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Finovate Alumni News

By David Penn Posted on August 25, 2016
Categories: Agreement Express, CBW Bank, Entersekt, Experian, FF, FutureAdvisor, inSpirAVE, Kabbage, Liferay, Lighter Capital, SelfScore, Slice, Temenos, Xero

On Finovate.com

Slice Launches Smart Shopping Assistant Extension for Chrome

SelfScore Raises $7 Million to Bring Credit to International Students

Check out our latest round of FinovateFall Sneak Peeks featuring:

Around the web

Temenos to provide core banking solutions for international microfinance specialist, Microcred.

US Bank Wealth Management to launch automated investing courtesy of new partnership with FutureAdvisor.

Entersekt brings its Transakt technology to the Middle East in collaboration with IST Networks.

Fortune follows CBW Bank’s journey.

Lighter Capital launches $25 million AppExchange Fund for Salesforce partners building AppExchange apps.

Crowdfund Insider interviews Rob Frohwein, Kabbage CEO and co-founder.

Xero named most-loved accounting software for second year in a row.

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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How it Works: Real Estate Crowdfunding at Patch of Land

By Jim Bruene Posted on August 24, 2016
Categories: Investing, Mortgage, Refi & Home Equity, Patch of Land

While everyone else was playing Pokemon Go last month, I was doing something more appropriate for someone my age, crowdfunding a house flip in La Jolla. Amazingly, I was able to view the property and public records (Google Streetview, Bing, Zillow, Redfin, Trulia); check out the construction-cost estimates; review the revised floor plan; and check out the actual appraisal for the as-built value against four comps in detail, all from the comfort of my home.

Ever since a brief stint in the early 1990s at a mortgage bank, I’ve known there was great demand, and tidy profits, in financing major home rehabs. I never thought I’d have the guts to flip a house myself, and I still don’t, but I can do the next best thing: loan money to real estate rehabbers through crowdfunding sites such as Realty Mogul, Patch of Land, RealtyShares and the like.

For my first try, I chose Patch of Land because they are a Finovate alum (see note 1), but mostly because their email showcasing a new rehab investment opportunity in La Jolla, California (where I honeymooned) caught my attention (see investment page above). The developer bought a 3-bedroom, 3-bath house in May for $1.3 million and is putting $500,000 into a major remodel, creating a 4-bedroom, 2-bath (which the appraiser objected to by the way). The work has already begun, but Patch of Land was still looking to fund the final 10% of the loan. The startup prefunds the projects with its own money, then resells them to investors. This particular house will pay 10.5% interest for the 11 months remaining on the original 1-year term; however, it is likely to be paid off early if all goes well and the house is sold before the end of the 12-month period.

The real estate crowdfunding industry is already bigger than I expected. I haven’t found reliable stats for 2015, but the market was estimated at $1 billion in funding in 2014. Patch of Land has done $150 million since inception, and Realty Mogul, more than $200 million. According to (an undated post) in the Real-Estate Crowdfunding Review, more than 100 such sites exist. They rated eight as all-stars, including two Finovate alums: Realty Mogul ($200 million in cumulative originations) and Patch of Land ($100 million in originations as of March 2016), along with Acquire Real Estate, LendingHome, Peer Street ($75 million in originations), Real Crowd, Realty Shares ($130 million through Feb 2016) and Roofstock.

Bottom line: If you are looking for alternative investments to recommend to clients, consider working with a major crowdfunder to white-label or co-brand the service.

——-

Note: If anyone wants to talk real estate crowdfunding, or anything else, at Finovate NYC in two weeks, drop me a line (jim@finovate.com).

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Nous Launches New Trading App TIQL for a Safer Way to Trade

By Julie Muhn (@julieschicktanz) Posted on August 24, 2016
Categories: Nous.net

Nous Global Markets continued in its mission to make financial markets globally accessible with today’s launch of TIQL (pronounced tickle), a consumer-friendly way to trade.

Nous is touting its new app as the “safest way to trade.” Some of TIQL’s distinguishing features include:

$5 minimum to open an account
$0.01 minimum investment per trade
Free downside protection makes it impossible to lose more than was invested
Receive returns of up to 20x

TIQL launched in beta in April of this year, and has since received an OGRA license to operate by the Isle of Man Gambling Supervision Commission. The app’s early users from “many countries around the world” have invested $280,000 on the platform. The London-based company plans to raise funding to expand the already-growing platform, which is available on PC, iOS, and Android devices.

At FinovateEurope 2014, the company debuted its flagship product, SparkProfit. The free-to-play, virtual trading game now has 400,000 users from more than 200 countries. In late 2015, Nous closed a $750,000 funding round, bringing the company’s total funding to $1.36 million.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on August 24, 2016
Categories: FinDEVr APIntelligence, InComm, Kontomatik, PayPal, Temenos, Xero

Our FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October in Santa Clara. Early bird tickets expire soon so register today to save your spot!

The latest from FinDEVr New York 2016 presenters

PayPal Partners with Xero to Support B2B Invoice Payment

Alumni updates

London-based BACB to replace its legacy IT systems with CorporateSuite from Temenos.

Kontomatik announces expansion to Portugal, the ninth country where its API is available.

PrivatBank’s Partnership with InComm Initiates Launch of Prepaid Products in Ukraine

Ghana-based startup, Sovereign Bank, deploys T24 core-banking system from Temenos.

CenturyLink to host SatuitCRM and SatuitCRA software as part of new agreement.

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

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Meet The ID Co: miiCard Rebrands as DirectID Spurs Growth

By David Penn Posted on August 24, 2016
Categories: MiiCard, The ID Co.

In rebranding as The ID Co., James Varga’s identity-verification startup will be better poised to provide businesses and consumers with better fraud protection, faster onboarding, and easier, safer login and checkout capabilities. DirectID and miiCard will serve as The ID Co.’s two core business units, with miiCard Digital Passport “helping consumers own and manage their identities,” Varga explained, and DirectID B2B “more deeply embedding identity in business processes.”

“Our mission is to create a layer of trust online, a digital world where you can trust that people really are who they say they are,” he added. “Our new company name represents who we are, and better reflects our mission to help solve one of the greatest challenges of our time.”

Growth of The ID Co.’s DirectID B2B service in particular helped drive the rebranding decision. Currently deployed at leading banks, wealth management firms, and online lenders, the technology helps improve onboarding conversion rates, reduce fraud and improve underwriting accuracy by factoring in data sources such as Bank Verified Identities and financial transaction histories.

Launched in the fall of 2014, DirectID provides an “all-in-one solution” that is especially effective for the affordability testing in high-value, online transactions. The company’s consumer platform, miiCard (My Internet Identity Card) provides a “consumer-centric identity” for online and mobile users, including a digital passport being piloted with the National Strategy for Trusted Identities in Cyberspace and the state of North Carolina.

Founded in 2011 and headquartered in Edinburgh, Scotland, The ID Co. demonstrated miiCard Identity as a Service at FinovateFall 2013. The company has raised more than $9 million in funding and was an inaugural member of fintech accelerator, SixThirty. Vargas sat down with American Banker last summer to discuss the challenges of online identity verification and the role of banks as a “source of trust.”

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Fintech with The Jetsons at FinovateFall 2016

By Julie Muhn (@julieschicktanz) Posted on August 24, 2016
Categories: FinovateFall 2016

It’s 2016, and the red-hot fintech sector has evolved immensely since Finovate first launched 10 years ago. Looking back at the demos from 2007, the major trends were PFM, text alerts, and bill payment.

Next month at FinovateFall in New York, we’re going to see some things that, compared to 2007, seem like the way the Jetsons would manage their finances. Here’s a breakdown of the biggest trends you’ll experience at FinovateFall:

Authentication
We’ve seen authentication strategies evolve from a simple username and password to biometric technologies that leverage voice, behavior, facial recognition, as well as device tokenization and Touch ID to help banks increase security while decrease friction for end consumers.
CX/UX
With tech companies such as Uber and Venmo setting a higher bar for user experience, consumer expectations have also evolved. Financial services companies have to compete by offering more personalized services, real-time data and communication, and a suite of user-friendly mobile features. Status quo is no longer an option.
Lending
Underwriting has advanced, thanks to the availability of big data. This, combined with increased demand for alternative lending, makes lending a prime space for disruption.
Collaboration
The number of communication channels among financial services companies and their employees and end-consumers is increasing. From email to SMS to video conferencing and virtual meeting rooms, the challenge lies in reaching users through their preferred channels while remaining compliant.

Still don’t have your ticket to FinovateFall? Seating is limited so register today and we’ll see you in New York!

FinovateFall 2016 is sponsored by The Bancorp, AARP, Financial Technology Partners, Grant Thornton, Hudson Cook, KPMG, and Leverage PR.

FinovateFall 2016 is partnered with Acuity Market Intelligence, Aite Group, American Bankers Association, BankersHub, Bankless Times, BayPay Forum, Bitcoin Magazine, Breaking Banks, Byte Academy, California Bankers Association, Canadian Trade Commissioner Service, CB Insights, Celent, Coin Telegraph, Crowdfund Beat, Digital Currency Council, Digital.NYC, EbankingNews, FemTechLeaders, Fintech Finance, The Fintech Times, Harrington Starr, Holland Fintech, IDC Financial Insights, Innovate Finance, Javelin, Juniper Research, Korea FinTech Forum, Mapa Research, Mercator Advisory Group, Next Money, NYPAY, Ovum, Payments & Cards Network, The Paypers, PitchBook, Plug and Play, SME Finance Forum, Swiss Finance + Technology Association, and Western Independent Bankers.

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Financeit Launches Direct-to-Consumer Financing Platform, Financeit Direct

By David Penn Posted on August 24, 2016
Categories: FinanceIt

Financeit Direct is a new, direct-to-consumer financing platform from Financeit that transforms traditional point-of-sale financing into a mobile-enabled, paperless process that works for small- and medium-sized business.

“Throughout beta testing, merchants described Financeit Direct as a revolutionary tool that can be customized for their work schedules and routines,” Financeit founder and CEO Michael Garrity said. “Consumers love the quick and easy application process and the added privacy and security, along with Financeit’s competitive interest rates.”

(Left to right): COO Casper Wong, CTO Paul Sehr, and CEO and founder Michael Garrity demonstrated Financeit at FinovateFall 2014.

Financeit Direct allows customers to use their mobile devices to complete financing applications by uploading documentation such as a voided check or a pay stub. Customers can review rates and get instant credit decisions via their mobile device as well. Calling Financeit Direct “the first point-of-sale financing platform to take full advantage of the mobile revolution,” Financeit CTO Paul Sehr said the technology was already seeing “huge traction” among beta testers, most of whom have begun to use the platform for financing “big-ticket purchases.”

Founded in 2011, Financeit announced the launch of its U.S.-compliant platform at FinovateFall 2014 and demonstrated the technology in partnership with fellow Finovate alum, FIS. The company has processed more than $1.5 billion in loans from more than 5,000 merchant partners since inception. Financeit is headquartered in Toronto, Ontario, Canada, and has raised more than $21 million in funding. In June, it announced an agreement with ClearFlow for a $30 million credit facility. The company’s COO, Casper Wong, was featured in Notable this spring.

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New Liquidity Compliance Tool from CustomerXPs

By Julie Muhn (@julieschicktanz) Posted on August 24, 2016
Categories: CustomerXPs

Real-time banking support company CustomerXPs recently made a move to help banks in the UAE maintain compliance with new liquidity regulations.

While the new launch is a mouthful—Clari5 Real-time Intraday Liquidity Monitoring Solution—it is self-explanatory. The product will help banks in the UAE mitigate intraday liquidity risk and comply with the 240 regulation from the Basel Committee on Banking Supervision (BCBS). The new regulation mandates that by January 2017 banks must provide information for regulators and supervisors to ensure they can meet payment and settlement obligations throughout the day.

The new tool from CustomerXPs offers liquidity-trend analysis and automated alerts to help banks manage liquidity risk. The company’s CEO Rivi Varghese describes the tool as a “bolt-on system that leverages existing investments and processes … with a low infrastructure footprint.”

Founded in 2006, CustomerXPs debuted Paperless Branch Banking at FinovateAsia 2013. Last month the Bangalore-based company partnered with Kris Finsoftware to launch fraud management for banks in Asia Pacific. For more Asia-focused fintech, check out FinovateAsia this fall in Hong Kong.

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Finovate Alumni News

By David Penn Posted on August 24, 2016
Categories: Betterment, CustomerXPs, FinanceIt, Nopsec, Nous.net, The ID Co., True Potential

On Finovate.com

Financeit Launches Direct-to-Consumer Financing Platform, Financeit Direct

Meet The ID Co.: miiCard Rebrands as DirectID Spurs Growth

Fintech with The Jetsons at FinovateFall 2016

New Liquidity Compliance Tool from CustomerXPs

Nous Launches New Trading App TIQL for a Safer Way to Trade

Check out this week’s FinDEVr APIntelligence

Around the web

Uber partners with Betterment to offer drivers flexible retirement accounts that will be fee-free for a year.

CU Broadcast features NopSec CTO Michelangelo Sidagni.

True Potential teams up with UBS Asset Management to launch five, new multi-asset funds.

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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Fintech Fundings: 106 Companies Raise $2.0 Billion in July

By Jim Bruene Posted on August 23, 2016
Categories: Funding

Total funding worldwide in July was $1.95 billion from 106 deals compared to June with $1.6 billion across 186 deals. Due to our weekly tracking methodology, an additional week in June was added, so average weekly deal flow was 37 in June compared to 27 in July. While that is a 30% decline month-over-month, July’s total was in line with the average of 28 deals per week YTD.

The weekly details can be found through the following links:

21 companies raised $681 million the last week of July (see below)
26 companies raised $530 million week ending July 22
32 companies raised $210 million week ending July 15
23 companies raised $530 million week ending July 8

July closed with 21 deals announced in the final week. That makes it 29 weeks out of 30 this year surpassing 20. And for the first time in many years, not a single company was based in Northern California (and there was just one $100k Seed deal in Los Angeles). The total amount raised was $681 million across 16 fundings with announced amounts (5 deals had undisclosed amounts). Of the total, $545 million was a massive debt infusion for alt-lender Elevate.

Two Finovate alums raised new rounds:

Nextmarkets raised “7 figures” including $3.5 million from PayPal founder Peter Thiel
Quantopian raised $2 million for its quant playground

The total number of deals YTD stands at 839, about 400 more than last year’s 446. Total dollars raised YTD is $19.3 billion, double the $9.8 billion raised during the same period a year ago.

——-

Fintech deals by size from 23 July to 29 July 2016:

Elevate
Alt-lender
Latest round: $545 million Debt
Total raised: $615 million Debt (Unknown equity)
HQ: Fort Worth, Texas
Tags: Consumer, credit, loans, underwriting, person-to-person, P2P, investing
Source: Crunchbase

FINO PayTech
Marketplace lender
Latest round: $37.6 million ($200 million valuation)
Total raised: $37.6 million
HQ: Mumbai, India
Tags: Consumer, credit, loans, underwriting, person-to-person, P2P, investing
Source: Crunchbase

Gongzi Qianbao
Wallet and wealth management
Latest round: $30 million
Total raised: $30 million
HQ: Shanghai, China
Tags: Consumer, advisers, investing, wealth management, personal financial management, mobile, payroll
Source: Crunchbase

Exchange Corporation
Online exchange (AQUSH) for consumer loans
Latest round: $15 million Series B
Total raised: $27.8 million
HQ: Tokyo, Japan
Tags: Consumer, advisers, traders, investing, wealth management, trading
Source: Crunchbase

Paidy
Alt-payment system
Latest round: $15 million Series B
Total raised: $23.3 million
HQ: Tokyo, Japan
Tags: Consumer, SMB, merchants, payments, POS, point of sale, acquiring
Source: FT Partners

Qwikcilver
Stored value technology
Latest round: $10 million
Total raised: $20 million
HQ: Bangalore, India
Tags: Institutions, debit/prepaid cards, payments, loyalty
Source: Crunchbase

Hepan Finance
Crowdfunding marketplace for small business capital
Latest round: $9.9 million Series A
Total raised: $9.9 million
HQ: Shanghai, China
Tags: SMB, commercial credit, loans, underwriting, person-to-person, P2P, investing
Source: Crunchbase

Zeek
Giftcard exchange
Latest round: $9.5 million Series B
Total raised: $12.5 million
HQ: Tel Aviv, Israel
Tags: Consumer, payments, gift cards, prepaid cards, platform
Source: Crunchbase

Nextmarkets
Investing platform
Latest round: “7 figures” including $3.5 million from Peter Thiel
Total raised: Unknown
HQ: Koln, Germany
Tags: Consumer, advisers, traders, investing, wealth management, trading, Finovate alum
Source: Finovate

Quantopian
Platform for building and testing trading algorithms
Latest round: $2 million
Total raised: $23.7 million
HQ: Boston, Massachusetts
Tags: Consumer, advisers, traders, investing, wealth management, trading, quants, Finovate alum
Source: FT Partners, Finovate

Tide
Small business debit and current account
Latest round: $2 million Seed
Total raised: $2 million
HQ: London, England, United Kingdom
Tags: SMB, debit card, deposits, checking/current account, accounting, spending tracking
Source: Crunchbase

Toborrow
Crowdfunding marketplace for small business capital
Latest round: $750,000
Total raised: $3.5 million
HQ: Stockholm, Sweden
Tags: SMB, commercial credit, loans, underwriting, person-to-person, P2P, investing
Source: Crunchbase

Coinigy
Crypto-currency trading tools
Latest round: $400,000
Total raised: $500,000
HQ: Milwaukee, Wisconsin
Tags: Consumer, traders, investing, bitcoin, blockchain
Source: Crunchbase

Wrebit
Mobile accounting
Latest round: $235,000 Seed
Total raised: $235,000
HQ: Ulricehamn, Sweden
Tags: SMB, accounting, VAT, bookkeeping, invoicing, billpay, accounts receivables
Source: Crunchbase

Freetrade
Zero commission stock-trading app
Latest round: $225,000 Equity Crowdfunding
Total raised: $225,000
HQ: London, England, United Kingdom
Tags: Consumer, investing, trading, mobile, stocks
Source: Crunchbase

Drizzle
Micropayments
Latest round: $100,000 Convertible Note
Total raised: $100,000
HQ: Los Angeles, California
Tags: Consumer, payments, merchants, acquiring, content, WordPress
Source: Crunchbase

Jechange.fr
Financial services price-comparison site
Latest round: Not disclosed
Total raised: Unknown
HQ: Agen, France
Tags: SMB, consumer, credit, insurance, price comparison, discovery, lead gen
Source: Crunchbase

Korea Credit Data
Small business risk scores
Latest round: Not disclosed
Total raised: Unknown
HQ: Seoul, South Korea
Tags: Institutions, lenders, SMB, commercial credit, underwriting
Source: Crunchbase

MakeLeaps
Online invoicing platform
Latest round: Not disclosed
Total raised in prior rounds: $600,000
HQ: Tokyo, Japan
Tags: SMB, accounting, billing
Source: Crunchbase

Smart Pension
Pension enrollment platform
Latest round: Not disclosed
Total raised: $4.8 million prior to latest round
HQ: London, England, United Kingdom
Tags: SMB, investing, pension, HR, employee benefits
Source: FT Partners

Xenomorph
Data-storage solutions for financial markets
Latest round: Undisclosed debt
Total raised: Unkown
HQ: London, England, United Kingdom
Tags: Institutions, developers, storage, IT, security, compliance, HSBC (investor)
Source: FT Partners

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FinovateFall Sneak Peek: Bluescape

By Julie Muhn (@julieschicktanz) Posted on August 23, 2016
Categories: Bluescape, FinovateFall 2016, FinovateFall 2016 Sneak Peek

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Bluescape, a visual collaboration platform, enables financial UX/UI design teams to see the whole picture as they design, refine, and develop better products faster.

Features:

Cloud-native interactive workspace with an intuitive interface that encourages teams to defy conformity
Faster decision-making with real-time collaboration
Ultra-scalable, all-capturing

Why it’s great
With Bluescape, design teams can see the forest and the trees.

Nick Brown, Vice President of Products
Brown leads a team of designers to drive product strategy, user experience and product management. He brings more than 25 years of experience, including leadership positions at SAP and Oracle.
LinkedIn

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LendUp Gets a Leg Up with $47 Million

By Julie Muhn (@julieschicktanz) Posted on August 23, 2016
Categories: Funding, LendUp

Payday lender-alternative LendUp landed $47 million in series C funding this week. Y Combinator’s growth fund, Y Combinator Continuity, led the round. Google Ventures, Thomvest Ventures, QED Investors, Data Collective, Susa Ventures, Radicle Impact, Bronze Investments, SV Angel and other angels also contributed.

The $47 million brings the company’s total funding to just over $110 million. LendUp will use the funds to build LCard, a credit card with a companion mobile app designed to help users build credit.

Founded in 2011, LendUp aims to help consumers rejected by banks find a safe alternative to payday lenders. The San Francisco-based company offers three main products:

LendUp Loans, a payday loan alternative that lets users borrow up to $250 for 30 days
LCard, a credit card made for those who have historically struggled with credit
Educational materials, free online courses to give cardholders the information they need to make decisions about their financial future

The company’s CEO Sasha Orloff told TechCrunch that the new round brings LendUp’s valuation “substantially higher than the last time.”

Cofounders CEO Sasha Orloff and CTO Jacob Rosenberg debuted the company’s API at FinovateSpring 2014. The API exposes LendUp’s core to allow partners to leverage its platform. The company won Best of Show at FinovateSpring 2013 for debuting its product that helps the underbanked build credit.

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