Major Global European Bank Spends $2 Million on Kofax Solutions

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An increased investment of $2.3 million by an unnamed “major global European bank” in smart capture specialist Kofax represents a deepened commitment to the technology company’s signature trio of products: Capture, Transformation Modules, and Mobile Capture.

Kofax focuses on “First Mile” customer interactions, developing software that makes it easier for financial institutions to process the more than 350 million forms, documents, and checks generated every year. The company’s solutions range from technology that provides scan-to-archive document scanning and digital image creation (Capture) to data extraction and validation capabilities (Transformation).

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We last reported on Kofax on June, as the company announced its Analytics for Capture technology.
Kofax has more than 20,000 customers in the fields of banking, insurance, and business process outsourcing. Founded in 1985 and headquartered in Irvine, California, the company’s services and products are available in more than 70 countries around the world.
Kofax demoed its technology as part of the FinovateSpring 2013 show in May, and will be among the companies presenting at FinovateFall 2013 in New York in September. Find out how to see Kofax in person here.

Moven Wins Investment from Life.SREDA and BillPay from Payveris

A strategic partnership announced by Moven will bring investment capital to the company’s mobile money management service, now in beta in the U.S.

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The amount of the investment was not disclosed. Nevertheless the capital comes courtesy of Russian venture capital firm, Life.SREDA, which specializes in mobile and online fintech initiatives around the world.

In addition to helping raise Moven’s profile in markets in Eastern Europe and Russia, the investment is slated to support early stage development in the company’s signature service.
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News of the company’s partnership with Life.SREDA comes just one day after Moven announced a deal with mobile payments company, Payveris. The agreement will bring bill pay and money transfer features to Moven’s money mangement platform.
New York-based Moven was founded in 2011, and has raised more than $2.5M in seed funding heading into this week’s announcement. The company was last on the Finovate stage as part of the Spring show in San Francisco earlier this year. See Moven’s demo here.

Taulia Raises $18 Million in Series C Round

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A specialist in providing cloud-based invoice, payment, and dynamic discounting solutions, Taulia announced today that it has raised $18 million from investors, including Klaus Hommels of Zurich-based Lakestar.

Also participating were Matrix Partners, Trinity Ventures, TELUS Ventures, and DAG Ventures.

The capital is designed to help further Taulia’s global expansion. Founded in 2009 and headquartered in San Francisco, Taulia has offices in North America and Europe and its solutions are currently deployed in more than 99 countries.

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Taulia’s technology helps purchasing companies become more efficient through automation and discount maximization. At the same time, suppliers benefit from less volatility when it comes to payment. Among the companies using Taulia’s e-invoicing, early payments, and financing options are Coca-Cola Bottling, Hallmark, and John Deere. Taulia CEO Bertram Meyer cited tripling demand over the past few months, saying the company is on pace to grow an additional 300% this year.
Taulia demoed its Early Payment Network technology as part of FinovateSpring 2012. See the company’s presentation here.

Finovate Alumni News– August 23, 2013

  • FinovateLOGO.jpgCommunityLend announces that the beta version of Financeit iOS app is now available for download. See them demo at FinovateFall in New York next month.
  • Moven forms strategic partnership with Russian venture capital fund Life.SREDA.
  • Keynote goes private as stockholders approve sale to Thoma Bravo.
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.

FinovateFall 2013 Sneak Peek: Part 4

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There’s no better way to get to know the companies that will be on stage at FinovateFall 2013 than our Sneak Peek series. If you’ve missed an edition or two, click on the links beow to read earlier installments of our preview.

This year, FinovateFall will take place on September 10 and 11, at the Manhattan Center in New York. Find out more about the event here.

Today’s installment introduces our fourth set of fintech presenters: Akimbo Financial, BizEquity, Motif Investing, Phony Invoices, RevolutionCredit,  SaaS Markets, Unleashand Zighra.

Want to join us in New York in September? Get your ticket to FinovateFall 2013 here.
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Akimbo Financial provides turnkey, white-label, prepaid card programs and develops custom web and mobile solutions for banks, credit unions, and other businesses.
Features:
  • Create sub-cards with any name
  • Link bank accounts and set up automatic allowances
  • Deliver money to a card with immediate access to funds
Why it’s great: Akimbo is reinventing allowance with a card that delivers money anytime, anywhere. It’s great for teens, students, staff, or anyone.

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Houston Frost, Co-Founder, CEO, Akimbo Financial
Mr. Frost previously worked at J.P. Morgan in fixed income strategy. He holds a PhD from Northwestern University.

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Thomas Turner, Co-Founder, Chairman, Akimbo Financial
Mr. Turner previously worked at Wachovia Securities in M&A and is currently the CEO of Turner Holdings, LLC.
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Biz Equity is the first and leading patented cloud-based online business valuation service. BizEquity is democratizing and putting online a $2.8 billion dollar industry.
Features:
  • Dynamic search of 15,000 industries
  • Real-time business valuation scoreboard
  • Online dashboard to monitor and manage your value with a 17-page report
Why it’s great: BizEquity’s patented service answers the most important question facing the business owner and their advisor online and in real-time.

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Michael M. Carter, CEO and Founder, BizEquity
Mr. Carter is MD of The Musser Group, and Managing Partner, Entrepreneurs Management Group
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Motif Investing is a new kind of online broker introducing the first-of-its-kind crowdsourcing of a financial product that uses Motif’s innovative social technology.
Features:
  • Build Your Own Motif – a collection of up to 30 securities trading real-time for only $9.95.
  • Feature it in Motif’s Community Catalog
Why it’s great: Stop Picking Stocks, Start Picking Ideas and build your own mofit of up to 30 stocks for $9.95

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Hardeep Walia, Co-Founder, CEO, Motif Investing
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Phony Invoices is launching “Phony Vendor Check” at FinovateFall 2013. It’s the fastest and most robust software toolkit available to root out invoice scams.
Features:
  • The most comprehensive database of invoice scams
  • Real-time access through secure website or customized API
  • Automatic updates
Why it’s great: Scammers make millions off of these
phony invoice scams every year. Protect your money. Stop invoice fraud.
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RevolutionCredit’s engagement platform and database of unique consumer behavioral economic data are a quantum shift in the credit decisioning process for both lenders and consumers.
Features:
  • Transforms credit decisioning
  • Helps creditors identify upwardly mobile customers
  • Offers just-in-time consumer financial capability development
Why it’s great: The launch of RevolutionCredit’s engagement platform will transform the credit decisioning process for creditors and consumers for good.

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Zaydoon Munir, Founder, CEO, RevolutionCredit
Mr, Munir is an 18-year veteran of the financial services industry.
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SaaS Markets designs and delivers app stores for the Software-as-a-Service (SaaS) market. Its MarketMaker platform allows companies to deploy a business app store for its customers or employees.
Features:
With a MarketMaker app store powered by SaaS Markets, you can:
  • Win new customers
  • Generate additional revenue and reduce churn
  • Gain new insights
Why it’s great: MarketMaker Enterprise is the enterprise app store for your employees or customers.

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Ferdi Roberts, CEO and Founder, SaaS Markets
Mr. Roberts is a former senior executive at Yahoo, Cisco, and Ariba, and was educated at Imperial College, London.
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Unleash is a cloud CFO that helps small business owners make better decisions faster.
Features: 
  • Eliminates hours spent analyzing data
  • Compares your business to the competition
  • Shows you what you’re doing well and what to fix
Why it’s great: Cloud CFO – Simplifying business intelligence and making it super easy to use.
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Zighra’s KineticID accelerates transactions by using human kinetics to make mobile authentication implicit, frictionless, and much more secure.
Features:
  • Accurate, effortless, and instantaneous multi-factor user recognition
  • Securely avoids vulnerable PINs/passwords and other biometrics
Why it’s great: KineticID provides FIs, mobile banking and payment platforms with increased customer convenience while reducing fraud cost and risk.

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Deepak Dutt, CEO, CTO, Zighra
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Learn more about the companies and entrepreneurs who will be presenting at FinovateFall 2013 in New York in our next Sneak Peek preview, coming on Tuesday.
Want to join us in New York this September? Get your ticket to FinovateFall 2013 here. And to learn more about the event, visit our FAQ here.

Finovate Alumni News– August 22, 2013

  • FinovateLOGO.jpgForbes Magazine names FIS one of the 100 most innovative companies in the world.
  • BusinessManager from ProfitStars is driving revenue growth and customer acquisition for Great Western Bank.
  • Arroweye Solutions launches data-driven card marketing with CustomerConnect.
  • Ameriana Bank to deploy Picture Pay from Allied Payment Network.
  • Mashable takes a look at PayPal’s face-verification system for mobile payments.
  • Yodlee, Moven, and Mint featured in Wired column on the “banks of tomorrow.”
  • Narrative Science co-hosts this week’s InnovationChat at built in Chicago. See them demo at FinovateFall in September.
  • Segmint CIO David Hadley writes about building a cybersecurity framework today in BAI Banking Strategies.
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.

Arroweye Solutions Launches Data-Driven Card Marketing with CustomerConnect

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New technology from Arroweye Solutions promises to make it easier to build personalized card marketing campaigns.

CustomerConnect, launched today, allows card issuers to leverage Arroweye’s digital, on-demand technology and the sizable amounts of customer information at their fingertips to put the right, tailored, marketing message in front of the right customer.

The goal is to increase customer acquisition and retention through customization and personalization. And the primary obstacle to this, according to Arroweye CEO Render Dahiya, is simple “know-how.” Said Dahiya, “most card issuers … don’t possess the right technology or partner to help them harness (their) information for the betterment of their card program.”
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“Now they can leverage the same customization tools to create hyper-targeted marketing campaigns that are proven to break through the clutter.”
Arroweye’s technology has been used to power a variety of programs in recent months. This includes providing the first, dual-purpose payment municipal/ID card for Praxell, a prepaid card program manager, earlier this year.
Arroweye was founded in 2000, is headquartered in Chicago, and secured $3 million in Series B funding a little over a year ago (see our report here). Offering the first fully digital card solution approved by major card issuers such as Visa, MasterCard, American Express, and Discover, Arroweye Solutions demoed their technology at FinovateSpring 2011. See the company’s presentation here.

Finovate Alumni News– August 21, 2013

  • FinovateLOGO.jpgWhat Themes Will Heat Up the FinovateFall Stage?
  • Cardlytics announces patent on offer placement and management systems.
  • MasterPass gains traction as 16 payment service providers in Australia agree to provide MasterCard’s digital payment option for business customers.
  • Arroweye Solutions launches CustomerConnect, a data-driven, card marketing technology solution.
  • Jonathan Lee of Phony Invoices talks about invoice fraud at Accounting Today. See them demo at FinovateFall in September.
  • SecureKey Technologies wins contract with USPS to develop Federal Cloud Credential Exchange (FCCX).
  • Fiserv renews technology relationship with Community First Credit Union in Wisconsin.
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 Alumni News– August 20, 2013

  • FinovateLOGO.jpgFinovateFall 2013 Sneak Peek Part 3 is up. Get to know more about this year’s innovators.
  • Interactions chooses Edward Durkin for Chief Financial Officer. See Interactions demo at FinovateFall in New York.
  • Mercury Payment Systems to support PayPal in-store payments thanks to new collaboration.
  • IDology partners with AssureSign as primary authentication solution for advanced identity verification.
  • Kabbage integrates with Stripe to allow businesses that process online payments to apply for financing.
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.

Persint, StockSmart Begin Incubation Phase of Yodlee’s NEXT

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Finovate alumni Persint (Spring 2013) and StockSmart (Fall 2013) are starting off the week with a bang. Both companies have been selected to participate in Yodlee Interactive’s NEXT, a partner lifecycle program for fintech startups and entrepreneurs.

The goal of NEXT is to “promote and accelerate” innovation in the fintech space. The program consists of an initial incubation stage, during which the companies are given free access to Yodlee Interactive’s API for six months. Those companies that show “marked traction” will be invited to the second, acceleration stage and, after that, a final cultivation stage. The two latter stages give the startups opportunities to work with industry veterans and Yodlee partners.

Learn more about Yodlee’s NEXT program here.
Thumbnail image for YodleeLogo2012.jpgYodlee is a leading financial innovation platform, with more than 600 companies around the world using it to power financial applications and services. Headquartered in Redwood City, Yodlee last appeared on the Finovate stage in 2012 in New York, and will be returning to the Big Apple this year as part of FinovateFall 2013.

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Persint is a Finovate alumn that demoed its customer analytics technology at FinovateSpring 2013 in San Francisco. The Atlanta-based company was founded in March 2012 by Steve Coton and Curry Pelot. See their demo from earlier this spring here.
StockSmart will be making its Finovate debut in Sepember, joining us in New York for FinvoateFall 2013. Learn more about StockSmart here.

Finovate Alumni News– August 19, 2013

  • FinovateLOGO.jpgPersint among four new startups entering incubation phase of Yodlee Interactive Partner Lifecycle Program, NEXT.
  • Virtual Piggy to provide payment system to video game publisher Marvelous USA.
  • TSYS announces integration with FICO fraud management technology.
  • Monitise SVP of Strategy Richard Johnson talks about “making money mobile” at the Wired Money conference.
  • StockSmart joins Yodlee Interactive’s NEXT program for nurturing fintech startups. See StockSmart demo at FinovateFall in New York.
  • Fidor Bank customers to get access to social trading platform ayondo.
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 Alumni News– August 16, 2013

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  • SoftwareAdvice.com’s Plotting Success blog ranks MicroStrategy among top six best designs in iPad business intelligence software.
  • Business Bee’s The Daily Buzz takes a look at the LeafPresenter tablet from Leaf.
  • The Telegraph features Zopa in a column on P2P lending.
  • Ad News Australia reports on the rollout of MasterPass from MasterCard.
  • MyFoxChicago interviews Bolstr co-founder Larry Baker on the topic of funding for small business entrepreneurs.
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.