On Deck Celebrates 5th Birthday, Ranked Number 302 on Inc. 500 List

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Small business lender, On Deck Capital, announced its 5th birthday today.

In celebration of this milestone, the New York-based company provided insight into its history and growth over the past 5 years:

    • Its first two loans averaged $4,000
    • Currently employs over 100 people
    • Has delivered over $250 million to small businesses nationwide since its start in 2007

The graph below illustrates the growth of its loans over time.

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In addition to this news, On Deck was just ranked number 302 in the Inc. 500 list, where it divulged the following information:

    • It has grown more than 13x since 2008*
    • 2011 revenue of $19.5 million
    • 2011 employees numbered 96

To learn more about On Deck, watch its FinovateSpring 2012 demo.

*Inc. 500 rankings are based on a 3-yr growth percentage.

Finovate Alumni News– August 16, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgPayPal, Kabbage top PYMNTS.com’s Slate of Innovator Award Winners.
  • Aria Assistance chooses Affinity Solutions to provide legal services.
  • Toy News reports Kids’ online payment tool Virtual Piggy grows. Come to FinovateFall to check out Virtual Piggy.
  • Taulia featured on SAP’s In the Cloud with Game-Changers to discuss how startups are “changing the game”.
  • Gamify For The Win features PlayMoolah. Come see PlayMoolah’s live demo at FinovateFall.
  • Forbes explains how Candace Klein, SoMoLend CEO, succeeds at 5 minute pitches.
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.

Truaxis to Provide ORCC with StatementRewards Loyalty Program

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Truaxis (formerly BillShrink) announced yesterday that it has teamed up with Online Resources (ORCC).

As part of the partnership, the over 3.5 million end-members of ORCC’s financial institutions will have access to Truaxis’ loyalty rewards program,StatementRewards.

StatementRewards will also provide FIs with a dashboard that:

    • Details customer engagement
    • Allows control of merchants, rewards, and offers
    • Allows FIs to recruit merchants for exclusive promotions

To learn more about Truaxis, come see its live demo at FinovateFall in NYC next month and check out its FinovateFall 2011 demo. ORCC demoed at Finovate in 2007. Here’s a link to their demo video.

BehavioSec Selected by Military Research Organization DARPA to Provide IT Security

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Sweden-based security company, BehavioSec, announced earlier this week that it was selected by the Defense Advanced Research Project Agency (DARPA) to provide them with IT security.

BehavioSec will be working on a project called BAA 12-06 Active Authentication for DARPA, a U.S. military research organization. The goal of the project is to provide security beyond passwords by using keystrokes and mouse movements to detect fraud.

The project will last for 3 years and will help BehavioSec add to its own research base to improve its technology.

To learn more about BehavioSec, watch its FinovateSpring 2012 demo.

Finovate Alumni News– August 15, 2012

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  • MyBankTracker lists Mint, LearnVest, and HelloWallet as the best PFM tools. Come to FinovateFall to check out LearnVest.
  • PYMNTS.com recognizes Mitek as 1 of the “most innovative” companies in payments space.
  • Google Product Alum, Joe Wolf, joins FreeMonee as VP of Product.
  • Payment solutions provider, Payvision, partners with Virtual Piggy. Check out Virtual Piggy at FinovateFall in NYC next month.
  • Outright now integrates with Etsy Direct Checkout.
  • BehavioSec selected by military research organization DARPA to provide IT security.
  • Truaxis to provide ORCC with StatementRewards Loyalty Program. Check out Truaxis at FinovateFall September 12 and 13.
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.

Finovate Alumni News– August 14, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCortera launches B2B Purchase Insights solution to enable sales, marketing & finance execs to research & understand customers.
  • American Banker reports: Guardian Analytics Offers Behavior-Based Fraud Prevention. Come to FinovateFall to check out its new technology.
  • miiCard joins Open Identity Exchange to help develop online trust standards.
  • Spa & wellness eGift cards by Spa Week available through CashStar’s B2B Partner Network.
  • Verallia North America chooses Taulia to provide dynamic discounting to supplier network.
  • Commercial Business Systems & RC Olmstead partner with MoneyDesktop. Come see MoneyDesktop’s live demo at FinovateFall.
  • SoMoLend launches small business competition.
  • Mashable features LearnVest. Check out their live demo at FinovateFall.
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 2012 Sneak Peek: Part 1

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We’ve selected over 60 leading innovators to take the stage for the sixth annual FinovateFall conference in New York on September 12 and 13.

Each company provided a sneak peek of what they’ll demo next month. Below is the first installment of these teasers. We’ll have more next week.

Don’t miss your chance to see the live demo from each company and meet the execs responsible. Get your FinovateFall ticket here.

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Socialite from Actiance allows financial advisors, agents and sales and marketing to engage with clients, build customer relationships, and create a personal brand – all while being compliant with FINRA and SEC regulations. 
At Finovate you will see for the first time the integration of Actiance’s Socialite platform with Salesforce enabling users to maximize the power of Salesforce, monetize their social involvement and increase revenue. Now users can Link Socialite contacts to Salesforce accounts and send Socialite activity to Salesforce when contacts provide feedback or respond to posted content. In addition, we will be showcasing our new Socialite Mobile application for the iPhone.
Innovation type: Marketing, sales, security

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Come meet Billhighway at the intersection of technology and philanthropy! It’s your chance to witness the debut of a faster, more compelling way to fundraise. Billhighway’s mobile application, unveiled for the first time at FinovateFall 2012, brings a mobile cashless approach for an easy, secure, fun way for folks to give in real time, and perhaps give more! 
The application is specifically developed for nonprofits to effectively increase funding from new sources. A great example of technology used for good, nonprofit organizations immediately collect and put to use mission-critical donor funds, the lifeblood of their efforts to do more good.
Innovation type: Marketing, mobile, payments

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BCSG will be launching an innovative and customizable cloud-based package at FinovateFall 2012, incorporating the most important tools a small business owner needs to manage and grow their business. For just $25 a month, users will get access to several market leading applications via one online platform using a single username and password. This unique package has been developed specifically to address the day to day challenges small businesses owners face and is supplied through financial institutions.

Innovation type: Online UI, PFM, small business

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CommunityLend’s product, Financeit, enables businesses to offer installment loans to their customers at the point of sale. Since launching in January of 2011, they have signed up over 1,200 merchant partners and processed over $130MM in loans. The key verticals are vehicle, home improvement, retail and health.
CommunityLend has raised over $9MM in financing since launch and is now pursuing a U.S. expansion strategy. Lending capital comes from banks and other institutional investors.
Innovation type: Lending, payments

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Can “The Cloud” be trusted to store important files? Are safe deposit boxes still practical in the age of electronic documents? Is there a way to ensure “Total Information Privacy” for the customer? My Virtual StrongBox is the online answer to safe deposit boxes. Customers store electronic copies of important documents in this easy-to-use filing system AND retain ownership of their documents. Files are managed by, and only visible to, the customer. Financial institutions using My Virtual StrongBox add one more sticky product to their list of benefits and keep customers around for years to come. Learn more at myvirtualstrongbox.com.
Innovation type: Banking products, PFM, small business

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Optimize your online marketing and improve your acquisitions strategies with Experian’s Premium Prequalification, a powerful credit-screening tool that allows institutions to proactively utilize individual credit data online in real time to:

    • Empower and educate consumers with a snapshot of their credit health
    • Save consumers time and money by instantly providing them with their most viable options at the very start of their shopping experience 
This best-in-class process also offers Prequalification Triggers, notifying consumers of recent chan
ges to their credit while offering relevant products, and Credit Comparables, which compares individual credit to the average in their area. Redefine your acquisitions strategies today with Experian’s Premium Prequalification
Innovation type: Cards, lending, sales

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Fiserv understands that convenience and supporting user preference are keys to increased adoption and usage of digital payments. Our innovation seamlessly blends a variety of information input modes in our mobile banking application, Mobiliti Enterprise
Using our applications, users can choose from traditional keypad and screen touch interaction, image capture and OCR, or voice-driven commands and inputs to make payments. And a key feature is that users can effortlessly switch modes at any time, whenever they want – even in the middle of a transaction.
Innovation type: Banking products, mobile, payments

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In a world optimized to get us to spend more at every turn, ImpulseSave has made saving your money just as easy and instantly gratifying as spending it. Our simple web and mobile tools incent consumers to turn every point of sale into a “Point of Saving”, as well as every point in between. 
ImpulseSavers are saving close to $4,000 per year on average. While others argue that greater discipline and better budgets are the answer, ImpulseSave represents the exact opposite approach. Instead of trying to change consumer behavior, encouraging more self-denial, we’ve actually transformed saving itself to leverage that very behavior, making saving as impulsive, fun, even addictive as is spending.
Innovation type: Communications, marketing, PFM

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Ready, Set, Locate! See how one easy-to-use API can locate any customer or cardholder mobile phone for authentication or mobile marketing. No apps to download, it works on feature phones, smart phones or on any carrier. Mobile phone network location can be a low cost, high quality, unspoofable authentication factor for mobile payment and credit card identity. 
See Locaid’s live location demo that can be easily integrated into any CRM system, mobile marketing, web services or anti-fraud applications. With a mobile device number and permission, you can locate 350 million devices via our location privacy platform.
Innovation type: Identity, marketing, mobile

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See how financial institutions can save millions by implementing BankFiling, a first-of-its kind innovation that delivers significant ROI yet requires limited investment. A whole new approach to commercial and business banking! Prepare yourself!
Innovation type: Banking products, lending, small business

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The fear of not getting paid and concern over finding new clients is keeping small business owners up at night. PaySimple is launching a “get paid faster while you grow your business” addition to its PaySimple Pro receivables automation solution. The innovation automates pricing to ensure the small business is paid on time and also fosters social engagement as a natural extension of the payments process.
Innovation type: Online UI, payments, small business

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Times are tough. The kids are in college. You’re caring for aging parents. You’re underemployed. You have bills. Bills that are due. But your family and friends want to help. Because that’s what family and friends do. If only there was a way for them to provide this financial help quickly. Conveniently. Securely. Online. Without the hassle of sending cash and checks, or the high cost of wire transfer services. Meet PayTap.
Innovation type: Communications, payments, PFM

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Personal Capital is wealth management for the Internet Age. The company’s online platform combines digital technology with highly personalized service to provide a holistic view of your unique financial picture. The free online dashboard, iPad and iPhone apps present all of your financial data in one place, showing you exactly what you own and what you owe, in real time. 
At Finovate Fall, Personal Capital will unveil new features that enable even greater transparency into your money for the long-term: your retirement. Do you know how much your 401(k) costs?
Innovation type: Investing, online UI, PFM

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Pindrop Security’s technology is being used by banks to identify fraud callers and to prevent fraud transactions. In the Fall of 2012, we’ll introduce our latest solution for financial institutions that rely on the phone for transactions. Join us for the debut at FinovateFall 2012!
Innovation type: Identity, security

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Prepaid Resources introduces BenefitsDirect ‘Direct Deposit Management’.
Capture recurring Federal benefits, State benefits and Payroll deposits through your accountholder website, in-branch, at retail, by mobile app or via live agent. Track enrollment success and measure direct deposit activity to proactively personalize accountholder relationships.
Innovation type: Banking products, cards

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ShopKeep solves the last mile in local. It enables vertical partners from delivery, payments, loyalty, and deals to connect directly to SMBs. A revolutionary iPad based SaaS product, ShopKeep’s POS system makes traditional cash register products obsolete. 
For $2/day merchants receive a high end operating system and can manage their store even when they are not inside it. Made in NYC, ShopKeep now has over 2,500 customers. It provides merchants flexibility to choose their credit card processor and offers unheard of customer support and economics. ShopKeep POS is the simplest way for retailers to make smarter business decisions.
Innovation type: Payments, sales, small business

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Stockr

Stockr is a finance portal for the social web. For most people, investing is more social than scientific, and investment ideas come from close friends, trusted advisors and various periodicals. 
Stockr embraces this social element of investing, creating powerful connections among those who have actionable information and those who are seeking it. While other portals compete on content, our view is that content becomes most relevant and actionable when it’s shared and discussed.
Innovation type: Investing & asset management, PFM

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Everyone has come to expect innovative, reliable and low cost local currency payment services, yet we continue to live with expensive and unreliable international payments. Over $37 trillion in foreign currency payments are sent or received each year. The international payment services offered by the major banks are far from satisfactory. The Currency Cloud evolves the international payments process – we make currencies simple.
Innovation type: Back office, payments, small business

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With Tuition.io, student loan borrowers can easily access all their loans in one visually appealing dashboard, use graphical visualization tools to compare them and get customized optimization plans that take advantage of little-known and hard-to-understand restructuring options.
Innovation type: Banking products, lending, PFM

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The mobile phone is fast becoming a dominant player in payments and banking worldwide. As electronic fraud will certainly be drawn to the new medium, so too must security be made usable, flexible and ultimately reliable. ValidSoft’s proprietary technology can secure all transaction channels, in real-time. All our solutions are telecommunications-based. 
At FinovateFall 2012 we will show you how our advanced mobile payments authentication platform, SMART, supports a mobile wallet product and demonstrate how scalable and flexible it can be.
Innovation type: Identity, payments, security
Stay tuned next week for another sneak peek of FinovateFall 2012 presenting companies.

Finovate Alumni News– August 13, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAcculynk and American Airlines to offer new, convenient payment option.
  • How to Write a Business Plan interviews ReadyForZero CEO & Co-founder, Rod Ebrahimi.
  • BankTalk explains why Kabbage is a great idea.
  • Seeking Alpha reports— Mitek: The Mobile Revolution Is Changing How We Live.
  • Works interviews Lisa Halpern, Founder & CEO of Kiboo.com.
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.

PerkStreet Financial to Use Andera’s oFlows Platform

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Andera announced earlier this week that PerkStreet Financial will use its paperless system for account opening and lending. The system was developed by oFlows, which Andera acquired in October of last year.

Jason Henrichs, PerkStreet COO, said that they chose the solution in order to deliver a fast and convenient account-opening process that customers can access 24/7.

To learn more about Andera, watch its FinovateFall 2011 demo.

Finovate Alumni News– August 9, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTSYS forms joint venture with Central Payment Co.
  • TechCrunch features Akamai for its study about broadband speeds. Come see Akamai demo its new tech at FinovateFall.
  • Computerworld features Personal Capital’s app for iPhone and iPad.
  • MiiCard works with recruitment software to validate candidates’ IDs, adds Yodlee’s Joseph Polverari to board.
  • PerkStreet Financial to use Andera’s oFlows platform.
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.

MiiCard Works with Recruitment Software to Validate Candidates’ Identities, Adds Yodlee’s Joseph Polverari to Board

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Online identity verification service, miiCard, yesterday made two announcements.

1) It announced that it is working with recruitment software, Firefish, to validate the identities of job candidates entirely online.

This will reduce administrative costs for Firefish clients who previously were responsible for running their own identity checks. Firefish will be the first recruitment software to allow candidates to validate their identities using miiCard.

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2) miiCard announced that Joseph Polverari, Yodlee’s Chief Strategy and Development Officer and Managing Director, has joined miiCard’s board as a non-executive director:

“This appointment deepens a strategic alliance between the two companies to build the first global platform for accurate, real time identity verification compliant with Anti-Money Laundering and Know Your Customer standards.”

To learn more about miiCard and Yodlee, watch miiCard’s FinovateEurope 2012 demo and Yodlee’s FinovateEurope 2011 demo.

Finovate Alumni News– August 8, 2012

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  • MyBankTracker.com profiles Virtual Piggy.
  • Check out this month’s CEO interview Michael Wright of Striata.
  • FreeMonee brings in $34 mil in series B funding.
  • Bazaarvoice partners with consulting firm Booz & Company.
  • InComm partners with Galaxia Communications to distribute gift cards to Korean retailers.
  • Citywire’s WealthManager interviews Nick Hungerford CEO of Nutmeg.
  • Information Week profiles Franck Fatras of Capital Access Network.
  • Virtual Piggy to provide child-safe e-commerce solution for Under-18’s to The American Society for the Prevention of Cruelty to Animals.
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.