Author: Julie Muhn (@julieschicktanz)

With Kabbage’s SocialKlimbing, Online Merchants Benefit From Being Social

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

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This morning, Kabbage demonstrated SocialKlimbing, which enables online merchants to benefit from engaging in online social activity:

“Kabbage has launched the SocialKlimbing feature of its system, which enables online merchants to associate their social activities with their Kabbage account. By doing so, Kabbage incorporates information from these social media sites to underwrite risk and enable online merchants to receive a benefit by actively engaging with audiences interested in their products and services.”

Product Launched: June 2010 
HQ Location: Atlanta, GA 
Company Founded: February 2009 
Metrics: Just under $26M raised from accredited investors and partners, 22 employees
Website: kabbage.com
Presenting Marc Gorlin (Chairman & Co-Founder) & Kathryn Petralia (COO)

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Segmint Helps Banks Use Facebook to Better Understand Clients

By Julie Muhn (@julieschicktanz) Posted on
Categories: Segmint

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Today, Segmint introduced SegmintSocial, a platform that enables financial institutions to use Facebook to better understand their customers and interact with them on Facebook:

“Today, when responding to customer posts on Facebook©, Financial Institutions (FIs) do not have visibility into the relationship that they have with that customer. With SegmintSocial, the FI employee monitoring Facebook now has a complete list of KLIs and an understanding of the product mix, demographics and lifestyle spending patterns of customers when they post on the FI’s Facebook page. SegmintSocial also provides the FI customer a Facebook page containing customized FI and reward offers. These two unique online experiences enable the FI to deliver a more engaging and relevant social experience for their customers.”

Product Launched: September 2011

HQ Location: Akron, OH
Company Founded: 2008
Metrics: 24 employees, 10 patents pending
Website: segmint.com
Presenting Rob Heiser (Co-Founder & CEO) & Nate Shahan (Co-Founder & VP Product Development)

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Betterment Enables Goal-Based Decision Making

By Julie Muhn (@julieschicktanz) Posted on
Categories: Betterment

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Next, Betterment shared Multiple Goals, a feature that helps consumers make smart decisions:
“Betterment is committed to helping consumers make the right investing decisions to meet their financial goals. Our new goal based tool enables users to make smart, goal-based investment decisions. In keeping with Betterment’s easy and intuitive user experience, we’ve created a simple three step process that empowers users to invest towards specific goals.
Step 1 – A user identifies their goal (i.e. retirement, buy a house, vacation, etc.), when they want to reach this goal, and how much they will contribute towards this goal.
Step 2 – User selects short term risk tolerance for this particular goal, based on Betterment’s projections of likely return, potential upside and downside.
Step 3 – User selects long term risk tolerance for this particular goal, based on Betterment’s projections.
After completing these three steps, the user receives a recommended portfolio allocation, and, can set their portfolio for this goal with just one click. Reaching future goals through investing is now faster and simpler than ever before!”
Product Launched: September 2011
HQ Location: New York, NY 
Company Founded: August 2008 
Presenting Jon Stein (Founder & CEO) & Anthony Schrauth (SVP Product)

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Google Advisor Allows You to Check Mortgage and Credit Card Rates in Real Time

By Julie Muhn (@julieschicktanz) Posted on
Categories: Google

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This morning, Google demonstrated Google Advisor, a technology that allows you to check rates in real-time:
“With Google Advisor, you enter information about what you’re looking for in a mortgage, credit card, CD, or checking and savings account. We show you a list of the offers that match your criteria, along with rates and contact information. Google Advisor is designed especially to help you make these difficult financial decisions easily, with:
  • Speed: As you change your criteria, the results update instantly. You’ll still have a list of all your options in one place, so you can quickly compare different offers.
  • Trust: By setting your own search criteria, you’re able to see only those offers and rates that apply to you, which means you can compare applicable offers without even contacting a provider first.
  • Control: You only need to provide the minimum amount of information we need to show you offers that are right for you. You have full control over what you want to share, and which providers you choose to talk to–and you don’t have to submit any personal information until you want to.”
Product Launched: May 2011

HQ Location: Mountain View, CA 

Company Founded: January 1996 
Website: Google.com
Presenting Dan Shapiro (Product Manager for Google Advisor)

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Demyst.Data Offers Predictive Analytics to Optimize Your Lending Portfolio

By Julie Muhn (@julieschicktanz) Posted on
Categories: DeMyst Data

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This morning, Demyst.Data launched its predictive analytics tool that offers portfolio optimization:
“Demyst.Data is a web based modeling toolkit to help lenders grow thin file portfolios without increasing their risk levels. With minimal inputs, the tool provides for better segmentation on customers typically rejected due to a lack of data through:
  • Convenient access to rich consumer level data including telecommunications, geo-location, demographics, and social networks.
  • Proprietary statistical techniques that outperform logistic regression when working with emerging messy data sources.
  • Painless technology to configure and integrate bespoke API’s which bridge the gap between your current processes and optimized product offers.”
Product Launched: September 2011 at FinovateFall 2011

HQ Location: New York & Hong Kong 

Company Founded: June 2010 
Presenting Mark Hookey (Founder) & Kevin Denberg (Co-Founder) 

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Weemba Puts Borrowers In Control of the Lending Process

By Julie Muhn (@julieschicktanz) Posted on
Categories: Weemba

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Kicking off FinovateFall this year, Weemba demoed its social platform that matches borrowers and sellers. It allows borrowers to choose which lenders see their profile. With this platform:

“Borrowers create a profile under a nickname, and post a project to obtain financing from one of the many professional Lenders registered in Weemba. Besides the reason for and amount of a loan, profiles may include everything from the Borrower’s income, education level and veteran status (Individuals) to their number of employees, annual sales or revenues and articles of incorporation (Businesses). 

Lenders will be able to search projects created by those Borrowers and narrow them down by credit score, amount needed, location, type of loan and more. When a Lender finds an interesting project, the Lender then may ask the Borrower for access to their real identity, as well as private details about the project. Professional Lenders will be able to find the exact Borrowers they want, not information that is old, recycled, uncertain or vague. If the Borrower grants access to the Lender, all further contact and any negotiations take place outside Weemba.”

Product Launched: August 2011

HQ Location: Miami Beach, FL

Company Founded: January 2011
Metrics: $5.5 million raised, 18 employees

Website: weemba.com
Presenting Annette Gallagher (CEO) & Matthew Reid (Chief of Lender Relations)

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HelloWallet Sees Growth, 7 Million U.S. Workers To Benefit From PFM

By Julie Muhn (@julieschicktanz) Posted on
Categories: HelloWallet

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Earlier this week, HelloWallet announced the success of its PFM service designed for the employees of Fortune 500 companies:
“(HelloWallet) sold over 200,000 memberships to leading employers since launching their full application in May.” 

The startup also announced new partnerships with employee benefits providers that collectively serve over 7 million U.S. workers, which will roll-out through 2013. The adoption and enrollment of this service among employees is also impressive:

“Average take-up rates among Fortune 500 employer partners of HelloWallet also continue to exceed industry standards, now up to an average 20 percent enrollment rate within 3 months of launching.”

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

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Micronotes & Yodlee Power Logout Promotions at 1st Advantage Credit Union

By Julie Muhn (@julieschicktanz) Posted on
Categories: Micronotes

Thumbnail image for Micronotes (2).jpgLast week, Bank Technology News reported how 1st Advantage Federal Credit Union transitioned away from banner ads during online banking sessions due to low clickthrough rates.

In place of banner ads, the CU implemented KulaX from Massachusetts-based Micronotes:
“(KulaX) presents three questions, targeted to a specific user and designed around a specific product. The questions are presented only when the user logs out.
The technology can use either transaction data gathered by the bank or its own analysis engine to target its questions. KulaX tracks responses and the actual use of the offers it presents.”

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The Credit Union has also partnered with Yodlee:
“In addition to cross-selling bank products, Micronotes can present merchant-funded offers through another product it has developed with the vendor Yodlee Inc. called Yodlee Offers.”
According to Yodlee, the merchant-funded rewards will be more data-intensive and thus better targeted.
Both Micronotes and Yodlee will be presenting next week at FinovateFall. Get your ticket here. To learn more, watch Micronotes’ FinovateFall 2010 demo and Yodlee’s FinovateEurope2011 demo.

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doxo Adds Sound Community Bank to Network of Providers

By Julie Muhn (@julieschicktanz) Posted on
Categories: Doxo

doxologo9.11.jpgLast week, doxo, a digital billing and statement organization system, announced that Seattle-based Sound Community Bank has joined its network.

“Sound Community Bank clients can now receive paperless statements and other documents from their bank directly in their doxo digital file cabinet. With doxo, Sound Community Bank significantly reduces the costs associated with printing and mailing documents, while offering their clients a convenient free tool for managing their account without paper.”

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In addition to managing their account, Sound Community Bank clients can also use doxo to store personal documents such as medical records and receipts. 
To see how doxo works, watch its demo from FinovateSpring 2011.

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Balance Financial Updates iPhone App

By Julie Muhn (@julieschicktanz) Posted on
Categories: Balance

BalanceFinancial.pngYesterday, Balance Financial unveiled a new iPhone app update that’s available to those currently using Balance’s services:

“Their new iPhone app compliments basic web access to Balance and includes a dashboard of activity, ability to contact your bookkeeper, alerts, payment history and photo bill pay.”

Devin Miller, CEO, says the most popular feature of the app is the photo bill pay, which comes in handy when clients receive one-time bills that occur outside of monthly payments:

“The bill will be sent to the users Balance account for processing and the assigned Personal Bookkeeper will ensure the bill is properly reviewed and processed. Balance software has an integrated image processing component that examines each bill image and automatically files and reviews the bills before payment.”
The app is now available in the Apple App Store for 99 cents.
For more information on Balance Financial, come see its live demo at FinovateFall later this month and watch its demo from FinovateSpring.

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Five Finovate Alumni Listed in Inc. 1000

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancVue, Billeo, Braintree, Lendio, Q2ebanking
Last week, Inc. Magazine released its list of the 5000 fastest-growing, private U.S. companies. Five* Finovate alumni made the list, all in the top 1000. Three made the top 500 and one was in the top 50. 

BraintreeLogo.jpgBraintree

Rank: 47
Description: Assists businesses in processing payments by providing a merchant account, payment gateway, recurring billing service, and helping with PCI compliance. 
3-year revenue growth: 40x
2010 revenue: $4.6 million
2007 revenue: $100,000
Employees: 27
Employee growth: 25
Founded: 2007

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Rank: 309 
Description: Helps business owners find capital by matching them with banks, lenders, or other funding sources.
3-year revenue growth: 11x
2010 revenue: $8.6 million
2007 revenue: $740,000
Employees: 45
Employee growth: 24
Founded: 2005

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Rank: 377
Description: Offers secure online banking, payment, and security solutions. 
3-year growth: 10x
2010 revenue: $18.5 million
2007 revenue: $1.8 million
Employees: 118
Employee growth: 73
Founded: 2004

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Rank: 597
Description: Consults with community banks and credit unions to offer them innovative products and marketing. 
3-year growth: 6.4x
2010 revenue: $57.1 million
2007 revenue: $8.9 million
Employees: 305
Employee growth: 193
Founded: 2005

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Rank: 760
Description: Provides a secure and easy method of populating payments and checkout forms.
3-year growth: 5.2x
2010 revenue: $3.1 million
2007 revenue: $580,000
Employees: 15
Employee growth: 3
Founded: 2006
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*Methodology: 
“Companies are ranked according to percentage revenue growth from 2007 through 2010. To qualify, companies must have been founded by, and be generating revenue by, March 31, 2007. Additionally, they had to be based in the United States, privately held, for profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2010. (Since then, a number of companies on the list have gone public or been acquired.)
The minimum revenue required for 2007 is $100,000; the minimum for 2010 is $2 million. Revenue figures given in the company profiles are for calendar years, as are employee counts. Full-time and part-time employees are included in the employee counts; independent contractors are not.”

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Cardlytics Signs Alliance with Groupe Aeroplan, Receives $33 Million

By Julie Muhn (@julieschicktanz) Posted on
Categories: Cardlytics

Cardlytics.jpgCardlytics, a consumer advertising startup which delivers targeted promotions within bank and credit card statements, announced a major strategic investment today:

“It has signed a long-term global strategic alliance with Groupe Aeroplan, a global leader in loyalty management. As part of the alliance, Groupe Aeroplan and existing investors are injecting an additional $33 million in capital to fund U.S. and International growth.”

Groupe Aeroplan is a loyalty management company that has a wide international presence and is hoping the alliance with Cardlytics will facilitate its expansion into the United States.

To learn more about Cardlytics, come see its live demo at FinovateFall later this month or watch its FinovateEurope 2011 demo.

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