Tradeshift Unveils ‘Go,’ the First B2B Virtual Assistant for Managing Business Expenses and Travel

Tradeshift Unveils ‘Go,’ the First B2B Virtual Assistant for Managing Business Expenses and Travel

Tradeshift_homepage_June2016

When you’re looking to make an impression in a new market, coming up with a first-of-its-kind technology is a great way to start.

Tradeshift, the San Francisco company whose open business network connects 800,000 buyers and suppliers across more than 190 countries, unveiled the world’s first B2B virtual assistant for business spending this week. The solution, Tradeshift Go, eliminates the tedium of requesting, approving, and processing business expenses. The virtual assistant uses a conversational UI to make interaction natural and easy, and its virtual card technology limits fraud, maintains transparency, and ensures administrative control. And courtesy of Tradeshift’s acquisition of chat-based travel assistant app, Hyper Travel, Tradeshift Go can also be used to tackle another business pain point: booking travel arrangements.

Tradeshift_Go_VirtualCardIssuance

During a briefing with Tradeshift’s Sarika Garg, SVP/GM, network and apps, and John Eng, SVP, brand and marketing, the team explained how Tradeshift Go solves a major challenge for middle-sized businesses for whom most procurement solutions were “too heavy and inefficient.” Geared toward businesses with staffs between 50 and 2,000 employees, Tradeshift Go gives Tradeshift_Go_iOS_highresworkers the ability to make business purchases via a pre-approved, single-use virtual credit card that is billed to a corporate card. The employee never sees the corporate card number, and the employer has 100% visibility in real-time on how much and what is being purchased. Compare this, Eng suggested, to the typical situation of the financial officer who doesn’t learn what company funds were actually spent until after they are spent.

Tradeshift Go is available for free at the iTunes store, with Android versions of the app “coming soon.”

Garg and Eng discussed how the solution was an example of how AI and machine learning can “transform age-old problems at work” into “consumer-grade experiences.” It also represents Tradeshift’s new focus on the challenges of medium-sized businesses. The team suggested that additional “skills” beyond travel booking could be added to the Tradeshift Go platform including legal, temporary labor/consultant hiring, and other areas. Tradeshift says it is actively working with partners to add these features to the platform in the future. “We are democratizing access to expertise and buying power of large companies,” Eng said. “(Tradeshift) is changing the landscape of what’s available (to middle market businesses).”

Early feedback has been positive. MyStartupCFO.com, which handles financing and accounting for hundreds of startups, is one of the ten companies piloting Tradeshift Go. “Being nimble and having transparency is important,” MyStartupCFO.com CEO Sandeep Shroff said. “Go gives us both and will save us a ton of time.”

Founded in 2009 and based in San Francisco, California, Tradeshift demonstrated its Instant Payments technology at FinovateEurope 2012 in London. The company has raised $174 million in total capital; its most recent investment was a $75 million capital infusion in June led by Data Collective. Also in June, Tradeshift announced that it was partnering with kompany to automate KYC and KYB verification. The company teamed up with Chinese taxation services firm, Baiwang, in March, the same month it was named to the Tech Tour 2016 Growth 50. Christian Lanng is co-founder and CEO.

Digital Payments Guardian from Prairie Cloudware Goes Live at Multi-Billion Dollar Regional Bank

Digital Payments Guardian from Prairie Cloudware Goes Live at Multi-Billion Dollar Regional Bank

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Digital Payments Guardian from Prairie Cloudware is now live at a multibillion-dollar regional bank. The digital vault technology facilitates tap-and-pay transactions, tokenizing credit and debit card numbers that are secured in a branded mobile wallet.

“The future of payments is now, and consumers shouldn’t have to wait any longer to gain access to a convenient, secure and preferred mobile-payments experience provided by their bank or credit union,” says Doug Parr, Prairie Cloudware’s chief revenue officer. “While other organizations have recently announced their plans to build and launch bank-branded mobile wallets, Guardian is already live and successfully functioning.” The company emphasized the point by having its CTO Brent Adkisson conduct the first tap-and-pay transaction using his smartphone and tokenized Visa credit card to buy a candy bar at a convenience store.

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CRO Doug Parr demonstrated Digital Payments Guardian at FinovateSpring 2015 in San Jose

The technology gives banking customers the ability to digitally store and manage credit and debit card accounts. The digital vault uses tokenization and NFC tap and pay Android HCE to provide customers with a payment solution that is safe and convenient. “The largest financial institutions in the U.S. are taking control of the mobile relationships they have with customers by issuing their own mobile wallets,” Parr said. Digital Payments Guardian supports this by playing a role in a customer’s everyday transactions, growing the number of “touch points” between financial institutions and their customers.

Founded in 2012 and headquartered in Omaha, Nebraska, Prairie Cloudware demonstrated Digital Payments Guardian at FinovateSpring 2015. In January, the company announced that $3.2 billion Union Bank & Trust would use Digital Payments Guardian to power its digital wallet. And last December, Silicon Prairie News interviewed company CSO Daniel Carnes on the future of cybersecurity. Prairie Cloudware has raised more than $5 million in funding—its most recent investment in the summer of 2015—and includes Croghan Investments and Treetop Ventures among its investors.

A Score for Socure: The Digital ID Company Lands Funds from Santander

A Score for Socure: The Digital ID Company Lands Funds from Santander

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Digital identity-verification company Socure received a strategic investment from Santander’s $100 million fintech VC firm, Santander Innoventures. The Spanish bank’s investment arm will offer Socure access to resources and an undisclosed amount of funding.

This marks the ninth investment Santander Innoventures has made since it launched in 2014. The firm has also invested in Finovate alums Ripple, Kabbage, and most recently SigFig.

Socure’s founder and CEO Sunil Madhu described Santander Innoventures as “the perfect fit as a VC partner that can help us grow globally.” The New York-based company’s online identity-verification technology works in real time by analyzing a user’s digital footprint to fight identity fraud, increase acceptance rates for online account opening, and reduce KYC and AML costs. Because it does not rely on traditional credit-reporting systems, Socure’s Social Biometrics works especially well for thin-file, unbanked, and underbanked customers. Socure customers include Finovate alums Feedzai and Kabbage.

SocureDemoAt FinovateFall 2015, Socure’s co-founders Sunil Madhu, CEO, and SVP Johnny Ayers, business development, demoed Perceive (a facial biomentrics solution).

At FinovateFall 2015, Madhu debuted Perceive, the facial biometrics solution created to reduce account takeover. The Perceive SDK can be added to a web or mobile app to identify customers by their unique facial characteristics. The key to Socure’s new technology is that it doesn’t need the user to train the system on what their face looks like. Instead, Perceive uses pictures of the applicant already available through social platforms such as Google Plus, Facebook, and LinkedIn.

Prior to this week’s announcement, Socure had raised a total of $4.7 million in three rounds of funding. Last month the company expanded coverage for global watch-list compliance and earlier this year joined the FIDO (Fast IDentity Online) Alliance.

Finovate Alumni News

On Finovate.com

  • A Score for Socure: The Digital ID Company Lands Funds from Santander.
  • Digital Payments Guardian from Prairie Cloudware Goes Live at Multibillion Dollar Regional Bank.
  • Tradeshift Unveils Go,the First B2B Virtual Assistant for Managing Business Expenses and Travel.
  • With Ripple, Seven Banks Test Out the Blockchain.

Around the web

  • TSYS and Equinox team up to launch semi-integrated EMV payment solution for Value-Added Resellers.
  • Forbes column on “millennial money mistakes” features Kapitall.
  • iQuantifi founder and CEO Tom White writes about goal-based selling for BankDirector.com.
  • Accusoft wins spot in 2016 SD Times 100 for its innovations in software development.
  • Prairie Cloudware’s Digital Payments Guardian mobile wallet goes live with multi-billion dollar regional bank.
  • Fintech profile interviews Cloud Lending CEO Snehal Fulzele.
  • Fiserv launches Notifi to deliver actionable 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.

Prosper Freshens Up the Retail Investor Experience

Prosper Freshens Up the Retail Investor Experience

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Peer-to-peer (P2P) lending platform Prosper launched a revamped user experience for its retail investors today. The San Francisco-based company’s enhanced investor dashboard offers two new tools:

  • Auto-invest: within seconds Prosper applies the user’s saved criteria to invest on their behalf
  • Portfolio customization: users select a predefined, target investment mix or create their own custom mix

Prosper

After testing it out on my own account, I can vouch for the new dashboard’s more intuitive navigation and easier view of portfolio diversification. There’s one thing still missing from the investor experience, however. Prosper still lacks a native mobile app that caters to investors; however, to the company’s credit, its site has been mobile-friendly for some time, and a native mobile app was launched for borrowers last year following its $30 million purchase of BillGuard last September.

This redesign is Prosper’s second move to attract new investors, after the company raised rates by a weighted average of 0.29% last month. The new efforts come at a time when Prosper has struggled to balance interest from investors and borrowers. Earlier this month, after experiencing waning investor interest, the company dropped relationships with LendingTree and Credit Karma, formerly leveraged to attract new borrowers.

Prosper presented at FinovateSpring 2009 as well as the inaugural Finovate in 2007.

Kabbage and Scotiabank Ink Partnership

Kabbage and Scotiabank Ink Partnership

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

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

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

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

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

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

FinDEVr APIntelligence

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

On FinDEVr.com

  • Markit Agrees to Acquire Prism Valuation.
  • Goldman Sachs Leads $44 Million Investment in Plaid.
  • Mambu Unveils FinTech Startup Program.

The latest from FinDEVr New York 2016 presenters

  • Personal Capital Brings on Former Yodlee CFO.
  • FICO acquires cybersecurity firm QuadMetrics, announces plans for “enterprise security scores.”

Alumni updates

  • Let’s Talk Payments asks if fintech startups should be able to access bank data in the wake of Plaid’s $44 million Series B.
  • MX Adds Cash Flow Feature to MoneyDesktop Platform.
  • Trulioo expands to South America as part of Canada’s Fintech Mission to Brazil.
  • Thomson Reuters named 2016 European Tax Technology Firm of the Year by International Tax Review.

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

In Third Deal in Four Weeks, Nymbus Acquires Sharp BancSystems

In Third Deal in Four Weeks, Nymbus Acquires Sharp BancSystems

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

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

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

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

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

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

Finovate Alumni News

On Finovate.com

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

On FinDEVr

  • Hyperwallet Expands Offerings in Partnership with Choice Bank.

Around the web

  • Operational Risk Magazine names Clari5 from CustomerXPs Best Fraud Detection Product at the 2016 OpRisk Awards.
  • Banking CIO Outlook names Tyfone a Top 10 Mobile Banking Solution Provider for second year in a row.
  • Let’s Talk Payments asks if fintech startups should be able to access bank data in the wake of Plaid’s $44 million Series B.
  • Thomson Reuters unveils compliance solution, Checkpoint State Clear Comply.
  • FIS wins Most Innovative Tech Company, Maverick of the Year, and Woman of the Year at American Business Awards.
  • The American Bankers Association endorsees Rippleshot’s Sonar card-compromise-detection tool.
  • Toshl launches Finance 2.0 app for Android.

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.

MX Adds Cash Flow Feature to MoneyDesktop Platform

MX Adds Cash Flow Feature to MoneyDesktop Platform

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Money-management solutions provider MX launched a new feature to bolster its suite of MoneyDesktop offerings, which include budgeting, account aggregation, transaction history, etc. The new addition is called Cash Flow and offers a better way for users to visualize how money moves in and out of their account throughout the month.Screen Shot 2016-06-21 at 4.11.37 PM

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

MXCashFlow

Highlights of Cash Flow include:

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

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

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

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

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

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

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

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

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

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

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

Reverse Takeover IPO Places ayondo on the Singapore Exchange

Reverse Takeover IPO Places ayondo on the Singapore Exchange

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

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

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

AyondoDemoayondo debuts ayondo 3.0 at FinovateEurope 2013 in London

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

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