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Finovate Alumni News

By David Penn Posted on June 20, 2016
Categories: Actiance, CBW Bank, eToro, Fiserv, Ledger, Plaid, Qumram, ThetaRay, Top Image Systems

On Finovate.com

Ledger Launches Newest Hardware Wallet: Nano S.

ThetaRay Signs with ING Netherlands to Detect SME Lending Fraud.

On FinDEVr.com

Goldman Sachs Leads $44 Million Investment in Plaid.

Around the web

Oklahoma’s Welch State Bank ($227 million) to deploy core account-processing platform from Fiserv.

Qumram adds Peter Ödman and Patrick Barnert to its board of directors. Ödman elected board chair.

Top Image Systems inks eFLOW AP for SAP deal with Swiss road construction and civil engineering firm.

PageFreezer partners with Actiance for social media archiving.

eToro launches updated features.

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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Personal Capital Brings on Former Yodlee CFO

By Julie Muhn (@julieschicktanz) Posted on June 17, 2016
Categories: Personal Capital

Online wealth-management platform Personal Capital today announced it has brought on former Yodlee CFO, Mike Armsby (pictured), as its new CFO. Armsby, a Harvard MBA grad, has previously served as CFO of View, a high-tech glass supplier, and PowerLight, a solar development company.

The California-based company has also promoted three current executives:

Jay Shah is now CEO of Personal Capital Advisors, an RIA which is a wholly owned subsidiary of Personal Capital; Shah retains his role as chief operating officer of the parent firm.
Mark Goines is now vice chairman.
Paul Bergholm is now chief administrative officer.

In a funding round that boosted its valuation to $500 million, Personal Capital raised $50 million last month, with another $25 million pending. The company’s CEO Bill Harris said the new executives are “key to powering our next phase of hyper-growth.” Earlier this spring, the company announced it had exceeded $2 billion assets under management, up from $1.6 billion in November of last year.

At FinovateSpring 2014, Personal Capital launched One Click Investment Proposals. The company’s CTO Fritz Robbins gave a presentation titled Data-Driven Retirement Planning at FinDEVr San Francisco 2015.

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Cachet Financial Solutions to Power Mobile Deposit for Malauzai Software

By Julie Muhn (@julieschicktanz) Posted on June 17, 2016
Categories: Cachet Financial Solutions, Malauzai

Mobile deposit-capture specialist Cachet Financial Solutions teamed up with community financial institution (CFI) technology-provider Malauzai to deliver mobile-deposit capabilities to Malauzai’s clients.

Austin-based Malauzai has integrated Cachet’s Select Mobile Deposit API into its MOX Everywhere Suite to help CFIs offer customers a way to deposit checks by taking a photo. Cachet’s solution works well with Malauzai’s needs: It allows individual CFIs to define separate business groups and to set up different sets of deposit limits and rules for each group. This way a financial institution can increase a customer’s deposit limits over time.

This news comes after Malauzai CPO Robb Gaynor launched MOX Pay at FinovateSpring 2016 last month. MOX Pay allows CFIs to extend their current business-service offerings with a mobile wallet option that empowers business customers to publish payment-centric mobile apps.

Last year, Malauzai counted one million downloads of its SmartApps. The company has more than 400 banks and credit union clients covering 7 million logins from 400,000+ active end users.

Based in Minnesota, Cachet Financial Solutions debuted Select Mobile Money at FinovateFall 2014. The company partnered with PAYTOO mobile wallet last month to power the startup’s mobile account-opening process.

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Corezoid Goes AWS with its Platform-as-a-Service Core Banking Technology

By David Penn Posted on June 17, 2016
Categories: Corezoid

Core banking technology innovator Corezoid announced that its platform-as-a-service process engine will be available via the Amazon Web Services (AWS) cloud. The technology improves bank operations by coordinating API data into processes and then organizing and locating these processes in a single cloud-based platform. Whether used as a new digital core or as a process layer above current systems, Corezoid enables banks to spend less time and money in development, and more time deploying ready-made mobile banking, e-commerce, compliance, and other solutions.

“There are around 30,000 banks and financial institutions in the world, and they’re all trying to create 30,000 different Internet banks, 30,000 mobile banking apps and so on,” Corezoid CEO Alexander Vityaz said. “But it’s a lot of unnecessary work. Ninety-nine percent of business operations in banks are the same standard. These operations need to be commoditized and moved to the cloud.”

Pictured: Corezoid CMO and cofounder Sergey Danilenko demonstrating the Corezoid process engine at FinovateSpring 2016 in San Jose.

Developed as a project from the R&D department at PrivatBank, Corezoid’s Process Engine enables companies to build business intelligence, communications, workflow management, and other apps in a matter of days with no hardcoding. The technology serves as a development platform, enabling banks to take advantage of the proliferation of banking and financial APIs without having to spend significant amounts of time and money finding or developing their own local technical talent. “Banks can stop acting as if they are IT companies,” Danilenko said from the Finovate stage this spring.

Founded in 2014 and headquartered in Redwood City, California, Corezoid demonstrated its process engine at FinovateSpring 2016. The company also participated in our developers conference, FinDEVr San Francisco 2015, with a presentation, “Build Your Company’s Digital Core with Corezoid.” Corezoid announced last month that its service would be available in both the U.S. and Western Europe. In February the company’s technology was deployed by Western Union to launch its new online money transfer service in Ukraine.

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Stock Gifting Platform Stockpile Acquires SparkGift

By Julie Muhn (@julieschicktanz) Posted on June 17, 2016
Categories: Mergers & Acquisitions, Stockpile

Just in time to remind you of what would make a great Father’s Day gift, stock gift card company Stockpile acquired SparkGift, a startup behind a similar stock egifting idea.

Stockpile will transfer SparkGift’s customer base onto its own brokerage platform for free in the next three months. Upon transferring, SparkGift customers will receive new features, including 99-cent stock trades, an iOS app, and the ability for kids and teens to independently check their own accounts and place trades (with their moms’ and dads’ permission, of course).

Stockpile CEO Avi Lele describes SparkGift as “an innovator in personalizing and democratizing the stock market for the millennial generation” saying that the San Francisco-based startup “shares Stockpile’s mission of making investing accessible to everyone.”

Palo Alto-based Stockpile allows users to buy fractional stock shares starting at $10. In 2015 the company partnered with Blackhawk Network to offer physical gift cards in denominations of $25, $50, and $100 at select U.S. retailers.

Founded in 2010, Stockpile CEO Avi Lele and Chief Commercial Officer Dan Schatt launched the company at FinovateSpring 2014 in a demo that won Best of Show.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on June 17, 2016
Categories: Cachet Financial Solutions, Corezoid.com, defi Solutions, Malauzai Software, myInvenio, Patch of Land, Personal Capital, Stockpile, Yodlee

On Finovate.com

Stock Gifting Platform Stockpile Acquires SparkGift.

Corezoid Goes AWS with its Platform-as-a-Service Core Banking Technology.

Cachet Financial Solutions to Power Mobile Deposit for Malauzai Software.

Personal Capital Brings on Former Yodlee CFO.

Around the web

Gartner names Cognitive Technology a 2016 Cool Vendor in Analytics for myInvenio.

Former Yodlee SVP Peter Hazlehurst launches AngelScholars crowdfunding platform for education.

Times Realty news looks at why Patch of Land is choosing not to adopt Title III Crowdfunding rules.

defi Solutions announces new Chief Technology Officer.

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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Tuition.io Has Saved Users More Than 5,000 Years of Student Loan Payments

By Julie Muhn (@julieschicktanz) Posted on June 16, 2016
Categories: Tuition.io

Employer-funded student loan contribution platform Tuition.io reached a milestone this week. The California-based company today announced it has saved employees more than 5,000 years of student loan payments totaling more than $2 billion.

Tuition.io allows companies to contribute to their employees’ outstanding private and federal student loan debt, helping employers attract and retain millennial talent. Tuition.io CEO and co-founder Brendan McQueen says, “We’re on track to save consumers tens of thousands of years of payments next year.”

After graduating from Colombia University with 12 loans totaling $120,000, McQueen launched a consumer-facing version of the platform at FinovateFall 2012. According to McQueen, the company last year transitioned to exclusively serve the enterprise because “we would be able to impact many more lives this way.”

Last month, the company expanded its focus to include support for Federal Parent PLUS loans, loans taken out by parents to help finance their child’s college education.

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Radius Selects Chief Product Officer

By Julie Muhn (@julieschicktanz) Posted on June 16, 2016
Categories: Radius

Predictive marketing platform Radius named Mark Woollen as chief product officer. In his new role, Woollen will be responsible for expanding Radius’ marketing tool.

Radius CEO Darian Shirazi says the company selected Woollen for his “impressive experience” and his “ability to manage teams through the entire product lifecycle.” Woollen, who previously served as VP of product management at DocuSign, has also held VP positions at Salesforce, Oracle, and InQuira.

Founded in 2012, Radius offers a Business GraphSM database that draws on 50 billion attributes from CRM systems of 18+ million U.S. companies. The San Francisco-based company’s algorithm helps banks connect prospective and current client information to gain insight into their best customers, deploy marketing campaigns, and measure conversions. Radius CEO Darian Shirazi demonstrated how banks can benefit from the Business GraphSM at FinovateSpring 2014.

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Fiserv Makes In-Branch Customer Identification as Easy as a High Five

By Julie Muhn (@julieschicktanz) Posted on June 16, 2016
Categories: Fiserv

Financial services technology giant Fiserv recently launched palm-authentication hardware for bank tellers to authenticate clients’ identities. The solution, a play on words, is called Verifast: Palm Authentication and aims to reduce transaction time and improve the customer in-branch experience.

The solution is an integration between Fujitsu’s PalmSecure biometric hardware and Fiserv’s DNA account-processing platform. To authenticate their identity, consumers hold their hand over an infrared sensing device that reads the subcutaneous veins in their hand. Because unique palm vein patterns contain more than five million reference points, they are a secure and accurate way to authenticate identity.

Gesa Credit Union piloted the new offering and boasts that its tellers and members love the new technology, which shaves off an estimated 14 seconds from each transaction. In fact, in a survey Fiserv conducted, 97% of consumers who tried Verifast: Palm Authentication said they would likely use it again in a branch environment.

Verifast: Palm Authentication is now available to customers using Fiserv’s DNA account-processing platform.

Fiserv showed off account-opening technology on its Mobiliti platform at FinovateSpring last month. Earlier this month, the Wisconsin-based company was honored for the first time on the Fortune 500.

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New Version of the Pendo Data Platform Brings Machine Learning, AI to Spreadsheet Data

By David Penn Posted on June 16, 2016
Categories: Pendo Systems

A smart prospector knows how to dig where the gold is. And this helps explain why the latest version of the Pendo Data Platform (PDP) from Pendo Systems makes it easier to pull and analyze the unstructured data from Excel spreadsheets.

PDP now enables users to search spreadsheets at a relatively granular level, including being able to extract data from a specific range of cells on a given worksheet. This granularity, combined with the platform’s ability to extract structured data from traditional databases, gives version 3.1 of the company’s platform the ability to process an even wider variety of file types. Philip Dodds, Pendo CTO referred to the solution as an “off-the-shelf tool set which performs the same type of rapid analysis performed in the Panama Papers on your internal databases, document stores, and emails.” With the latest version of the PDP, we can add spreadsheets to this list.

Pendo Systems CEO Pamela Pecs Cytron demonstrated BasisPoint at FinovateAsia 2012 in Singapore.

The new version is driven by a powerful combination of artificial intelligence and machine learning, with the former bringing what Pendo Systems CEO Pamela Pecs Cytron called “a magnitude” of greater complexity to the challenge of aggregation. She pointed out that the task is to create intelligent systems that can generate and maintain models on a continuous basis so as not to become obsolete as soon as new inputs arrive. “This is the value PDP is providing to help financial institutions,” she said.

The solution is a boon for companies with most of their vital information stored on hundreds or even thousands of spreadsheets. The latest version of PDP is geared to accompany major—often costly—data projects, dealing with the problems of multiple information sources, redundant customer data, and data stuck in legacy systems, such as spreadsheets. “We are the ideal tool for ‘matters requiring attention’ projects such as AML, CCAR, and mandatory changes in credit risk, regulatory, and compliance,” Cytron said. “These projects require agility and speed. The PDP completes critical customer projects in days and weeks.”

Founded in 2007 and headquartered in Montclair, New Jersey, Pendo Systems demonstrated its BasisPoint technology at FinovateAsia 2012 in Singapore and was a winner at the Innotribe New York showcase last summer.

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Fintech Fundings: 28 Companies Raise $400 Million Week Ending May 20

By Jim Bruene Posted on June 16, 2016
Categories: Funding, Uncategorized

Total fundings in second quarter hit $8.4 billion as 28 companies raised $401 million the third week of May. Eight deals passed the $10-million mark, with one more at $9 million.

Along with the usual payment and lending startups, two insur-tech companies raised substantial rounds: Embroker ($12.2 million) and Jetty ($4 million).

Finovate alums accounted for 40% of the week’s dollar volume including:

Personal Capital raised $75 million for its digital wealth management service.
SigFig brought in $40 million from a blue-chip lineup of financial institutions including Comerica, Santandar, and New York Life
EZBob landed a $25 million debt commitment to increase its SMB lending
Tink raised $10.2 million to launch its virtual bank

The total number of deals YTD stands at 522, 80% more than last year’s 290. Total dollars raised YTD is now $15.1 billion, more than twice the $7.1 billion raised during the same period a year ago.

——-

Fintech deals by size from 14 May to 20 May 2016:

Clover Health
Health insurance provider
Latest round: $160 million Series C
Total raised: $295 million
HQ: San Francisco, California
Tags: Consumer, insurance, healthcare, human resources, benefits, employees
Source: Crunchbase

Personal Capital
Digital wealth manager
Latest round: $75 million Series E ($500 million valuation)
Total raised: $175.3 million
HQ: Redwood City, California
Tags: Consumer, investing, wealth management, robo-adviser, trading, asset management, trading, Finvoate alum
Source: Finovate

SigFig
Digital investment adviser
Latest round: $40 million
Total raised: $56 million
HQ: San Francisco, California
Tags: Consumer, investing, trading, portfolio management, wealth management, Comerica Bank (investor), Santander (investor), New York Life (investor), Finovate alum
Source: Finovate

EZBob
Small business alt-lender
Latest round: $35.5 million Debt
Total raised: $130.8 million ($83.1 million Equity, $47.7 million Debt)
HQ: London, England, United Kingdom
Tags: SMB, credit, loans, underwriting, lending
Source: Crunchbase

Tally Technologies
Consumer credit-card management
Latest round: $15 million Series A
Total raised: $15 million
HQ: San Francisco, California
Tags: Consumer, credit cards, personal finance, PFM, debt management, lead gen
Source: Crunchbase

Embroker
Business insurance
Latest round: $12.2 million Series A
Total raised: $14.4 million
HQ: San Francisco, California
Tags: SMB, insurance, claims management, broker, lead gen, price comparison
Source: Crunchbase

Tink
Personal finance app
Latest round: $10.2 million Series B
Total raised: $14.2 million
HQ: Stockholm, Sweden
Tags: Consumer, personal financial management, PFM, spending, budgeting, mobile, Finovate alum
Source: Finovate

Shift Technology
Fraud detection for ecommerece and financial services
Latest round: $10 million Series A
Total raised: $11.8 million
HQ: Paris, France
Tags: Enterprise, security, insurance, ecommerce, fraud protection
Source: Crunchbase

Chime
Neo bank
Latest round: $9 million
Total raised: $20.75 million
HQ: San Francisco, California
Tags: Consumer, prepaid/debit card, savings account, deposits, payments, billpay
Source: Crunchbase

efileCabinet
Document management for accounting and financial firms
Latest round: $5 million
Total raised: $31.05 million
HQ: Lehi, Utah
Tags: Enterprise, SMB, , credit, loans, underwriting, lending
Source: Crunchbase

Ceterus
Accounting services for small businesses
Latest round: $4.2 million
Total raised: $4.2 million
HQ: Charlston, South Carolina
Tags: SMB, accoounting, bookkeeping, receivables/payables, financial reporting
Source: Crunchbase

Jetty
Digital property and casualty (P&C) insurance
Latest round: $4 million Seed
Total raised: $4 million Seed
HQ: New York City
Tags: Consumer, insurance, P&C, millennials
Source: Crunchbase

Tandem
Full-service digital bank
Latest round: $3.05 million Equity Crowdfunding
Total raised: $34.8 million
HQ: London, England, United Kingdom
Tags: Consumer, credit, deposits, banking, payments, credit/debit cards
Source: Crunchbase

Goodlord
Mobile rent payments
Latest round: $2.9 million
Total raised: $2.9 million
HQ: London, England, United Kingdom
Tags: SMB, payments, property management, rentals
Source: Crunchbase

Mesitis
Data aggregation and visualization for wealth management
Latest round: $2.35 million
Total raised: $6.13 million
HQ: Singapore
Tags: Advisers, SMB, investing, wealth management, investing tools, investors
Source: Crunchbase

Fund That Flip
Real estate marketplace lending
Latest round: $2 million
Total raised: $2.04 million
HQ: New York City
Tags: Consumer, SMB, credit, loans, underwriting, investing, P2P, peer to peer, crowdfunding
Source: Crunchbase

Hey You
Mobile ordering and payment app
Latest round: $2 million Series B
Total raised: $7 million
HQ: Surry Hills, Australia
Tags: SMB, merchants, acquiring, credit/debt card processing, restaurants, payments
Source: Crunchbase

Properati
Latin America real estate portal
Latest round: $2 million
Total raised: $4.23 million
HQ: Buenos Aires, Argentina
Tags: Consumer, home buying, mortgage, lead gen
Source: Crunchbase

Capshare
Online cap-table management
Latest round: $1.99 million
Total raised: $2.99 million
HQ: Sandy, Utah
Tags: SMB, financial management, investors, investing, valuations
Source: Crunchbase

ET Index
Investor tools to evaluate carbon risk
Latest round: $1.6 million Equity Crowdfunding
Total raised: $1.6 million
HQ: London, England, United Kingdom
Tags: Investors, trading, valuations, analytics, eco, investing tools
Source: Crunchbase

Propellr
Alt-investments
Latest round: $1.6 million Convertible Note
Total raised: $1.6 million
HQ: New York City
Tags: Advisers, investors, wealth management, investing
Source: Crunchbase

Monetise
Consumer alt-lender
Latest round: $600,000 Seed
Total raised: $600,000
HQ: Stockholm, Sweden
Tags: Consumer, credit, loans, underwriting, lending
Source: Crunchbase

TableSafe
Mobile point-of-sale solution
Latest round: $513,000 Debt
Total raised: $18.96 million
HQ: Kirkland, Washington
Tags: SMB, merchants, acquiring, credit/debit card processing, hospitality, restaurants, underwriting, POS
Source: Crunchbase

Dvdendo
Automated financial advice
Latest round: $385,000 Seed
Total raised: $385,000
HQ: Miami, Florida
Tags: Consumer, investing, portfolio management, trading
Source: Crunchbase

i2iFunding
Consumer marketplace lender
Latest round: $300,000 Angel
Total raised: $300,000
HQ: Noida, India
Tags: Consumer, credit, loans, underwriting, lending, P2P, peer to peer, investing
Source: Crunchbase

Monotto
Funds-transfer service
Latest round: $50,000 Seed
Total raised: $60,000
Acclerator: VC Fintech
HQ: Charlston, South Carolina
Tags: Consumer, savings account, investing, ACH
Source: Crunchbase

Renew Financial
Renewable energy financing
Latest round: Undisclosed
Total raised: $102.2 million
HQ: Oakland, California
Tags: Consumer, SMB, loans, credit, lending, underwriting, personal finance management, energy consumption management
Source: FT Partners

TwoWayPay
Peer-to-peer payments
Latest round: Undisclosed Angel
Total raised: Unknown
HQ: London, England, United Kingdom
Tags: Consumer, P2P payments, remittances, funds transfers
Source: Crunchbase

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Roostify Announces Integration with PCLender to Streamline Loan Origination Process

By David Penn Posted on June 16, 2016
Categories: Roostify

Making the loan origination more efficient is the goal of any firm that provides mortgage solutions to community banks and credit unions. This helps explain the decision by Mortgage Bankers-owned PCLender to integrate with Roostify’s mortgage-transaction platform.

Roostify’s CEO and cofounder Rajesh Bhat says their platform “eliminates most of the headaches for lenders and consumers in the home-buying process, allowing lenders to close more loans in a shortened time frame and provide an optimal digital experience to consumers, real estate agents, and third parties.”

Speaking for PCLender, CEO Lionel Urban called the loan-application process “a sore spot” very much in need of a “technological update.” He praised the partnership with Roostify as an opportunity to provide a less stressful data- and documentation-collection process for both borrowers and lenders.

Pictured (left to right): CTO Jonathan Kirst and Nathaniel Sokoll-Ward, head of product, demonstrated Roostify’s platform at FinovateSpring 2016.

Roostify makes the home-buying experience easier for both borrowers and lenders. Available as a web and mobile technology, Roostify’s platform can be used by mortgage brokers to guide homebuyers through the process, step-by-step, from initial application to closing the sale. “We believe home buying should be fast, easy and transparent,” Nathaniel Sokoll-Ward, head of product for Roostify, said from the Finovate stage this spring. He noted that Roostify is available as a white-label solution, and can be either fully customized for a client’s specific needs or as a solution that can be up and running “literally overnight.” Sokoll-War added that clients using the platform have “routinely reported cost savings of 10-15% per loan.”

Founded in 2014 and headquartered in San Francisco, California, Roostify demonstrated its technology at FinovateSpring 2016. Recent headlines for the company include the announcement this spring that Genworth Mortgage Insurance would use Roostify’s technology to digitize its home-buying process. In February, Roostify announced an integration with zipLogix that will make it easier to pull data and documents into its system. The company began the year by adding new talent to its management team, naming Iyad Darcazallie, as both CFO and COO, and Scott Stein as vice president of sales. Roostify has raised $8 million in funding, and includes USAA, Tier 1 banks, and Colchis Capital Management among its investors.

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