AutoGravity Brings its Auto Loan Financing Solution to the Garden State

AutoGravity Brings its Auto Loan Financing Solution to the Garden State
By David Penn Posted on
Categories: AutoGravity

“You from Jersey?” If so, buying a car in your home state just got a lot easier.

AutoGravity, the Best of Show winning fintech that has pioneered car shopping and financing by smartphone, is now an option for auto loan borrowers in New Jersey. Via digitization and an engaging, smartphone-based user experience, AutoGravity’s solution is “transforming how people buy and lease cars by decreasing the financing time from hours to minutes for car shoppers,” according to CEO Andy Hinrichs.

With more than 400,000 downloads since its launch last summer, AutoGravity provides car shoppers with up to four financing offers on new and used cars from thousands of dealerships. The four-step process – choose a car, find a dealer, search for financing, select a lender – leverages AutoGravity’s unique partnerships with banks, lenders, and dealerships to provide users with a “single, convenient digital marketplace,” Hinrichs said. Available on iOS and Android, as well as online, AutoGravity is free to download and use, and is now available in 49 states in the U.S. (Nevada is the exception).

Founded in 2015 and headquartered in Irvine, California, AutoGravity demonstrated its car shopping app at FinovateFall 2016, winning Best of Show.  AutoGravity also presented “A Digital Marketplace for the Auto Financing Space” at our developers conference, FinDEVr Silicon Valley 2016 last fall. The company has raised $50 million in funding, and includes Daimler Financial Services among its investors. Winner of the 2017 North American Frost & Sullivan Entrepreneurial Company of the Year award, AutoGravity added to its financing options earlier this year courtesy of a partnership with Westlake Financial Services in February and another with First Investors Financial Services in January. Read our Finovate Debut profile on AutoGravity featuring an interview with company CMO, Serge Vartanov.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: AutoGravity, Bluefin Payment Systems, Coinbase, Misys, NetGuardians, Roostify, Symbiont

On Finovate.com

  • AutoGravity Brings its Auto Loan Financing Solution to the Garden State.

Around the web

  • Roostify names Sandeep Aji as Vice President of Products.
  • Symbiont partners with PrivateMarket.io to build alternative investment marketplace for closed-end funds.
  • Myanmar-based AYA Bank (Ayeyarwady Bank) chooses core banking technology from Misys.
  • NetGuardians wins spot in Euro Banking Association’s EBAday 2017 conference.
  • Clients of Nodus Technologies gain access to PCI-validated P2PE technology courtesy of new partnership with Bluefin Payment Systems.
  • Wall Street Journal reports Coinbase meeting with investors over a new round of funding that would lead to a billion dollar valuation.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Zopa Receives $41 Million Investment to Support Challenger Bank Launch

Zopa Receives $41 Million Investment to Support Challenger Bank Launch
By David Penn Posted on
Categories: Funding, Zopa

P2P lending pioneer Zopa just picked up $41 million (£32 million) in new funding that will go a long way toward helping the company prepare for the roll-out of its challenger bank later this year. “This investment gives us additional resources to continue our growth, support the launch of our next generation bank, and bring our award-winning products to even more people in the U.K.,” Zopa CEO Jaidev Janardana said. The round was led by Wadhawan Global Capital of India and European venture capital fund, Northzone. Zopa’s total funding stands at more than $111 million.

The investment arrives less than a month after Zopa earned full authorization for P2P lending from the FCA. This authorization was a necessary step for the company to launch its Innovative Finance ISAs, a new investment product with target returns of 6.1% that is scheduled to be available by mid-June. In May, Zopa also previewed Zopa Core, a P2P investment product with target returns of 3.9%. The solution is slated to debut in December and replace some of the company’s other offerings.

One small step toward offering IFISAs is also one giant leap toward Zopa’s goal of building a challenger bank. Last fall Zopa announced plans to launch a challenger bank that would complement the company’s P2P lending business by providing a broader range of financial services products – including FSCS-protected savings accounts and IFISAs. “We believe we are uniquely placed to re-define what people should be able to expect from personal finance products in the 21st century,” Janardana wrote, announcing the news of “next generation bank” at the Zopa blog in November.

Founded in 2007 and headquartered in San Francisco, California, Zopa made its Finovate debut in 2008. Over the past year, the company has enabled more than $1 billion (£800m) in personal loans in the U.K. In January, Zopa became the first P2P lender in Europe to top £2 billion ($2.5 billion) in loans facilitated.

Share this:

Send Post Twitter LinkedIn Facebook

FinDEVr Preview: LeanXcale

FinDEVr Preview: LeanXcale
By Tyler Ferst Posted on
Categories: FinDEVr 2017 London, FinDEVr London 2017 Preview, LeanXcale

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


The goal of LeanXcale‘s presentation is to introduce a new technological trend, Hybrid Transactional-Analytical Processing, and explain how it solves the main pains of fintech data intensive applications, which have to deal with both operational data and real-time analytical queries.

Why it’s a must-see

Fintech applications require real-time Big Data capabilities. Current approaches to real-time Big Data, i.e. lambda architectures, are extremely complex to create and maintain. The novel HTAP databases, such as LeanXcale, are able to cater to the needs of different fintech applications and significantly simplify their architecture.

Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

Share this:

Send Post Twitter LinkedIn Facebook

FinDEVr Preview: Trusted Key

FinDEVr Preview: Trusted Key
By Tyler Ferst Posted on
Categories: FinDEVr 2017 London, FinDEVr London 2017 Preview, Trusted Key

FinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr London 2017, 12  & 13 June. Visit our registration page and save your spot today. 


Trusted Key‘s presentation will cover:

  1. Top identity management challenges now facing financial services institutions.
  2. How the combination of mobile-centered technology, strong cryptography and blockchain uniquely address those challenges.
  3. How the Trusted Key Platform allows financial institutions to deploy much more secure and reliable identity management solutions.

Why it’s a must-see

Global financial institutions face increasing challenges in a world in which identity fraud is rampant, KYC and AML regulations are becoming more complex, and millennials ONLY want to interact with their banks on their mobile devices. Trusted Key Platform addresses these challenges and more.

Check out more previews of upcoming FinDEVr London 2017 presentations. Visit our registration page to save your spot. 

Share this:

Send Post Twitter LinkedIn Facebook

KeyBank Acquires HelloWallet from Morningstar

KeyBank Acquires HelloWallet from Morningstar
By David Penn Posted on
Categories: HelloWallet

In a deal announced late on Wednesday, KeyBank will acquire personal finance software provider, HelloWallet, from Morningstar, which purchased the company for more than $52 million in 2014. Terms of the deal were not immediately available; the 36 employees of the company that will join KeyBank will continue to work from offices in Washington, D.C. and Chicago.

KeyBank’s interest in HelloWallet extends back to at least 2015 when the company announced an exclusive partnership that made KeyBank the only bank with access to HelloWallet’s personal finance platform. Positive reviews from customers, including KeyBank research indicating customers using HelloWallet’s solutions were expressing greater financial confidence, encouraged the two firms to deepen their relationship, culminating in this week’s acquisition announcement. “We are thrilled to bring the HelloWallet team to KeyBank so they can join us on our clients’ journey toward financial wellness one step at a time,” KeyBank Community Bank co-president Dennis Devine said.

Pictured: HelloWallet founder and Chief Innovation Officer Matt Fellowes demonstrating Retirement Explorer at FinovateFall 2015.

The Best of Show winner from FinovateFall was a busy innovator while under the Morningstar umbrella. The company began the year with the release of version 5.0 of its personal finance app, providing improved navigation and a streamlined dashboard. In December, HelloWallet launched its free student-loan and retirement savings calculator and, last August, the company unveiled its Flexible Budgets feature that helps users make longer-term planning decisions, and better prepare for larger, infrequent expenses. We featured HelloWallet in our look at advice-only savings technologies in March.

Founded in 2009 by Matt Fellowes, HelloWallet demoed its Retirement Explorer solution at FinovateFall 2015. A specialist in providing employer-based financial wellness solutions, the company raised more than $15 million in funding from four investors before being acquired by Morningstar. For its part, Morningstar insisted that its decision to sell HelloWallet was consistent with its long-term strategy and was not a reflection on its commitment to providing personal finance solutions for its customers. “Morningstar has significantly enhanced its overall capability set since the acquisition of HelloWallet more than three years ago,” Morningstar President of Retirement Solutions Brock Johnson said, “and we will continue to incorporate many of the financial wellness best practices into our broad-based solutions.”

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Econiq, HelloWallet, MaxMyInterest, QuantConnect, Scalable Capital, SumUp, Tuition.io, Zopa

On Finovate.com

  • KeyBank Acquires HelloWallet from Morningstar.
  • Zopa Receives $41 Million Investment to Support Challenger Bank Launch.

Around the web

  • Scalable Capital wins Financial Innovation of the Year from the Online Personal Wealth Awards.
  • MaxMyInterest introduces 1.31% preferred rate courtesy of new partnership with UFB Direct.
  • SumUp announces availability in more than 1,500 retail locations throughout Europe.
  • Tuition.io Awarded ISO 27001 Certification.
  • Econiq models conversation behaviors of top-performing employees to enrich the omnichannel customer experience for banks and insurers.
  • OANDA teams up with QuantConnect to launch new algo trading 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.

Share this:

Send Post Twitter LinkedIn Facebook

3 Steps to Take During the Countdown to GDPR and PSD2

3 Steps to Take During the Countdown to GDPR and PSD2
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinDEVr 2017 London, FinDEVr London 2017 Roundtable

The run up to the General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2) in Europe has created a few opportunities and multiple challenges for banks and fintechs alike. As banks scramble to understand the changes and adapt their policies, a handful of fintech companies has seized the opportunity, launching solutions to help banks comply with the new regulations. No matter if you’re a bank or a fintech, early preparation is key to success. Here are a few steps to take before the regulations hit:

Prepare your team

Communication is key to any large endeavor, and this is no exception. Take the time to brief members of your team; not only the ones whose jobs will be directly impacted by GDPR and PSD2 changes, but also those who have a less direct connection. Building a fundamental understanding of data security and an open API mindset into your company or bank’s culture can effect the passion and drive behind the adoption of new tools and innovations to comply with the new regulations.

Revamp consent disclosures

Under GDPR, companies can no longer have complicated, illegible terms and conditions. End users must be able to access these documents without difficulty and they must be presented in an easy-to-understand format. Because legal ramifications hinge on these documents, it is key to include all necessary elements to protect your company, bank, and employees.

Implement early

The earlier you implement changes, the more time you will have to adjust and adapt your policies (and re-adjust and re-adapt). You’ll be better off, as well. If you’re a fintech, get ahead of your competitors by offering a product that facilitates GDPR and PSD2 compliance. If you’re a bank, start shopping now for third-party solutions that span the scope of your needs and fit your existing model.

At FinDEVr London next month, NuCypher CEO MacLane Wilkison, along with the company’s CTO, Michael Egorov, will be leading a roundtable discussion titled Regulatory compliance and data protection in the era of GDPR and PSD2. Check out the FinDEVr London website for the full agenda and information on how you can become involved in the discussion. Register today and save your spot.

Share this:

Send Post Twitter LinkedIn Facebook

Signicat Launches Mobile Authentication

Signicat Launches Mobile Authentication
By Julie Muhn (@julieschicktanz) Posted on
Categories: Signicat

Identity assurance provider Signicat added a new tool this week to help banks meet new PSD2 standards and reduce customer abandonment. The mobile authentication solution, MobileID, leverages the user’s device to offer fast onboarding while providing strong customer authentication and identity assurance.

MobileID’s multi-factor authentication offers a low-friction way for banks to get ahead of upcoming PSD2 compliance standards, which mandate that the consumer must authorize transactions over €30 with at least two-factor authentication. The new solution supplies three factors of authentication: the device (something the user has), a PIN (something the user knows), and a biometric fingerprint (something the user is).

“A speedy onboarding and application experience is a must for financial services providers who don’t want to lose 40% of their potential customers at this stage,” said Gunnar Nordseth, CEO, Signicat. “Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions – MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted.”

At FinovateEurope 2017, the company demonstrated Signicat Assure, which combines national e-identities, commercial e-identities, and multiple other methods that offer a fast way to verify the customer’s identity for onboarding. Signicat also showed off Signicat Sign, a digital signature solution that ensures the origin and integrity of the document while maintaining non-repudiation from the sender.

Earlier this month, the Norway-based company teamed up with Rabobank to launch a joint Digital Identity Service Provider branded as Rabo eBusiness. For more on Signicat, check out our overview of the company’s on-demand, digital identity verification service. Signicat was founded in 2007.

Share this:

Send Post Twitter LinkedIn Facebook

FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: aixigo, BBVA, CardLinX, eWise, Expensify, FinDEVr APIntelligence, Fiserv, Harborx, IBM, Markit, NuCypher, TestDevLab, Trulioo, Twilio, WorldPay, Xero

Our first developers conference in the U.K. is next month. Join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.

On FinDEVr.com

  • Trulioo and the Regtech Revolution: How Smaller Teams Tackle the Compliance Challenge.
  • Inside BBVA’s Open API Marketplace

Alumni updates

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • Bank of Sydney replaces its digital banking platform with DigitalAccess from Fiserv.
  • eWise integrates its Aegis data aggregation platform into Backbase’s Open Banking Marketplace.
  • Xero Partners with Expensify for In-House Expense Management.
  • PYMNTS.com features The CardLinx Association’s success.
  • Xero expands online-invoice payment options in Xero for Australia.
  • Worldpay tests payments in virtual reality

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: authenticID, Expensify, GMC Software Technology, IBM, Insuritas, Jumio, Markit, Misys, NuCypher, Signicat, Trizic, TSYS, Twilio, Vera, Xero

On Finovate.com

  • Signicat Launches Mobile Authentication.
  • 3 Steps to Take During the Countdown to GDPR and PSD2.

On FinDEVr.com

Around the web

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • TSYS enables tokenization across its North American commercial card platforms.
  • Catholic Vantage Financial ($98M) hires Insuritas to deploy and manage their insurance agency solution.
  • AuthenticID enhances CatfishAIR Identity Platform to support real-time identity authorization for CNP transactions.
  • Vera announces support for multi-factor authentication solutions from Duo Security, RSA SecureID, and fellow Finovate alum, Twilio.
  • Amsterdam Trade Bank (ATB) to streamline banking, treasury, and finance operations in partnership with Misys.
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • GMC Software launches Business Partner Track for Partner Advantage Program
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Jumio announces expansion into new Shoreditch U.K. headquarters.
  • Steve Lewczyk joins Trizic as new Chief Revenue Officer.

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.

Share this:

Send Post Twitter LinkedIn Facebook

The Great Rewiring of Financial Services: Consumer Debt Collection

The Great Rewiring of Financial Services: Consumer Debt Collection
By Jim Bruene Posted on
Categories: Collections, TrueAccord

Perusing the hot financial services startups on AngelList today, I noticed Finovate alum TrueAccord (FS2015 link) in second place across more than 8,600 companies. TrueAccord’s core service, a digital-first approach to consumer debt collection, is a great example of the profound changes occurring all around us. Every transaction, every process, every customer interaction (and every job), is being rewired for the digital world.

Think about the typical non-digital collection process at large lenders and other merchants. A series of annoying calls that were both stressful for the recipient, who is often in the middle of some life crisis, and awkward for the financial institution, especially if they had an ongoing relationship with the customer outside the delinquent credit account. Both sides were easily riled, leading to combative communications that were the opposite of transparent, honest and collaborative. And really, it’s almost impossible to rationally assess repayment options on a phone call you are desperate to not have.

Compare that with the 3-step digital debt collection process (outlined below). Consumers receive a well-crafted email message inviting them to begin a dialogue to work together to solve the problem. While many recipients will avoid the emails, just as they avoid phone calls, and snail mail, those that are truly interested in resolution can review their options in the privacy of their own web browser (or phone), and select what works best for them.

Step 1: Email to delinquent customer with giant Resolve Now button

Step 2: Choose a repayment plan. Note the variety of choices with the amount “You Save” at the bottom for faster repayment.

Step 3: Make first payment via credit card or bank transfer

My take: Obviously, not everyone will respond to the kindler and gentler digital approach. Deadbeats and fraudsters are still deadbeats and fraudsters. And non-responders will continue to receive harshly worded voice messages from hardened collectors. But for the forgetful and/or the well-intended, laying out their options visually in a safe and neutral manner is a great improvement for the customer relationship, which will pay dividends over time.

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

Share this:

Send Post Twitter LinkedIn Facebook