Author: Julie Muhn (@julieschicktanz)

IND Group Debuts Essence Mobile Banking

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, IND Group
This post is part of our live coverage of FinovateAsia 2013.

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Next, IND Group launched Essence mobile banking:
“How they describe their product/innovation: To adapt to younger generations’ requirements, IND Group delivers a best-in-class banking app with an innovative drive. With IND’s next generation mobile banking, Essence, all services are only a few taps away – anytime, anywhere. Mobile banking has never been so comfortable and easy, yet secure. 
The application offers more than just transactional banking: based on customers’ life situations banks are able to deliver personal, targeted offers, turn data into relevant, visualized information, and provide a user experience like never before, turning mobile banking into their primary engagement and sales channel.”
Presenting József Nyíri (Chief Innovator & Founder), Tamás Grünzweig (Head of Innovation) and Viktor Bálint (Head of Marketing & Communications)

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Product Launch: November 2013
Metrics: €12M in revenue, 8 offices, 225 employees, 40 retail banks & financial institutions as clients
Product distribution strategy: Direct to business (B2B), through financial institutions, through other fintech companies and platforms, and licensed
HQ: Munich, Germany
Founded: October 1997
Website: indgroup.eu
Twitter: @indgroup

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Arkalogic Debuts Moneta, a Seamless Payment System for Bank and Telco Customers

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arkalogic, FinovateAsia 2013
This post is part of our live coverage of FinovateAsia 2013.

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Then, Arkalogic debuted Moneta, its latest payment system:
“For Arkalogic Transaksi, a mobile financial solution must be cost efficient for institutions. It must also be amusing and help consumers as opposed to confusing and taxing them. Advanced yet simple technology combined with great design of customer experience and meticulous customer care are the key ingredients to Arkalogic Transaksi’s latest solution, Moneta.
Moneta’s dream essentially is to create a mass and “seamless” payment system for bank and telco customers in the form of combined mobile wallet, e-money, mobile payment, and mobile commerce, in Indonesia and globally.
With one registration and with one platform that is easy for partners to integrate into their existing system and for end consumers to ‘plug and play,’ Moneta believes that transactions and life should be simple and secure. Always.” 
Presenting Aryo Karbhawono (CEO), John Chard (Chief Strategy Officer), and Kemal Idris (Chief Product & Commercial Officer)

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Product Launch: October 2013
Metrics: $10M funds raised to date, 15-20 employees
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) & through financial institutions
HQ: Jakarta, Indonesia
Founded: April 2013

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Smart Engine’s Card-Linked Loyalty Platform Creates Personalized, Targeted Marketing

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Smart Engine
This post is part of our live coverage of FinovateAsia 2013.

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Next, Smart Engine demonstrated how its card-linked loyalty platform can benefit banks, merchants, and the end customer:
“1. Purchase history of bank payment transactions are analyzed and individual shopping behavior profiles developed 
2. Profiles are enriched with online shopping personalization results
3. The Smart Engine provides answers to three critical questions: Who? Where? Which delivery channel (online banking, Web, smartphones, email or SMS supported) – which allow retailers to communicate tailored offers to those bank customers with the highest purchase probability
4. Relevant bank customers receive attractive personalized offers. Card payments result in automated cash back to cardholders’ accounts
5. Location services and event-driven notifications optimize personalization experience
6. Retailers measure return and conversion rates
7. Banks optimize income from cards by extending card usage”
Presenting Christian Bacher (Managing Partner) and Anna Bacher (Director, Sales & Business Development)
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Product Launch: Q2, 2011
Metrics: Money raised to date: $8M USD, annual revenues: $950,000 USD, number of employees: 35, shareholder structure: 60% – two private venture capital funds, 40% – management
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), and through financial institutions
HQ: Europe HQ: Vienna, Austria; Asia HQ: Hong Kong, China
Founded: December 2010
Twitter: @SmartengineNws 

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BehavioSec Showcases Technology that Removes the Burden of Security from the End User

By Julie Muhn (@julieschicktanz) Posted on
Categories: BehavioSec, FinovateAsia 2013
This post is part of our live coverage of FinovateAsia 2013.

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Second up in this session, BehavioSec demonstrated how it removes the burden of security from the end user:
“User-friendly adaptive user authentication via risk based authentication, or behavioral biometrics, and the reality of legacy systems at our current customers.
BehavioSec extended its award-winning BehavioWeb and BehavioMobile solutions to offer policy-based behavior authentication actions.
This allows the web fraud detection system to define cause and effect authentication, removing the burden of troublesome security from the end user.”
Presenting Neil Costigan (CEO)

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Product Launch: April 2012
Metrics: 1.5M€, 12 employees, university spin out
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms & licensed
HQ: Stockholm, Sweden
Founded: May 2009
Twitter: @behaviosec

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Advanced Merchant Payments Debuts Its Small Business Lending Solution

By Julie Muhn (@julieschicktanz) Posted on
Categories: Advanced Merchant Payments, FinovateAsia 2013

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This post is part of our live coverage of FinovateAsia 2013.

Next, Advanced Merchant Payments (AMP) launched its online lending solution that helps banks provide a short-term lending product to their small business customers:

“AMP’s small business lending solution offers an efficient and scalable managed solution by which banks can readily originate and manage a broad portfolio of small business loans. AMP solves the problem wherein banks find short-term, unsecured, lending to their small business account-holders costly and inefficient. 
AMP’s platform utilizes existing communication methods (including commonly accepted file formats) to bridge the divide between the Retail Banking and Business Banking activities of a bank – without the costs and difficulties inherent in formal bank system integration. AMP can manage all or some stages of the loan process: from Qualification to Verification, Credit Scoring, Approval, Disbursement, Daily Repayment & Risk Monitoring, through to Completion.”
Presenting Thomas DeLuca (MD) and James Lloyd (Director of Product Management)

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Product Launch: November 2013
Metrics: More than $25M USD in loans to small businesses in Hong Kong, Singapore, and the Philippines – representing approximately 90,000 loan days and 60,000 repayment events.
Product distribution strategy: Through financial institutions
HQ: Hong Kong
Founded: April 2009

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Yodlee Launches Tandem App Internationally

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Yodlee
This post is part of our live coverage of FinovateAsia 2013.

YodleeLogo2012.jpgNext, Yodlee took the stage to debut its Tandem app:

“Most people have multiple “shared finances” in their life. Spouses. Children. Elderly parents. Accountants. Advisors. Friends. So Yodlee is introducing Tandem – the first collaborative financial app that lets users securely establish and manage their social financial relationships. 
From tagging transactions, to sharing documents, to sending money, to collaborating with advisors and accountants, Tandem gives users the power to establish financial circles based on levels of trust and account sharing access. And Tandem gives financial institutions the ultimate mobile banking app.”

Presenting Katy Gibson (VP, Applications) and Melanie Flanigan (Head of Marketing)
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Product Launch: November 2013 (international)
Metrics: Yodlee is a global financial leader with 600+ customers, 50M+ users, and more than 700 employees worldwide. From leading financial institutions to Fortune 500 consumer service companies to the coolest startups, Yodlee powers innovative digital services shaping the future of customer interactions. With 25%+ year over year revenue growth, Yodlee continues to expand in existing and new markets globally.
Product distribution strategy: Direct to Business (B2B), through financial institutions & through other fintech companies and platforms
HQ: Redwood City, CA, USA
Founded: February 1999
Website: yodlee.com
Twitter: @yodlee

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Pixeliris’ CopSonic Uses Sonic Communication to Create a Universal, Contactless Mobile Payment Solution

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Pixeliris
This post is part of our live coverage of FinovateAsia 2013.

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Then, Pixeliris stepped up to demo its universal mobile payment solution:
“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 also allows the use of phones and smartphones for online passwordless authentication. It turns mobile devices into security dongles.
We have developed an SDK with our technology 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 Product Manager)

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Product Launch: September 2013
Metrics: €210,000 in capital, 11 employees in France & 50 engineers around the world
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms, and licensed
HQ: Montauban, France
Founded: April 1989
Website: copsonic.com

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Kofax’s Solution Uses Multiple Channels to Enhance the Underwriting Process

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Kofax
This post is part of our live coverage of FinovateAsia 2013.

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Next, Kofax showed how its omni-channel solution accelerates and enhances the underwriting process:
“Kofax is demonstrating how lenders can engage borrowers directly on mobile devices enabling them to interact with the loan origination process. Specifically when loans are not in good order and trailing documents are required, the solution engages customers providing them multiple channels to accelerate and supply the complex underwriting process. 
While mobile is the preferred channel, an omni-channel approach is realized using web, email, or fax. Additionally as these supporting documents are processed, analytics technology provides real-time dashboards and visibility across channels of customer engagement and adoption highlighting patterns, trends, bottlenecks, and efficiencies for right channeling customers and improved decisions.”
Presenting Drew Hyatt (SVP Mobility) and Dimitri Snowden (Visual Strategist)
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Product Launch: March 13, 2013
Metrics: Subsidiaries: 30 countries, Employees: >1,200, Channel Partners: 800+, Products: Available in 70+ countries, Customers: 20,000+, London Stock Exchange: KFX, Revenue: $262.5M, Adjusted EBITA: $48.5M, Adjusted Diluted EPS: $0.38, Cash: $81.1M
Product distribution strategy: Direct to Business (B2B)
HQ: Irvine, CA, USA
Founded: 1985
Website: kofax.com

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Payoneer’s Commercial Account Gives Businesses and Individuals Global Access to Their Funds

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Payoneer
This post is part of our live coverage of FinovateAsia 2013.

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Then, Payoneer debuted its commercial account:
“The Payoneer commercial account offers businesses and individuals worldwide the ability to receive funds from a global network of corporate companies. Account holders have a variety of tools to access their funds, including low cost withdrawals to bank accounts worldwide, a Prepaid Debit MasterCard card that enables instant spending and ATM access, and options to transfer funds to local eWallets in select countries. 
The account can be managed from the Payoneer website or from a mobile application. Registration for the account is available via Payoneer’s website or directly from the website of companies that form the Payoneer commercial funds transfer network.”
Presenting Oded Zehavi (Chief Revenue Officer)

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Product Launch: October 2013
Metrics: 200+ employees, 1,000 Alexa, $40M+ in revenues for 2012
HQ: New York, NY, USA
Founded: 2005
Website: payoneer.com
Twitter: @Payoneer

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Matchi Debuts its Global Innovation Community

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013, Matchi
This post is part of our live coverage of FinovateAsia 2013.

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Second up, Matchi launched its global innovation community platform:
“A global community innovation platform for the financial services industry that offers market ready banking innovations from across the globe and collaboration opportunities that have the potential to save the banks millions of dollars in development costs.”
Presenting Warren Bond (CEO, Matchi) and Gerrit Hoekstra (Chief Technology Officer)
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Product Launch: November 14, 2013
Metrics: Privately owned company with 10-50 employees
Product distribution strategy: Direct to Consumer (B2C) & Direct to Business (B2B)
HQ: Hong Kong, China
Founded: 2013
Website: Matchi.Biz
Twitter: @matchi.biz

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Bill.com Rakes in $38 Million in Series E Funding from Long List of Investors

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bill.com, Funding

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Bill.com, the company that brings online invoice, cashflow management, and bill pay solutions to its 275,000 users announced today that it raised $38 million in Series E funding.

Among the many investors in this round are:

    • American Express
    • August Capital
    • Bank of America
    • Fifth Third Capital
    • Peter Knight, founder of CheckFree (acquired by Fiserv in 2009)
    • Scale Venture Partners

This funding, combined with Bill.com’s previous rounds, brings the Palo Alto-based company’s total funding to over $70 million.

Bill.com, which manges more than 10 million bills per year worth more than $12 billion, will use the new installment to enhance its growing banking channel and accelerate its payments network.

Bill.com demonstrated its CashView product at FinovateSpring 2012.

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An Exclusive Look at Arbor Ventures, an Asia-Focused VC Firm

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2013

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In preparation for FinovateAsia November 14, we wanted to provide some insight into the region’s venture capital scene. Here’s what we learned from Melissa Guzy, Founder and Managing Partner for Arbor Ventures.

Arbor Ventures is a Hong Kong-based venture capital firm with roots in the Silicon Valley. The firm invests in companies based in Singapore, Hong Kong, and ASEAN regions, whose focus is in up-and-coming topics such as:

    • Big Data
    • Cloud Computing
    • Financial Technology
    • Collaborative Consumption

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Finovate: Arbor Ventures is focused on the Asia market. How is the Venture Capital environment in Asia different from that of the U.S. and Europe?

Guzy: The market in Asia is quite different than the US and Europe and China is different from the rest of Asia in terms of venture capital and market opportunities. In Asia, we are looking for entrepreneurs that can understand the local 

opportunity, the business environment as well as scale across the region.

Finovate: What are some current trends in Asia-based fintech? 

Guzy: We have a large under served and under banked population so areas such as prepaid cards, remittances, cross border brokerage and FX are some of the most interesting areas for innovation.
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Finovate: Where do you see financial technology evolving in Asia in the next 5 years? 

Guzy: Over the next 5 years, the convertibility of the Chinese Yuan will continue to drive change across the region as well as the formation of the AEC (ASEAN Economic Community) in 2015. The technology to support mobile banking, payments, and money transfers as well as cross border transactions are going to be transformed.
Finovate: What 3 solid pieces of advice can you provide Asia-based fintech companies seeking investment?  

Guzy: It is the same advice that you would provide anywhere to a start up, build a solid team and understand the market pull and what is needed before spending large sums of money on a product or service. Start ups especially in ASEAN need to spend wisely since there is a shortfall of Series A and Series B funding in the region so entrepreneurs need to aware of this issue when developing their funding requirements early on.
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If you’re interested in fintech in the Asia Pacific region, we hope to see you at FinovateAsia in a few days.

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