BRIDGEi2i Closes Series A Funding Round

BRIDGEi2i Closes Series A Funding Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: BRIDGEi2i, Funding

Bridgei2iHomepage

Just a few days after celebrating its fifth birthday, BRIDGEi2i Analytics Solutions landed its first round of funding, pulling in an undisclosed amount of Series A growth capital from India-based Edelweiss Private Equity.

CEO Prithvijit Roy states the company will use the funds to, “accelerate the development of our machine-learning-based business applications along with significant expansion of our consulting teams across the United States and India.”

Pranav Parikh, head of private equity and VC funds at Edelweiss, says he is impressed with how BRIDGEi2i has “transform[ed] large enterprises through their impact-driven approach” since launching in 2011. Edelweiss now owns a minority stake in BRIDGEi2i and Parikh will join the Bangalore-based startup’s board of directors.

BRIDGEi2i was founded by former General Electric and Hewlett Packard executives who had a vision to offer data-driven insights to enterprises. Using big data, the company generates actionable insights about sales data and customer behavior to help manage risk and operations. The company’s customers include 10 of the Fortune 100, representing sectors in technology, manufacturing, financial services, insurance, and retail.

At FinovateAsia 2013, BRIDGEi2i launched Surveyi2i, a cloud-based platform to help easily view and analyze survey data. Surveyi2i offers quick insights into survey results without requiring help from a data scientist. Recently, BRIDGEi2i was featured in Dataquest for helping a Fortune 100 company save $300,000 on reporting costs. Late last year, the company was ranked 115 out of 500 AsiaPac businesses on the Deloitte Technology Fast500 for 2015.

Share this:

Send Post Twitter LinkedIn Facebook

Big Blue Backs Mobile Banking in Rural China

Big Blue Backs Mobile Banking in Rural China
By David Penn Posted on
Categories: IBM

IBM_homepage_May2016

“We’re from IBM and we’re here to help” is something fintech followers will have to start getting used to.

The “tech startup from New York” as it called itself during its Finovate debut this spring is the choice of China’s Fujian Rural Credit (FJRC), which is enhancing its online and cloud-based banking offerings. FJRC will use IBM’s storage infrastructure solution, Spectrum Virtualize, to help deploy financial apps for the province’s more than 14 million agricultural workers and consumers.

IBM_stage_FS2016

Pictured: Rob Stanich, global wealth management offering manager, and Alex Baghdjian, senior offering associate, financial markets and wealth management, demonstrated IBM’s Client Insight for Wealth Management at FinovateSpring 2016.

The new technology will enable FJRC to offer better customer service via mobile service vehicles and to provide more direct service through convenient service outlets and mobile banking. FJRC currently provides both commercial and retail banking services by way of 67 rural credit unions; 1,800 outlets; and more than 11,000 micro-payment locations. Spectrum Virtualize works by managing all storage resources from one virtual location, which accelerates data transfer, remote mirroring, and automated application deployment.

IBM has been an increasingly visible part of the fintech world. Watson, its artificial intelligence technology, has been leveraged by fintech innovators such as fellow Finovate alums Novabase and TipRanks. And earlier this year, IBM announced opening IBM “Blockchain Garages” in Singapore, Tokyo, London, and New York City to encourage collaboration between IBM’s technologists and local developers. Blockchain services and advanced credit risk analysis, a.k.a. BigCredit, are two areas of focus for IBM’s research in China.

Founded in 1911 and based in Armonk, New York, IBM demonstrated its Client Insight for Wealth Management solution at FinovateSpring 2016. The company has 300,000 employees and produced revenues of more than $81 billion in 2015. Virginia M. “Ginni” Rometty is chairwoman, president, and CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Boku, BRIDGEi2i, CallVU, Check Point, Entersekt, IBM, Intelligent Environments, Jack Henry, Monitise, Ping Identity, Thomson Reuters, TradeKing, Tuition.io, Wealthfront

On Finovate.com

  • “Big Blue Backs Mobile Banking in Rural China”
  • “BRIDGEi2i Closes Series A Funding Round”
  • “NICE Funding! CallVU Raises $3 Million”
  • “Ping Identity Acquired by Vista Equity Partners”

Around the web

  • “Check Point Named Leader for Vision and Execution in the Gartner Magic Quadrant for Firewalls”
  • Boku brings mobile carrier billing to U.K. sports and entertainment venues.
  • Thomson Reuters launches FX benchmark service.
  • Monitise no longer plans to sell its marketing content business Markco Media.
  • “Jack Henry & Associates and Inlet Partner to Bring Enhanced eBill Functionality to 4,000 Financial Institutions”
  • Wealthfront introduces its 529 College Savings Plan.
  • Intelligent Environments teams up with Queen’s University Belfast’s Centre for Secure Information Technologies (CSIT).
  • Wall Street Journal features Tuition.io in a look at how employers are providing low-cost loans to employees.
  • Ally Financial announces completion of TradeKing acquisition.

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

Share this:

Send Post Twitter LinkedIn Facebook

Featurespace Falls on a Fresh $9 Million in Funding

By Julie Muhn (@julieschicktanz) Posted on
Categories: Featurespace, Funding

FeaturespaceHomepage

Behavioral analytics company Featurespace has raised $9 million in funding in a round led by U.S.-based TTV Capital.

The venture round, which elevates Featurespace’s funding to $16.4 million, was augmented by support from existing investors Imperial Innovations Group; Nesta; Cambridge Angels; and Cambridge Capital Group. The U.K.-based company plans to use the round to further expand into the U.S. market after striking recent deals with TSYS and an unnamed U.S. bank.

TTV Capital’s Managing Partner Gardiner Garrard says the funding round “is the first time we’ve invested in a mainland U.K. company, and reflects our support of Featurespace’s transformative fraud-detection capabilities.”

At FinovateEurope 2016 Featurespace launched its ARIC Engine which monitors user behavior and leverages machine learning to determine suspicious, inconsistent transactions.

Share this:

Send Post Twitter LinkedIn Facebook

PayNearMe Acquires Prism Money to Offer Bill Presentment for Enterprise Clients

PayNearMe Acquires Prism Money to Offer Bill Presentment for Enterprise Clients
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayNearMe

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.

Share this:

Send Post Twitter LinkedIn Facebook

Twilio Readies for $100 Million IPO

Twilio Readies for $100 Million IPO
By David Penn Posted on
Categories: Twilio

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.

 

Share this:

Send Post Twitter LinkedIn Facebook

Actiance Brings on Naresh Bansal as New CFO

Actiance Brings on Naresh Bansal as New CFO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Actiance

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 Socialite, a 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.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Actiance, Cachet Financial Solutions, CBW Bank, Envestnet, Ethoca, eToro, Featurespace, Lending Club, Mambu, Meniga, PayNearMe, Twilio, Yodlee

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.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alums Help Represent Fintech Innovation in Israel

Finovate Alums Help Represent Fintech Innovation in Israel
By David Penn Posted on
Categories: BioCatch, CallVU, Capitali.se, Earnix, NICE Systems, OurCrowd, Personetics, ThetaRay, TipRanks, Top Image Systems, VATBox, Versafe, Voitrax, Zooz

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 [email protected] and we’ll update our roster.

 

 

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Bazaarvoice, Ignite Sales, Mobeam, Narrative Science, Ripple, Temenos, Vantiv, VIX Verify

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.

Share this:

Send Post Twitter LinkedIn Facebook

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

By Jim Bruene Posted on
Categories: Funding

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

Share this:

Send Post Twitter LinkedIn Facebook

Ormsby Street Partners with Deutsche Bank to Launch CreditHQ in Germany

Ormsby Street Partners with Deutsche Bank to Launch CreditHQ in Germany
By David Penn Posted on
Categories: Ormsby Street

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.

Share this:

Send Post Twitter LinkedIn Facebook