Check Announces Major Expansion of Photo Bill Pay Beta

Check Announces Major Expansion of Photo Bill Pay Beta

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Less than a month after being acquired by Intuit, Check has announced that it is expanding the beta program for its latest innovation: photo bill pay.

Starting this week, tens of thousands of Android users will have the opportunity to take Check’s photo bill pay technology for a trial run. The company hopes to have its photo bill pay solution available on all platforms by the end of the year.

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How does Check’s photo bill pay work? Start with an Android smartphone, an installed Check app, and an unpaid bill. Users open the camera icon on the app, and then take a photo of the bill with their smartphone. The next screen provides the user with some basic information, as well as a scanned copy of the bill.

Consumers can pay with whatever payment method they prefer, such as a bank account or credit card. The bill can be paid immediately or scheduled for payment at a later date.
As Check sees it, not only is photo bill pay a great convenience for the consumer, but also the technology supports the company’s mission to promote a paper-free world when it comes to managing personal finances.
Note that the photo bill pay technology is free to use and works with any payment method.
Launched in 2008 under the name Pageonce and demoing under that name at FinovateFall 2010, the company rebranded as Check in the summer of 2013. It was acquired by Intuit in May 2014. The company has more than 11 million users. Guy Goldstein is CEO.

Zooz Raises $12 Million in Round Led by Blumberg Capital

Zooz Raises $12 Million in Round Led by Blumberg Capital
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Almost a year ago to the day, we featured Zooz CEO Oren Levy as part of our CEO interview series.

Today, we learn that the e-commerce payments innovator has announced a new $12 million investment, courtesy of a funding round led by Blumberg Capital. Zooz’s total capital now stands at more than $30 million.

Existing investors participating in the round were lool ventures, Rhodium, and XSeed Capital. New investors included Access Industries and Camp One Ventures. Zooz plans to use the new capital to further develop its technology, as well as to support the company’s growth as it looks to add new offices and scale up operations.
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Speaking of the funding, Zooz CEO Oren Levy pointed to the challenges of “globalization, omni-channel retail, and coordination between multiple financial institutions” to help explain his company’s mission – and its attractiveness to investors. By providing retailers with greater payment flexibility, Zooz helps businesses grow revenues, gain new customers, and participate in new markets. 
Blumberg Capital’s Alon Lifshitz added:
“There is clearly a need for an advanced payment technology that can help businesses stay ahead of their competition through optimization and technology differentiation, and that is where Zooz excels.”
Zooz enables enterprise-class retailers to optimize their payment process through a broad network of acquirers and payment methods. Zooz helps companies access these acquirers and methods, as well as making it easy for new acquirers and methods to be added and integrated into the network. The company’s Smart Routing solution allows retailers to achieve and provide a consistent, cross-channel payment experience for both sides of the transaction.
Zooz was founded in 2010. The company made its Finovate debut at FinovateFall 2013, showing its Global Payments Platform.

Coinbase Integration Brings Bitcoin Payments to Shopify Merchants

Coinbase Integration Brings Bitcoin Payments to Shopify Merchants
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If you’re a merchant on the Shopify e-commerce platform with a hankering to join the cryptocurrency revolution, then Coinbase has some very good news for you.

Thanks to a new integration of Coinbase’s technology, the more than 100,000 merchants that rely on Shopify to do business online will be able to start accepting payment in bitcoin as early as Tuesday.

The process involves setting up a Coinbase account, initiating the integration on Shopify, providing account credentials, and that’s it. Already on board are merchants such as Leap Motion, Soylent, and iOgrapher.
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Coinbase is a bitcoin payment processing and digital wallet platform that makes bitcoin transactions easier and safer. The company holds more than one million consumer wallets, and enables more than 28,000 merchants to accept payment in bitcoin. There are no fees charged for the first $1,000,000 in transactions, with merchants paying a 1% exchange fee beyond that amount. Coinbase’s most recent innovation, demoed at FinovateSpring in San Jose this year, is called Instant Exchange and helps remove exchange rate risk from bitcoin transactions.
Coinbase has had a busy first half of 2014. The company’s technology was integrated with Intuit’s PayByCoin in June. And Coinbase earned a spot on CNBC’s Disruptor 50 list shortly after announcing its acquisition of Kippt in May.
Founded in 2012 and headquartered in San Francisco, Coinbase was co-founded by Brian Armstrong (CEO) and Fred Ehrsam (President).

Developers! Curious how Coinbase makes it easy for merchants to add bitcoin payment functionality to their businesses and apps? Learn more about Coinbase’s Bitcoin API here. And be sure to check out our FinDEVr page for updates on the first event for fintech developers.

Alumni News– July 15, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgHow Big is the Braintree SDK? PayPal’s Acquisition Launches Toolkit Reboot.
  • Fiserv partners with ChannelNet to provide self-service options for LoanLink borrowers.
  • MasterCard introduces its MasterPass e-commerce technology in South Africa.
  • Upstart Business Journal features Taulia.
  • TSYSProPay partners with ThreatMetrix to provide fraud prevention solutions to its customers.
  • Top Image Systems announces appointment of Lyron Bentovim to CFO.
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.

How Big is the Braintree SDK? PayPal’s Acquisition Launches Toolkit Reboot

How Big is the Braintree SDK? PayPal’s Acquisition Launches Toolkit Reboot

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For all the anticipation of draft day, there’s nothing like the excitement on the day when fans get to see the new addition finally take the field.

That team is PayPal and their newest addition, Braintree has just made its first big play: v.zero.

V.zero is a major overhaul of Braintree’s Software Development Kit (SDK) that puts PayPal integration front and center for app developers eager to add in-app payment functionality to their solutions.

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Writing at the Braintree v.zero blog, Ben Mills and Tony Pitluga point to the new SDK as a major, post-acquisition goal. “From the moment we joined forces with PayPal in December 2013, we have been working hard to make accepting PayPal as simple as we made accepting credit cards.”
Braintree also provides a Sandbox to let developers test v.zero without needing a PayPal account. The SDK offers both online/web integration via Javascript, and mobile by way of Android and iOS. A complete PayPal integration guide is available here.
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Here’s a look at some of the issues raised in the coverage of the announcement late last week.
Forbes focused on the “D” in Braintree’s SDK, making the point that the new tools will make it that much easier for mobile app developers to get paid for their work. This is no accident. Forbes notes how Braintree is pursuing the “long tail” of startups whose services tend to require “payments on the spot” and are “built exclusively for smarphones.”
Forbes also highlights on beta tester, retailer Jane.com. The company says that it now gets 11% of its sales through PayPal since integrating Braintree’s new tools.
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TechCrunch makes sure to put the new SDK in the context of the recent acquisition that brought Braintree into the PayPal tent. In addition to noting that the SDK is the “first significant product announcement” since the acquisition, TechCrunch underscores how the technology has been “rebuilt from the ground up.”
The goal of the rebuilding is to make it easier and faster for merchants to integrate the tools into their own systems. Speed (10-15 minutes) is one factor, but TechCrunch also noted features like the “drop-in” user interface that makes it easier for smaller startups to further minimize the time spent in integration.
TechCrunch’s reporting also provides a handful of interesting quotes from PayPal CEO, Bill Ready. In particular, Ready’s idea of being able to change payment methods in app as simply as “flipping a switch” is part of what he considers “future proofing” the technology.
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And with a bit of prompting, it is clear that the future Ready is proofing for includes everything from international commerce, non-card payments, and even crypto currencies like Bitcoin.
We also get the names of some additional beta testers, with Chargify, GitHub, and ParkWhiz also reportedly taking v.zero out for a spin. Twilio is also said to be planning to integrate the SDK.
Other interesting observations included a note in VentureBeat that PayPal’s current mobile API will continue to exist. But that it is clear that the v.zero will be treated as the “preferred way to integrate PayPal” going forward.
Founded in 2007, Braintree demoed its recently-acquired Venmo Touch technology at FinovateSpring 2013 in San Francisco. See the company on stage here.

And if you like coverage of developer issues, then you’ll love FinDEVr. Brought to you by a team from Finovate, FinDEVr is the first event for fintech developers and will take place September 30 and October 1 in San Francisco. Take a look at some of the innovators who are already on board:
Join us! Early bird discounts are in place until July 25. Visit our registration page here to save your spot.

Alumni News– July 14, 2014

  • Webster Bank to deploy online banking platform from ACI Worldwide.
  • MasterCard’s e-commerce enabler MasterPass launches in Poland.
  • Wall Street Journal features Klarna and its plans for expansion.
  • WSJ features BehavioSec. Get a closer look at BehavioSec at the very first FinDEVr.
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.

Personal Capital’s Financial Management App Now Available on Android Wear

Personal Capital’s Financial Management App Now Available on Android Wear

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Thanks to Personal Capital, when it comes to finance and investing, you can take it with you.

Personal Capital announced yesterday that its finance management app is now available on Android’s smart watch, Android Wear.

Personal Capital Chief Product Officer Jim Del Favero called wearable devices “the next evolution of mobile.”  When users have Personal Capital on their Android Wear device, they can access a full suite of PFM functionality with them wherever they go.
The free app is available for download in the Google Play Store. Features include:
    • YouIndex: end of the day notification feature that compares your portfolio (your “YouIndex”) to the S&P 500 and other stock market indices
    • Advice and Alerts: personalized notifications for goal-tracking
    • Actionable Information: an omni-channel experience that allows users to access the app on more than one device
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Part of a growing ecosystem of alternative investment management services, Personal Capital differs from so-called “robo-advisors” by not just relying on algorithms to make investment decisions. Technology plays a role, of course. Personal Capital CEO Bill Harris said in a June interview with CNBC that automated tools helped “discipline” the investment process, and refers to his company as “technology-assisted.” But in combining technology with what he calls “sophisticated and customized management” Personal Capital brings a wealth management model that has worked for high net worth individuals to a broader, “mass affluent” market.
Personal Capital is headquartered in Redwood City, California, and was founded in 2009. The company last demoed at the FinovateSpring conference in San Jose earlier this year. See a video of the company on stage here.

Alumni News– July 11, 2014

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  • Taulia launches Early Payment Quick Start Initiative to facilitate early payment financing for small businesses.
  • SecureKey teams up with Oberthur Technologies to offer new, device-based online authentication solutions.
  • Guest column by Monitise in Forbes says Turkey is fertile ground for technology innovation.
  • Germany-based ayondo opens office in Singapore.
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.

Cachet Financial Solutions Prices IPO, Seeks to Raise More than $7 Million

Cachet Financial Solutions Prices IPO, Seeks to Raise More than $7 Million

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Guess who quietly just went public?

Cachet Financial Solutions announced the pricing of its initial public offering this week. The remote deposit capture (RDC) and mobile wallet solution provider will trade on the OTCBB under the ticker, CHTF CAFN (see update below). Four and a half million shares priced initially at $1.50 have been made available to the public.

Update: Cachet Financial Solutions changes their ticker symbol to CAFN.

Late in trading on Thursday, shares were up more than 1%.
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The goal of the offering is to raise as much as $7.7 million (if an over-allotment option is fully exercised; closer to $6.7 million). Northland Capital Markets is the book-running manager for the IPO, with The Benchmark Company and MLV & Co. serving as co-managers.
Cachet’s SEC filings provide some insights into the company’s finances – at least as of this spring. Cachet Financial Solutions’ revenues of more than $476,000 for the three months ending March 31, 2014 were up more than 145% from the same period a year ago. A comparison of Cachet’s net losses between the two periods reflects similar improvement, with the company trimming its losses by more than 53%. As of March 31, Cachet had more than $91,000 in cash and cash equivalents.
Known for its RDC and mobile money management solutions, Cachet Financial Solutions is a cloud-based, software-as-a-service innovator. With recent deployments at Navy Federal Credit Union, FirstView LLC, and The Bancorp Bank in just the past month, Cachet Financial is taking advantage of the growing interest among banks and FIs to provide better experiences for their customs via technology.
Founded in 2010 and headquartered in Minneapolis, Minnesota, Cachet Financial Solutions demoed its technology at FinovateFall 2012 in New York. See a video of the company on stage here.

Alumni News– July 10, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOptimal Payments announces partnership with Oink.
  • Braintree releases v.zero SDK, featuring support for Pay with PayPal.
  • Bank Innovation highlights leaders at Ripple, LoopPay, Finect, and Fiserv in its list of 30 key innovators in fintech.
  • Segmint named a Preferred Vendor of MAGNET Global Network.
  • Holvi preps to launch into Irish marketplace.
  • doxo named one of Washington State’s 100 Best Companies to Work For 2014 by Seattle Business magazine.
  • Think Advisor features the different approaches of 3 robo-advisors: Betterment, Personal Capital, and Wealthfront.
  • Cachet Financial Solutions prices Initial Public Offering.
  • DoubleBeam’s GoPago POS system is enabling Slyde, a mobile commerce beacon-enabled shopping app.
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.

Alumni News– July 8, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTop Image Systems signs agreement to acquire cloud-based banking solutions provider, EGistics.
  • Prestadero raises more than $670K in series B funding round.
  • ACI Worldwide to bring electronic billpay to Southern Auto Finance Company (SAFCo).
  • P2Binvestor crowdlends $2 million line of credit to fellow Finovate alum.
  • Mike Branton of StrategyCorps discusses the “three big threes of checking” in CB Insight.
  • Lending Club facilitates $1 billion of loans in Q2 2014, which brings it to a total of $5 billion since its inception.
  • ReadyForZero announces two new resource centers: Get Out of Debt and Auto Loan Resources.
  • First American Credit Union hires Insuritas to launch insurance agency to build non-cyclical fee income.
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.

Prestadero Raises More than $670K in Series B Funding Round

Prestadero Raises More than $670K in Series B Funding Round

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A week after we published our quarterly alumni funding roundup for Q2 2014, it looks like Q3 is already off to a nice start on the funding front.

At the beginning of the month we shared news of Moven’s $8 million funding. And the strides Yodlee is making toward an IPO sooner than later made headlines soon after.

And now today we can add Prestadero to the list of Finovate alums that find themselves in a money-raising mood. The peer-to-peer lender finished its second round of funding by raising $677,000 (8.8 million Mexican pesos).
The investment more than doubles the company’s previous total of $400,000 – raised almost a year ago to the week – taking Prestadero’s total capital to more than $1.7 million (more than 13.8 million Mexican pesos).
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Specific investors in this round were not disclosed, but the company referred to the contributors in a statement as “international leaders in the financial services sector in Mexico and abroad.”
Prestadero will use the additional capital to add new functionality to its platform, and to accelerate growth.
Stats:
  • Founded in 2011
  • Headquartered in Mexico City, Mexico
  • Provides unsecured personal loans ranging from 10,000 to 250,000 Mexican pesos
  • Offers approved borrowers rates ranging from 8.9% to 28.9% annually
  • Offered lenders net annualized returns of 15%
Gerardo Obregón is CEO.
Prestadero demoed its technology at FinovateSpring 2013 in San Francisco. See a video of the company on stage here.