What’s the Next Big Thing in Financial Services? Ideas from FinovateFall and Beyond

Finovate conferences are all about innovation and “what’s next” in financial services. At the recent FinovateFall conference miiCard Founder and CEO, James Varga, compiled thoughts and ideas of people from all places in the industry

The following clip is the first installment of his two-part series, detailing current trends in the fintech industry. In it, participants are asked, “What’s the next big thing in financial services?”

 

Here is just a taste of the responses:
  • “Large-value transactions online, such as real estate transactions”
  • “Personalized financial services including social payments and social authentication”
  • “Mobile as primary interface with the customer”
  • “Shifting of lending risk away from banks and to more flexible, non-bank lenders”
  • “Giving customers a fantastic experience and capitalizing on it by making revenues from those customers”

Watch the video for more from the presenters, sponsors, attendees of FinovateFall.

The second piece in the series, Predictions for 2020 and Beyond will come next week so stay tuned.

The Rumors Are True: eBay’s PayPal Acquires Braintree for $800 Million in Cash

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After weeks of rumors, there’s no doubt you’ve heard of PayPal’s plan to acquire payments gateway, Braintree. This week, it pulled the trigger and dished out $800 million in cash for Chicago-based Braintree.

According to PayPal CEO, David Marcus, this acquisition will help Braintree grow much faster than a normal, startup pace. In his blog post announcing the deal, Marcus states:

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“Our resources will enable them to push the boundaries of innovation with ambition and confidence for consumers, merchants and developers around the world.”

Braintree’s payment gateway, which launched in 2007, can handle 130 different currencies in more than 40 countries. It will continue operating as it normally does, servicing companies such as AirBnB, OpenTable, and Uber.

Braintree last demoed at FinovateSpring earlier this year where it showed off its recently acquired Venmo touch technology.

Asia-Based Finovate Alumni Score More Than $200 Million in Financing

As we prepare to bring FinovateAsia to Singapore November 14, we researched the funding of six Asia-based companies who demoed at FinovateAsia last year. Combined, these companies raised more than $215 million from a variety of investors:

BankBazaar, a credit processing platform that allows banks to offer consumers 7-minute credit eApproval on retail credit products.

CustomerXPs creates technology that proactively senses cross-sell, attrition, customer engagement and fraud in real-time.
DemystData enables real-time analysis of big data from consumers and SMBs, allowing for improved interactions as a result of richer, more relevant information. 
    • Venture Round: undisclosed amount from VentureLab
    • Series A: undisclosed amount from Accion and Arbor Ventures
    • FinovateAsia 2012 demo
Heckyl provides real-time financial information, news analytics, trend matrix, and heat maps for coverage of markets, companies, and businesses. 
TradeHero, a virtual trading community where the system models trades and ranks trader performance by proven returns on investment.
Wipro, an information technology, consulting, and outsourcing company that delivers solutions to enable its clients to do business better.
    • Total of $205 million from cMango, Gallagher Financial Systems, Science Applications International Corp., and Promax Application Group
    • FinovateAsia 2012 demo

The funding for these companies comes from a diverse set of investors, many of whom are based in Asia. Janus recently published a piece outlining venture funding options available to Singapore companies. For the most part, Singapore’s equity financing scene is quite similar to the U.S., but there are a few significant differences:

    • The VC scene in Singapore is small compared to the U.S. and Europe
    • Singapore’s government actively pursues VC firms to invest in Singapore startups and entices them with tax and other monetary benefits
    • There are more than 100 VC firms in the city today
    • Many VC firms in Singapore focus on late-stage expansion financing, but some offer financing for early-stage startups
    • Types of VC firms in Singapore range from independent limited partnership to corporate-backed firms
    • Singapore VCs are attracted to services, manufacturing and the high-tech industry

At this year’s FinovateAsia, while not all demoing companies are looking for funding, each will show up to the MAX Atria @ Singapore Expo stage with their newest technology. Want to learn more? Check out FinovateAsia homepage or get your ticket here to be a part of the event.

Prosper Brings in $25 Million, Adds Blackrock as Investor

Long-time P2P lending player Prosper announced yesterday that it raised $25 million in private equity funding.

Existing investor Sequoia Capital and newcomer Blackrock Ventures both participated in the round.

The new installment, combined with the $20 million in private equity it received in January from Sequoia Capital, and its previous venture rounds of $75 million, bring the San Francisco-based company’s total funding to $120 million.

Since launching in 2006, the P2P lender has acquired almost 2 million members and has funded $630 million in personal loans. It is growing at 100% year-over-year in revenue and new loans.

Prosper demonstrated at the first Finovate, held in 2007 in New York.

Finovate Alumni News– September 25, 2013

  • Intuit integrates QuickBooks with Square’s POS products via an API deal.
  • Xpenditure selects miiCard certified digital bank statements for expanded and automated expense report verification.
  • SafetyPay and Paymentez partner to offer Latin American gamers a secure and seamless payment option.
  • TechCrunch reports: SumUp cuts 2.75% per transaction fee across Europe.
  • PYMNTS.com talks small business lending with MasterCard and the Entrepreneurial Finance Lab (EFL).
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.

KlickEx Takes Home Top Startup Prize at Swift’s Innotribe Challenge

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At Swift’s Innotribe last week, a group of startups pitched their latest fintech innovations to a group of banks, VCs, and tech gurus. The 14 companies, who were selected from a pool of 200 applicants, were given 6 minutes each to pitch the audience.

Realty Mogul, P2P Cash, and recently-acquired Good April were among the companies vying for the audience’s attention and a $50,000 cash prize.

KlickEx, who will demo at FinovateAsia in November, was selected as the top startup winner. The New Zealand-based company won the top prize for its regulated clearing house for banks and retailers.

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To see KlickEx demo live in Singapore, grab your ticket to FinovateAsia here.

Finovate Alumni News– September 20, 2013

  • Finovate-F-Logo.jpgWashington-based Connection CU now providing MoneyDesktop PFM services to members.
  • TA Associates completes majority investment in Arxan Technologies. Terms not disclosed 
  • DoughMain’s new logo wins an American graphic design award.
  • NPR’s Marketplace takes a look at Manilla and the rise of automatic bill pay.
  • Wall Street Journal column on innovation in banking features Finovate alumni mBank and Ignite Sales.
  • PaySecure International from Acculynk helps solve authentication problems for merchants accepting non-US cards.
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.

What to Expect at FinovateAsia this November

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You may have seen the list of FinovateAsia demoing companies we released a few weeks ago. Here are more details on the 32 companies demoing November 14 at the MAX Atria @ Singapore Expo. Get your ticket here to be part of the crowd.

Stay tuned for our Sneak Peek series next month featuring a behind-the-scenes look at each company and chance meet the innovators.


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Advanced Merchant Payments’ innovative loan management solution enables banks to offer profitable, unsecured, short-term loans to small businesses
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ArthaYantra provides personal financial advice online to everyone irrespective of what they earn
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Backbase brings social media to the bank, and the bank to social media
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BehavioSec has extended its award-winning BehavioMobile solutions to offer policy-based behaviour authentication

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BellaDati is the agile business data analysis with human touch
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BlueKite’s international bill payment service improves an immigrants’ ability to care for family back home
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BRIDGEi2i is a trusted partner that enables organizations to achieve accelerated outcomes by embedding analytics in their DNA
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CustomerXPs Software is a leading product company offering real-time, Enterprise Fraud Management & CEM products to banks globally
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GMC Software Technology is a leading software developer of solutions that transform the customer experience
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i-exceed has created a Unified Application Development Suite for smartphone, tablets, desktops and laptops across operating systems
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IND Group is a leading innovator and developer of digital banking, PFM and payments technology
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Intuition Intelligence delivers the right offer at the right moment to the right client via digital channels
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KlickEx is a Global Clearing System for commercial and central banks. The Clearing System extends to Retail, as well
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Kofax is a leading provider of smart process applications that simplify the business critical First Mile of information-intensive customer interaction
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Luminous is a boutique innovation company that has become synonymous with innovative banking around the world
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Mambu enables financial institutions to rapidly deliver state-of-the-art banking services through a cloud-first Software-as-a-Service solution
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Matchi is a matchmaker for innovation
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Mistral Mobile powers your mobile financial services to serve anyone
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Mobexo is a scalable, value-added payment ecosystem that allows transactions to be executed between smartphones
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Mobino enables mobile payments for 5 billion people, from any phone, no credit card required
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Pangea Payments’ multiplatform solution will allow you to send money to anyone, from anywhere, at any time, using mobile and retail locations around the world
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Red Zebra brings together consumers, banks and retailers, with targeted rewards based on spending patterns


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SaaS Markets is the enterprise app store company for financial organizations looking to leverage cloud-based applications for their employees or customers
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Serverside Group is the global technology leader in digital card designs and a provider of innovative artwork solutions that create meaningful results

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SinoLending is the leading online lending platform in China
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Smart Engine’s Multichannel Loyalty Platform benefits financial institutions, merchants, web shops and users
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TIBCO Software creates real-time, event-enabled solutions for the 21st Century
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Tootpay’s mobile payment solution works independently from network and operator. It is encrypted, using a standard mobile phone
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TradeNet provides an equity trading customer channel for retail customers in emerging markets at $5 a month
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TSYS focuses on people-centered payments
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White Label Personal Clouds’ Website Welcomer eliminates username/passwords and enables seamless, private transfer of information between organisations

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Yodlee is the platform for financial innovation, powering the world’s largest collection of transactional data
To learn more about FinovateAsia, visit the event page, check out the FAQ, or email asia@finovate.com.

Finovate Alumni News– September 19, 2013

  • Finovate-F-Logo.jpgComdirect bank launches PFM Service powered by Meniga.
  • SafetyPay adds the U.S. and Caribbean as regions where global merchants can accept cash payments for online purchases.
  • Locaid launches Locaid Campaigns platform to provide location-driven marketing tools to SMEs.
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.

Applause Learning’s Coindexter Club Now Available to Credit Unions Partnered with My CU Services

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My CU Services, provider of technology and payment systems for Credit Unions, recognizes the value that financial literacy programs for kids can bring to a brand.

How do we know? Because the Pennsylvania-based service provider recently announced a partnership with Atlanta-based Applause Learning, creator of the Coindexter Club.

Through this partnership, the Coindexter Club program will be made available to the more than 750 Credit Unions that work with My CU Services.

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The program is targeted toward kids ages 5 to 12 years old, and aims to teach them how to spend, save and manage money in a virtual world that feels much like a video game. Credit Unions that sponsor the Coindexter Club for their members can include their logo within the game on ATMs, send kids a customized birthday card, and offer them branded apparel products.

Applause Learning demonstrated the Coindexter Club at FinovateSpring 2012. Check out the demo video here.

Finovate Alumni News– September 17, 2013

  • Finovate-F-Logo.jpgPandoDaily features Planwise’s “coming of age” story. 
  • OnDeck closes over $130 million in increased credit facility commitments, 150% 12-month growth surge drives doubling of debt capacity.
  • doxo’s new email Import and Organization capability simplifies record keeping for the your key accounts.
  • Expensify’s integration with Xero goes live.
  • Azimo picks cross-border payments platform Earthport to help expansion into developing markets.
  • Edo Interactive unveils self-serve portal for edo Marketplace that helps merchants set up card-linked offers on their own.
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.

FinovateFall 2013 in the Press

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Affluent Strategies
Finovate Fall 2013 Best of Show Winners
by JP Nicols
All Marketing (in Hebrew)
הסטארט-אפ הישראלי, TipRanks, זוכה זה בפעם השנייה בכנס Finovate
by Shirley Asa
American Banker
Business Lender Finds Trove of Insights in Client CRM Data
by Penny Crosman
MoneyDesktop Launches Long-Term Goal Setting Tool
by Sean Sposito
PFM Apps Dominate FinovateFall Day One
by Mary Wisniewski
Reporter’s Picks: Three Top Apps at FinovateFall
by Sean Sposito
The Cutting Edge of Online Banking, as Practiced by a Polish Bank
by Mary Wisniewski
The Top 10 Tweets of Finovate
What Engagement Banking Needs Is Less Engagement
by Jeanine Skowronski
Backbase Blog
Backbase Unveils New Commercial Banking Portal Solution at FinovateFall 2013
by Prue Duggan
Bank Innovation
‘Electronic Checks’ Give Paper Payments New Life
by Philip Ryan
European Innovators Throw Down the Gauntlet: Where’s the Innovation, Americans?
by Philip Ryan
Finovate 2013: Our take on the Best of Show winners
by Steven Ramirez
Finovate Fall ’13: Numbrs, Pixeliris, Word Sentry, and Mitek Come on Strong
by Philip Ryan
Finovate Fall ’13: Strong Demos from Float Money, BizEquity, Zighra & SpearFysh
by Philip Ryan
Finovate Fall ’13: Strong Demos from Instabank, SavedPlus & TipRanks
by Phillip Ryan
Finovate Fall ’13: Think Finance, MBank Lead the Pack
by Philip Ryan
Bank Marketing Strategy
Ten Tips To Doing Finovate Like A Pro
by Jim Marous
Bank Systems & Technology and Wall Street & Technology
5 Game-Changing Financial IT Startups
by Becca Lipman
5 Ways Mobile Banking Is Evolving: Finovate
by Jonathan Camhi
Finovate Fall 2013: A Few FinTech Providers for Capital Markets
by Zarna Patel
Finovate 2013: We’re All Infected With Malware
by Becca Lipman
Making Personal Finance Social Spotlighted At Finovate
by Jonathan Camhi
Barlow Research Associates
Innovations that Improve Business Banking Workflow
by Donna Arce
BostInno, Streetwise Media
Franklin-Based Interactions Reinvents the Virtual Assistant Application, Wins Finovate’s Best in Show
by Andrew Amato
Crain’s New York Business 
Financial-technology startups roil banking’s status quo
by Judith Messina
Hottest tech sector is all about money
by Judith Messina
Credit Union Times
Mitek Debuts Mobile Photo Account Opening
by Robert McGarvey
CreditUnions.com
5 Areas Of Innovation All Credit Unions Need To Monitor
by Scott Patterson
The Role Of Innovation In Today’s Credit Union
by David Mooney
CU Insight
Barclays Just Showed Up to the Party We’ve Been Hosting for a Year
by 
Ron Daly
Discerning Technologist
Just In Time For Finovate: Adding More Fun (And More Focus) To Fintech Applications
ExecutiveBoard.com
Scores of fun at Finovate and Money2020
by CEB Icono
Finextra
Yodlee launches financial relationships app
Finovate blog
FinovateFall 2013 Best of Show Winners
by Julie Schicktanz
Forbes
4 New Online Money Management Tools Worth A Try
by Richard Eisenberg
Forrester blog
Highlights and Thoughts From Finovate Fall 2013
by Peter Wannemacher 
GonzoBanker
Finovate Fall 2013 – The Big Apple
by Scott Hodgins
Hotwire PR blog
Mobile, data and security are hot at FinovateFall
by Lindsay Goldwert
Huffington Post Tech
NextGen Investment Advisory Firms–Go Tech Or Go Home!
by April Rudin
Investment News
Start ups pitch automated advice at tech confab
by Trevor Hunnicutt
Javelin Strategy & Research Blog
FinovateFall 2013. Drinking from the Proverbial Firehose.
by Nick Holland
The Jerusalem Post
Tel Aviv-based start-up TipRanks takes top prize at Finovate
by Niv Elis
Medium.com
Reflections On Five Hundred Minutes of Fintech
by Bradley Leimer
miiCard
Fintech Trends From The Innovators at FinovateFall
by Cassie Anderson
Mindful Insights blog
FinovateFall 2013 
The Modesto Bee
Modesto financial planners offer online tool for success
by Patty Guerra
My Bank Tracker
FlexScore Aims to Complement FICO Credit Scores
by Simon Zhen 
FutureAdvisor: Automated Investing With Tax Efficiency in Mind
by Simon Zhen 
Mitek to Simplify Account Opening on Mobile Devices
by Simon Zhen 
MoneyDesktop: Declutter and Visualize Your Financial Goals
by Simon Zhen 
SavedPlus Makes You Save Every Time You Spend
by Simon Zhen 
Yodlee’s New Mobile App Deals With Money Side of Relationships
by Simon Zhen 
The New Age Online
Finovate and the Rise of the African Entrepreneur
by Douglas White
PandoDaily
Taking data analysis to a new plateau: Narrative Science raises $11.5M
by cale Guthrie Weissman 
Payments Source
E-Check Service Offers an Alternative to Online ACH Payments
by Austin Kilgore
PC World
New services tackle small business finance challenges
by Yardena Arar
Plus World (in Russian)
Инновация ТКС Банка представлена на
PYMNTS.com
Payment Innovators Impress At FinovateFall 2013
by Dan Rosen
Silicon Hills
Akimbo and Toopher Pitching at Finovate in New York
by Laura Lorek
Snarketing 2.0
Finovate Fall 2013: Snarketing’s Best-In-Show Awards
by Ron Shevlin
What To Look For At Finovate Fall 2013
by Ron Shevlin
TechCrunch
Mobile-First Banking App Numbrs Bags Further $3.8M For U.S. Launch
by Steve O’Hear
Upstart Business Journal
Bitcoin’s missing link sneaks into main event at Finovate
by Michael del Castillo
Financial gladiator battle ends with 8 startups standing tall
by Michael del Castillo
The Wall Street Journal

How to Get Investment Advice for Less Online

by Andrea Coombes

‘Stupid’ Banks Look for Innovation
by Michael Hickins
William Mills Agency blog and Beyond the Arc blog
Day 1: Live Blog, FinovateFall 2013 by William Mills III & Steven Ramirez
by Steven Ramirez and William Mills III
Day 2: Live Blog, FinovateFall 2013 by William Mills III & Steven Ramirez
by Steven Ramirez and William Mills III
Finovate 2013: Our take on the Best of Show winners
by Steven Ramirez
We’ll continue to add coverage throughout the next few weeks. If you have FinovateSpring press coverage you would like to add, please email the link to julie@finovate.com.