Author: Julie Muhn (@julieschicktanz)

ShopKeep POS Snags a Spot in the iPad POS Spotlight with $25 Million in Funding

ShopKeep POS Snags a Spot in the iPad POS Spotlight with $25 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, ShopKeep POS

ShopkeepPOSLogo.jpg

On the heels of this week’s rumors of Square’s possible IPO or acquisition, ShopKeep POS is taking its place in the in the iPad-based POS system spotlight.

Today, the New York-based company announced it raised $25 million in Series C funding.

Contributing investors include:

    • Thayer Street Partners
    • Tribeca Venture Partners
    • TTV Capital
    • Contour Venture Partners
    • Canaan Partners
    • Tom Glocer
    • Matt Coffin
ShopKeepPOSHomepage

ShopKeep, which is proud of its New York roots and already has an international office in Belfast, is looking to open an office on the west coast. It will also use the funding to expand on its product with analytics can be accessed anywhere.

The funding will also help with the growth spirt ShopKeep is expecting from all of the POS systems currently running Windows XP. Since Microsoft is no longer providing support for that operating system, merchants using it will need to seek out a different option.

To see a live demo of ShopKeep POS in action, check it out at FinovateFall 2012.

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Finovate Alumni News– April 24, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Actiance, Check, Check Point, Doxo, Kantox, Klarna, Linkable Networks, Simple, ThreatMetrix
  • Finovate-F-Logo.jpgLinkable Networks teams up with Ohana to deliver card-linked savings.
  • Actiance launches its Actiance Technology Partner Program.
  • Check Point Software Technologies launches new 41000 Security System, expanding its network security portfolio.
  • The Paypers interviews ThreatMetrix CEO, Reed Taussig.
  • Kantox announces formation of European Advisory Board.
  • doxo launches real-time business analytics and market data for service providers.
  • The Simple customer experience as experienced on a 3 week bike trip to FinovateSpring.
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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The Simple Customer Experience

The Simple Customer Experience
By Julie Muhn (@julieschicktanz) Posted on
Categories: Simple

simpleLogoNew.jpg

It’s rare to have an enjoyable experience with customer service, especially when it is tied to something as emotional as personal finances.

This week, I had a pleasant surprise with Simple’s customer service, widely acknowledged for having a customer experience that is so human it’s innovative. 

Here’s what happened:

Bikeshot1

My bike waits for me as I work from a coffee shop in Bandon, OR

I’m on a three-week trip riding my bicycle south along the west coast to FinovateSpring next week. I’ve been working largely from public wifi hotspots at coffee shops and libraries, so I’ve been very wary of the security of my financial information.

I’ve paid for most expenses using my Simple card. When I checked my account last week (under a private wifi network, of course!), here’s what I saw:
SimpleAcctMap
For a person who lives on the west coast and has been making purchases only while traveling down the Oregon coast, the map of my transactions looks as it should– except for one outlier. Florida!?
Upon discovering this inconsistency, I blocked the card to prevent any more unauthorized transactions. Simple is one of the pioneers of this feature.
Then, I immediately contacted Simple’s support via chat. Here’s the conversation:
Me:
Hello, I think there’s a fraudulent charge on my account from a merchant in Florida called CtVcom. 
Do you have any more information on them? The time and place of the transaction doesn’t seem quite right. Thanks.
Heather (Simple):
Hey Julie!
This is actually an ATM withdrawal from an ATM in Bellingham, WA–does that sound more familiar? 
We run our transaction data through a series of calculations in order to provide you with a clean merchant description. We’re typically pretty accurate, but it looks like we didn’t get this one right. I have no idea why it’s showing up as Florida when it was actually in Washington!
If you are ever curious about the details of a transaction, we list the original merchant data in your activity on Simple.com. To view it, select the transaction and click the ‘Edit’ button. The original merchant name will be listed below the modified version.
Let me know if this sounds more familiar, and give a shout if there’s anything else I can help you with!
Me:
Ah-ha! Thanks for the quick reply…
Yes. An ATM withdraw in the town where I live sounds quite right.
Thanks!

Heather (Simple):
No problem, Julie! Glad we were able to get this cleared up!
I just wanted to let you know that your card is still blocked as well. If this was the reason you blocked it, you can feel free to unblock it since it didn’t end up being fraudulent. 🙂
What was done correctly? 
    1. I received a quick reply
    2. The customer service rep (CSR) let me know the back story of how the mistake came about. By being transparent, Simple eased any fears I had of data-sharing, privacy breaches, or major problems with its back-end system.
    3. The CSR gave me instructions on how to figure out merchant information on my own. Empowering the customer with this knowledge has the potential to prevent future calls or chat sessions with CSRs.
Bottom line
Many banks fall short in customer service since the personal touch is difficult to scale.
While most customers appreciate being spoken to in a more informal manner, CSRs still need to make sure they remain compliant and don’t trigger any liabilities by slipping up. But there is a customer satisfaction payback to replacing industry jargon with easy-to-understand language, patience, and a smile.

Simple was acquired by BBVA in February. The bank has vowed to leave the Simple team in place. We hope that’s true. 

To see Simple’s platform in action, check out its demo from FinovateFall 2011.

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Join the FinovateSpring 2014 Community on Bizzabo

Join the FinovateSpring 2014 Community on Bizzabo
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014

While the presenting companies are using the final week before FinovateSpring to place the finishing touches on their demos, you can use the time to connect with fellow attendees.

This year, we’re using Bizzabo to give you an easy way to connect with other attendees.

FS14BizzaboAppPlaced
To check it out, search Bizzabo in the Apple App store or Google Play store. After you’ve downloaded the app, type Finovate into the search bar, sign in, and click the green Join the Community button.
What else can you do with the app?
    • View others in the FinovateSpring 2014 community and mark them as leads
    • Access the agenda and add items to your calendar
    • Check out LinkedIn profiles of speakers
    • Get more information on demoing companies (accessed through the Partners tab on the bottom)
Don’t have a smartphone or want to view on a larger screen? Check out the web app:
Appslide3dotoh
Questions or problems? Contact us at [email protected] and we’ll be happy to help.

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Finovate Alumni News– April 21, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: CustomerXPs, Locaid, Roostify, TSYS
  • Finovate-F-Logo.jpgCustomerXPs launches Clari5 Sherlock, which fights multichannel banking frauds with big data analytics.
  • Roostify’s solution highlighted in Secondary Marketing Executive article “The Promise Of The E-Mortgage.” Come see Roostify demo live at FinovateSpring next week.
  • TSYS company NetSpend to develop co-branded prepaid card with Western Union.
  • Locaid to bring location-based services to U.S. Cellular.
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– April 18, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Expensify, FutureAdvisor, Kabbage, Lending Club, MasterCard, MiiCard, Pindrop Security, Tuition.io
  • Finovate-F-Logo.jpgTuition.io brings in funding, surpasses $1 billion in loans under management.
  • eWeek talks to Pindrop Security about scams during tax season.
  • PYMNTS.com chats with miiCard CEO James Varga about identity theft.
  • Financial Samurai interviews FutureAdvisor CEO, Bo Lu.
  • Lending Club raises $115 million in debt and equity; acquires Springstone Financial.
  • Kabbage blog features Expensify in its list of the 10 best mobile apps for small businesses.
  • MasterCard to acquire APAC-region loyalty and rewards provider, Pinpoint.
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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Who’s Joining You at FinovateSpring?

Who’s Joining You at FinovateSpring?
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014

You’ve already picked up your FinovateSpring ticket, looked at the full lineup of companies that will demo, and even done your homework by scoping out the entire, 6-part FinovateSpring Sneak Peek series.

What’s next? Now you can check out the word cloud (click to enlarge) that illustrates the titles of everyone who will be in attendance at FinovateSpring.

FS14TitleCloud3

We’ll see you in San Jose!

FinovateSpring 2014 is sponsored by: The Bancorp, Capital Source, Financial Technology Partners, Hudson Cook, KPMG, Life.SREDA, UK Trade & Investment, Visa, Xignite and Zions Direct.

FinovateSpring 2014 is partners with: Aite Group, ABA, Bank Innovators Council, BankersHub, BayPay Forum, California Bankers Association, Fin-Tech.org, Government of Canada, Celent, Filene, Hotwire PR, Javelin Strategy, The Paypers, SME Finance Forum, Visible Banking, & Western Independent Bankers.

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Tuition.io Brings in Funding, Surpasses $1 Billion in Loans Under Management

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tuition.io

TuitionioLogo.jpg

It’s been no secret lately that the student loan system is broken. Student loan management platform Tuition.io, who we saw on stage at FinovateFall two years ago, is seeking to help out borrowers and has quickly gained traction.

As proof, the company announced today it received an undisclosed amount of funding from Raj Date through advisory and investment firm, Fenway Summer. Contributors to the California-based startup’s 2013 seed round include:

    • Mohr Davidow Ventures
    • MESA+
    • Rob Glaser
    • Richard Wolpert
    • Neu Venture Capital
    • Launchpad LA
    • Rothenberg Ventures
    • Atom Factory
    • AF Square, LLC
TuitionNewHomepage.jpg

In addition to this news, it also announced it’s managing $1 billion in loans on its platform. This is up two-fold from just one year ago. When we interviewed CEO Brendon McQueen in April of last year, he reported the platform had $500 million under management.

Check out the live demo of Tuition.io’s platform from FinovateFall 2012.

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Tax Day Turns to Funding Day for Some: LearnVest Raises $28 Million, The Currency Cloud Pulls in $10 Million

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, LearnVest, The Currency Cloud

Most of us know April 15 as Tax Day, but for three Finovate alums, today is about a different flow of money than a tax return. Aside from Betterment’s announcement of its $32 million round (see our post from this morning), LearnVest pulled in $28 million in Series D funding, while The Currency Cloud garnered $10 million in Series B.

LearnVEstlogo.jpg

LearnVest, a personal financial management and planning platform and service
    • New funding: $28 million Series D
    • Investors: Northwestern Mutual Capital, Accel Partners, and American Express Ventures
    • Total Funding: $69 million
    • Founded: 2007
    • Headquarters: New York, NY

LearnVest will use the funding to boost hiring efforts at its Arizona-based Expert Hub and to scale its LearnVest at Work channel, which won Best of Show at FinovateFall 2013.

Check out its Best of Show-winning FinovateFall 2013 demo video:

LearnVest.jpg

CurrencyCloudLogoFEU14.jpg

The Currency Cloud, a company that powers international payments with its API that enables secure, global payments
    • New funding: $10 million
    • Investors: Atlas Venture, Anthem Venture Partners, Notion Capital, XAnge Private Equity, Silicon Valley Bank
    • Total funding: $17 million
    • Founded: 2012
    • Headquarters: London

The Currency Cloud will use the funding to expand its focus on the UK and Europe to a more international realm, specifically into the the U.S.

Check out The Currency Cloud’s demo from FinovateEurope 2014, where it debuted its new e-wallet functionality and user interface.

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Finovate Alumni News– April 14, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Dashlane, FIS, Ignite Sales, Ripple, SeedInvest, TradeHero
  • Finovate-F-Logo.jpgPYMNTS looks at how Ripple hopes to build a global payments network.
  • Android Headlines reviews TradeHero.
  • FIS acquires CMSI, provider of consumer loan origination and portfolio management software.
  • CNBC’s Squawk on the Street interviews Dashlane CEO Emmanuel Schalit on Heartbleed.
  • SeedInvest raises $2 million in crowd funded investment campaign.
  • Ignite Sales wins 2014 Monarch Award for its Profitability Dashboard for OmniChannel Measurement.
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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Kabbage Brings in $270 Million in Debt Financing to Provide Small Businesses with Funding of Their Own

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Kabbage

KabbageLogo.jpg

Further highlighting Forbes’ point that the traditional banker is dead, small business financing company Kabbage announced today it received a revolving, 3-year line of debt financing, totaling $270 million.

The funds, which were provided by Guggenheim Securities, will be used to supply small businesses with working capital, both in the U.S. and internationally.

This new installment comes a year after the Atlanta-based company received $75 million in debt financing from Victory Park Capital and Thomvest Ventures.

Kabbage has seen an increasing demand for small business financing, both for web-based businesses and brick-and-mortar stores. The Wall Street Journal commented on its growth, reporting:

“In the last 15 or so months, default rates have dropped by more than 50%…. while Kabbage’s business has grown five-fold. The company aims to provide $1 billion in credit to businesses next year.”

Rob Frohwein, CEO, hinted that growth has been so dramatic that the company expects to pull in more financing soon. In an interview with TechCrunch, Frohwein comments on the funding, stating:

“Yes, this is a large facility, but looking at our growth rate, it’s something that we will need to look at again in a reasonably short period of time, believe it or not.”

To learn more about Kabbage, check out its live demo from FinovateSpring 2013 where it debuted its QuickBooks Financing Platform.

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Finovate Alumni News– April 9, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Billhighway, CardFlight, CRIF, LendUp, MiiCard, Oink, ProfitStars, Rippleshot
  • Finovate-F-Logo.jpgMichigan Education Association selects Billhighway to improve membership experience.
  • ProfitStars’ iPay Solutions Resource Center receives NACHA’s 2014 PayItGreen Award.
  • miiCard launches IDaaS for Lenders, a solution that combines ID proofing, bureau data, bank data, & authentication.
  • CardFlight launches SwipeSimple to offer a co-branded mobile POS product to merchants.
  • LA Parent features Oink among its “Cool Tools.”
  • OTP Banka Slovakia to deploy CRIF Credit Framework.
  • LendUp launches in Mississippi, the state with the highest percentage of unbanked and underbanked households in the U.S.
  • Rippleshot CEO Canh Tran to join Chicago-area startups at White House summit on entrepreneurialism. See Rippleshot demo at FinovateSpring in San Jose.
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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