TransferWise Secures $6 Million in Series A Funding

TransferWise_logo3.jpgLed by Valar Ventures, the $6 million in capital represents the first European investment for Peter Thiel’s venture fund, and a major boost to the London-based, peer-to-peer money transfer startup.

Also participating in the round were existing investors including SV Angel.
In the two years since inception, TransferWise has raised more than $7 million in capital. The company, headquartered in London’s Tech city, was founded by Taavet Hinrikus and Kristo Kaarmann, and serves as an alternative to traditional money transfer services offered by banks and other FIs.
TransferWise supports transfers between major European currencies such as the Euro, British Pound, and Polish Zloty, as well as the Danish, Norwegian, and Swedish Krone. 
At this time, transfers from the U.S. dollar into European currencies are not available through the service, but are expected in the near future. TransferWise is also looking to add another 12 new currencies, as well as launching in France, Germany, Italy, and Spain in 2013.
TransferWise has been referred to as a “simplified PayPal for business banking” and last month won Estonia’s “Best E-Service” contest. Hinrikus also made headlines this spring with his project to provide $100 million in fee-free cash transfers to European startups. The company has transferred more than £100 million for its customers since inception, more than half of that amount in the last six months.
TransferWise presented their technology as part of FinovateEurope in February. To see their demo, visit them at our FinovateEurope 2013 video page here.

Finovate Alumni News– May 13, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgHeckyl Technologies named fastest growing enterprise startup in Indian brokerage industry.
  • InvestorPlace interviews Flint Mobile CEO and co-founder, Greg Goldfarb.
  • EyeVerify raises $2.3 million in Series A round. See them demo at FinovateSpring in San Francisco this week.
  • Advanced Trading takes a look at Quantopian and the rise of the new quants. Meet them at FinovateSpring.
  • FIS to provide core banking, back-office processing support to UK-based Sainsbury’s Bank.
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.

If You’re Going to San Francisco … Join Us for FinovateSpring 2013

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Before every Finovate event, we try to provide a sense of the areas in which our presenting companies, large and small, are innovating.

Our Themes Word Cloud for FinovateSpring 2013 includes some familiar topics, as well as a number of new themes that have moved to the front of the pack this year.

FS2013 Word Cloud v7b.jpgIn addition to presenting some of the most interesting innovations in fintech, FinovateSpring is a great opportunity for industry professionals to meet, network, and get to know one another. 

The fact that titles like “Director”, “CEO,” and “SVP” (senior vice president) are so prominent in our Titles Word Cloud is a testament to the role Finovate plays in helping both fledgling startups and established innovators introduce their technologies to the public.

Version2TitleWordCloudV3.jpgFinovateSpring 2013 is the largest Finovate yet, besting last year’s record-setting event. Be sure to follow us here at Finovate.com and on Twitter (@Finovate) Tuesday and Wednesday for our all-day coverage, live from San Francisco. Also, download the latest edition of the FinovateSpring 2013 mobile app, available for free on iPhone, iPad, and Android devices.

Lastly, if you’d like to take a look at who’s presenting when, please visit our Demo Schedule page for more information.

See you in the City by the Bay.

AuthenticID Available to US Bankcard Services Members

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US Bankcard Services has announced that the identity authentication services of AuthenticID will be available to its merchants.

AuthenticID’s solution uses scanners with built-in barcode and magnetic stripe readers. With access to most international and North American government identity document issuers, the company’s software is able to compare a scanned ID to the ID in its document library.

The process is quick and works with driver’s licenses, green cards, and other types of government issued-identification.

US Bankcard Services was founded in 1996 by Chris Chang, who currently serves as president. The company is headquartered in City of Industry, California. Here are some additional metrics on US Bankcard Services:

  • Serves more than 10,000 merchant accounts
  • Has processed more than $11 billion
  • Offers a 95% approval rate within 24 hours
  • Has more than 100 employees

AuthenticID will be presenting its technology as part of FinovateSpring, May 14 and 15 in San Francisco. To learn more about the event, visit our FinovateSpring page here.

Finovate Alumni News– May 9, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgForbes.com takes a look at the competition between Square and Flint Mobile.
  • Compass Plus presents instant card issuance in debut appearance at CARTES America conference.
  • SAGE SA names Amir Suleman as Head of Sales for Middle East.
  • Striata receives PCI compliance for its Grade 1 infrastructure in the UK.
  • New Europe Online interviews eToro’s Head of Product Marketing, Alon Levitan, about how eToro is changing online trading.
  • Good.is features SaveUp’s Priya Haji.
  • PEHub interviews Drew Sievers, who led mFoundry to an acquisition by FIS.
  • Fraternity and Sorority Political Action Committee leverages Billhighway Give to Reach Fundraising Goals.
  • Perfectsen selected as a semi-finalist for the Innotribe Startup Challenge 2013.
  • OneID wins 2013 North America Frost & Sullivan Award for New Product Innovation. Come see their presentation at FinovateSpring next week.
  • Locaid earns extended relationship with LaaS company Timesheet Mobile. See Locaid demo at FinovateSpring in San Francisco.
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– May 8, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe Wall Street Journal takes a look at “bitcoin startups” including OpenCoin. Come meet them at FinovateSpring in San Francisco.
  • Currensee announces launch of Trade Leaders managed fund.
  • US Bankcard Services now providing AuthenticID service to its merchants.  See AuthenticID demo at FinovateSpring next week.
  • Check Point introduces 600 Series security appliances for SMBs.
  • Forbes lists SoMoLend as 1 of 10 top crowdfunding sites for fundraising.
  • Investor Junkie reviews Jemstep. Come see what’s new at Jemstep at FinovateSpring next week.
  • MoneyDesktop honored with Bronze award in the Telly Awards, which recognize the finest video, film, & web commercials. See them demo at FinovateSpring.
  • Business Insider names BillGuard as 1 of the 20 hottest startups from Israel.
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.

Kashoo Tops 100,000 Users and 50,000 iPad App Downloads

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Cloud accounting company Kashoo has announced surpassing a pair of major milestones: more than 100,000 registered users and more than 50,000 iPad app downloads.

News of these milestones, especially with regard to the number of iPad app downloads, comes in the wake of the company’s upgrade to its iPad accounting app last month (read our coverage of that announcement here).

In statements accompanying the announcement, Kashoo CEO Jim Secord suggested that strong sales of the iPad itself should be viewed as a positive for their accounting app. The thinking? More people using iPads = more mobile small businesses using iPads = more mobile small businesses with iPads using Kashoo to handle their accounting needs. Apple sold more than 19 million iPads in the previous (second) quarter, according to this report.

Kashoo is funded by private investment from FBC. FBC is the largest, small business tax preparation and planning company in Canada  Kashoo is based in Vancouver, British Columbia, and demoed its technology in October 2010 as part of FinovateFall. Watch them in action here.

Pageonce Rebrands as Check

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The company formerly known as Pageonce has changed its name to Check. See for yourself at their new online home, check.me.

Why Check? According to COO Steve Schultz, the name change long had been a work in progress for the company, and includes at least three elements they believe will help consumers and potential partners better understand the brand and the business.

On its face “Check” reminds consumers that the service still represents an alternative to paper checks, arguably part of the original mission of Pageonce. Beyond this, the company appreciates how the name “Check” also reflects the idea of “checking off” tasks that have been accomplished, as well as the importance of keeping one’s finances simple and “in check.”

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The evolution of Pageonce to Check is a testament to the evolution of a company that began with an innovative data aggregation tool. Said Schultz in a phone conversation last week, “The company is very different now and has grown to be one of the few companies to provide a digital wallet that includes personal finance management, bill pay, and mobile.”

All of this is geared toward helping the company take better advantage of the $4 trillion bill payment market. “We will continue to focus on innovation in payments,” he added, noting that their peer-to-peer payment feature, PayAnyone, continues to grow since its launch three months ago. The company is especially pleased at the high collection rates (i.e., the rate at which people pick up the money sent to them). Said Schultz, “it is one thing to send people money. People have to actually go and get it.”

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“Fortunately, because our average ticket is $400-500, most people have enough incentive to collect the money.”

What else is coming from Check in 2013? Expedited bill pay is one of the features many customers have been longing for. Here, Schultz says that the feature is a “natural fit for us” and is something consumers can expect from Check later this year.

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Check is also working more directly with billers. Although formal announcements are still at least a month away, Check will be serving as the mobile payment channel for a number of billers in the near future.

“We found that some billers have no mobile channel, or have tried to build their own,” said Schultz. “Others have tried to develop a specific payment app.”

“What we found is that customers want a simple solution. This will allow bill payment without the traditional PFM linking. Give Check your account number and they’ll be able to do the rest.”

As Pageonce, the company demoed its technology as part of FinovateSpring 2010. See them in action here.

Digital Mailer’s My Virtual StrongBox a Lock for Redstone FCU

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Redstone Federal Credit Union has seen more than 30,000 members (20% of its online banking base) take advantage of the My Virtual StrongBox service powered by DigitalMailer in the five months since the technology was deployed.

My Virtual StrongBox allows users to store copies of everything from wills and birth certificates to deeds and insurance policies. It integrates with online banking platforms and personal finance management (PFM) tools by way of APIs. Files are encrypted so that only the user can access them.

Founded in 1951 and based in Huntsville, Alabama, Redstone Federal is the largest credit union in the state. As of 2012, the company is the 16th largest credit union by membership in the U.S. and 34th largest by assets.

Here are a few additional metrics on Redstone FCU:

  • More than $3 billion in assets
  • More than 350,000 accounts
  • More than 130,000 online banking users

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DigitalMailer has processed more than 60 milllion electronic statements and 80 million emails since inception in March 2000. Its products are used by more than 200 financial institutions. Ron Daly is CEO. 

The company demoed its technology as part of FinovateFall 2012. See them in action here.

Finovate Alumni News– May 6, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBraintree’s Bryan Johnson provides columnist James Altucher with an example of “how to go from $0 to $1,000,000 in two years.” See Braintree demo at FinovateSpring in San Francisco.
  • TransactionAge takes a look at Klarna as an alternative to Google Wallet.
  • Digital Mailer’s My Virtual StrongBox deployed by Redstone Federal Credit Union.
  • Investment News features Finect, a social network for financial advisors. Join them in San Francisco for FinovateSpring.
  • miiCard partners with Bitcoin Exchange Platform, Tradehill.
  • Innovation Agency updates Innovation Café to support formal judging process and integrated rewards payment process.
  • TIO Networks announces partnership with mobile app developer iFactor Consulting.
  • Bloomberg Businessweek reports: On Deck Capital Targets Businesses Banks Won’t Touch.
  • David Barrett, Expensify CEO, interviewed on SkyNews to talk about Bitcoin. Come check out what’s new at Expensify at FinovateSpring next week.
  • Best Vendor profiles Gremln. See them in action at FinovateSpring in San Francisco.
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.

Webby Awards Honor Finovate Alums Among Web’s Best

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So what do fintech innovators, and Finovate alumni, like Mint, Manilla, and Dashlane have in common with the likes of the Chrome Web Lab, Tom Hanks’ Electric City, and Cracked.com?

How about earning honors from the esteemed judges of the 2013 Webby Awards?

Thumbnail image for ManillaLogo.jpgManilla made the most of its showing at the 17th Annual Webby Awards, picking up honors in three categories (Utilities & Services, Web Services & Applications, and Financial Services/Banking). But the biggest winner among the Finovate-affiliated nominees was Mint. Mint won the Webby People’s Voice award in the Financial Services/Banking category, along with earning an honor in the Best User Experience category.

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Also representing well at the Webby Awards was Dashlane, coming in for Web Services & Applications honors, and a trio of Finovate alumnus that impressed judges in the Financial Services/Banking category: LearnVest, UBank’s PeopleLikeU, and Kapitall.


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The Webby Awards have been given out every year since 1996 by the International Academy of Digital Arts and Sciences (IADAS). The Academy includes among its members such luminaries as David Bowie, Vint Cerf, and Arianna Huffington. 

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The Webbys provide two major awards per category: the Webby Award and the Webby People’s Voice Award. The latter award is determined by an online vote.

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Learn more about our Webby Award-winning alumni at our demo pages.
ManillaFinovateFall 2012
MintFinovate 2007
DashlaneFinovateFall 2012
LearnVestFinovateFall 2012
KapitallFinovateFall 2010

On Deck Announces $17 Million Expanded Series D Round

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The latest funding for On Deck Capital comes courtesy of PayPal co-founder Peter Thiel, Industry Ventures, and Google Ventures, which led the round. The announcement is the second of its kind this year for On Deck, which raised $42 million in funding from Institutional Venture Partners in February.

The company’s immediate plans for the capital are practical: building products and adding staff. But longer-term On Deck remains focused on playing a growing role in the lending requirements of the five million small businesses in the United States.

Here are a few metrics from On Deck:

  • Raised $59 million in funding so far in 2013; $100 million to date
  • Increased its repeat customers by 34% in 2012
  • Loaned $400 million since inception
  • Grew distribution partners to 300% to 1,500 nationwide in 2012

On Deck was founded in 2007, and is headquartered in New York. Their small business loans range from $5,000 to $150,000, with terms extending as long as 18 months. Businesses that have been operating for longer than one year, and have annual revenues of at least $100,000 are eligible.

On Deck was among the companies to take part in FinovateSpring 2012. See them in action here.