Author: Julie Muhn (@julieschicktanz)

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: AlphaPoint, EVRY, iSignthis, Klarna, Lendio, Shoeboxed, Thought Machine, Xsolla

On Finovate.com

  • EVRY Lands 7-Year Deal Worth $77 Million.

Around the web

  • Shoeboxed has processed 28+ million documents and receives upwards of 200,000 documents per month from customers through Magic Envelope since launching it in 2007
  • Entrepreneur features how Xsolla helps Fortnite game developers get paid.
  • Lendio recognized as a great place to work for third consecutive year.
  • AlphaPoint, facilitates issuance of digital pound sterling for London Block Exchange, a multi-cryptocurrency exchange.
  • Klarna enters global opportunity with Clas Ohlson partnership.
  • iSignthis receives Visa/Mastercard license.
  • Atom Bank partners with Thought Machine.

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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Ellie Mae Builds Data Lake on AWS

Ellie Mae Builds Data Lake on AWS
By Julie Muhn (@julieschicktanz) Posted on
Categories: Ellie Mae

Ellie Mae is moving its infrastructure to Amazon Web Services’ (AWS) cloud to rebuild its core applications and create new digital products for homebuyers, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The firm will use the “breadth and depth” of AWS services, including compute, storage, database, serverless, and containers, for the loan process for its customers and partners. Ellie Mae built a company-wide data lake on AWS using Amazon Simple Storage Service (Amazon S3) for digital lending.

Satheesh Ravala, SVP, cloud engineering and operations at Ellie Mae, said, “AWS gives us an unmatched set of cloud services and a highly reliable infrastructure to work with.”

The company uses AWS Lambda to run code without provisioning or managing servers, Elastic Container Service for Containers to develop micro services, and Amazon Simple Queue Service (Amazon SQS) to decouple and scale microservices, distributed systems, and serverless applications on AWS.

AWS states that it offers over 125 services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), internet of things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management within 19 regions around the world. These include the U.S., Australia, Brazil, Canada, China, France, Germany, India, Ireland, Japan, Korea, Singapore, and the U.K.

Founded in 1997, Ellie Mae demonstrated Encompass Consumer Connect at FinovateSpring 2017. The online lead generation tool turns consumer interest into a mortgage application by letting the borrower complete an application, provide and receive information, and order services from a single platform. During the demo, presenter Jonas Moe, SVP of Market Strategy, demonstrated the company’s API by showing off an Alexa integration with Encompass Plus– asking questions such as, “What loans have rate lock expirations this week?” and “Search for a better rate.” Ellie Mae is headquartered in California. Jonathan Corr is president and CEO.

Last month, the company teamed up with fellow Finovate alum Roostify, creating a bi-directional integration between the two firms to increase efficiencies in the mortgage application process. In August, Ellie Mae partnered with First Data to enhance security of lending payments.

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Welcome to Day 1 of FinovateAfrica

Welcome to Day 1 of FinovateAfrica
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAfrica 2018

Finovate’s very first appearance in Africa starts today and we are excited to have an amazing audience, along with demo companies and speakers, to share the experience with. Over the next two days, we’ll showcase the latest in fintech trends and products, as well as host multiple high-quality networking sessions at the The Westin Cape Town in South Africa. If you’re in the area, you won’t want to miss out. Tickets are still available.

You can find detailed agenda on the FinovateAfrica website, but here are the basics of what to expect today:

8:15 to 8:45 Registration, breakfast, and networking

8:45 to 9:30 Keynote address

9:30 to 10:25 Demo session

10:25 to 11:00 Intermission, networking, and refreshments

11:00 to 11:20 Challenger bank showcase

11:20 to 11:55 Trends in emerging social payments

11:55 to 12:15 Technology for rural farmers

12:15 to 13:30 Lunch and networking

13:30 to 15:30 Breakout streams

  • Banking
  • Payments
  • Regtech
  • New technologies

15:30 to 16:00 Intermission, networking, and refreshments

16:00 to 16:30 Overcoming challenges of collaboration

16:30 to 17:00 Closing keynote

17:00 to 18:00 Reception and networking

Thank you for joining us today for the first ever FinovateAfrica conference! We’ll see you again tomorrow; registration opens at 8:15 and the show begins at 8:55.

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Tradeshift Makes Bid to Buy Basware

Tradeshift Makes Bid to Buy Basware
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, Tradeshift

While everyone is busy completing their online orders on Cyber Monday, supply chain innovation company Tradeshift is attempting a purchase of its own.

The California-based company is reportedly in talks to purchase Finnish software maker Basware. Tradeshift made the unsolicited takeover bid last month in a deal backed by China-based Ping An Insurance Group. The terms of the proposal, which is yet to be confirmed, are undisclosed.

As one of Tradeshift’s competitors, Basware provides networked source-to-pay solutions, e-invoicing, and financing services. The company connects 1 million businesses in more than 100 countries across the globe. Some of its current customers include Heineken, McDonald’s, Toyota, and other large global brands. According to Bloomberg, if the deal goes through it could help Tradeshift compete with SAP and Oracle.

Tradeshift was founded in 2010 to provide a platform to digitize and manage business processes such as cashflow. At FinovateEurope 2012, Tradeshift demoed Instant Payments, which allows small businesses to receive payments instantly on the Tradeshift platform in exchange for a small interest rate.

Tradeshift’s business commerce platform connects more than 1.5 million companies across 190 countries. To date, the company has processed more than half a trillion dollars in transaction value. Tradeshift has raised $432 million, including its most recent $250 million round from Goldman Sachs this spring which vaulted the company’s valuation up to $1.1 billion. Earlier this year, the company collaborated with MakerDAO on a blockchain payments solution.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Blackhawk Network, Kony, Pindrop Security, Tradeshift

On Finovate.com

  • Tradeshift Makes Bid to Buy Basware.

Around the web

  • Atlanta Business Chronicle features Pindrop co-founder Vijay Balasubramaniyan on its list of 40 Under Forty.
  • Blackhawk CEO Talbott Roche listed among 2018 Bay Area Most Admired CEOs.
  • Verizon now offers Pindrop’s anti-fraud services to cloud contact center customers.
  • Kony DBX customer growth rises to 75% globally.

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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IndusInd Bank Buttons Up with Dynamics’ Interactive Credit Card

IndusInd Bank Buttons Up with Dynamics’ Interactive Credit Card
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dynamics

IndusInd Bank has cut a deal with interactive credit card company Dynamics, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Mumbai-based IndusInd Bank is in a pushy frame of mind as it has launched an interactive credit card in India with buttons for payments.

Calling it a “first” in the country, the Nexxt Credit Card has payment options at a point of sale (POS) terminal – credit, converting transactions into electronic money institutions (EMIs) with four tenure options (six, 12, 18 and 24 months) or using accumulated reward points, by pushing a button on the card.

Anil Ramachandran, EVP and head, marketing and retail unsecured assets at IndusInd Bank, says: “Responsive innovation has been our mantra to design financial products that enhance customer empowerment and boost convenience for them.”

The card has been created in partnership with Dynamics, which is headquartered in Pittsburgh. Back in January, Dynamics teamed up with Sprint, a subsidiary of SoftBank, to launch the Wallet Card, a battery-powered, connected card.

With the bank’s latest card, a customer does not need to fill out any paperwork, or call their bank, or log in to any banking channel to convert their POS transactions into EMIs, or to redeem their rewards points.

Last month, the bank launched the IndusInd Bank Duo Card, a debit and credit card in one – the first one in India.

The card has two EMV chips and a magnetic stripe for each, one on each side. The bank says the card uses the anagram technique to enhance and highlight the singularity of the duo card.

IndusInd Bank started operations in 1994. It has 1,466 branches and 2,372 ATMs across the country.

Dynamics has won Best of Show eight times since its first Finovate appearance in 2010. At its most recent demo at FinovateSpring 2018, the company showed off its Wallet Card, a network-approved payment card that uses Sprint’s wireless network and boasts a 65,000 pixel display that depicts all cardholder information.

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Vaamo Acquired by Moneyfarm

Vaamo Acquired by Moneyfarm
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, vaamo

In merger and acquisition activity this week, robodvisor startup Vaamo has been acquired by Moneyfarm, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Financial details were not disclosed but Moneyfarm now has its third core market, alongside the U.K. (since 2015) and Italy (since 2012). Giovanni Daprà, CEO of Moneyfarm, said, “We see Germany as an attractive growth market with great potential for digital asset management.”

Vaamo founder Dr. Thomas Bloch and Dr. Oliver Vins join the executive committee of Moneyfarm. Dr. Bloch will be responsible for the Germany business and Moneyfarm’s Europe-wide B2B business. Dr. Vins will be responsible for product management and development at Moneyfarm groups in the future. There were no details about any job cuts due to the acquisition.

Moneyfarm was founded in 2011 and had around 30,000 private clients (double year-on-year) at the end of 2017, with a total investment of ($511 million) £400 million, as reported in May 2018. It has made some good progress as back in May it got($51 million) £40 million in a Series B funding round – meaning it has secured close to ($77 million) £60 million in capital so far.

The acquisition is subject to the approval of the Federal Financial Supervisory Authority.

Vaamo was founded in 2013. Customers include German challenger bank N26 and 1822direkt. The company launched its goal saving app at FinovateEurope 2014 in London. The company has raised $3.8 million in two rounds from Route 66 Ventures.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Clover Network, Fair Isaac FICO, Jack Henry, PayStand, Trustly, vaamo

On Finovate.com

Around the web

  • Jack Henry & Associates named a top workplace by The San Diego Union-Tribune.
  • Raketech partners with Trustly for in-banner Pay N Play technology.
  • First Data launches Clover Mini and Clover Flex in Argentina.
  • Banco Original chooses FICO to launch digital 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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Launchfire Launches StepDemo to Enhance Employee Training

Launchfire Launches StepDemo to Enhance Employee Training
By Julie Muhn (@julieschicktanz) Posted on
Categories: Launchfire

Gamification expert Launchfire released a new feature this week. The new addition, StepDemo, is aimed to enhance Launchfire’s digital transformation product, Lemonade.

In the press release, Launchfire CEO John Findlay said, “With StepDemo, our clients can easily create as many product simulations as they need, and pipe them out to customers or employees — and it’s all included as part of Lemonade.”

Using StepDemo, administrators can use Lemonade’s author portal to create an unlimited number of product simulations and add them to employee training courses. With StepDemo, trainees can opt between two hands-on modes– Play and Guided Practice. The former allows users to explore the new product with guided practice while the latter is a way for them to test their understanding of the product.

Findlay said he didn’t want to create a product simulation that doesn’t stick. “It’s like when you’re driving a friend home and they give you directions — the next time you have to get there on your own, you can’t. You didn’t learn the route; you just followed instructions,” he described. StepDemo’s Play and Guided Practice modes combat that by making sure the users actually learn and are comfortable with the product.

Launchfire showcased Lemonade at FinovateFall earlier this year in a demo that is as entertaining as the product itself. Headquartered in Canada and founded in 1999, the company was honored on the 2018 Training Industry Top 20 Gamification List last month.

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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.
LinkedIn

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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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