Author: Julie Muhn (@julieschicktanz)

Soundpays Appoints Steve Doswell CEO

Soundpays Appoints Steve Doswell CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Soundpays

SoundPaysHomepage

DoswellSoundpays, a startup whose technology enables customers to make P2P payments using inaudible sound, has appointed a new CEO this week. The Toronto-based startup’s board of directors selected Steve Doswell (pictured right) to succeed Peter Misek as CEO.

Misek, who will remain on the Soundpays board of directors, says:

Steve Doswell has been credited for shaping the growth of some of North America’s most influential and valuable companies. He’s an exceptional leader, passionate about our mission, and has an impressive history of working with start-ups at a similar stage of growth as Soundpays.

Prior to his appointment, Doswell served as CEO of Dubai-based First Information Security. He also has a history in the pharmaceutical industry and worked as chief operating officer at AOL Canada in 2007.

Soundpays debuted at FinovateFall 2015 and won Best of Show.

Share this:

Send Post Twitter LinkedIn Facebook

Backbase’s 2015 Metrics Report Cites 35% YoY Revenue Growth

Backbase’s 2015 Metrics Report Cites 35% YoY Revenue Growth
By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase

BackbaseHomepage

Digital banking platform provider Backbase released a report today highlighting its 2015 growth:

  • Large financial institution clients: 60+
  • End customers: 70+ million
  • Languages available: 12
  • Countries served: 25
  • YoY revenue growth: 35%

Backbase, which has a client retention rate of 98%, added a number of major clients in 2015 including:

  • Chase Bank
  • Doha Bank
  • First Data
  • Goldman Sachs
  • KeyBank
  • Metro Bank
  • Silicon Valley Bank
  • Sparebanken Sogn og Fjordane
  • Westpac

Last year the company opened a new office in Atlanta and grew its employee base by 62% from 225 to 365.

At FinovateEurope 2015, Backbase launched an addition to its Customer Experience Platform (CXP) called Omni-Channel Journey Manager, a tool that offers insight into the customer journey and enables banks to fix inconsistencies.

BackbaseJourneyMgr

Backbase cites 2015 as its most successful year so far, and has big ideas for 2016. The company plans to debut version 6 of its CXP in the first quarter and will showcase its newest offering at FinovateEurope 2016 next month in London. Tickets for the conference are available at a discounted price through January 8; register soon.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase, Billhighway, Cachet Financial Solutions, Check Point, FundAmerica, GMC Software Technology, InComm, LoanNow, Roostify, Soundpays

On Finovate.com

  • “Soundpays Appoints Steve Doswell as CEO”
  • “Backbase’s 2015 Metrics Report Cites 35% YoY Revenue Growth”
  • “FundAmerica Shares Growth Metrics, Plans for 2016″
  • “LoanNow Secures $50 Million Credit Facility”

Around the web

  • Billhighway awarded National Best and Brightest Company to Work For for fourth year in a row.
  • CloudLock and Check Point Partner to attack hybrid cloud shadow IT and malware through detection, quarantine, and eradication.
  • InComm acquires TibiDono, Austria-based marketing and gift-card-distribution company.
  • Cachet Financial Solutions to power RDC solutions for Illinois-based Algonquin State Bank.
  • Roostify appoints Iyad Darcazallie CFO and COO, names Scott Stein VP of sales.
  • GMC Software named leader in Gartner Magic Quadrant for Customer Communications Management Software for third consecutive year.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Backbase’s 2015 Metrics Report Cites 35% YoY Revenue Growth

Backbase’s 2015 Metrics Report Cites 35% YoY Revenue Growth
By Julie Muhn (@julieschicktanz) Posted on
Categories: Backbase

BackbaseHomepage

Digital banking platform provider Backbase released a report today highlighting its 2015 growth:

  • Large financial institution clients: 60+
  • End customers: 70+ million
  • Languages available: 12
  • Countries served: 25
  • YoY revenue growth: 35%

Backbase, which has a client retention rate of 98%, added a number of major clients in 2015 including:

  • Chase Bank
  • Doha Bank
  • First Data
  • Goldman Sachs
  • KeyBank
  • Metro Bank
  • Silicon Valley Bank
  • Sparebanken Sogn og Fjordane
  • Westpac

The company last year opened a new office in Atlanta and grew its employee base by 62% from 225 to 365.

At FinovateEurope 2015, Backbase launched an addition to its Customer Experience Platform (CXP) called Omnichannel Journey Manager, a tool that offers insight into the customer journey and enables banks to fix inconsistencies.BackbaseJourneyMgr

Backbase cites 2015 as its most successful year so far, and has big ideas for 2016. The company plans to debut version 6 of its CXP in the first quarter and will showcase its newest offering at FinovateEurope 2016 next month in London. Tickets for the conference are available at a discounted price through 8 January, so register soon.

Share this:

Send Post Twitter LinkedIn Facebook

Soundpays Appoints Steve Doswell as new CEO

Soundpays Appoints Steve Doswell as new CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Soundpays

SoundPaysHomepageSoundpays, a startup whose technology enables customers to make P2P payments using inaudible sound, has appointed a new CEO this Doswellweek. The Toronto-based startup’s board of directors selected Steve Doswell (pictured right) to succeed Peter Misek as CEO.

Misek, who will remain on the Soundpays board of directors, says:

Steve Doswell has been credited for shaping the growth of some of North America’s most influential and valuable companies. He’s an exceptional leader, passionate about our mission, and has an impressive history of working with startups at a similar stage of growth as Soundpays.

Prior to his appointment, Doswell served as CEO of Dubai-based First Information Security. He also has a history in the pharmaceutical industry and worked as chief operating officer at AOL Canada in 2007.

Soundpays debuted at FinovateFall 2015 and won best of show.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Debuts: Urban FT Brings a Social PFM to Prepaid Cardholders

Finovate Debuts: Urban FT Brings a Social PFM to Prepaid Cardholders
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Debuts, Urban FT

UrbanFTHomepage

Urban FT has reimagined the traditional banking experience by enabling customers not only to track their spending, but also engage with the purchasing experience. Using the Urban FT platform, prepaid card issuers and telco companies are able to offer white-labeled digital banking services.

Company facts:

  • Founded: 2012
  • HQ: New York City, New York
  • Employees: 32
  • Registered users: 700,000

Financial tools

Urban FT offers banking features in a non-traditional way, including:

  • Prepaid card loading using remote check deposit
  • Payment capabilities, such as P2P payment and bill pay
  • Transfer methods to move money to and from external accounts
  • Aggregated account view
  • “Good to spend” remaining balance

Here’s a view of the user’s aggregated accounts as well as a plot of their monthly cash balance.

UrbanFTAccountAggregation2

The user sees account activity along with a Good to Spend amount of their remaining balance.

UrbanFTActivity2

 

Discovery tools

Urban FT offers an engaging experience that extends beyond making purchases and tracking transactions. For example, using a consumer’s purchase data, the platform serves targeted offers within the app, making for a streamlined purchasing experience.

UrbanFTOffers2

When reviewing account activity, users can click on a transaction to dig into more details about the location of the purchase. Swiping left leads to the app’s Yelp-like functionality that empowers users to leave reviews for restaurants.

UrbanFTVenue2

Social feed

Another unique feature is the feed of friends’ non-financial activity. Customers may elect to share experiences, photos and/or financial activity.

UrbanFTSocial2

By bringing together offers, ratings, and a social feed, Urban FT bridges the gap among venues, spending, and peer activity, all of which encourage regular engagement with the app.

Just prior to Urban FT’s appearance at a FinovateFall, the company acquired digital wallet solutions provider, Wipit (FinovateSpring 2014 demo). Urban FT was eager to leverage Wipit’s relationships with players in the MVNO market: Boost Mobile, Sprint, and Pinsight Media. Urban FT CEO and co-founder Richard Steggall says the acquisition will help the company serve the telco vertical with end-to-end digital banking solutions.

What’s next?

At FinovateFall 2015, Urban FT announced a partnership with Sprint, which will launch its Sprint Money Express mobile wallet in January 2016. The wallet, which uses carrier billing, will offer SKU-level data and a targeted-ad platform.

Urban FT’s COO Kasey Kaplan and Mark Kilpatrick, chief product and brand officer) debuted at FinovateFall 2015:

Share this:

Send Post Twitter LinkedIn Facebook

Lending Club Raises Average Rate 0.25%

Lending Club Raises Average Rate 0.25%
By Julie Muhn (@julieschicktanz) Posted on
Categories: Lending Club

LendingClubHomepage

After the Fed raised interest rates earlier this month, I received a lot of questions about what effect the move will have on the fintech industry. Peer-to-peer lending platform Lending Club [NYSE: LC] yesterday offered one answer.

Lending Club, which went public late last year, announced Tuesday it will raise interest rates on new loans by an average of 0.25%.

Since many credit card issuers increased rates by the same amount, the company is not concerned it will push away borrowers. Lending Club CEO, Renaud Laplanche, expressed that higher rates for borrowers will not slow down the platform’s growth. In a statement in the Wall Street Journal, Laplanche said:

There has been noise about competition for borrowers, but that’s been the case for smaller platforms competing hard in obvious channels. We’ve had better marketing efficiency every single quarter since we went public.

While there’s no word yet if other alternative lenders will follow Lending Club’s lead on raising rates, Laplanche plans to move Lending Club’s policy “in lockstep” with the Fed’s rate changes.

Earlier this fall, Lending Club extended multi-draw lines of credit to its small-business borrowers, enabling them to withdraw funds only as needed, instead of one lump sum. At BAI’s Global Banking Innovation Awards, the company won accolades for Most Innovative Non-Bank Financial Services Organization.

The company went public in December 2014. The market cap is at $4.32 billion. Lending Club debuted at the first Finovate in 2007.

Share this:

Send Post Twitter LinkedIn Facebook

Ciright One Purchases Stratos Card

Ciright One Purchases Stratos Card
By Julie Muhn (@julieschicktanz) Posted on
Categories: Acquisition, Stratos

StratosHomepage

While we were reading yesterday’s news that Bluetooth-connected payment card startup Stratos had been forced to shut down because a recent round of funding fell through, another plan for the company’s future was in the works.

This morning we learned Stratos signed an agreement to sell to Ciright One; terms of the deal were not disclosed.

OneCard

Stratos co-founder Thiago Olson told TechCrunch that Stratos will continue to function as normal and plans to reinstate customer support in the next few weeks.

The Stratos card consolidates payment and membership cards into a single card with a rewrite-able magstripe. Users select one of three buttons on the card to transact with their top three cards, and access additional cards by activating a Bluetooth connection between the card and their smartphone. At FinovateSpring 2015, Stratos debuted a Digital Card Issuance platform that digitizes the card-fulfillment system by enabling users to download and use a virtual credit card within minutes of being approved.

Pennsylvania-based Ciright One is an active acquirer of Finovate alums. The company purchased GoNow Technologies (FinovateSpring 2013 demo) in September 2015 and last week launched The One, a smart card similar to the Stratos card.

Share this:

Send Post Twitter LinkedIn Facebook

U.K.-Based YoYo Rolls Out Mobile Wallet in U.S.

U.K.-Based YoYo Rolls Out Mobile Wallet in U.S.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Yoyo

Yoyoscreenshot

The mobile payments and loyalty platform Yoyo today announced its U.S. launch plans.

According to the announcement on TechCrunch, the London-based company has been quietly rolling out with a private beta to a handful of U.S. partners.

Yoyo plans a full, public launch in the U.S. in Q1 2016.

The company first piloted its mobile wallet at Imperial College in London, and has since expanded to 15 more British universities, as well as other closed environments, such as airlines and cafeterias. Yoyo processes 200,000 transactions per month, which makes it the U.K.’s second most popular mobile payments app.

In April 2015, Yoyo raised $10 million from Imperial Innovations (an affiliate of Imperial College), and individual investors Taavet Hinrikus, Philip Riese, and Michael Tobin. In all, the company’s funding totals $24 million.

Yoyo debuted at FinovateEurope 2015 in London. Check out its live demo video or Finovate Debuts feature to learn more.

Want to see more European fintech? Tickets to FinovateEurope 2016 are available at a discounted price through 8 January. Register today to save.

Share this:

Send Post Twitter LinkedIn Facebook

Gusto, Formerly ZenPayroll, Closes on $50 Million Funding

Gusto, Formerly ZenPayroll, Closes on $50 Million Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Gusto, ZenPayroll

GustoZenPayroll

Payroll and benefits provider, Gusto (formerly ZenPayroll), recently closed on $50 million. Specific investors were not disclosed, but the company states that both new and existing investors were involved.

According to Gusto, these funds are part of the Google Capital-led $60 million series B round announced in April. Gusto CEO Joshua Reeves explains, “We decided to take in more capital because we wanted to give investors a chance to increase their position. They’ve been incredibly supportive and helpful.”

Gusto filed with the SEC on 4 December, and closed the round in a week and a half. According to a VentureBeat article, Reeves disclosed that the new installment values Gusto “hundreds of millions of dollars higher” than the company’s $560 million valuation reported in April.

Gusto was founded as ZenPayroll in 2011 with a mission to make payroll delightful. In September, the company changed its name to Gusto and expanded its focus to include health benefits and workers compensation. The move positions Gusto to compete directly with Zenefits, which, having recently expanded into payroll services, describes itself as an “all-in-one HR platform.”

Gusto unveiled its payroll-processing platform at FinovateSpring 2014 in San Jose.

Share this:

Send Post Twitter LinkedIn Facebook

Moven to Forgo Username & Password for 80% of Mobile Account Interactions

Moven to Forgo Username & Password for 80% of Mobile Account Interactions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Moven

MovenHomepage

Mobile-first bank Moven is going the way of Citigroup, Bank of the West, and JP Morgan Chase by not requiring a password for low-risk banking interactions. An American Banker post cited that instead of passwords, Moven will authenticate using secure keystores to store a device-authentication token.

The New York-based neobank says that customers will not need to enter their username and password to conduct 80% of their account activities, such as:

  • View balances
  • View transactions
  • Categorize transactions
  • View spending insights

Moven will still require traditional login credentials for higher risk interactions, such as bill pay or transferring money to an external bank account. The change will roll out for Android users in the next few weeks and will be available on iOS in early January.

The company’s hope is that, by making it easier to access their account, consumers will be more willing to log in and use Moven’s PFM tools. Moven CTO Bob Savino says, “Even a fingerprint may be considered too much friction for checking one’s financial health, and we really are looking to inspire behavioral change via engagement.”

Moven debuted its Financial Health platform at FinovateSpring 2015 in San Jose.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateEurope Sneak Peek: Ledger

FinovateEurope Sneak Peek: Ledger
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2016, FinovateEurope 2016 Sneak Peek, Ledger

Screen Shot 2015-12-16 at 10.07.48 AM

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Get your tickets to join us in London!

LedgerLogo

Ledger Blue is a personal handheld device that secures payments and smart contracts for bitcoin and blockchain-based applications.

Features:

  • Secure: based on banking standards with a trusted screen—what you see is what you sign
  • Open: API to build custom applications for industry needs
  • Ubiquitous: BLE/NFC/USB connectivity

Why it’s great
A bank-grade security device built on open standards to secure critical assets and transactional flow for fintechs and financial institutions.

LedgerPresenter

Presenter: Eric Larcheveque, CEO
Serial entrepreneur since 1996, Larcheveque has founded several companies in Europe. Respected member of the bitcoin community, he launched La Maison du Bitcoin, a French Bitcoin center, before founding Ledger.
LinkedIn

Share this:

Send Post Twitter LinkedIn Facebook