PayNearMe Acquires Prism Money to Offer Bill Presentment for Enterprise Clients

PayNearMe Acquires Prism Money to Offer Bill Presentment for Enterprise Clients

PayNearMeHomepage2016

Digital cash payment service PayNearMe today announced it has acquired financial management and billpay app Prism Money. PayNearMe will leverage Prism Money’s billpay and ACH/card payment capabilities to offer enterprise clients a bill presentment API integration.

The California-based company’s founder and CEO Danny Shader says that Prism enables it to offer government agencies, banks, and businesses “a menu of bill presentment and payment capabilities” that can be customized for the end customer.

Prism

As a result of the partnership, Visa (FinDEVr San Francisco 2014 presenter) will offer the new bill-presentment capabilities to its enterprise customers and will add it to the Visa prepaid, consumer-reloadable cards. Tony Chang, VP of prepaid product at Visa, says Visa prepaid card providers “can now easily integrate bill presentment and same-day bill payment into their existing apps, making it easier than ever for Visa prepaid cardholders to pay bills immediately when they receive wages onto their prepaid cards.”

Founded in 2009, PayNearMe enables consumers to pay bills using cash at 17,000+ retail stores across the U.S. by scanning a barcode on their smartphone. Most recently, 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 will continue to expand its flagship cash-payment service by increasing its retail partnerships.

Twilio Readies for $100 Million IPO

Twilio Readies for $100 Million IPO

Twilio_homepage_May2016San Francisco-based, cloud-communication specialist Twilio is seeking to raise $100 million in an initial public offering. Twilio will trade on the New York Stock Exchange under the ticker, TWLO. Underwriting the offering are:

  • Goldman Sachs
  • J.P. Morgan
  • Allen & Company ,
  • Pacific Crest Securities
  • JMP Securities
  • William Blair
  • Canaccord Genuity

The impending fintech IPO has some wondering whether or not the news marks the end of a relatively quiet period for public offerings. Currently valued at more than $1 billion, Twilio has raised more than $230 million in funding to date. The pricing of the company’s shares has not been disclosed and the company is still not turning a profit. But with revenues of $166 million in 2015, more than 28,000 active customer accounts, and customers ranging from Uber and Coca-Cola to Home Depot and WhatsApp, Twilio hopes to impress investors with a range of solutions ranging from authentication technology to programmable voice, video, SMS, and wireless solutions.

Twilio_Authy_stage_FF2015

Pictured: Twilio VP and General Manager Marc Boroditsky demonstrated Authy OneTouch at FinovateFall 2015.

Twilio’s SEC filing reveals revenues of $166 million for 2015 and $59 million in the three months ending March 31, 2016. The quarterly gain represented a boost of 78% year-over-year, while the annual sales figure represented a gain of 88% over 2014. Net losses also increased, growing 32% from $26.7 million to $35.4 million.

“Our goal is for Twilio to be in the toolkit of every software developer in the world,” the prospectus reads. “As of March 31, 2016, over 900,000 developer accounts had been registered on our platform.” The prospectus also lists the company’s key elements of the Twilio’s growth strategy, which include continued investment in technology, expanded focus on the enterprise, growing their developer community, and “selectively pursue acquisitions and strategic investments.” Note that in February 2015, Twilio purchased Authy, its first major acquisition, for an undisclosed sum.

Founded in 2012 and headquartered in San Francisco, Twilio demonstrated its Authy OneTouch authentication solution at FinovateFall 2015. The company is also a FinDEVr alum, having presented Authy 2FA in 20 Minutes” at FinDEVr 2015, San Francisco.

 

Actiance Brings on Naresh Bansal as New CFO

Actiance Brings on Naresh Bansal as New CFO

ActianceHomepage

BansalCommunications compliance and analytics company Actiance has appointed Naresh Bansal as its new chief financial officer. Bansal is stepping in for Tim Conley, the company’s former CFO, who left to pursue a career as a consultant.

Bansal’s impressive pedigree includes 20 years of financial management for both public and private firms; 10 years of those leadership positions were within software-as-a-service (SaaS) companies. Bansal most recently served as VP of finance for Zscaler, a cloud-based security company.

In a press release, the company notes Bansal’s success in “building teams, creating processes, and taking companies through the IPO process.” Actiance CEO Kailash Ambwani says, “Naresh will play a critical role as we continue to map out strategies for long-term growth and augment our financial structure to support fiscal management, profitability, and success. His experience as an operational CFO for highly successful companies will be invaluable to us. More importantly, he knows SaaS inside and out, and has successfully scaled operations at companies in our exact growth stage.”

Since launching in 1998, the company has raised $43.6 million in three funding rounds. At FinovateFall 2012 Actiance debuted Socialitea tool that helps banks stay compliant while using social media. Earlier this month, the company unveiled a cloud-based platform to help healthcare and pharmaceutical companies comply with security and privacy regulations.

Finovate Alumni News

On Finovate.com

  • “Actiance Brings on Naresh Bansal as New CFO”
  • “Twilio Readies for $100 Million IPO”
  • “PayNearMe Acquires Prism Money to Offer Bill Presentment for Enterprise Clients”
  • “Featurespace Falls on a Fresh $9 Million in Funding”

On FinDEVr

  • “OakNorth, ‘The First Cloud-Based Bank in the U.K.’ is Powered by Mambu”

Around the web

  • Dataconomy interviews Georg Ludviksson, Meniga CEO and co-founder.
  • The WSJ: “Lending Club Talking With Citigroup About Loan Purchases”
  • Cachet Financial Solutions to power Mobile Deposit for LCNB National Bank.
  • American Banker highlights Suresh Ramamurthi, chairman and CTO of CBW Bank.
  • eToro appoints Joe Hall as its new managing director of business in the U.K.
  • Let’s Talk Payments takes a look at the post-acquisition relationship between Envestnet and Yodlee.
  • Ethoca teams up with the Online Payment Exchange (ONPEX) to stop ecommerce fraud using early warning alerts.

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.

Finovate Alums Help Represent Fintech Innovation in Israel

Finovate Alums Help Represent Fintech Innovation in Israel

Israel_FlagPYMNTS.com published an interesting, metric-based post on the tech scene in Israel. The post emphasized that while the country has a well deserved reputation as a “cybersecurity hotspot,” it is also true that “Israel’s tech ambitions and prowess extend much further.”

The salient statistic for me: 430—the number of fintech startups headquartered in Israel—is highly impressive, considering only 90 fintech startups existed in 2009.

With that in mind, here’s a look at some recent Israel-based Finovate alums who are helping make the country one of the world’s key locations for fintech innovation.

Our 14 Israel-based Finovate alums have raised more than $164 million in funding. Two alums—NICE Systems and Top Image Systems—are publicly traded on the Nasdaq, and two more—Capitali.se and TipRanks—have won Best of Show awards.

TheFloor_Israelfintechhub

There’s no doubt the fintech in Israel is on the move. The country’s first fintech hub, The Floor, was launched in 2015, and as of March 2016 is now located at the Tel Aviv Stock Exchange. Writing about why fintech innovation is thriving in Israel, VentureBeat’s Avi Zeevi of Carmel Ventures highlighted a few key features:

  • Mastery of relevant technologies such as real-time analytics, cybersecurity, and risk management
  • Legacy of success creating a “startup ecosystem (with) massive amounts of knowledge”
  • The country has learned from other key global financial centers
  • Global financial institutions have a presence and have been investing in Israel
  • Israeli FIs “have always been open to innovation”

“All of this had led to a dramatic rise in investments in Israel fintech companies,” Zeevi wrote. “By addressing the needs of both developed and emerging markets, Israeli fintech will only continue to grow.”

Are you an Israel-based Finovate or FinDEVr alum that we overlooked? Send us an email at research@finovate.com and we’ll update our roster.

 

 

Finovate Alumni News

On Finovate.com

  • “Finovate Alums Help Represent Fintech Innovation in Israel”

On FinDEVr.com

  • “Mobeam Barcode Beaming Technology Gains Broader Integration with Samsung Pay”
  • “Up from Down Under: VIX Verify Chooses Atlanta’s Transaction Alley for Americas Headquarters”

Around the web

  • The American Genius interviews Gene Austin, Bazaarvoice CEO.
  • Ripple and Temenos partner to power direct, real-time, bank-to-bank settlements for Deloitte.
  • Ignite Sales wins Gold Stevie award for sales and marketing intelligence excellence for a second year in a row.
  • Vantiv and Payment Logistics team up to provide EMV payment solutions for Action Systems.
  • Strongsuit interviews Stuart Frankel, Narrative Science CEO and co-founder.

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.

Fintech Fundings: 26 Companies Raised $270 Million Week Ending May 6

Money_circuitSecond quarter’s funding pace remained strong with 26 companies raising $267 million—$55 million of that was Debt—the first week of May. The deals were widely dispersed around the world, with only 4 of the 26 companies hanging their shingles in California, although those four did account for half the dollar value.

The total number of deals YTD stands at 464, nearly double last year’s 252. Total dollars raised YTD is now $14.3 billion, more than twice the $6.6 billion raised during the same period a year ago.

Two Finovate alums scored big rounds:

——-

Fintech deals by size from 30 April to 6 May 2016:

VTS
Commercial real estate leasing and asset-management platform
Latest round: $55 million Series C
Total raised: $87.7 million
HQ: New York City
Tags: SMB, enterprise, commerical real estate, commerical mortgage, asset management
Source: Crunchbase

MobiKwik
Mobile wallet
Latest round: $50 million Series C
Total raised: $86.9 million
HQ: Gurgaon, India
Tags: Consumer, payments, banking, mobile, telecom top-ups, mobile
Source: Crunchbase

Intacct
Digital banking company
Latest round: $40 million Debt (Silcon Valley Bank)
Total raised: $125.8 million (includes $85 million Debt)
HQ: San Jose, California
Tags: SMB, accounting, payroll, bookkeeping, billing, payments, invoicing
Source: Crunchbase

Varo Money
Digital bank
Latest round: $27.4 million Private Equity
Total raised: $27.4 million
HQ: San Francisco, California
Tags: Consumer, deposits, payments, debit card, banking, mobile
Source: Crunchbase, WSJ

Zooz
Payments technology
Latest round: $24 million
Total raised: $40.5 million
HQ: Kefar Sava, Israel
Tags: SMB, payments, mobile, merchants, acquiring, security, credit/debit cards, Finovate alum
Source: Finovate

Net Element
Mobile payments
Latest round: $20 million Post-IPO Equity ($5 mil) and Debt ($15 mil)
Total raised: Unknown (NASDAQ: NETE)
HQ: Miami, Florida
Tags: Consumer, payments, brands: TOT Group, Unified Payments, Aptito, TOT Money
Source: Crunchbase

Azimo
Digital banking company
Latest round: $15 million
Total raised: $46.6 million
HQ: London, England, United Kingdom
Tags: Consumer, payments, peer-to-peer P2P funds transfers, remittances, FX, Rakuten (invester), Finovate alum
Source: Finovate

Bench
Online bookkeeping service
Latest round: $15 million
Total raised: $54.5 million
HQ: Vancouver, British Columbia, Canada
Tags: SMB, accounting, payroll, bookkeeping, billing, payments, invoicing, omnichannel
Source: Crunchbase

Passport
Payments for transportation and parking
Latest round: $8 million Series B
Total raised: $17 million
HQ: Charlotte, North Carolina
Tags: Enterprise, SMB, payments, mobile, Finovate alum
Source: Finovate

YieldStreet
Marketplace lender
Latest round: $3.7 million Seed
Total raised: $3.7 million
HQ: New York City
Tags: Consumer, advisers, SMB, lending, credit, underwriting, crowdfunding, peer-to-peer loan marketplace, investing, P2P
Source: Crunchbase

Love Will Inc.
Blockchain-based financial applications
Latest round: $2.51 million
Total raised: $2.61 million
HQ: St. Louis, Missouri
Tags: Consumer, payments, blockchain, crypto-currency, bitcoin, peer-to-peer funds transfers, remittances
Source: Crunchbase

Earny
Purchase protection tool for cardholders
Latest round: $1.2 million Seed
Total raised: $1.2 million
HQ: Santa Monica, California
Tags: Consumer, lending, credit, underwriting, crowdfunding, peer-to-peer loan marketplace, investing, P2P
Source: Crunchbase

BrightFlag
Invoice analytics
Latest round: $1.1 million
Total raised: $1.47 million
HQ: Dublin, Ireland
Tags: SMB, accounting, accounts receivables, billpay, analytics, machine learning
Source: Crunchbase

T2P (iBaht)
Prepaid debit card
Latest round: $1.1 million
Total raised: $1.1 million
HQ: Bangkok, Thailand
Tags: Consumer, payments, debit cards, prepaid
Source: Crunchbase

Monera
Personal finance portal
Latest round: $550,000
Total raised: $550,000
HQ: Copenhagen, Denmark
Tags: Consumer, price comparisons, insurance, mortgage, banking, lead gen, discovery, quotes
Source: Crunchbase

Dynamis Software
Sales tools for health insurance brokers
Latest round: $520,000
Total raised: $2.62 million
HQ: Milwaukee, Wisconsin
Tags: SMB, enterprise, healthcare, health insurance, CDHC plans, sales, marketing
Source: FT Partners

Active.ai
Banking and wealth-management platform
Latest round: $500,000 Seed
Total raised: $500,000
HQ: India
Accelerator: Kstart
Tags: Banks, advisers, banking, wealth management, investing
Source: Crunchbase

Affordplan
Payments plan for emergency health services
Latest round: $500,000 Seed
Total raised: $500,000
HQ: New Delhi, India
Accelerator: Kstart
Tags: Healthcare providers, payments, credit, short-term loans, payments plans, underwriting
Source: Crunchbase

PoshBerry
Blockchain-based loyalty wallet
Latest round: $250,000 Seed
Total raised: $250,000
HQ: Glarus, Switzerland
Tags: Enterprise (B2B2C), payments, loyalty, debit/credit cards, rewards, blockchain, crypto-currency
Source: Crunchbase

PFITR (Public Funds Investment Tracking and Report)
Porftfolio management for institutional investors
Latest round: $200,000 Convertible Note
Total raised: $1.02 million
HQ: St. Louis, Missouri
Accelerator: VC Fintech Accelerator (Little Rock, Arkansas)
Tags: Investing
Source: Crunchbase

TruckPay
Payment services in the construction industry
Latest round: $200,000 Convertible Note
Total raised: $200,000
HQ: Tenafly, New Jersey
Tags: SMB, payments, logistics, merchants
Source: Crunchbase

Bonop
Micropayments
Latest round: $58,000 Seed
Total raised: $58,000
HQ: Marbella, Spain
Tags: Consumer, payments, content
Source: Crunchbase

Digitzs
Payments provider for digital services
Latest round: Not disclosed Seed
Total raised: $2.55 million
HQ: Santa Monica, California
Tags: SMB, merchants, payments, point-of-sale, mobile, credit/debit card aquiring
Source: Crunchbase

EPG (Easy Payment Gateway)
Payment management 
Latest round: Undisclosed
Total raised: $1.8 million
HQ: Gibraltar
Tags: SMB, merchants, payments, point-of-sale, mobile, credit/debit card aquiring
Source: Crunchbase

Hishab Ltd. 
Voice-based mobile POS
Latest round: Not disclosed
Total raised: Unknown
HQ: Tokyo, Japan
Tags: SMB, merchants, payments, point-of-sale, mobile, credit/debit card aquiring
Source: Crunchbase

Paylike
Payment platform
Latest round: Not disclosed
Total raised: Unkonwn
HQ: Aarhus, Denmark
Tags: SMB, merchants, payments, point-of-sale, mobile, credit/debit card aquiring mobile, APIs, developers
Source: Crunchbase

Ormsby Street Partners with Deutsche Bank to Launch CreditHQ in Germany

Ormsby Street Partners with Deutsche Bank to Launch CreditHQ in Germany

OrmsbyStreet_homepage_May2016

London-based Ormsby Street is bringing its credit checking tool for SMEs to Germany. The fintech startup will partner with Deutsche Bank, who make the solution available to its small business customers. The move into Germany is part of a larger expansion for Ormsby Street; the company plans to enter markets in the United States, Australia, Poland, and other European markets within a year.

Ormsby Street Managing Director Martin Campbell pointed to the problem of “late payment culture,” which he called a major problem that impacts cash-flow for German small businesses. “There is a growing need in Germany for an easy way to check the credit status and payment performance of customers, and CreditHQ meets that requirement head-on,” Campbell said.

OrmsbyStreet_stage_FS2016

Pictured: Ormsby Street Managing Director Martin Campbell demonstrated CreditHQ at FinovateSpring 2016 in San Jose.

“Three things are needed for a business to run optimal cash flow,” Campbell explained from the Finovate stage earlier this year. “Good data about customers and their financial health, insight and understanding to know what to do with that data and how to recognize problems, and finally, the tools to act effectively when those problems arise.”

This is where CreditHQ comes in, helping small businesses manage their cash flow and credit risk. The solution pulls data from credit-reference agencies and displays this information to the business with a simple “traffic light” type of indicator that makes it easy to recognize which companies are most likely to pay invoices promptly and which are not. And when integrated with the company’s accounting software, CreditHQ’s risk management feature takes raw data and provides a graphic overview of which invoices are the most problematic (i.e., most expensive, the most overdue, or the greatest credit risk). Further, CreditHQ makes it easy for the business owner to take action. Emails and letters can be sent directly from the CreditHQ platform, and business owners can even set up a fully automated CreditHQ debt-collection process.

Campbell said that small-business failure-rates drop by 30% for companies using CreditHQ. “If you’re a bank and you’re looking at your small-business failure-rate, just imagine the impact a 30% reduction of that failure-rate would have on your bottom line,” he said. Moreover, Campbell added that the technology also helps build relationships between banks and their small business partners, including giving the bank insight into potential financing needs of the small business. “At the point when a customer becomes aware that they may need invoice financing, or an overdraft, or a particular kind of insurance,” Campbell explained, “the bank can be right there, can put that offer right in front of the customer, and can generate the lead directly back to a telephone or in-branch team who can then use that data to engage with their customers.”

Headquartered in London and founded in 2014, Ormsby Street demonstrated CreditHQ at FinovateSpring 2016. The company has a staff of 14; forecasts 2016 revenues of more than £2 million; and 27,000 users. In 2015, Ormsby Street was a finalist at the Vendor Excellence Awards and the CreditToday Awards, and it was recognized as one of 100 best startups that same year.

TWINO’s First Year: 2,500 Investors Fund $24.6 Million in Loans

TWINO’s First Year: 2,500 Investors Fund $24.6 Million in Loans

TWINOHomepage

European marketplace lending startup TWINO today turns one-year-old and has some impressive metrics to celebrate its first birthday.

Since launch, $24.6 million in loans have been funded through the Latvia-based company’s platform, which boasts a 13.92% average rate of return. TWINO has paid out $363,000 in interest to its community of investors, which currently totals 2,500 active users based in 29 countries.

TWINO debuted its marketplace that offers investors access to unsecured consumer loans from Denmark, Poland, and Georgia at FinovateEurope 2016 in London. The company differentiates its platform by promising to buy back the principal and interest of a loan if it is delinquent for 30 days or more.

TWINO released the following infographic detailing the metrics of its year-one successes:

TWINO_TURNS_1_EN

Trustly Goes Live with P2P Payments at Avanza Bank

Trustly Goes Live with P2P Payments at Avanza Bank

TrustlyHomepage2016

Here in the United States we’re still dreaming about bank settlements that occur a few times each business day; however, in Sweden, this increased frequency is already a reality, and customers want transfers to be even faster.

That’s why Stockholm-based Trustly announced today it has partnered with Avanza Bank. With the Trustly integration, bank-to-bank transfers occur in seconds and, as Avanza CEO Martin Tivéus explains, “even in the evenings and on weekends when the ordinary clearing system is closed.”

The agreement went live in December 2015 to offer the bank’s 500,000+ customers real-time direct-deposits over the web. Since then, Trustly has facilitated 115,000 transfers worth $240 million (2 billion Swedish Krona). Last month the bank added mobile capability and today almost 20% of Avanza’s deposits are made using Trustly. The average time for money transfers has dropped from 14,000 seconds to 10 seconds.

Founded in 2008, Trustly launched an alternative ecommerce payments solution at FinovateEurope 2013. In the demo, COO Carl-Henrik Somp demonstrates how the company facilitates payments over Sweden’s largest marketplace, Blocket.se.

Finovate Alumni News

On Finovate.com

  • “Trustly Goes Live with P2P Payments at Avanza Bank”
  • “TWINO’s First Year: 2,500 Investors Fund $24.6 Million in Loans”
  • “Ormsby Street Partners with Deutsche Bank to Launch CreditHQ in Germany”

On FinDEVr.com

  • “Speed of Lightning, Roar of Thunder: Blockchain Unveils Off-Chain Bitcoin Payments Network”

Around the web

  • Version 6.0 of PayPal app discontinues support for Amazon Fire, Windows, and Blackberry phones.
  • Neyber selects Cloud Lending Solutions for loan automation.
  • Mircea Mihaescu’s blog features Moven.
  • SafetyPay partners with online travel agency ViajaNet.
  • Santander to build international payments app using blockchain technology from Ripple.
  • Technology from Cachet Financial Solutions to power mobile deposit solution for LCNB National Bank.
  • Credit Suisse chooses FIS Derivatives Utility for post-trade futures and cleared OTC derivatives operations and technology.

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.

Presenter Application Deadline for FinDEVr Silicon Valley — Apply Now!

iContactHeaderFindevrSV

Summer is on the way, but FinDEVr is already feeling the heat. With the first deadline two days away, we’re receiving presenter applications from dozens of awesome organizations, confirming this will be our most competitive selection process yet. Interested in joining the fray? Read on.

FinDEVr is the only conference focused on the technology side of fintech. Its mission is to serve the financial services developer community. Showcasing the latest tools, technologies, APIs, platforms, case studies and tutorials, we help CTOs, developers, software architects, UX designers, engineers, product managers and other technologists create the next wave of fintech innovation.

For presenters, FinDEVr is a powerful platform to:

  • Drive product adoption of APIs/platforms/SDKs
  • Showcase new technology and the inspiration behind it
  • Establish technical leadership of the industry while educating the market
  • Garner press recognition and gather feedback on innovations

We’re now accepting applications for our third annual West Coast event: FinDEVr Silicon Valley 2016. Last year the event attracted nearly 600, and we’re expecting many more this year. The early application deadline is Friday, May 27.

As a first step, please email siliconvalley@findevr.com and we’ll send you a presenter packet with content criteria, the presenter package, costs, deadlines, and a link to online application. Once you’re ready to move forward, submit the online application. We’ll review applications later this summer and hope to see yours! We’ll be in touch in July.

FinDEVr16StageIMG


FinDEVr Silicon Valley 2016 is sponsored by The Bancorp

FinDEVr Silicon Valley 2016 is partnered with Acuity, Bank Innovators Council,BankersHubThe BayPay Forum, BiometricUpdate.com, Bitcoin MagazineBitcoinist.netBreaking BanksByte Academy, California Bankers Association,CelentCointelegraphColloquy, Emerging PaymentsEmpire Startups, FIDO AllianceGlobal Platform, Juniper ResearchMercator Advisory GroupPayment WeekPayments & Cards Network, SecuritySolutionsWatch.comSIMalliance, Swiss Finance + Technology Associationand Women Who Code.