CashStar Raises $12 Million in Series C Financing

CashStar.jpgYesterday, e-gifting platform CashStar announced that it raised $12 million in Series C financing:

“The funding will be used to help drive continued adoption of digital gifting and grow CashStar’s retail brand network. Mandarin Oriental Hotel Group is another brand that has just partnered with CashStar to offer consumers a more personalized way to gift and incent.”
Investors included FTV Capital, Steven Boal (President & CEO of Coupons.com), and Passport Capital. 
To learn more about CashStar, watch its demo from FinovateFall 2011.

Bank of America Will Use Yodlee’s FinApp Platform

Thumbnail image for Thumbnail image for yodlee.jpgYesterday, California-based Yodlee announced an extended service arrangement with Bank of America to implement Yodlee’s FinApp platform. 

FinApp capabilities include:

    • Transaction-based offers (i.e. merchant-funded rewards)
    • Tax preparation from H&R Block
    • Custom savings plans
    • Credit score improvement module
    • P2P money transfers
To learn more about how Yodlee is helping banks to tailor the client’s experience, watch its FinovateFall 2011 demo

Finovate Alumni News, October 27, 2011

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCredit Karma is giving away free credit-monitoring service to first 12,500 readers.
  • HelloWallet opens a second office in San Francisco.
  • FreeMonee tells AOL Daily Finance that it is to launch a merchant-reward plan with a major U.S. bank on Nov 17.
  • Credit Union Times reports that mShift is one of the three largest providers of mobile banking tools to credit unions.
  • ABC News looks at BankSimple’s alternative banking approach.
  • Auto insurance & finance providers The General, Mark One Holdings, &  Freeway Insurance add BillFloat as a payment option.
  • Continuity Control endorsed by Western Independent Bankers.
  • Expensify launches an app for the Windows phone.
  • Mlive.com recommends using BillShrink (Truaxis) to avoid an outrageous mobile bill.
  • Mint.com and Budgettracker.com are recommended as two tools for mitigating financial mistakes.
  • Bank of America will use Yodlee’s FinApp 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.

Wikinvest Launches iPad Version of its Portfolio Tracker

Thumbnail image for wikinvest.jpgToday, Wikinvest launched Wikinvest Portfolio HD, an iPad version of its portfolio tracker. The app aggregates accounts from more than 60 of the largest U.S. brokerage firms. 

The app features: 
  • Visual analytics to provide insight into metrics
  • True asset allocation
  • Geographic allocation (shown below)
iPadGeographicDistributionOverlay.jpg
To learn more about the technology behind the app, watch the Wikinvest demo from FinovateSpring 2011 and its SigFig demo from FinovateFall 2011.

Weemba’s Loan Listings by Type

Thumbnail image for weemba.jpgYesterday, American Banker dissected Weemba’s loan listings since the startup launched four weeks ago. Here is the breakdown of 150 loans requested so far:

  • Health care: 55% of loans
  • Small business financing: 12%
  • Automobile, motorcycle or other vehicle: 12%
  • Mortgages and home improvement projects: 10%
  • Student loans: 6%
  • Other: 5%
The average loan request = $37,000

To learn more about Weemba, watch its demo from FinovateFall 2011.

Finovate Alumni News– October 25, 2011

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgGeezeo signs three more referral engine clients.
  • ComputerWorld looks at how SilverTail Systems mitigates fraud.
  • Bank Innovation highlights CashStar’s partnering with banks for its gift-reward program.
  • Zecco is listed as 1 of 7 smart ways to invest $100.
  • Weemba reports a growing number of personal loan requests.
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.

American Banker on How Four Finovate Alums Unwrap the Payments Genome

Earlier this week, American Banker described the science that FinTech companies use to learn the spending habits of consumers, the Payments Genome.

All four fintech companies cited in the article are Finovate alumni. Here are the techniques employed:

Thumbnail image for Thumbnail image for TruaxisLogo9.11.jpg

  • Truaxis uses an algorithm to infer consumer behavior.Thumbnail image for T8WebwareLogo.jpg
  • T8 Webware uses a modified version of an algorithm used by gene scientists to create new crop species, Hidden Markov ModelBillGuard.jpg
  • BillGuard uses its userbase to flag questionable transactions (i.e., crowd sourcing)
  • Micronotes performs regression analysis on each customer’s transaction data to cross-sell products.Thumbnail image for Micronotes (2).jpg
To learn more about each of these companies, watch Truaxis’ FinovateFall 2011 demo, T8 Webware’s FinovateFall 2011 demo, BillGuard’s FinovateFall 2011 demo, and Micronotes’ FinovateFall 2010 demo.

Pageonce Launches Mobile Bill Pay Service That Allows Consumers to “Tap to Pay”

Pageonce Logo.jpgEarlier today, Pageonce launched a mobile bill pay service that provides consumers more flexibility when paying bills:

“Now Pageonce gives users the option to pay immediately from their choice of accounts with a few taps on their smartphone. Pageonce makes paper bills, checks and stamps, and logging into several different websites for online bill pay, obsolete — helping users save time and avoid annoying late and overdraft fees.”

Here’s how it works:

Pageonce collects information about a user’s bills, including due date, amount due and itemized details, and presents them in an easy-to-read format on a smartphone. Before a bill is due, users get an alert that allows them to pay in three steps:
1. Select how to pay 
2. Enter the amount 
3. Tap Pay

This service is available on Apple and Android platforms for $4.99 per month.

To learn more about Pageonce, watch its FinovateFall 2010 demo.

Finovate Alumni News– October 24, 2011

  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSouth Florida Business Journal covers Weemba’s borrower-lender matching service.
  • Deutsche Well World profiles eToro and also highlights Currensee and Zecco.
  • Expensify launches a lite version of its iPhone app.
  • RobotDough announces its Portfolio Monitoring Tool & discusses its FinovateFall experience.
  • NBC 12 in Virginia reports InComm named Leading Prepaid Organization and Best Prepaid Product Distributor at 2011 Prepaid Awards.
  • FierceFinanceIT looks at how Zecco and TradeKing are using social media.
  • On Deck Capital reviews its experience at BAI.
  • Fox Business News looks at PayNearMe’s quest to assist consumers without credit cards.
  • HelloWallet launches feature that allows users to manually add transactions.
  • Spectrem’s Millionaire Corner blog profiles Bills.com.
  • Pageonce launches Mobile Bill Pay Service that allows consumers to “Tap to Pay.”
  • American Banker on how four Finovate alums unwrap the payments genome.
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.

Prosper’s Big Month: September Volume 4x Larger than 2010

Prosper Logo.jpg

Yesterday, peer-to-peer lending service Prosper.com announced a four-fold, year-over-year increase in the number of loans it has funded. 
In addition, it provided data for September:
  • “Record September originations of $7.4 mil, up almost four-fold from $2.0 mil last year
  • 11% compounded monthly growth rate over the last 12 months
  • Currently, providing a 10.7% “seasoned return” to investors
  • Actual annualized loss rate of 5.5%, beating forecast loss rate of 7.1%
  • High credit-quality consumer loans: 737 average Experian Scorex PLUS credit score for first-time Prosper borrowers.”
To learn more about Prosper.com, watch its FinovateStartup 2009 demo.

Finovate Alumni News, October 21, 2011

  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAfter being acquired by Taulia, billFLO announces its services will be shutting down Dec 1, 2011.
  • Fox Business News mentions ChargeSmart’s mortgage payment solution.
  • DoughMain explains how to ease children’s financial fears. 
  • Business Insider uses BillFloat and Prosper.com as examples of alternative financing companies.
  • Dwolla now integrated with Active Merchant for use in Shopify.
  • Weemba seeks to help with cash-flow issues during the holiday season.
  • Prosper’s September volume is four times larger than 2010.
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 Website Traffic in August

Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete
Out of 268 alumni, 75 had more than 10,000 unique U.S. visitors in August 2011 and are included in the tables below. Of those, 41 (55%) had more visitors in August than July. Year-over-year, 45 (60%) had traffic increases.
Private Companies
  • Seeking Alpha — the most-trafficked in August with 2.5 million unique visitors — also had the highest increase in number of unique month-over-month visits with 300,000 more visits in August than in July.
  • Budgettracker.com saw the highest monthly growth percentage with more than 6.5 times the number of unique visitors in August compared to July.
  • Betterment had the highest percentage growth year-over-year, up 88x.
  • Cortera had the highest number of unique year-over-year visitors, growing by 1.5 million. 
August2011PrivateWebTraffic4.jpg
Source: Compete.com retrieved week of October 3, 2011
1) The previous month recorded was July 2011
2) Truaxis was formerly BillShrink
4) Kasasa is powered by BancVue
5) Checkingfinder.com is powered by BancVue

Public Companies

  • Fiserv had the highest month-over-month percent growth, with 50% more visitors.
  • CheckFree had the highest percentage growth year-over-year, with over 5 times the number of visitors.
  • S1 also had a high percentage growth year-over-year, doubling its visitors.
August2011PublicWebTraffic5.jpg
Source: Compete.com retrieved the week of October 3, 2011
1) The previous month recorded was July 2011.
_______________________________________________________
Notes:
1. We reviewed 268 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed. 
3. NM = Not measurable
4. t= Tie
5. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.