Author: David Penn

Finovate Alumni News — July 8, 2013

By David Penn Posted on
Categories: Intuit, Realty Mogul, Swipely, TSYS
  • FinovateLOGO.jpgTSYS announces multi-year agreement to bring debit card services to KBC Bank in Ireland.
  • Inman News’s Real Estate Connect column includes Realty Mogul in its list of companies likely to benefit from passage of the JOBS Act.
  • Swipely’s Amanda MacArthur talks strategies for serving millennials.
  • Bank Innovation’s Hornblass takes a close look at Intuit’s decision to sell its IFS unit 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.

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Temenos Integrated Framework Enables Mobile Banking in Africa

By David Penn Posted on
Categories: Temenos

Thumbnail image for TemenosLogo.jpg

Temenos unveiled its latest IT solution for banks: Temenos Integrated Framework, designed to help banks better integrate new technologies into their existing systems.

The company announced the platform’s general availability this week, and have been highlighting its recent deployment by the Commercial Bank of Africa (CAB). CAB has been using it to build out its M-Shwari mobile phone-based virtual banking platform over the past few months. Since the platform’s launch in November 2012 in Kenya, M-Shwari has:

  • Attracted more than 30,000 new customers a day on average in the first 100 days
  • Gained more than 1 billion Kenyan shillings in deposits in one month.
  • Attracted 1 million customers after 41 days
  • Onboarded more than three million customers by April 2013
M-Shwari was developed in partnership with Safaricom, an integrated African communications company, and Vodafone. Read more about the program, which aims to bring savings and loans programs to Kenyan adults, here.
Headquartered in Geneva, Switzerland, Temenos is a leading provider of integrated core banking systems, with more than 1,500 customer deployments around the world. The company presented its edgeConnect UXP with Live Designer technology earlier this year at FinovateEurope. See Temenos’s demo here.

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Finovate Alumni News– July 5, 2013

By David Penn Posted on
Categories: CommunityLend, Monitise, QuantConnect, Quantopian, SeedInvest, Temenos, Zopa
  • FinovateLOGO.jpgInvestment News’ “In Tech” column features Jared Broad, co-founder and CEO of QuantConnect.
  • Crowdfundinsider reports on SeedInvest’s new feature: SeedInvest Groups.
  • Bamboo Innovator takes a look at “do-it-yourself” hedge fund site, Quantopian.
  • Monitise wins Cross-Border Deal of the Year award for acquisition of Clairmail.
  • CommunityLend launches FinanceIt iPad app for consumer financing in store or on the road.
  • Zopa CEO Giles Andrews urges banks to keep customers in mind in address at Wired Money.
  • Temenos unveils solution to make it easier for banks to integrate new technology.
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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Second Quarter 2013 Funding for Finovate Alumni — More than $200 Million Raised

By David Penn Posted on
Categories: Affinity Solutions, Cardlytics, Credit Karma, Dwolla, Kony Solutions, On Deck Capital, OpenCoin, peerTransfer, Personal Capital, Receivables Exchange, SeedInvest, SumUp, Swipely, TransferWise, Zooz

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For the second quarter of 2013, fifteen Finovate alumni raised more than $200 million. The quarterly total exceeded both that of the previous quarter as well as the same quarter last year.*

  • Q2 2013: 15 companies raised more than $200 million
  • Q1 2013: 15 companies raised more than $155 million — blog post
  • Q2 2012: 14 companies raised more than $120 million — blog post
Here’s the Q2 summary for 2013:

April — $32 million raised by two companies
May — $91.5 million raised by seven companies
June — $81.7 million raised by six companies

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*While the funding over last year has increased, so has the number of Finovate alums. We’re tracking more than 100 additional companies this year compared to last year.

Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

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OpenCoin Launches Bitcoin Bridge, an E-Commerce Enabler for Ripple

By David Penn Posted on
Categories: OpenCoin

ripplelogo1.jpg

Thanks to a new technology from OpenCoin, Ripple users just got access to more than 8,500 Bitcoin-accepting merchants, as well as the rest of the Bitcoin world.

OpenCoin, developers of the virtual currency protocol Ripple, announced today that Ripple users now will be able to pay directly to all Bitcoin addresses. Using a new feature called Bitcoin Bridge, users will be able to send payments in any currency and have the recipient get that payment in Bitcoins with no additional cost.

The move is significant because it demonstrates the distributed nature of OpenCoin’s virtual currency network. Said CEO Chris Larsen in a press release, “Now, anyone can send Bitcoins without having to use a central exchange.”

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Larsen similarly sees Bitcoin Bridge as a boon for merchants who accept Bitcoin.
The company also announced on Tuesday that their first U.S. gateway was now live. Using the SnapSwap gateway, Ripple users now can fund their Ripple wallets directly from their U.S.-based bank accounts.
OpenCoin’s Ripple protocol is a virtual currency and distributed currency exchange. The technology has a number of payment system applications, ranging from merchant payments to remittances. 
Headquartered in San Francisco, California, OpenCoin demoed its technology as part of the FinovateSpring 2013 show in May, Watch the company’s presentation here.

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Corduro and LendUp Partner to Provide Loans for Medical Expenses

By David Penn Posted on
Categories: Corduro, LendUp

They aren’t calling it “CorduroCare” – at least not yet. But the new partnership between a pair of Finovate alumni does aim to make it easier for people to pay their medical bills.

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As reported in a VentureBeat exclusive, a program launched by Corduro and LendUp will allow patients at participating hospitals to take out loans through LendUp. First-time borrowers will be charged up to 15% of the total loan amount, and discounts are available for borrowers who make timely payments, pay early, or take advantage of LendUp’s credit betterment/financial health resources.

Once approved, borrowers use Corduro’s mobile app (available for both iOS and Android) to pay their bill. The largest hospital currently participating in the program is Dignity Health, a non-profit hospital network in California.
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Corduro was founded in 2010 and is headquartered in Southlake, Texas. The company’s PayMobile app enables one-touch payments, credit card acceptance, and also includes a secure mobile wallet.  
Based in San Francisco, California, LendUp was founded in November 2011 by Sasha Orloff and Jacob Rosenberg. The company’s LendUpLadder solution provides small dollar loans to help borrowers manage expenses and build credit.
Corduro and LendUp both demoed their technology at FinovateSpring 2013 in May, with LendUp winning Best of Show honors. Watch Corduro’s presentation here. See LendUp in action here.

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Finovate Alumni News– July 1, 2013

By David Penn Posted on
Categories: BillGuard, BlinkMobile Interactive, Corduro, CSI globalVCard, EZBOB, Kabbage, LendUp, LICUOS, MiiCard, SafetyPay, SecondMarket, SeedInvest, TSYS, Virtual Piggy
  • FinovateLOGO.jpgCorduro teams up with LendUp to provide loans to help pay for medical expenses.
  • Entrepreneur Handbook reports on EZBOB‘s 12-month loan for online retailers.
  • CrowdFundBeat features SeedInvest and its new feature, SeedInvest Groups.
  • TSYS announces completion of NetSpend acquisition.
  • Banking Technology takes a look at LICUOS and the company’s win of Innotribe Startup Disrupt at Next Bank Madrid.
  • SafetyPay and GlobalCollect partner to advance secure Int’l payment solutions to over 300 million consumers.
  • Navallo.net interviews BillGuard CEO Yaron Samid.
  • SecondMarket expands into Bitcoin.
  • Virtual Piggy teams up with Live Gamer.
  • AG Beat describes why Kabbage and other alternative lenders will remain prevalent.
  • miiCard wins award for Technology Innovation in Financial Services at the 2013 ScotlandIS Digital Technology Awards in Glasgow.
  • BlinkMobile Interactive announces partner agreement with Linktech Solutions.
  • Pymnts.com interviews CSI Enterprises CEO, Keith Stone, on recent updates to the company’s globalVcard platform.
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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SeedInvest Raises $1 Million in Round Led by Jumpstart New Jersey Angel Network

By David Penn Posted on
Categories: SeedInvest

seedinvestlogoblack.jpg

Crowdfunding platform SeedInvest announced that it has raised $1 million in new funding. The round was led by the Jumpstart New Jersey Angel Network, and included the participation of unnamed “prominent individual investors.”

The company plans to use the additional capital to help grow the equity-based platform, and to add new features. SeedInvest helps connect accredited investors with entrepreneurs seeking capital, providing both parties with web-based tools such as a due diligence dashboard, virtual boardroom, and streamlined funds transfer.

The Jumpstart New Jersey Angel Network is a private, angel group focusing on early-stage technology startups in the mid-Atlantic region. Started in 2002 and making its first investment in 2004, Jumpstart typically provides funds ranging from $200,000 to $1 million. To date, the Network has provided more than $33 million in funding for more than 50 companies.
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SeedInvest was founded in January 2012 by Ryan Feit and James Han, and launched its crowdfunding platform a little over a year later in February 2013. The company is headquartered in New York City.
SeedInvest demoed its technology at FinovateSpring 2013 in San Francisco in May. Watch the company’s presentation here.

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GoBank Goes Live, Mobile Banking App Available on iOS

By David Penn Posted on
Categories: GoBank, Green Dot

GoBank_Logo_small.jpg

Out of the beta and into the App Store.

That’s the news out of GoBank, the first bank designed from the ground up with mobile banking in mind. Developed by Green Dot and FDIC insured, GoBank has been in private beta all year. Today marks the first time that the general public will be able to download the GoBank app and begin opening and managing their accounts.

       

The GoBank mobile app is currently available only on iOS. An Android version is expected soon. The app can be downloaded from the Apple AppStore or at GoBank.com
A number of companies will be distributing the app, including Rewardable, Tango Card, WePay, and Finovate alum, Check. The launch will be accompanied by promotional campaigns ranging from in-store promotions at Barnes & Noble bookstores, to sponsorship of the upcoming season of reality show, Project Runway.
GoBank was one of the companies that demoed their technology at FinovateSpring 2013 this May in San Francisco. See the company’s technology at work here.

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IntelliResponse Adds VOICES to Virtual Agent Technology

By David Penn Posted on
Categories: IntelliResponse

Thumbnail image for IntelliResponse_logo.jpg

IntelliResponse announced its virtual agent (VA) based “voice of the customer” platform today. The technology translates and organizes VA interactions with customers into themes and categories useful to marketing and customer experience professionals.

The data is represented graphically, emphasizing for example more frequently queried topics, or grouping together related topics. The information also can be accessed at varying levels of detail, including at the individual question level. VOICES works in real-time, providing a wide-range of consumer behavior data from across multiple channels.

IntelliResponseVOICES.jpg
Watch a video on the making of VOICES here. Featured are IntelliResponse President and CEO David Lloyd and Vice President of Technology, Jon Barnett.

            

Headquartered in Toronto, Ontario, Canada, IntelliResponse was founded in 2000. The company presented its technology as part of FinovateSpring 2013 in San Francisco in May. Watch IntelliResponse’s demo here.

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Finovate Alumni News — June 25, 2013

By David Penn Posted on
Categories: ACI Worldwide, GoBank, Green Dot, IntelliResponse, Lending Club, ProfitStars, Prosper, ReadyForZero
  • FinovateLOGO.jpgProfitStars launches Gladiator eBanking Compliance Services.
  • IntelliResponse announces release of VOICES, virtual agent technology that captures consumer data from client interactions.
  • GoBank emerges from beta, mobile app now available on iOS.
  • ACI Worldwide launches Proactive Risk Manager to combat account takeover and ACH/wire fraud.
  • Check out Stockr’s winning video at Splash LA May 2013.
  • ReadyForZero announces new credit score and mortgage resource centers.
  • Lending Club CEO Renaud Laplanche named 2013 Ernst & Young Entrepreneur Of The Year award winner.
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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Check Announces Expedited Payments

By David Penn Posted on
Categories: Check

Check_logo.jpg

Check, the mobile PFM provider formerly known as Pageonce, announced today that it will now offer expedited payments to its eight million customers. 

Same day payments will start at $14.99, a nice savings compared to typical $20+ late fees. 

ExpeditedBillPay_Check.jpg

“Industry-wide, expedited bill pay has saved customers more than $4 billion in potential fees in 2010,” said Check marketing VP, Daniel Kjellen, citing a 2011 Javelin Strategy & Research report. This amount is expected to climb to more than six billion by 2015.
Expedited bill pay also helps differentiate Check from its competitors. Said Kjellen “we want to be known as a payments company rather than just a personal finance company.”
Expedited bill pay is available as a feature of the Money & Bills App, available for download at both the iTunes AppStore and at Google Play.
Check was most recently in the headlines following news that the company had reached a deal with Alltel Wireless to allow the carrier’s customers to pay their bills via smartphone. 
The company announced its rebranding a little over a month ago.
Check demoed its technology as part of the FinovateSpring show in 2010. See the company’s presentation here.

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