Author: Julie Muhn (@julieschicktanz)

GoodData Launches GoodData Spectrum UI Tools

GoodData Launches GoodData Spectrum UI Tools
By Julie Muhn (@julieschicktanz) Posted on
Categories: GoodData

Data analytics and insights company GoodData has launched a new tool today that will help businesses transform their user interface. GoodData Spectrum is a set of three user interaction frameworks that deliver insights to help support decision-making and change how organizations use analytics.

GoodData Spectrum consists of three frameworks:

  • GoodData.UI offers turnkey, commercial, open source, and custom components organizations can use to build their own custom apps.
  • KPI Dashboards helps organizations track KPI changes over time and receive alerts when KPIs reach a certain threshold.
  • Analytic Designer allows organizations to explore curated datasets and discover insights.

“Analytics within organizations today is no longer about one-size-fits-all with low adoption rather, analytics is now critical to everyday business success,” said Roman Stanek, CEO at GoodData. “With GoodData Spectrum, we now enable data and insights to support the complete range of business decisions.”

In the press release, Cody Alton from GoodData client Zalando said that the new tools help his organization design with end users in mind. He added, “With GoodData Spectrum we can roll out customized features based on our product vision and roadmap to ensure we exceed the needs of our customers.”

Founded in 2007, GoodData works with 70,000 companies across the globe, including 8 of the 10 largest brands. The company’s business intelligence solutions reach more than 1 million end users. At FinovateFall 2017, GoodData showcased its Insights PaaS. Last month, the company made its first foray into insuretech with the launch of two new solutions, Underwriting Insights and Claims Insights

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ShopKeep Launches on Android to Broaden Hardware Options

ShopKeep Launches on Android to Broaden Hardware Options
By Julie Muhn (@julieschicktanz) Posted on
Categories: ShopKeep POS

Point of sale technology provider ShopKeep is offering its small business clients more options this week. That’s because the company launched an Android version of its software.

The company’s plan with the new Android version of the ShopKeep Register app is to broaden the hardware choices for small and independent business owners. ShopKeep currently serves more than 25,000 independent retailers and restaurants and aims to lower startup costs for entrepreneurs, who can now buy a turnkey hardware solution for $499.

Until today’s announcement, the New York-based company had deployed its app exclusively on Apple’s iOS platform. ShopKeep, which originally partnered with First Data in Q1 2017, is piloting the Android launch on First Data’s Clover Mini device. It will be available on the larger Clover Station in the third quarter of this year. ShopKeep also plans to leverage additional partnerships to deploy its Register app on other devices later this year.

“Extending ShopKeep to Android-based hardware platforms ensures that both our customers and partners have access to the full range of device options available in the market,” said Michael DeSimone, ShopKeep CEO. “We are very excited to deploy our solution on the Clover platform as a first step in expanding the availability of ShopKeep in the market, and plan to extend our reach onto several hardware platforms through the back half of 2018.”

ShopKeep founder Jason Richelson demoed the point-of-sale platform at FinovateSpring 2012. The company supports more than 289 million transactions annually and has processed $7 billion in transaction volume since it was founded in 2008. Last month, ShopKeep expanded its payment processing capabilities to include TSYS‘ ProPay.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bluefin Payment Systems, Conversation.one, GoodData, identitii, Interactions, QuantConnect, ShopKeep POS, Temenos

On Finovate.com

  • Conversation.one Among U.S. Fintechs to Join Finastra’s FusionFabric.cloud Platform.
  • ShopKeep Launches on Android to Broaden Hardware Options.
  • GoodData Launches GoodData Spectrum UI Tools.
  • identitii Forges New Partnership with Robot Automation Specialist Blue Prism.

Around the web

  • Interactions unveils enhanced IVA platform to deliver the omnichannel intelligent virtual assistant capabilities.
  • QuantConnect users now have access to Algorithm Framework, a tool that breaks down algorithmic trading strategies into core modules to make code reusable in the QuantConnect community.
  • Temenos announces launch of its Front Office Suite.
  • Bluefin partners with Paya to provide PCI-validated point-to-point encryption.

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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Personal Capital Exceeds $7 Billion AUM, Lands $15 Million Credit Extension

Personal Capital Exceeds $7 Billion AUM, Lands $15 Million Credit Extension
By Julie Muhn (@julieschicktanz) Posted on
Categories: Personal Capital

Wealth tech player Personal Capital surpassed a growth milestone this week, reaching $7 billion in assets under management. The company also announced it received a $15 million credit extension from Silicon Valley Bank, adding to the $25 million credit the bank offered Personal Capital in 2016.

Personal Capital balances its high-touch digital advisory services with freemium tools that help users track all of their investments in one place and measure their progress against their retirement goals. The company also offers access to registered personal financial advisors who offer tailored investment advice for a fee. While this model seems to have scaled relatively well since Personal Capital’s launch in 2009, the company’s assets under management have not grown as quickly as its competitors Betterment, which currently has $13.5 billion under management, and Wealthfront, which has $10 billion under management.

This news comes as the company wraps up one year of operation under new CEO, Jay Shah, who took over operations from the company’s founder and original CEO, Bill Harris. Before his appointment, Shah served in the roles of Personal Capital’s chief information officer and chief operating officer.

“Personal Capital was built on the idea that transparency and a consumer’s ability to have a holistic view of their finances can transform their financial life,” said Shah. “Our team has worked hard to make sure Americans have the visibility that is necessary to realize their investing, spending and saving goals. As Registered Investment Advisors, we remain committed to putting clients first and advocating for an industry-wide fiduciary standard. Clearly, that is resonating.”

Founded in 2009, Personal Capital most recently presented at FinovateSpring 2014 where it debuted One Click Investment Portfolios. Earlier this spring, the company began offering socially responsible tools that make it easy for investors to put money into causes that matter to them. Personal Capital has raised $240 million.

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Plaid Goes International

Plaid Goes International
By Julie Muhn (@julieschicktanz) Posted on
Categories: Plaid

Plaid, a company that has been called the plumbing of fintech, offers technology that allows apps to connect to users’ bank accounts. Today, the San Francisco-based company is making its first move to international territory– Plaid is launching in Canada.

Not only is Plaid’s full API suite available to Canadian developers, the company also added coverage for the region’s largest financial institutions, including Royal Bank of Canada, Scotiabank, TD Canada Trust, Bank of Montreal, CIBC, and Tangerine. It also supports cross-border institutions such as American Express and Capital One.

This announcement comes after the company underwent a months-long beta test with a handful of its Canadian customers, including Drop and Wave. Access is now available to developers looking to launch in Canada and to U.S. developers seeking to expand their services to Canadian citizens.

Plaid has 100+ employees and offers 6 products, including Auth, an account authentication tool; Balance, which pulls account balance information in real-time; Identity, which leverages bank data to verify consumer identity; Transactions, which pulls bank statement data across banks; Assets, a verification of assets tool; and Income, a tool that validates a consumer’s income and verifies direct deposit data. Since it was founded in 2012, Plaid has analyzed more than 10 billion transactions.

Plaid has raised $59.3 million to date. At FinDEVr San Fransisco 2014, the company’s founder Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has been listed as a Forbes Fintech 50 honoree for three consecutive years and was named to CB Insights’ Fintech 250 list in June of last year.

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Tango Card Receives $35 Million

Tango Card Receives $35 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tango Card

Digital rewards-as-a-service platform Tango Card may be doing a little dance today. That’s because the Seattle-based company just closed a $35 million round of funding, bringing its total funding to $54.8 million.

The growth equity investment comes from FTV Capital. Tango Card plans to use the funding to grow its Reward Delivery Platform and Rewards as a Service API, scale its Rewards Genius dashboard, offer new integrations, expand internationally, and boost hiring at its Seattle headquarters.

“Our mission is clear – make rewards easy to send and awesome to receive,” said David Leeds, CEO and founder of Tango Card. “In the past, incentive programs were highly manual and the results were difficult to track. Tango Card delivers an enterprise-friendly solution that is easy to integrate, customizable, and expansive in its catalog of rewards and incentive offerings, serving over 2,000 satisfied customers that trust and rely on us to help them scale their business.”

Founded in 2009, Tango Card helps companies recognize and reward employees, engage with existing customers, and motivate potential customers. The company demoed its Rewards-as-a-Service (RaaS) API at FinovateFall 2016. RaaS is comprised of multiple elements, including customer creation, account creation, funding, catalog support, ordering, and reporting. With these methods, customers can integrate a full rewards program into their app to incentivize consumer and employee behavior.

Leeds said that the company began searching for a growth equity partner last year. Given FTV’s similar vision and 20-year track record, Leeds said the firm was “the number one partner” on its list. Tango Card will also benefit from FTV’s Global Partner Network, which offers Tango Card a list of potential enterprise customers. As a part of today’s transaction, FTV’s Chris Winship and Robert Anderson will join Tango Card’s board of directors.

In the press release, Winship described the B2B prepaid space as “a $100 billion global market opportunity,” adding, “Tango Card provides an industry-leading solution that capitalizes on this shift to digital, enabling its enterprise clients to efficiently use rewards and incentives for numerous use cases and to achieve business goals such as driving employee engagement and retention, improving employee culture and wellness, and incentivizing customer activities.”

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CrowdFlower, Figure Eight, Lleida.net, Market EarlyBird, NYMBUS, Passport, Personal Capital, Plaid, Segmint, Tango Card, TSYS

On Finovate

  • CrowdFlower Rebrands as Figure Eight to Take Advantage of Booming Interest in AI.
  • Market EarlyBird Unveils Mobile App.
  • Plaid Goes International.
  • Personal Capital Exceeds $7 Billion AUM, Lands $15 Million Credit Extension.

Around the web

  • DeepTarget and Segmint collaborate, combining Segmint’s Data Insights and DeepTarget’s cross-selling platform.
  • NYMBUS wraps up 4-month conversion process for Surety Bank.
  • E-Z Parking & Valet launches Passport’s PassportParking app in Greenville.
  • Allied Irish Bank extends agreement with TSYS to continue processing the bank’s credit and debit card portfolios.
  • Lleida.net granted 4th U.S. patent.

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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Kabbage’s Planned Payment Processing Services to Bolster Client Data Stores

Kabbage’s Planned Payment Processing Services to Bolster Client Data Stores
By Julie Muhn (@julieschicktanz) Posted on
Categories: Kabbage

Online lender Kabbage has been providing working capital to small businesses since 2009. This week, the startup’s President, Kathryn Petralia, disclosed plans to enter into payment processing by year end.

The company hopes the move will diversify its offerings, which have largely stayed in the same sector since 2009. Kabbage also anticipates the launch will help it compete with ever-rising fintech giants such as PayPal and Square, both of which started as payment processing solutions and have since added small business lending services. The payment processing offering will leverage Kabbage’s existing small business client base, providing merchants solutions for in-store and online payments.

In an interview with Reuters, who broke the news on Monday, Petralia said, “The monoline businesses have a hard time succeeding long term.” She added, “We have seen a huge pain point around cash flow management,” noting that payment service providers’ lengthy contracts and high fees contribute to the issue.

As with many fintech developments these days, this one comes down to data. When Kabbage gains insight into transaction data from small business clients, it can more accurately underwrite loans for those clients. Additionally, access to client data will offer Kabbage an advantage when serving its existing client base. The company can speed up traditionally slow onboarding and application processes by leveraging data it already has on existing clients.

Kabbage demoed at FinovateSpring 2015, where it debuted the Kabbage Card, which allows users to withdraw from their line of credit at any point-of-sale where VISA is accepted. Earlier this year, the company expanded its line of credit to $250k and most recently announced the acquisition of online lending competitor Orchard.

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Tradeshift Pay to Free Up $9 Trillion in Cash Trapped in Accounts Receivable

Tradeshift Pay to Free Up $9 Trillion in Cash Trapped in Accounts Receivable
By Julie Muhn (@julieschicktanz) Posted on
Categories: Tradeshift

Supply chain payments company Tradeshift is unifying supply chain payments elements with the launch of Tradeshift Pay. The California-based company’s cloud platform will bring together supply chain payments, supply chain finance, and blockchain-based early payments in a single offering.

The aim of Tradeshift Pay is to relinquish the $9 trillion in liquid capital that businesses have held up in accounts receivable, often caused by a disconnect between businesses and their suppliers. Tradeshift Pay offers buyers a single wallet that supports a variety of payment options, including virtual card payments, dynamic discounting, supply chain finance through bank partners, and blockchain-based payments. More than a dozen major banks and card providers support Tradeshift Pay, including HSBC, Santander, and CreditEase.

“In an industry where 50% of U.S. payments are check-based and companies around the world struggle to access finance and payments, Tradeshift Pay is a real enabler for the digitally connected economy,” said Christian Lanng, Tradeshift CEO and co-founder. “For the first time, businesses can go to one single wallet to handle all their payments, end-to-end, across all channels. And for the first time, you can do both regular and blockchain-based early payments in one platform in the cloud.”

Leveraging the blockchain not only democratizes the solution for unbanked businesses, it also allows businesses to get paid faster– lowering the average payment receipt time from 45 days down to a couple of days.

Tradeshift launched its business commerce platform in 2010 and now connects more than 1.5 million companies across 190 countries. 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. Earlier this year, Tradeshift launched Tradeshift Frontier, an innovation lab aimed at applying emerging enabling technologies to the supply chain. Headquartered in San Francisco, Tradeshift has offices in Copenhagen, New York, London, Paris, Suzhou, Tokyo, Munich, Frankfurt, Sydney, Bucharest, Oslo, Stockholm, and Kuala Lumpur.

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eToro Launches Cryptocurrency Exchange, Expands to U.S.

eToro Launches Cryptocurrency Exchange, Expands to U.S.
By Julie Muhn (@julieschicktanz) Posted on
Categories: eToro

Social trading platform eToro is broadening its expertise this month, announcing its entrance into the cryptocurrency exchange market, the launch of a mobile wallet, as well as an expansion into the U.S. market.

The exchange and wallet will be available across the globe, marking the company’s first availability in the U.S. market, where eToro will offer 10 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS. There is currently no date set for the launch of the crypto exchange and mobile wallet, but eToro said the features will be “gradually introduced globally over the coming months.”

In a blog post announcing the launch, eToro CEO Yoni Assia said, “U.S. crypto holders have a strong appetite for diversified portfolios.” He added, “we’re committed to offering the best tools and assets to help them manage their investments all in one place.”

eToro has been serving the European region since it was founded in 2007, and this is the company’s first foray into the U.S. market. While the company hasn’t announced the official date for its U.S. launch, it has disclosed that the service will only be available in a select number of U.S. states, including California. The lag time is attributed to regulation– each state has varying cryptocurrency laws and it is unclear if some tokens are considered securities that must be registered with the SEC.

Leading eToro’s U.S. launch is Guy Hirsch, who previously served as director of innovation strategy at Samsung. “We know that there is a strong demand in the U.S. for crypto and we are excited to be able to offer U.S. investors the opportunity to learn about and invest across multiple cryptocurrencies,” said Hirsch.

eToro joins the cryptowallet space as a competitor to successful exchange platform Coinbase, which recently began offering cryptocurrency investment tools (a product eToro launched in 2014) and is now seeking to apply for a federal banking license. In an interview with Fortune, Assia said that the company’s social media features and its copy trading tools grant eToro a competitive advantage in the U.S. market, despite well-established incumbent players such as Coinbase.

Assia, along with the company’s VP of Product, Tal Ben-Simon, demonstrated CopyFunds for Partners at FinovateEurope 2017. Since then, the company has gone on to raise $100 million in Series E funding, which it announced in March, that more than doubled its funding to $162 million. And eToro hinted at more releases to come, saying, “As major as these announcements are, we have even more to offer and our clients can be sure we will have some more exciting announcements for them in the near future.”

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Avalara Files for IPO

Avalara Files for IPO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Avalara

Tax compliance specialist Avalara hinted at big plans for its 14-year-old company this week. The Seattle-based firm filed to go public, according to an S-1 registration statement filed on May 11.

According to the document, Avalara plans to raise $150 million in common stock proceeds for the IPO. In the S-1 registration statement, the company said its plans for the funds are “to use the net proceeds from this offering for general corporate purposes” which it expects will include “headcount expansion, continued investment in our sales and marketing efforts, product development, general and administrative matters, and working capital.” Avalara also plans to use a portion of the proceeds to “repay the outstanding balance under our revolving credit facility.”

While the timing of the IPO has not been disclosed, Avalara intends to trade on the New York Stock Exchange under the ticker AVLR.

Since it was founded in 2004, Avalara has grown to serve 7,760 core customers and has raised $340 million from investors such as TCV, Battery Ventures, and Sageview Capital. The company has made four acquisitions, including VATlive, VAT Applications, HotSpot Tax, and EZTax.

Avalara presented at our developers conference at FinDEVr San Francisco 2015 on “The Wacky World of Sales Tax,” showing its APIs available for developers. Earlier this month, the company won QAD’s Solution Partner of the Year award.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Akamai, Avalara, Hidden Levers, TransferWise, Xero

On Finovate.com

Around the web

  • Akamai Technologies teams with Salesforce to launch the Akamai Connector for Salesforce Commerce Cloud, enabling enterprises to provide personalized experiences for shoppers.
  • Summit Equities selects HiddenLevers for inclusion in next-gen technology platform for advisors.

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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