Author: Julie Muhn (@julieschicktanz)

Student Loan Genius Relaunches as Vault

Student Loan Genius Relaunches as Vault
By Julie Muhn (@julieschicktanz) Posted on
Categories: Student Loan Genius, Vault

Fall has brought not only a change of season for student loan repayment benefits platform Student Loan Genius, it also marks a name change, as the company has rebranded as Vault this week.

“Vault was born out of the desire and ability to be more than a third-party financial technology service for organizations,” said Matt Beecher, CEO of Vault. “We solve a very real and increasingly suffocating financial problem that affects a large number of employees: student loan debt. And, we are willing to get down into the trenches to create results that give our clients an advantage in the marketplace. We’ve changed our name to reflect that we’ve honed our focus, more than ever, on empowering financial freedom.”

The rebrand also helps to differentiate Vault from a student loan refinancing platform with a name similar to its former one, Student Loan Hero.

The news comes as Vault closes a deal with American Family Insurance. The firm agreed to provide its employees with two of Vault’s offerings, Vault Pay, which facilitates employer student loan contributions; and Vault Advisor, an online tool that suggests customized payoff plans based on employees’ actual loans.

Vault was founded in 2013 and demonstrated at FinovateSpring 2016, where it showcased a 401(k) product that allows employers to allocate unused 401(k) dollars to student loan benefits. The offering launched this week under the name Vault Match. Headquartered in Texas, Vault has raised a total of $7.7 million.

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Lighter Capital Launches Capital Client Perks Program

Lighter Capital Launches Capital Client Perks Program
By Julie Muhn (@julieschicktanz) Posted on
Categories: Lighter Capital

Revenue-based financing provider Lighter Capital has brightened up its services today with the launch of a new perks program.

The Lighter Capital Client Perks, which bundles business tools and service offerings, launches today for startups funded by Lighter Capital. Customers can use the program for free and benefit from offers that add up to $75,000 in savings from 30 companies (including Finovate alum Gusto), more than 10% of which are Lighter Capital clients. Offerings include cloud hosting, HR services, marketing and sales automation, CRM, and more.

“We recognize that in today’s business environment, it takes more than money for tech startups to achieve success – so we’ve assembled a lineup of services specially catered to assist early-stage companies,” said BJ Lackland, CEO of Lighter Capital. “Our goal is to help startups grow. We’d love it if companies can receive enough savings from these perks that they effectively pay us no interest on our loans. That’s a great benefit for everyone.”

Since it was founded in 2010, Seattle-based Lighter Capital  has funded more than 270 startup companies with 450+ rounds of financing totaling more than $125 million. Designed for tech companies, Lighter Capital’s revenue-based financing model exchanges from $50,000 to $2 million in up-front capital for 2% to 8% of future revenue. Unlike with VC funding, startups retain full ownership of their company.

Lighter Capital last demoed at FinovateFall 2013 where it showcased loan analysis and monitoring tools. The company was recently ranked 776 on the Inc. 5,000 list for achieving a growth rate of 6.5x over the last three years.

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Trustly Teams with Mintos Marketplace

Trustly Teams with Mintos Marketplace
By Julie Muhn (@julieschicktanz) Posted on
Categories: Trustly

Payment solutions company Trustly landed a new client in the peer-to-peer lending space this week. The Sweden-based company announced it has teamed up with Mintos, Europe’s largest P2P marketplace.

The collaboration will allow the almost-100,000 investors at the Latvia-based P2P platform to transfer funds from banks in 29 European countries in real time. Mintos anticipates the partnership will not only simplify but also speed up the process for investors.

In a statement, Mintos CEO and co-founder Martins Sulte commented on the importance of offering “fast and highly secure transfers” and meeting investors’ demand “for a seamless, fast, and simple user experience.” He added, “We are very pleased to be able to grow our offer with both an in-demand payment method and the unrivaled European coverage that Trustly provides.”

Johan Nord, Trustly CCO, discussed the value of synergies within fintech. He said that today’s partnership with Mintos “is an excellent example of how two financial technology businesses can partner to create value for investors by streamlining the transaction process, while also delivering the highest level of transaction security.”

Founded in 2008, Trustly supports card-not-present payments for online merchants and offers a secure way for consumers to transact using their online banking access credentials. At FinovateEurope 2017, the company debuted Direct Debit, a payment offering that removes the pain of entering payment card information by allowing users to transact using their current account by entering their bank login credentials.

Trustly works with more than 3,000 banks across Europe. The company has 215 employees across Sweden, Spain, Malta, Germany, and the U.K. Last month, the company teamed with proptech company Oscar Properties to help clients book and pay for their new apartment online.

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MX to Power Ent Credit Union’s Money Insight Tool

MX to Power Ent Credit Union’s Money Insight Tool
By Julie Muhn (@julieschicktanz) Posted on
Categories: MX

Financial data expert MX landed a new Colorado-based client this week. Ent Credit Union will integrate MX’s digital money management (DMM) technology into its Money Insight tool.

DMM gathers and augments the data, then presents financial insights to clients to help them better manage their money and meet their financial goals. Money Insight allows users not only to track their accounts at Ent Credit Union, but it also aggregates their account information from other financial institutions, allowing them to have a unified view of finances in a single place.

Ent’s more than 300,000 members, who can access the tool for free, can also use DMM to track spending, manage debt, and create budgets. Describing the mission of the tool, Ent’s VP of Electronic Banking, Tanan Miles, said, “It’s just one more way we’re delivering on our credit union’s mission to improve our members’ financial quality of life.”

“…We’re basically helping people get to know their finances better than their Amazon shopping cart,” said Nate Gardner, chief customer officer at MX. “…We know financial clarity and guidance are key to delighting members. The MX data platform gives Ent powerful tools that make that happen – increasing member loyalty while driving profitable growth,” he added.

MX was founded in 2010 and is partnered with more than 1,800 financial institutions and 43 of the top 50 digital banking providers. Headquartered in Lehi, Utah, MX is a six-time Finovate Best of Show winner, having most recently presented at FinovateFall 2017, where it demoed Discovered Accounts.

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Agreement Express Signs Deal with Independent Financial Partners

Agreement Express Signs Deal with Independent Financial Partners
By Julie Muhn (@julieschicktanz) Posted on
Categories: Agreement Express

Account onboarding specialist Agreement Express recently inked a large contract with Florida-based Independent Financial Partners (IFP).

The deal comes in advance of IFP launching its broker-dealer technology that will allow advisors to run their business on their own. IFP will leverage Agreement Express’ Automated Broker Transitions platform. The technology will enable advisors to digitally pre-populate new account forms. Once clients sign the form and it has been approved by the compliance team, the account will automatically be opened at one of IFP’s four custodians: Pershing, Charles Schwab, Fidelity or TD Ameritrade. Overall, Agreement Express will help transition clients in a matter of days instead of months, will provide a complete audit trail, and will minimize human form-filling errors.

“Generally, hybrid RIAs don’t have the latitude or financials to be able to implement expensive technologies that otherwise would positively impact advisors’ businesses,” said IFP CEO William Hamm. “On the other hand, independent broker-dealers not only have control of their own destiny, but they are also able to better control and enhance their revenue lines. As such, IFP has been able to invest in systems to support the advisor experience we’ve always wanted to provide.”

Founded in 2001, Agreement Express helps financial services companies create and manage a consistent onboarding experience across channels, as well as leverage consumer data to create a personalized user experience. In addition to its Automated Broker Transitions Platform, the company also offers Risk Scorecard for Payments Underwriting and One-Click Merchant Onboarding.

At FinovateFall 2016, Agreement Express debuted the newest version of its wealth management offering, an onboarding solution that helps advisers interact with clients in a nonintrusive, compliant manner. Earlier this spring, the company received an undisclosed amount of funding, boosting its total to more than $1 million. Among the company’s clients are National Bank of Canada, Questrade, and M&T Bank. Mike Gardner is CEO.

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FinovateAsia Sneak Peek: UNPay

FinovateAsia Sneak Peek: UNPay
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2018, FinovateAsia 2018 Sneak Peek, UNPay

FinovateAsiaA look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

UNPay’s UN Smart Cashier integrates functions of a retail cashier and dynamic advertisements on one platform. It can optimize sales processes and aggregate e-marketing services.

Features

  • Leverages facial recognition by scanning the customer and showing gender-appropriate ads
  • Uses Face ID-associated accounts for payments and loyalty points
  • Processes a myriad of payment modes

Why it’s great
Enables businesses to showcase gender-appropriate advertisements to maximize sales. It also links to associated accounts for payments and loyalty points for enhanced convenience.

Presenters

Yulong Hu, Co-Founder
Hu is a serial entrepreneur in entertainment, electronic commerce, and payment industries and is the founder of the first domestic electronic coupon platform, “LuckyMoney.”

Ernest Lo, Singapore Country Manager
Lo is a veteran in e-payments and holds a MSc in Telecommunications from The Hong Kong University of Science and Technology.
LinkedIn

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Agreement Express, Jumio, Munnypot, MX, Smart Valor, Top Image Systems, UNPay

On Finovate.com

  • Agreement Express Signs Deal with Independent Financial Partners.
  • MX to Power Ent Credit Union’s Money Insight Tool.
  • Check out a sneak peek of these upcoming FinovateAsia demoing companies:

Around the web

  • Jumio wins gold in Access Compliance and Risk Management Innovations in 2018 Golden Bridge Awards
  • Allied Bakeries selects Top Image Systems’ eFLOW AP for SAP for centralized, automated invoice processing.
  • SMART VALOR joins Enterprise Ethereum Alliance (EEA).

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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Credit Karma Goes for Insurtech

Credit Karma Goes for Insurtech
By Julie Muhn (@julieschicktanz) Posted on
Categories: Credit Karma

Consumer-facing financial health company Credit Karma unveiled plans for an auto insurance comparison tool. Starting today, members in California and Texas can determine if they are paying too much for car insurance based on how much similar members are paying for comparable coverage.

The move aims to help members make the best decision about their auto insurance, coverage that Credit Karma estimates Americans overspend on by $21 million each year. The new tool builds on Credit Karma’s Online Vehicle Center. Launched in November of last year, the Online Vehicle Center is an informational dashboard that helps consumers manage and organize their vehicle-related finances and information by leveraging driver and vehicle data from the DMV.

The Online Vehicle Center tool received significant traction since launching just under one year ago; more than 8 million members, 8% of Credit Karma’s total user base, have synced their vehicle information with the platform. The new comparison aspect of the tool leverages DMV information and combines it with data from credit bureaus and public insurance filings to estimate insurance quotes. Unlike traditional insurance quote comparisons, which require users to input 30 to 40 fields of data, Credit Karma generates a comparison in real-time.

“We built the auto experience to help put money back into the pockets of our members. With our refinance experience, we’ve helped our members save nearly $150 million on their auto loans in under a year,” said Kenneth Lin, founder and CEO of Credit Karma. “We plan to do the same for insurance.”

Another aspect of the new tool that’s worth mentioning is the education piece. Credit Karma will offer users an interactive experience that shows how certain factors such as moving violations and credit score can impact rates. The San Francisco-based company said that it plans to roll out the new tool to users in more U.S. states “in the coming months.”

At FinovateSpring 2009, Credit Karma CEO Ken Lin demonstrated the company’s platform, which offers free credit reports from Equifax and TransUnion, and seeks to serve as a hub for users to monitor their financial health. Since it was founded in 2007, the company has expanded not only into vehicle information management and monitoring but also identity monitoring and tax filing. Most recently, Credit Karma acquired mortgagetech startup Approved to move beyond its basic mortgage rates comparison tool.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BLUERUSH, DAVO Technologies, Fenergo, FICO, Gusto, Insuritas, Larky, PayNearMe

On Finovate.com

  • Larky Lands Three: Mobile Engagement Platform Adds New CU Partners.

Around the web

  • Larky launches with Encompass Credit Union (Canada), BayCoast Bank (MA), and Oklahoma Central Credit Union (OK)
  • Insuritas announces partnership to launch digital insurance agency platform for 3Rivers FCU.
  • Fenergo creates new team to further develop and foster its partner ecosystem.
  • First Round Review analyzes Gusto’s brand.
  • Coast to Coast Motors dealership strikes deal with PayNearMe.
  • BlueRush announces partnership with Microsoft Azure.
  • FICO to provide KYC and onboarding solutions for Belarus-based lender, Belgazprombank.

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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DAVO Announces Strategic Funding Round

DAVO Announces Strategic Funding Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: DAVO Technologies

Automated sales tax tools company DAVO Technologies landed a fresh round of funding this week. The amount was undisclosed, but adds to the company’s previously-raised $5 million in venture and seed rounds.

The strategic investment, which DAVO anticipates will fuel expansion, was led by Anania & Associates Investment Company (AAI). As part of this expansion, DAVO has added to its Board of Directors and boosted its operations team. Since this growth mandated the need for a larger location, the company relocated to a 5,500 square foot office space as its Maine-based headquarters.

In addition to the funding, DAVO will also benefit from AAI’s human resources and financial back office services. “The investment comes with much needed infrastructure support provided by Anania & Associates,” said Owen Brown, CEO of DAVO. “The depth of experience they bring adds enormous value. In addition the investment allows us to build upon our commitment to excellence and to expand our platform’s feature and functionality set.”

Founded in 2011, DAVO demoed its flagship product at FinovateFall 2015. During the demo, the company’s CEO Owen Brown showed how DAVO Sales Tax automatically and passively collects, files, and pays sales tax on a merchant’s behalf. Since then, DAVO launched Sweep & Save, a cash management tool that automatically sets funds aside daily and returns them for businesses to meet monthly needs such as bills and equipment leases. Additionally, the company’s new Savings Club automatically sets funds aside and returns them in December to help businesses meet end-of-the-year needs such as holiday expenses and bonuses.

Over the past year, DAVO has experienced an average of 20% month-over-month customer acquisition growth via Clover, Square, Revel, Poynt and QuickBooks Online. The company plans to launch a new website, along with new product releases, in the fourth quarter of this year.

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Welcome to the Post-FinovateFall Summit Day

Welcome to the Post-FinovateFall Summit Day
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018

FinovateFall may have ended yesterday, but we’re not ready for the fun (or the fintech!) to stop. New this year, we’ve implemented an exclusive, post-event day of summit sessions focusing on the two hottest topics in fintech– AI and the blockchain.

If you’re interested in attending, you can register online or stop by the front desk this morning to sign up. Registration (located on the 5th floor of the Marriott Marquis Times Square) opens at 8 am and the first session begins just before 9 am.

For those who are already on the list, check out the agenda on our website or get a quick glance of what to expect below:

  • 8:00 to 8:50 Registration, Breakfast, and Networking
  • 9:00 to 10:30 Keynotes, Panels, Case Studies
  • 10:30 to 11:10 Blockchain Morning Networking Break
  • 10:30 to 11:00 AI Morning Networking Break
  • 11:00 to 12:30 AI Case studies, Debates, and Panels
  • 11:10 to 12:30 Blockchain Case studies, Debates, and Panels
  • 12:30 to 1:30 Lunch
  • 1:30 to 3:00 Keynotes, Debates, and Showcases
  • 3:00 Closing remarks

We’re looking forward to a day packed full of content! Free coat check is available on the 5th floor of the Marriott Marquis.

If you have any questions about the event, stop by the registration desk or see our contact page for email addresses and phone numbers of our event staff.

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Welcome to the Discussion Day at FinovateFall

Welcome to the Discussion Day at FinovateFall
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018

The past two days were all about the demos. Today at FinovateFall, however, we’re shifting our focus to examine some of the trends, themes, ideas, and regulations that are prompting some of that innovation.

Doors open once again at 8am this morning, and we’ll have breakfast and networking until 9am, when the general session begins. Free coat check is available on the south side of registration.

Visit our website for a full, interactive agenda, or check out a quick preview below:

8:00 to 8:55 Registration and Continental Breakfast

8:55 Opening Remarks

9:00 to 9:40 Analyst All Stars

  • Julie Muhn – Senior Research Analyst, Finovate
  • Jacob Jegher – Senior Vice President, Banking and Head of Strategy, Javelin Strategy & Research
  • Alyson Clarke – Principal Analyst, Forrester
  • Daniel Latimore – Senior Vice President, Banking Group, Celent
  • Thad Peterson – Senior Analyst, Aite Group

9:40 to 10:30 Kick Off Keynote: Calling the Shots in the Crypto World

  • Alex Tapscott – Author, Advisor, Blockchain & Cryptocurrency, Co-Author Blockchain Revolution

10:30 to 10:45 Connected Experiences and The Third Era of Commerce

  • Kurt Bilafer – General Manager, Americas, Amazon Pay

10:45 to 11:15 Refreshments and Networking Break

11:15 to 11:30 Short & Sharp Dueling Debate: The Future of Digital Financial Services?

  • Jeremy Balkin – Head of Innovation, HSBC
  • Julia C. Carreon – Managing Director of Digital and Fiduciary Operations, Wells Fargo
  • Nicolas Kopp – US CEO, N26

11:30 to 11:45 Short & Sharp Dueling Debate: The Future of Digital Financial Services? Digital vs Physical Payment Methods

  • Sonia Wedrychowicz – Managing Director, Head of Technology Transformation Consumer and Community Bank, JPMorgan Chase
  • Vaduvur Bharghavan – CEO, Ondot Systems
  • Seth Harvey – President, Travelex

11:45 to 12:00 Quick & Bold Panel Discussion: Digital Transformation

  • Jo Ann Barefoot – CEO, Barefoot Innovation Group
  • Nischal Piratla – Director, Deutsche Bank Innovation Labs
  • Valentina Isakina – Managing Director of Financial Institutions, JobsOhio
  • Luvleen Sidhu – Co-Founder, President, & Chief Strategy Officer, BankMobile

12:00 to 12:30 Moderated discussion –An in-depth Look at World of Cyber Security and Risk Management

  • Sean Sposito – Analyst Cybersecurity, Javelin Strategy & Research
  • Cris Thomas – Global Strategy Lead, IBM X-Force Red, White Hat Hacker
  • Kedar Samant – Co-Founder and Chief Technology Officer, Simility
  • Gabrielle Haddad – Co-Founder & Chief Operating Officer, Sigma Ratings, Inc.
  • Michael Leary – SVP – Risk Strategy, Bureau, and Third Party Execution Director, US Bank

12:30 to 1:30 Lunch and Networking

1:30 to 3:30 Summit Sessions

  • Banking & Payments
  • Digital Lending
  • Emerging Technologies
  • Wealth Management & Investing

3:30 to 4:00 Refreshments and Networking Break

4:00 to 4:50 Breaking Banks Power Hour Chat: It’s Happening! Live Podcast

  • JP Nicols – Managing Director, Fintech Forge
  • Brett King – CEO and Founder, Moven
  • Greg Palmer – VP, Strategy, Finovate

4:50 to 5:30 The Finovate Finale! Accelerator/Incubator/Lab Showcase

  • Greg Palmer – VP, Strategy, Finovate
  • Jon Zanoff – Managing Director, Techstars – Barclays Accelerator
  • Laura Spiekerman – Co-founder & CRO, Alloy
  • Perrin Quarshie – Founder & CEO, RealBlocks
  • Sunny Parikh – Senior Director, Partnership Fund for NYC, FinTech Innovation Lab
  • Liz Maida – Co-Founder & CEO, Uplevel Security
  • Benjamin Cohen – CEO & Founder, T-REX
  • Matt Armstead – Managing Director, FintechAccel
  • Travis Holoway – CEO & Co-Founder, SoLo Funds
  • Paris Benson – CEO & Founder, Wizely Finance
  • Mahati Sridhar – Investment Associate, Queen City Fintech
  • Christian Zimmerman – Co-founder & CEO, Qoins
  • Andrew Gowasack – Co-founder, Trust Stamp

Thanks to all of you for helping to make this year’s event a success! We’ll see you at FinovateFall next year, or come see us at any of our shows in between:

If you’re registered for our exclusive AI and Blockchain Summits tomorrow, the excitement continues at 8:50 tomorrow morning. If you’re interested in attending, please visit the registration desk today to add your name to the list and participate in the discussions.

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