Alumni News: Week of May 2 and May 9

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Backbase

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Backbase will provide TCS Bank in Russia with a website integration solution through Bank 2.0 Portal. Link

Bill.com

Bill.com rolled out Sage Peachtree Sync, software for controlling bill payment and management. Link

BrightScope

BrightScope released its second annual list of the Atlanta-based companies with the best 401k plans. Link

CashEdge

CashEdge expanded Popmoney service by adding Popmoney for Prepaid. It also announced a partnership with TxVia. Link 

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Check Point Software Technologies

Check Point was listed on Acadian Asset Management’s Top 15 Buys list.  Link


Cortera

Cortera announced a new version of its PULSE app, a customer monitoring service. The new version will add Growth Clues alert.  Link


DebtGoal

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DebtGoal hired Igor Vaks, former Experian CIO, as new COO. Link


eToro

eToro emerged as the preferred platform for building forex wealth through web trading.  Link

Expensify

Expensify advertised on giant billboard in the Bay Area. Link

Fiserv

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Fiserv announced improvements to its Relationship Rewards. Link

ID Analytics

CoreLogic partnered with ID Analytics to integrate ID Network with LoanSafe Fraud Manager. Link

ID Analytics will host Advance 2011, its 9th Consumer Risk Management Conference, this September.  Link

IP Commerce

IP Commerce recently raised another round of funding. Link

Lending Club

Lending Club issued a record high of $17.5M loans in April. It is the 4th record month in the past 5. Link

Lending Club won Webby Award for the Banking/ Bill Paying category. Link


Mint 

Mint won Webby Awards for the Financial Services category. Link

MoneyAisle

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yAisle launched live auctions for unsecured personal loans to help consumers across a wide range of credit scores. Link

PayNearMe

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PayNearMe raised $16M in funding from new and current investors. Link

Plastyc

Plastyc won a patent for improved online payment methods. Link

Prosper

Prosper increased loan volume by more than 50% compared to 3 months ago, issuing over $5M in new loans in April. Link

Yodlee

Yodlee is looking into developing mobile apps with new “FinApp Store” strategy. Link

FinovateSpring 2011 Best of Show: BancVue, BankOns, Dwolla, oFlows, Mitek, PayNearMe & Wikinvest

imageFinovateSpring 2011 is a wrap. It was an inspiring two days, with 64 demos, all with an interesting twist or two or three on the state-of-the-art.

In the end, seven were chosen by the audience as best of show, but it was a tight race. Most companies received a significant number of audience votes and piles of business cards in the networking sessions.

The FinovateSpring 2011 Best of Show winners (in alphabetic order):

  • BancVue for its youth-oriented financial game system, MoneyIsland
  • BankOns (company launch) for its mobile merchant-funded rewards system
  • Dwolla for its alternative payment service (taking root in Iowa)
  • oFlows for taking mobilizing the application process via iPad2
  • Mitek Systems for Mobile Photo Billpay, doing for paper bills what it did for checks
  • PayNearMe for enabling online bills and transfers to be paid with cash at a 7-11 store
  • Wikinvest for SigFig, a service to help users understand investment costs & alternatives

Congratulations! And thanks to everyone who presented, sponsored, attended and followed the #finovate tweets.

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Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.   
2. Attendees were encouraged to note their favorites as the day went on and choose 3 favorites from just the demos of that day. Ballots were turned in at the end of the last demo session each day. 
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation they demoed. Note: Ballots with more than three companies circled will not be counted.” 
4. The seven companies appearing on the highest percentage of submitted ballots were named Best of Show.

BrightScope’s New Tool Shines on Financial Advisors

Last week, BrightScope launched Advisor Tool, a new and improved way to search for investment advisors.

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Twin brothers Mike and Ryan Alfred founded BrightScope in 2007 with a goal to “bring transparency to opaque markets.” It accomplishes this through two free services:

  • A tool that allows users to view the ratings and rankings of public-company retirement plans (401ks) accessed through a public database.
  • The new Advisor Tool, which provides key info for selecting an advisor such as experience, fees, and average account balance.

Here’s how Advisor Tool works:

  1. Decide: Choose to search for an individual advisor or firm
  2. Set parameters: Enter what you’re looking for, such as the advisor’s name, city or state, the value of assets, and so on (see inset below).
  3. Compare: The results include basic info: location, qualifications, area of specialty, client types and more detailed data such as legal disputes, formal complaints, cost of services, and a list of exams passed.  
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Advisor Tool Features

It allows you to compare and contrast the following characteristics of up to three advisors at a time:

  • Type of registration held
  • Current employer
  • Dollar value of the assets under management
  • Average account balance
  • Primary client type
  • Years of experience
  • Fees the advisor charges
  • SEC & FINRA disputes

Results can be filtered by the following criteria:

  • Number of assets
  • Average account balance
  • Current employer
  • Client types

Analysis

Besides sitting down with a phone book, asking Aunt Laura, or Googling financial advisors, users can search directly through the FINRA and the SEC databases. However, both have been described as “clunky” and “needlessly complex.” BrightScope brings web 2.0 search and discovery to this important area.

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While the tool is powerful, it is not without limitations. The results are only as good as the sources of information used, primarily Financial Industry Regulatory Authority (FINRA) BrokerCheck database and the Securities Exchange Commission (SEC) investment advisor database. 

But as advisors upgrade their listings, for a fee, with photos and other detailed information,

search results will prove even more useful. BrightScope expects to be one of the most effective marketing tools available to advisors. 

And BrightScope has ambitions beyond investment advisors. It’s already working on a similar service for insurance agents that should be available later this year.
Search results allow for a quick view of advisor info (5 May 2011)

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