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

By Julie Muhn (@julieschicktanz) Posted on May 26, 2016
Categories: TWINO

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:

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Trustly Goes Live with P2P Payments at Avanza Bank

By Julie Muhn (@julieschicktanz) Posted on May 26, 2016
Categories: Trustly

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.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on May 26, 2016
Categories: Blockchain, Cachet Financial Solutions, Cloud Lending, EyeVerify, FIS, Moven, Ormsby Street, PayPal, Ripple, SafetyPay, Trustly, TWINO

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.

Kansas City news features EyeVerify.

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.

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Presenter Application Deadline for FinDEVr Silicon Valley — Apply Now!

By Heather Stowell Posted on May 25, 2016
Categories: FinDEVr 2016 Silicon Valley, FinDEVr Marketing

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 [email protected] 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,BankersHub, The BayPay Forum, BiometricUpdate.com, Bitcoin Magazine, Bitcoinist.net, Breaking Banks, Byte Academy, California Bankers Association,Celent, Cointelegraph, Colloquy, Emerging Payments, Empire Startups, FIDO Alliance, Global Platform, Juniper Research, Mercator Advisory Group, Payment Week, Payments & Cards Network, SecuritySolutionsWatch.com, SIMalliance, Swiss Finance + Technology Association, and Women Who Code .

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A Double-Edged Sword: Prosper Increases Rates to Attract Lenders

By Julie Muhn (@julieschicktanz) Posted on May 25, 2016
Categories: Prosper

Peer-to-peer lending platforms serve two masters. Prosper, one of the largest, made an announcement today that favors one over the other.

The San Francisco-based company raised borrower rates in an effort to attract investors amid waning confidence in the industry. Rates have increased by a weighted average of 0.29% and only impact borrowers with a Prosper rating of C or below.

According to the Wall Street Journal, Prosper had to slow its lending volume by 12% earlier this year due to lack of lender funds. Today’s move is an effort to maintain the critical balance. “The rate increase demonstrates our commitment to operating a marketplace that balances the economic incentives for both our borrower and investor communities,” said Brad Pennington, the company’s chief risk officer.

This marks the second time this year Prosper raised rates (after raising them 142 basis points in February) and is stated to be in an effort to keep up with the Fed—anticipated to raise rates next month—and to match the “risk-reward tradeoff of investing in newly originated loans.”

It has been a rough quarter for the marketplace-lending industry and for Prosper in particular. The company lost a securitization deal with Citigroup in April and cut 28% of its staff earlier this month.* But Prosper has had recent successes: In March, the lending platform teamed up with HomeAdvisor to improve access to home improvement financing and bolstered its consumer-facing mobile app to appeal to rejected borrowers.

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

* The layoff is not as dramatic as it might seem. Prosper doubled its workforce in 2015 after acquiring BillGuard.

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Mitek and Avoka Team Up to Provide New Mobile Onboarding Solution

By David Penn Posted on May 25, 2016
Categories: Avoka, Mitek

A new partnership will integrate Mobile Fill from Mitek with the digital sales-platform Transact from Avoka. The goal is to make it easier for financial institutions to acquire new customers, originate loans, and onboard customers.

Calling Mitek a “perfect fit” for its strategy to improve its sales platform, Avoka’s Chief Experience Officer Derek Corcoran said that license capture was a “huge step” in the direction of reducing friction during the account-opening process. Mitek chairman and CEO James B. DeBello added that the solution is being introduced by a “top 10 global bank” for retail account opening. “The pre-built integration will make it easy for this and other financial institutions to quickly deploy a comprehensive account-opening solution that will exceed customers’ expectations for a simple, easy-to-use, mobile onboarding experience,” DeBello said.

Recent headlines for Avoka include providing Beyond Bank with the customer-engagement platform that enabled it to win the Celent Model Bank Award for 2016, and an April partnership with eSignLive that gives financial services companies the ability to completely digitize the customer-acquisition process. The company was named one of the top ten fintech companies worldwide by KPMG in February, and was featured by bobsguide in its “Australian fintech startups to watch” in January. Founded 2002 in Broomfield, Colorado, Avoka demonstrated its Transaction Effort Score (TES) solution this February at FinovateEurope 2016. At FinDEVr 2016 in New York, Avoka discussed its Transact platform in a presentation, “Agile Design for Customer Acquisition.” Philip Copeland is CEO.

Mitek was last on the Finovate stage in May for FinovateSpring 2016 where they demoed Mobile Verify. The company added Stephen Ritter* at its new CTO in March, and announced a partnership with Harland Clarke to improve remote deposit-capture security in January. In addition to Finovate, Mitek demoed its technology at FinDEVr 2015 in the presentation: “Amazing Mobile Capture Experiences, Made Easy by Mitek.”

*Ritter is former Emotient SVP of engineering and research.

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Dashlane’s $22.5 Million in New Funding Comes with a Strategic Partner

By Julie Muhn (@julieschicktanz) Posted on May 25, 2016
Categories: Dashlane, Funding

Password-management company Dashlane closed on $22.5 million in a round led by TransUnion, which has joined the company as a strategic partner. Bessemer Venture Partners, FirstMark Capital, and Rho Ventures also contributed to today’s round, which brings Dashlane’s total funding to $52.5 million since its 2009 launch.

CEO Emmanuel Schalit says of the milestone: “This new round of funding—combined with the strategic relationship with TransUnion—will strengthen our ability to achieve our vision by giving us the capital to accelerate our roadmap, as well as the ability to further integrate new and powerful services for our users.”

The strategic partnership with TransUnion comes at a time when consumers are at an increasingly high risk for account breaches. Together with TransUnion, Dashlane will create integrated services focused on credit monitoring, identity and fraud protection, credit information, and breaches. Additionally, Dashlane will use TransUnion as a channel partner to expand its distribution across the globe.

President of TransUnion Consumer Interactive, John Danaher, says, “We feel TransUnion, with its vast array of credit- and identity-protection services and its global consumer reach, can help accelerate Dashlane’s growth even further.” Danaher will join Dashlane’s advisory board along with Carl Pascarella, former CEO of Visa.

Dashlane, which presented at FinovateEurope 2013, has focused primarily on the direct-to-consumer market, helping more than 5 million consumers in 150 countries manage their identities. However, the company has recently broadened its focus to partner with banks. The New York-based company is currently working with the largest bank in Mexico, Banamex, and will announce more partnerships with large banks and payment networks this year.

TransUnion took the stage at FinovateSpring 2010 to demo ZenDough, an interactive tool that displays an organization’s finances and credit scores in an easy-to-read visual.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on May 25, 2016
Categories: CardFlight, FinDEVr APIntelligence, Kabbage, Markit, On Deck Capital, Personal Capital, Plaid, Trulioo, Twilio

Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

Developer news

TechCrunch writes about the rise of APIs.

Magic Leap to give 10 Twilio developers early access to its SDK.

On FinDEVr.com

“Fintech Developers, Lock in Presale Savings for FinDEVr Silicon Valley”

The latest from FinDEVr New York 2016 presenters

OnDeck adds to credit offerings available to Canadian small businesses.

Markit unveils compliance solution to help meet new FRTB, market-risk capital requirements.

Alumni updates

“Trulioo’s GlobalGateway Available in BRIC Countries”

“Kabbage Reaches $2 Billion in Loans in 5 Years”

TechCrunch column on APIs features Plaid, and Twilio.

“CardFlight Adds Global Payments as EMV Processor”

“New Investment for Personal Capital Takes Valuation to $500 Million”

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

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TransferWise Lands $26 Million, Crossing into Unicorn Territory

By Julie Muhn (@julieschicktanz) Posted on May 25, 2016
Categories: Funding, TransferWise

Foreign Exchange platform TransferWise, which announced geographic expansions last month, today reports an expansion of a different nature. The London-based company pulled in $26 million, bringing its total funding to $117 million and burgeoning its valuation to $1.1 billion (according to TechCrunch), thereby making it a fintech unicorn.

The round, which the company plans to use to fuel future growth, was led by Baillie Gifford. Existing investors, which include Andreessen Horowitz and Sir Richard Branson, also participated.

At FinovateEurope 2013, TransferWise co-founders Taavet Hinrikus and Kristo Kaarmann stood up in front of an audience of bankers with a decidedly non-bank-friendly message. There, the company announced its mission to reduce foreign exchange fees by circumventing financial institutions. Today, the company transfers $750 million each month on its platform.

TransferWise employs a workforce of more than 600 across its offices in United Kingdom, Europe, and the United States, where a separate money-transfer license is required for all 50 states. The company recently received heat after one of its U.S. banking partners was scrutinized by regulators for “unsafe and unsound banking practices,” though co-founder Hinrikus states that he is confident TransferWise is in compliance.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on May 25, 2016
Categories: Avoka, CSI globalVCard, Dashlane, iSignthis, Lendio, Misys, Mitek, NuData Security, On Deck Capital, Prosper, TransferWise

On Finovate.com

“TransferWise Lands $26 Million, Crossing into Unicorn Territory”

“Check out this week’s FinDEVr APIntelligence”

“Dashlane’s $22.5 Million in New Funding Comes with a Strategic Partner”

“Mitek and Avoka Team Up to Provide New Mobile Onboarding Solution”

“A Double-Edged Sword: Prosper Increases Rates to Attract Lenders”

Around the web

Lendio partners with GoDaddy marketplace to offer small business owners access to working capital.

Misys to integrate its FusionBanking Loan IQ technology with Debtdomain from Ipreo.

iSignthis announces pilot agreement with iFOREX.

CSI globalVCard teams up with MacNair Travel Management to develop a payment solution for travel managers and procurement professionals.

NuData Security partners with the National Anti-Organized Retail Crime Association (NAORCA).

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 Developers, Lock in Presale Savings for FinDEVr Silicon Valley

By Heather Stowell Posted on May 24, 2016
Categories: FinDEVr 2016 Silicon Valley, FinDEVr Marketing

This is the perfect time to lock in your spot for our developer event before prices go up on Saturday. Not only do you save $400, there’s little risk since tickets are fully refundable through late August.

On October 18 & 19, our third annual West Coast event will showcase the latest in fintech tools, technologies, APIs, platforms, case studies, and tutorials. FinDEVr features some of the industry’s top software engineers and CTOs, technology architects and evangelists sharing their work and insights in 15-minute TED-style presentations with code, slides, and live demos. If you love the “tech” in fintech, FinDEVr is the place to be.

But we know that’s not the only reason to attend an event—you also want to meet and learn from other interesting attendees and FinDEVr has it. We’re expecting 600+ attendees in Silicon Valley this year. Along with FI execs, VCs, and analysts, over 60% of the audience will be technical: CTOs, developers, software architects, UX designers, VPs of engineering, and product managers. This mix ensures you’re having good conversations with the right people about the fintech (r)evolution.

Get your ticket now before you’re swept away by summer. Presale tickets expire this Friday, May 27, so save $400 by registering soon.

And if you’d like to apply to present your technology at the event, please email us at [email protected] for more information.

FinDEVr Silicon Valley 2016 is sponsored by The Bancorp.

FinDEVr Silicon Valley 2016 is partnered with Acuity, Bank Innovators Council, BankersHub, The BayPay Forum, BiometricUpdate.com, Bitcoin Magazine, Bitcoinist.net, Breaking Banks, Byte Academy, California Bankers Association, Celent, Cointelegraph, Colloquy, Emerging Payments, Empire Startups, FIDO Alliance, Global Platform, Juniper Research, Mercator Advisory Group, Payment Week, Payments & Cards Network, SecuritySolutionsWatch.com, SIMalliance, Swiss Finance + Technology Association, and Women Who Code .

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MaxMyInterest Launches Client Invitation Feature

By Julie Muhn (@julieschicktanz) Posted on May 24, 2016
Categories: MaxMyInterest

Today, Six Trees Capital’s MaxMyInterest announced a new client-onboarding feature for its automated cash management system. The new client-invitation element enables advisers to fill in customer data to preregister them for an account, saving the client time and effort during the tedious onboarding process and helping to reduce abandonment.

Advisors who preregister clients receive read-only access to their balance information. This comprehensive view of a client’s account helps the adviser throughout the financial planning process. In a release, CEO Gary Zimmerman, founder, says, “In 2015, we eliminated the need for clients to enter their name and address multiple times to open multiple bank accounts. Now, clients don’t have to enter their name and address even once.”

At FinovateFall 2014, MaxMyInterest launched its Intelligent Funds Transfer technology that uses an algorithm to determine the optimal cash allocations in a user’s bank account to, as the name suggests, maximize interest received.

While the New York-based company still maintains its consumer-facing brand, it has recently launched several features for advisers, who turn to MaxMyInterest for the higher yield and broader FDIC insurance that it offers for cash accounts. New adviser features include an adviser dashboard and a co-branding option.

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