Capital Access Network Helps Banks Give Small Businesses Alternative Funding

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Last month, Capital Access Network (CAN) revealed two new services that help banks find alternative funding for small to medium sized businesses who don’t qualify for traditional loans. Its Different Look and Pre-Look programs were developed to fill the gap between the increasing number of loan requests and the bank’s lacking ability to meet those requests with traditional loans.

Here’s how they work:

Different Look

After a small business’ loan application is denied, this reactive approach uses non-traditional underwriting methods that leverage CAN’s Daily Remittance Platform to find alternative funding products.

Pre-Look

Based on a client’s profile information, CAN uses its behavioral modeling, a consideration of 90 different variables, to determine who will need capital over the next 12-18 months. This proactive approach also leverages the Daily Remittance Platform, but allows the bank to offer the applicant alternative funding even before they apply for a loan.

Quick facts:

  • 5 days: The amount of time it takes for new applicants to receive funding. Renewal customers can get funding in the same day they apply.
  • $30,000: The average amount of funding provided.
  • 75%: The percentage of businesses that are willing to renew funding

To learn more about Capital Access Network, watch its FinovateEurope 2011 demo.

Finovate Alumni News– December 22, 2011

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  • Best Buy Canada & Future Shop are the 1st major retailers in Canada to offer eGift Cards via CashStar.
  • The Street interviews Zecco CEO, Michael Raneri.
  • Fox News interviews Dwolla CEO Ben Milne about the startup’s business model.
  • PayPal partners with Fandango to allow users to purchase movie tickets using PayPal.
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.

HelloWallet Gives Away 20,000 Free Subscriptions in 2011 to Families In Need

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Subscription-based PFM, HelloWalletannounced  yesterday that it donated 20,000 free subscriptions to its PFM service in 2011:

“As part of their charitable mission to give away 1 free subscription for every 5 sold, online financial guidance company HelloWallet announced today that they have donated 20,000 free subscriptions to community organizations that serve families in need across the country in 2011…”

The goal of the donations is to provide families in need with a tool to better plan their finances. Based on the deals it recently signed, the startup estimates that it will give away 40,000 free subscriptions in 2012.

To learn more about HelloWallet, watch its FinovateSpring 2011 demo.

Linkable Networks Partners with Mphoria, Becomes Mobile in First App

LinkableNetworksLogo.jpgToday, card-linked offer innovator Linkable Networks (formerly CLOVR Media) announced a partnership with mphoria, a mobile and social merchandising platform:

“This agreement will transform retail deals available on the mobile web and via mobile apps into linkable offers.”
The startup also announced that CardStar will be the first mobile app to feature its card-linked offer technology:

“Both partnerships mark the launch of the Linkables mobile API and the first mobile deployment for the card linked offer industry. Now any type of restaurant, service provider, retailer or brand may capitalize on card linked offers in a mobile environment.”

The two developments bring Linkable Networks into the mobile environment and allow retailers and service providers to benefit from mobile card-linked offers.

To learn more about Linkable Networks, watch its FinovateSpring 2011 demo.

Finovate Alumni News– December 21, 2011

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  • Fox News discusses how Prosper & Lending Club help small businesses.
  • BizReport examines card-linked offers from Linkable Networks (formerly CLOVR Media).
  • ReadWriteWeb’s Richard MacManus lists Xero as #8 in his 2011 list of top 10 web products.
  • Inc Magazine lists Expensify as 1 of 8 startups to watch in 2012.
  • Ping Identity makes the top 10 list of most exciting IT security vendors. Come see Ping Identity’s live demo at FinovateEurope.
  • HelloWallet gives away 20,000 free subscriptions in 2011 to families in need.
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.

ProfitStars Announces Availability of Mobile Website Platform

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Jack Henry’s ProfitStars, a provider of products and services to financial institutions, announced the availability of its Mobile Website platform today:

“Mobile Website supports a rapidly expanding banking channel with websites developed specifically for smaller screens and on-the-go functionality while also maintaining the consistent look and ease of navigation that customers demand.”

ProfitStars hopes that the Mobile Website will provide an affordable and user-friendly way for financial institutions of all sizes to expand to a mobile-optimized website.

To learn more about ProfitStars, watch its FinovateSpring 2011 demo.

Check Point Software Technologies Positioned in Gartner’s Leader Quadrant

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Online security company Check Point Software Technologies announced yesterday that it was positioned in the Leaders quadrant of Gartner’s 2011 Magic Quadrant for Enterprise Network Firewalls.

Gartner’s Magic Quadrant aims to recognize technology providers who are leaders, visionaries, niche players and challengers in high market growth industries. Leaders are defined as those who, “execute well against their current vision and are well positioned for tomorrow.”

Here are the other players in the Enterprise Network Firewalls category:

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(Source: Check Point website December 20, 2011)

To learn more about Check Point Software Technologies, watch its Finovate 2008 demo.

Kony Solutions Wins 2 First Place Awards in the Mobile Star Awards

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Mobile platform provider Kony Solutions announced yesterday that it recently earned two first place awards at MobileVillage.com’s 10th annual Mobile Star Awards.

Kony received two SUPERSTAR awards and one Rising Star:

  • “The KonyOne platform won the SUPERSTAR award in the category “Enterprise Software: Middleware”
  • Developed on Kony’s “Write Once, Run Everywhere” platform, the GEICO Glovebox won a SUPERSTAR award in the “Success Story: Banking or Insurance” category
  • The KonyOne platform also won the Rising Star award in the “Enterprise Software: Application Development” category”

The Mobile Star Award winners are selected through nominations and an online voting process in which SUPERSTAR is the first place award and Rising Star is the first runner up. 

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

Finovate Alumni News– December 20, 2011

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  • Steven Kietz, former Mobile Money Ventures CEO, joins EDO Interactive as GM & EVP of Strategic Partnerships.
  • CNNMoney discusses how Simple can provide a no hassle bank account.
  • Melrose Mutual Insurance Company, Grinnell Mutual, & ID Theft 911 partner to remind shoppers to safeguard identities.
  • Forbes names Dwolla’s Ben Milne to ’30 Under 30′ list for finance.
  • BizReport interviews Xero to discover how the cloud is helping small businesses.
  • Fox Business News recommends visiting Credit Sesame and Credit Karma to check your credit score.
  • INOVA FCU depicts its success from using Mortgagebot’s PowerSite.
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.

FinovateEurope 2012 Sneak Peek: Part 2

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As promised last week, here is our second “sneak peak” into the hot young startups and established leading companies that will demo their latest fintech innovations at the second annual FinovateEurope next February 7th in London.
As we mentioned in the first sneak peak, we asked each handpicked company to “whet your appetite” by providing a short summary in their own words of the innovation that they will be debuting on stage. We’ve compiled them below.
Don’t miss your chance to see fast-paced demos of the newest ideas from each company and meet the execs responsible for the cutting edge of innovation in financial and banking technology. Plus get your FinovateEurope ticket before December 23rd and you’ll lock in the early-bird price!
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Backbase will be presenting major new features in its Bank 2.0 Portal Manager, focusing on the following key points:
  • Improved editor for page composition on regular browsers and mobile devices
  • Advanced segmentation and targeting for different customer groups
  • Fully integrated forms editor for enrollment and BPM
  • Advanced analytical and performance tools
Innovation type: Marketing, mobile and tablet UI, online UI


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Aimia’s unique advertising platform, powered by Cardlytics, enables banks to deliver rich, relevant rewards to their customers. The platform uses customers’ unique purchasing history to deliver rewards that strengthen retention rates, increase card usage and improve customer relationships. The Cardlytics platform does all this without the need for any personally identifiable customer data.   
Critical to the success of the programme is merchant engagement. Aimia and Cardlytics will be demonstrating the portal which is used by merchants to track offers and report on revenue. The suite of merchant management tools allows merchants to deliver targeted strategies that deliver measurable results. 
Innovation type: Cards, marketing, rewards
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eToro provides you with immediate access to the largest investment network in the world giving you the ability to quickly find and easily build your own people-based portfolio of top performing traders. Automatically copy every trade your personal dream-team makes into your own investment account and start copying the success of the most successful traders. 
eToro reinvents the way people invest their money by propelling them into the fast growing world of social investing. Take advantage of the wisdom of the crowds and make smarter investment decisions with full transparency and control over your invested funds at any given time.
Innovation type: Investing, online UI, PFM
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KYC compliance is a hot topic for financial services and Fenergo will introduce its Deal Manager application for client on-boarding, KYC compliance and account opening.
Fenergo will demonstrate how banks and financial institutions can reduce the burden and cost of KYC compliance with its straightforward application which manages all of the complex KYC data gathering and document processes and ensures full compliance with industry regulations. 
The best bit is that its Deal Manager application also supports credit processes and legal document execution, so processing new client applications has never been so straightforward. 
Innovation type: Back office, sales
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An onboarding tool that increases customer engagement at the same time? Figlo offers you a complete solution to gain insight in financial matters on a consumer level. Financial planning is now accessible for everyone on any device. 
Curious? Figlo’s 7 minute demo will reveal the power of financial insight.
Innovation type: Mobile and tablet UI, sales

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Handpoint will be demonstrating the first totally secure mobile Chip & PIN payment solution for tablets and smartphones. The solution supports all card payments; magstripe (MSR), Chip & PIN, Chip & signature and contactless NFC Payments (2012).
With Handpoint’s Platform-as-a-Service acquiring, banks and MNOs can offer small/micro merchants card payments, tablets, and smartphones under their own brand name.
Innovation type: Payments, mobile and tablet UI
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Holvi replaces the plain old bank account with a current account built from the ground up for group activities. It helps customers collect more money, better understand their finances, and save time for their core activities. Customers include event organisers, sports clubs, and student associations and they can do all their banking with Holvi, without needing another bank account. 
Holvi is regulated as a payment services provider by the Finnish Financial Supervisory Authority (FIN-FSA), and it has the necessary banking partnerships in place to operate payment accounts for customers on a pan-European basis.
Innovation type: Banking, online UI, payments

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Facebook logins are crucially important. Online banking logins are severely difficult to remember. Can something be done about this and still meet the highest standards of identity security? 
Ping Identity will show you how to deliver the best login experience to your prospects and customers. Don’t turn them away with form filling and repetitive password requirements. Give them access to your financial networks and partners. Build trust and relationships with your customers.
Innovation type: Identity, marketing, security
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Meniga is expanding its PFM solution to add a new, highly user-centric layer on top of traditional online/mobile banks. 
The interface de-emphasizes real accounts and actual balances and instead shows “uncommitted balance” and virtual accounts. It also allows users to automate routine tasks and includes an alert framework designed to bring peace of mind by alerting users before bills go unpaid or before any account’s balance becomes too low to meet commitments and forecasted expenses.
Innovation type: Online UI, Payments, PFM
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Investing is scary. I can invest, but I forget to buy or sell or rebalance. My financial advice has been useless. I want to be in control of my finances. I know I should be doing more with my money. 
Nutmeg knows that investing is about more than money. It’s a passport to the life you want. That opportunity shouldn’t be reserved just for the wealthy, or just for those in-the-know.
Nutmeg asks, what if investing were simple and beautiful? And what if everyone could do it?
Innovation type: Investing, online UI, PFM
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Banks around the globe have really struggled to understand how they can leverage the power of Facebook. 
Serverside has developed a new and unique way to leverage Facebook in an exciting and engaging manner that drives real brand value, loyalty and engagement from your customers.
Innovation type: Cards, marketing

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Going paperless saves money and improves customer service. However, most customers are not switching off paper because the registration process is inconvenient, complicated and results in having to remember another username and password and to fetch the document every month.
Striata’s eConsent puts you in control of the paperless conversion process. Its clients are exceeding their paperless objectives and achieving a positive ROI in a matter of months.
Innovation type: Back office, communications, marketing

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What would make the biggest impact on the way you manage cash flow and financing? Improved processes? Streamlined operations? Or maybe more flexibility in the way you manage payment terms with suppliers?
Things change. Shift happens. Tradeshift has already transformed invoicing, now its doing the same with supply chain finance. 
Innovation type: Back office, payments, small business

Tradeshift Signs Deal With French Government

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Recently, the French government signed a deal with online invoicing company Tradeshift. One of the government’s divisions, ADETEF, plans to implement the London-based startup’s invoicing technology:

“ADETEF, which is the international assistance agency of the ministries for economy, budget and sustainable development, will use the company’s online platform to connect with suppliers and manage invoices digitally, eliminating the need for manual processing.”

This move aligns with The Pan-European Public Procurement Online (PEPPOL) initiative that aims to standardize e-invoicing for the European Union.

To learn more about Tradeshift, come watch its live demo at FinovateEurope February 7, 2012 in London.

Monitise Signs 5 Year Partnership Agreement with FIS

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Mobile banking platform company, Monitise and banking and payments technologies provider, FIS have entered into a five year strategic partnership agreement: 

“Under the terms of the five-year deal, which involves multi-million dollar per annum revenues, FIS and Monitise have created an agile mobile development and deployment team that will help banks and other financial institutions defend and extend their role in the payments industry by creating secure and innovative new products and services.'”

While the two were previously in a joint venture agreement, Monitise bought out the joint venture a little over a month ago, leaving FIS with a 3.3% equity stake.

To learn more about Monitise and FIS, watch Monitise’s Finovate 2007 demo and FIS FinovateFall 2010 demo.