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Finovate Alumni News

By David Penn Posted on August 3, 2016
Categories: Algomi, Fiserv, Handpoint, Temenos, Virtual Piggy, Walletron, Xero

On Finovate.com

Check out this week’s FinDEVr APIntelligence.

Fiserv Adds clearXchange P2P Payments to its Offerings

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

7 Alum Leaders Named UK’s Coolest People Fintech

Around the web

Pennsylvania State Employees CU implements account-origination module from Temenos.

Algomi unveils its sell-side engine, Synchronicity, as an SaaS solution.

Walletron announces strategic partnership with payment-services company Speedpay.

Handpoint Extends Global Processor Reach With EMV Certification To EVO Payments International

Xero launches first direct bank feeds in Asia with Singapore’s UOB.

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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Apply Now to Present at FinovateAsia 2016!

By Erika Sanchez Posted on August 2, 2016
Categories: Finovate Marketing, FinovateAsia 2016

We’re now in the middle of summer and excitement for FinovateAsia 2016 is building. The early-bird deadline for presenter applications to demo is this Friday, August 5.

Our inaugural event in Hong Kong will take place at PMQ on November 8. The event will feature our signature seven-minute live demos spotlighting innovations that run the gamut of fintech. Throughout the conference, there will be high-quality networking sessions where you’ll meet, chat, and share ideas with senior-level financial executives, fintech entrepreneurs, and venture capitalists as well as press, analysts, and bloggers.

2016 marks Finovate’s 10th anniversary, and the application process for shows this year has been the most competitive since the conference launched in 2007. And with attendance numbers growing alongside the demand for a coveted demo spot, now is the time to put your hat in the ring and make your impact on the fintech scene in Asia.

As a first step, please email us at asia@finovate.com and we’ll send you a presenter packet outlining the selection criteria, presenter package, demo costs, deadlines, and a link to the online application (it’s completely free and confidential to apply so there’s nothing to lose!). Plus, if you apply by this Friday, August 5, and are selected to demo, you’ll benefit from the early-bird savings in your final demo cost. Hope to see you apply!

FinovateAsia 2016 is sponsored by: InvestHK/startmeup.hk and more to be announced.

FinovateAsia 2016 is partners with: BankersHub, Big Data Made Simple, CoinTelegraph, CrowdFundBeat, FemTechLeaders, Finolab, Fintech Finance, Harrington Starr, Korea FinTech Forum, SME Finance Forum, Swiss Finance + Technology Association, and Verdict Financial.

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Finovate Debuts: Cyberfend’s BotFender Detects Attacks in Real-Time

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: Cyberfend, Finovate Debuts

Cyberfend’s security solution detects account takeover, payment fraud, and stolen credentials. By blending human cognitive science with machine learning, the company’s fraud-detection system has nearly eliminated false positives or false negatives.

At FinovateSpring 2016, Cyberfend CEO Sreenath Kurupati demoed BotFender, software that offers real-time cyber-attack detection invisible to end users.

In his demo, Kurupati explains that hackers continuously evolve their patterns to circumvent new security implementations. Hackers even use machine learning to train bots to enter data in a human-like way to trick behavioral analytic security engines. So BotFender doesn’t block transactions by looking at the attack pattern, and instead applies algorithms and human-applied cognitive science methods that examine the integrity of the interaction to detect the usage of stolen usernames, passwords, and credit card numbers.

Company facts and figures:

Founded in 2014
Headquartered in Santa Clara, California
Protects nearly 1 billion transactions per month
Protects 200 million users across 50+ countries

After Cyberfend’s demo, we interviewed the company’s CEO and cofounder Sreenath Kurupati (pictured above) to learn more about Cyberfend.

Finovate: What problem does Cyberfend solve?

Kurupati: Every other week we hear of a massive security breach at a large website. Through these back-end breaches, hackers steal millions of user credentials (including usernames, email addresses, passwords, credit cards and other personal information). Hackers know that most users reuse their login, password and other credentials across multiple web sites and services. So, hackers then replay these stolen credentials across the web (on all other web properties) in sophisticated attacks on login and payment pages.

Cyberfend protects web properties (and mobile applications) from stolen credential usage and fraud. They do so by detecting sophisticated attacks in real-time to prevent monetary fraud, account take-over and malicious new account signups.

Finovate: Who are your primary customers?

Kurupati: Every website and mobile application with a login or payment form (or any form) can use Cyberfend’s service—as they are vulnerable to credential-based attacks.

Cyberfend’s customers include leaders in multiple verticals such as ecommerce, file sharing and payments. Beyond these, we are also working closely with firms in banking, healthcare, cloud services, and education.

We currently protect more than a billion login and payment transactions every month, protecting more than 200 million user accounts, seeing traffic from 50+ countries. We are a fairly new startup (less than two years old) and this is indicative of the efficacy of our solution as well as the strong need in the market.

Finovate: What kind of metrics or facts about Cyberfend can we share with our readers?

Kurupati: Cyberfend provides a comprehensive bot/automation detection service. We do so with near zero false positives (this is unique and unprecedented in the security industry). In an industry lacking real metrics, Cyberfend makes a strong claim of near zero [for] both false negatives (hackers don’t get through) and false positives (good users never blocked).

Commercially today Cyberfend protects more than 200 million user accounts accessing services from 50+ countries. We see about 1 billion login and payment transactions using our services every month. One reason for the rapid growth in the use of Cyberfend is its efficacy in detecting sophisticated attacks.

Bot traffic is up to 3x that of human traffic

Publicly, we hear about some large attacks once every few weeks. However, it is relatively unknown that every consumer facing website is getting large numbers of bot attacks every day. The above chart is an example. You can see the green line indicating good human users on the site. It follows a specific circadian rhythm. The red line (bot attack traffic) within a day also shows a wide range of attacks—not a single continuous attack, but a continuous series of attacks. Also, it is interesting to note that bot traffic is sometime twice or thrice genuine user traffic. This is primarily the result of millions of stolen user credentials available in hands of fraudsters who also have sophisticated tools to launch such widespread attacks.

Cyberfend’s dashboard

Cyberfend also provides customer dashboards for post-processing, management reports and also custom search analytics. These tools empower Cyberfend’s customers to make proactive decisions with their help.

When a bot-detection solution like Cyberfend’s BotFender is deployed (in PoC or production), customers first notice to their surprise the level of bot attacks hitting them. Once the customers start actively blocking bots, based on BotFender’s recommendation, the attack volume starts to reduce. Hackers first try to increase their sophistication or change their attack methods of scripting stolen credentials. Soon, they move away to other targets.

Finovate: How does Cyberfend solve the problem better?

Kurupati: The stolen credential abuse problem is a hard problem. The attack scripts used by hackers tend to be fairly sophisticated. Furthermore, solving the problem with zero false positives makes this really challenging.

Cyberfend is using a different approach: cognitive science coupled with advanced machine learning and novel signal-processing methods. (As a security service company, we cannot reveal our solution. You can reach us to learn more: info@cyberfend.com).

Finovate: Tell us about your favorite implementation of your solution.

Kurupati: Our first large customer implementation was illuminating and something we remember very well. They are a sophisticated, large, cloud-service customer with a strong security and technical team.

The moment we got turned on, we immediately saw quite a bit of malicious login traffic. A lot of other security products don’t see action—they work more as insurance—and efficacy is not clear because attacks are rare. With web security, on the other hand, almost-constant attacks [are] happening, most of which go undetected. To see our product immediately catch these was very fulfilling.

Finovate: What in your background gave you the confidence to tackle this challenge?

Kurupati: The problems we are solving (login-password attacks, account takeover, stolen credit-card fraud) are unusual in an interesting way. There is no single way in which attackers hit a website, and furthermore, the attacks are constantly evolving. Tackling this problem requires expertise across multiple disciplines which is not typically found in many companies. Cyberfend’s team has this multifaceted background which has proven to be very helpful. The expertise includes security, machine learning, algorithms, CPU and machine architectures, networking, payments and computer vision.

Finovate: What are some upcoming initiatives from Cyberfend that we can look forward to over the next few months?

Kurupati: Cyberfend was in stealth until Finovate in San Jose (May 2016), but we were quietly working with some of the largest web companies on their web and mobile-security challenges. At Finovate, we demonstrated our core product, BotFender, a comprehensive bot/automation detection solution.

In the coming month, we hope to be present at various industry events—including conferences talking about our security approach and learnings—that can be applied widely to benefit the financial industry.

Finovate: Where do you see Cyberfend a year or two from now?

Kurupati: Cyberfend’s product is live and in full production deployment for nearly a year now.

In the near future, we hope to see widespread adoption of Cyberfend to protect login and payment transactions–both on web and mobile–across prominent financial services, ecommerce, and health care providers.

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Ping Identity Acquires UnboundID

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: Mergers & Acquisitions, Ping Identity

Identity security solutions provider Ping Identity has acquired UnboundID, its former partner, for an undisclosed amount. Austin-based UnboundID offers customer identity and access management solutions. The deal is expected to help Ping expand from identity management into customer engagement.

This comes two months after Colorado-based Ping Identity was acquired by Vista Equity Partners for $600 million. That acquisition, Ping noted, provided the resources it needed to accelerate its platform by purchasing UnboundID, a move that “wouldn’t have been possible” prior to being acquired by Vista Equity Partners.

Today’s acquisition gives Ping access to UnboundID’s “impressive list of big enterprise customers,” including global brands such as Chick-fil-A, Wells Fargo, Target, Boeing, Cisco and NBC. Perhaps more importantly, it also gives Ping its own identity-data store. In an interview with TechCrunch, Ping Identity CEO Andre Durand said, “At the end of the day, UnboundID has one of the world’s best customer-facing user directories.” Durand added, “Once we incorporate this into our platform and have capabilities to store user profiles, it allows us to innovate in ways we couldn’t before.”

Additionally, Ping anticipates Unbound will help it accelerate its “directory- and user-management capabilities by providing customer identity and access management across all channels and devices.”

Specifically, Ping mentions that the addition of Unbound’s capability will bolster:

User experience
Personalization
Privacy management
Partner-identity management

Unbound was founded in 2007; its employees, including CEO Stephen Shoaff, will join the Ping Identity team.

Founded in 2003, Ping Identity upgraded its Identity-as-a-Service (IDaaS) platform to improve security and ease of use for end users. At FinovateEurope 2012, the company showed how banks can increase conversion rates and reuse existing infrastructure by implementing social networking logins. Prior to being acquired in June 2016, Ping had raised a total of $128 million in funding and counts Draper Fisher Jurvetson, General Catalyst Partners, and Silicon Valley Bank among its investors.

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FinovateFall Sneak Peek: Consdata

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: Consdata, FinovateFall 2016, FinovateSpring 2016 Sneak Peek

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

Consdata is an agile software firm specializing in meeting the IT needs of banks, FIs and government organizations with its comprehensive e-form management system, the eximee Platform.

Features of eximee Platform:

Innovative middleware integrates front-end customer communications with legacy systems
Modern tool for escalating digital sales and client conversion
Adaptable to new applications and technology

Why it’s great
The eximee Platform is a comprehensive, long-term, cost-effective and modifiable solution that integrates into legacy systems to enhance customer interaction, conversion and retention.

Presenters

Maciej “MO” Olejniczak, Head of Sales
A banking insider, Olejniczak successfully leverages his 20+ years in financial sales, business processes, change management and general management for business and sales development worldwide.
LinkedIn

Michał Stolarski, Chief Architect
With a depth of experience in designing sophisticated and comprehensive financial software systems, Stolarski heads the customization, implementation and deployment of the eximee Platform.
LinkedIn

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Envestnet | Yodlee Forges Strategic Partnership with United Capital

By David Penn Posted on August 2, 2016
Categories: Envestnet, Yodlee

Envestnet | Yodlee’s data-aggregation technology will power United Capital’s FlexScore solution. And yes, that’s the same Finovate alum—FlexScore—that was acquired by United Capital earlier this year.

“By delivering innovative financial planning solutions and new data-driven insights, our partnership will empower FlexScore users to take control of their financial destiny,” Envestnet | Yodlee VP Julie Solomon said. As United Capital’s primary account data-aggregation partner, Envestnet | Yodlee will securely link users’ financial accounts and seamlessly onboard customers while aggregating the necessary data to generate each user’s individual financial health rating or FlexScore.

The FlexScores eventually will be offered as part of FinLifePartners, United Capital’s white-label advisory platform for independent advisers.

“Our business has helped transform the traditional wealth-management industry,” United Capital Head of Platform Mike Capelle said. “For us to continue innovating and benefiting customers, we needed a proven data-aggregation partner that could provide the tools our customers need to take control of their financial lives.”

United Capital is one of the fasted growing RIAs in the country. The firm has $16 billion in assets under management and more than 80 offices in the U.S. When the acquisition was announced in February, United Capital’s CEO called FlexScore “the missing piece” and anticipated that the technology would be used “to help promote customer engagement with retirement plans.”

In acquiring Yodlee just over a year ago for $680 million, Bill Crager, Envestnet president, said he hoped the addition would make it easier for Envestnet to ink deals with independent and smaller financial advisers unaffiliated with the larger firms such as Merrill Lynch and Morgan Stanley. The company’s new strategic partnership with United Capital is a big step in this direction.

Headquartered in Redwood City, California, and with offices in London and Bangalore, India, Envestnet | Yodlee provides data aggregation and analytics to more than 1,000 companies, including 11 of the top 20 U.S. banks. The company trades on the NYSE under the ticker symbol “ENV” and has a market capitalization of $1.6 billion. Yodlee, which went public a year before being acquired by Envestnet, demonstrated its latest technology at FinovateSpring 2016.

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FinovateFall Sneak Peek: Clinc

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: Clinc, 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.

Clinc will demo the first intelligent financial assistant that allows users to talk to their bank accounts, and get instant, accurate, and personalized answers to common and complex questions.

Features:

Ask Clinc anything about your financial status and it understands
Clinc integrates seamlessly with existing mobile apps
Clinc boosts loyalty and wallet share, and reduces customer call

Why it’s great
Clinc is not based on a set of user commands or hard-coded Q&A. Users can ask whatever they want and Clinc understands. It can scale up to answer an unbounded number of questions about personal finance.

Presenters

Dr. Jason Mars, CEO of Clinc and Professor at University of Michigan
Mars has devoted his career to solving difficult real-world problems with AI at scale both in academia as a professor of computer science at University of Michigan, and in industry as CEO of Clinc.
LinkedIn

Johann Hauswald, VP of Engineering
Hauswald is a co-founder of Clinc. He is highly experienced in system design and AI, and lead both the development of Lucida and in building the most sophisticated AI platform at Clinc.
LinkedIn

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FinovateFall Sneak Peek: Moonraft Innovation Labs

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Moonraft Innovation Labs

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

Moonraft Innovation Labs launches Catamera, a platform which enables banks to evolve at the pace of changing consumer expectations through faster go-to-market; rapid launch of innovative services; and amazing user experiences.

Features:

The latest technology and design trends driving the consumer experience
Faster go-to-market through rapid launch of new services
Innovative services to ensure that banks stay relevant

Why it’s great
Catamera is a platform which helps banks launch amazing digital experiences and faster go-to-market innovations without being tied down by complex technology systems.

Presenters

Aveejeet Palit, Head, Chief Strategy Officer
Palit is head of strategy and design research for Moonraft. With more than 24 years in the industry, Palit excels in identifying emerging technologies and institutionalizing them within businesses globally.
LinkedIn

Sreekumar Paramu, cofounder; CEO – Americas
Paramu drives innovation at Moonraft. A pioneer in experience design, he has conceived and implemented experience strategy for many global businesses.
LinkedIn

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FinovateFall Sneak Peek: Avoka

By Julie Muhn (@julieschicktanz) Posted on August 2, 2016
Categories: Avoka, 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.

What does the world’s first fintech app store look like? Avoka will show you.

Features:

Connectors pre-built into Avoka platform
Identity, funding, imaging, esignature and more
Fastest time-to-market for digital account opening

Why it’s great
The fintech app store delivers faster time-to-market for digital account opening.

Presenter: Derek Corcoran, Chief Experience Officer
Corcoran is CXO at Avoka, where he helps financial institutions worldwide create a frictionless customer experience for their digital sales.
LinkedIn

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Finovate Alumni News

By David Penn Posted on August 2, 2016
Categories: Avoka, Check Point, Clinc, Consdata, CR2, Cyberfend, Envestnet, Moonraft Innovation Labs, P2BInvestor, Ping Identity, Token, TransferWise, Trulioo, Yodlee

On Finovate.com

Envestnet | Yodlee Forges Strategic Partnership with United Capital

Ping Identity Acquires UnboundID

Finovate Debuts: Cyberfend’s BotFender Detects Attacks in Real-Time

Check out today’s FinovateFall Sneak Peeks:

Around the web

TransferWise partners with Raphaels Bank as part of Faster Payments Service integration.

Token opens new London office.

Trulioo earns top honors for ID verification in 2016 Global RegTech report.

Check Point Introduces First Real-Time Zero-Day Protection for Web Browsers

P2Binvestor Delivers Biggest Line of Credit Yet at $10 Million

CR2 teams up with Diamond Bank to bring next-generation ATM technology to Nigeria.

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: 186 Companies Raised $1.6 Billion in June

By Jim Bruene Posted on August 1, 2016
Categories: Funding

pig_sunglasses_money_cropped Second quarter 2016 closed with a frenzy of fintech fundings: 49 deals were announced the last week alone, 10 more than the previous weekly record. The total amount raised was $327 million across 34 fundings with announced amounts (15 deals had undisclosed amounts). Of the total, $61.5 million was debt.

Four Finovate alums raised a total of $77 million during the week:

Total fundings worldwide in June: $1.6 billion from 186 deals compared to May which totaled $1.7 billion across 113 deals. (Note: Due to our weekly tracking methodology, there was an additional week in the June total.)

The weekly details can be found through the following links:

49 companies raised $327 million the last week of July 1 (see below)
26 companies raised $280 million week ending June 25
35 companies raised $470 million week ending June 18
38 companies raised $220 million week ending June 11
38 companies raised $300 million week ending June 4

The total number of deals YTD stands at 737, double last year’s 371. Total dollars raised YTD is now $17.4 billion, more than double the $8.4 billion more raised during the same period a year ago.

——-

Fintech deals by size from 25 June to 1 July 2016:

Paycor
Online payroll system
Latest round: $45 million
Total raised: $164 million
HQ: Cincinnati, Ohio
Tags: SMB, payroll, employers, HR management, employee benefits, salary, payments
Source: FT Partners

Klarna
Ecommerce solution provider
Latest round: $35 million Debt
Total raised: $327 million ($291 million equity, $36 million debt)
HQ: Sweden
Tags: SMB, merchants, ecommerce, B2B2C, payments, Finovate alum
Source: Crunchbase, Finovate

Nvest
Crowd-sourced stock-recommendation platform
Latest round: $33 million Series D
Total raised: $60.15 million
HQ: Toronto, Ontario, Canada
Tags: Consumer, advisers, traders, investing, wealth management, trading
Source: Crunchbase

LendingKart
Alt-lender to small businesses
Latest round: $32 million Series B
Total raised: $42 million
HQ: Ahmedabad, India
Tags: SMB, lending, commercial credit, underwriting, loans
Source: Crunchbase

West Creek Financial
Consumer purchase financing
Latest round: $28.5 million ($3.5 million Equity, $25 million Debt)
Total raised: $28.5 million
HQ: Glen Allen, Virginia
Tags: SMB, B2B2C, lending, credit, underwriting, POS, point-of-sale
Source: Crunchbase

Bizfi
Alt-lending to small businesses
Latest round: $20 million
Total raised: $20 million
HQ: New York City, New York
Tags: SMB, lending, commercial credit, underwriting, Finovate alum
Source: Crunchbase, Finovate

Goji (formerly Consumers United)
Consumer insurance portal
Latest round: $19 million
Total raised: $89 million
HQ: Boston, Massachusetts
Tags: Automobile insurance, home insurance, life insurance, membership, price quotes, price comparison, lead gen
Source: FT Partners

D3 Banking
Banking platform
Latest round: $16.4 million
Total raised: $33.4 million
HQ: Omaha, Nebraska
Tags: Institutions, B2B2C, digital banking, small business, Finovate alum
Source: Crunchbase, Finovate

SpotCap (Rocket Internet)
Alt-lender to small businesses
Latest round: $14.4 million Series C
Total raised: $66.2 million
HQ: Berlin, Germany
Tags: SMB, lending, commercial credit, underwriting
Source: Crunchbase

Storm
Payment and trade finance for microbusinesses
Latest round: $13.2 million Series A
Total raised: $16.1 million
HQ: Barcelona, Spain
Tags: SMB, merchants, point-of-sale, ecommerce, acquiring, payments, credit/debit cards, trade finance, inventory management, BI
Source: Crunchbase

Avoka
Digital sales and account opening
Latest round: $12 million
Total raised: $12 million
HQ: Sydney, Australia; Broomfield, Colorado
Tags: Institutions, sales, marketing, online account opening, Finovate and FinDEVr alum
Source: Finovate

i3 Verticals
Payment processing
Latest round: $10 million
Total raised: $10 million
HQ: Nashville, Tennessee
Tags: SMB, merchants, payments, credit/debit cards, acquiring
Source: FT Partners

ForUsAll
401(k) platform
Latest round: $9.5 million Series A
Total raised: $12.84 million
HQ: San Francisco, California
Tags: Consumer, SMB, saving, investing, human resources, employee benefits, employers
Source: Crunchbase

Final
Credit card with consumer controls
Latest round: $8 million Series A
Total raised: $9.1 million
HQ: California
Accelerator: Y Combinator
Tags: Consumer, lending, credit, credit/debit cards, spending controls, security
Source: Crunchbase

DV01
Marketplace lending analytics
Latest round: $7.5 million Seed
Total raised: $7.5 million
HQ: New York City, New York
Tags: Institutions, advisers, analytics, BI, lending, loans, securitization
Source: FT Partners

SMACC
Online accounting
Latest round: $3.9 million
Total raised: $3.9 million
HQ: Potsdam, Germany
Tags: SMB, accounting, bookkeeping, billing
Source: Crunchbase

TransferGo
International funds transfers
Latest round: $3.4 million Series A
Total raised: $6.1 million
HQ: London, England, United Kingdom
Tags: Consumer, SMB, funds transfer, remittances, foreign exchange, FX
Source: Crunchbase

Apruve
Trade finance and payments platform
Latest round: $3.1 million Series A
Total raised: $3.5 million
HQ: Minneapolis, Minnesota
Tags: Consumer, lending, peer-to-peer, credit, underwriting, investing
Source: Crunchbase

ProducePay
Payment solutions for the fresh-produce industry
Latest round: $2.5 million Seed
Total raised: $3.9 million
HQ: Los Angeles, California
Tags: SMB, payments, credit, underwriting, trade finance, factoring, agriculture
Source: Crunchbase

Zirra
Crowd-sourced investment rating service
Latest round: $1.6 million Series A
Total raised: $2.3 million
HQ: Tel Aviv, Israel
Tags: Consumer, investing, advisers, wealth management, information, analytics, crowdsourcing
Source: Crunchbase

Payzer
Mobile payment and financing platform for field sales
Latest round: $1.5 million Debt
Total raised: Unknown
HQ: Charlotte, North Carolina
Tags: SMB, lending, credit, underwriting, payments, point-of-sale, mobile, trade finance
Source: Crunchbase

TrueBill
Recurring bill management
Latest round: $1.4 million Seed
Total raised: $1.75 million
HQ: San Francisco, California
Accelerator: Y Combinator
Tags: Consumer, billpay, personal financial management, PFM, budgeting, spending, credit/debit cards
Source: Crunchbase

FundedByMe
Equity crowdfunding platform
Latest round: $1.3 million
Total raised: $1.3 million
HQ: Stockholm, Sweden
Tags: SMB, capital raising, VC, venture capital, p2p, peer-to-peer, investing
Source: Crunchbase

Flip
P2P apartment-leasing marketplace
Latest round: $1.2 million Seed
Total raised: $1.3 million
HQ: New York City, New York
Tags: Consumer, housing, rentals, marketplace
Source: Crunchbase

LeaseAccelerator
Equipment lease management software
Latest round: $1.2 million Series
Total raised: $7.1 million
HQ: Great Falls, Virginia
Tags: SMB, entrerprise, leasing, accounting, management, compliance
Source: Crunchbase

Tribe Insurance
Social insurance
Latest round: $1 million Seed
Total raised: $1 million
HQ: Oslo, Norway
Tags: Consumer, insurance, peer-to-peer, P2p
Source: Crunchbase

Amodo
Customer platform for insurers
Latest round: $500,000 Seed
Total raised: $536,000
HQ: Zagreb, Croatia
Tags: Institutions, B2B2C, insurance, customer service, CRM
Source: Crunchbase

Cindicator
Crowd-forecasting future events for financial markets
Latest round: $250,000 Convertible Note
Total raised: $270,000
HQ: New York City, New York
Tags: Institutions, advisers, traders, investing, wealth management, trading
Source: Crunchbase

Tabster
Mobile POS system for hospitality industry
Latest round: $250,000 Convertible Note
Total raised: $250,000
HQ: Amsterdam, The Netherlands
Tags: SMB, merchants, payments, acquiring, credit/debit cards, mobile
Source: Crunchbase

Factom
Blockchain technology
Latest round: $200,000
Total raised: $3.3 million
HQ: Austin, Texas
Tags: SMB, blockchain, distributed ledger, database, security
Source: FT Partners

ValChoice
Car insurance portal
Latest round: $120,000 (Microsoft BizSpark Plus Award)
Total raised: $620,000
HQ: Bedford, New Hampshire
Tags: Autombile insurance, price quotes, price comparison, lead generation
Source: FT Partners

BanQu
Blockchain-based identity for the unbanked
Latest round: $100,000 Convertible Note
Total raised: $100,000
HQ: Minneapolis, Minnesota
Tags: Consumer, blockchain, financial inclusion, unbanked, underbanked, banking, security, identity
Source: Crunchbase

Taplend
P2P mobile lending platform
Latest round: $83,000 Seed
Total raised: $203,000
HQ: Kiev, Ukraine
Accelerator: SellaLab (Italy)/Level 39 (London)
Tags: Consumer, lending, peer-to-peer, credit, underwriting, investing
Source: Crunchbase

Daalder
Mobile payments platform
Latest round: $55,000 Convertible Note
Total raised: $500,000
HQ: Amsterdam, The Netherlands
Tags: Consumer, payments, mobile, credit/debit cards
Source: Crunchbase

ExtractAlpha
Investment tools for institutional investors
Latest round: Undisclosed Seed
Total raised: $41,000 (prior to most recent funding)
HQ: Hong Kong, China
Tags: Institutions, advisers, investing, wealth management, trading, information, analytics
Source: Crunchbase

Hello Tax
Income tax preparation app
Latest round: Undisclosed
Total raised: Unknown
HQ: New Delhi, India
Tags: Consumer, tax prep
Source: Crunchbase

Insurity
Insurance management platform
Latest round: Undisclosed Private Equity
Total raised: $49.75 million (prior to above)
HQ: Hartford, Connecticut
Tags: Institutions, insurance, management, analytics, BI
Source: Crunchbase

Karlo Compare
Financial services portal
Latest round: Undisclosed
Total raised: Unknown
HQ: Karachi, Pakistan
Tags: Consumer, lending, banking, loans, credit cards, quotes, price comparison, discovery, lead gen
Source: Crunchbase

LIQID Investments
Wealth management and digital family-office platform
Latest round: Undisclosed
Total raised: Unknown
HQ: Berlin, Germany
Tags: Advisers, wealth managers, investing, trading, retirement
Source: Crunchbase

Loansolutions.ph
Consumer loan portal
Latest round: Undisclosed
Total raised: Unknown
HQ: Cebu City, Philippines
Tags: Consumer, lending, peer-to-peer, credit, underwriting, investing
Source: Crunchbase

LoanStreet
Loan portal
Latest round: Undisclosed
Total raised: Unknown
HQ: Kuala Lumpur, Malaysia
Tags: Consumer, lending, price comparison, lead gen, discovery
Source: Crunchbase

Moneybay
Foreign exchange rate portal
Latest round: Undisclosed
Total raised: Unknown
HQ: Malaysia
Tags: Consumer, payments, FX, remittances, lead gen, price comparison
Source: Crunchbase

Musoni System
Banking software for microfinance organizations
Latest round: Undisclosed Seed
Total raised: Unknown
HQ: Amsterdam, The Netherlands
Tags: Institutions, SMB, lending, credit, underwriting, microfinance
Source: Crunchbase

MyCashOnline
Online banking services for migrants
Latest round: Undisclosed
Total raised: Unknown
HQ: Selangor, Malaysia
Tags: Consumer, payments, remittances, deposits, billpay, ecommerce
Source: Crunchbase

November First
International payments and transfers
Latest round: Undisclosed
Total raised: Unknown
HQ: Copenhagen, Denmark
Tags: Consumer, SMB, foreign exchange, FX, remittances, payments, peer-to-peer, P2P, foreign trade
Source: Crunchbase

Razorpay
Online payment gateway
Latest round: Undisclosed
Total raised: $11.6 million
HQ: Bangalore, India
Tags: SMB, payment processing, credit/debit cards, acquiring, merchants, mobile
Source: Crunchbase

Rundit
Revenue-based lending
Latest round: Undisclosed
Total raised: Unknown
HQ: Finland
Tags: SMB, lending, credit, underwriting, commercial loans, crowdfunding, P2P, investing
Source: Crunchbase

Scripbox
Online mutual fund investment platform
Latest round: Undisclosed Series B
Total raised: $2.5 million (prior to Series B)
HQ: Bangalore, India
Tags: Consumer, advisers, traders, investing, wealth management, funds
Source: Crunchbase

Surance
Retirement savings platform
Latest round: Undisclosed
Total raised: Unknown
HQ: Amsterdam, The Netherlands
Tags: Consumer, savings accounts, investing, retirement planning, wealth management
Source: FT Partners

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PTIN Gives Members Access to BizFi’s Aggregation Marketplace

By David Penn Posted on August 1, 2016
Categories: Bizfi

BizFi will provide tax professionals with access to its aggregation marketplace courtesy of a new partnership with the National Directory of Registered Tax Return Preparers and Professionals (PTIN).

PTIN President Michael Rosedale emphasized his organization’s commitment to supporting its members through innovative technology and resources. “Bizfi’s technology and expertise, and its more than 10 years of experience providing financing options to small businesses, will equip PTIN members and their clients with the tool to quickly find the right funding to meet their needs,” Rosedale said.

Left to right: Walt Levengood, chief strategy officer, and Stephen Sheinbaum, founder, demonstrated the Bizfi platform at FinovateFall 2015.

Bizfi founder Stephen Sheinbaum explained that since accountants and CPAs are often “the first people small business owners turn to when they need financial guidance,” they are often a great place for first contact with the small business owner. “Traditional lenders can’t always provide small business owners with the capital they need due to strict credit requirements,” Sheinbaum said. “Bizfi can now help PTIN members and their clients meet those needs.” Services include everything from access to offers and facilitating document transfer to underwriting and closing the deal.

Formerly known as Merchant Cash and Capital and rebranding as Bizfi in the fall of 2015, the company specializes in providing financing options to small- and medium-sized businesses. Its fully automated online marketplace provides businesses with a range of financing options including short- and medium-term loans; invoice, equipment, and franchise financing; business lines of credit, and SBA loans. Bizfi has provided more than $1.7 billion in financing to more than 30,000 SMEs across the U.S., and in addition to being a lender on its own platform, has more than 45 funding partners including fellow Finovate alums OnDeck and Kabbage.

Headquartered in New York City, Bizfi demonstrated its aggregation silo for business financing at FinovateFall 2015. The company raised $20 million in funding from Metropolitan Equity last month, an investment that brought Bizfi’s total capital to $85 million.

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