FinovateFall Sneak Peek: Mortgage Cadence

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

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.

Mortgage Cadence’s product, Collaboration Center, delivers on the company’s vision of being the last lending solution their customers will ever need through secure lending communications.

Features

  • Secure multi-party collaboration
  • Built-in messaging and real-time chat feature with time stamps for audit logging
  • Accelerated processing through automated document comparison

Why it’s a must-see
What if lending communications were safe again? Where traditional email falls short, Collaboration Center delivers with a secure, multi-party communication portal.


Presenters

Todd Hougaard, Product Manager
Todd Hougaard is Product Manager at Mortgage Cadence after formerly being the President and Founder of BeesPath Inc., whose ClosingBridge technology was acquired by Mortgage Cadence in 2017. Prior to BeesPath, he was the founder of Ingeo Systems, which was an early pioneer in in the field of SMART Docs, e-mortgages, eSignatures, eNotarization and eRecording. He was also a principal at GreenFolders, a paperless office solution for title and settlement agents, which was purchased by First American in 2011. At First American, he managed the sales operations of the SMS division and went on to launch the Rizolv consumer complaint management business. He is an active member of the American Land Title Association and serves on the Technology Committee. Todd holds a B.S. in Geography from Utah State University.
LinkedIn


Marc White, Sales Engineering Lead
White leads the national technology evaluation team for Mortgage Cadence. With 6+ years of industry experience, his passion for technology-empowered change inspires his work.
LinkedIn

 

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

Share this:

Send Post Twitter LinkedIn Facebook

PayPal Strengthens Lending Arm with Swift Financial Acquisition

PayPal Strengthens Lending Arm with Swift Financial Acquisition
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal

PayPal has apparently not taken vacation this summer. After a surge of partnerships, the payments company announced it will acquire Swift Financial, a U.S.-based small business lending platform. Terms of the deal, which is expected to close later this year, were not disclosed.

Delaware-based Swift Financial has provided working capital to thousands of small businesses since launching in 2006 and has been recognized by J.D. Power for offering an “outstanding customer experience.” PayPal acquired Swift Financial to feed into PayPal Working Capital, the company’s business financing arm that launched in 2013 and has since provided more than $3 billion in funding to more than 115,000 small businesses. PayPal describes its small business financing arm as a “strategic offering” that “drives merchants’ sales growth, increases processing volume, and reduces merchant churn.”

PayPal anticipates the acquisition will help it enhance underwriting capabilities. “While PayPal Working Capital provides access to capital based exclusively on proprietary insights, Swift’s technology will allow us to assess supplemental information to more fully understand the strength of a business and provide access to complementary financing products to meet the needs of small and mid-sized businesses,” Darrell Esch, PayPal VP & Commercial Officer, Global Credit said in a blog post. Furthermore, the acquisition will help PayPal accelerate its goal of democratizing financial services and will enable the company to expand its loan cap from $125,000 to $500,000.

After being acquired by eBay in 2002, PayPal split from the online auction company in 2015, launching on the NASDAQ under the ticker PYPL. So far in 2017, PayPal has been busy expanding partnerships and initiating acquisitions. Here is a flurry of news from just this April to the present:

The company’s market cap currently sits around $70 billion. PayPal’s Braintree recently presented at FinDEVr New York 2016. The company also showcased its Instant Account Creation feature at FinovateFall 2012. The company’s second quarter revenue is up 20% year-over-year to $3.14 billion. Since the second quarter of 2016, PayPal has added 22 million active accounts and increased its mobile payment volume by 50%. Also in the second quarter of this year, Venmo payment volume was up 103% to $8 billion.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: FI.SPAN

FinovateFall Sneak Peek: FI.SPAN
By Tyler Ferst Posted on
Categories: FI.SPAN, 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.

FI.SPAN is an API management platform that allows banks to deploy new business banking products rapidly within their customers’ ERPs/Accounting Systems.

Features

  • Creates a new banking channel via ERPs/Accounting Systems.
  • Integrates 3rd party FinTechs with one click.
  • Deploys customized APIs for your legacy systems and services.

Why it’s a must-see
Properly leveraging APIs and third-party service capabilities provide the single greatest opportunity for smart commercial banks to grow their business.


Presenter

Lisa Shields, CEO
CEO of FI.SPAN and an experienced fintech executive, Shields previously founded the B2C Disbursements platform Hyperwallet, guiding it from inception to over 300 employees.
LinkedIn

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

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: SaleMove

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

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.

SaleMove enables companies to provide an “in-person” customer experience online – leading to increased online conversion, improved customer support, and a better customer experience.

Features

  • Steers agents through more intelligent chat conversations with AI
  • Provides real-time visual context for more relevant support
  • Delivers best-in-class customer experience

Why it’s a must-see
SaleMove’s AI-assisted communication and CoBrowsing solutions provide the relevancy and context needed to exceed customer expectations.


Presenter

Dan Michaeli, CEO
Michaeli is co-founder and CEO of SaleMove, a business that is dedicated to meeting or exceeding the in-person customer experience online.
LinkedIn

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

Share this:

Send Post Twitter LinkedIn Facebook

Fidelity Partners with Coinbase on View Balance Feature

Fidelity Partners with Coinbase on View Balance Feature
By David Penn Posted on
Categories: Coinbase

The innovation division of Fidelity Investments, Fidelity Labs, and digital asset exchange Coinbase released a new balance viewing feature for investors this week. The move may be a small step for Fidelity brokerage clients who want to see their digital currency assets alongside their other investments. But it is an interesting sign from a company that helped drive mass adoption of and investment in another revolutionary asset class – mutual funds – more than two decades ago.

As Project Manager Kristen Stone noted at the Coinbase blog, the view balance feature was tested on Fidelity employees with digital currency accounts at Coinbase earlier this year. The popularity of the feature led Fidelity to expand the offering to all its customers, which Stone called a testament “to the continued commitment of traditional financial institutions to adopt digital assets and widen access for customers.”

Linking Coinbase accounts to Fidelity is straightforward. Select Add Non-Fidelity Accounts from the All Accounts dashboard. A pop-up enables users to choose between accounts to be added, with the Coinbase option featured. The user will then be taken to their Coinbase account where they can authorize access and complete the account linking process.

This partnership is a small example of how Fidelity has begun to embrace digital assets. Writing for The Street.com, Brian O’Connell and Ross Kenneth Urken noted that the company allows Bitcoin transactions in its corporate cafeteria, and Fidelity employees can donate in Bitcoin to the company’s Charitable Donor Advised Fund. The authors suggested that having a $6 trillion AUM investment company take interest in digital currencies adds a measure of validation for the assets, which are still in infancy.

“Bitcoin and other blockchain technologies are emerging from their infancy but mass adoption is still many years away,” Fidelity Labs Managing Director and SVP Hadley Stern said. At the same time, Stern warned against underestimating the attraction of digital assets and the underlying technology. “Just as many other technologies have done in the past, Bitcoin and blockchain will transform how we manage our finances.”

Founded in 2012 and headquartered in San Francisco, California, Coinbase demonstrated its Instant Exchange at FinovateSpring 2014. A member of CB Insights Fintech 250, Coinbase announced a pilot integration with Western Union in June and added support for Litecoin in May. Coinbase launched its open source, combination messaging app and ethereum wallet, Token, in April. The company has raised more than $112 million in funding, and includes Andreessen Horowitz, Draper Fisher Jurvetson (DFJ), and Bank of Tokyo – Mitsubishi among its investors. Brian Armstrong is co-founder and CEO.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: United Income

FinovateFall Sneak Peek: United Income
By Tyler Ferst Posted on
Categories: FinovateSpring 2017, FinovateSpring 2017 Sneak Peek, United Income

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.

United Income’s goal is to bring their members’ retirement dreams to life. They invented a money management solution that extends the life of money to complement the innovations that have extended human life.

Features

  • Financial plans that simulate life events, not just market outcomes
  • Goal-based investment strategies and asset management
  • Personalized drawdown strategies and a retirement paycheck

Why it’s a must-see
United Income’s product reflects a deeply-held belief that financial decisions are interconnected. They translate their unique understanding into a powerful and personalized money management solution for their members.


Presenters

Matt Fellowes, Founder & CEO
Fellowes has been a leader in the consumer finance market for over 20 years. He previously served as Morningstar’s Chief Innovation Officer and as founder and CEO of HelloWallet.
LinkedIn


Andrew Vincent, VP of Product
Vincent has managed software products at Morningstar, HelloWallet, and BlackBoard. His products have won Best in Show at Finovate 2015 and have forged partnerships with large financial institutions.
LinkedIn

 

Meggie Ladlow, Senior Software Engineer
Before joining United Income, Ladlow worked as an engineer at Peter Thiel’s Palantir Technologies.
LinkedIn

 

 

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

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CardFlight, Coinbase, CustomerXPs, FutureVault, Karmic Labs, Mambu, PayPal

On Finovate.com

  • Fidelity Partners with Coinbase on View Balance Feature
  • PayPal Strengthens Lending Arm with Swift Financial Acquisition.
  • With $100 Million in Fresh Funding, Coinbase Joins Unicorn Club

Around the web

  • Mambu to power lending products of Fuse, the lending arm of Filipino financial technology firm Mynt
  • Central Payment Announces Partnership with CardFlight to Offer SwipeSimple Mobile POS to Merchants.
  • CustomerXPs positioned again as Enterprise Solution in 2017 Chartis RiskTech Quadrant for Enterprise Fraud Technology
  • FutureVault appoints new Chief Revenue Officer, Trevor Marshall.
  • Karmic now powers Lowe’s PreLoad prepaid payment and expense management technology.

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

BioCatch Partners with LexisNexis to Leverage Data and Analytics for Better Risk Management

BioCatch Partners with LexisNexis to Leverage Data and Analytics for Better Risk Management
By Julie Muhn (@julieschicktanz) Posted on
Categories: BioCatch

Behavioral authentication and threat detection company BioCatch teamed up with risk management company LexisNexis Risk Solutions today in an effort to reduce losses caused by fraud.

Specifically, the two companies aim to mitigate application fraud and account takeover fraud, which account for 40% of total fraud losses. Paul Bjerke, VP of fraud and identity management of LexisNexis Risk Solutions noted that companies cannot address application fraud with static means. Instead, Bjerke suggested “supplementing applicant-provided data with additional dynamic data sources, like behavioral biometrics.”

The combined solution will offer companies additional risk scores by monitoring user behavior and discerning between real and fraudulent users. Specific behavioral clues include:

  • Application Fluency: how well a user knows the site
  • Navigational Fluency: how well a user knows various computer functions
  • Data Familiarity: how well a user knows the information they are entering

“By understanding ‘how’ a user enters information into an application, and not ‘what’ information is being entered, we are able to change the rules of the game and seamlessly provide a completely new level of identity assurance in an era of rampant identity theft,” Eyal Goldwerger, BioCatch CEO said.

Founded in 2011, BioCatch monitors 4 billion transactions per month for a handful of major banks. In April, the company partnered with Experian to prevent new account fraud for CrossCore users and in February BioCatch teamed up with Nuance Communications to power continuous authentication for Nuance Security Suite solution. At FinovateFall 2014, the company showed off Invisible Challenges.

Share this:

Send Post Twitter LinkedIn Facebook

Socure Raises $14 Million in New Funding

Socure Raises $14 Million in New Funding
By David Penn Posted on
Categories: Funding, Socure

In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.

“The funding will help us meet the increasing demand by accelerating market penetration in current and new markets, while maintaining our leadership position in the digital identity verification market,” Socure co-founder and CEO Sunil Madhu said. The capital will also go toward growing the company’s sales and support operations, as well as building out its infrastructure.

Pictured: Socure CEO and co-founder Sunil Madhu demonstrating Perceive at FinovateFall 2015.

Socure’s Predictive Analytics Platform helps companies in a number of verticals improve onboarding of new customers and reduce identity fraud. The company’s technology leverages online and offline data, including data from social networks to discern whether or not a given person has been accurately identified. Socure says its technology has improved customer acceptance rates by more than 35% in new account openings. The company’s solutions have also reduced manual review by 90%, producing low historical false positives and eliminating the reliance on knowledge-based authentication. Socure also supports KYC and AML compliance requirements, providing increased fraud capture of 50%.

Calling identity verification “critical to the success of the next-generation financial services and commerce eco-systems,” Commerce Ventures partner Dan Rosen highlighted Socure’s ability to leverage data to determine identity. “Socure has become a leader in digital identity verification by applying state of the art machine learning technologies to 300-plus identity-relevant data sources,” Rosen said. Mariano Belinky, Santander InnoVentures managing partner, added that Socure’s technology was especially useful for providing financing to thin credit file individuals and those from underbanked communities. “There is enormous potential for tackling the issue of financial inclusion, with the help of Socure,” Belinky said.

Founded in 2012 and headquartered in New York City, Socure unveiled its remote facial biometrics solution, Perceive, at FinovateFall 2015. Named to CB Insights’ Fintech 250 list in June and Planet Compliance’s RegTech Top 100 Power roster in March, the company offered the first SOC2 2 compliant digital identity verification solution late last year. Socure includes a top five U.S. bank, a top five global money transfer provider and a top ten U.S. card issuer among its customers. The company will demonstrate its latest technology – as well as announce a new partnership – at FinovateFall in September. To see Socure, and the rest of our FinovateFall lineup, register today and save your spot.

Share this:

Send Post Twitter LinkedIn Facebook

Mitek Enhances MobileVerify with NFC

Mitek Enhances MobileVerify with NFC
By Julie Muhn (@julieschicktanz) Posted on
Categories: Mitek

The fintech community has been eyeing the capabilities of near field communication (NFC) technology for awhile now. And though we’re still waiting for its successful application in payments, Mitek has proven that the enabling technology has a clear use case in mobile capture and identity verification. The California-based company announced today that it has added NFC capability to its Mobile Verify suite.

With this enhancement, Mobile Verify can read data held on radio-frequency identification (RFID) chips embedded in identity documents. By simply touching the RFID-powered document to their smartphone, users can easily transfer their biometric data to their phone for streamlined authentication. The NFC enhancement layers another factor of authentication by comparing three elements: 1) the user’s photograph stored on the chip, 2) the printed photo on the document, and 3) a live selfie taken by the user. The video below illustrates the user experience.

https://youtu.be/3kIryhjxH2M

This development comes at a time when RFID-equipped documents are becoming more common. Almost 1 billion ePassports have been issued to date, and it is estimated that 3.6 billion people will have RFID-enabled ID cards by 2021. James DeBello, Mitek chairman and CEO said that fintech companies today need “modern methods for ensuring the identities of their users and verifying electronic ID documents.” DeBello added that the enhanced Mobile Verify product offers a “faster, easier and extremely secure digital identity verification process” for Mitek’s global user base.

Mitek’s solutions are embedded into the apps of 5,800 organizations with a combined user base of more than 80 million consumers. Mitek recently demoed at FinovateEurope 2017, where the company’s General Manager of Identity Solutions, Sarah Clark, and CMO, Kalle Marsal, showcased the company’s Mobile Verify solution that helps onboard customers without requiring them to visit a branch. In May, the company partnered with Trulioo to offer identity document verification with facial comparison for Trulioo’s Global Gateway API. This September, Mitek will be showcasing its newest technology at FinovateFall 2017 in New York (register today to save your spot). Check out a sneak peek of what the company plans to demo this fall.

Share this:

Send Post Twitter LinkedIn Facebook

Colorado’s PSCU Completes MalauzaiOne Digital Banking Roll Out

Colorado’s PSCU Completes MalauzaiOne Digital Banking Roll Out
By David Penn Posted on
Categories: Malauzai Software

Chalk another one up for the Malauzai Monkeys.

The third largest credit union in Colorado, Public Service Credit Union (PSCU) with more than $2.3 billion in assets and 219,00 members, has completed the roll-out of its new digital banking platform – powered by Malauzai Software. PSCU CEO Todd Marksberry said the Austin, Texas digital banking solutions provider was the only company able to deliver a fully-digital banking platform that could serve both its credit unions retail and business members.

“MalauzaiOne Digital Banking was the only solution that provided a unified member experience across all digital channels on a single platform,” Marksberry explained, pointing to the platform’s “feature-rich tools” for PSCU’s business banking members. “Despite the growing number of small businesses nationwide,” he added, “there continues to be a void in terms of digital banking tools that meet their needs.”

With MalauzaiOne Digital Banking, PSCU My eBanking mobile and online banking app users can access a suite of services including online and mobile banking, electronic statements, billpay, check imaging, remote deposit capture (RDC), and text/email alerts. PSCU retail and business members alike can also take advantage of financial management and budgeting tools. And as a single, end-to-end platform, Malauzai chief product officer Robb Gaynor explained, the technology provides a number of advantages for both FIs and customers. “We are easing maintenance, lowering costs, and supporting the overall simplicity of their digital banking efforts,” Gaynor said. PSCU notes that more than 91,000 members are actively using their digital banking technology.

Founded in 2009 and based in Austin, Texas, Malauzai Software demonstrated MOX Pay Powered by Visual App Builder at FinovateSpring 2016. Last month, Malauzai reported more than 200,000 mobile check deposit transactions per month and a monthly increase of 3% to 5% in overall RDC usage this year. In May, the company partnered with fellow Finovate alums Vantiv and OnDot to develop a youth spending solution, Family Manager: SmartKid Control. Malauzai began 2017 with the tailwind of a strong 2016, having expanded its customer base to more than 425 community FIs, grew the number of downloads of its SmartApps to more than 1.2 million, and established more than 200 points of integration, including with more than 40 core banking providers and payment processors. Malauzai has raised more than $24 million in funding and includes Live Oak Banking Company and Wellington Management among its investors.

PSCU is headquartered in Lone Tree, Colorado and was founded in 1938. The credit union has more than 28 branches in Colorado, and offers a wide range of financial products and services including savings and checking accounts, loans, mortgages, mobile banking, online billpay and more.

Share this:

Send Post Twitter LinkedIn Facebook

$726 Million Raised by 25 Alums in Q2 2017

$726 Million Raised by 25 Alums in Q2 2017
By David Penn Posted on
Categories: Funding, Fundings

Designed by Freepik

Updated (4/18/18): Finovate alums raised more than $726 million in the second quarter of 2017. The funding total, which does not include a pair of undisclosed investments for Bitbond and Symbiont, represents one of the highest Q2 fundings for Finovate alums to date (Q2 2015 produced more than $840 million). The second quarter total is more than triple the total funding for alums in the previous quarter, reinforcing the notion that pause in fintech investment over the first few months 2017 has likely passed.

Previous Quarterly Comparisons

  • Q2 2016: More than $510 million raised by 23 alums
  • Q2 2015: More than $840 million raised by eight alums
  • Q2 2014: More than $458 million raised by eight alums

The biggest equity deal of the second quarter by far was the $225 million equity investment Klarna received from new strategic investor, Brightfolk in June. The capital infusion made Brightfolk a qualified owner of the company (i.e., owned more than 10%) and gave Klarna an estimated valuation of more than $2.25 billion.

Also impressive was the $120 million raised by Kreditech, which represents the largest equity investment in a German fintech so far. The top 10 investments in the second quarter of 2017 totaled $610 million or more than 80% of the quarter’s total alum funding.

Top 10 Equity Investments (equity only)

  1. Klarna: $225 million
  2. Kreditech: $120 million
  3. Signifyd: $56 million
  4. Zopa: $41 million
  5. Blockchain: $40 million
  6. Scalable Capital: $33 million
  7. Fintonic: $28 million
  8. Additiv: $25.5 million
  9. savedroid: $22 million
  10. Crowdflower: $20 million

Here is our detailed alum funding report for Q2 2017.

April 2017: More than $41 million raised by four alums

  • Meniga: $8 million – post
  • Moneytree: $9 million – post
  • Narrative Science: $11 million – post
  • SwipeStox: $13 million – post

May 2017: More than $253 million raised by nine alums

  • Additiv: $25.5 million – post
  • Bitbond: undisclosed – post
  • Kreditech: $120 million – post
  • NetGuardians: $8 million – post
  • Quovo: $10 million – post
  • Signifyd: $56 million – post
  • Symbiont: undisclosed – post
  • Token: $18.5 million – post
  • Vera: $15 million – post

June 2017: More than $432 million raised by 11 alums

  • Blockchain: $40 million – post
  • Cardlytics: $12 million – post
  • Crowdflower: $20 million – post
  • Fintonic: $28 million – post
  • Klarna: $225 million – post
  • Scalable Capital: $33 million – post
  • StockViews: $640,000 – post
  • Stratumn: $7.8 million – post
  • Trusona: $10 million – post
  • Yoyo Wallet: $15 million – post
  • Zopa: $41 million – post

If you are a Finovate alum that raised money in the second quarter of 2017, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

Share this:

Send Post Twitter LinkedIn Facebook