Author: David Penn

SaveUp Helps Credit Union Members Save More than $400 Million

By David Penn Posted on
Categories: SaveUp

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According to CU Solutions Group, SaveUp has helped them help their members to the tune of nearly $450 million saved, and more than $290 million in debt retired.

The metrics are as of the end of May 2013. Together they highlight SaveUp’s ability to incentivize credit union members to improve their personal finances. The SaveUp platform relies on a combination of behavioral science and technological innovation to reward users as they save money and reduce debt.

Some metrics on SaveUp:
  • More than 40 credit unions participating across the country
  • More than 45% of users connect with CU branded content at least once a week
  • More than 2,600 inquiries into new CU products and services generated by SaveUp users.
SaveUp was co-founded by Priya Haji and Sammy Shreibati, currently CEO and CTO, respectively, and is headquartered in San Francisco.
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We last wrote about SaveUp when the company announced a contest to allow users to vote for the prizes they wanted the savings and rewards platform to offer.
CU Solutions Group distributes SaveUp to credit unions as part of its business of providing marketing, technology, and other services. Among the credit unions participating in the SaveUp program are:
  • Veridian CU, Waterloo, IA, $2.4 billion in assets
  • Northeast CU, Portsmouth, NH, $878 million in assets
  • Belvoir FCU, Woodbridge, VA, $309 million in assets
  • Sir FCU, Negaunee, MI, $79 million in assets
SaveUp demonstrated its technology as part of the FinovateSpring 2012 show in San Francisco. See them in action here.

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Finovate Alumni News– May 28, 2013

By David Penn Posted on
Categories: BellaDati, Billhighway, Dwolla, IP Commerce, Kabbage, Kalixa, Kofax, M2CASH, OpenCoin, ProfitStars, Quantopian, TIBCO Software, TransferWise, V2Pay
  • FinovateLOGO.jpgChris Larsen, CEO and co-founder of OpenCoin, calls Ripple, “HTTP for money” in CoinDesk feature.
  • Credit Union Times: ProfitStars‘ Director of Strategic Insight Lee Wetherington talks credit unions and big data.
  • Kalixa Group teams with MasterCard to test prepaid card.
  • Barron’s Electronic Investor column on Quantopian now available to non-subscribers.
  • Mateo’s Tech Travels reviews TransferWise.
  • Business Insider hosts Dwolla CEO Ben Milne in Startup Lab interview.
  • One of the largest financial services corporations in the world invests more than $4.6 million for software, maintenance and professional services with Kofax.
  • American Banker reports: Kabbage’s Fresh Idea for Small Business Finance.
  • TIBCO announces launch of Cloud Bus, a subscription-based Integration Platform as a service (iPaaS) offering.
  • BellaDati opening partner network in Russia.
  • IP Commerce closing payment processing service on June 30.
  • M2CASH rebrands as V2PAY, now offers electronic ID verification, virtual loan solutions, virtual cards & virtual merchant services.
  • Billhighway adds Kids Kicking Cancer as client.
  • Comarch to provide reference, market data to SIX Financial Information.
  • Standard Chartered launches VISA Infinite Credit Card with chip and PIN 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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Keynote DeviceAnywhere Unveils ScriptObjects, Recorder

By David Penn Posted on
Categories: Keynote DeviceAnywhere

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Fresh off their integration with Worksoft Certif, and the decision by BBVA Compass to deploy their app testing technology earlier this year, Keynote has announced a pair of new features for its DeviceAnywhere Enterprise platform: ScriptObjects and Recorder.

ScriptObjects:

  • Lets customers build object-level test scripts
  • Ability to work across multiple devices for faster test automation
  • Deploy test scripts with native, Web, and hybrid applications
Recorder:
  • Scripting tool with intuitive UI, requires no training to use
  • Develop scripts with precise validation checks
  • Add scripts quickly to test site to comply with demands for shorter test cycles
Keynote DeviceAnywhere’s Enterprise platform provides fast, flexible test automation. The new enhancements are geared tower providing more intuitive testing tools for quality assurance professionals.
Keynote demonstrated their testing technology as part of the FinovateSpring 2012 show in San Francisco. Watch the presentation here.

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Finovate Alumni News– May 24, 2013

By David Penn Posted on
Categories: Flint Mobile, GMC Software Technology, Handpoint, Klarna, Lendio, Lighter Capital, Personal Capital, ThreatMetrix, TipRanks, Yandex
  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMainStreet features “stock tip truth-o-meter” and FinovateSpring 2013 Best of Show winner TipRanks.
  • GMC Software Technology enters partnership with PostConnect to deploy Inspire technology.
  • AppScout takes a look at Flint’s mobile app for iPad and iPhone.
  • Yandex.Money integrates with Еuropean payment provider Skrill.
  • Banking Business Review reports: Handpoint introduces Chip and PIN MPOS systems.
  • Newfination visits the Personal Capital offices, interviews Head Of Advisory Services, Kyle Ryan.
  • American Banker mentions how Lendio and Lighter Capital are changing the face of small business lending.
  • Internet Retailer reports: ThreatMetrix helps EMerchantPay reduce its clients’ chargeback rates.
  • Klarna named “most innovative company” at annual Media Momentum Awards arranged by GP Bullhound.
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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BillFloat Extends SmartPay Pilot Program with Radio Shack Partnership

By David Penn Posted on
Categories: BillFloat

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SmartPay, an instant financing option powered by BillFloat, will soon be available via a select group of Radio Shack retail outlets in Houston as part of a pilot program, BillFloat announced today.

SmartPay allows consumers to pay for newly bought smartphones on an “in-store lease-to-own” basis. The new partnership with Radio Shack will be the first time such a financing opportunity has been available to potential smartphone buyers.

smart-pay-powered-by-billfloat-85720705.jpgBased in San Francisco and founded in 2009, BillFloat’s More-Time-To-Pay platform helps provide instant financing options for merchants and their customers. 

The platform supports SmartPay, as well as products like MoreTime and SmartLine. According to BillFloat, SmartPay volume has grown by more than 1,900% since its launch last September. 

In becoming part of the pilot program, Radio Shack joins MetroPCS, Virgin Mobile, and CSpire in offering SmartPay.
Ryan Gilbert is co-founder and CEO of BillFloat. The company has raised more than $20 million in venture capital.
BillFloat presented its MTP platform as part of the FinovateSpring 2011 show in San Francisco. Watch a demo of the technology at work here.

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Finovate Alumni News– May 22, 2013

By David Penn Posted on
Categories: Capital Access Network, CashStar, Comarch, Locaid, Service2Media, SimpleTuition, Swipely, Temenos, Wipit
  • FinovateLOGO.jpgBangor Daily News blogger interviews CashStar CEO Steven Boal.
  • Service2Media announces implementation of mobile app development platform.
  • Locaid CEO Rip Gerber wins CTIA “Ingenious Innovator” award for product and service innovation.
  • Temenos unveils DataSource, their new enterprise data management system.
  • Take a peek at the new look of Comarch Smart Finance.
  • Swipely earns $12 million in Series B funding.
  • Big banks boost Capital Access Network’s lending capacity by more than 50%.
  • SimpleTuition announces $4 million Series D round.
  • Pandai brings on John Porter as Chairman.
  • PandoDaily reports: Google closes Checkout, pushing thousands of merchants into Braintree’s arms.
  • Arxan’s mobile app integrity protection platform now supports the Tizen OS, protecting Tizen apps from cyber threats.
  • eToro reaches 50 million trades landmark.
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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Wipit Powered Wallet Now Available to Boost Mobile Customers

By David Penn Posted on
Categories: Wipit

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Boost Mobile customers soon will find themselves part of the mobile payments movement, as the non-contract wireless provider adds a mobile wallet feature to its smartphones.

That mobile wallet will be powered by Wipit, a mobile payments company with a focus on providing service to the underbanked. Founders of the company include veterans of the prepaid wireless industry: John Tantum, former President of Virgin Mobile USA, Michael Lanzon, former VP of Sales and Marketing for Boost Mobile, and Job Tucker, former Director of National Sales and Distribution for Boost Mobile.

Wipit’s CEO is Richard Kang, who is also a co-founder.
The company’s technology allows users to create a free mobile wallet either online or on their smartphone. The wallet can be loaded with prepaid funds at any one of more than 10,000 retail locations in the United States.
Boost Mobile reaches more than 270 million people via its Nationwide Sprint Network. The company’s handsets are sold at almost 20,000 retailers nationwide, and its Re-Boost cards can be found at 100,000 locations in the U.S.
Based out of California and founded in 2010, Wipit demoed its technology as part of FinovateSpring 2012. Watch the presentation here.

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SimpleTuition Announces $4 Million Series D Round

By David Penn Posted on
Categories: SimpleTuition

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SimpleTuition’s job of providing resources to help students responsibly borrow, maintain, and retire student debt just got $4 million easier.

The $4 million in venture funding comes from a trio of previous investors in the company: Atlas Ventures, Flybridge Capital Partners, and North Hill Ventures. The additional capital brings SimpleTuition’s funding total to more than $21 million, excluding $5 million in debt financing from August of last year.

With tools like Student Loan Comparison, SmarterBank, and SmarterBucks, SimpleTuition provides students and their families with resources to help them make informed decisions about financing higher education. The company’s recent acquisition of ValoreBooks allows them to help students minimize the cost of textbooks, as well.
SimpleTuition plans to invest its new capital in marketing and development initiatives in each of its three main lines of business: student loans, textbooks, and rewards. They presented their technology as part of FinovateStartup back in 2008. Learn more about them here.

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Big Banks Boost Capital Access Network’s Line of Credit By More than 50%

By David Penn Posted on
Categories: Capital Access Network

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Capital Access Network announced that it has secured an additional $165 million credit line. The additional funding will extend the company’s lending capacity to nearly $500 million from its current level of $295 million.

Participating in the syndicate are:

  • Capital One
  • Amalgamated Bank
  • Regions Bank
  • Capital Source
  • AloStar
  • Wells Fargo Capital Finance LLC
  • Goldman Sachs
  • Brown Brothers Harriman
  • Key Equipment Finance
  • Fifth Third Bancorp
Stimulating rapid growth is the primary goal for the company given the increased credit capacity. In addition to the funding announcement, Capital Access Network is making news with a pair of major management moves: naming co-founder of Capital One Nigel Morris Vice Chairman, and promoting Daniel DeMeo to CEO. DeMeo had been serving as CAN’s chief financial officer since 2010.
A specialist in small business lending, Capital Access Network has provided small businesses with more than $3 billion in working capital since inception in 1998. Targeting financing needs of $150,000 or less, CAN’s technology enables the company to look beyond credit scores to provide funding based on their own assessment of likely business performance.
Headquartered in New York City, Capital Access Network was among the presenters at FinovateEurope 2011 in London. To see the presentation, click here.
Update: Original copy edited to specify Nigel Morris as co-founder of Capital One, and the company’s headquarters in New York City.

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Swipely Earns $12 Million in Series B Funding

By David Penn Posted on
Categories: Swipely

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Shasta Ventures led the financing round. Joining them were current investors First Round Capital, Greylock Partners, and Index Ventures.

Swipely plans to use the $12 million in new capital to help finance growth nationwide, as well as building the network of merchants who use their payment marketing technology. This latest round of funding brings the company’s total to more than $20 million.

Some additional metrics:
  • Manages more than $700 million in annual sales.
  • Maintains service to merchants in 130 cities and towns in the U.S.
  • Provides consumer behavior analytics on more than 2 million customers
Swipely targets merchants with more than $30,000 in monthly credit card sales.
Founded in 2009 and headquartered in Providence, Rhode Island, Swipely launched its Payment Marketing solution in 2012. The company earned a spot on Forbes’ list of “America’s Most Promising Companies” and was named one of the “Best Places to Work in Rhode Island” by Providence Business News.
Swipely was among the companies to debut its technology at FinovateSpring 2012. See its demo here.

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Finovate Alumni News– May 21, 2013

By David Penn Posted on
Categories: BillGuard, Birdback, Braintree, eToro, Figlo, Holvi, Jack Henry, Keynote DeviceAnywhere, SigFig, Tradeshift, Tyfone, Virtual Piggy, VoiceTrust, Wipit
  • FinovateLOGO.jpgBirdback teams up with Braintree for 3-day payments hackathon.
  • Indiana Members CU chooses Jack Henry & Associates’ Symitar for in-house core processing.
  • Keynote DeviceAnywhere adds mobile scripting, UI enhancements.
  • VoiceTrust moves operational headquarters to Canada, opening offices in Toronto and Montreal.
  • Figlo expands partnership with Yellowtail Consulting to enable stronger focus on South Africa.
  • Wipit partners with Sprint/ Boost Mobile to bring mobile payment capability to cash-preferred consumers.
  • Virtual Piggy signs first UK partners, Toy Galaxy and Toadstool.
  • eToro granted UK financial regulation approval from the Financial Conduct Authority (FCA).
  • Tyfone releases Connected Smart Card solution to allow FIs to enhance user ID info used to access sensitive data.
  • Tradeshift partners with Invoiceware International to deliver compliant e-invoice validation in Latin America.
  • BillGuard to integrate with Google Wallet for transaction monitoring.
  • SigFig Portfolio adds support for Windows Phone.
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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EyeVerify Earns $2.3 Million in Series A Funding

By David Penn Posted on
Categories: EyeVerify

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The latest investment in the biometric-identity innovator brings the company’s total funding to $3.7 million. Participating in this latest round were Think Big Partners, Mid-American Angels, Nebraska Angels, and other individual, angel investors.

EyeVerify plans to use the additional funding to add sales and marketing talent, as well as invest in research and development. Founded in January 2012, the company is based in Kansas City, Kansas, and has eleven employees.

The technology uses the unique vein patterns in the whites of the eyes to create an “eye print” with fingerprint-level accuracy, according to the company. Eyeprints can be taken with a smartphone camera rather than requiring specialized hardware.
EyeVerify demoed their Eyeprint technology as part of the show at FinovateSpring in San Francisco this month. You can read our live coverage of their presentation here.

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