Lendio by the Numbers: $250 Million in Loans to 10,000+ Small Businesses

Lendio by the Numbers: $250 Million in Loans to 10,000+ Small Businesses
By Julie Muhn (@julieschicktanz) Posted on
Categories: Lendio

Screen Shot 2016-08-04 at 9.37.49 AM

Small business lending marketplace Lendio released its second quarter financial results this week. The Utah-based company reached a milestone, having matched 10,000 small businesses with $250 million in loans since its 2011 launch.

In Q2 ending 30 June 2016, Lendio facilitated $55+ million in loans, $4+ million of which came through Lendio’s partnership with Staples. The $55 million represents an 86% increase over the $30 million in loans it facilitated in Q2 2015. Lendio CEO Brock Blake noted that despite “pessimism in the market” Lendio’s growth remains “strong and steady.”

Additional Q2 ’16 highlights include:

  • 2,400 new businesses funded, a 2.3X increase over Q1 ’16
  • Record number and volume of loan renewals
  • Loans funded in all 50 states
  • Top 10 states: California, Florida, Texas, New York, Georgia, Illinois, New Jersey, North Carolina, Virginia and Colorado
  • Top industries: construction, transportation, retail, healthcare, restaurant, manufacturing and automotive
  • Lendio was certified by Great Place to Work

Lendio works on behalf of small business borrowers to match them with the right loan, helping the 75 lenders on its platform reach qualified borrowers. The company partnered with American Express in April to power its merchant financing offering. In 2015, the Utah-based company facilitated $128+ million in financing to more than 5,100 businesses. Lendio debuted at FinovateSpring 2011.

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PayNearMe Powering Cash Payments for Comcast

PayNearMe Powering Cash Payments for Comcast
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayNearMe

Screen Shot 2016-08-04 at 7.33.47 AM

Starting today, you can pay your Comcast bill in cash thanks to digital cash transaction network PayNearMe.

As an added feature on Comcast’s XFINITY My Account mobile app, PayNearMe increases the number of brick-and-mortar locations where Comcast consumers can pay their bills. The 5% of Comcast customers who prefer to pay in cash can still do so at 500 XFINITY stores and now have the option to pay at 7,700+ participating 7-Eleven stores, most of which stay open 24/7. There is no word yet when payments can be made at PayNearMe’s other partnering franchises, Family Dollar and Ace Cash Express.

Users simply select the Cash via PayNearMe option in the mobile app, which presents them with a barcode to scan in-store at 7-Eleven and XFINITY for a $1.25 fee. Payment is credited to the user’s account within 48 hours of the transaction.

The new partnership adds to the 17,000 billers, including AAA, AT&T, and Toyota Financial Services, that accept cash payments via PayNearMe.

Founded in 2009, PayNearMe enables consumers to pay bills using cash at 17,000+ 7-Eleven, Ace Cash Express, and Family Dollar retail stores across the U.S. by scanning a barcode on their smartphone. Most recently, the company acquired financial management and billpay app Prism Money to empower enterprise clients with a customized bill presentment app. In April, the company partnered with the Internal Revenue Service to allow underbanked consumers to pay their taxes in cash. It also struck a deal with Dallas Area Rapid Transit to facilitate bus fare purchases on its platform.

PayNearMe presented at FinovateSpring 2013 and at FinDEVr San Francisco 2014. The company plans to continue expanding its flagship cash-payment service by increasing retail partnerships.

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FinovateFall Sneak Peek: Daon

FinovateFall Sneak Peek: Daon
By David Penn Posted on
Categories: Daon, FinovateFall 2016, FinovateFall 2016 Sneak Peek

Daon_homepage_Aug2016

FF2016-Logo-wdate-largeA look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Daon’s IdentityX Platform provides convenient, fast, secure, multifactor authentication in any channel using biometrics, verifying users in less than three seconds and improving the customer experience.

Features:

  • Omnichannel authentication with a mobile-first approach
  • Device binding, geolocation, liveness detection
  • Platform future-proofs customers, allows for new technologies as they become available

Why it’s great
IdentityX allows FIs to move away from passwords by authenticating the person with biometrics for a fast and frictionless user experience that enables customers to securely bank and shop online.

Presenter

Daon_ConorWhiteConor White, President, Americas
White brings more than 18 years of experience innovating and leading identification-management technologies such as biometrics, smart cards, electronic payments, PKI, and information security.
LinkedIn

 

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FinovateFall Sneak Peek: UrbanFT

FinovateFall Sneak Peek: UrbanFT
By David Penn Posted on
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Urban FT

UrbanFT_homepage_Aug2016

FF2016-Logo-wdate-largeA look a the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Urban FT will be presenting the Service Integration Director (SID): the first real-time, multi-tier, mobile app-management platform for the financial services industry.

Features

  • Rapidly configure and launch apps without coding
  • Reconfigure apps and change features on the fly
  • Leverage Urban FT’s platform: the richest set of capabilities available

Why it’s great
By eliminating the coding/launching bottleneck, SID ushers in a new era in app development. Users can deploy and manage unlimited apps within the SID UI.

Presenters

UrbanFT_RichardSteggallRichard Steggall, CEO, Co-founder
A successful serial entrepreneur, Steggall co-founded Urban FT, which he leads as CEO. In 17 years in IT&T, he honed skills in global growth strategies and led IPOs on three continents.
LinkedIn

 

Glen Fossella, EVP of Enterprise Growth
UrbanFT_GlenFossellaFossella is responsible for all business-development initiatives, including client and channel partner sales. He has more than 25 years experience building early- and mid-stage technology companies.
LinkedIn

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FinovateFall Sneak Peek: Trusona

FinovateFall Sneak Peek: Trusona
By David Penn Posted on
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Trusona

Trusona_homepage_Aug2016

FF2016-Logo-wdate-largeA look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Trusona provides the world’s first and only insured cloud-identity suite with an offering that is free to all consumers and is leading the #NoPassword revolution.

Features:

  • Leading the #NoPasswords Revolution
  • The only security solution backed by an A+ rated insurance carrier
  • The only solution with patented anti-replay technology

Why it’s great
Trusona Essential level is FREE for all consumers! This is our gift to the world as the leader of the #NoPasswords Revolution.

Trusona_OriEisenPresenters

Ori Eisen, CEO, Founder
Eisen has spent the last two decades fighting online crime, and is respected for his business knowledge and leadership. Prior to founding Trusona, Eisen founded 41st Parameter.
LinkedIn

 

Trusona_JohnBatesJohn Bates, VP of Sales
Bates is striving to make the world a safer place for children and joined Trusona to fight to make the Internet a safer place.
LinkedIn

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FinovateFall Sneak Peek: Qumram

FinovateFall Sneak Peek: Qumram
By David Penn Posted on
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Qumram

Qumram_homepage_Aug2016

FF2016-Logo-wdate-largeA look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today. 

Qumram creates an indisputable audit trail of all digital activity (web, social, mobile) that satisfies financial services regulators including SEC, Department of Labor, EU MIFID-II, and more.

Features:

  • 100% capture of every digital interaction, with visual, video-like replay
  • Early, automated fraud detection, internal and external
  • Client-centric visibility, for responsive customer support

Why it’s great
Digital business is the new normal. Qumram’s groundbreaking approach is the only way to operate a fully transparent digital business while ensuring regulatory compliance and mitigating conduct risk.

Presenters

Qumram_SimonScheurer2Simon Scheurer, CTO and Co-founder
Scheurer is an experienced CTO, strategic adviser, and entrepreneur. As a “magician” with a masters degree in mathematics and physics, he loves to solve business challenges through technology innovation.
LinkedIn

 

Bob Trevelyan, VP, Americas
Qumram_BobTrevelyanA proven business builder, Trevelyan is recognized for his specialist expertise in financial services, data warehousing, business intelligence, web security, and customer-experience management.
LinkedIn

 

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Finovate Alumni News

By David Penn Posted on
Categories: Azimo, Daon, Dwolla, Lendio, Markit, PayNearMe, Qumram, Sberbank, TipRanks, Trusona, Trustly, Urban FT, Wealthfront

On Finovate.com

  • PayNearMe Powering Cash Payments for Comcast
  • Lendio by the Numbers: $250 Million in Loans to 10,000+ Small Businesses
  • Azimo Launches Money Transfers on Facebook Messenger
  • Dwolla Launches New Dashboard for White-Label Partners

Around the web

  • Trustly announces new partnership with Nordnet Bank to speed new customer onboarding.
  • Sberbank adds brokerage services to its online system.
  • Wealthfront upgrades its Android app, adding PIN and fingerprint lock and support for IRA contributions.
  • TipRanks launches new feature to allow users to Import their Online Brokerage Portfolio to TipRanks.
  • The International Swaps and Derivatives Association and Markit launch ISDA Amend 2.0.

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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Respect the Tech: Save $200 When You Register for FinDEVr by Friday

By Heather Stowell Posted on
Categories: FinDEVr 2016 Silicon Valley, FinDEVr Marketing

FinDEVrSV16-V1(wdate) copy

If you are planning to join hundreds of your fellow dev-friendly fintech colleagues this October 18 and 19 for our fall developer conference, then there is no time like the present to pick up your ticket, save your spot, and show your respect for the tech. Buy your ticket to FinDEVr Silicon Valley 2016 by Friday and save $200 off the list price.
Those of us who know and love fintech understand that behind the eye-popping data visualizations and always-on, real-time data aggregation are the rows of code and armies of coding wizards who make the magic happen. We cover their stories every day on the Finovate and FinDEVr blogs.  Check out our interview with Checkbook.io CTO PJ Gupta from last week as he talked about the critical role of bank APIs and tokenization. Or maybe look at our recent reporting on cloud security innovator, Prevoty, that is leveraging Language Theoretic Security technology to help defend against an ever-growing array of cyberthreats. And, of course, videos of every presentation since FinDEVr’s 2014 launch are available in our Video Archives. See for yourself what the fuss over FinDEVr is about.
If these are the kind of stories, people, and projects that inspire you to tackle the next technical challenge, then FinDEVr Silicon Valley is the place to be. Visit our registration page, pick up a ticket or two, and show your respect for the tech.

FinDEVr Silicon Valley 2016 is sponsored by The Bancorp. 

FinDEVr Silicon Valley 2016 is partnered with Acuity, Bank Innovators Council,BankersHub, The BayPay Forum, BiometricUpdate.com, Bitcoin Magazine, Bitcoinist.net, Breaking Banks, Byte Academy, California Bankers Association,Celent, Cointelegraph, Colloquy, Emerging Payments, Empire Startups, FIDO Alliance, Global Platform, Harrington Starr, Juniper Research, Mercator Advisory Group, Payment Week, Payments & Cards Network, SecuritySolutionsWatch.com, SIMalliance, Swiss Finance + Technology Association, and Women Who Code.

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7 Alum Leaders Named U.K.’s Coolest People in Fintech

7 Alum Leaders Named U.K.’s Coolest People in Fintech
By Julie Muhn (@julieschicktanz) Posted on
Categories: Algomi, Azimo, Blockchain, Nutmeg, Revolut, TransferWise, Zopa

BritishFlagBusiness Insider rounded up the 40 most exciting people in fintech in the United Kingdom. As it turns out, Brexit isn’t enough to shake the fintech scene in the U.K. In fact, according to KPMG, British fintech startups raised $962 million in 2015. Of that amount, London companies raised $743 million.

The list includes these seven leaders from Finovate and FinDEVr alumni:

Taavet Hinrikus, CEO and cofounder of TransferWise

Marta Krupinska, General Manager and cofounder of Azimo

Nikolay Storonsky, CEO and cofounder of Revolut

Giles Andrews, Executive Chairman and cofounder of Zopa

Peter Smith, CEO and cofounder of Blockchain

Usman Khan, CTO and cofounder of Algomi

Nick Hungerford, CEO and founder of Nutmeg

Check out all 40 leaders who made the list. Wonder how Business Insider made its selections? Here’s how the publication described its process:

We looked at who’s done cool and interesting things in the past year, including companies that have raised money or grown rapidly. We’ve also tried to include some of the less obvious names—the people doing great things behind the scenes—as well the faces out front.

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Virtual Piggy Gets Real, Transitions from Payment Card to Mobile App

Virtual Piggy Gets Real, Transitions from Payment Card to Mobile App
By David Penn Posted on
Categories: Virtual Piggy

logo-virtual-piggyVirtual Piggy, the under-17 payment system, is growing up.

The company announced today that it is transitioning away from its origins as a payment card system in order to embrace real-time, P2P mobile payments. In a note at the Virtual Piggy website titled “A Family Focused Mobile Banking Solution,” the company explains its goal of “restor(ing) value to the company” by partnering with “telecom companies, tech firms, and banking companies; strong companies with the financial wherewithal to progress our framework to fully realized product.”

Specifically, the company is abandoning its white-label, bank-oriented debit card strategy in favor of “instant P2P transfers utilizing mobile phones and online systems.” How will the new approach make money? Virtual Piggy is developing an “instant revenue-generating membership system” which they believe will provide greater flexibility, security, and keep customer acquisition costs—and regulatory hurdles—minimal. Virtual Piggy also announced a set of new software utilities that enhance their intellectual property portfolio including their Real Time Regulatory Oversight (ReTRO); Virtual Piggy Secure Financial Messaging (VPSM); and a data-mining app called Networks of Meaning ad-vantage (NOMad).

It has been just over a year since the company announced the neon release of its Oink 2.0 solution, adding TouchID, enhanced notifications, and P2P functionality to allow family and friends to deposit money in the Oink account. The company was featured in USA Today last spring in a list of five financial must-haves for college grads.

Founded in 2008 and headquartered in Hermosa Beach, California, Virtual Piggy demonstrated its technology at FinovateSpring 2013. Co-founded by Dr. Jo Webber and Pradeep Ittycheria, the company rebranded as Oink in late 2013 and has raised $37 million in funding. John Coyne joined the company as CEO and chairman in May 2016.

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Fiserv Adds clearXchange P2P Payments to its Offerings

Fiserv Adds clearXchange P2P Payments to its Offerings
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fiserv

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Financial services technology company Fiserv and Early Warning have partnered this week. Fiserv will leverage the partnership to provide a turnkey solution for banks to implement Early Warning’s P2P payment solution, clearXchange.

clearXchange was created in 2011 by Bank of America, Capital One, JP Morgan Chase, U.S. Bank and Wells Fargo and was acquired by Early Warning in January. Fiserv will market the real-time P2P solution, helping Early Warning to reach 6,000 banks and credit unions, including the 40 largest U.S. financial institutions. clearXchange will be available through its NOW Network, which connects financial institutions, billers, small businesses and consumers to facilitate the exchange of money and information in real time.

Early Warning’s CEO Paul Finch says, “Our mission is to enable all banks and credit unions to offer a broad range of real-time payment solutions to their customers,” and adds, “Our relationship with Fiserv will expand our ability to deliver Early Warning’s trusted and secure payments solutions through financial institutions of all sizes nationwide.”

Fiserv is one of the newest distribution partners for the service, along with Mastercard, which announced this week that its Mastercard Send U.S. debit cardholders can send and receive money through the clearXchange network.

It’s unclear what effect this will have on Fiserv’s existing P2P payment service, Popmoney, which it began offering after acquiring Popmoney creator CashEdge in 2011. For now, the Atlanta-based company made it clear it will offer both services.

Fiserv last presented at FinovateSpring 2016 where it debuted its mobile account opening solution targeted toward millennials.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: Checkbook.io, Entersekt, Envestnet, Fidor Bank, FinDEVr APIntelligence, Green Address IT, MX, Temenos, Token, Trulioo, Venmo, Xero

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October 2016 in Santa Clara. Register today and save.

On FinDEVr.com

  • From the Tech Side: Interview with Checkbook.io CTO PJ Gupta

The latest from FinDEVr New York 2016 presenters

  • Q2 Leverages MX Technology to Launch Contextual PFM
  • France’s Groupe BPCE Acquires Munich-based Fidor Bank
  • Venmo named a Breakthrough Brand on Interbrand’s 2016 report

Alumni updates

  • Pennsylvania State Employees CU implement account origination module from Temenos.
  • Envestnet | Yodlee Forges Strategic Partnership with United Capital
  • Token opens new London office.
  • Trulioo earns top honors for ID verification in 2016 Global RegTech report.
  • PC Magazine labels Xero the fastest accounting-software innovator.
  • Entersekt to bring its 2FA technology, Transakt, to Nigeria via partnership with First Authentication Services Ltd (FASL).

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

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