Finovate Alumni News

On Finovate.com

  • Five Degrees Teams Up with ieDigital to Launch Digital Banking Portfolio.
  • Sezzle’s $100 Million Line of Credit to Fuel Delayed Payment Tool.

Around the web

  • LoanScorecard unveils SimpleCECL, its solution for loan-level analyses for Current Expected Credit Loss (CECL).
  • Onfido wins 7th place in Deloitte’s 11 fastest growing tech companies in the U.K. roster.
  • OutSystems earns recognition in two categories of the 2018 Gartner Peer Insights Customers Choice reviews: Mobile App Development Platforms and Enterprise High-Productivity Application Platform as a Service (HPaPaaS).
  • Payment Ninja introduces new invoice management feature of its platform.
  • Diebold Nixdorf inks Memorandum of Understanding with Europol to boost cybersecurity knowledge sharing.
  • Entersekt announces plans to expand to Nordic region.
  • RightCapital partners with Commonwealth.
  • Onfido, Azimo, TransferWise, and Kantox earn spots on Deloitte U.K.’s Fast 50.

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.

SuperMoney Launches Student Loan Refinancing Marketplace

SuperMoney Launches Student Loan Refinancing Marketplace

Financial services comparison site SuperMoney is venturing into new territory this week with the launch of its student loan refinancing comparison marketplace. And since student loans are the largest source of unsecured debt in the U.S., with outstanding loan amounts totaling $1.53 trillion, now is as good a time as ever for the new endeavor.

The new marketplace aims to help students make smarter decisions when refinancing their existing student loans. By submitting a single application, users can receive actual rate quotes in real time from multiple lenders, including LendKey, CommonBond, and SoFi. Each offer transparently shows users a breakdown of monthly costs, payments, and fees so that they can make the best decision based on their circumstances.

The free process takes seconds and won’t hurt applicants’ credit scores. And unlike other loan offer aggregation sites, SuperMoney doesn’t harvest and sell applicant information.

Founded in 2013, SuperMoney offers a range of widgets to help users find the right tools to achieve their financial goals. Users can compare mortgage offers, credit cards, loan offers, and annual percentage yields on savings and checking accounts. The company’s CEO, Miron Lulic, recently showcased at FinovateSpring 2018, where he demoed SuperMoney’s No-Fee Financing Platform that offers merchants access to turnkey financing that can help save them up to 10% on discount rate fees.

Today’s announcement comes just a couple of months after SuperMoney’s last product launch— an auto loan comparison engine. The tools allow prospective borrowers to use a single platform to compare between secured and unsecured loans, refinancing, and private party auto loans. Also this fall, the company announced it has surpassed $1 billion in financing requests to lenders via its platform.

MaxMyInterest Brings Intelligent Cash Management to Radius Bank

MaxMyInterest Brings Intelligent Cash Management to Radius Bank

Radius Bank has teamed up with MaxMyInterest. The pioneering virtual bank has joined the intelligent cash management platform to offer a new account, Radius Max Savings, that currently earns 2.06% APY and is available exclusively on the MaxMyInterest platform.

“Working closely with Radius Bank, an innovator in online banking, we have streamlined the account opening process to less than one minute,” Gary Zimmerman, founder and CEO of MaxMyInterest said. “As a result of this collaboration, which leverages our patent-pending Max Common Application technology, Max members can now earn higher yield on their cash in just a few clicks, without switching banks.”

MaxMyInterest’s platform enables high net worth depositors to seamlessly and automatically transfer cash balances among multiple accounts in order to secure the highest yields. Max members enjoy aggregate FDIC insurance coverage on their deposits, as well as consolidated tax reporting.

“From quickly opening an account to maximizing their return on deposit balances, the Radius Max Savings accounts on the MaxMyInterest platform is a big step forward in enhancing the banking experience for your clients,” President and CEO of Radius Bank, Mike Butler said. He called the partnership with Max “an industry differentiator.”

A community bank with assets of $1.2 billion, Radius Bank serves individuals, SMEs, unions, government entities and non-profits. The bank offers check deposit, billpay, P2P payments and card management for personal clients, and provides services including advanced treasury management and loan payment solutions for business customers.

MaxMyInterest demonstrated its automated cash management technology at FinovateFall 2014. Over the summer, the company teamed up with Dynasty Financial Partners, which added Max as a cash option for its network of more than 45 wealth management companies. MaxMyInterest added former TD Ameritrade executive Tom Bradley to its advisory board this spring. And near the beginning of the year, CNBC quoted the company’s head of business development and partnerships, Michael Halloran, on cash strategies for investors during times of market volatility.

Operated by Six Trees Capital, MaxMyInterest was founded in 2013 and is headquartered in New York City.

Revolut Readies for $500 Million Series D

Revolut Readies for $500 Million Series D

Revolut, the multi-functional cross-border card and app, is planning a $500 million Series D investment round, potentially enlisting tech giants like Softbank to its roster of investors, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

According to City AM, the fintech has aggressive plans for expansions, with plans to launch in the U.S. after the investment round. Revolut has seen major regulatory shortcoming preventing it from starting operations there.

Australia and Japan are also on Revolut’s radar.

The round, set to take place early next year, would give the fintech the necessary boost to enter the U.S. market, a particularly difficult geography to crack.

This comes after the firm’s last funding, which had the shocking figure of $250 million.

The unicorn, which has already surpassed the $1.7 billion valuation, has grown fivefold in the past year, despite reporting annual losses.

It is not known whether Revolut’s previous backers, which include Index Ventures, Draper Esprit and DST Global, will sign on to its next round.

Earlier this year, Softbank said it planned to invest around $200 million into fintech, from its $100 billion Vision Fund.

Founded in 2013, London-based Revolut demonstrated its multi-currency card at FinovateEurope 2015. Nikolay Storonsky is founder and CEO.

Finovate Alumni News

On Finovate.com

  • MaxMyInterest Brings Intelligent Cash Management to Radius Bank.
  • SuperMoney Launches Student Loan Refinancing Marketplace.

Around the web

  • Payfone recognized for growth with Deloitte’s 2018 Technology Fast 500 Award.
  • Benzinga talks with Kabbage Co-founder Kathryn Petralia.
  • IndusInd Bank launches Dynamics-powered, interactive credit card with buttons.
  • PayPal completes acquisition of Hyperwallet.
  • Education technology pioneer Kinderlime selects Gusto as its exclusive payroll provider.

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.

GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise

GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise

Cloud-based email security specialist GreatHorn announced a major expansion of its flagship solution, GreatHorn Email Security, transforming it into a comprehensive platform to defend institutions against email-borne threats from time of delivery to post-delivery.

The new addition, GreatHorn Mailbox Protection, gives users immediate, ready access to relationship and risk data to help them when interacting with their email messages. The solution lets users know the strength of their relationship with the sender, the date of their last outbound communication with the sender, the likelihood that the sender is from the domain they say they are, and the relative risk of any embedded links within the message.

Chris Fraser (VP of Strategic Accounts and Founding Team Member) and Sean Varga (Senior Account Executive) demonstrating the GreatHorn Inbound Email Security platform at FinovateFall 2017.

“The security industry continues to treat users as the ‘weakest link’ in their security practices, rather than as intelligent, informed, and vital parts of a true security posture,” CEO and co-founder of GreatHorn Kevin O’Brien explained. In contrast, GreatHorn’s solution turns this conventional wisdom on its head, empowering “end users to take action from the front lines” to fight malicious email messages.

The solution also enables users to confirm and quarantine email phishing attempts, build personal sender block lists, and easily tag spam email and transfer it to the trash. Currently in beta, GreatHorn Mailbox Protection will be available soon through the Microsoft Office and Google Chrome Web stores.

“GreatHorn is known for industry-leading phishing protection,” O’Brien said in discussing the new comprehensive platform. “With GreatHorn Email Security, we have expanded that protection to offer enterprises a truly comprehensive email security platform, tuned to safeguard them from the full range of today’s advanced email-borne threats.” O’Brien added that, as the “most critical business communication system in existence,” email deserves “best in-class protection, not just a small point solution, plug-in, or add-on.”

GreatHorn demonstrated its Inbound Email Security platform at FinovateFall 2017. The company leverages machine learning and automated response technology to spot and counter highly targeted, malicious message-based threats before the damage takes place. The platform’s security is provided without the need for major overhead, traditional network routing solutions, or perimeter blocking.

This fall, GreatHorn announced a new partnership with dmarcian, a North Carolina-based firm that specializes in DMARC accessibility for businesses. DMARC is an email security protocol that defends against phishing, social engineering, and other impersonation-based cyberattacks. And while widely adopted by the federal government agencies, the private sector has been to embrace DMARC, with adoption rates of 21%.

“Corporate email not only serves as a company’s lifeblood, but also as a brand ambassador as workers connect with the outside world,” dmarcian CEO Tim Draegen explained. “Yet we have to recognize that universal deployment of DMARC will take years to achieve. That’s why it’s so critical for organizations to use GreatHorn to protect their email from external domain spoofs and impersonations, as well as non-authentication-related threats.”

GreatHorn has raised $8.8 million in funding, and includes TechStars, ff Venture Capital, Uncork Capital, and .406 Ventures among its investors. The company is headquartered in Belmont, Massachusetts, and was founded in 2015.

FinovateAfrica Sneak Peek: Yoco

FinovateAfrica Sneak Peek: Yoco

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

Yoco is an African technology company that builds tools and services to help small businesses get paid, run their businesses better, and grow.

Features
Yoco Capital includes:

  • Fast, simple access to a cash advance
  • No security or collateral required
  • One-of-a-kind payback method with no debit orders or late fees.

Why it’s great
Yoco Capital is the simplest, fastest way to access a cash advance for your business with an effortless, one-of-a-kind payback method.

Presenters

Bradley Wattrus, CFO and Co-Founder
Highly experienced in business strategy and venture development, Wattrus enjoys the daily challenges of the fintech industry.
LinkedIn

 

Clayton Brett, Capital Product Owner
Brett has 15 years of financial industry experience in business analysis and project management.
LinkedIn

FinovateAfrica Sneak Peek: OUTvest

FinovateAfrica Sneak Peek: OUTvest

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

OUTvest is a new generation wealth platform. The company has integrated wealth planning and execution and management, online or with human advisors.

Features
OUTvest built its own capabilities to design proprietary advice algorithms, investment exposures and user experience, and deliver it in a simple client experience.

Why it’s great
Imagine if investing was as easy as driving a car: all the technology is there, it’s just as easy to use.

Presenters

Grant Locke, Head of OUTvest
Locke is a CFA charterholder and has worked in the investment industry for more than 15 years in the U.K. and South Africa. He is a passionate advocate that investing is a personal finance solution.
LinkedIn

 

Niel de Bruin, Head of Operations
de Bruin is a CA(SA) and has been in the financial services industry since 2002. “He is one hell of an operator and a phenomenal business partner,” says Grant Locke.
LinkedIn

FinovateAfrica Sneak Peek: DocFox

FinovateAfrica Sneak Peek: DocFox

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

DocFox automates compliance for the new FICA Act with document processing, client screening, risk rating, and bank account verification.

Features

  • Automate cumbersome and manual processes in compliance
  • Breeze through regulatory audits
  • Branch into new areas of business previously too high risk to enter

Why it’s great
DocFox handles the compliance needs of any organization, of any size, serving all types of clients from individuals to complex offshore structures.

Presenter

Richard Cohen, Director and Co-Founder
Cohen has been a shareholder and board member of DocFox from the inception of the company. He is a qualified economist, Chartered Accountant and a Chartered Financial Analyst.
LinkedIn

Finovate Alumni News

On Finovate.com

  • GreatHorn Unveils Comprehensive Email Security Solution for the Enterprise.

Around the web

  • UrbanFT Co-Founder Mark Kilpatrick named to Forbes’ 30 Under 30.
  • Entrust Datacard IntelliTrust Cloud Service strengthens authentication for Microsoft Azure customers.
  • NIIT Technologies partners with R3 to build solutions on the Corda Platform.
  • CardFlight earns top 50 ranking in the 2018 Deloitte Fast 500 roster.

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.

MoneyHub Secures Investment from Nationwide

MoneyHub Secures Investment from Nationwide

Financial tools company MoneyHub announced today it received an undisclosed amount of funding from the venture arm of financial services giant Nationwide, which used a portion of its $64.5 million fund to take a minority stake in the U.K.-based fintech.

Tony Prestedge, deputy chief executive at Nationwide Building Society, said, “It’s important that the Society invests for the future to ensure we remain at the forefront of innovation. Investing in start-ups like Moneyhub helps us identify, learn about, and explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.”

Interestingly, this isn’t MoneyHub’s first tie-up with the insurance industry. The company was acquired by South African insurance company MMI Holdings in 2014.

Founded in 2009, MoneyHub offers direct-to-consumer, direct-to-advisor, and enterprise versions of its personal financial management technology. The company aggregates consumers’ financial data onto a single platform to offer a holistic view of their overall financial health. In August, MoneyHub received authorization as a payment initiation services provider from the U.K.’s Financial Conduct Authority. This certification enables the firm to allow users to initiate payments across accounts from within its platform.

In April, MoneyHub solidified its commitment to open banking by partnering with challenger banks Monzo and Starling in an integration that enables the banks’ clients to use the Moneyhub app to link their checking and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs, and investments. “While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent. We know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future,” said Prestedge.

MoneyHub most recently presented at FinovateEurope 2017, where it debuted the SmartAssist tool for the enterprise version of its software. SmartAssist is an intelligent messaging feature that leverages AI to help consumers manage their finances and plan for the future.

Lighter Capital Increases Funding Limit to $3 Million

Lighter Capital Increases Funding Limit to $3 Million

Revenue-based small business financing startup Lighter Capital announced today it has increased its funding limit by 50%.

The Washington-based company will now provide tech startups with up to $3 million in working capital in exchange for 2% to 8% of their business’ future revenue. The $3 million cap is up from Lighter Capital’s previous funding limit of $2 million. Unlike with VC funding, startups retain full ownership of their company.

“As more and more tech entrepreneurs discover alternatives to equity-based venture funding, we realized the need for even more significant financial commitment,” BJ Lackland, CEO of Lighter Capital said. “The reality is, most banks won’t fund small, early-stage tech startups, and venture capitalists demand significant equity in the company. By increasing our loan amounts by 50 percent, we can ensure burgeoning tech startups can rapidly expand and get ahead of competition.”

Founded in 2010, Lighter Capital has funded more than 270 early stage tech startups in 450 funding installments totaling $125 million. The company today announced it has provided an additional $555,000 in funding to proptech company ListReports. Thanks to the more than $2 million in total financing from Lighter Capital, ListReports has increased its revenue by 11x since Lighter Capital first began investing in it in 2016, Regarding the round, Lackland said, “Since day one, ListReports has been on an upward trajectory, showing continuous growth, while building out a sustainable business model. We’ll happily provide them with the financing they need to become a dominant force in the real estate technology market.”

Lighter Capital most recently demoed at FinovateFall 2013 where it showcased loan analysis and monitoring tools. Last month, the company launched a new Client Perks Program and a few weeks back appointed Anthea Louie as Chief Marketing Officer.