Author: Julie Muhn (@julieschicktanz)

FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, FinDEVr APIntelligence, Kabbage, Markit, On Deck Capital, Personal Capital, Plaid, Trulioo, Twilio

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

Developer news

  • Magic Leap to give 10 Twilio developers early access to its SDK.

On FinDEVr.com

  • “Fintech Developers, Lock in Presale Savings for FinDEVr Silicon Valley”

The latest from FinDEVr New York 2016 presenters

  • OnDeck adds to credit offerings available to Canadian small businesses.
  • Markit unveils compliance solution to help meet new FRTB, market-risk capital requirements.

Alumni updates

  • “Trulioo’s GlobalGateway Available in BRIC Countries”
  • “Kabbage Reaches $2 Billion in Loans in 5 Years”
  • TechCrunch column on APIs features Plaid, and Twilio.
  • “CardFlight Adds Global Payments as EMV Processor”
  • “New Investment for Personal Capital Takes Valuation to $500 Million”

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

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TransferWise Lands $26 Million, Crossing into Unicorn Territory

TransferWise Lands $26 Million, Crossing into Unicorn Territory
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, TransferWise

Foreign Exchange platform TransferWise, which announced geographic expansions last month, today reports an expansion of a different nature. The London-based company pulled in $26 million, bringing its total funding to $117 million and burgeoning its valuation to $1.1 billion (according to TechCrunch), thereby making it a fintech unicorn.

The round, which the company plans to use to fuel future growth, was led by Baillie Gifford. Existing investors, which include Andreessen Horowitz and Sir Richard Branson, also participated.

At FinovateEurope 2013, TransferWise co-founders Taavet Hinrikus and Kristo Kaarmann stood up in front of an audience of bankers with a decidedly non-bank-friendly message. There, the company announced its mission to reduce foreign exchange fees by circumventing financial institutions. Today, the company transfers $750 million each month on its platform.

TransferWise employs a workforce of more than 600 across its offices in United Kingdom, Europe, and the United States, where a separate money-transfer license is required for all 50 states. The company recently received heat after one of its U.S. banking partners was scrutinized by regulators for “unsafe and unsound banking practices,” though co-founder Hinrikus states that he is confident TransferWise is in compliance.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avoka, CSI globalVCard, Dashlane, iSignthis, Lendio, Misys, Mitek, NuData Security, On Deck Capital, Prosper, TransferWise

On Finovate.com

  • “TransferWise Lands $26 Million, Crossing into Unicorn Territory”
  • “Check out this week’s FinDEVr APIntelligence”
  • “Dashlane’s $22.5 Million in New Funding Comes with a Strategic Partner”
  • “Mitek and Avoka Team Up to Provide New Mobile Onboarding Solution”
  • “A Double-Edged Sword: Prosper Increases Rates to Attract Lenders”

Around the web

  • Lendio partners with GoDaddy marketplace to offer small business owners access to working capital.
  • Misys to integrate its FusionBanking Loan IQ technology with Debtdomain from Ipreo.
  • iSignthis announces pilot agreement with iFOREX.
  • CSI globalVCard teams up with MacNair Travel Management to develop a payment solution for travel managers and procurement professionals.
  • NuData Security partners with the National Anti-Organized Retail Crime Association (NAORCA).

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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MaxMyInterest Launches Client Invitation Feature

MaxMyInterest Launches Client Invitation Feature
By Julie Muhn (@julieschicktanz) Posted on
Categories: MaxMyInterest

MaxMyInterestHomepage

Today, Six Trees Capital’s MaxMyInterest announced a new client-onboarding feature for its automated cash management system. The new client-invitation element enables advisers to fill in customer data to preregister them for an account, saving the client time and effort during the tedious onboarding process and helping to reduce abandonment.

Advisors who preregister clients receive read-only access to their balance information. This comprehensive view of a client’s account helps the adviser throughout the financial planning process. In a release, CEO Gary Zimmerman, founder, says, “In 2015, we eliminated the need for clients to enter their name and address multiple times to open multiple bank accounts. Now, clients don’t have to enter their name and address even once.”

At FinovateFall 2014, MaxMyInterest launched its Intelligent Funds Transfer technology that uses an algorithm to determine the optimal cash allocations in a user’s bank account to, as the name suggests, maximize interest received.

While the New York-based company still maintains its consumer-facing brand, it has recently launched several features for advisers, who turn to MaxMyInterest for the higher yield and broader FDIC insurance that it offers for cash accounts. New adviser features include an adviser dashboard and a co-branding option.

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Kabbage Reaches $2 Billion in Loans in 5 Years

Kabbage Reaches $2 Billion in Loans in 5 Years
By Julie Muhn (@julieschicktanz) Posted on
Categories: Kabbage

KabbageHomepage

Small-business-funding platform Kabbage was founded in 2009 with a mission to use big data to help underwrite small business loans. Today, the Georgia-based company announced it has originated $2 billion in loans during the past five years.

The 75,000 small business customers on Kabbage’s platform hail from all 50 U.S. states. The company links more than 1 million data sources to the company’s underwriting engine which pulls information such as business revenue, vendor payments, and tax and accounting data to assign the proper line of credit in real time. The credit line is dynamic and automatically adjusts to furnish businesses with the right amount of capital they need to grow.

Earlier this month, Kabbage partnered with alt-lenders OnDeck and CAN Capital to launch the Innovative Lending Platform Association and Smart Box. The new initiatives aim to foster transparency in online lending by creating an environment in which all lenders can openly collaborate on small business loan pricing and fee disclosures.

At FinovateSpring 2015, Kabbage launched the Kabbage Card, a payment device that offers businesses immediate access to their loan without the need to transfer funds into a PayPal account.

The company’s CTO Andy Badstubner presented at FinDEVr San Francisco 2015 on how to integrate into the Kabbage platform.

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Trulioo’s GlobalGateway Available in BRIC Countries

Trulioo’s GlobalGateway Available in BRIC Countries
By Julie Muhn (@julieschicktanz) Posted on
Categories: Trulioo

TruliooHomepage

Identity verification provider Trulioo has expanded the geographic coverage of its online electronic identity-verification service GlobalGateway to support Brazil, Russia, India, and China.

This group of countries, known as BRIC, houses 41% of the global population and supports an emerging middle class of 1.2 billion people. In these markets, business-to-consumer ecommerce is estimated to grow faster than in well developed markets.

Trulioo president Jon Jones says their efforts were focused in securing data sources in these particular markets because of the “significant growth in cross-border commerce, which has been made possible [through] Internet penetration and mobile technology.” He added that these emerging BRIC markets “are ripening to become the main markets of tomorrow, and require versatile identity-verification tools to do so.”

GlobalGatewayGlobalGateway enables businesses and banks to verify 4 billion new and existing client identities from 45 countries via 145 data sources to maintain KYC and AML compliance. The product is available as an API or through an online portal.

Last month, Trulioo won the Innovation in Cyber Security Award at the 2016 Fintech Innovation Awards. Late last year, the company closed on $15 million in a round led by American Express Ventures, bringing its total funding to more than $23 million.

Vancouver, B.C.-based Trulioo demoed how its GlobalGateway works at FinovateFall 2015. During FinDEVr San Francisco 2014, the company presented the GlobalGateway API.

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Realty Mogul Reaches $200 Million in Funded Real Estate Transactions

Realty Mogul Reaches $200 Million in Funded Real Estate Transactions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Realty Mogul

RealtyMogulHomepage

Commercial real estate crowdfunding platform Realty Mogul today announced it has exceeded $200 million in funded equity and debt transactions on its platform.

Launched in 2013, the California-based company has thus far returned $40 million in interest and principal to its 80,000 members who have invested in 350 properties. The return is 2X the $20 million figure the company reported in December 2015.

Realty Mogul’s CEO Jilliene Helman says the goal has always been “to democratize commercial real estate by enabling a new generation of investors to participate in real estate opportunities that were historically difficult to access. She added that reaching the $200 million mark “shows we’re continually following through on this goal and growing as a company.”

CTO Justin Hughes, co-founder, presented at FinovateSpring 2014, where he demoed the company’s online marketplace that matches commercial real estate borrowers with a group of accredited investors. The investor dashboards enable investors to standardize, streamline, and monitor their investments.

In today’s release, Realty Mogul compiled the following infographic that offers further details about its investor base:

RMInfographic

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FinovateSpring Demo Videos Now Online

FinovateSpring Demo Videos Now Online
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2016

IMG_6724

FinovateSpring 2016 wrapped up last week and we’ve been busy covering the Best of Show winners, Twitter highlights, and press coverage, as well as following up with the amazing new contacts we met.

If you weren’t there in person, see what you missed by watching any of the 71 demo videos and check out photos from the event on Flickr (plus you can still save big time on a super-early-bird ticket to FinovateFall on September 8 & 9). All of last week’s demos have something different to offer but the best way to start digesting the new content is to watch the six best of show demos, embedded below for your viewing pleasure:

BanQu showed a blockchain-based identity platform that enables financial inclusion and empowers the underbanked to join the global economy.


LendingRobot demoed its dashboard that helps investors track investments across peer lending platforms like Lending Club and Prosper.


PayActiv showcased a real-world alternative to payday loans that gives workers access to earned but unpaid wages.


Quid demoed its web-based intelligence platform that leverages big data analytics, natural language processing, and network science to turn data searches into visual explorations.


SaleMove showed off its engagement platform that creates high-touch customer interactions using video, voice, and chat.


Silver6 launched its financial video platform that enables businesses to use video personalization to provide custom communications.

Thanks again to all the presenting companies who braved the Finovate stage and to all who attended. We’ll see you next year!

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Social Trading Company ayondo Appoints New CFO Prior to Reverse Takeover IPO

Social Trading Company ayondo Appoints New CFO Prior to Reverse Takeover IPO
By Julie Muhn (@julieschicktanz) Posted on
Categories: ayondo

AyondoHomepageGermany-based ayondo brought on Rick Fulton as new CFO last week. Fulton is former managing director and regional CFO for Asia and Oceania of Daiwa Securities, where he worked in the company’s Hong Kong office for six years. Previously, Fulton served at RBS, Deutsche Bank, and AMN AMBRO.

This news comes after last month’s discussions of the company’s pending reverse takeover IPO on the Singapore Exchange (SGX). Finance Magnates uncovered ayondo’s regulatory filings with the SGX detailing a memorandum of understanding regarding the proposed acquisition of property developer and real estate investment firm Starland Holdings Limited (STHL). The filing took place April 13th, the same day ayondo announced its plans for a reverse takeover.

Robert Lempka, CEO of ayondo commented on Fulton’s strategic appointment: “With his extensive experience as a financial services industry CFO, especially in the Asian region, Rick will play a crucial role in the planned listing of ayondo in Singapore.”

Founded in 2008 and valued at $155 million, ayondo has offices in Germany, Singapore, and London. At FinovateEurope 2013, the company debuted ayondo 3.0, the third generation of its social trading platform that enhanced usability, social interaction, and guidance offered to top traders.

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Ignite Sales Taps Ex-Fiserv SVP as New CEO

Ignite Sales Taps Ex-Fiserv SVP as New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Ignite Sales

IgniteSalesHomepage

Noga2Data analytics company Ignite Sales has brought on George Noga (pictured) as its new CEO this week. Noga is stepping in for Mitchell Orlowsky, the company’s former CEO.

Noga previously served for eight years as Fiserv’s SVP, managing director of revenue enhancement. He has prior experience as CEO of Syngence, where he led a team that created AI search technology for the legal industry.

Ignite Sales uses big data analytics to improve how financial institutions sell products and services to their customers. At FinovateFall 2013 the company launched the Branch Profitability Dashboard that offers a visual overview of profitability and sales across branches. The dashboard also presents a gap analysis for each sale to uncover where the branch falls short.

Earlier this month, Ignite Sales was awarded its second consecutive Gold Stevie Award for Sales and Marketing Intelligence. In February, the Texas-based company launched Smart Promotions, an offering that delivers personalized product promotions in real-time through Recommendation Guides. The new solution will integrate into Instant Scheduling and Live Chat.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Ayasdi, ayondo, BBVA, Buzz Points, Comarch, FIS, Fiserv, Guardian Analytics, Ignite Sales, Infosys, LendingRobot, Lighter Capital, Markit, Plaid, Realty Mogul, Signifyd, Temenos, Twilio, VoicePIN, WorkFusion, Zopa

On Finovate.com

  • “Social Trading Company ayondo Appoints New CFO Prior to Reverse Takeover IPO”
  • “Ignite Sales Taps Ex-Fiserv SVP as New CEO”
  • “VoicePIN Launches New SaaS Model for SMEs”
  • “Realty Mogul Reaches $200 Million in Funded Real Estate Transactions”

Around the web

  • Markit adds Federal Republic of Germany to derivatives trade-management service.
  • FIS introduces Banking by Appointment with TimeTrade.
  • Zopa partners with UNSHACKLED.com to offer cell phone financing.
  • RegTech event sponsored by BBVA features presentation by Ayasdi.
  • Infosys wins five-year contract with Commerzbank.
  • Temenos welcomes new core banking client, BMO Asia Pacific.
  • Fiserv adds ten years to its loan processing, private-label credit partnership with John Deere Financial.
  • Buzz Points and Xtend partner to provide new loyalty rewards program to credit unions.
  • Bloomberg features TradeSafe, a distributed ledger from Standard Chartered and DBS Group that uses Ripple.
  • eSignLive unveils new UX featuring responsive design.
  • TechCrunch column on APIs features Signifyd, Plaid, and Twilio.
  • The Law of Startups interviews B.J. Lackland, Lighter Capital CEO.
  • WorkFusion earns recognition from Gartner in its “Cool Vendors in Smart Machines” 2016 report.
  •  Guardian Analytics introduces a certification program to help fraud examiners become familiar with the Guardian Analytics platform.
  • Crowdfund Insider interviews Emmanuel Marot, LendingRobot CEO.
  • Comarch launches prototype of wealth management app for virtual reality.

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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Revolut Receives FCA License, Announces $1 Billion Annual Run Rate

Revolut Receives FCA License, Announces $1 Billion Annual Run Rate
By Julie Muhn (@julieschicktanz) Posted on
Categories: Revolut

RevolutHomepage2016

London-based startup Revolut today announced it now has an e-money license from the FCA after submitting its application in January. The company will use the certification to bolster its application that allows users to exchange currencies at interbank rates and spend in different countries using a multicurrency card and mobile app.

Revolut also announced some meaty figures of recent growth in a Business Insider piece. In the past 10 months, the company surpassed $500 million processed on the Revolut card (this includes money spent over the Revolut card, the mobile app, and withdrawn from ATMs). That’s up $300 million from February, when the company announced it had processed $200 million.

Additionally, Revolut CEO Nikolay Storonsky states the company is seeing volume increases of 30% per month. The company boasts 180,000 cardholders and signs up 1,500 new customers per day.

In February, Revolut closed on $4.8 million. The company, which hopes to close a $14.5 million round, now has $7.6 million in total funding. In January, Revolut unveiled version 2.0 of its Personal Money Cloud, which it launched at FinovateEurope 2015 in London.

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