Ondot Systems Unveils Card Control Integration Platform

Ondot Systems Unveils Card Control Integration Platform
By David Penn Posted on
Categories: Ondot Systems

Card control innovator Ondot Systems released its multi-interface card control integration platform today. The San Jose, California-based company, which won Best of Show at FinovateSpring 2014, has combined a server-side API, mobile apps, and an HTML5 framework to give FIs the ability to add card control technology to their mobile banking solutions. “Much as Facebook Messenger fits completely within Facebook, Ondot’s Mobile Card Services platform can sit perfectly within any financial institutions’ mobile banking app,” Ondot Systems Senior Director of Product and Professional Services, David Golden said. “(This) drives more mobile engagement as consumers establish their own card usage preferences.”

Golden credited mobile card control services for providing banks with average revenue gains of $30 per user per year, and emphasized the importance of a friction-free experience to ensure continued – to say nothing of increased – card usage. “When it comes to delivering a great customer experience, consumers demand seamless performance from all of their banks’ mobile services,” Golden said. And seamlessness, he added, was key to enabling FIs to “benefit from increased card use, reduced card fraud, and greater digital engagement.”

Pictured: Ondot Systems Executive Vice President Rachna Ahlawat demonstrating Ondot’s Mobile Card Services at FinovateAsia 2016.

Each component of Ondot’s Card Control platform is designed to make card control services an easy feature to be added by FIs and used by consumers. The server side API gives FIs the ability to establish the look and feel of the solution, while the HTML 5 framework means that going forward banks will be able to introduce new card control features faster. And by locating the card controls app inside the FI’s mobile banking app, the services are accessible via the same single sign-on process. This ensures that bank customers enjoy a consistent UI and UX across all mobile devices. Also available as a customizable, white-label, standalone card control app, Ondot’s mobile platform provides a range of card services including on/off switching, spending limits, fraud alerts, as well as geolocation-, transaction-, and merchant-specific controls.

Founded in 2011 and headquartered in San Jose, California, Ondot Systems demonstrated its Mobile Card Services at FinovateAsia 2016. In May, Ondot and fellow Finovate alums Malauzai Software and Vantiv teamed up to offer a youth spending solution, Family Manager: SmartKid Control. The company has raised $28 million in funding, including a $10 million venture round in 2016. Ondot shared its thoughts on the challenge of “friendly fraud” and the solution of mobile card controls in a guest post for Finovate earlier this month.

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Save $400 When You Register for FinovateAsia By This Friday!

Save $400 When You Register for FinovateAsia By This Friday!
By Erika Sanchez Posted on
Categories: Finovate Marketing, FinovateAsia 2017

This Friday is the final day to save big on your ticket to FinovateAsia 2017. To take advantage of these early discounts and save $400 off the regular price, be sure to register before the end of the week.

FinovateAsia returns to Hong Kong on November 7 & 8 for an expanded two days of live fintech demonstrations and high-caliber networking along with deeper dives into the hottest trends in fintech. The show will take place at the JW Marriott. Find out more about the venue and securing your hotel room on the event’s website.

With the impressive applications we’ve received from companies eager to present and the additional content currently being curated, this show promises to be one you won’t want to miss (stay tuned in the coming weeks for the presenter announcement and speaker agenda updates!). If you’d like a refresher of what you can expect to see on stage, check out last year’s demo videos in our video archives.

Secure these savings and your spot today before it’s too late. We hope to see you in Hong Kong this November!

FinovateAsia 2017 is sponsored by: Invest Hong Kong, CeleritiFintech, Lleida.net, and more to be announced.

FinovateAsia 2017 is partners with: 500 Startups, Aite Group, Asia Cloud Computing Association, BankersHub, Banking Technology, BigData-MadeSimple.com, Breaking Banks, Byte Academy, Celent, Conventus Law, FemTech, Financial IT, Fintech Finance, Fintech News Hong Kong, Holland Fintech, IBS Intelligence, Innovate Finance, LexisNexis Risk Solutions, Mercator Advisory Group, NexChange, Ovum, The Paypers, Plug and Play, PR Newswire, SME Finance Forum, and World Fintech Association.

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SuperMoney Launches Auto Loan Offer Engine

SuperMoney Launches Auto Loan Offer Engine
By David Penn Posted on
Categories: SuperMoney

During the debut of their loan offer comparison tool at FinovateSpring 2017 in May, SuperMoney promised more to come. “Our goal is to extend the framework we developed into all lending-related verticals initially,” SuperMoney CEO Miron Lulic explained, “and then to other financial services where consumers can benefit from apples-to-apples comparisons and transparency.”

Last week SuperMoney embarked upon this expansion with the unveiling of its auto loan offer engine. With 20 participating auto lenders on board, SuperMoney is now able to offer comparisons between secured and unsecured loans, refinancing, and private-party auto loans all from the same platform. This means that potential auto loan borrowers can submit one online loan application and get multiple auto loan offers to choose from. Calling the traditional auto financing model “antiquated,” Lulic emphasized the ease of use of SuperMoney’s technology. “These days buying an airline ticket is fast and easy. We’ve brought that same great comparison shopping experience to the auto loan industry.”

Pictured (left to right): SuperMoney CEO Miron Lulic and Managing Partner Harry Langenberg demonstrating the SuperMoney loan offer engine at FinovateSpring 2017.

SuperMoney’s auto loan comparison engine adds a new element to the car buying experience, essentially giving car buyers the opportunity to “negotiate” over the price of financing instead of just being able to haggle over the price of the car itself. “Paying a high interest rate can cost you many times more than what you’re likely to shave off the purchase price of your vehicle, regardless of your negotiating skills,” Lulic added. He used the example of a 60-month loan with a 3% APR compared to the same loan with an APR that was twice as large. The difference over the life of the loan was more than 10% of the car price.

The problem, according to Lulic, is the lack of transparency combined with a misunderstanding of the how auto financing works. “Dealerships can hide interest hikes behind longer terms precisely because they know most borrowers focus on the monthly payment amount, not the overall cost,” Lulic noted. SuperMoney’s auto loan offer engine is free and uses a soft pull to avoid affecting the applicant’s credit. Borrowers can search and compare offers based on total cost and monthly payment, as well as get a breakdown on additional fees such as origination fees and any prepayment penalties. Among the platform’s lending partners are AutoPay, Springboard Auto, and USAA.

In a conversation with AutoFinanceNews, Lulic underscored the value of the solution to subprime consumers who have limited – and often expensive – options when it comes to financing a car. Between a lack of understanding about personal finance and their own income challenges, subprime auto buyers are those who have the most to gain from a solution that brings transparency to the financing experience. “We can bring these direct lenders to the table who give some more savings on these interest costs than if they just went to some used-car dealership and took whatever high interest-rate loan that was offered to them,” Lulic said.

Founded in 2013 and headquartered in Santa Ana, California, SuperMoney demonstrated its loan offer comparison tool at FinovateSpring 2017. Read our Finovate Debut post introduction to the company from earlier this year.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: authenticID, Fiserv, Mambu, Ondot Systems, SuperMoney

On Finovate.com

  • SuperMoney Launches Auto Loan Offer Engine.
  • Ondot Systems Unveils Card Control Integration Platform.

Around the web

  • Frost & Sullivan recognizes Mambu with the 2017 Europe Growth Excellence Leadership Award.
  • Fiserv acquires Dovetail Group Limited, a payments and liquidity management company.
  • New token sale from AuthenticID will enable Blockchain adoption.

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.

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Friday Fun: Top 12 U.S. Cities for Fintech Startups

Friday Fun: Top 12 U.S. Cities for Fintech Startups
By Jim Bruene Posted on
Categories: Metrics & Market Research, Startups

Yesterday, Bank Innovations named five emerging U.S. fintech hubs (outside NYC, Silicon Valley and Boston). Its up-and-comers were: Atlanta, Austin, Lincoln, Miami and Washington DC. While Austin and Atlanta made sense, I was surprised by Miami, DC and especially Lincoln, Nebraska.

The article didn’t include a methodology, so to test their hypothesis I searched AngelList’s database of fintech and financial services startups (financial technology, financial services, payments, fin tech or insurance). Miami did in fact make the top 12, but Lincoln (7 startups) and Washington DC (9 startups) are pretty far out of the running, at least from a startup perspective. Admittedly, Bank Innovations was considering more than just startup activity.

Here’s the 10 most common U.S. homes of fintech startups outside SF and NYC:
(Note: this is by no means clean data, so consider it a proxy only; also it does not include neighboring cities such as San Jose or Brooklyn.)

HQ/Number of Startups

  1. NYC 1,367
  2. San Francisco 1,241
  3. LA 431
  4. Chicago 267
  5. Boston 246
  6. Austin 226
  7. Atlanta 161
  8. San Diego 156
  9. Palo Alto 136
  10. Seattle 116 (tie)
  11. Dallas 116 (tie)
  12. Miami 107

Source: Angel List, 18 Aug 2017

Enjoy your weekend all!

Author: Jim Bruene is Founder & Senior Advisor to Finovate as well as Principal of BUX Advisors, a financial services user-experience consultancy. 

Photo credit, LA Fintech Meetup Aug 22

 

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HotDocs Integrates with Data Management Solutions Provider, AdvoLogix

HotDocs Integrates with Data Management Solutions Provider, AdvoLogix
By David Penn Posted on
Categories: HotDocs

Document automation specialist HotDocs has announced a new integration. The company has partnered with cloud-based legal data management solutions provider, Advologix, to combine its interview, assembly, and template services with Advologix’s data, workflows, and “best of breed document automation.” The result, according to Advologix VP of Product Development Steve Stockstill, is an “end-to-end cloud-based document assembly experience.”

HotDocs COO Steve Spratt said the partnership would lead to “greater efficiency and accuracy to the law firms and legal teams using the combined solution.” He pointed to the ease of integration, courtesy of HotDocs’ APIs, which will enable legal professionals to build documents automatically as part of their business workflow.

Pictured: HotDocs Chief Technology Officer Mark Settle demonstrating new enhancements to the HotDocs platform at FinovateSpring 2017.

HotDocs’ technology enables the automatic generation of documents ranging from standard correspondence to complex contracts such as trusts and wills. Deployed in verticals ranging from banking and insurance to legal and the public sector, HotDocs’ software reduces costs, improves accuracy and efficiency, encourages standardization, and is available on site, on the desktop, or as a cloud-based service. The technology can be used as a standalone solution or integrated into a company’s workflow, document management or case management systems.

During HotDocs’ demo this spring, Mark Settle and Julie Rotz presented the example of a document processor at a large global bank who produces financial agreements for bank customers. On a good day, Settle said, this processor could generate three or four of such agreements. “These agreements require a long and tedious process that ends only when everyone agrees that most of the errors are probably gone,” Settle explained, “and that the risk of a customer receiving a document with errors in it is low.” In contrast, HotDocs enables document processors to select from a variety of document templates and then rely on a dynamic questionaire (“interview”) to add the necessary elements. Using the processor’s answers and the business rules embedded in the template, HotDocs is able to generate an accurate, perfectly-formatted, Microsoft Word document “in just a fraction of the time” it takes to complete similar documents manually. Templates can be modified by the document processor to add business rules and logic. Settle showed this by adding a conditional region to the template that will include certain language in the output document if the individual reading the document responds in a certain way. Completed templates can be shared with colleagues via the HotDocs Hub.

Founded in 1996 and headquartered in Edinburgh, U.K., HotDocs demonstrated its technology at FinovateSpring 2017. The company, which also maintains a U.S. office in Lindon, Utah, has more than a million end users across more than 11,000 client companies in more than 60 countries. In a very busy June, HotDocs teamed up with technology consulting and ECM solution provider, General Networks Corporation, enjoyed the “biggest and best global user conference” in its history, and appointed Mark Settle, who led the company’s FinovateSpring 2017 presentation earlier this year, to Chief Technology Officer. This spring, HotDocs was honored at the Digital Technology Awards, picking up Company of the Year and International Technology Star awards. Russell Shepherd is founder and CEO.

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Blockchain Launches Ethereum Wallet

Blockchain Launches Ethereum Wallet
By Julie Muhn (@julieschicktanz) Posted on
Categories: Blockchain

Digital currency wallet Blockchain has added ether to the list of currencies it supports. The London-based company, whose motto is Be Your Own Bank, announced this week that users will be able to create Ethereum wallets– meaning they can store, send, and receive ether.

The user interface of the wallet will remain the same, and the ether wallet mirrors the bitcoin interface. As a part of the new launch, Blockchain has partnered with ShapeShift to power a bitcoin-to-ethereum and ethereum-to-bitcoin exchange to help users diversify their digital currency holdings.

Founded in 2011, Blockchain has 15+ million wallets and has worked with its exchange partners to process 100+ million transactions in 140+ countries in 20+ currencies. The company considers its wallet more secure than competitors Coinbase and Kraken. That’s because, unlike the latter platforms which act as digital currency exchanges, Blockchain offers a wallet to simply store the funds and has no visibility into users’ wallets.

Blockchain presented at FinDEVr San Francisco 2014. The company has offices in London, New York, and Brazil and has $70 million, thanks in part to a $40 million Series B round raised in June. Peter Smith is CEO and co-founder.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Akamai, Blockchain, Cloud Lending Solutions, HotDocs, iSignthis, Quid, TransferWise

On Finovate.com

  • HotDocs Integrates with Data Management Solutions Provider, Advologix.

Around the web

  • iSignthis to gain from proposed bill to strengthen Australia’s AML laws.
  • Alkami Adds Adrianne Court as New Chief Human Resources Officer.
  • TransferWise brings its Borderless Accounts to Canada.
  • Quid unveils new platform redesign.
  • Cloud Lending Solutions launches upgrades to existing lending solutions; launches CL Portal.

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.

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LendingRobot and NSR Invest to Form Biggest Robo Advisor in Marketplace Lending

LendingRobot and NSR Invest to Form Biggest Robo Advisor in Marketplace Lending
By David Penn Posted on
Categories: LendingRobot, Mergers & Acquisitions

P2P lending robo advisor LendingRobot will join NSR Invest, creating what the company called in a statement “the largest independent robo advisor in the alternative lending space.” LendingRobot explained in its blog that the “websites, operating, and trading systems” of each platform will continue to function as usual for the time being as the companies prepare to combine the two businesses. Formally, the acquisition involves Lend Core, the parent company of NSR Invest, acquiring Algorithmic Inc. and its assets, which include LendingRobot.

The new entity is expected to bring a variety of new innovations to the P2P alternative lending space, and LendingRobot pointed to its Lending Robot Series Fund, as an example of the types of products customers will see more of in the future. As reported in LendAcademy, the combined company will have more than 8,000 clients and $150 million in assets under management. NSR Invest co-founder and CEO Bo Brustkern will serve as CEO, with LendingRobot CEO and co-founder Emmanuel Marot remaining as a special advisor.

“We have long respected the work of the LendingRobot team and recognize that our companies are pursuing a common goal,” Brustkern explained. He added that the combination of the two companies will deliver “enhanced capabilities to our combined client bases today, and big plans for the future.” Marot highlighted the fact that the two companies had “taken different tracts to provide similar services” and that the time had come to marry “complimentary strengths.”

LendingRobot provides investors with the opportunity to invest in P2P loans as an asset class. The company’s platform uses machine learning and artificial intelligence to spot loans with risk and return profiles that suit individual investor preferences. LendingRobot automates loan selection to ensure that investor portfolios remain diversified and can be configured to continually-invest sidelined cash. Alternative lending platforms accessible through LendingRobot include fellow Finovate alums, Lending Club and Prosper.

Founded in 2012 and headquartered in Seattle, Washington, LendingRobot demonstrated its LendingRobot Dashboard at FinovateSpring 2016. Prior to its acquisition by NSR Invest, the company had raised $3 million in funding from investors including Runa Capital and Club Italia Investimenti.

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12 Alums Earn Their Place on Inc. 5000 List

12 Alums Earn Their Place on Inc. 5000 List
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alkami Technology, Cardlytics, defi Solutions, Fidor Bank, Kabbage, Lighter Capital, nCino, Payoneer, Tango Card, True Potential, Truphone, Zopa

Inc. released its lists of the fastest-growing 5,000 private companies in the U.S. and Europe this week. Eight Finovate alums made the U.S. list and four earned spots on the Europe list. To qualify*, companies were required to be privately-owned and independent.

Inc. 5,000 U.S.

Overall in the U.S., financial services companies saw a 151% growth rate, while IT services experienced 112% growth, security 171% growth, and software grew 134%. Out of the 5,000 companies listed in 28 industries, here are the eight Finovate alums that earned their place on the list:

Alkami Technology

  • Rank: 176
  • 2016 revenue: $11.9 million
  • 3-year growth: 24x
  • Founded: 2009
  • Employees: 192
  • Ranked number 11 in top software companies, number 8 in top Dallas companies, and number 13 in top Texas companies.

Alkami debuted under the name iThryv at FinovateSpring 2009 in San Francisco.

nCino

  • Rank: 361
  • 2016 revenue: $26.1 million
  • 3-year growth: 12.2x
  • Founded: 2012
  • Employees: 273
  • Ranked number 24 in top software companies and number 10 in top North Carolina companies.

nCino debuted its bank operating system at FinovateEurope 2017 in London.

Tango Card

  • Rank: 373
  • 2016 revenue: $10.6 million
  • 3-year growth: 11.6x
  • Founded: 2009
  • Employees: 57
  • Ranked number six in top Seattle companies and number six in top Washington companies.

Tango Card debuted its Rewards as a Service API at FinovateFall 2016 in New York.

Kabbage

  • Rank: 449
  • 2016 revenue: $172 million
  • 3-year growth: 9.8x
  • Founded: 2009
  • Employees: 325
  • Ranked number 24 in top financial services companies, number 14 in top Atlanta companies, and number 16 in top Georgia companies.

At FinovateSpring 2015, Kabbage debuted the Kabbage Card. Kathryn Petralia, the company’s President, Chief Operating Officer and Co-Founder, will be featured on our Digital Lending Summit panel on September 13. Register today to save your spot.

Lighter Capital

  • Rank: 634
  • 2016 revenue: $6.4 million
  • 3-year growth: 7.1x
  • Founded: 2010
  • Employees: 36
  • Ranked number 10 in top Seattle companies and number 11 in top Washington companies.

Lighter Capital debuted its Next-Generation Loan Analysis & Monitoring at FinovateFall 2013 in New York.

defi SOLUTIONS

  • Rank: 771
  • 2016 revenue: $11.4 million
  • 3-year growth: 5.9x
  • Founded: 2012
  • Employees: 59

defi SOLUTIONS showcased its loan origination solution at FinovateSpring 2014.

Cardlytics

  • Rank: 1069
  • 2016 revenue: $112.8 million
  • 3-year growth: 4x
  • Founded: 2008
  • Employees: 325

At FinovateFall 2013, Cardlytics showcased its geolocation application.

Payoneer

  • Rank: 1912
  • 2016 revenue: $100 million to $500 million
  • 3-year growth: 2x
  • Founded: 2005
  • Employees: 100 to 249
  • Is a five-time Inc. 5,000 honoree
  • Awarded as a Best Place to Work

Payoneer showcased its Commercial Account at FinovateAsia 2013.

Inc. 5,000 Europe

This is Inc’s third annual ranking of private companies in Europe, based on three-year revenue growth. In its analysis, Inc. ranked Paris, Romania, Sweden, Slovakia, and London as the top five regions with the highest number of fastest growing companies in Europe. Four Finovate alums landed on Inc.’s Europe list this year:

True Potential

  • Rank: 900
  • 2015 revenue: $52.6 million (€44.9 million)
  • 3-year growth: 6.9x
  • Founded 2010
  • Employees: 29

True Potential demonstrated impulseSave at FinovateFall 2014

Zopa

  • Rank: 909
  • 2015 revenue: $32.9 million (€28.1 million)
  • 3-year growth: 6.9x
  • Founded: 2004
  • Employees: 111

Zopa showcased its P2P lending platform at FinovateSpring 2008.

Fidor Bank AG

  • Rank: 4413
  • 2015 revenue: $35.5 million (€30.3 million)
  • 3-year growth: 2x
  • Employees: 148

At FinovateEurope 2011, Fidor Bank demonstrated its Fidor Pay account.

Truphone

  • Rank: 4183
  • 2015 revenue: $42.9 million (€36.6 million)
  • 3-year growth: 2.9x
  • Founded: 2001
  • Employees: 522

Truphone showed off Truphone Mobile Recording at FinovateEurope 2014.

*Other qualifying criteria include

  • Have started earning revenue by March 31st, 2013
  • Had revenue no less than $100,000 in 2013
  • Had revenue no less than $2,000,000 in 2016
  • Revenue in 2016 exceeds revenue in 2013

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FinovateFall Sneak Peek: Adobe

FinovateFall Sneak Peek: Adobe
By Tyler Ferst Posted on
Categories: Adobe Solutions, FinovateFall 2017, FinovateFall 2017 Presenter Sneak Peek

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

With the Adobe Experience Cloud, Adobe Solutions leverages artificial intelligence to instantaneously pinpoint specific user data and dynamically assemble personalized imagery to that individual.

Features

Dynamic personalization in real-time and at scale with:

  • Automated personalization
  • Screens
  • Facial Recognition

Why it’s a must-see
Late last year, we also launched Adobe Sensei, our artificial intelligence capability that spans across our content, document and digital marketing offering.


Presenter

Charles Sherman, Adobe Experience Cloud Evangelist
Sherman is Adobe’s Sr. Evangelist for the Adobe Experience Cloud. As a Marketing Cloud Evangelist, he works to drive product and industry knowledge deep into organizations.

 

Eric Matisoff, Analytics and Data Science Evangelist
Matisoff is the Analytics and Data Science Evangelist at Adobe with 10+ years of digital experience working with data and visualizations.

 

 

 

Check out more previews of upcoming FinovateFall presentations. Visit our registration page to save your spot. 

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FinovateFall Sneak Peek: ebankIT

FinovateFall Sneak Peek: ebankIT
By Tyler Ferst Posted on
Categories: ebankIT, FinovateFall 2017, FinovateFall 2017 Presenter Sneak Peek

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

ebankIT by Voice allows you to engage in a natural and intuitive way, providing an optimized and secure interface for all your banking solutions, using nothing but the sound of your voice.

Features

  • Accelerate omnichannel digital transformation, reducing costs
  • Integrate with next generation fintech and 3rd parties
  • Increase digital sales, future-proofing banks

Why it’s a must-see
Whatever the future is, ebankIT will be there to help you embrace change, supporting clients to accelerate their digital banking transformation.


Presenter

Diana Winstanley, Business Developer
Winstanley coordinated several projects on business analysis and international business development, with experience showcasing the latest technological innovations to financial institutions throughout the globe.
LinkedIn

 

Pete Atkinson, VP UK and Ireland
Currently Vice President UK and Ireland for omnichannel banking software provider ebankIT, Atkinson has spent much of his career operating at the convergent point of technology and consumers.
LinkedIn

 

Check out more previews of upcoming FinovateFall presentations. Visit our registration page to save your spot. 

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