Kabbage Receives $17 Million in Series B Funding, Secures Patent


Kabbage, a startup that provides working capital to online businesses, revealed two big announcements today. 
First, it received $17 million in funding from Mohr Davidow Ventures, BlueRun Ventures, David Bonderman, Warren Stephens and UPS Strategic Enterprise Fund. With this funding, Kabbage says:
“We’re able to explore new territories; we can pursue additional marketplaces, new financial products and expand our model even further now.”
Second, it has been awarded a US patent:
“The US Patent is an ‘apparatus to provide liquid funds in the online auction and marketplace environment.’ Basically, it’s a system that lets use an online merchant’s shop and selling history to best determine how dire a need there is of funds.”
To check out how Kabbage works, watch its FinovateSpring 2011 demo.

Xero Receives $4M R&D Grant from New Zealand Government


New Zealand-based accounting software company, Xero, received a Technology Development Grant from its government yesterday. The $4 million will be doled out over the next three years to speed up the startup’s research and development. Xero hopes this will, in turn, increase exports.
“Xero contributes significantly to New Zealand exports,” says Rod Drury. “The majority of our future growth will come from customers in Australia, the UK, USA and new territories. This grant helps speed up our export drive into these territories and beyond.”
For more information on Xero’s cloud-based accounting software, check out its FinovateSpring 2011 demo.

peerTransfer Receives $7.5 Million in Series A Financing


International education payment startup, peerTransfer, announced a round of $7.5 million in Series A funding from Spark Capital, Accel Partners, Maveron, and Boston Seed Capital.
“The funding will be used to increase headcount and infrastructure across functional areas to support growth as it expands the number of colleges and universities it works with. peerTransfer already works with over 30 leading institutions…”
This round, when added to the $1.1 million in seed money received last October, brings the startup’s total funding to $8.6 million.
To learn more about peerTransfer’s international education payments processing, watch its FinovateSpring 2011 demo.

ActivePath & Cardlytics Partner to Offer Transaction-based Marketing in Email Statements

Last week, ActivePath and Cardlytics announced a joint marketing agreement that will combine


ActivePath’s email banking technology with Cardlytics’ transaction marketing platform.
“With this partnership, banking customers can 
receive enhanced offer-carrying eStatements

Thumbnail image for CardlyticsLogo.jpg

 directly into their inbox to be viewed and transacted from within in the email message at their convenience without the need to log on to the bank’s website or download the statement. Additionally, this partnership will provide banks and retailers with the ability to utilize transaction-based marketing in the eStatement, a win-win solution that can help increase transaction volume, enhance customer relationships and generate new revenue.”
To learn more, watch ActivePath’s FinovateFall 2010 demo and the FinovateEurope demo from Cardlytics in 2011.

Weemba Launches Social Lending Platform


Miami-based Weemba launched a social lending site today. This social network-like platform allows borrowers to create profiles in order to share more about themselves and their project.
“Profiles may include everything from the borrower’s income, education level and veteran status (individuals) to number of employees, annual sales or revenues, and articles of incorporation (business). Borrowers can upload images, videos and files that support their loan projects, better showcasing them for lenders.” 
Thumbnail image for Weemba Screen.jpg
Come see Weemba’s demo at FinovateFall in New York this September 21-22. Get your ticket here.

Lighter Capital Looking to Loan $500K to a Small Business in August


Lighter Capital, a startup focused on financing small businesses, announced its goal to provide up to $500,000 in financing to a business with “explosive” revenue potential.
The reasoning behind this effort is:
“We heard the banks were tightening credit, so we decided to do the opposite…. If the banks aren’t going to fund awesome, growing companies, we will, no matter what the market does.”
The loan will go to a business in the pyrotechnics area that applies by 5PM Pacific Standard Time on August 31, 2011.
To see Lighter Capital’s new fintech developments, come see its live demo at FinovateFall this September. Get your ticket here.

Expensify Launches New “Crop & Rotate” Feature

Expense-management startup Expensify announced a new feature that allows the user to 


crop and rotate receipts. 
The functionality is simple: 
1) In the Edit dialog, select Rotate/Crop
2) Adjust the image as needed
3) Save the image
Made a mistake? It even allows users to undo changes to receipts by restoring the original copies.
For more information, see Expensify’s FinovateSpring 2011 demo here.

Inc.com’s Interview with SecondMarket CEO Barry Silbert

Inc. Magazine released the interview below with SecondMarket CEO, Barry Silbert, who


 discusses how he began the startup. 
The interview highlights Silbert’s success in creating liquidity in private markets and shares his lessons learned as an entrepreneur.

To see SecondMarket’s innovations in action, check out its FinovateStartup09 demo.

eToro’s Blog to Syndicate Content from Financial News Site Benzinga.com

In order to provide its users with a wide variety of topics and points of view, eToro has formed a

etoro2.jpgsyndication deal 

with news site Benzinga.

“eToro has employed several Benzinga writers who will create content specifically designed for the eToro user. This content will be posted in addition to the blog’s regular daily updates, multilingual daily and weekly technical analysis, and various columns such as Trader’s Insight and Social Trading.”
eToro is hoping the new addition will provide its readers with relevant content that is easy to understand.
To learn more about eToro, check out its FinovateEurope demo and see its newest fintech development at FinovateFall in New York this September. Get your ticket here.

BankSimple Receives $10M in New Funding and Partners With Visa, Andera, Bancorp Bank and Others


BankSimple announced a new round of VC funding, $10 million from IA Ventures, Shasta Ventures, and other existing investors.
The banking startup also announced partnerships with Finovate


alums Visa and Andera, along with The Bancorp Bank, TxVia, Allpoint, and CBW Bank.
Andera’s press release reports that BankSimple,
“…will use the Application Risk Management and Funding Risk Management components of Andera’s software development kit (SDK) to power its online account opening process.”
BankSimple is readying for its launch later this year. Come see its first live demo at FinovateFall in New York next month where Andera will also be showcasing its new technology. Get your FinovateFall ticket here.