Author: David Penn

Building a Better Bitcoin? OpenCoin Launches Ripple

By David Penn Posted on
Categories: FinovateSpring 2013, OpenCoin

ripplelogo1.jpgThis post is part of our live coverage of FinovateSpring 2013.

Finishing up the first session of the day is OpenCoin, developers of the world’s first open source payment network, Ripple.
“At its core, Ripple is a distributed global ledger that creates a distributed open source payment network and the world’s first distributed currency exchange. Ripple solves the double spend problem through a process of consensus rather than Bitcoin’s concept of mining. Ripple furthers the Bitcoin mission with faster transactions (confirming in seconds, not minutes) and a multi-currency design that allows for any currency to be traded within its exchange. In fact, Ripple is so versatile, it’s the best place to hold and use Bitcoins.”
Product Launched: February 2013
HQ Location: San Francisco, CA
Company Founded: September 2012
Website: ripple.com
Twitter: @Ripple
Presenting Chris Larsen (CEO) and Jed McCaleb (CTO)

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MicroStrategy Unveils Usher to Take Online Banking Beyond Usernames and Passwords

By David Penn Posted on
Categories: FinovateSpring 2013, MicroStrategy

Thumbnail image for MicroStrategy.jpgThis post is part of our live coverage of FinovateSpring 2013.

The next presentation is from MicroStrategy, whose product Usher helps FIs provide digital credentials to their customers, replacing a variety of more cumbersome authentication measures.
“Usher is the world’s first mobile identity network and is the foundation for an extraordinary array of identity-based services. Usher enables enterprises to protect personal identity, reduce fraud, and streamline business processes, avoiding billions of dollars in costs while improving customer experience.
With Usher, financial institutions can render digital credentials on mobile devices, enabling them to eliminate usernames and passwords for online banking, validate identity instantly over the phone, replace plastic cards with mobile IDs, and more.”
Product Launched: May 2013
HQ Location: Tysons Corner, VA
Company Founded: 1989
Metrics: 3,200+ employees; 4,000 customers; operating in 26 countries; NASDAQ: MSTR
Twitter: @microstrategy
Presenting Randall Hechinger (Director, Global Sales, Usher) and Stephen Bruggers (VP Financial Services Solutions)

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P2BInvestor Reimagines Business Lending by Combining Crowdfunding with Receivables Financing

By David Penn Posted on
Categories: FinovateSpring 2013, P2BInvestor

Thumbnail image for P2BiLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Coming to the stage next is e-commerce innovator, P2BInvestor, a web-based, crowdfunded, receivables finance company.
“P2BInvestor has created a platform that allows investors to buy into a portfolio of business receivables and earn good returns. We give investors the ability to examine underwriting information about clients and choose which receivable portfolio to buy into. Investors own a percentage of every invoice in a portfolio, and earn their returns in cash every month. Investors can liquidate part or all of their portfolios without fees with 60 days notice.”
Product Launched: May 2013
HQ Location: Louisville, CO
Company Founded: February 2012
Metrics: $250,000 raised; 5 employees; 207 registered users
Website: p2bi.com
Twitter: @p2binvestor
Presenting Krista Morgan (CMO & Co-Founder) and Clay McIlrath (CTO)

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FIS Launches its Cloud-Based Mobile Wallet Platform with Cardless Cash Access

By David Penn Posted on
Categories: FinovateSpring 2013, FIS

FISLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Mobile banking veterans FIS are now coming to the stage to unveil their new mobile wallet.
“The FIS Mobile Wallet is a cloud-based platform that gives financial institutions control of the branding and user experience within the application. As a fully enabled commerce solution, customers can add debit, credit, stored value and loyalty cards, as well as redeem mobile coupons and targets offers and pay bills. All credentials are stored securely in the cloud, not on the phone.
Cardless Cash Access allows users to make cash withdrawals at an ATM using only their smartphone. Authentication, account selection and amount selection all occur through the mobile app and a QR code is scanned to complete the transaction.”

Product Launched: May 2013

HQ Location: Jacksonville, Florida
Company Founded: January 1968
Metrics: More than 20 million mobile users; serves more than 14,000 institutions in more than 100 countries
Website: fisglobal.com
Twitter: @FISGlobal
Presenting Douglas Brown (SVP & GM, FIS Mobile) and Chris Gardner (Co-Founder, Paydiant)

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Quantopian Launches Live Trading from its Browser-Based Algoritmic Platform

By David Penn Posted on
Categories: FinovateSpring 2013, Quantopian

Thumbnail image for QuantopianLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Quantitative traders and investors! Start your algorithms! Quantopian Live Trading has landed.
“Quantopian Live Trading allows quants to trade on their algorithms directly from the Quantopian platform using only their browsers. Native to the cloud, Quantopian Live Trading combines historical data, algorithm simulation, external and live market data, brokerage integration, and algorithm development into a seamless, browser-only workflow.
Algorithms can go from historical backtesting to simulated real-time trading to live trading with the click of a button.”
Product Launched: May 2013
HQ Location: Boston, MA
Company Founded: June 2011
Metrics: $2.1 million in funding; 6 employees
Twitter: @quantopian
Presenting John Fawcett (CEO & Founder) and Jean Bredeche (CTO & Founder)

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TrustEgg Helps Parents (and Family and Friends) Save and Invest for Kids

By David Penn Posted on
Categories: FinovateSpring 2013, Trust Egg

Thumbnail image for TrustEggLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Reminding us that preparing for a child’s future is a critical part of parenting, here’s TrustEgg with some ideas on planning for the financial side of that future:
“TrustEgg is the simple way to save for a child’s future. TrustEgg enables parents to create a Trust for their child in minutes for free. Parents can invite family and friends to make contributions. The Trust Fund is invested with Vanguard and earns a market rate of return until the child turns 18.”
Product Launched: February 14, 2013
HQ Location: San Diego, CA
Company Founded: January 1, 2011
Website: trustegg.com
Twittter: @trustegg
Presenting Jeffrey Brice (CEO) and John Zdanowski (CFO & COO)

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Leaf Unveils LeafPresenter to Broaden Small Business Payment Processing Options

By David Penn Posted on
Categories: FinovateSpring 2013, Leaf

Thumbnail image for LeafLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Next to the stage is Leaf, presenting the second generation of its LeafPresenter tablet:
“Out-of-the-box, the LeafPresenter tablet lets small business owners create a virtual version of their store: catalogs, items, customers, employees, and inventory. The device can be set up in minutes and is designed to be handheld or stationary in its base, so merchants can immediately begin accepting payments, analyzing business performance, and engaging with their customers.
By supporting numerous payment technologies, the LeafPresenter gives merchants the power to work with the credit card processor, gift card provider, or next generation payment option of their choice, including PayPal, LevelUp, and various digital wallets.”
Product Launched: May 2013
HQ Location: Cambridge, MA
Company Founded: January 2011
Metrics: $4 million in funding raised; 20 employees; 100+ businesses using Leaf
Website: leaf.me
Twitter: @LeafYourLife
Presenting Aron Schwarzkopf (CEO)

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EyeVerify’s Eyeprints Provide Mobile Biometric Identity Verification

By David Penn Posted on
Categories: EyeVerify, FinovateSpring 2013

Thumbnail image for EyeVerifyLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Starting off the show here in San Francisco is EyeVerify with a unique approach to eye-oriented identity authentication.
“EyeVerify has commercialized a software-only, biometric method for verifying the identity of mobile users called ‘Eyeprints’. The Eyeprint Verification System is based on the unique vein patterns in the whites of your eyes, and has fingerprint-level accuracy. Eyeprints require only the existing camera in a smartphone, so the system is not dependent on expensive fingerprint or iris scanning hardware.”
Product Launched: April 2013
HQ Location: Kansas City, Kansas
Company Founded: January 2012
Website: EyeVerify.com
Twitter: @EyeVerify
Presenting Toby Rush (CEO) and Chris Barnett (EVP Global Sales & Marketing)

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TransferWise Secures $6 Million in Series A Funding

By David Penn Posted on
Categories: TransferWise

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.

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Finovate Alumni News– May 13, 2013

By David Penn Posted on
Categories: EyeVerify, FIS, Flint Mobile, Heckyl Technologies, Quantopian
  • 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.

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

By David Penn Posted on
Categories: 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.

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AuthenticID Available to US Bankcard Services Members

By David Penn Posted on
Categories: authenticID

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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.

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