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Kabbage and Scotiabank Ink Partnership

By Julie Muhn (@julieschicktanz) Posted on June 22, 2016
Categories: Kabbage

Small business lending platform Kabbage added a big name to its list of bank partners today. The Atlanta-based company announced it has teamed up with Scotiabank, a Canadian bank that contributed to the alt-lender’s $135 million funding round last October.

The partnership licenses Kabbage’s lending technology to Scotiabank, which will co-brand loans offered to small business customers in Mexico and Canada. Through the agreement, Kabbage will automate the onboarding process, underwrite and service the loans, and provide ongoing monitoring throughout the life of the loan. Scotiabank will keep the majority of loans on its balance sheet; Kabbage will have the option to buy a minority share.

Scotiabank will pilot the new offering in Mexico with 12-month term loans, and in Canada with 6-month term loans. The bank is using a phased-in approach and will launch for current, non-borrowing small business customers starting next month.

Scotiabank is the third international bank and the first bank in Canada to select Kabbage to power its online business loans in the past six months. Kabbage CEO Rob Frohwein says that the global reach “demonstrates the scalability of Kabbage to power lending for organizations worldwide.”

At FinovateSpring 2015 Kabbage unveiled the Kabbage Card, a payment card that lets small business owners carry a financing tool in their wallet to pay for supplies needed to keep their business running. The company’s CTO Andy Badstubner presented at FinDEVr San Francisco 2015 on how to integrate into the Kabbage platform.

Founded in 2009, Kabbage maintains similar partnerships with ING and Santander. A few weeks back, the company was featured on CNBC’s Disruptor 50 list and last month achieved a milestone by extending $2 billion in loans in five years.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on June 22, 2016
Categories: FICO, FinDEVr APIntelligence, Mambu, Markit, MX, Personal Capital, Plaid, Thomson Reuters, Trulioo, Yodlee

FinDEVrSV16-LogoV2(wdate) Our FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

On FinDEVr.com

Markit Agrees to Acquire Prism Valuation.

Goldman Sachs Leads $44 Million Investment in Plaid.

Mambu Unveils FinTech Startup Program.

The latest from FinDEVr New York 2016 presenters

Personal Capital Brings on Former Yodlee CFO.

FICO acquires cybersecurity firm QuadMetrics, announces plans for “enterprise security scores.”

Alumni updates

Let’s Talk Payments asks if fintech startups should be able to access bank data in the wake of Plaid’s $44 million Series B.

MX Adds Cash Flow Feature to MoneyDesktop Platform.

Trulioo expands to South America as part of Canada’s Fintech Mission to Brazil.

Thomson Reuters named 2016 European Tax Technology Firm of the Year by International Tax Review.

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

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In Third Deal in Four Weeks, Nymbus Acquires Sharp BancSystems

By David Penn Posted on June 22, 2016
Categories: Acquisition, Mergers & Acquisitions, NYMBUS

At the beginning of the month, cloud-based core-processing platform developer NYMBUS announced that it had bought core data processing solutions provider, R.C. Olmstead. Two weeks later, NYMBUS was back in deal-making mode, acquiring credit union software maker KMR. Two acquisitions in three weeks is a pretty impressive pace. But who knew there was more to come?

Today we learn that NYMBUS has scooped up another company, this time purchasing fellow core-processing vendor, Sharp BancSystems (SBS). Terms of the acquisition have not been disclosed, but Banking Technology reports that the deal is the largest for NYMBUS to date. Along with the company’s other recent acquisitions, NYMBUS now has $200 million in intellectual property driving “tried and tested” banking software for publicly traded FIs.

Chief Experience Officer Mario Garcia demonstrated NYMBUS at FinovateSpring 2016 in San Jose.

NYMBUS founder Alex Lopatine praised SBS as a “best-in-class” industry pioneer for nearly thirty years. Nevertheless recognizing that its back-end core system was in need of an expensive overhaul in 2014, SBS decided that a partnership strategy would be the best approach and began conversations with NYMBUS in 2015. Interestingly, NYMBUS hired former Sharp BancSystems CEO and president Scott Sharp as its Chief Operating Officer in February, a move that now clearly foreshadowed the acquisition.

“The functionality that allowed banks to be on the top-performance list for all these years is being developed in the NYMBUS core today,” Sharp said. “There are inherent efficiencies built into the single stack application approach with a modern user experience, and there won’t be anything that can touch us in side-by-side comparisons in the very near future,” he explained.

Founded in 2015 and headquartered in Miami Beach, Florida, NYMBUS demonstrated its technology at FinovateSpring 2016. Before its furious June acquisition pace, NYMBUS made headlines with its partnership with Geezeo in February, and launched its credit union collaboration service organization, CUNYMBUS in March. Also in March, NYMBUS was featured in Let’s Talk Payments as part of a look at innovative banking software companies.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on June 22, 2016
Categories: CustomerXPs, FIS, Kabbage, Lendio, NYMBUS, Plaid, Prosper, Rippleshot, Thomson Reuters, Toshl, Tyfone

On Finovate.com

Check out this week’s FinDEVr APIntelligence.

Kabbage and Scotiabank Ink Partnership.

Prosper Freshens Up the Retail Investor Experience.

In Third Deal in Four Weeks, NYMBUS Acquires Sharp BancShares.

On FinDEVr

Hyperwallet Expands Offerings in Partnership with Choice Bank.

Around the web

Operational Risk Magazine names Clari5 from CustomerXPs Best Fraud Detection Product at the 2016 OpRisk Awards.

Banking CIO Outlook names Tyfone a Top 10 Mobile Banking Solution Provider for second year in a row.

Let’s Talk Payments asks if fintech startups should be able to access bank data in the wake of Plaid’s $44 million Series B.

Thomson Reuters unveils compliance solution, Checkpoint State Clear Comply.

FIS wins Most Innovative Tech Company, Maverick of the Year, and Woman of the Year at American Business Awards.

The American Bankers Association endorsees Rippleshot’s Sonar card-compromise-detection tool.

Toshl launches Finance 2.0 app for Android.

Lendio Recognized as a Great Place to Work.

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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MX Adds Cash Flow Feature to MoneyDesktop Platform

By Julie Muhn (@julieschicktanz) Posted on June 21, 2016
Categories: MX

Money-management solutions provider MX launched a new feature to bolster its suite of MoneyDesktop offerings, which include budgeting, account aggregation, transaction history, etc. The new addition is called Cash Flow and offers a better way for users to visualize how money moves in and out of their account throughout the month.

Cash Flow combs a user’s transaction history for deposits into and payments out of their accounts that occur on a regular basis. Both the calendar and line graph views of the tool show a future-cast of their projected balance each day and help them see the impact of additional recurring payments. The Utah-based company’s CEO Ryan Caldwell said that the new technology offers customers “the ability to not only track data, but also take action on their own financial data.”

Highlights of Cash Flow include:

Quickly capture recurring debits and credits (rent, mortgage, utility bills, paychecks)
Match transactions to specific events to help predict account behavior
View transactions on a line graph or calendar
View financial trajectory on a monthly or yearly basis

Founded in 2010, MX is a five-time Best of Show winner at Finovate. The company most recently demoed at FinovateFall 2014 where it launched Helios, a cross-platform framework for fintech. The company partners with 650 financial institutions and 35 digital, online, and mobile banking providers.

MX has also been successful in presenting at the FinDEVr developers conference. At FinDEVr San Francisco 2015, the company’s CTO Brandon Dewitt gave a presentation titled, How You Build Something Is More Important Than What You’re Building.

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Sezzle Scoops Up $500k Investment from Brussels-based E-Merge

By David Penn Posted on June 21, 2016
Categories: Sezzle

Courtesy of Brussels-based fintech fund, E-Merge, Sezzle is $500,000 closer to its fundraising goal of $1.5 million.

Sezzle is a startup based in Minnesota whose initial solution, Sezzle Pay, leverages the ACH rails to provide faster, lower cost payments. With the customer’s bank account details, Sezzle Pay can initiate immediate payments at checkout. “That’s attractive because ACH is such a low-cost payment method,” Sezzle founder and CEO Charlie Youakim explained during his company’s Finovate debut this spring. “Our rate is 1.5% plus 15 cents, that’s half the cost of quoted credit and debit card processing.” He added: “That’s going to bend the ear of the merchant. That’s going to get Sezzle Pay in the checkout.”

Sezzle CEO Charlie Youakim demonstrated Sezzle Pay at FinovateSpring 2016 in San Jose.

And in order to better compete at the checkout, Sezzle offers 1% rewards for users that click through and pay with Sezzle Pay. This is novel in that while 60% of payments are made with debit cards, “you’d be hard pressed to find a debit card that can give you rewards,” Youakim said. The solution also appeals to millennials, according to Youakim, who noted that only 37% of millennials have a credit card. “The other 63% have no way of getting rewards,” he said.

Writing about the investment at the Sezzle blog, Youakin thanked investors and referenced a number of new hires to help further build the Sezzle platform, including Python, Django, and Swift developers Sukhneer Guron and Rishi Mukherjee, and a pair of “young Ivy Leaguers,” Sean Kilgarriff and Killian Brackey. “We’ve already put some of this capital to use,” he wrote. “I’m excited to see what this team can do now that we have the resources and support that we require to reach our goals.

Founded in January 2016 and headquartered in Minneapolis, Minnesota, Sezzle demonstrated its Sezzle Pay technology at FinovateSpring 2016. The company is a 2016 semifinalist in the Minnesota Cup, the largest statewide, new-venture competition in the U.S., and was profiled in SuperbCrew.com earlier this month.

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Reverse Takeover IPO Places ayondo on the Singapore Exchange

By Julie Muhn (@julieschicktanz) Posted on June 21, 2016
Categories: ayondo, Mergers & Acquisitions

In a $117 million (S$158 million) reverse takeover (RTO) deal, brokerage and social trading platform ayondo will be listed on the Singapore Exchange (SGX) after finalizing an agreement with Starland Holdings, a Singapore-based property developer.

A reverse takeover occurs when a private company acquires a public company in order to bypass the complicated IPO process. Frankfurt-based ayondo stated that it opted for a reverse takeover because of “volatility in financial markets.” The company’s press release says, “In such market conditions, an RTO provides greater certainty as key terms such as funds raised and valuation are agreed between buyer and seller, and not necessarily subject to prevailing market conditions as is always the case in an IPO. The RTO route also offers ayondo other advantages, such as lower listing costs.”

Starland anticipates the deal will help the company “expand its business in line with its diversification strategy into the fintech business” and will offer “more consistent and sustainable financial growth.” The purchase will be completed through the issuance of new shares of Starland. The finalization of the takeover is conditional, pending approval of shareholders.

ayondo debuts ayondo 3.0 at FinovateEurope 2013 in London

ayondo was founded in 2008 with a mission to revolutionize retail trading. The company’s brokerage platform lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, ayondo unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, the company brought on Rick Fulton as CFO.

According to Singapore news site e27, ayondo is the first fintech company (and third tech company) to IPO via the SGX.

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Best of Show Winner Quid to Open London Office

By David Penn Posted on June 21, 2016
Categories: Quid

San Francisco-based, text-analytics innovator Quid is opening up its first international offices in London.

Quid CEO Neville Crawley said that London was a “perfect base” to better engage European clients such as Siemens, BCG, and the World Economic Forum. He added that the new location would also help his company “benefit from the ideas, energy and diversity of the London tech scene.” The new offices will be in Shoreditch in London’s East End.

Pictured: Quid Principal Sarah Pilewski demonstrated Opus at FinovateSpring 2016 in San Jose.

Quid specializes in leveraging machine intelligence to read massive amounts of text and then turning that data into interactive visual maps. These maps enable users to better observe and understand patterns and relationships that may have been too difficult to recognize otherwise or too time-consuming and inefficient to try and spot using a manual process.

In her demonstration at FinovateSpring in May, Quid’s Sarah Pilewski called the technology a “platform for understanding complex questions” and used the example of a researcher analyzing the impact of Apple Pay in the retail market. While in the past, work like this would be characterized by what Pilewski called “a room of smart people and a white board” or, more recently, hours of pouring over Google search results. But Quid organizes information based on logical topics which can differentiate a column on the partnership between Apple and Ali Baba from an article on RiteAid’s adoption of ApplePay. This spring Quid previewed its Opus technology, which expands the ability of the platform to analyze and visualize unstructured data from a wide range of sources such as earnings reports, customer feedback, and other text datasets.

Founded in 2010, headquartered in San Francisco with offices in New York City, Quid demonstrated its technology at FinovateSpring 2016, taking home Best of Show honors. The company was named to Fast Company’s 2016 Most Innovative Companies list in February, and has been profiled by the San Francisco Business Times and featured on CNBC. Quid counts Intel, Pfizer, and Walmart among its U.S. customers and has raised $66 million in funding.

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Finovate Alumni News

By David Penn Posted on June 21, 2016
Categories: ayondo, Bendigo and Adelaide Bank, IBM, itBit, Markit, MX, payworks, Quid, Sezzle, Trulioo, Trustly, Yoyo

On Finovate.com

Best of Show Winner Quid to Open London Office.

Reverse Takeover IPO Places ayondo on the Singapore Exchange.

Sezzle Scoops Up $500,000 Investment from Brussels-based E-Merge.

MX Adds Cash Flow Feature to MoneyDesktop Platform.

On FinDEVr.com

Markit Agrees to Acquire Prism Valuation.

Around the web

Australia’s Bendigo and Adelaide Bank to deploy cloud development platform from IBM.

itBit and Euroclear announce plans to use blockchain technology to provide a settlement service for the London gold market.

Trulioo expands to South America as part of Canada’s Fintech Mission to Brazil.

IBS Intelligence features Yoyo Wallet as startup of the month.

Payworks extends Stripe POS integration effort.

Trustly opens London office and hires General Manager from Worldpay.

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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savedroid AG Completes € 1 Million Seed Round; Announces Beta Launch

By David Penn Posted on June 20, 2016
Categories: Funding, Fundings, savedroid

After coining the coolest new word in fintech during its Finovate debut this spring (i.e., combining “swipe” and “move” to get the new verb “to smoove”) the team behind savedroid announced that its savings app is now available in beta. Those interested in checking out Germany’s first intelligent savings app can register today at savedroid.de and give the technology a try.

savedroid turns everyday activities and transactions into opportunities to save. The free mobile app’s algorithms support lifestyle savings rules called “smooves” that enable users to save a few bucks every time they work out at the gym, or to set aside 50 cents every time they log on to Facebook. The technology also analyzes consumption patterns and offers the user ways to save more or spend more wisely, including opportunities to find better values in everything from high-speed internet service to life insurance to utility bills. savedroid calls its service “personal consumption optimization at zero cost.”

Pictured: CEO and founder Dr. Yassin Hankir demonstrated savedroid at FinovateSpring 2016 in San Jose.

savedroid also announced that it completed a € 1 million seed round. Participating in the funding were the Investment and Development Bank Rheinland-Pfalaz (ISB) as well as business angel investors including the founders of Infosys and Traxpay, Debjit Chaudhuri and Dr. Michael Rundshagen, respectively. The funds will help support product development, adding new talent to the savedroid team, and investment into the launch of the app. savedroid founder and CEO Dr. Yassin Hankir told Rhein Main Startups that he was “very pleased” to attract such strong investors despite his company’s relative newness.

Founded in 2015 and headquartered in Frankfurt, Germany, savedroid demonstrated its technology at FinovateSpring 2016. Company founder Hankir is also the man who co-founded the goal-savings app Vaamo in 2013. Vaamo demoed at FinovateEurope 2014.

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ThetaRay Signs with ING Netherlands to Detect SME Lending Fraud

By Julie Muhn (@julieschicktanz) Posted on June 20, 2016
Categories: ING Bank, ThetaRay

Big-data analytics company ThetaRay inked an agreement today with ING Netherlands that combines its Advanced Analytics solution for fraud detection with ING’s existing risk engine.

The partnership will empower ING to uncover new SME lending fraud by detecting anomalies through its transactional and organizational data. Beate Zwijnenberg, director of fraud and cybersecurity for ING Netherlands, says that ThetaRay impressed the company by “rapidly identifying a number of transactional anomalies.” She describes the company’s precision in detecting fraudulent activity as “truly innovative.”

ThetaRay’s algorithms help financial services organizations protect against cybersecurity threats, enhance operational efficiency, and detect risk. At FinovateFall 2015, Theta Ray’s fraud and credit risk algorithms were demoed. Udi Solomon, VP of product, began the demo saying, “We are able to take any type of structured or semi-structured data source to automatically and in just a few seconds… to detect the first signs of anomalous activity.” He continued by showing how the algorithms help banks leverage their big data.

Udi Solomon (VP, Product) demoes ThetaRay at FinovateFall 2015.

ThetaRay, headquartered in Israel and the United States, has raised a total of $25 million from investors including Alibaba and General Electric. Mark Gazit is CEO. Last fall, the company was named Most Innovative Industrial Internet Technology at GE’s Minds + Machines 2015.

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Ledger Launches Newest Hardware Wallet: Nano S

By Julie Muhn (@julieschicktanz) Posted on June 20, 2016
Categories: Ledger

Blockchain hardware-solutions company Ledger announced a new hardware wallet today. A successor to the HW.1 and Unplugged wallets, Ledger’s Nano S differentiates itself by offering a built-in OLED display and by adding protection for Ethereum fund transfers.

The Paris-based company created the Nano S after spending 18 months improving the Nano, Ledger’s best-selling product. It connects to any computer through USB—allowing users to send and receive payments, check their accounts, manage multiple addresses—and even supports the FIDO Universal Second Factor standard.

The built-in OLED display on the Nano S allows the user to double-check and confirm each transaction by tapping the buttons on the device. While the Nano S includes built-in apps for both Bitcoin and Ethereum, it also supports other blockchain-based currencies.

Priced at 58€ ($66), the Nano S comes with a set of Chrome applications to help users manage their wallets. It is available for pre-order today and will be shipping at the end of July.

At FinovateEurope 2016 Ledger CEO Eric Larchevêque debuted Ledger Blue, a touch-screen smartcard for developers. Ledger Blue offers a second display that connects to devices via BLE, NFC, or USB and thwarts malware attacks by delivering the correct payment address.

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