Author: Julie Muhn (@julieschicktanz)

Mambu Pulls in $8.7 Million to Replace Core Banking

Mambu Pulls in $8.7 Million to Replace Core Banking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Mambu

MambuHomepage

Mambu, creator of a cloud-based SaaS banking platform, raised $8.7 million (€8 million) this week. Combined with the $1.5 million the company picked up in February 2013, its funding now tops $10.6 million.

The round was led by Acton Capital Partners and CommerzVentures; existing investors also contributed.

Mambu CEO Eugene Danilkis speaks to the purpose of the new investment:

We are building out the product and onboarding customers in multiple geographies. We are excited that this new capital will allow us to deploy faster, and to better support our global client base as we continue to enable the next generation of banking service providers.

In more specific terms, Mambu plans to use the funds to:

  • Expand its commercial team
  • Increase investment into the platform
  • Open additional offices to support growth in Asia and the Americas

The Berlin-based company showcased its core banking application at FinovateAsia 2013, highlighting its holistic approach that helps banks of any size create and service loan and deposit products. Founded in 2011, Mambu seeks to replace core banking by offering faster access to technology at a lower cost.

Over the past year, Mambu has added 30+ new customers and has added support for P2P and SME lending methods.

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Finovate’s 2015 Best of Show Winners Give Something to Tweet About

Finovate’s 2015 Best of Show Winners Give Something to Tweet About
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alpha Payments Cloud, Avoka, Blockstack.io, CoinJar, Dyme, Dynamics, ebankIT, eToro, Finanteq, Hedgeable, HelloWallet, Jumio, mBank & i3D, Meniga, Money Amigo, Moven, NAMU Systems, SaleMove, Shoeboxed, Soundpays, Stratos

BestofShowIMG

2015 was quite a year for the 800+ Finovate alumni. From acquisitions to IPOs, and everything in between, there was plenty to tweet about. Here are the highlights from the 2015 Best of Show winners:

FinovateEurope 2015

Avoka demoed a three-minute loan application that delivers a fast onboarding experience.

CoinJar showed a technology that enables consumers to buy, sell, and use digital and traditional forms of currency any way they choose, from dollars to bitcoins.

ebankIT demoed its omnichannel and social banking solution that maximizes interaction between FIs and clients.

eToro showed its innovations in social trading and investing for generation Y.

Jumio demoed credentials-management technology Netverify that turns mobile devices into ID document-scanning terminals.

mBank & i3D demoed their interactive, digital retail-branch concept.

Meniga showed off Market Match, its transaction-data analytics and enrichment engine.

FinovateSpring 2015

Alpha Payments Cloud demoed AlphaHub, its omnichannel access platform that helps banks, merchants, MSPs, and ISOs gain access to any solution provider in the world.

Avoka (see above)

Money Amigo showed technology that brings financial services to the underbanked and underserved, delivering traditional banking products in an innovative way.

Moven launched Moven Financial Health Platform that provides real-time contextualized notifications and interactions that create “gamified money moments.”

NAMU Systems demoed “Joyful Banking” which uses new and intelligent behavior modeling to focus on customer behavior and digital experiences to create a new standard in mobile banking.

Shoeboxed.com showcased its Receipt Capture for Banks, a solution that boosts functionality of online and mobile banking apps while providing fraud protection.

Stratos demonstrated its dynamic Stratos Bluetooth-connected card and digital card issuance platform that analyzes card-usage trends and interactively engages card members.


FinovateFall 2015

Blockstack.io launched technology that enables financial services and other enterprises to set up and build applications on a private, hosted blockchain.

Dyme showcased its innovative method for helping people start a savings habit and fund their lifestyle using text messaging.

Dynamics demoed fully programmable interfaces (stripe, EMV, NFC) for use in next-generation payment cards.

Finanteq launched its SuperWallet that helps banks take full advantage of their potential by integrating m-commerce and remote services with mobile banking.

Hedgeable: demoed its private banking platform for millennials.

HelloWallet showed its Retirement Explorer solution, an approachable and actionable online planning tool that helps employees model and work toward specific retirement outcomes.

SaleMove demoed its Engagement Platform and Omnicall technologies that enable online consumers to engage live with businesses as if they were face-to-face.

Soundpays showed its app that recognizes ultrasonic and sonic waveforms even in extremely noisy environments.

Want to see more award-winning demos of the newest fintech ideas? Pick up your ticket FinovateEurope 2016 and we’ll see you in London.

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CUneXus Raises $1 Million, Signs Partnership with Edmunds.com

CUneXus Raises $1 Million, Signs Partnership with Edmunds.com
By Julie Muhn (@julieschicktanz) Posted on
Categories: CUneXus, Funding

CUneXusHomepage

EdmondsHomepageCUneXus, developer of sales and marketing technologies for lenders, raised $1 million in new equity funding from an unnamed strategic partner. Combined with a 2013 seed round, the company’s total funding stands at $1.7 million.

The California-based company plans to use the funding to support a number of initiatives, including a product launch with newly signed partner, Edmunds.com, an online resource for car buyers and sellers.

While the details of the project are still under wraps, CUneXus plans to unveil the new product this spring.

At FinovateSpring 2014, CUneXus debuted cplXpress, a suite of lending-automation tools that offer perpetual, pre-approved loan offers across multiple products. With cplXpress, financial institutions send customers personalized offers via the channel that best fits their preferred communication method.

CUneXusProducts

A recent case study from Harland Clarke cited a credit union that achieved 700%+ ROI during a nine-week campaign using technology powered by cplXpress. The 36,000 members responded at a rate of 2.5%, more than 2x the typical rate, and booked loans at a rate of 2.2%. At the end of the nine-week period, the credit union grew loan balances by $6.2 million.

In October 2015, CUneXus partnered with Digital Insight and will leverage the partnership to resell CUneXus’ cplXpress to its financial institution customers.

CplXpress integrates with a number of financial technologies, including those offered by FIS, Digital Insight, D+H, MeridianLink and more.

CUneXus unveiled new online and mobile interfaces, mobile document delivery, e-signature, and point-of-sale lending capabilities at FinovateSpring 2015 in San Jose. The company is based in Santa Rosa, Calif., and Dave Buerger is CEO.

 

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinDEVr APIntelligence, InComm, PayPal, Venmo

FinDEVr2016-NY-(Stacked)V2Are you building new financial technology? Be sure to check out coverage from our recent developer conference in San Francisco. We’re taking the fintech developer tool showcase to New York on 29/30 March 2016. Stay tuned for details.

The latest from FinDEVr San Francisco 2015 presenters

  • Fortune: How Venmo plans to make money.
  • PayPal and Aramex partner to create www.ishoptheworld.com, a one-stop cross-border marketplace.

Alumni updates

  • InComm acquires TibiDono, Austria-based marketing and gift card distribution company.

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

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Moven Launches Offers with Four Merchant Partners

Moven Launches Offers with Four Merchant Partners
By Julie Muhn (@julieschicktanz) Posted on
Categories: Moven

MovenHomepage

Need another excuse to spend money now that the holiday season is over? Neobank Moven is giving cardholders incentive to use their prepaid cards with a new offers program.

The New York-based company has partnered with four companies to extend deals:

MOvenOffersEmail

Since the offers allow customers to pay using any card they’d like, Moven is offering a cash back incentive. The startup is giving customers $10 if they spend $150 or more on the offers in a month.

Moven hints at more merchant partners coming soon, stating, “Keep a lookout for more offers like these in the New Year, this is just the beginning.”

Also this week, the company released updates for its iOS app:

  • Auto-login, enabling users to see balance and spending at a glance
  • TouchID
  • Free P2P money transfers to other Moven users
  • Ability to change categories from the notification on the lock screen

Moven was founded in 2011 by CEO Brett King. The company debuted its Financial Health platform at FinovateSpring 2015 in San Jose.

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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.

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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.

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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.

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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.

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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.

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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:

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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.

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