Author: Julie Muhn (@julieschicktanz)

Finovate Alumni News– May 6, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancBox, Banno, Fiserv, Holvi, Insuritas, Jack Henry, Leaf, Lending Club, LendUp, MiiCard, Ripple
  • Finovate-F-Logo.jpgCU Alliance hires Insuritas to build non-cyclical fee income for credit union members.
  • Wade Arnold wins CEO of the Year award from Technology Association of Iowa, weeks after selling Banno to Jack Henry & Associates.
  • Holvi moves HQ to downtown Helsinki.
  • Fidor AG is first bank to deploy Ripple protocol.
  • Lending Club announces partnership with Union Bank.
  • Fiserv’s TradeFlow enhanced to support SWIFT’s GETC.
  • Sonora Bank implements SilverLake core processing platform from Jack Henry Banking.
  • LendUp raises $50 million credit debt facility from Victory Park Capital.
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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FinovateSpring 2014 in the Press

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014

Press.jpg

Last Wednesday we wrapped up FinovateSpring 2014. Since then, press reps have been hard at work covering the news and product launches that buzzed throughout the two day conference. 
Below is a compilation of the news so far. We’ll add further coverage as it’s released throughout the week:

American Banker
Data Breaches Spur Security Focus at Financial Startups
by Kevin Wack
Mobile Payment Startups Stress Practicality Over Wow Factor
by Kevin Wack
Nice Systems Debuts Real-Time Voice Authentication for Bank Call Centers 
by Amilda Dymi

Bank Credit News
Financial technology providers named “Best of Show” at FinovateSpring
by Alexandra Villarreal 
Bank Innovation
Best of Show: financial technology winners from Finovate Spring 2014
by Steven Ramirez
Innovations in banking and tech: Finovate Spring 2014, Day 2
by Steven Ramirez

Bank Technology News

Five Companies to Watch from Finovate
by Kevin Wack

Barbara Friedberg Personal Finance
Finovate-Finance and Technology Intersect & Should You Care?
by Barbara Friedberg

Celent
Finovate Spring 2014 Recap
by Jacob Jegher

Community Rising (BancVue Blog)
Finovate:  Winning Beyond The Stage
by John Waupsh
CU Times
5 Things You Missed at Finovate
by Robert McGarvey
Better Mobile Banking for the Underbanked: Onsite Coverage
by Robert McGarvey
Dueling Biometrics: Onsite Coverage
by Robert McGarvey
Focus on the Auto Loan: Onsite Coverage
by Robert McGarvey
More Protection Against Elder Fraud: Onsite Coverage
by Robert McGarvey
Dataconomy
29-30 April 2014: FinovateSpring 2014. San Jose, USA
by David Koch
Dealstruck Announces Two New Products
by Furhaad Shah
SmartAsset.com: A New Way To Interact With Your Finances
by Furhaad Shah
Dollars & Sense (Dealstruck blog)
Finovate Spring 2014 Recap
by Ethan
Finsider
Finsider’s Finovate Roundup
by Dan Simon
Forbes
Tech Entrepreneurs Are Here To Run Your Bank
by Dan Simon
Inc.
How Big Data Can Help Squash $35 Billion in Online Fraud
Christina Desmarais 
Javelin Strategy & Research blog
Three Trends You Should Know – From Finovate Spring 2014
by Mary Monahan

Keeping Nickels
Finovate Best In Show
by Nichelle Stephens
MoneyMarketing
Ian McKenna in San Jose: Online services can complement traditional advice
by Ian McKenna
Ian McKenna in San Jose (Pt 2): The rise of personal financial management
by Ian McKenna
MoneySummit
Battling Post-Lunch Lethargy
by Eric Dunstan
Do You See Disruption Or Opportunity?
by Bradley Leimer 
Finovate and the Context Of Fintech
by Bradley Leimer 
Financial Innovation is in the Air! It’s Time for FinovateSpring in San Jose
by Eric Dunstan
How a Remote Control for Credit Cards Creates Value for Consumers and Banks
by Eric Dunstan
PFM, Mobile Wallet, and Mobile Payments
by Eric Dunstan
San Jose’s Still Rocking
by Eric Dunstan
Starting off Strong on Day 2
by Bradley Leimer 
Tales from the Finovate Pit: Session 2, Day 2
by Bradley Leimer 
The Home Stretch
by Eric Dunstan 
Thoughts on PrivatBank’s Presentation
by Eric Dunstan 
What a Day!
by Eric Dunstan 
My Vin
Finnovate-2014 відкриється світовою прем’єрою topless-банкомата ПриватБанку
MyBankTracker
Remote Control for Your Credit Card Prevents Fraud, Overspending, and More
by Kathererine Muniz
NYmag.com
Is Silicon Valley the Future of Finance?
by Kevin Roose
RIABiz
How the RIA business made a dent at the 2014 Finovate conference in San Jose
by Zohar Swaine  
Investment News techconnect
A new planning tool for advisers challenges clients to win a game
by Joyce Hanson
VentureBeat
LendUp opens up its API to spread safer payday lending across the country (exclusive)
by Kia Kokalitcheva
Walt-Cox
Finovate Day 1, Session 1 (recap & rankings)
Finovate Day 1, Session 2 (recap & rankings)
Finovate Day 1 Session 3 (recap & rankings)
Finovate Day 1 Session 4 (recap & rankings)
Finovate Day 2 Session 1 (recap & rankings)
Finovate Day 2 Session 2 (recap & rankings)
Finovate Day 2 Session 3 (recap & rankings)
Finovate Day 2, Last Session (recap & rankings)
Finovate: Social from the Start
William Mills blog
Finovate Spring 2014 Live Blog- Day 1
by Steven Ramirez
by William Mills III
Finovate Spring 2014 Live Blog- Day 2
by Steven Ramirez
by William Mills III
Video & Podcast Coverage of Finovate Spring 2014
Link

Thanks to the dedication of the bloggers, journalists, and media reps for attending and covering the full variety of fintech over the course of the two days. 

The full demo videos will be available on Finovate.com within the next two weeks.We’ll see you all next year!

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Alternative Lending Pays Up: Kabbage Raises $50 Million, Prosper Pulls in $70 Million

Alternative Lending Pays Up: Kabbage Raises $50 Million, Prosper Pulls in $70 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Kabbage, Prosper

At FinovateSpring last week, we witnessed the popularity of alternative lending platforms as shown through Dealstruck, LendingRobot, and Venovate.

Further underlining this trend, two players in the alternative lending space, Kabbage and Prosper, both announced funding today.

KabbageLogo.jpg

Kabbage, an Atlanta-based company that provides working capital to small businesses.
    • Funding: $50 million in Series D
    • Previous funding totaled $465 million in combined debt and equity
    • Contributing investors include:
      • SoftBank Capital 
      • TCW/Craton
      • Lumia Capital
      • David Bonderman
      • Warren Stephens
      • UPS’ Strategic Enterprise Fund
      • Peter Thomson’s Thomvest
      • BlueRun Ventures
      • MDV
    • Founded: 2009 
    • Last demoed at FinovateSpring 2013

Kabbage plans to use the funding to boost its marketing efforts, build out its partnerships, and expand further internationally. It also has plans to better leverage big data for underwriting purposes.

ProsperLogo

Prosper, a P2P funding platform based in San Francisco.

  • Funding: $70 million.
    $50 million of this will be allocated to Prosper’s balance sheet. The remaining $20 million is a secondary round in which some shareholders are cashing out.
  • Previous funding totals $190 million
  • Contributing investors include: 
    • Francisco Partners
    • Institutional Venture Partners
    • Phenomen Ventures
  • Founded: 2006
  • Demoed at Finovate 2007

Last month, Prosper announced $1 billion in total loans originated on its platform and it plans to reach $2 billion in total loans this year.

It is speculated that this new round places Prosper at a $600 million valuation, up from a $100 million valuation around eight months ago.

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Best of Show Winners from FinovateSpring 2014

Best of Show Winners from FinovateSpring 2014
By Julie Muhn (@julieschicktanz) Posted on
Categories: Best of Show, EyeVerify, FinovateSpring 2014, Interactions, Loop, Motif Investing, Ondot, PrivatBank, SaveUp, Stockpile

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

Our record-breaking audience has spent a hot two days in San Jose watching 68 demos covering the best in fintech.

After watching the 68 demoing companies show off their newest innovations on stage in front of the sold out auditorium, the crowd voted for their 3 favorite demos at the end of each day. The eight companies with the highest number of votes were crowned winners.

Here they are in alphabetical order:

Thumbnail image for EyeVerifyLogo.jpgEyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication

Thumbnail image for Loop_logo.jpg

Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system

Thumbnail image for InteractionsLogo.jpg

Interactions, for its voice-activated self-service solution for mobile and phone interactions 

Thumbnail image for motiflogo.jpg

Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
OndotLogo

Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphone

Privatbank_hi_res_FS2014

PrivatBank, for topless, contactless smartphone-enabled Android ATM technology

SaveUpLogo

SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance

stockpile_hi_res_FS2014

Stockpile, for their “give the gift of stock” solution that helps people invest in the brands they love  

As always, thanks for your continued support. See you next year at FinovateSpring 2015!
All of the demo videos will be available on Finovate.com in two weeks.

——————————————————————

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The eight companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners. 

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FinovateSpring 2014 Best of Show Winners

FinovateSpring 2014 Best of Show Winners
By Julie Muhn (@julieschicktanz) Posted on
Categories: EyeVerify, FinovateSpring 2014, Loop, Motif Investing, Ondot Systems, PrivatBank, SaveUp, Stockpile

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

Our record-breaking audience has spent a hot two days in San Jose watching 68 demos covering the best in fintech.

After watching the 68 demoing companies show off their newest innovations on stage in front of the sold-out auditorium, the crowd voted for their three favorite demos at the end of each day. The eight companies with the highest number of votes were crowned winners.

Here they are in alphabetical order:

Thumbnail image for EyeVerifyLogo.jpgEyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication

Thumbnail image for Loop_logo.jpg

Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system

Thumbnail image for InteractionsLogo.jpg

Interactions, for its voice-activated, self-service solution for mobile and phone interactions 

Thumbnail image for motiflogo.jpg

Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
OndotLogo

Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphone

Privatbank_hi_res_FS2014

PrivatBank, for topless, contactless smartphone-enabled Android ATM technology

SaveUpLogo

SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance

stockpile_hi_res_FS2014

Stockpile, for their “give the gift of stock” solution that helps people invest in the brands they love  

As always, thanks for your continued support. See you next year at FinovateSpring 2015!
All of the demo videos will be available on Finovate.com in two weeks.

——————————————————————

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The eight companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners. 

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Pixeliris’ CopSonic Using Its Sonic Communication Tech to Authenticate Users for P2P Payments

Pixeliris’ CopSonic Using Its Sonic Communication Tech to Authenticate Users for P2P Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Pixeliris
PixelirisLogo2014

This post is part of our live coverage of FinovateSpring 2014.

Next, Pixeliris demonstrated how its contacless mobile payment technology, CopSonic, works for both P2P payments to authenticate users without a password:
“CopSonic is the first universal contactless mobile payment system powered by our unique technology. It is based on sonic communication transiting through the devices’ speakers and microphones. Therefore, our technology is compatible with 100% of existing phones and smartphones, unlike NFC technologies. Several patents have been filed with regard to the security of the transaction.
Our technology allows peer-to-peer transactions between feature phones an
d smartphones but also enables online passwordless authentication turning the devices into security dongles.
We developed an SDK that allows third-party companies to integrate the modules and, therefore, create a business model based on transaction fees or licenses.”
Presenting: Emmanuel Ruiz (CEO & Head of Innovation) and Brian Roeten (Senior Project Manager)
Product Launch: September 2013
Metrics: €210,000 in capital, 11 employees in France, 120 engineers around the world
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms, licensed
HQ: Montauban 82000, France
Founded: April 1989
Website: copsonic.com
Twitter: @_Pixeliris

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StrategyCorps’ BaZing Helps Bring Profitability to Checking Products

StrategyCorps’ BaZing Helps Bring Profitability to Checking Products
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, StrategyCorps
StrategyCorpsLogo

This post is part of our live coverage of FinovateSpring 2014.

Next, StrategyCorps showed how its BaZing product brings non-banking benefits to consumers using checking products:
“BaZing delivers non-banking benefits like 300,000+ local and national merchant discounts, cell phone insurance, and roadside assistance via customizable and easy-to-integrate mobile and online platforms. In today’s consumer marketplace, there are millions already paying for these money-saving and personal protection-oriented benefits, proving these benefits are worth paying for. 
BaZing uses this fee worthiness to provide a customer acceptable fee-based mobile and online banking solution. BaZing’s innovation and financial productivity enhances commoditized mobile and online banking, undifferentiated consumer checking products.”
Presenting: Mike Branton (Managing Partner) and Dave DeFazio (Partner)
Product Launch: April 2012
Metrics: 46 employees, 1.5M users, over 200 financial institution clients
Product distribution strategy: Through financial institutions, through other fintech companies and platforms
HQ: Brentwood, TN
Founded: November 2001
Twitter: @StrategyCorps

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FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio

FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinBuddy, FinovateSpring 2014
FinBuddyLoLogo

This post is part of our live coverage of FinovateSpring 2014.

Second up this afternoon, FinBuddy launched easy-to-understand tools that engage investors without intimidating them:
“Currently, retail investors are stifled by the lack of tools that speak the same language at the level they can comprehend. Vast amount of data that is available creates more confusion and does not provide enough actionable information or insight to investors. FinBuddy addresses this gap by providing very easy-to-understand tools that don’t scare investors but engage them without losing depth and rigor. 
We provide an intuitive stock & fund screener that helps investors discover new investment opportunities similar to how we discover things in the real world. We provide a comprehensive way to evaluate an investment without overwhelming the user. Our portfolio analysis toolset helps individuals understand their portfolios in easy terms and track them better. Finally, trusted friends can provide commentary and feedback on the investor’s portfolio and share tips over FinBuddy’s social network feed. Social collaboration combined with personalized and relevant insights help individuals make sound investment decisions.”
Presenting: Shyam Maddali (CEO & Founder) and Baker Nanduru (Co-Founder)
Product Launch: April 2014
Metrics: 
    • Funding: self-funded
    • Number of employees: 1 full-time, 2 part-time
    • Revenues: pre-revenue
    • Registered users: ~200 (friends & family)
Product distribution strategy: Direct to Consumer (B2C)
Founded: May 2013
HQ: Fremont, CA
Website: finbuddy.com

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Visible Equity’s Fair Lending Analytics Can Mathematically Prove Borrowers Are Treated Fairly

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Visible Equity
This post is part of our live coverage of FinovateSpring 2014.
Next, Visible Equity launched Fair Lending Analytics to help financial institutions prove they are treating borrowers fairly:
“Fair Lending laws have been around for decades, but more sophisticated Fair Lending analysis has recently become a hot-button issue and point of emphasis from financial regulators.
Our product uses intuitive design and advanced statistical modeling to determine whether discrimination or “disparate impact” is potentially occurring in marketing activities, during the loan application process, with pricing and add-on products, and with charge-off and collection practices.
It is unlikely that a financial institution is ever knowingly discriminating, but now with the use of Fair Lending Analytics, institutions can mathematically prove they are compliant and treating all borrowers fairly.”
Presenting: Matthew Court (VP Sales & Marketing) and David Gilbert (COO)
Product Launch: April 2014
Metrics: We serve over 300 clients and analyze over $120B in loans daily.
Product distribution strategy: Direct to Business (B2B)
HQ: Salt Lake City, UT
Founded: June 2008
Twitter: @visibleequity
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Wipit’s Boost Mobile Gives Underbanked Users an Easy Alternative to Retail Check Cashing

Wipit’s Boost Mobile Gives Underbanked Users an Easy Alternative to Retail Check Cashing
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Wipit
WipitLogo

This post is part of our live coverage of FinovateSpring 2014.

Next, Wipit took the stage to demo Boost Mobile Wallet:
“Boost Mobile Wallet lets millions of prepaid wireless customers load cash to their mobile wallet account, then use the funds to send international money transfers, pay bills, or top-up their Boost Mobile phone − all from the convenience of Wipit’s Mobile Wallet app on their Android smartphone or iPhone. 
Customers are also provided with a convenient, cost-saving alternative to retail check cashing via Wipit’s in-app Quick Check service. For customers that prefer the convenience of card payments, Boost Mobile Wallet includes a personalized, linked Visa prepaid card that can be used for ATM withdrawals and Visa purchases.”
Presenters: Richard Kang (CEO) and John Janes (COO)
Product distribution strategy: Direct to Consumer (B2C), through other fintech companies and platforms
HQ: Pasadena, CA
Founded: May 2010
Product Launch: May 2013  
Website: wipit.me 

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SaveUp Debuts its “Gummy Vitamin” of Personal Finance on an iPhone App

SaveUp Debuts its “Gummy Vitamin” of Personal Finance on an iPhone App
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, SaveUp
SaveUpLogo

This post is part of our live coverage of FinovateSpring 2014.

Second up this afternoon, SaveUp debuted its iPhone app aimed at helping Millennials learn about and engage with their personal finances:
“SaveUp is the first rewards program for saving money and reducing debt with the opportunity to win life-changing prizes and merchant-funded rewards. SaveUp is the “gummy vitamin” of personal finance, generating unprecedented engagement with personal finance among Millennials. 
Six months after signing up, the average user links 6 – 8 accounts, and of these 20% are daily active users and 60% monthly actives. SaveUp users are engaged to learn about new financial products, seek financial guidance from CFPs, access financial education, and make better financial decisions. 
Personalization is based on data. SaveUp is a highly flexible, customizable platform that drives engagement and retention in different financial service verticals. SaveUp is premiering the iPhone app at FinovateSpring 2014.”

Presenting: Priya Haji (CEO & Co-Founder) and Sammy Shreibati (CTO & Co-Founder)

Product Launch: November 1, 2011
Metrics: The average user links 6 – 8 accounts, and of these 20% are daily actives and 60% are monthly active users.
Product distribution strategy: Direct to Consumer (B2C), through financial services channels including: banks, credit unions, digital wallet, prepaid, student loan, and employee wellness
HQ: San Francisco, CA
Founded: April 2011
Website: saveup.com
Twitter: @playsaveup

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Yseop Launches its Sales Force Productivity Suite in the U.S.

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Yseop

YseopLogo.jpg

This post is part of our live coverage of FinovateSpring 2014.
First to take the stage after lunch, Yseop stepped up for the U.S. launch of its Sales Force Productivity Suite:
“Yseop Sales Force Productivity Suite (YSF) and its email writing application, called “YseMail” (“Easy-Mail”), is an integrated sales performance boosting solution to be plugged into a CRM, which supports the financial advisor throughout the sales cycle. 
YSF analyzes customer data, dialogs intelligently with the advisor or customer to gather contextual data, and produces written conclusions such as pre- and post-meeting summaries, personalized marketing communications, and prep-to-meeting documents in less than a second.”
Presenting: Elizabeth Farabee (VP Marketing) and Matt Rauscher (Consultant)
Product Launch: April 2014 (in the United States)
Metrics: Privately self-funded. Over 20 years of research. 35 employees. 30 large customers with 20,000 users in production daily in the banking & insurance industries. 
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: Dallas, Texas (U.S. HQ); Lyon, France (European HQ); offices in New York, London & Paris
Founded: First commercialized as a stand-alone product in Europe at the end of 2008
Website: yseop.com
Twitter: @yseopAI

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