Author: Julie Muhn (@julieschicktanz)

SumUp Unveils New Financing

SumUp Unveils New Financing
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, SumUp

SumUpHomepage

U.K.-based payments startup SumUp announced a new round of funding today. While the amount remains undisclosed, SumUp CEO Daniel Klein confirmed that the company has now raised a total of $45 million in funding since it was founded in 2012.

According to TechCrunch, Klein estimates the company is now valued somewhere in the range of “healthy hundreds of million” euros.

The newest round comes from Venture Incubator AG, a firm that includes ABB, Bühler, Credit Suisse, Hilti, Nestlé, Novartis, Schindler, SUVA, Sulzer and ZKB. This list of heavy-hitters should come as no surprise, since SumUp’s earlier rounds were led by American Express, Groupon, BBVA and other renowned venture-capital firms.

SumUp’s mobile point-of-sale system includes Chip & PIN as well as EMV processing technology, available on Android and iOS mobile apps. The company will use the funding in two ways:

SumUpCardReader1) Focus on contactless payment hardware.
SumUp differentiates itself by being as vertically integrated as possible. That means that it designs all of its own hardware, and does not rely on third parties. The company sells its terminal for around $90, and considers the hardware to be one of its competitive advantages. Says CEO Klein, “We’ve reached a competitive point in this respect for us to be able to produce terminals at a cost that is lower when we sell it. We are already making a profit on our hardware and continue to do so.”

2) Expand its geographical reach.
SumUp currently operates in 13 countries, and will add two more this year, one of which will be Sweden.

SumUp reported 300,000 merchant customers as of last month. In the last six months, sales volume has doubled on the platform. The startup plans to be profitable by next year.

The company launched at FinovateEurope 2013 in London where it won Best of Show for its portable card reader and point-of-sale solution.

 

 

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CashSentinel Closes Seed Round of Undisclosed Amount

CashSentinel Closes Seed Round of Undisclosed Amount
By Julie Muhn (@julieschicktanz) Posted on
Categories: CashSentinel, Funding

CashSentinelHomepage

Earlier this year, CashSentinel launched its mobile payment escrow service to the public in Switzerland. The startup aims to create a safe environment for two private parties to buy and sell used vehicles (check out our in-depth review of the platform).

The startup announced today it closed a seed round of an undisclosed amount. Investors include Business Angels Switzerland (BAS), GoBeyond, and other angel investors. Since it was founded in 2012, CashSentinel has received a total of $650,000 in seed funding and grants. Today’s seed round brings the company’s total funding somewhere north of that figure.

CashSentinelCEOPictured: CashSentinel CEO, Sylvain Bertolus, with client

In January, the fintech company made its service available on the website AutoScout24, an online European marketplace for used vehicles. Since then, CashSentinel has seen a steady increase in transactions and recently exceeded $1 million (1 million CHF) processed on its platform.

CashSentinel expects its growth to burgeon in the future, as more than 500,000 used vehicles trade hands every year in Switzerland alone. The startup plans to expand into the greater European market later this year.

CashSentinel debuted at FinovateEurope 2015 in London. The company holds partnerships with Swissquote Bank and AutoScout24.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Acculynk, BBVA, BehavioSec, Betterment, BrightScope, CashSentinel, Heckyl Technologies, Hedgeable, Ixaris, Lending Club, LendUp, Moven, On Deck Capital, Pindrop Security, Ripple, Top Image Systems, TSYS, Vanguard, VISA, Wealthfront, Zenmonics

On Finovate.com

  • “Finovate Debuts: TrueAccord Provides Kinder, Gentler Automated Debt Collection”
  • “HedgeCoVest Adds Two New Models to its Platform”
  • “CashSentinel Closes Seed Round of Undisclosed Amount”

Around the web

  • Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma now accept Visa Checkout.
  • Moven updates Android mobile app.
  • The Fintech blog features Q&A with LendUp CEO Sasha Orloff.
  • Bank Innovation profiles Hedgeable and its “one simple trick.”
  • Westpac Banking Corporation and New Zealand Banking Group are testing Ripple for payment transfers between subsidiaries.
  • Ixaris announces €4m Open Payments Ecosystem (OPE) project to support developers building payment apps.
  • TSYS to support Apple Pay when it launches in the U.K. in July.
  • Omnichannel account-opening solution from Zenmonics goes live at BBVA.
  • Austin Energy to adopt PaySecure platform from Acculynk.
  • Investopedia column on the “Top 5 Myths of Robo-Advisors” features Betterment, Wealthfront, and Vanguard.
  • BrightScope launches Fund Pages to provide detailed information about open-ended mutual funds.
  • Sam’s Club using Lending Club to offer financing to SMB customers.
  • FitSmallBusiness.com names OnDeck best provider of small business loans.
  • SunGard terminal selects Heckyl news and sentiment analysis.
  • Pindrop Security granted patent for phone antifraud and authentication technology.
  • Top Image Systems taps Bob Fresnel as new TIS Americas President.

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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U.K.-based TransferWise: Growth and Metrics Updates

U.K.-based TransferWise: Growth and Metrics Updates
By Julie Muhn (@julieschicktanz) Posted on
Categories: TransferWise

TransferwiseHomepage

TransferWise, a startup that prides itself on being a “clever new way to beat bank fees,” recently released a few stats.

The company, whose product launched in 2011, is now enabling customers to transfer more than $760 million (£500 million) across the globe every month. At this volume, TransferWise has seized 2% of the market share in U.K.-based global remittances.

In total, TransferWise estimates it is saving consumers an average of $34 million (£22 million) in foreign exchange fees each month.

Co-founder Taavet Hinrikus states that TransferWise moves “tens of millions” of customers’ money every day and estimates that figure to increase as consumers look for alternative money-transfer services to avoid bank fees.

TransferWise demonstrated at FinovateEurope 2013 in London and has raised just over $90 million in funding.

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PayPal’s Braintree Tapped to Turn Pinterest Browsers into Consumers

PayPal’s Braintree Tapped to Turn Pinterest Browsers into Consumers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree, PayPal

BraintreeHomepage

There’s been plenty of buzz lately about Pinterest’s new Buyable Pins, which aim to turn users from window shoppers into paying customers. If you haven’t heard, customers browsing Pinterest will soon be able to purchase items without leaving the mobile app by selecting a “buy it” button placed next to the iconic, red “pin it” button. This is an important step for Pinterest, as its evolution into an e-commerce platform helps justify the company’s $11 billion valuation.

Pinterest tapped PayPalBuyablePin-owned Braintree to be a part of the launch later this month. Many sources reported that Braintree’s role will be to simply “make sure Pinterest never touches credit card information.” Braintree’s role, however, will go deeper than that.

Braintree, which prides itself on making payments so easy that they fade into the background, will indeed handle the transmission and storage of credit card information to help Pinterest remain PCI compliant. However, the payments company will also take on a secondary role to enable Pinterest to accept PayPal as a payment option. Pinterest has also tapped Stripe and Apple Pay as payment options.

Buyable Pins will launch on mobile iOS devices later this month and will soon be available on desktop and Android platforms (though no word on when).

Braintree presented its developer platform, alongside parent company PayPal, at FinDEVr in San Francisco 2014.

If you’re interested in sending your developers to check out the latest APIs in the tech scene, you’re in luck. At FinDEVr San Francisco 2015 (register), we’ll be showcasing the latest tools, platforms and case studies to hundreds of fintech developers, VPs of engineering, and CTOs. We’re returning to the UCSF Mission Bay Conference Center in San Francisco on 6/7 October 2015. Check out the FAQ for more details or contact [email protected].

FinDEVr2015-SF-Logo-Stacked(large)

 

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Betterment, Braintree, EyeVerify, Flint Mobile, FutureAdvisor, Hedgeable, Lending Club, LendingRobot, LendUp, Market Prophit, Motif Investing, PayPal, Plaid, planwise, Prosper, Qapital, Top Image Systems, TradeHero, TransferWise, TrueAccord, Trulioo, TSYS, Venmo, Wealthfront, WePay, Xero

On Finovate.com

  • “PayPal’s Braintree Tapped to Turn Pinterest Browsers into Consumers”
  • “EyeVerify’s Partnership with Turkish Reseller Yields Vodafone Contract”
  • “U.K.-based TransferWise: Growth and Metrics Updates“

Around the web

  • TradeHero updates mobile iOS app.
  • WSJ features how Venmo helps users instantly move money more cheaply.
  • Apple lists Xero among group of business apps Apple is using to market the iPad for use in business.
  • Indianapolis Business Journal looks at the rise of robo-advisors Betterment, Wealthfront, Hedgeable, and Motif Investing.
  • TSYS launches its Chip Card on Demand to help issuers make the transition through the October chip-liability shift.
  • Top Image Systems unveils its new mobile account opening and onboarding app, MobiENROLL.
  • Benzinga interviews Igor Gonta, CEO of Market Prophit, on the launch of his Twitter-based, social media, smart beta index.
  • Fox Business features Planwise, LendUp, Trulioo, Plaid, Wealthfront, TrueAccord, WePay, Flint, Lending Club, Prosper, LendingRobot, and FutureAdvisor in its roundup of “30 Hot Fintech Startups to Watch.”
  • New York Business Journal reviews its gamification strategy of PFM solution, Qapital.
  • Financial Times profiles LendUp and the “grubby end of U.S. debt.”

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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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Akamai, Bitbond, DriveWealth, Klarna, Market Prophit, Motif Investing, Personal Capital, Realty Mogul, Silanis Technology, TickerTags, TransferWise, TrueAccord, Trulioo, TSYS, Wealthfront, Whodini

On Finovate.com

  • “Finovate Debuts: Whodini Takes KYC to the Bluetooth Level”
  • “DriveWealth Hires Harry Temkin as New Chief Information Officer”

Around the web

  • PYMNTS chats with Morgan Beard, strategic marketing director at TSYS about how “Bring Your Own Persona” applies to banking.
  • Akamai Technologies partners with CU Cloud, China Unicom’s cloud business, to offer web performance, media delivery, and cloud security services.
  • TransferWise surpasses £500 million transferred worldwide every month, representing 2% of the U.K.’s global remittance market.
  • Money.com’s column on the secrets of crowdfunding success highlights Realty Mogul.
  • Financial Times profiles European payments innovator, Klarna.
  • GAINSCO Auto Insurance to provide agents with e-signature technology from Silanis Technology.
  • Wealth Management looks at the “new breed” of fintech companies specializing in alternative investments such as HedgeCoVest and Hedgeable.
  • Benzinga’s Jim Probasco interviews Sang Lee, CEO and co-founder of DarcMatter.
  • Edenred Mexico to deploy real-time transaction-monitoring and customer-analytics technology from INETCO Systems.
  • Market Prophit and TickerTags are featured in a Waters Technology column on the changing nature of market data.
  • HuffPo Business interviews TrueAccord COO Sofya Pogreb as part of its series on women in business.
  • Coin Telegraph lists Bitbond, Wealthfront, and TrueAccord in its roundup of “rising fintech startups.”
  • Tech.co looks at how Trulioo defends startups against credit card fraud.
  • How Motif CEO Hardeep Walia and Personal Capital CEO Bill Harris feel about the term “robo-advisor”.

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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Finovate Debuts: Whodini Takes KYC to the Bluetooth Level

Finovate Debuts: Whodini Takes KYC to the Bluetooth Level
By Julie Muhn (@julieschicktanz) Posted on
Categories: Whodini

WhodiniHomepage

Know Your Customer (KYC) procedures have long been in place to help firms comply with Anti Money Laundering (AML) regulations. Whodini takes KYC to the next level by helping small businesses and bank branches know and engage with their customers on a personal level.

Using rewards, Whodini incentivizes users to disclose personal information, such as how they like their coffee. When customers walk past strategically placed Bluetooth low-energy (BLE) beacons inside a brick-and-mortar store or bank branch, merchants and branch managers are offered an enhanced view of their customers’ behavior and preferences.

Company facts:

  • Tripled its employee base within the last year
  • Raised over $500k
  • Has a goal to install one million beacons at one million merchants around the world

Merchant implementation

To improve the customer experience, Whodini works as both a marketing and customer-service tool by helping businesses’ employees discover personal details about their customers. Whodini sends the merchant a peel-and-stick beacon which is placed inside the store. After a five-minute set-up process, the business is ready to gather more information about its customers’ behavior and thereby enhance marketing efforts.

Customers download the Whodini app and add basic personal data, as well as a profile picture. Once Whodini has a clients’ basic information, the app reaches out to them via push notifications to supplement details about their preferences.

The screenshot below shows a sample push notification in which a burger joint asks a customer about a food preference.

WhodiniNotification

To increase customer participation, Whodini enables merchants to offer customers small incentives in exchange for answering questions about their preferences.

The screenshot below shows the Whodini app from a customer’s point of view. They see the question, the reward, and an easy way to opt-out if they are not interested.

WhodiniCustomerAnswerScreen

When participating customers walk past a beacon in the merchant’s store, the customer’s profile appears on the merchant’s device, which can be a tablet at the counter or even their smartphone. The profile picture helps the employee identify the customer, their preferences, and how frequently they visit the store.

The screenshot shows the merchant’s view of their tablet when a customer walks into their store and past a beacon.

WhodiniCustomerProfile

Whodini not only helps employees learn more about customers and their habits, but also enables merchants to send offers to specific customer segments. As a marketing tool, it lets customers send feedback directly to merchants about their experience.

The app does not require added skill, and the rewards can be applied to any POS system; the only extra hardware that merchants need is the beacon.

Bank implementation

Banks can work with Whodini in two ways:

1) Partnership:
Banks with small business (SMB) customers can offer Whodini as a value-added service to their SMBs with merchant accounts.

2) Inside brick-and-mortar bank branches:
This works similarly to the brick-and-mortar merchant application described above.

When participating bank customers walk into a branch, employees will see the customer’s name, picture, and profile information, such as:

  • How long they’ve been with the bank
  • Date of their last branch visit
  • Frequency of branch visits
  • Account types they hold with the bank

When banks’ clients add information such as their interest level in loans and mortgages, or their saving plans for retirement, they receive a reward for each answer. While each bank is given the discretion to decide what that reward is, Whodini suggests offering a bank product, such as free checking, or increased basis points on a savings account.

What’s next?

When I met with Whodini CEO Brian Lawe last month, he told me that the company has big plans for the future, but is not disclosing them quite yet. For now, Lawe has stated, Whodini will first scale its merchant base, then work on building its customer base.

If you missed Whodini’s demo at FinovateSpring 2015 in San Jose, check out the demo video here.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, Dwolla, EyeVerify, Finaeos, Insuritas, Klarna, Lending Club, LendingTree, MiiCard, Mitek, Payoneer, Prosper, Temenos, TransferWise, Xero

On Finovate.com

  • “Ask Finovate: Who’s Who in Voice Banking Technology?”

Around the web

  • American Banker talks with miiCard CEO James Varga on how miiCard creates “digital passports” for consumers to prove their identities without oversharing information.
  • Pymnts considers Mitek’s latest acquisition.
  • Canandaigua National Bank & Trust hires Insuritas  to expand the bank’s existing insurance agency with its omni-channel, insurance-agency platform.
  • Payoneer expands presence in India.
  • LendingTree adds Ascend Consumer Finances to its personal loan-lender network.
  • EyeVerify partners with Olcsan CAD Technology to bring eye-vein biometric technology to Turkey.
  • StrategyEye interviews Jens Saltin, Klarna’s head of expansion.
  • The Telegraph’s column on the high cost of bank transfer fees highlights TransferWise.
  • T24 Islamic core banking solution from Temenos now available as cloud-based service.
  • Dwolla ditches the quarter, stops charging 25-cent transaction fee.
  • Arxan extends its application-protection platform to support apps built on Android on Intel Architecture.
  • Xero reaches 500,000 customers for its cloud accounting service, sets sights on 1-million-customers milestone.
  • VentureBeat names Prosper, Lending Club, and TransferWise in list of billion-dollar companies.
  • Finaeos forges partnership with Tata Consulting to help SMBs take advantage of Regulation A+ of the JOBS Act.

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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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Betterment, Blackhawk Network, blooom, CashStar, D3 Banking, eMoney Advisor, Expensify, FIS, FutureAdvisor, Jemstep, MaxMyInterest, mBank, Nomis Solutions, PayNearMe, PayPal, SimplyTapp, Sonavation, Temenos, Vanguard, Vantiv, Venmo, Wealthfront, Xero

Around the web

  • Glenbrook Partners’ whitepaper features PayNearMe.
  • mBank reports that six months after launching Light Branches, basic banking product sales have tripled in Light Branches compared to traditional branches.
  • PYMNTS features comments from Blackhawk Network, CashStar, FIS, SimplyTapp, and Vantiv on social commerce.
  • MasterCard partners with Premier Bank in expansion into Somalia.
  • Nomis Solutions launches upgrade of its price-optimization suite.
  • D3 Banking announces that its solution is now available in a hosted environment.
  • Blooom CEO and co-founder Chris Costello talks about his company’s relationship with Yodlee.
  • ThinkAdvisor features eMoney Advisor, Vanguard, Wealthfront, Betterment, FutureAdvisor, and Jemstep in a column on the changing environment for financial advisors.
  • Sonavation CTO Rainer Schmitt wins award from the IEEE Technical Committee on Communications Quality & Reliability.
  • TechCrunch features PayPal’s Venmo office.
  • Verizon Ventures welcomes SimplyTapp to its portfolio.
  • On the Money Radio’s Steve Pomeranz interviews MaxMyInterest CEO and founder Gary Zimmerman.

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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Finovate Debuts: SayPay Combines Voice Recognition and Biometric Authentication

Finovate Debuts: SayPay Combines Voice Recognition and Biometric Authentication
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2015, SayPay

SayPayHomepage

SayPay Technologies uses biometric authentication to give users an easy way to pay bills, check out online, and log into their online banking website.

Statistics:

  • Headquartered in Pleasanton, California
  • Founded in February 2014
  • Millions of production users in 40+ countries
  • Functions in English, Spanish, and Mandarin

At FinovateSpring 2015, the Pleasanton, Calif.-based startup announced a partnership with VoiceVault to leverage the biometric company’s ViGo product for voice authentication.

SteveDemoingSayPay
SayPay Technologies founder Steve Hoffman gave a personal demo of SayPay at FinovateSpring 2015 in San Jose

How it works
SayPay offers voice-based authentication for three main use-cases: bill pay, e-commerce checkout, and online banking login. For all use cases, SayPay identifies the user’s phone, authenticates their voice, and provides authorization for the interaction.

SayPay authentication works on more mobile devices than a fingerprint, which requires the user to have a fingerprint scanner on their device.

Use cases

1) Bill pay

After financial institutions integrate SayPay’s white-labeled API into their mobile banking app, clients receive push notifications on their phone to alert them when a bill is due.

Upon opening the push notification, the user views the bill within the bank’s app. At that point, they either set a reminder, pay the bill, or schedule a payment.

When ready to pay the bill, the customer is shown an 8-digit numerical code, unique for each transaction, and which expires if not used. After the client speaks the code, SayPay verifies the code and simultaneously authenticates the voice.

SayPayBillerMobile

To finalize and schedule the payment, the user selects Confirm and views the receipt. The simple user experience improves cash flow for billers because they receive payment more quickly.

2) E-commerce checkout authentication
Just like SayPay for bill pay, the e-commerce checkout technology authenticates users by sending them a unique code for each transaction, then has them voice the code into their phone.

When shopping at an online merchant that uses SayPay, the customer enters their phone number or SayPay ID into the SayPay option, then selects Request Code.

SayPayCheckoutIMGBasket

There is no password needed to complete the transaction. The customer simply speaks the one-time code they were presented with on the checkout screen, selects Confirm Purchase, and the transaction is complete.

SayPayCheckoutMobile

According to Steve Hoffman, SayPay CEO, 64% of all online-initiated checkouts end in abandonment. SayPay reduces this statistic by eliminating data entry, thereby streamlining/hastening the process, especially important for mobile consumers.

3) Online banking login
Financial institutions can use SayPay across the enterprise: from ACH and P2P payments, to online login and step-up authentication, and bill pay.

SayPayAccountLogin

Using SayPay as an online banking-login solution, banks offer an improved customer experience with enhanced security.

In lieu of entering traditional online banking log-in credentials, a user simply enters his or her SayPay ID and reads out loud the 8-digit code shown on the mobile device. Once authenticated, SayPay logs the user into the online bank account.

SayPayLogin

 

Security
Because SayPay relies on biometrics, it has inherent three-factor authentication. The three factors include the user’s phone, the SayPay code, and the user’s voice. The startup uses 256-bit encryption and never stores personal information on the user’s device.

Additionally, e-commerce and online banking login interactions are out-of-band when customers use SayPay on their laptop.

International Growth
SayPay sees opportunity in the Asia Pacific market, specifically Hong Kong, and is considering international expansion in that direction.

Expansion into more biometrics
As the quality of voice biometrics technology continues to improve, SayPay expects other biometrics to follow the same quality growth curve. For this reason, it hopes to adopt new biometric solutions as they become mainstream. While SayPay has launched with the VoiceVault partnership, it hopes to license its technology to other biometric service providers to plug in other biometric solutions.

Farther in the future, the company plans to expand by offering its API to vendors in different verticals such as healthcare. It also plans to move into wearables, once adoption picks up.

SayPay launched its bill pay and web sign-in offerings at FinovateSpring 2015 in San Jose.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avoka, BancVue, CashStar, DRAFT, EyeVerify, Fidor Bank, Fuze Network, ID.me, Jwaala, Klarna, Larky, MiiCard, Motif Investing, P2BInvestor, Patch of Land, Prosper, Ripple, Roostify, SocietyOne, Trizic, WattzOn

On Finovate.com

  • DRAFT, Fidor US, Roostify to Present Solutions at Yodlee Ynext Incubator
  • $680 Million Raised by 29 Alums in Q1 2015

Around the web

  • BizJournals lists BancVue as one of Austin’s Best Places to Work in 2015.
  • American Banker interviews James Varga, CEO of miiCard, on sharing identity information.
  • Motif adds new trading alerts.
  • P2Binvestor selected as new network company by Blackstone Entrepreneurs Network Colorado (BENCO).
  • MaineBiz takes a look at CashStar and its new offices in downtown Portland.
  • Mountain America rolls out its new biometrics login technology courtesy of EyeVerify.
  • Fuze Networks acquires LiveMinutes’ online workspace platform.
  • Jwaalla celebrates signing its 100th credit union client, Palisades FCU.
  • Business Insider looks at how Klarna and its one-click payment technology could help save the newspaper business.
  • Reid Hislop tapped as new chief marketing officer at Avoka.
  • Inc. Magazine features ID.me CEO Blake Hall in a column on veteran entrepreneurs.
  • Equities.com talks crowdfunding and real estate with Jason Fritton, Patch of Land CEO.
  • Financial News interviews Ripple CEO, Chris Larsen on the future of the financial infrastructure.
  • SocietyOne has originated more than $30 million on its platform since launching in 2011.
  • Prosper announces record first quarter, with $595 million in loans through the platform, up 200% from Q1 2014.
  • WattzOn to help Montana residents save on energy expenses via the Bozeman Energy Smackdown.
  • Larky selected by the Kentucky Bankers Association to provide mobile local rewards program for member banks.

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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