Author: David Penn

F5 Networks Buys Versafe to Boost Online Fraud Protection Capabilities

By David Penn Posted on
Categories: AcceptEmail, Versafe

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Less than one week ago, Israel-based Versafe was in New York City, making their case for total fraud protection before a Finovate audience of more than 1,100, and hundreds more following online.

Who knew how closely F5 Networks must have been listening!

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F5 Networks announced today that it was purchasing the Internet security specialist and one-and-done Finovate alum for an undisclosed amount. All 40 employees, including Versafe’s three founders, are expected to remain on board and the company will continue to operate out of its headquarters in Rishon Le Zion, Israel.
Versafe chose FinovateFall 2013 to present some of the latest enhancements to its TotALL Online Fraud Protection Suite. Their technology relies on advanced encryption and real-time behavioral analysis to provide a layer of protection between the end user and the application. This protection is effective regardless of whether the app is access online or via a mobile device.
Versafe was founded in 2009 by Eyal Gruner (CEO), Boaz Zilber (COO), and Idan Amir (VP Sales EMEA). View our Live Blog post of Versafe’s FinovateFall presentation here. The company’s demo video will be available later this month.

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P2Binvestor Raises $1.2 Million in Series A Round

By David Penn Posted on
Categories: P2BInvestor

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The combination of peer-to-peer lending and business receivables financing championed by P2Binvestor continues to pay dividends for the Colorado-based startup.

P2Binvestor announced on Monday that it had successfully raised $1.2 million in equity and warrants in Series A round of funding. Participating were entrepreneur John Spiers, Rockies Venture Club investors, as well as others. The financing will help the crowdfunding receivables company grow its software platform, and expand its sales and marketing operations to accommodate new business.

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P2Binvestor helps connect the needs of small businesses seeking capital with entrepreneurs and investors seeking market-based returns. Collateralized by business receivables, the funding made available to small businesses via the P2Binvestor platform often provides working capital that is both quicker and more efficient than what has been offered traditionally by the banks.
Said P2Binvestor CEO and co-founder, Bruce Morgan, “Bank credit remains tight … 67 percent of small businesses were unable to secure bank loans in the first quarter of last year.” 
P2B investor was founded in 2012 and is headquartered in Denver, Colorado. The company appeared on the Finovate stage as part of the Spring 2013 show in San Francisco. See a demo of the company’s presentation here.

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Finovate Alumni News– September 16, 2013

By David Penn Posted on
Categories: BankersLab, Doxo, Finect, MasterCard, P2BInvestor, Q2ebanking, Toopher, Wipit
  • FinovateLOGO.jpgP2BInvestor raises $1.2 million in Series A round.
  • Toopher wins spot among finalists for IBM SmartCamp North America Regional competition.
  • MasterCard partners with Entrepreneurial Finance Lab (EFL) to promote small businesses in developing nations.
  • Finect provides winning entry for Web Marketing Association’s WebAward 2013.
  • Eli Lilly FCU selects Q2 for implementation of Unified User Experience.
  • Boost Mobile Wallet powered by Wipit now offers Quick Check RDC service.
  • BankersLab adds 4 senior financial services executives to its training team.
  • Rubatino Refuse Removal joins doxo, its paperless adoption jumps 10% in first 90 days.
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– September 13, 2013

By David Penn Posted on
Categories: Dashlane, eDeposit, Emida, IDology, InComm, Interactions, LearnVest, mBank & Accenture, Mitek, MoneyDesktop, Motif Investing, Numbrs, TipRanks, TradeKing, Yodlee
  • FinovateLOGO.jpgTradeKing wins FINRA approval for acquisition of GAIN Securities.
  • Numbrs AG earns $3.8M in funding from parent Centralway.
  • Interactions, LearnVest, mBank & Accenture, Mitek, Money Desktop, Motif Investing, TipRanks, and Yodlee pick up Best of Show awards at FinovateFall 2013.
  • InComm, in partnership with CVS/pharmacy wins Best Third-Party Card Retailer Award.
  • Standard Distributing and Other Side Produce select eDeposit as their web and mobile payment solution.
  • Emida launches new smartphone POS app, available worldwide.
  • IDology launches ExpectID Global, an international expansion of its 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.

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Numbrs AG Earns $3.8 Million in Funding from Parent Centralway

By David Penn Posted on
Categories: Numbrs

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Under the banner “One app to rule them all” Numbrs AG announced this week that they had picked up an additional $3.8 million from parent company, Centralway.

The capital infusion takes the total funding for the mobile-first banking app spinoff to more than $11 million. The funding is earmarked to help suppoprt Numbrs’ launch in the United States, slated for early 2014.

Switzerland-based Numbrs aggregates all a user’s financial accounts into one app. The multi-banking app gives consumers access to all of their accounts from any location, allowing them to pay bills and conduct other financial transactions such as money transfers. 
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The app also includes a feature called the “Future Timeline” which provides an overview of likely future transactions based on past spending. This feature helps users better understand, anticipate, and manage their cash flow.
Founded in 2012, Numbrs has been available in Germany since August of this year. As reported in TechCrunch, the company is opening a New York office in preparation for its U.S. launch, and has reaffirmed plans to expand into the United Kingdom later this year, as well.
Numbrs demoed its technology at FinovateFall 2013 in New York. Our Live Blog post of their presentation is available here.

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Numbrs Provides One Point of Contact for Your Entire Financial Life

By David Penn Posted on
Categories: FinovateFall 2013, Numbrs

Numbrslogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Our final presentation of FinvateFall 2013 comes courtesy of the team from Numbrs.
“Numbrs – the world’s leading ‘nonbank.’ We offer a multi-banking solution that will disrupt the banking landscape by providing people with a holistic overview of their past and future transactions in what we call the timeline. 
The future is just one swipe away, and you can retrieve upcoming transactions and your predicted future balance.
An easy-to-use analysis helps you understand and optimize your spending behavior. Users can aggregate all their bank account into one app. In addition to that, money can be transferred from your mobile device, and notifications will remind you of your upcoming transactions based on behavior in the past.”
Product Launched: August 2013
Metrics: Numbrs recently raised $3.8M, bringing their funding total to more than $10M, & currently has 20 employees
Product distribution strategy: Direct to Consumer (B2C)
Founded: September 2012
Website: numbrs.com
Twitter: @numbrs_app
Presenting Julien Arnold (CEO & Founder) and Johannes Huebner (CTO & Co-Founder)
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The full demo video will be available at Finovate.com in mid-September.

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PhonyInvoices Provides Scalable, Robust Technology to Curb Invoice Fraud

By David Penn Posted on
Categories: FinovateFall 2013, Phony Invoices

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This post is part of our live coverage of FinovateFall 2013.

PhonyInvoices is making its way to the Finovate stage now. The company’s solution helps combat phony invoice schemes that cost businesses millions every year.

“PhonyVendorCheck is a data driven SaaS solution that is much more scalable, robust and comprehensive in its ability to curb invoice fraud.
Implementation of our two current products has led to the development of PhonyVendorCheck, a data-driven SaaS solution that is much more scalable, robust, and comprehensive in its ability to curb invoice fraud. We are rolling out this new product right here at FinovateFall 2013:
  • phonyvendorcheck.com – a website for customers to upload their vendor list for immediate verification
  • Financial Software ‘Plug-Ins’ – Quickbooks App for automated vendor check. More accounting software add-ons to follow
  • Payment Processors – through a customized API, financial institutions can access our database to provide their customers a real time safeguard from paying invoice scams
  • Data Companies – API allows other companies to leverage our data”
Product Launch: September 2013
Metrics: Personally funded by Barnett Helzberg & 5 employees
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, & licensed
HQ: Kansas City, Missouri
Founded: January 2012
Twitter: @PhonyInvoices
Presenting David Cacioppo (Founder) and Jonathan Lee (VP Business Development)
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The full demo video will be available at Finovate.com in mid-September.

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MasterCard Worldwide Presents its Dual Value Health Card for POS Payments

By David Penn Posted on
Categories: FinovateFall 2013, MasterCard

This post is part of our live coverage of FinvoateFall 2013.

The final presenter for this session before the afternoon break is MasterCard Worldwide. The company is demoing its Dual Value Heath Card which creates point of sale incentives wherever MasterCard is accepted.
“The Dual Value Health Card combines the MasterCard payment network with InComm’s closed-loop payment system. The Dual Value Health Card can be swiped at the point of sale (POS) and routed to an open-loop or closed-loop processor, allowing the cardholder to offer payment on eligible items while simultaneously receiving targeted incentives, all in real time and right at the POS.”
Product Launched: January 2013
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, & licensed.
HQ: Purchase, NY
Founded: 1966
Twitter: @MasterCardNews
Presenting Beth Griffin (Global Business Leader Healthcare & Insurance Global Products & Solutions, MasterCard) and David Vielehr (VP, Healthcare, InComm)

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The full demo video will be available at Finovate.com in mid-September.

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Financial Guard Delivers Transparent, Actionable Online Investment Advice

By David Penn Posted on
Categories: Financial Guard, FinovateFall 2013

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This post is part of our live coverage of FinovateFall 2013.

As we move toward the end of our first post-lunch session, Financial Guard is making its way to the stage.
“Financial Guard will make investing simple and transparent for the individual investor saving for retirement. Through technology, an investor can quickly receive a holistic view of their entire investment portfolio(s) and receive actionable recommendations based on their investor profile on how to optimize. 
Financial Guard’s action plan provides an easy to understand “Grade” on both the individual investments and overall portfolio and clearly tells the investor what to Buy, Sell, and Hold within their accounts. We then continue to monitor an investor’s portfolio and regularly alert and advise when changes and rebalances need to occur.”
Product Launch: Summer 2013
Product distribution strategy: Direct to Consumer (B2C) & Direct to Business (B2B)
HQ: Salt Lake City, Utah
Founded: January 2010
Presenting Kevin Pohmer (President) and AJ Remlinger (Director, Business Development)
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The full demo video will be available at Finovate.com in mid-September.

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Biometric Signature ID Presents its Software Only Biometric ID Verification Solution

By David Penn Posted on
Categories: Biometric Signature ID, FinovateFall 2013

BioSigIDLogo.jpgThis post is a part of our live coverage of FinovateFall 2013.

Biometric Signature ID is making its way to the stage right now —
“BioSig-ID complies with the new gold standard – multi-factor authentication. BioSig-ID requires NO additional hardware, and measures the unique biometric patterns of a user as they ‘draw’ their password to log in. A user is authenticated against a stored pattern from enrollment and after identity is confirmed, access to the device, files, or accounts is granted.”
Product Launch: March 2011
Metrics: $2.5 raised to date (28 founder, friends, & staff, a 2010-2011 $550,000 investment from State of Texas & $500,000 from Mohegan Biometrics in 2012), $500,000+ in revenues; nearly 1M registered users in more than 53 countries and all 50 states in the U.S., 50+ clients, & 7 employees (including consultants)
Product distribution strategy: Direct to Business (B2B) & through financial institutions
HQ: Lewisville, Texas
Founded: July 2007
Website: biosig-id.com
Presenting Jeff Maynard (CEO & President) and Ron Kerkenaar (Senior Technical Analyst)

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The full demo video will be available at Finovate.com in mid-September.

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Online Payments Startup Spreedly Introduces its Credit Card Vault in the Cloud

By David Penn Posted on
Categories: FinovateFall 2013, Spreedly

Spreedlylogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Spreedly is our next presenter. They are making their way to the stage right now to debut their “credit card vault in the cloud.”
“In the world of online payments much is made of the fees that are charged by payment gateway providers. Very little is known about the relative performance of payment gateways. Lost transactions based on time outs/false declines/overly aggressive fraud filters can cripple a business. Spreedly sits at a unique juncture where we can share what we see across a range of gateways.”
Product Launch: September 2013
Metrics: Raised $420,000 in seed funding, 5 employees, 100 paying customers, & 30% month over month transaction growth
Product distribution strategy: Direct to Business (B2B)
HQ: Durham, North Carolina
Founded: January 2008
Website: spreedly.com
Twitter: @spreedly
Presenting Justin Benson (CEO)

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The full demo video will be available at Finovate.com in mid-September.

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Socure’s Social Biometrics Provides Real-Time Protection Against Fraudsters and Bots

By David Penn Posted on
Categories: FinovateFall 2013, Socure

Thumbnail image for Socurelogo.jpgOur next presenter is Socure. The company specializes in real-time, online identity verification solutions.

“Socure’s Social Biometrics utilizes a patent pending artificial intelligence system and proprietary machine learning algorithms along with social behavior pattern analysis to detect if an online ID is authentic, a fraudster or a bot. 
Socure’s Social Biometrics solution showcases its ability to capture non-authentic (fake) online identities as a way to guard against identity theft and account takeover fraud. Our demonstration also shows the ability to de-risk each side of a peer-to-peer payment.”
Product Launch: August 2013
Metrics: $1.6M raised & 12 employees
Product distribution strategy: Socure is partnering with industry leading MSPs, social sign-on providers, and traditional identity databases to leverage their existing distribution channels. Socure is also selling into businesses directly with an internal sales team.
HQ: New York City, New York
Founded: August 2012
Website: socure.com
Presenting Sunil Madhu (CEO) and Johnny Ayers (Director, Business Development)

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The full demo video will be available at Finovate.com in mid-September.

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