Author: Julie Muhn (@julieschicktanz)

FinovateFall Sneak Peek: MuniRisk

FinovateFall Sneak Peek: MuniRisk
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, MuniRisk

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

MuniRisk is an application available via the Bloomberg terminal designed to address the longstanding issue of information fragmentation in the municipal marketplace.

Features

  • Strategically aligned with Bloomberg L.P.
  • World’s largest municipal finance database
  • Designed by industry-recognized market practitioners

Why it’s great
MuniRisk is the only platform that provides investors with complete municipal market coverage, leveraging proprietary organization and delivery of data to cut research time from hours to minutes.

Presenters

James Frischling, Chief Executive Officer
Frischling is currently serving as the chief executive officer of MuniRisk. In addition to his role at MuniRisk, Frischling serves as president of NewOak Capital which he co-founded in 2008.
LinkedIn

Joshua Noble, Head of Product
Noble is currently serving as head of product for MuniRisk. Prior to joining MuniRisk full time he spent 2.5 years as an analyst in NewOak Capital’s Fundamental Credit Advisory Practice.
LinkedIn

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FinovateFall Sneak Peek: ieDigital

FinovateFall Sneak Peek: ieDigital
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, ieDigital

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

ieDigital provides financial institutions with the ability to transform their digital customer experience through Interact, a powerful digital banking platform.

Features

  • Manage spending habits
  • Save money and contribute to your community
  • Build deeper customer relationships

Why it’s great
Money Fitness will help you save money and contribute directly to good causes in your own neighborhood.

Presenters

Simon Cadbury, Director of Strategy, Marketing and Product
Last time Cadbury came to New York, he was mistaken for Hugh Grant. We think he secretly hopes it will happen again.
LinkedIn

Tom Stinton, Head of Product and Design
Stinton says: “If Simon looks like Hugh Grant, then I’m surely a dead ringer for action hero Jason Statham.” Only your hairline is expendable, Stinton.
LinkedIn

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What Happens When a Lending Platform Goes Under?

What Happens When a Lending Platform Goes Under?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Wonga

You’ve heard by now that short-term lending platform Wonga has shut down after launching in 2007. All drama aside, the scenario offers a real-life look at what would happen if a large payday lender closed its doors.

Wonga has received an increase in complaints over the past few years that it did not sufficiently verify that borrowers were able to repay their loans. These complaints, which were generally regarding loans made before new rules were introduced in 2014, lead to a large rise in compensation payouts. According to Wonga’s website, more than 24,800 complaints have been opened, 22,000 have been closed, 31% of which have been upheld.

This unexpected expense lead to financial trouble that prompted an injection of $13 million in capital earlier this year. Despite the funds and efforts from investors, Wonga’s financial situation remains untenable. Notably, two other U.K. startups, Cash Genie and Cheque Centre, both closed due to similar pressure.

At this point, three appointees from Grant Thornton U.K., Chris Laverty, Daniel Smith, and Andrew Charters, have been appointed as joint administrators of Wonga. Here’s what will follow:

  • The platform is closed to new lending activity.
  • Borrowers must still repay loans.
  • Unless Wonga has already agreed to pay a claim, complaint claims are not likely to be paid out, since the recipient is seen as an unsecured creditor.
  • The administrators will wind down the business, sell the assets, and begin identifying all creditors in accordance with their obligations.

This may end up having a small negative effect on peer-to-peer lenders, such as U.K.-based Zopa and U.S. based Lending Club, as they rely on balancing investor funds with borrower demand. If too many investors fear a shutdown, they may be more hesitant to lend, making it more difficult for the platforms to meet borrower demand.

Founded by Errol Damelin, Jonty Hurwitz, Wonga demonstrated at FinovateFall 2010. The company had raised a total of $159 million. Sky News reported earlier this year that the company “once had ambitions of a New York listing that could have valued it at well over $1 billion (£769m).”

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Standard Chartered Pilots Blockchain-Based Trade Guarantees

Standard Chartered Pilots Blockchain-Based Trade Guarantees
By Julie Muhn (@julieschicktanz) Posted on
Categories: Standard Chartered Bank

You’ve heard of smart contracts–but what about smart guarantees? That’s what London-based banking giant Standard Chartered is setting out to do: leverage the blockchain to alter the traditionally paper-intensive process of trade finance guarantees.

The bank has partnered with the financing arm of Siemens and digital trade provider TradeIX to fully digitize trade finance, from the initiation of the guarantee to the handling of the claim. For its part, Siemens will digitize its entire guarantee process.

Michael Bueker, chief financial officer at Siemens called this move toward digitalization “an important step.” He added, “Especially at Siemens, as a digitalisation pioneer, this move is part of our strategic mission of going digital in all arenas. This will streamline our processes and make our trade finance operations smoother, faster, and more efficient.”

The project, which leverages the Corda Distributed Ledger and runs on the TradeIX application layer, launched in March. The group anticipates it will be fully completed by the end of this year. According to GTR, the bulk of the project will take place in the UAE, primarily with government entities.

Standard Chartered demonstrated at FinovateFall 2010. Earlier this year, the bank announced plans to apply for a virtual banking license in Hong Kong. Standard Chartered employs more than 86,000 people across 125 countries and has been in business for more than 150 years.

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FinovateFall Sneak Peek: Launchfire

FinovateFall Sneak Peek: Launchfire
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Launchfire

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Launchfire helps financial institutions drive digital adoption. It will be presenting its new game-based platform, Lemonade, which helps turn frontline staff into digital advocates.

Features

  • Quickly bring frontline staff up-to-speed on new digital products
  • Increase staff confidence using and recommending products to customers
  • Support both staff and customers with product simulations

Why it’s great
Lemonade gives frontline staff the knowledge, tools, and confidence they need to promote and support your digital products.

Presenter

Romeo Maione, Program Designer & Strategist
Maione spent six years as an international debater, becoming North American Champ in 2012. Now he helps FIs increase adoption of their digital products, as program designer and strategist at Launchfire.
LinkedIn

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FinovateFall Sneak Peek: CrediVia

FinovateFall Sneak Peek: CrediVia
By Julie Muhn (@julieschicktanz) Posted on
Categories: CrediVia, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

CrediVia is launching an online marketplace for smarter, simpler, faster commercial real estate loans, initially focused on the hospitality segment.

Features

  • Efficiently captures complete, accurate commercial real estate loan application data
  • Connects single loan requests to multiple viable lenders
  • Provides reports and analytics for faster loan decisioning and approval

Why it’s great
CrediVia is establishing new standards for the way to credit CRE loans. Its platform identifies the story behind lender and borrower needs, producing lasting relationships.

Presenters

Anuj N. Mittal, CEO and Co-Founder
Mittal’s personal frustrations as both a borrower and banker inspired CrediVia. His vision is to eliminate the broken, impersonal financing that strains lender-borrower relationships and delays funding.
LinkedIn

Ajay Jain, Ph.D., Chief Product Officer and Co-Founder
Jain champions CrediVia’s product innovation and development. His 20+ years of experience includes building multiple commercial software applications for a startup that was successfully acquired.
LinkedIn

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FinovateFall Sneak Peek: Tolerisk

FinovateFall Sneak Peek: Tolerisk
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Tolerisk

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Tolerisk pioneered two-dimensional risk assessment and is now introducing Tolerisk 401(k), a tool allowing advisors to provide custom financial planning advice in minutes, not hours.

Features

  • Offers deep analytics and a simple user interface
  • Creates a custom glide path for participant’s asset allocation
  • Eliminates the need for generic target date funds

Why it’s great
Through better technology, advisors can provide 401(k) participants with custom financial planning and investment advice without raising fees or wasting time.

Presenter
Mark Friedenthal, Founder and CEO
Friedenthal combined his experience as a regulator, institutional risk manager and RIA executive to create Tolerisk, the paradigm in fiduciary risk tolerance and planning.
LinkedIn

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FinovateFall Sneak Peek: Horizn

FinovateFall Sneak Peek: Horizn
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2018, FinovateSpring 2018 Sneak Peek, Horizn

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Horizn’s award-winning Horizn Knowledge Platform helps financial institutions dramatically accelerate market adoption of digital innovation and new products, with both employees and customers.

Features

  • Gets employees and customers fluent on the latest digital innovations
  • Improves customer experience and drives digital adoption
  • Combines micro-learning, social technologies, gamification, and analytics

Why it’s great
Using Horizn, banks increased digital adoption by 25% and brought call center times down by 45 seconds. After using the in-branch demo with non-digital customers, up to 20% converted to digital banking.

Presenters

Janice Diner, CEO and Founding Partner
Diner founded Horizn in 2012. Her creative vision and determination has made Horizn a world-class SaaS company with a platform used by 60 million bank customers.
LinkedIn

Steve Frook, VP Sales
As VP Sales at Horizn, Frook works closely with financial institutions to significantly increase adoption and awareness of new and existing innovations.
LinkedIn

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FinovateFall Sneak Peek: Tala Security

FinovateFall Sneak Peek: Tala Security
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Tala Security

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Tala is a startup that enables enterprises to deliver the most secure and trusted web experience to their customers across PC and mobile devices.

Features

  • Comprehensive protection against server-side, client-side, and third-party attacks
  • Completely automated and easy to manage
  • Agent-less, no change to the website or end user device

Why it’s great
With Tala, enterprises can increase site conversion rates and customer satisfaction, prevent loss of customer data, and recover lost online revenue.

Presenters

Aanand Krishnan, CEO
Krishnan is an experienced technology and security leader with a track record of introducing industry leading products. His previous firms include Symantec and Morgan Stanley.
LinkedIn

Siddhesh Yawalkar, Senior Software Engineer
Yawalkar is a Senior Software Engineer at Tala and works on Threat Intelligence and Analytics. He has an MSEE from Georgia Tech.
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SigFig Buys SmartWealth from UBS

SigFig Buys SmartWealth from UBS
By Julie Muhn (@julieschicktanz) Posted on
Categories: SigFig

Wealthtech company SigFig announced a big purchase today. The San Francisco-based company bought SmartWealth roboadvisory technology from UBS for an undisclosed amount.

In a memo, UBS’ Eva Lindholm, head of Wealth Management U.K., and Reto Wangler, chief operating officer of Global Wealth Management, said the company found “limited short-term potential” for SmartWealth after launching it in 2017. The SmartWealth technology was aimed to serve wealthy investors, requiring a minimum investment of $19,500. Though the Swiss bank originally aimed to expand the roboadvisory service, a management reorganization resulted in a redistribution of resources, ultimately cutting off funds for SmartWealth.

Under the sale, SigFig will receive the SmartWealth technology (not the clients). “We’re pleased, however, to have entered into an agreement to sell the intellectual property relating to UBS SmartWealth to SigFig – a financial technology firm that we have an equity stake in and with whom we’ve been working for two years in the U.S.,” the memo added.

SigFig CEO Mike Sha said, “This acquisition underscores our strong, growing relationship with UBS, as we work together to provide better digital financial solutions to advisors and their clients.” UBS has been working with the fintech for the past two years. “We saw this deal as a perfect opportunity to quickly establish a veteran technology team and UK compliant offering,” added Sha.

Launched in 2007 under the name Wikinvest, SigFig is a wealth-tech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011. Earlier this year, the company closed on $50 million in funding, bringing its total capital to $117 million.

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Deserve Raises $17 Million in Equity Funding

Deserve Raises $17 Million in Equity Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Deserve, Funding, SelfScore

Credit-building payment card innovator Deserve just closed $17 million in equity funding this week. Contributors to the round include new investor Sallie Mae, as well as existing backers Accel, Pelion, Aspect Ventures, and Mission Holdings. This brings the company’s combined debt and equity funding to $95.5 million.

The California-based company will use the funds to build out its platform and add partners to its reward programs. The company currently offers users deals with six partners, including Amazon Prime, T-Mobile, and Wikipedia.

Originally known as SelfScore, Deserve rebranded in 2017 to enhance its focus on serving college students and Generation Z. The company offers Mastercard-branded credit cards for young, financially underserved consumers and others with thin credit files. The cards are made to appeal to international students and others, such as the company’s Founder and CEO Kalpesh Kapadia, who have recently moved to the U.S. and are having difficulty accessing credit. When it came to applying for credit in the U.S., Kapadia told Business Insider, “I got rejected every time. It was mostly for credit cards and student loans, given that I didn’t have a credit card history in the country.”

Deserve has three card options: Deserve Edu, which offers student benefits such as 1% back on all purchases and a free subscription to Amazon Prime Student; Deserve Pro, which offers no foreign transaction fees and 1% to 3% back on purchases; and Deserve Classic, which is specifically designed to help users build their credit.

The company leverages non-traditional data such as current financial health, education history, future employability, and projected potential earnings. Deserve combines those factors into a machine learning algorithm to determine applicants’ credit eligibility. The company’s cards are open to U.S. citizens, green card holders, registered international students, and H1B or L1 visa holders.

Founded in 2012, Deserve demoed a consumer behavior analytics service at FinovateFall 2014 under the name SelfScore. The company’s accounts are issued by Utah-based Celtic Bank. In April, Deserve closed on $50 million in debt financing to drive growth in accounts receivables.

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Diebold Nixdorf Receives $650 Million Capital Commitment

Diebold Nixdorf Receives $650 Million Capital Commitment
By Julie Muhn (@julieschicktanz) Posted on
Categories: Diebold, Funding

Financial services, software, and hardware provider Diebold Nixdorf secured a commitment of $650 million in capital this week. The loan is coming from two unidentified, institutional lenders and repayment is due in August 2022.

The Ohio-based company will use the loan to acquire remaining shares of Diebold Nixdorf, repay debt, and fund its DN Now operational improvement plan. The loan is expected to be completed within the coming days.

Bloomberg reported earlier this month that the company may be experiencing a “potential liquidity crisis” and that “Diebold is trying to negotiate easier terms with its lenders, the second change in four months, to allow for greater leverage in its debt covenants.”

Diebold Nixdorf demoed on the Finovate stage alongside Zenmonics at FinovateFall 2014, showcasing an in-lobby terminal. Founded in 1859, the company is partnered with almost all of the world’s top 100 banks and most of the top 25 global retailers. Diebold Nixdorf’s employees help bring solutions to more than 130 countries.

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