Author: Julie Muhn (@julieschicktanz)

NYMBUS Acquires KMR to Advance Footing into Credit Union Offerings

NYMBUS Acquires KMR to Advance Footing into Credit Union Offerings
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mergers & Acquisitions, NYMBUS

Screen Shot 2016-06-14 at 6.49.56 AMCore processing platform NYMBUS has made its second acquisition in the past two weeks. The Florida-based company has purchased credit union software provider KMR in an effort to expand its geographic footprint, product offerings, and client base.

With this move, NYMBUS inherits KMR’s key products, AgilityWeb, a full-featured home banking solution, and AgilityOrg, a management and compliance tool set.

Joining the NYMBUS leadership team is Kai Ravnborg, former president of KMR and creator of the first PC-based credit union core system and the first Windows-based credit union core application. Ravnborg, who says the decision to join NYMBUS was a “no-brainer,” will serve as chief product officer for CUNYMBUS, a collaborative credit union service organization NYMBUS launched in March.

Founded in 2015, NYMBUS seeks to revolutionize the core processing industry to help small financial institutions gain a competitive edge against big banks by offering a core solution with all digital channels and payments. The company, which demonstrated at FinovateSpring 2016 and presented at FinDEVr New York 2016, acquired data processing solutions provider R. C. Olmstead earlier this month.

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Interactions Names New CFO

Interactions Names New CFO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Interactions

Interactionshomepage

InteractionsCFOVirtual assistance and customer-care company Interactions recently appointed Jason Bristow as new CFO.

Bristow (pictured) comes to Interactions having served as VP of finance and treasurer at Amazon for 10 years, helping to grow the company’s revenues from $5 billion in 2003 to $89 billion in 2014. He most recently served as CFO of Code42 Software, a SaaS data-security provider.

Interactions CEO Mike Iacobucci says, “Jason will play a vital role in sustaining our record growth and will help guide our strategy for continued innovation in speech and natural language technologies that are fundamentally changing the customer care market.”

Interactions is a two-time Best of Show winner, having taken home awards at both FinovateFall 2013 and FinovateSpring 2014 where the company debuted conversational solutions which offer callers access to balance, transaction history, and account information. In April, Interactions teamed up with Arise Virtual Solutions as a distribution partner.

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Ripple Receives BitLicense to Sell XRP

By Julie Muhn (@julieschicktanz) Posted on
Categories: Ripple

RippleHomepage

After New York State began requiring companies to carry a license to engage in virtual currency activity, Ripple has received a BitLicense from the New York Department of Financial Services today. This marks the first New York BitLicense for institutional use of digital assets.

The San Francisco-based company, owner of a distributed ledger and host of the digital currency XRP, will leverage the license to gain footing into New York banks. As CEO Chris Larsen says, “With the BitLicense in hand, we look forward to working with our New York bank customers seeking to use XRP for liquidity and cost savings.” XRP offers banks access to a global payments infrastructure that increases transaction speed, certainty of settlement, and lowers the costs related to treasury operations, payment processing, liquidity and compliance.

The company launched the Ripple Network at FinovateSpring 2013 and recently announced a new initiative to help banks test Ripple integration without disrupting their operations. Early this year, Ripple partnered with SBI Holdings to boost interest in the ASEAN region.

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Finovate Debuts: EquityZen Lets Wealth Managers Invest in Pre-IPO Companies

Finovate Debuts: EquityZen Lets Wealth Managers Invest in Pre-IPO Companies
By Julie Muhn (@julieschicktanz) Posted on
Categories: EquityZen, Finovate Debuts

EquityZenHomepage

EquityZen was founded in 2013 as a platform to exchange private company shares. Its online marketplace conducts secondary transactions where users buy and sell existing shares of private companies with at least $100 million in enterprise value.

EquityZen’s roots stem from when CEO Atish Davda left his job at a hedge fund to pursue a career at a startup. Davda, who needed a down payment for a house and cash to purchase an engagement ring, wanted liquidity for his private company equity. At a time when startups are staying private longer and consumer familiarity with startups is greater than ever, this seemed the ideal time for Davda to launch EquityZen.

“We bring private markets to the public,” CEO Davda explains in his FinovateSpring demo, where the company launched EquityZen Institutional, an offering that enables professional wealth managers to offer their clients further diversification through investing in private companies.

Company facts:

  • Founded in 2013
  • $3.5 million in funding raised
  • Headquartered in New York City, New York
  • 10,000+ accredited investors from 15+ countries
  • 5,000+ sellers, 80% of them from a unicorn startup
  • On pace to reach $500 million of equity on its platform this year
EquityZenPresentersCEO Atish Davda, founder, and Ketan Bhalla, product lead, launching EquityZen Institutional at FinovateSpring 2016 in San Jose.

atishEquityZenBefore his presentation at FinovateSpring last month, we chatted with Atish Davda (pictured right), the company’s CEO, for further insight on EquityZen. Davda has been featured on CNBC’s SquakBox and Fox Business News. He speaks English, Hindi, Gujarati, and Python.

Finovate: What problem does EquityZen solve?

Davda: EquityZen is a stock exchange for private company shares.

Amazon went public with a market capitalization of $440M at an age of four years; today, companies remain private almost until they’re teenagers before they are accepted by public markets. With the longer gestation period, there is a gap between the financing timeline of the company and that of individuals supporting the company (shareholders wanting to sell and investors looking to invest). EquityZen has filled this gap.

EquityZenInvestments

Finovate: Who are your primary customers?

Davda: EquityZen’s platform helps shareholders (founder, investor, employee, or ex-employee) of any private company that passes our extensive filters before they can enlist. By working directly with the company, not only does EquityZen enjoy a greater trust, but also a direct channel for future shareholders who wish to sell while the company is private.

EquityZen’s platform offers these investment opportunities to accredited investors and qualified purchasers. Investors on our platform include small institutions (asset managers, family offices) as well as retail (HNWIs, financial advisers). This investor base now spans over 15 countries, and makes way to offer other asset classes.

EquityZen has established itself as one of the hubs for educating financial advisers and investors alike regarding the risks and benefits of investing in the asset class.

Finovate: How does EquityZen solve the problem better?

Davda: While it was accepted practice to build a phone-sales brokerage, EquityZen is building a future where the days of phone broker—and the overhead they bring—are numbered. Using our technology, therefore, EquityZen is able to conduct $100,000 transactions profitably, while deriving greater profits from transactions well above $1 million.

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

Davda: While everyone else is trying to find a way to let investors put more money into the ecosystem, EquityZen is the only platform through which folks actually get money out—liquidity!—when they need it.

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

Davda: Atish Davda, CEO; Shriram Bhashyam, counsel and shareholder relations; and Phil Haslett, investments, founded EquityZen with one goal in mind: to reinvent the private market. All three have previous experience in financial services and have collectively called New York City home for over 20 years.

Prior to EquityZen:

  • Atish was product lead and first engineer at Ampush, a big-data advertising-technology firm. He began his career as a financial engineer at AQR Capital, before which he founded and operated the education-technology firm, Knolsoft.
  • Shri was an attorney at Shearman & Sterling LLP, a New York-based global law firm. Shriram advised market participants on regulatory, transactional, and trading and markets issues, with a focus on U.S. broker-dealer and securities regulation. He also advised banks and other financial institutions on U.S. bank regulation, including the Dodd-Frank Act of 2010.
  • Phil was a vice president at Pomelo Capital, a NYC-based hedge fund, focusing on capital structure arbitrage. After helping launch the fund (now $300mm+ AUM), he was responsible for trading, research, and operations. Phil started his career at Barclays Capital in their Proprietary Trading group trading credit and equity derivatives.

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

Davda: Wider adoption of EquityZen Institutional beyond the 1,000+ financial advisers on our platform that know about it. EZ Institutional is a new offering EquityZen launched at Finovate in 2016, allowing financial advisers and institutional investors to invest capital and manage alternatives portfolios on behalf of their clients.

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

Davda: While we remain focused on the U.S. market for now, I would not be surprised if EquityZen increases our investor network reach from 15 countries to a bit more than that.

CEO Atish Davda, founder, and Ketan Bhalla, product lead, presenting EquityZen at FinovateSpring 2016 in San Jose:

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Tradeshift Closes $75 Million Series D Round, Boosts Valuation to $500 Million

Tradeshift Closes $75 Million Series D Round, Boosts Valuation to $500 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tradeshift

TradeshiftHomepage

Invoicing and cash flow management platform Tradeshift pulled in $75 million of new funding this week, bringing the total to north of $200 million since its 2010 launch.

According to the Wall Street Journal, Tradeshift’s valuation now stands at $500 million.

Data Collective led the round; additional contributors include HSBC, American Express Ventures, Notion Capital, CreditEase Fintech Investment Fund, and Pavilion Capital. Data Collective’s co-managing partner and co-founder Matt Ocko will join Tradeshift’s board. The San Francisco-based company will use the funds to “serve a wider range of global customers” by increasing user adoption by boosting growth of sales, product, and engineering operations.

Tradeshift is an open network that connects buyers and suppliers on a single platform to manage business processes. The company offers Tradeshift Buy for cloud-based procurement, Tradeshift Pay for accounts payable automation, and Tradeshift Risk for a lifecycle management solution. At FinovateEurope 2012, CEO Christian Lanng, co-founder, debuted Tradeshift Instant Payments, a solution that enables businesses to receive payments in real time for invoices.

In the past year, Tradeshift has seen 4X growth in supplier accounts, having added Fortune 1000 clients including Zurich Insurance Group, LinkedIn and SUEZ, one of the world’s largest fashion retailers. The company has also increased its focus on small- to medium-sized businesses, bringing its total user base to 800,000 end users; the number of businesses it serves is undisclosed.

Tradeshift saw 2.5X YOY growth in transacted value on its platform, which processes billions of dollars per month in supply-chain transactions in 190 countries. The company anticipates it will make $50 million in annual revenue this year.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, Backbase, Currency Cloud, CustomerXPs, Dyme, EquityZen, eToro, FICO, Infosys, Lending Club, LendingRobot, MyOrder, Ormsby Street, Patch of Land, Prosper, TokBox, Tradeshift, True Potential, Zopa

On Finovate.com

  • Tradeshift Closes $75 Million Series D Round, Boosts Valuation to $500 Million.
  • Finovate Debuts: EquityZen Lets Wealth Managers Invest in Pre-IPO Companies.
  • Backbase Announces New CFO Leonore Van Waiij.
  • MyOrder, Wirecard Helps Power Shared Spending Functionality for GRPPY App.
  • Dyme Unveils Prototype of Facebook Saving Chatbot.

On FinDEVr

  • FICO Launches Falcon Assurance Navigator to Help Universities Monitor Federal Grant Spending.

Around the web

  • Chartis names CustomerXPs an Enterprise Solution player in the 2016 RiskTech Quadrant for Enterprise Fraud Tech.
  • Patch of Land Adds Institutional Investors to Real Estate Platform.
  • Prosper hires investment banks to explore raising more funds.
  • NuData Security Selected Best AntiFraud Solution at CardNotPresent Expo.
  • TechCrunch: Lending Robot makes Lending Club investing easy as setting screen brightness.
  • Tokbox launches its video broadcast solution for producers.
  • Banking Technology: Goldman Sachs to use technology from Infosys to power its new digital bank, GS Bank.
  • Business Insider features Finovate alums Azimo, eToro, Currency Cloud, and Zopa in list of potential future U.K. fintech unicorns.
  • True Potential wins Best Use of Technology at Money Marketing Awards 2016.
  • CreditHQ announces special freelancer rate.

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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Buzz Points Lands $1.8 Million in Funding

Buzz Points Lands $1.8 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Buzz Points, Funding

BuzzPointsHomepage

BuzzPointsMobileCommunity-focused rewards program Buzz Points pulled in $1.8 million from seven unnamed investors this week according to the company’s Form D filing with the SEC. This brings the Austin-based company’s total to $28.3 million since launching in 2009 as fisoc, Inc. Previous investors include Greycroft Partners and Discover Financial Services.

The company debuted the Buzz Points mobile app at FinovateFall 2015. The app offers targeted marketing campaigns that enable community bank customers to use their mobile device to purchase, manage, and redeem points and offers with local businesses across the country. Consumers receive discounts based on their personal spending habits and Buzz Points uses geolocation to determine nearby, relevant offers.

The company boasts partnerships with Discover and Malauzai and recently added Thrive Credit Union as a client. According to a 2014 article in the Wall Street Journal, Buzz Points had a valuation of $65 million at the time of its $19 million Series D round in 2014.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, DefenseStorm, FinDEVr APIntelligence, Flybits, Kabbage, Markit, MX, NYMBUS, OutsideIQ, PayPal, Praesidio, Temenos, Token, Trulioo, UpGuard, Xero

FinDEVrSV16-LogoV2(wdate)

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

On FinDEVr.com

  • Flybits Earns Gartner Cool Vendor Recognition in its Platform-as-a-Service 2016 Report.
  • UpGuard Brings Better Vulnerability Detection to ServiceNow.

The latest from FinDEVr New York 2016 presenters

  • Infoworld feature on AI shares insights from OutsideIQ CEO Dan Adamson.
  • Markit partners with BitSight Technologies to enhance its Know Your Third Party (KY3P) platform.
  • NYMBUS Acquires R. C. Olmstead to Enhance Core Data Processing.
  • The WSJ calls PayPal “the new face of banking.”

Alumni updates

  • MX to power Homeownership Preservation Foundation’s digital money management app.
  • Cater Allen Private Bank to implement new core banking system from Temenos.
  • Trulioo enhances address validation in Global Gateway.
  • Token Facilitates PSD2 Compliance with New Payment Network.
  • Kabbage Named a CNBC Top Disruptor.
  • Fragmob and CardFlight Announce Integrated Partnership.
  • Xero featured as one of first New & Notable Apps on Google Apps Marketplace.
  • Banking Technology reports that Temenos is nearing a core banking software deal with Iran’s Ayandeh Bank (Future Bank).

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

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Scalable Capital Begins Onboarding U.K. Clients Ahead of July Launch

Scalable Capital Begins Onboarding U.K. Clients Ahead of July Launch
By Julie Muhn (@julieschicktanz) Posted on
Categories: Scalable Capital

ScalableCapitalHomepage

Investment management platform Scalable Capital took a step today to becoming a more global company by onboarding its first U.K. clients.

laptop-phone_onlineA group of select clients on the waiting list will be guided through Scalable Capital’s risk assessment module before their funds go live on the platform. The Germany-based company received approval from the FCA in February and will open up to the general U.K. public in early July.

Scalable Capital seeks to make investment management available to everyone with a flat fee structure of 0.75% p.a. The company differentiates itself with risk management technology that lets clients select from more than 20 different risk categories. Scalable Capital uses Monte Carlo simulations to determine if the client’s portfolio selections will breach their risk limit and automatically rebalances their portfolio until it fits within their specified tolerance.

In March, Scalable Capital raised $7.9 million to grow its client base and expand into additional markets. The company now boasts $12.4 million in total funding. Co-founder and Co-CEO Erik Podzuweit, along with Co-founder and U.K. Managing Director Adam French debuted Scalable Capital at FinovateEuorpe 2016 in London.

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Alpha Payments Cloud Selected for Wells Fargo Spring Startup Accelerator

Alpha Payments Cloud Selected for Wells Fargo Spring Startup Accelerator
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alpha Payments Cloud

FinovateSpring 2015 Best of Show winner Alpha Payments Cloud is one of two early-stage payments companies that Wells Fargo chose to participate in the spring 2016 class of its semi-annual startup accelerator.

During the six-month program, the Singapore-based startup receives an investment ranging from $50,000 to $500,000 and mentorship to help refine its AlphaHub solution that lets banks, merchants, and payment service providers access any payment type or solution provider via a set of APIs. Additionally, the accelerator will help test AlphaHub and guide them through the process of bringing it to market. While the amount of the investment Alpha Payments Cloud received is undisclosed, the company’s valuation stands at $100 million.

About Alpha Payments Cloud’s participation, CEO Oliver Rajic says, “Working with Wells Fargo allows us to learn from one of the world’s most significant and experienced banks and managed service providers (MSPs) and draw upon its deep knowledge pool to continue to evolve our solution and stay ahead of the game.”

EyeVerify, a FinovateEurope 2016 Best of Show winner, is a Wells Fargo Accelerator success story. The Kansas City-based company is a graduate of Wells Fargo Accelerator’s inaugural class of 2014. Earlier this year, the banking giant announced it will deploy EyeVerify’s biometric authentication technology to corporate clients with commercial bank accounts.

Alpha Payments Cloud most recently took the stage at FinovateEurope 2016 in London where it demonstrated how banks, merchants and payment service providers can access more than 250 third-party solutions with the AlphaHub API. In February, the company partnered with Sentenial’s Nuapay to add SEPA Direct Debit functionality to the AlphaHub solutions library.

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Finovate Debuts: IBM’s Wealth Management Solution Gives Advisors an Edge

Finovate Debuts: IBM’s Wealth Management Solution Gives Advisors an Edge
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Debuts, IBM

Computer technology giant IBM launched in 1911 as Computer-Tabulating-Recording-Company (CTR) and was renamed International Business Machines (IBM) in 1924.

At FinovateSpring 2016, the company’s presenter Rob Stanich, global wealth management offering manager, began the demo saying, “We come to you from a tech startup based in New York… it’s called IBM; maybe you’ve heard of us.” He jokingly adds, “It took us only 100 years to get here.”

Stanich then explains that they’re doing something new within IBM called Client Insight for Wealth Management powered by IBM Watson, a solution to help advisers segment clients, predict life events and identify product and portfolio recommendations. While IBM has been working in the wealth management industry for some time, this is the company’s first API-based predictive analytics solution for the wealth-management industry.

FADashboardFinancial adviser dashboard

Company facts:

  • Headquartered in Armonk, New York
  • 300,000 employees
  • 2015 revenue of $81.7 billion
IBMPresentersAlex Baghdjian, senior offering associate, financial markets & wealth management, and Rob Stanich, global wealth management offering manager, presented at FinovateSpring 2016.

IBMPresenter1We chatted with Rob Stanich, IBM global wealth management offering manager, about the new offering:

Finovate: What problem does Client Insight for Wealth Management powered by IBM Watson solve?

Stanich: Client Insight for Wealth Management powered by IBM Watson is an industry-leading, cognitive- and predictive analytics-based solution for wealth management firms, fund providers, and self-directed investment firms of all sizes trying to gain or maintain a technology edge. Unlike any other platform in the industry, CIWM delivers data preparation with an established data schema, integrated, pre-built advanced analytical models, and APIs to deliver insights to any wealth management dashboard. 
Our current offering has the some of the following capabilities:

  • Segmenting and micro-segmenting by behavior to better understand client
  • Predicting life and financial events to personalize offers, deliver alerts, and provide better service to drive loyalty
  • Predicting client attrition to protect revenue and wallet share
  • Understanding client-product propensities to better address client need’s and expand client relationships
  • Tailoring news and alerts to streamline financial adviser prep before client meetings
ClientProfileClient Profile screen

Finovate: Who are your primary customers?

Stanich: We currently service financial advisers and branch managers at large warehouses, self-directed brokerage firms, and mutual fund wholesalers. We are also going to be reaching the Registered Independent Adviser market through some soon-to-be announced partnerships.

BranchManagerThe Branch Manager dashboard

Finovate: How does Client Insight for Wealth Management powered by IBM Watson better solve the problem?

Stanich: We found that there really is this dearth of cognitive and analytics capabilities in wealth management. A lot of our clients want to get started, but have so many other issues affecting them—from new regulations to run the firm’s initiatives–that they haven’t been able to heavily invest in providing their financial advisers with advanced cognitive and analytics solutions. We’re here to solve that problem by providing a pre-built solution that can be stood up within a 12 week timeframe and immediately provide real capabilities and a real ROI.

And they’re not just buying the current capabilities of Client Insight for Wealth Management, but will benefit from IBM’s continuing investment in our roadmap, which will over time expand to cover such topics as prospecting, account aggregation, and adviser-succession planning. Not to mention that our solution will be applying some exciting new and advanced deep-learning techniques from IBM Research as well as integrations to other IBM application families within our Commerce and Watson divisions.

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

Stanich: Our favorite implementations are the ones where we see the client planning to use the solution to assist financial advisers in fully servicing their client’s financial needs. For example, we find a lot of large banks who have clients’ mortgages and checking accounts wanting to also provide [their] financial planning through a financial adviser. If we can have a client’s needs better serviced all in one place–from financial planning, lending, to credit card needs–then it’s a deeper relationship between a client and firm and an overall better client experience.

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

Stanich: I’ve worked on Wall Street and in technology for 20 years now and have witnessed a lot of the major changes we now consider business-as-usual, from the rise of the self-directed brokerage firms in the 1990s to the current rise of the robo-advisers. Nonetheless, I’m a big believer that we’ll never lose financial advisers entirely. They’ll be more like the expert users of some of the same technology coming into the self-directed business today. We’ll augment these professionals to be “smarter” in the same way technology is revolutionizing medicine today, yet we still need doctors to exercise judgement. Change is always disruptive and causes a lot of hand-wringing, but I think we all see the transition happening around us already.

Finovate: What are some upcoming initiatives from Client Insight for Wealth Management powered by IBM Watson that we can look forward to over the next few months?

Stanich: We have some big partnerships that we’ll be announcing soon and some really great functionality on the docket to be released. We’ve already started getting feedback from clients, and the reaction has been overwhelmingly positive. Mainly, we’ll be focusing on the account-aggregation space, financial planning, and prospecting. Our solution is only going to keep getting better and better.

Finovate: Where do you see IBM’s Client Insight for Wealth Management a year or two from now?

Stanich: The vision for Client Insight for Wealth Management is to enable an adviser to service more clients with the same or better level of personalization as servicing their existing book of business, and improve the overall quality of that book. For self-directed firms, the vision is to deliver a more personalized level of service digitally, by arming them with some of the same advanced predictive and cognitive analytics becoming prevalent in other industries.

Finovate: What kind of metrics or facts about IBM’s Client Insight for Wealth Management can we share with our readers?

Stanich: It is the wealth management industry’s first pre-built, cognitive and analytics solution. We also have similar industry-specific offerings in banking, insurance, trade surveillance, and regulatory compliance.

Rob Stanich, global eealth management offering manager, and Alex Baghdjian, senior offering associate, financial markets & wealth management, presenting at FinovateSpring 2016:

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Splitit Launches Shopify Plugin

Splitit Launches Shopify Plugin
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayItSimple, SplitIt

SplititHomepage

Splitit (formerly PayItSimple), a startup that lets consumers pay for a large ticket over time, has partnered with Shopify to offer merchants access to its payments-plan technology via plugin.

The plugin, now available on Shopify’s app store, allows merchants using Shopify to integrate Splitit into their checkout process. The Splitit tool—enabling Visa and MasterCard cardholders to split purchases into interest-free, monthly payments by leveraging the customer’s existing credit—offers access to Shopify’s 275,000 merchants in 150 countries.

This announcement comes after the New York-based company’s integration with ecommerce platforms WooCommerce and Magento. According to the company, merchants using Splitit on these platforms have seen an average increase of 20% on overall sales within the first two months of implementation.

Founded in 2013, Splitit launched as PayItSimple at FinovateFall 2014. Earlier this month, the company made inroads into the medical billing industry by teaming up with DOCPAY to set up interest-free medical payment plans for patients.

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