Author: Julie Muhn (@julieschicktanz)

FinovateAfrica Sneak Peek: Topicus.Finance

FinovateAfrica Sneak Peek: Topicus.Finance
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018, FinovateAfrica 2018 Sneak Peek, Topicus

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

Fyndoo, powered by Topicus, unlocks financing for the agricultural sector with automated lending processes combined with satellites providing real-time insight into crop development.

Features

  • Lending processes are accessible, efficient, and transparent
  • Investment progress can be monitored in real-time
  • Automated loan management varies with progress and quality of the crops

Why it’s great
Fyndoo bridges the financing gap for entrepreneurs as well as farmers in developing countries by combining state-of-the-art business lending technology with the ability to monitor crop progress real-time.

Presenters

Jamie Burink, Head of Business Lending
Burink is head of business lending at fintech company Topicus.Finance. He has roots in business administration and a strong passion for making banking simple, social, and transparent.
LinkedIn

Johan Stokking, Tech Lead and Co-Founder
Stokking is tech lead and co-founder of The Things Network: an open, crowdsourced, and decentralized internet of things data network. He also serves as CTO of The Things Industries.
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Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool

Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Sezzle

Alternative ecommerce payment system Sezzle announced last week it pulled in a $100 million line of credit. The new round multiplies the Minnesota-based company’s existing funding by almost 10x, bringing its total raised to just shy of $111 million.

The funding, which comes from Connecticut-based investment firm Bastion, is being used to fuel Sezzle’s new pay-in-2019 initiative with online retailer Tobi. The promotion, which will be available throughout the holidays, gives Tobi.com shoppers interest-free purchase financing. After paying 25% of the purchase price at checkout, shoppers can wait to pay the remaining three-quarters of the purchase, interest-free, until after January 2, 2019, at which point they pay in three equal installments.

Tobi’s target market is focused on young females– a demographic which typically either has no credit or thin credit files. “Because these young consumers are credit-starved, they tend to abandon their online shopping cart instead of clicking through to purchase,” Sezzle CEO Charlie Youakim said. “With our option, those shoppers are more likely to convert to a sale. We even see them spending more and shopping more frequently.”

The pay-in-2019 payment model is a departure from Sezzle’s existing buy now, pay later offering, which typically allows users to spread the repayment of the purchase price across 6 weeks of financing. If the trial with Tobi yields increased sales results, Sezzle plans to move forward with the new financing model with other retailers, as well.

Founded in 2016, Sezzle demoed its alternative payment platform at FinovateFall earlier this year. Last month, the company teamed up with Priority Payment Systems which will offer Sezzle as an option to its merchant clients.

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SuperMoney Launches Student Loan Refinancing Marketplace

SuperMoney Launches Student Loan Refinancing Marketplace
By Julie Muhn (@julieschicktanz) Posted on
Categories: SuperMoney

Financial services comparison site SuperMoney is venturing into new territory this week with the launch of its student loan refinancing comparison marketplace. And since student loans are the largest source of unsecured debt in the U.S., with outstanding loan amounts totaling $1.53 trillion, now is as good a time as ever for the new endeavor.

The new marketplace aims to help students make smarter decisions when refinancing their existing student loans. By submitting a single application, users can receive actual rate quotes in real time from multiple lenders, including LendKey, CommonBond, and SoFi. Each offer transparently shows users a breakdown of monthly costs, payments, and fees so that they can make the best decision based on their circumstances.

The free process takes seconds and won’t hurt applicants’ credit scores. And unlike other loan offer aggregation sites, SuperMoney doesn’t harvest and sell applicant information.

Founded in 2013, SuperMoney offers a range of widgets to help users find the right tools to achieve their financial goals. Users can compare mortgage offers, credit cards, loan offers, and annual percentage yields on savings and checking accounts. The company’s CEO, Miron Lulic, recently showcased at FinovateSpring 2018, where he demoed SuperMoney’s No-Fee Financing Platform that offers merchants access to turnkey financing that can help save them up to 10% on discount rate fees.

Today’s announcement comes just a couple of months after SuperMoney’s last product launch— an auto loan comparison engine. The tools allow prospective borrowers to use a single platform to compare between secured and unsecured loans, refinancing, and private party auto loans. Also this fall, the company announced it has surpassed $1 billion in financing requests to lenders via its platform.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Dynamics, Gusto, Hyperwallet, Kabbage, MaxMyInterest, Payfone, PayPal, SuperMoney

On Finovate.com

  • MaxMyInterest Brings Intelligent Cash Management to Radius Bank.
  • SuperMoney Launches Student Loan Refinancing Marketplace.

Around the web

  • Payfone recognized for growth with Deloitte’s 2018 Technology Fast 500 Award.
  • Benzinga talks with Kabbage Co-founder Kathryn Petralia.
  • IndusInd Bank launches Dynamics-powered, interactive credit card with buttons.
  • PayPal completes acquisition of Hyperwallet.
  • Education technology pioneer Kinderlime selects Gusto as its exclusive payroll provider.

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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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, DocFox, Entrust Datacard, GreatHorn, NIIT Technologies, OUTvest, Urban FT, Yoco

On Finovate.com

  • GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise.

Around the web

  • UrbanFT Co-Founder Mark Kilpatrick named to Forbes’ 30 Under 30.
  • Entrust Datacard IntelliTrust Cloud Service strengthens authentication for Microsoft Azure customers.
  • NIIT Technologies partners with R3 to build solutions on the Corda Platform.
  • CardFlight earns top 50 ranking in the 2018 Deloitte Fast 500 roster.

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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MoneyHub Secures Investment from Nationwide

MoneyHub Secures Investment from Nationwide
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Moneyhub

Financial tools company MoneyHub announced today it received an undisclosed amount of funding from the venture arm of financial services giant Nationwide, which used a portion of its $64.5 million fund to take a minority stake in the U.K.-based fintech.

Tony Prestedge, deputy chief executive at Nationwide Building Society, said, “It’s important that the Society invests for the future to ensure we remain at the forefront of innovation. Investing in start-ups like Moneyhub helps us identify, learn about, and explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.”

Interestingly, this isn’t MoneyHub’s first tie-up with the insurance industry. The company was acquired by South African insurance company MMI Holdings in 2014.

Founded in 2009, MoneyHub offers direct-to-consumer, direct-to-advisor, and enterprise versions of its personal financial management technology. The company aggregates consumers’ financial data onto a single platform to offer a holistic view of their overall financial health. In August, MoneyHub received authorization as a payment initiation services provider from the U.K.’s Financial Conduct Authority. This certification enables the firm to allow users to initiate payments across accounts from within its platform.

In April, MoneyHub solidified its commitment to open banking by partnering with challenger banks Monzo and Starling in an integration that enables the banks’ clients to use the Moneyhub app to link their checking and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs, and investments. “While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent. We know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future,” said Prestedge.

MoneyHub most recently presented at FinovateEurope 2017, where it debuted the SmartAssist tool for the enterprise version of its software. SmartAssist is an intelligent messaging feature that leverages AI to help consumers manage their finances and plan for the future.

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Lighter Capital Increases Funding Limit to $3 Million

Lighter Capital Increases Funding Limit to $3 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Lighter Capital

Revenue-based small business financing startup Lighter Capital announced today it has increased its funding limit by 50%.

The Washington-based company will now provide tech startups with up to $3 million in working capital in exchange for 2% to 8% of their business’ future revenue. The $3 million cap is up from Lighter Capital’s previous funding limit of $2 million. Unlike with VC funding, startups retain full ownership of their company.

“As more and more tech entrepreneurs discover alternatives to equity-based venture funding, we realized the need for even more significant financial commitment,” BJ Lackland, CEO of Lighter Capital said. “The reality is, most banks won’t fund small, early-stage tech startups, and venture capitalists demand significant equity in the company. By increasing our loan amounts by 50 percent, we can ensure burgeoning tech startups can rapidly expand and get ahead of competition.”

Founded in 2010, Lighter Capital has funded more than 270 early stage tech startups in 450 funding installments totaling $125 million. The company today announced it has provided an additional $555,000 in funding to proptech company ListReports. Thanks to the more than $2 million in total financing from Lighter Capital, ListReports has increased its revenue by 11x since Lighter Capital first began investing in it in 2016, Regarding the round, Lackland said, “Since day one, ListReports has been on an upward trajectory, showing continuous growth, while building out a sustainable business model. We’ll happily provide them with the financing they need to become a dominant force in the real estate technology market.”

Lighter Capital most recently demoed at FinovateFall 2013 where it showcased loan analysis and monitoring tools. Last month, the company launched a new Client Perks Program and a few weeks back appointed Anthea Louie as Chief Marketing Officer.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Daon, Emailage, Infosys, Kasasa, Lighter Capital, Moneyhub, Nvstr, OneSpan, Prosper, Quovo, Revolut, TransferWise, Xero

On Finovate.com

  • MoneyHub Secures Investment from Nationwide.
  • Lighter Capital Increases Funding Limit to $3 Million.
  • Prosper Plans HELOC Product Launch in 2019.
  • Nvstr Brings Brokerage Optimized Investing to the Masses.

Around the web

  • Kasasa partners with rateGenius to offer Kasasa Loans on behalf of Kasasa’s community financial institution network.
  • Infosys to open technology and innovation hub in Texas and hire 500 American workers by 2020.
  • Xero announces new integrations with Tide, Starling Bank, TransferWise, Revolut, and Soldo.
  • Javelin names OneSpan ‘Best in Class’ provider, honoring it with the 2018 Mobile Biometrics Platform Award.
  • Emailage announces Tom Miller as new Chief Revenue Officer.
  • Quovo becomes the first U.S.-based financial data provider granted registration in the Open Banking Directory.
  • Javelin Strategy & Research names Daon a 2018 Mobile Biometrics Platform Awards Leader in the Functional category.

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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Fintonic Links Up with Amazon

Fintonic Links Up with Amazon
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fintonic

Personal finance app Fintonic announced today it will collaborate with Amazon in Spain. Starting next week, Fintonic customers in Spain will be able to finance their Amazon.es purchases ranging from $225 to $1,100 (€200 to €1,000) at a rate of 0% interest for up to four months.

Fintonic Founder and CEO Lupina Iturriaga said, “It’s an exceptional collaboration, as it opens a new way of cooperating between the fintech sector and online distributors, settling new alternatives for users to access e-commerce in beneficial conditions.”

While the idea is similar to point of sale financing, the actual logistics are a bit more complicated. Before making their Amazon purchase, users must first go to the Fintonic app, apply for the credit, and buy an Amazon gift card. The gift card can be used for multiple Amazon purchases and the balance is good for a maximum of ten years.

To apply for the credit, Fintonic users select the gift card amount and choose when they plan to pay the balance. As an underwriting method, Fintonic uses its FinScore, a score between zero and 900 that is determined by more than 160 factors about a user’s creditworthiness. Users with a score of 450 or higher are eligible for the Amazon.es purchase financing.

Founded in 2012, Fintonic is a consumer-focused financial management platform that aggregates all of an individual’s financial accounts to offer a single view of their overall financial health. In addition to helping its 500,000 users keep track of their finances, Fintonic also presents relevant loan and insurance offers through a free brokerage service.

Madrid-based Fintonic has raised almost $30 million, thanks in part to a $28 million round garnered in June of 2017. At FinovateSpring 2016, the company debuted its alerts and inbox system to help users act in a timely manner on their financial needs and recommendations. Earlier this year, Fintonic teamed up with BBVA to boost its in-app lending capabilities, allowing users to borrow up to $39,400.

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FinovateAfrica Sneak Peek: Craft Silicon

FinovateAfrica Sneak Peek: Craft Silicon
By Julie Muhn (@julieschicktanz) Posted on
Categories: Craft Silicon, FinovateAfrica 2018, FinovateAfrica 2018 Sneak Peek

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

Craft Silicon is a global leader in financial technology services and consulting. The company enables clients in more than 32 countries to craft and execute solutions for their digital transformation.

Features

  • Significantly enhances a bank’s acquisition process
  • Provides a true “anyplace is a banking place” experience to bank customers
  • Offers an Instant Loans On Phone solution for banks’ customers and non-customers

Why it’s great
Craft Silicon offers a single engagement platform to open new accounts and loan services through any handheld device. These tools significantly enhance the “anyplace is a banking place” experience to clients of financial institutions.

Presenter

Kamal Budhabhatti, Chief Executive Officer
In his more than 20 years of international experience, Budhabhatti has developed deep expertise across a range of technology solutions that moved him to build complex products in the financial space.
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FinovateAfrica Sneak Peek: XENO

FinovateAfrica Sneak Peek: XENO
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018, FinovateAfrica 2018 Sneak Peek, XENO

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

XENO is a goal-based, automated investment platform that helps users plan, save, and invest for financial goals like retirement, education, income, etc. The company will demo a group-linked investment account.

Features

  • The group is on-boarded as a sponsor and members are on-boarded as investors
  • Each member has a unique investment portfolio
  • Users are able to track individual and group contributions and manage their portfolio

Why it’s great
The XENO group linked account introduces a robo-advisor that savings and investment groups can use to save and invest for financial goals together transparently.

Presenters
Aeko Ongodia, Chief Executive Officer
Ongodia is a former pension fund manager with the largest pension fund in East Africa. He has extensive industry experience and training.
LinkedIn

Joel Niwogaba, Software Developer
Niwogaba has extensive experience developing software applications for firms.
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FinovateAfrica Sneak Peek: truID

FinovateAfrica Sneak Peek: truID
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018, FinovateAfrica 2018 Sneak Peek, truID

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

truID is a South African fintech that has created a data sharing ecosystem inspired by Open Banking. truID’s innovative Collect platform enables consumers to safely and rapidly share their digital banking information with third parties in a manner that guarantees ease-of-use and privacy.

Why it’s great
truID has made bank integration simple. With just a few lines of code, developers can securely access real-time bank data from South Africa’s largest banks.

Presenters

Dmitry Drabkin, Co-founder
Drabkin started his career as a chartered accountant, specializing in financial services. His passion for technology and innovative solutions led him to co-found truID.

Paris Valakelis, Co-founder
Valakelis has a background in actuarial science. He gained his experience as an equity analyst covering banking and insurance, where his deep insights inspired the co-creation of truID.
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