Actiance Now Supports Compliance for Instagram

Actiance Now Supports Compliance for Instagram

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Now that Instagram has launched separate profiles for businesses, social network-compliance company Actiance has stepped in to help banks engage in their own Instagram accounts in a compliant way.

The California-based company expanded Actiance Socialite to help banks and other companies monitor account activity, archive posts, and generate analytics from the post-image engagement and comments. Because business activity on Instagram is classified as advertisements, and comments are considered business records, a company’s Instagram posts are subject to regulatory scrutiny. Socialite helps banks retain data and instantly search and retrieve posts and images if necessary.

Joanna Belbey, social media and compliance specialist at Actiance, said, “Forward-thinking companies are increasingly using Instagram and other social channels to connect with digital audiences … . Actiance Socialite makes it easy for companies to support new channels, such as Instagram, as they enter the enterprise and make the most of their communications data for both regulatory and business purposes.”

Actiance helps banks and financial institutions manage, secure, and ensure compliance across applications and social media platforms. The company last presented at FinovateFall 2012 where it debuted Socialite. Actiance has raised almost $44 million from 7 investors since launching in 1998. Earlier this year the company brought on Naresh Bansal as its new CFO.

FinDEVr APIntelligence

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

Dev news

The latest from FinDEVr New York 2016 presenters

  • Institutional Investor features Xignite and PayPal CEOs in the 2016 Tech-50 list of fintech technologists.
  • CoinTelegraph names Braintree as a company that will shape the future of money.
  • Markit Unveils Chartworks Suite.
  • Inc’s look at global payment options features Braintree.

Alumni updates

  • Kabbage Revamps App to Enable Mobile On-Boarding for Loan Applications

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Polly Portfolio Launches Investment Chatbot for Facebook Messenger

Polly Portfolio Launches Investment Chatbot for Facebook Messenger

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What do you do when you need a friend to geek out with about financial news and investment-portfolio decisions? Create a bot, of course! Polly Portfolio, wealth management technology platform for asset managers, launched an investment chatbot for Facebook Messenger this week. The free bot, named Polly Chat, engages the user in a conversation about recent financial news headlines and creates a financial profile and customized trade ideas based on the user’s responses.

PollyChatIn a blog post, the New York-based company said that it created Polly Chat because “it only makes sense to build a chat bot when you have something to chat about. We do.” The company went on to explain that large financial firms have teams of research analysts who are very knowledgeable about economic developments but lack the ability to communicate the news to clients in an interactive way. Polly Portfolio added, “Our investment chat bot is a new interface to deliver on the basic premise: that investors should—and can—have a say in investment decisions without doing all the work.”

Users can either build a customized investor-profile with a five-minute chat, or they can take the time to interact with questions about all 50+ news headlines. Here’s the link to get started.

Founded in 2014, Polly Portfolio’s CEO Jasen Yang (founder) and COO & CFO Tom McCosker debuted Polly Sophograph at FinovateSpring 2016. Sophograph incorporates client opinions into dynamic investment models which create a recorded, auditable conversation around investment research.

BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer

BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer

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Small business financier BlueVine hired a new chief revenue officer and made changes to its business lines of credit and invoice-factoring this week.Sager

CRO Eric Sager (pictured) comes to BlueVine with experience as head of sales at Square, and as a principal with Bain & Company. Sager said that he has spent his career “working to help small businesses succeed,” and added that “access to timely and cost-efficient working capital” is one of their main struggles.

Palo Alto-based BlueVine has increased its maximum credit line for invoice factoring from $250,000 to $500,000; the maximum revolving line, Flex Credit, has risen from $30,000 to $50,000. The company, which is on track to fund $200 million in working capital this year, launched Flex Credit in April to expand beyond invoice factoring.

Founded in 2013, BlueVine debuted at FinovateFall 2014 where the company’s CEO Eyal Lifshitz and VP of Operations Edward Castaño demoed invoice factoring. BlueVine has raised $64 million in 7 funding rounds including an undisclosed sum from CitiVentures in April.

Finovate Debuts: Civic’s Identity Verification App Launches Public Beta

Finovate Debuts: Civic’s Identity Verification App Launches Public Beta

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Identity network and fraud prevention company Civic offers a service that helps consumers confirm the use of their identity in real time. Today the company beta-launched its free consumer-facing app, marking the public availability of its identity network.

Civic debuted at FinovateSpring 2016 to help solve the person-not-present (PNP) problem (yes, CEO Vinny Lingham coined that phrase). “We’ve created a real-time identity-alerts service,” Lingham said at the start of his demo. He went on to explain how the company seeks to help consumers manage their identities by having more control over the use of their Social Security number.

Civic users receive a $1 million identity-theft-protection policy, plus access to a free identity-theft consultant-hotline. Both services are good for the life of their membership. Users receive a push notification or email each time their Social Security number is used with one of Civic’s partners. Civic’s partners currently include background checking services GoodHire and Onfido. The company is working to add more.

For more advanced security, users can request to approve or deny a transaction using a two-way authentication process on the mobile app. Banks that pay Civic a small fee receive an alert when the consumer denies a transaction, notifying them of potentially fraudulent purchases.

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Company facts:

  • Headquartered in Palo Alto, California
  • Founded in 2015
  • $2.75 million in funding raised
27162806296_e2609a6ee8_kCivic CEO Vinny Lingham and CTO Jonathan Smith demonstrated Civic’s Identity Verification app at FinovateSpring 2016.

Lingham_HeadshotWe interviewed Civic’s CEO Vinny Lingham, an entrepreneur who has founded three startups, including digital gift-card platform Gyft. Prior to founding Civic, Lingham was senior vice president of product development at First Data.

Finovate: What problem does Civic solve?

Lingham: There are a few problems with how Americans currently use identity numbers:

  • The Social Security number system was not built for identifying people uniquely, it was built to track Social Security benefits. Over the course of time, it has become the standard for identifying someone, which has evolved into a situation in which people can easily impersonate someone else remotely. There are no barriers for someone to use your Social Security number online or provide your Social Security number over the phone.

  • If your Social Security number has been used by someone else, then you have no way of knowing. If you have signed up and pay for services to protect your identity, you are alerted [only after] the fraud has taken place, not as it’s happening. Civic’s vision is to give control back to the user by allowing them to confirm the use of their Social Security number. We see a world where your Social Security number will not need to be a number you hide; you could print it on your business cards if you like, but if anyone tries to use it, you would have the ability to verify and stop the transaction before it happens.

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Finovate: Who are your primary customers?

Lingham: Civic appeals to anyone with a Social Security number who is seeking control over their personal data. Our service is ideal for individuals looking for a fresh and free alternative to traditional identity-theft-protection companies. Our mission is to provide members with real-time identity alerts and protection so that they can stop identity fraud before it happens.

Finovate: How does Civic solve the problem better?

Lingham: While there are many services that offer various types of identity protection, Civic is the only company that gives the user control over their own identity AND provides the service for free—making our overall approach to identity theft unique within the industry.

Finovate: Tell us about your favorite implementation of your solution.

Lingham: We have partnered with background checking companies such as Onfido and GoodHire, which allow consumers to be notified when background checks are conducted on them.

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Finovate: What in your background gave you the confidence to tackle this challenge?

Lingham: The previous company that I founded, Gyft, is one of the leaders in mobile and digital gift cards. Gift cards happen to be one of the biggest categories for online fraud, and we had to build robust systems to deal with it. After witnessing the challenges of online fraud, I realized that identity theft is a major problem, which is why we have so much fraud online. I set out to solve this problem.

Finovate: What are some upcoming initiatives from Civic that we can look forward to over the next few months?

Lingham: We have some really exciting technology developments in the pipeline that will give members a greater level of privacy and identity protection that has not been previously possible. We are excited to roll out these developments later this year.

Finovate: Where do you see Civic a year or two from now?

Lingham: Although we have a long-term vision for the company, right now, we want to ensure members trust us to help secure their personal information and monitor the use of their identities. Once we can win in that space, we believe that we can build a multitude of products that will change the way that society functions.

Finovate Alumni News

On Finovate.com

  • MaxMyInterest Unveils Laser App Integration to Speed Onboarding
  • Finovate Debuts: Civic’s Identity Verification App Launches Public Beta
  • BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer
  • Capriza Raises $23 Million in Series C

Around the web

  • Mashable features P2Binvestor CEO Krista Morgan for something outrageous she said at FinovateSpring 2013.
  • Institutional Investor features entrepreneurs from 4 Finovate alums in the 2016 Tech-50 list of fintech technologists.
  • More Than 25 Financial Institutions Select Malauzai’s SmartwebApps for Desktop
  • Cortera appoints Bob Maguire as chief revenue officer.
  • Zopa names Ronen Benchetrit as CTO.

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.

Cloud Lending Solutions Partners with Fujitsu

Cloud Lending Solutions Partners with Fujitsu

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Lending platform Cloud Lending Solutions recently announced a partnership with Japanese technology company Fujitsu. Fujitsu will help Cloud Lending Solutions distribute CL Originate, CL Lease, CL Loan, and CL Collections to its large and small business customers in Japanese and ASEAN markets.

Fujitsu EVP Hideki Kiwaki, corporate executive officer and vice head of global services integration, called the partnership an “important strategic initiative” for Fujitsu that “will enable rapid and flexible delivery of financial technology solutions that will eliminate the departmental silos slowing lenders down.”

Cloud Lending will also work with Fujitsu Laboratories of America, which will contribute its “finance-related business knowledge and system-construction know-how.” Fujitsu Laboratories of America will also help integrate the solution with existing systems.

In a press release Snehal Fulzele, CEO, Cloud Lending Solutions said, “Our partnership with Fujitsu will allow us to deliver advanced innovations in financial services to businesses in the Asian region including Japan.”

Fulzele debuted CL Exchange from Cloud Lending Solutions at FinovateSpring 2015. CL Exchange is a marketplace where online lenders exchange consumer and business loan applications to help lenders source the best loan for their portfolio. At FinDEVr San Francisco 2014, the company’s CTO Darpan Saini gave a presentation about why Cloud Lending built on top of Salesforce’s Force.com cloud platform.

Founded in 2012 and based in California, Cloud Lending Solutions has raised $8 million.

MoneyHub Teams Up with Unbiased to Help People Manage their Finances

MoneyHub Teams Up with Unbiased to Help People Manage their Finances

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London-based PFM MoneyHub has partnered with U.K. financial and legal advice-website Unbiased to help financial advisers put their clients “at the center of their financial world.” MoneyHub is calling the partnership “invaluable and unique” because it offers users transparency into finances and helps them plan their financial future.

The new offering integrates Unbiased’s Find an Adviser search tool, which gives MoneyHub users access to the UK’s largest selection of regulated advisers. The tool also helps users determine which adviser is best for their needs. Adding an adviser through the tool facilitates information-sharing between the MoneyHub user and their adviser, who can view an aggregation of the user’s accounts.

Unbiased is offering readers a free trial of MoneyHub’s premium service for a limited time. The company’s CEO Karen Barrett said, “We see technology and financial advice becoming ever more closely intertwined. Rather than replacing face-to-face advice, technology will help to make it more cost-effective and customer-focused.” Barrett added, “This partnership represents a new chapter in the way people relate to their finances, by placing unbiased advisers at the heart of these innovations.”

At FinovateEurope 2015, MoneyHub’s CEO Toby Hughes and CTO Dave Tonge debuted its Ecosystem, an online platform where users aggregate their financial data and information, access financial advice, and connect to products and services from financial institutions. Founded in 2013, MoneyHub was acquired by MMI Holdings in 2014.

Yandex.Money Releases Apple Watch Payments App

Yandex.Money Releases Apple Watch Payments App

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Screen Shot 2016-07-15 at 8.42.48 AMIn a move that expands payment methods for its users, digital payments company Yandex.Money launched an app for the Apple Watch this week. The app allows users to top up their mobile money accounts, make transfers, receive payment alerts via push notifications, and view their Yandex account balance.

The Yandex.Money mobile app, available to users in Russia, was released on iOS in 2011. It can be used to pay for thousands of goods and services, including those linked to a bank payment account. The company also offers apps for Android, Windows 10, and Windows phones.

Demand for mobile payments seems to be increasing; in fact, AC&M Consulting reports that more than 12 million users in Russia complete payments through mobile devices. However, as the Wall Street Journal depicts, the market is becoming increasingly diluted. On top of Apple Pay, Android Pay, and Samsung Pay, banks and merchants have started offering their own payment solutions, such as MasterCard’s Masterpass which launched yesterday for in-store payments; the Wells Fargo Wallet, which launches Monday; Chase Pay, and more.

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At FinovateSpring 2013 Yandex launched Twym, an application that allows Yandex.Money users to instantly transfer money in Rubles via Twitter. Money can be sent via a Tweet that includes @twymru, the recipient’s Twitter username, and the payment amount.

Yandex.Money powers the largest online payment service in Russia. In April, the company launched NFC payment capability for Android phones that conducts the transaction via a virtual MasterCard.

Kabbage Revamps App to Enable Mobile Onboarding for Loan Applications

Kabbage Revamps App to Enable Mobile Onboarding for Loan Applications

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Alternative financing provider Kabbage unveiled a major mobile update this week. The Atlanta-based company revamped its iOS app to allow small businesses to apply for funding on their mobile devices.

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Kabbage launched a native app in 2013 to help customers manage and track their financing. The company has since grown to serve 80,000 small businesses.

Underlying the mobile application process are tools such as driver’s license recognition, bank account verification, and TouchID authentication. After users become qualified, they can continue to manage, track and access funds from within the app.

Kabbage said it hopes the new release will “fundamentally transform the borrowing experience.” The company now drives $7 million per month in loan originations from mobile devices. The app will be available on Android later this summer.

At FinovateSpring 2015, Kabbage unveiled the Kabbage Card, a payment card that lets small business owners carry a financing tool in their wallet to pay for supplies needed to keep their business running. The company’s CTO Andy Badstubner presented at FinDEVr San Francisco 2015 on how to integrate into the Kabbage platform.

Last month, the Kabbage partnered with Scotiabank which will co-brand small-business loans in Mexico and Canada. Scotiabank joins Santander and ING, both of whom already selected Kabbage to power their online business loans.

Finovate Alumni News

On Finovate.com

  • CREALOGIX Wins Best Web Development at Systems in the City Awards 2016
  • Yandex.Money Releases Apple Watch Payments App
  • Neustar Taps Former Walmart Executive Venkat Achanta as First Chief Data & Analytics Officer
  • Kabbage Revamps App to Enable Mobile On-Boarding for Loan Applications

Around the web

  • NIIT Technologies announced financial results for the quarter ended in June 30, 2016, with a revenue increase of 4.5% over the same period last year.
  • Micronotes Releases Retain To Predict and Prevent Customer Attrition
  • Luxoft partners with Deloitte to launch project overview dashboard.
  • FIS teams up with Payment Alliance International (PAI) to take FIS Cardless Cash nationwide.
  • Inc’s look at global payment options features Braintree, PayStand, and CSIglobalVCard.
  • Klarna adds online fashion startup Lyst to its client 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.

Betterment Surpasses $5 Billion AUM, Hires Amy Shapero as CFO

Betterment Surpasses $5 Billion AUM, Hires Amy Shapero as CFO

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Founded in 2008, Betterment was one of the first online wealth-management services to launch, entering into the industry well before the first fintech nerd uttered the word robo-adviser. In January of 2015, the New York-based company’s assets under management (AUM) totaled $1 billion. Today, a year-and-a-half later, it has burgeoned to more than $5 billion. As Fast Company reported, “That milestone is modest by the standards of wealth-management giants like Fidelity, but a first for an independent robo-adviser like Betterment.” By comparison, Fidelity claimed $2,036 billion AUM at the end of 2015.Shapero

To help manage the new growth, the company has brought on Amy Shapero (pictured) as CFO. Shapero brings experience as CFO for CRM company Sailthru and also worked at information-services company Digital Globe and fintech company Spot Trading.

Even though Betterment has no minimum balance requirements, the average account tops $29,000, and the largest amount invested by a single individual is $10 million. According to an article on WealthManagement.com, Betterment CEO Jon Stein anticipates the company will eventually go public but first wants to add new revenue streams by launching more products, such as the turnkey 401(k) service, Betterment for Business, it launched in January.

At FinovateFall 2011, Betterment CEO Jon Stein launched the company’s Multiple Goals feature. Betterment has raised $205 million from 14 investors. After the company’s $100 million Series E round earlier this year, its valuation rose to $700 million.