group.
  • American Banker features Ondot Systems’ use of debit on/off controls via mobile device.
  • Backbase launches Backbase Engage, an out-of-the-box digital banking solution for FIs.
  • CUneXus proceeds to Innotribe Startup Challenge 2014 Semifinals.
  • Tradeshift extends “App” ecosystem and offers co-investment to encourage development on its platform.
  • Wearable tech company GTX now using Stockr to communicate directly with the investors.
  • Motherboard looks at Zighra’s next-gen kinetic ID that will recognize users by how they swipe on their phone.
  • MoneyDesktop named 1 of 8 of Utah’s Most Innovative Products.
  • SafetyPay partners with UOL BoaCompra, a leader in monetizing online games for Latin America.
  • VentureBeat looks at a government program that awards grants to companies working on an “Identity Ecosystem,” bringing to mind FinovateSpring 2014 alum, ID.me.
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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FinovateSpring 2014: Tales from the Twitterverse

By David Penn Posted on
Categories: FinovateSpring 2014

Thumbnail image for Twitter Bird.jpg

Anyone who doubts that financial technology is a people-business need look no further than the two-day Twitter-fest that accompanied FinovateSpring 2014 in San Jose this year.

For both those lucky enough to be able to be at Finovate in person, as well as the even larger community of fintech fans tracking the event remotely, #Finovate is a great way to experience the show.

Maybe your Twitter preferences lie more with the serious issues like the true value of gamification or the mobile opportunities in auto loans. Perhaps you prefer to join your fellow Tweeters in speculation on the Worst Website in the World. However you like your Twitter tweeted, rest assured that out of the thousands who follow us @Finovate, there is likely to be far more than one take on financial innovation in 2014 that’s worth taking home.

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Finovate Alumni News- May 2, 2014

By David Penn Posted on
Categories: Banno, Jack Henry, MasterCard, PayPal, SafetyPay
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMasterCard announces Australian launch of mobile payment app for education expenses.
  • PayPal partners with checkout app MyCheck.
  • SafetyPay teams up with Brazil’s UOL Boa Compra to bring online payments to gamers in Latin America.
  • SEC filings show Jack Henry’ & Associates’ $28 million cash expense for Banno acquisition.
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- May 1, 2014

By David Penn Posted on
Categories: Backbase, FinovateSpring 2014, TSYS, Xero
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEight companies earned Best of Show awards at FinovateSpring 2014 in San Jose. 
  • Backbase launches Backbase Engage, an omni-channel, out-of-the-box, banking platform.
  • PYMNTS.com interviews the CEO of TSYS acquisition, ProPay.
  • Xero’s B2B cloud payment solution now live in Australia thanks to a partnership with ASB Bank.
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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Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning

Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning
By David Penn Posted on
Categories: FinovateSpring 2014, Kreditech
Kreditech_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

All the way from Hamburg, Germany, here is the team from Kreditech with its proprietary big-data scoring and underwriting technology.

“The self-learning proprietary algorithm scores on applicant’s creditworthiness within less than a minute. Without having to go to a bank, the customer can apply for his loan online or mobile, whenever and wherever. If accepted the loan is paid out to their bank account within 10 minutes. Compared to traditional rating organizations like Schufa or FICO, the Kreditech Algorithm only studies the financial situation of the customer in the moment of the application and does not use historical data.
The technology is therefore flexible and can quickly enter and adapt to new markets. There are 5 billion people in the world that have no access to financial products, and our technology is able to provide that to them.”
Presenting: Sebastian Diemer (CEO & Founder) and Alexander Graubner-Müller (CTO & Founder)

Product Launch: September 2012 (in first market Poland)
Metrics: 10,000 data points per loan application; less than 1 minute average decision time per loan application; >$15M revenue run rate (as of March 2014); >$55M issued loans run rate (as of March 2014); <10% average loan loss in all established, profitable core markets (Poland, Spain, Russia, Czech); industry average emerging markets: >30%; 70% – 90% growth per quarter; over 600,000 applications processed in total; various credit products available in Poland, Spain, Czech, Russia, Australia & Mexico; releasing further retail banking products in 2014 (e.g. Prepaid Credit Cards, e-Wallets0; over 80 full-time employees from 26 different countries; Kreditech is launching in 4 to 6 countries in 2014; company (groupwide) profitable by Mid 2014; $22.5M raised by most influential European business angels (Samwer Brothers, Michael Brehm, Stefan Glaenzer, Heiko Hubertz, etc.) and funds (Global Founders Capital, Point Nine Capital, Kreos Capital, Greycorp, etc.)
Product distribution strategy: Direct to Consumer (B2C)
HQ: Hamburg, Germany
Founded: February 2012
Website: kreditech.com
Twitter: @kreditech

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LOYAL3 Social IPO Platform Democratizes the Investment Process

LOYAL3 Social IPO Platform Democratizes the Investment Process
By David Penn Posted on
Categories: FinovateSpring 2014, LOYAL3
LOYAL3_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Our next presenter from nearby San Francisco is LOYAL3, demoing their Social IPO Platform.

“The LOYAL3 Social IPO Platform opens up IPO access to large numbers of individuals like never before. LOYAL3 partners with pre-IPO companies to give them a way to include consumers, employees, partners, and fans in their IPO. Through LOYAL3, people can start investing in an IPO with just $100 and pay no fees to purchase the IPO stock. 
LOYAL3’s IPO platform augments and complements the traditional IPO investing process by providing a way for small investors to participate in IPOs at the same price per share and at the same time as Wall Street institutions and their largest customers.”
Presenting: Barry Schneider (CEO)
Product Launch: October 2013
Metrics: To date, LOYAL3 has 102 employees and raised more than $60 million in funding
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
HQ: San Francisco, California
Founded: November 2008
Website: loyal3.com
Twitter: @LOYAL3

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Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions

Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions
By David Penn Posted on
Categories: FinovateSpring 2014, Nearex
Nearex_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

All the way from Singapore, here is the team from Nearex, demoing the Xip Micropayment System:

“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”

Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)


Product Launch: April 2014
Metrics: $1 million raised to date
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Singapore
Founded: December 2012
Website: nearex.com

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Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App

Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App
By David Penn Posted on
Categories: FinovateSpring 2014, Qapital
Qapital_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Qapital is our next presenter. The company’s PFM, safe balance, savings and goals app is live in Sweden and in closed beta in the U.S.

“Qapital for iPhone – a unique app that provides answers to the following three questions:
  • How much money can I spend?
  • How am I spending my money?
  • How can I achieve the things that really matter to me?
The knowledge contained in the PFM transaction data is leveraged to create small and inspiring ways to show how much you are able to spend as well as how to achieve your goals through savings.
Here are some examples of the smart and inspirational features:
  • You’ve spent less on taxis than usual this month; do you wish to transfer the surplus to your ski trip goal?
  • Tax yourself a dollar toward your new guitar every time you buy a beer.
  • Yes, you can afford that sweater if you skip five coffees at Starbucks!”
Presenting: George Friedman (CEO & Founder) and Henrik Wrangel (Chief Product Officer)

Product Launch: November 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions, licensed
HQ: Stockholm, Sweden
Founded: September 2012
Website: qapital.com
Twitter: @qapitalapp

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PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market

PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market
By David Penn Posted on
Categories: FinovateSpring 2014, PrivatBank
Privatbank_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Coming to the stage – all the way from the Ukraine – is the team from PrivatBank.

Topless Android ATM is an ATM without an unnecessary TOP. It is equipped with an Android phone with an NFC chip, Raspberry Pi, cash dispenser, and safe. The ATM has minimum electronics and no keypad or buttons and is controlled by customers’ smartphones.
Presenting: Kristina Chaiykovskaya (Deputy Head, E-Business) and Maria Gurina (Deputy Head, E-Commerce)

Product Launch: October 2013
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: Dnepropetrovsk, Ukraine
Founded: March 1992
Website: privatbank.ua

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Red Giant App Makes Ordinary Payment Cards Intelligent, Flexible and Secure

Red Giant App Makes Ordinary Payment Cards Intelligent, Flexible and Secure
By David Penn Posted on
Categories: FinovateSpring 2014, Red Giant
Red_Giant_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Our next presenter is the team from Red Giant.

Red Giant’s groundbreaking service gives you financial control and security you have not had until now. Red Giant keeps your debit card locked until you are ready to use it. And when you want to make a purchase you just use the mobile app to unlock your card with the touch of a button.
When you unlock your Red Giant card it works just like any other card, only better. You get instant receipts, immediate balance updates, and a real-time picture of your actual spending compared to your goals – right on your smartphone.
You can use your Red Giant physical card anywhere standard cards are accepted. Red Giant Digital cards – shown securely in our mobile app – let you separately control your online purchases.
Presenting: Robert Sears (CEO) and Lindsay Douglass (Project Manager)

Product Launch: April 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions
HQ: Palo Alto, California
Founded: June 2008

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Zumigo Demos Assure Technology to Speed and Simplify eCommerce Transactions

Zumigo Demos Assure Technology to Speed and Simplify eCommerce Transactions
By David Penn Posted on
Categories: FinovateSpring 2014, Zumigo
Zumigo_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Zumigo is on stage now, about to debut its Assure solution for securing financial transactions, identifying devices and their owners, and enabling marketing

“Zumigo is demonstrating a revolutionary new way to simplify the account-opening funnel and reduce shopping cart abandonment. Financial institutions and eCommerce companies can integrate this solution to existing new-customer flows on websites and mobile applications. By leveraging its access to mobile networks and related account data, Zumigo can pre-populate forms with a customer’s name, address, phone number, and even tokenized credit card data. Now a customer’s mobile phone can provide the data needed to streamline, reduce risk, and secure any transaction.”
Presenting: Chirag Bakshi (CEO & Founder) and David Pinski (VP Product Management)

Product Launch: April 2014
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: San Jose, California
Founded: December 2009
Website: zumigo.com
Twitter: @zumigo1

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Avoka Launches TransactWeb to Turn Paper, PDF and Web Forms into Digital SmartForms

Avoka Launches TransactWeb to Turn Paper, PDF and Web Forms into Digital SmartForms
By David Penn Posted on
Categories: Avoka, FinovateSpring 2014
Avoka_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Making their way to the stage now is the team from Avoka.

Avoka TransactWeb is the Customer Transaction Experience Game Changer. As the leading Multi-Channel Data Collection SmartForm & Transaction Management System, it transforms mobile-unfriendly, painful-to-fill-in, hard-to-maintain, slow-&-dirty-data, channel-constrained Paper, PDF, or Web Forms (such as account opening & loan applications, permits & license, student enrollment, and insurance claims) into mobile-optimized, easy-&-intuitive-to-fill-in, fast-&-agile-to-maintain, high-quality-data Multi-Channel SmartForms for a seamless, multi-channel customer transaction experience.
It also announced a partnership with miiCard that will allow customers to use their miiCard online ID verification to replace physical ID verification.
Presenting: Phil Copeland (CEO) and Jeff Kalicki (Senior Account Executive)

Product Launch: March 2014
Metrics: Over 100 employees; offices in US, UK, and Australia; tier 1 & 2 Financial Services clients; government clients in US, UK, and Australia; industry-leading NPS score (+41).
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms.
HQ: Denver, CO
Founded: January 2002
Website: avoka.com
Twitter: @avokatech

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