Rye Bread, Mustard, and Finovate’s Great Grand Slam

Rye Bread, Mustard, and Finovate’s Great Grand Slam

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To steal a line from the late, great Seattle Mariners play-by-play announcer, Dave Niehaus: “Bring out the rye bread and mustard, grandma! It’s Grand Salami time!”

This year, for the first time, FinovateEurope, FinovateSpring, and FinovateFall have all surpassed the “1,500+ tickets sold” milestone. To reach this point—coming at the same time we celebrate our tenth anniversary—is truly something special, and we couldn’t have done it without you. So consider this a sincere “Thank You!” from the bottom of our fintech-loving hearts.

It’s rehearsal day here at FinovateFall 2016. And in the ballroom of the New York Hilton Midtown, presenters for this week’s conference have been checking mics, testing laptops, and practicing opening lines in preparation for our upcoming two-day event. To help you get ready for the show, here are a few last-minutes tips and reminders.

Bizzabo_logo_newBe a part of it—with Bizzabo!

Join the FinovateFall community via our meeting app on Bizzabo. Registered attendees can use Bizzabo to network with presenters, show sponsors and partners, as well as your fellow Finovate attendees. Bizzabo is available for both iOS and Android mobile devices, as well as via an online web interface at Bizzabo.com.

After you’ve downloaded the app, search for “Finovate.” Select “Join” and you’re ready to go. Note that only registered attendees can join the community/networking section of the app.

Twitterlogo_lightblueLe tweet c’est chic

Whether you’re joining us in person or enjoying the conference remotely, our Twitter feed at @Finovate is a great way to follow the action on stage, to say nothing of the often-colorful reactions, analysis, and insights from our educated, fintech-savvy audience. Be sure to mark your tweets #Finovate so our more than 31,000 Twitter followers will be able to readily pick up what you’re putting down.

We hope you’re looking forward to this week’s show as much as we are. The conference begins Thursday morning here at the New York Hilton Midtown at 8:45am (registration is at 8am). If you have any questions about the event, please feel free to email us at [email protected] or check out our FinovateFall 2016 FAQ.

Finovate Alumni News

On Finovate.com

  • Four Fintech Companies Featured in Forbes 100 Most Innovative Public Companies

Around the web

  • Mambu announces plan to double staff to support 10% month-on-month growth.
  • NCR teams up with MX to bring data-driven money-management to FIs. See MX at FinovateFall in New York this week.
  • Expensify opens new office in Melbourne, Australia.
  • Online currency exchange b-Sharpe chooses Mobile Verify from Mitek for identity verification.
  • Leading hedge fund Logica Capital Advisors selects Vera to manage critical business information and internal collaboration files.

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.

FinovateFall: Mapping the Future of Fintech Today

FinovateFall: Mapping the Future of Fintech Today

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Every time we build a Finovate presenter headquarters map, we are reminded of how geographically diverse fintech innovation has become. For all the talent gathered in places such as the Bay Area, New York, and London, our map encourages us to keep in mind less talked-about locales—like Utah, for example, where multiple Best of Show winner MX and Finovate newcomer ProActive are both making personal finance technologies for the 21st century. And it’s not just the Mountain West. Three companies scheduled to demonstrate their latest technologies live on the Finovate stage this week hail from Texas, two from Florida, and five from the Great Lakes region of Wisconsin and Michigan.

Beyond the United States, familiar international fintech powerhouses like Israel and Canada (eight presenters from the Great White North alone!) are sharing space with Nigeria and Cyprus, countries that are relative newcomers to the global fintech scene. And with our return to Asia only a few months away, it will be great to get a preview of fintech innovation from the Far East in the form of South Korea’s eStorm and Japan’s iBank (as well as their neighboring APAC innovators from Australia, Full Profile and identitii).

The lights go up on FinovateFall 2016 Thursday morning, September 8th, and the conference continues on Friday, September 9th, culminating with our Best of Show awards Friday afternoon. If you are still making arrangements to join us in New York next week, know that tickets are still available; our venue at the New York Hilton Midtown is world-class, conveniently located, and easily accessible; and our entire team is busy at work with the final preparations that will make your FinovateFall experience one to remember.

So we hope to see you this week in NYC! In the meanwhile, if you’ve got questions, we’ve got answers. Check out our FAQ or e-mail us at [email protected] and we’ll be happy to help.


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.

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

Four Fintech Companies in Forbes 100 Most Innovative Public Companies

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We love seeing alums called out in the numerous “most innovative” articles. Usually, those skew to young private startups. But the recent Forbes list of innovators, limited to large public companies (minimum market cap = $10 billion, with 7 years of public ownership), didn’t disappoint. Four financial technology companies made the top-100 list, and all four have appeared on the Finovate stage. Interestingly, financial services firms are excluded by Forbes on the grounds that they “have no measurable investment in R&D.” (I am sure many readers would argue that point).

Here are the financial fab-four in order of their finish (the innovation premium is the extra value investors place on their growth vs. their enterprise value, methodology):

Note: Experian will be showing its latest tech at Finovate this week as well (sneak peek)

Mastercard Says “Me Too” to Visa’s PayPal Partnership

Mastercard Says “Me Too” to Visa’s PayPal Partnership

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Just over a month after PayPal signed a partnership with Visa, the online money-transfer company has inked a deal with Mastercard.

The terms of today’s agreement with Mastercard are similar to those PayPal laid out with Visa:

  • Mastercard will be clearly presented as a payment option within the PayPal app
  • Users will be able to set Mastercard as their preferred payment method
  • Mastercard will help PayPal boost its presence at the point-of-sale (POS)
  • Mastercard’s Masterpass will be available as a payment option for merchants using Braintree
  • Venmo users can withdraw their Venmo balance using Mastercard Send

Also similar to the Visa deal, PayPal will receive volume incentives and will not be charged a digital wallet-operator fee for using Masterpass.

PayPal spun off from parent company eBay last year and has since been focused on growing its presence at the brick-and-mortar POS to help it compete with the growing number of mobile-wallet apps. The company’s recent partnerships with Visa and Mastercard are expected to spur growth in this area.

PayPal debuted Instant Account Creation at FinovateEurope 2012. Justin Woo, the company’s Braintree developer evangelist, presented at FinDEVr New York 2016. Visa has also presented at FinDEVr: M. Tad Tilahun, VP of product development, and M. Tad Tilahun and Alan Johnson, senior director/digital developed markets, presented at FinDEVr San Francisco 2014. Visa previously appeared at FinovateSpring 2010, where it demoed a tool to help consumers collect and organize products. At FinovateFall 2014, Mastercard took the stage to launch Mastercard Pay with Rewards, a solution that allows cardholders to redeem points at the point-of-sale. The company showed off its Developer Zone at FinDEVr San Francisco 2014.

Payworks Raises $4.5 Million Series A

Payworks Raises $4.5 Million Series A

payworks_homepage_September2016

Just a few days after launching its next-generation payment-gateway, Pulse, Payworks announced a $4.5 million Series A. The round was led by HW Capital and Rumford, and featured the participation of “leading U.S. and European payment executives” as well as existing investor, Speedinvest. The funding will help accelerate the Munich, Germany-based company’s continued expansion into Europe and North America.

“We are extremely happy on having closed our Series A with a great group of investors,” said Christian Deger, Payworks CEO and co-founder. “With their support, we will make Pulse available to even more merchants worldwide and establish our position in the market as a leading payment-gateway technology company.”

Nikolaus von Taysen, a partner at Rumford, had high praise for the German SaaS payment-gateway company, and called Payworks “one of the very few companies that has a shot at replacing an old and outdated infrastructure on a global scale.”

payworks_stage_FEU2014b

CEO Christian Deger demonstrated the Payworks’ platform at FinvoateEurope 2014.

Payworks gives payment processors an alternative to the costly, inefficient, inflexible, and often poorly secured legacy systems still widely in use to process credit card payments. With Pulse, the company’s lightweight, next-generation, SaaS payment-processing platform, Payworks empowers smaller processors to keep up with the larger processors in the payment business. CEO and co-founder Christian Deger called the solution a “very important milestone for our company,” noting the technology provides fast, API-based, EMV, contactless card, mobile wallet, and chip and payment processing for both fixed and mobile point-of-sale systems.

Headquartered in Munich, Germany, and founded in 2012, Payworks demonstrated its platform at FinovateEurope 2014. Winner of the MPE Award for most innovative payment startup, the company is active in more than 15 countries, and its payment provider clients serve hundreds of thousands of merchants in a number of different industries.

Finovate Alumni News

On Finovate.com

  • FinovateFall: Mapping the Future of Fintech Today
  • Payworks Raises $4.5 Million Series A
  • Mastercard Says “Me Too” to Visa’s PayPal Partnership

Around the web

  • Top Image Systems Signs Two Accounts Payable Automation Deals Valued at Over $480,000
  • EU-based mobile payments company SumUp achieves profitability.
  • Let’s Talk Payments interviews Boku CEO Jon Prideaux.
  • ACI Worldwide brings UP Retail Payments to Erste Bank Hungary.
  • Braintree to offer Visa Checkout.
  • ayondo relaunches website with new design and features to improve trading experience.
  • TransferWise announces tripling of revenues in first public annual report.

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.

Yoyo Wallet is Prepared for Liftoff (But Not in a SpaceX Explosion Sort of Way)

Yoyo Wallet is Prepared for Liftoff (But Not in a SpaceX Explosion Sort of Way)

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The mobile wallet market in the U.S. is being inundated with apps from Samsung Pay, Apple Pay, CVS Pay, Wells Fargo Wallet, Xiaomi’s Mi Pay, and many others. Meanwhile, London-based Yoyo Wallet with its slow-and-steady approach is starting to take off with both merchants and consumers.

You might think of Yoyo Wallet as the Venmo of the mobile-wallet industry since the app has struck a nerve with millennials. The mobile wallet generates a unique QR code for each transaction and allows retailers to in-build rewards and loyalty to incent first-time customers and encourage repeat business.

The startup was recently featured in Fusionwire, which interviewed Yoyo’s cofounder and CRO Michael Rolph, who said:

Over the last six months we’ve gone through this evolution that I think is fairly unique in any company’s life cycle. We’ve probably done the most important work of our lives over this time in order to lay the foundations for scaling. We’ve signed some pretty monumental deals; deals we might well look back on in years to come and say: ‘That was the turning point.’ It’s the exciting part now … you know you’ve got something, the question is: How big can you make it? This scaling-up phase will be very challenging, but that also makes it huge fun to be part of.

Rolph went on to describe Yoyo’s growth since launching, explaining that within the next few months, the company will have a workforce of 40 people, which is double the number Yoyo employed just 12 months ago. “We’ll need for all of us to be at the top of our game,” he said, since he expects Yoyo’s user-base numbers to balloon beginning next year.

Yoyo processes 400,000 transactions per month for mobile wallet users at 65 U.K. universities, 150 large corporate offices—including Accenture, JP Morgan, Visa, and HP—and retail locations. By the end of this year, the company expects to expand to 100 universities and 250 corporate offices.

Yoyo debuted at FinovateEurope 2015. Since then, the company has made inroads into Asia after launching at National University in Singapore. In late 2015, the company quietly began rolling out with partners in the U.S. As for what’s next, Rolph mentioned that the company is close to launching with “several very well-known retailers with a strong presence across the U.K., and specifically London.”

The Procrastinator’s Guide to FinovateFall

The Procrastinator’s Guide to FinovateFall

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Now that everyone in the U.S. has rested up from the Labor Day holiday, it’s time to shift focus to fintech, specifically FinovateFall, which is coming up fast. Here’s a guide to quickly get you up-to-speed on everything you need to know for the event.

Tickets
There are still a handful of tickets remaining. You can register online or at the registration desk on the day of the event.

Where
We’re returning to the New York Hilton Midtown in NYC.

Address:
1335 Avenue of the Americas
New York, NY 10019

When
Registration opens at 8 AM and the first demo begins at 8:45 AM. Coffee and continental breakfast will be provided, so come early and grab a seat.

Presenters
You can find a list of companies and their websites on the FinovateFall homepage. Or check out our Sneak Peek series on the blog for more details on what each company will debut.

Mobile app
The FinovateFall app is powered by Bizzabo. Download Bizzabo in the app store (Android & iOS), search Finovate and join the community to connect with other attendees, follow along with the agenda, and read more about the presenters.

Still have questions? Check out the FAQ section on our website or email [email protected].

Finovate Alumni News

On Finovate.com

  • Yoyo Wallet is Prepared for Liftoff (But Not in a SpaceX Explosion Sort of Way)

Around the web

  • American Banker features Moven’s partnership with TD Bank. Come see Moven at FinovateFall this week in NYC.
  • FST Media interviews Phil Copeland, co-founder and chief executive officer of Avoka. Come see Avoka’s FinovateFall demo.
  • MoneyStrands launches new app to help users create good spending habits. Check out Strands at FinovateFall.

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.

Solving the False Positive Problem in Credit/Debit Authorizations

Solving the False Positive Problem in Credit/Debit Authorizations

seattle_laFor the third year in a row, I traveled from Seattle to the L.A.-area to drop off my son at college. And for the third year in a row, Bank of America declined my card at Target, buying groceries and incidentals for him. And this time it was an EMV chip-card. Thank goodness I had my trusty Capital One card along, because it seems to do a far better job minimizing false positives (for fraud), at least for my account.

Capital One did have its concerns along the way, though. They sent the following email asking for confirmation that these gas-station authorizations were mine. And even though I didn’t respond right away, perhaps 12 to 18 hours later, they never shut off my card.

capital_one_charge_confirmation

Bank of America also sent a similar email, but it arrived AFTER the card was declined. I understand the bank’s need to terminate suspicious transactions, but is it really that suspicious? For three years running, I’ve shown up in Los Angeles the last week of August (along with visits in between) and gone on a bit of a spending spree to stock my son’s dorm and now apartment (you’re welcome, boys!). Furthermore, I had already used the card to book an L.A. hotel, make some low-level but consistent charges along the way, coffee at Seatac, lunch in West L.A., and so on. But when I try to buy $150 in groceries at Ralph’s or Target, the card is declined, and worse, completely shut off from further purchasing.

Bottom line: My point here isn’t to complain about one issuer’s fraud-handling (although it felt good to get that off my chest), but to implore once again for more integration with smartphones to reduce false negatives. Specifically:

  1. Talk to me on the most immediate channel. Both banks sent emails, but I’m on the road, not checking emails. Pop a notification on the screen and send me a text message. Also, in instances of two account holders, make sure fraud alerts go to both (BofA emailed only my wife).
  2. Know me better. I get that Target in Tustin is outside my normal spending bubble. But I have a history of making charges in that area for 2+ years, so cut me a little slack.
  3. Better yet, know where I am. How many hundreds of millions could BofA save by tracking cardholder whereabouts in the background? I let Starbucks, Google, Yelp, and so on track my location. The benefits of them knowing where I am outweigh the privacy risks. The same goes for my bank.

——————–

iContactHeaderFFNote: Looking forward to seeing everyone at Finovate this coming week. Let me know if there is anything you want to discuss ([email protected]).

FutureAdvisor Brings RoboAdvisory to U.S. Bank Wealth Management

FutureAdvisor Brings RoboAdvisory to U.S. Bank Wealth Management

FutureAdvisor_homepage_September2016

Since its acquisition by BlackRock a year ago, online investment adviser FutureAdvisor has inked partnerships with BBVA Compass and RBC Wealth Management. Recently, we learned that the San Francisco-based robo-adviser founded by CEO Bo Lu has added another major client to its roster: U.S. Bank Wealth Management.

“Digital advice … will play a larger role as the combination of digital and human advice, packaged appropriately together, continues to improve outcomes for both financial advisers and their clients,” Lu said.

FutureAdvisor is an online investment adviser that automatically reviews and manages investment holdings to optimize asset allocation, limit hidden fees, and improve tax efficiency. The platform provides regular portfolio rebalancing, tax-loss harvesting, and immediate and automatic investment of newly added cash. FutureAdvisor also gives clients access to professional licensed advisers and service specialists to ensure that investors get quick answers to their questions about investing and the FutureAdvisor platform. Clients can use the technology to plan for a variety of financial goals, and is free for those using the platform for retirement and college savings. For investment management, FutureAdvisor charges an annual fee of 0.5% of assets directly managed, with advice on managing 401(k) accounts available for free.

Mark Jordahl, president of wealth management at U.S. Bank, said FutureAdvisor’s technology would complement the work of its investment advisers and give investors greater confidence. “We are thrilled to be launching a new strategic partnership with FutureAdvisor to create an automated investing option that we believe will be highly valued by those who are in the process of growing as investors,” Jordahl said. U.S. Bank will use FutureAdvisor to build a variety of investment portfolios consisting of “cost-effective funds specifically designed to help clients work toward their goals.”

Founded in 2010 and based in San Francisco, California, FutureAdvisor demonstrated its technology at FinovateFall 2013. This summer, the company was featured in a report on automated digital wealth management from Finovate sponsor Financial Technology Partners (FTPartners), and profiled by Business Insider. FutureAdvisor picked up LPL Financial as a client in April, bringing its robo-adviser platform to the company’s 14,000 financial advisers. Prior to the company’s acquisition by BlackRock, FutureAdvisor had raised more than $21 million in funding.