Author: David Penn

Atsora Introduces Momentum to Help Move SMEs to the Bank 3.0 World

By David Penn Posted on
Categories: Atsora, FinovateEurope 2014

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

Our next innovator is Atsora from Warsaw, Poland.

“Momentum is a software placed between SME and Bank. One, integrated online and mobile application is used of planning business models and monitoring the cash flow and growth based on financial data. Users can easily share selected information with the Bank in order to get tailor-made offers and on-time support. The SME receives a complimentary set of functionality helping with cash flow and business model planning, cost optimization, and client profitability management. 
Everything seamlessly integrates with bank accounts, providing a real-time view on business. The Bank in turn gets better insight and can deliver the products exactly as needed. We support all phases of the SME lifecycle in order to improve cross selling and proactively manage retention.”
Presenting Krzysztof Pulkiewicz (CTO) and Anna Ciesielska (COO)

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Product Launch: December 2013
Metrics: Less than 10 employees; backed up by VC
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms
HQ: Warsaw, Poland
Founded: December 2013
Website: atsora.com
Twitter: @AtsoraTeam

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Momentum’s Money Hub Puts the Consumer at the Center of their Financial World

By David Penn Posted on
Categories: FinovateEurope 2014, Momentum

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

Our final demonstration before the morning break features Momentum (FKA YourWealth).

“Money Hub technology is one of the world’s most powerful personal finance tools and is available via mobile, tablet, and desktop devices. It brings together a user’s entire financial world and incorporates the ability to aggregate accounts, budget, track and plan scenarios for the future as well as access to financial products and advice.
Money Hub gives users total control, allowing them to connect directly with a product provider or financial advisor and select which areas of their financial universe they wish to share with them. We believe Money Hub will revolutionize the world of personal finance.”
Presenting Toby Hughes (CEO) and Dave Tonge (CTO)
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Product Launch: July 2013
Metrics: Blue Speck Financial owns and operates Momentum, and currently employs 18 people. We completed a round of angel funding in February 2013. Momentum has serviced more than half a million users since soft launch in 2013.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, licensed
HQ: Bristol, UK
Founded: January 2011

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EXCESS RETURN Launches its Next Generation Investment Tool, SCREENER/REPORT

By David Penn Posted on
Categories: EXCESS RETURN, FinovateEurope 2014

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

Our next innovator is EXCESS RETURN with their investment innovation SCREENER/REPORT.

“EXCESS RETURN develops next generation investment tools for the financial community. SCREENER/REPORT is an automatic tool that brings an immediate and crystal clear diagnosis of a trading opportunity.
SCREENER – Open the trading ideas box. Find the most promising stocks thanks to our SCREENER mode.
REPORT – Buy? Hold? Sell? Easy to use decision tool, our REPORT module.”
Presenting Frederic Lieferinckx (Founder) and Erik Laeremans (Web Designer & Developer)

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Product Launch: February 2014
Metrics: Company Ownership: private, self-funded; Employees: 2 founders (financial analysts) and 3 IT engineers. To date, we’ve contracted large accounts (online brokers, banks, and media groups) and hundreds of thousands of users use our applications. EXCESS RETURN is targeting a total revenue of €2.5 million for 2014. The company didn’t raise any money yet and the shareholders are still the same (the 2 founders).
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed
HQ: Brussels, Belgium
Founded: October 2011
Website: xsreturn.com

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Trustev Retail Decision Brings Real-time Verification to Across the Counter Transactions

By David Penn Posted on
Categories: FinovateEurope 2014, Trustev

Thumbnail image for trustevLogo.jpgThis post is part of our live coverage of FinovateEurope 2014.

Making their way to the stage now are the co-founders of Trustev, presenting Trustev Retail Decision.
“Trustev Retail Decision (Trustev RD) provides real-time verification of customer identities in a physical retail location where across the counter sales are occurring. A software solution that runs on tablets, the product allows in store staff to verify customer identities, without requiring customers to produce masses of paperwork. Developed initially for the Retail Telecom sector, the product has been adapted for other industries.”
Presenting Pat Phelan (CEO & Co-Founder) and Chris Kennedy (CTO & Co-Founder)

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Product Launch: February 2014
Metrics: Founded in early 2013, Trustev currently employs 15 at its HQ in Cork, Ireland and recently opened a Sales Office in New York. In late 2013, Trustev announced one of Europe’s largest ever seed rounds when it raised $3.5 million from a mix of international funds – a huge achievement for a company less than a year old. In August 2013, Trustev was named Europe’s Top Technology Startup by the European Commission. The company currently processes in excess of 250,000 records every single day.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: Cork, Ireland
Founded: May 2013
Website: trustev.com
Twitter: @trustev

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Avoka Debuts its Multi-Channel, Digital Online Business Platform, Avoka Transact

By David Penn Posted on
Categories: Avoka, FinovateEurope 2014

Thumbnail image for Thumbnail image for AvokaLogo.jpgThis post is part of our live coverage of FinovateEurope 2014.

Heading toward the mid-morning break, our next demoing company is Australia-based Avoka, with Avoka Transact.

Avoka Transact, a multi-channel digital business platform, delivers a complete transaction experience that goes beyond ‘online forms’. Avoka Transact:
  • Gives your customers the tools and convenience of moving seamlessly between devices and channels when completing a single transaction.
  • Transforms enterprise-level form-based transactions from account opening, loan applications, and claims in to cross-channel forms available on smartphones, tablets, and desktop computers.
  • Supports your customers with both self-service and assisted channels such as in-branch, call centers, and mobile sales staff.
Presenting Derek Corcoran (Head of Business Solutions) and Kevin Mortimer (Technical Director)

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

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Device Ident’s Fraud Manager Leverages Machine Learning to Protect Online Transactions

By David Penn Posted on
Categories: Device Ident, FinovateEurope 2014

DeviceIdentLogo.jpgThis post is part of our live coverage of FinovateEurope 2014.

Our second presenter of the day is Device Ident, providing self-developed anti-fraud solutions ranging from device-fingerprinting to behavioral analytics.
“Fraud Manager is a sophisticated software solution to identify and analyze fraud within online transactions. The software can be used to recognize and find new fraud patterns within your e-commerce and financial services business.”
Presenting Felix Eckhardt (CTO) and Roberto Valerio (CEO)

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Product Launch: February 2014
Metrics: Series A Financing by the Otto Group, Europe’s second largest online retailer; more than 20 clients out of the Top 250 online retail industry
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: Hamburg, Germany
Founded: 2013
Twitter: @deviceident

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FinovateEurope 2014: Live in London!

By David Penn Posted on
Categories: FinovateEurope 2014

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It’s rehearsal day here at Old Billingsgate Market Hall in London, and the whole Finovate team is here busily getting everything ready for another sold-out FinovateEurope.

FinovateEurope is the first big fintech event of 2014. And if you’re looking for insights into the kind of innovations people will be talking and writing about all year, then you’ve come to the right place.

From biometric authentication technologies for the security-conscious to mobile payments and PFM, this year’s event will help set the tone for another year of triumphs and surprises from a growing, international community of fintech entrepreneurs.

FinovateEurope Mobile and web app
And speaking of community, this year we’re using Bizzabo’s social networking app to help attendees make the kind of connections that make Finovate so unique. Within Bizzabo’s mobile app environment, attendees will be able to learn more about our presenting companies and our sponsors, review the show’s agenda and, most important, reach out and connect with each other.
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You can download the Bizzabo app for both Android and iOS from their respective app stores (here for Android, here for iOS). You can also use the app on your desktop via this link. Once you’ve got the app downloaded and installed, just search for “Finovate” and you’ll be connected to the event.

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Twitter
So whether you will be here in London, following us on our Twitter feed @Finovate, or reading along with our Live Blog at Finovate.com, we couldn’t be happier to have you join us. The show starts Tuesday morning at 9:00am London time, continues all day long, and starts again bright and early Wednesday morning – same fintech time, same fintech place.
For more information about FinovateEurope 2014, check out our preview page here. Get information on the event schedule, the venue, a list of presenters and more.

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B2B Currency Exchange Specialist Kantox Raises $9 Million in Series A Round

By David Penn Posted on
Categories: Kantox

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This time a year ago, Kantox was on stage at FinovateEurope, showing the world its peer-to-peer currency exchange for SMEs.

Today, the company is announcing its largest funding round to date: a Series A investment of €6.5 million (approximately $9 million). The round was led by Partech Ventures and IDinvest Partners, which joined previous investor, Cabiedes & Partners.

The new investment brings the company’s funding total to more than $12 million. Kantox plans to use the capital to help develop its peer-to-peer trading technology, as well as to expand the company’s presence in Europe. Philippe Gelis, Kantox CEO, said, “We are extremely excited to have secured this latest round of funding, and can’t wait to continue building out our sales teams in Germany, France, Spain, the UK and Italy.”

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Kantox specializes in helping small and medium sized businesses access optimal foreign currency exchange rates. Kantox leverages its peer-to-peer technology to provide SMEs with a way to avoid costly (and often undisclosed) FX fees typically demanded by brokerage firms and banks.
“Large corporates enjoy access to really competitive rates while SMEs and mid-caps – who usually don’t have access to live rates or an in-house FX expert – are overcharged by a banking oligopoly which promotes opacity,” Gelis said.
A few Kantox metrics:
  • Serves more than 500 corporate clients
  • Anticipates processing more than 1 billion euros in transactions in 2014.
  • Provides ability to trade more than 25 international currencies
  • Saved more than 70% of its customers more than 80% compared to banks and brokerages
Kantox is one of a number of innovators in this P2P currency exchange space, competing alongside fellow Europeans (and Finovate alums) like CurrencyTransfer and TransferWise. The company is headquartered in the UK, and has offices in Barcelona, Spain.

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Finovate Alumni News– February 7, 2014

By David Penn Posted on
Categories: EyeVerify, IntelliResponse, Klarna, Realty Mogul
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgKansas City, Kansas mayor declares February 6th “EyeVerify Day.”
  • Klarna announces broader expansion in Europe, interest in Japan and the US.
  • LA Times real estate column on innovations in lending features Realty Mogul.
  • Opus Research report names IntelliResponse as a leader in the Enterprise Virtual Assistant industry.
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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PayNearMe Leverages Family Dollar Partnership; Raises $20 Million

By David Penn Posted on
Categories: PayNearMe

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Helping separate itself from the growing pack of consumer payments platforms, PayNearMe‘s partnership with the Family Dollar retail chain will bring the company’s cash payment solution to more than 8,000 locations in 40 states.

“Footprint” has been the company’s biggest limitation, according to PayNearMe CEO Danny Shader. With the technology already in use at 7-Elevens and ACE Cash Express, the addition of Family Dollar will expand PayNearMe’s reach to 17,000 payment locations.

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PayNearMe also announced a major new funding: $20 million in a round led by GSV Capital, with existing investors August Capital, Khosla Ventures, Maveron, and True Ventures also participating. The company’s total funding now stands at more than $56 million.
A cash transaction network, PayNearMe provides an easy way for cash-based consumers to pay bills, rent, auto loans, and other obligations at designated payment locations. The solution benefits consumers who prefer to pay with cash, retailers who gain additional foot traffic to their brick and mortar locations – as well as earning commissions from their PayNearMe payments, and merchants looking to expand their customer base by accepting cash. 
According to PayNearMe, the cash economy remains important, especially for the underbanked. They note:
  • More than 28% of U.S. households are un- or underbanked
  • 68 million adults living in the U.S. are un- or underbanked
  • 54% of U.S. adults cite cash as their preferred form of payment
For its part, PayNearMe has experienced major growth, including a tripling of payment volume from 2012 to 2013. 
PayNearMe demoed its technology as part of the FinovateFall 2011 show in New York. See the company in action here.

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Finovate Alumni News– February 6, 2014

By David Penn Posted on
Categories: Billeo, FIS, Mambu, PayNearMe
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFIS announces multi-year business process outsourcing agreement with wealth manager Diversified Trust.
  • Mexican micro-lender Kueski chooses Mambu’s cloud banking platform.
  • Billeo launches social e-commerce solution for Facebook fan pages and Twitter.
  • PayNearMeleverages Family Dollar partnership; raises $20 million.
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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FinovateEurope 2014: Guess Who’s Coming to London?

By David Penn Posted on
Categories: FinovateEurope 2014

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Make no mistake – one of the biggest selling points of Finovate is the high-quality networking. With dedicated networking sessions setup throughout both presentation days, we do everything we can to make sure that you get the opportunity to meet some of the most interesting people in financial technology today.

Just take a look at the titles of the more than 1,000 industry professionals who will be attending this year’s FinovateEurope.

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CEOs and CTOs. Presidents and Partners. Founders, Directors and more. Whether they were there building the company from the beginning or brought onboard afterward to help make the climb to the next level, the attendees of FinovateEurope 2014 will be another stimulating mix of movers, shakers, and IT decision-makers.
And while our events always attract C-level talent, be on the lookout for the Creative Consultants, the Heads of Innovation, the Business Architects … all of whom can be equally valuable in helping enterprises and entrepreneurs make the most of the Finovate experience.
There’s still plenty of time for you to get your ticket and save your spot at our biggest FinovateEurope yet. For more information, visit our FinovateEurope page today.

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