Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: CopSonic, Corezoid, Currency Cloud, Dashlane, DriveWealth, Entersekt, Fiserv, GMC Software Technology, Kasasa, LockByMobile, PayPal, Xero

On Finovate.com

  • “Best of Show Winner DriveWealth Inks New Partnership with Stoxs”
  • “CopSonic and Natixis Team Up to Launch UltraSound Payment Solution, SwipeSonic”
  • “PayPal Unveils Carrier Partnerships, NFC Payment Capability”

Around the web

  • LockByMobile is working with Visa APIs to enhance consumer transaction controls.
  • Kasasa launches new auto loan direct marketing program, Kasasa Fuel.
  • GMC Software teams up with SundaySky to improve customer experiences via video.
  • Fiserv announces that 25 credit unions have committed to CUnify, its account processing platform.
  • Corezoid is among the first Ukranian startups to participate at Startup Grind (in Ukranian).
  • Xero teams up with Google, bringing gmail and Google Apps for Work to its platform.
  • Dashlane web engineer Thomas Guillory explains why his company is building its next web app using React.js.
  • FirstBank to deploy Transakt, a multi-factor authentication technology from Entersekt.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

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United Capital Acquires FlexScore

United Capital Acquires FlexScore
By Julie Muhn (@julieschicktanz) Posted on
Categories: FlexScore, Mergers & Acquisitions

FlexScoreHomepage

FlexScore, a platform that gamifies financial planning, was purchased by California-based advisory firm United Capital this week. Terms of the deal were not disclosed.

United Capital, which holds $15 billion in assets under management, plans to use FlexScore as a tool to help its advisers engage clients.

The FlexScore platform assesses and scores the user’s financial health and assigns action steps (as seen below) to improve their score. The goal is to reach a top score of 1000, which signifies financial independence.

flexscoremystepsUnited Capital CEO Joe Duran commented to Investment News that FlexScore fits the “missing piece” from the company’s digital suite for clients and advisers. Additionally, Duran stated, “The right intersection is not technology alone, or people alone, but when you have an interactive engaging experience that is powered by people.”

In the future, Duran plans to implement the scoring tool within retirement plans to stimulate engagement. The company is in talks with potential partners for this use case.

United Capital began its relationship with FlexScore in 2014 when it purchased FlexScore’s parent company, Valley Wealth, in a deal that excluded FlexScore.

FlexScore co-founders Jason Gordo and Jeff Burrow launched the startup at FinovateSpring 2013. Since then the San Francisco-based company has raised $4.7 million and created a mobile version of the app (launched at FinovateFall 2014 in New York).

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Credit Karma Launches New Mobile App Design

Credit Karma Launches New Mobile App Design
By David Penn Posted on
Categories: Credit Karma

CreditKarma_homepage_Feb2016

Maybe it’s the change in seasons. Just days after Paypal announced it would redesign its iOS and Android mobile apps, Credit Karma reports a new design for its mobile app.

CreditKarma_newapp_1Calling the redesign a “major reimagining,” Jonathan Chao, mobile product manager for Credit Karma, noted that user behavior strongly influenced the new look and feel of the app. “It has some of our most direct, specific and proactive product features to date, and we’re excited that we can finally show it off to our members,” Chao said.

What do members get with the redesign? Credit score information – letting users know of any changes in their score and likely reasons for the change – will now be available directly from the home screen. Also from the home screen, members can run credit simulations (courtesy of Transunion) to see how factors like reducing their overall credit card debt can positively affect their credit score.

The new app also includes opt-in credit monitoring via push notification, and lets members compare and shop for new credit cards or loans from Credit Karma’s new credit card and loan marketplace.

Credit Karma’s new app is available on iOS and Android.

CreditKarma_newapp_2Credit Karma’s new app redesign isn’t the only news the company is making in 2016. In January, Credit Karma announced the acquisition of Snowball, a debt-repayment app. The company also reported in January that it had surpassed 50 million users managing $3 trillion in debt.

Founded in 2007 and based in San Francisco, Credit Karma demonstrated its Debt Manager solution at FinovateSpring 2009. The company has raised more than $368 million in funding, giving the company a valuation of $3.5 billion. In December, Credit Karma won a spot on Fast Company’s 2015 Silicon Valley’s “Nice” list, and in November, Credit Karma celebrated giving out its billionth free credit score.

 

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FinovateEurope the Musical (Yes, Really)

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2016

With all the buzz from FinovateEurope last week, there’s plenty of post-show media to review in the form of articles, blogs, podcasts, and even videos.

However, there’s one piece that stands apart from the rest. Fintech Finance wrote and directed a song* about FinovateEurope 2016, and it’s unlike any coverage we’ve seen before. It’s worth checking out:

Fintech Finance managed to gather and record 47 fintech companies, including presenters, audience members, and analysts, to sing through the fintech melody. Here’s the chorus (sung to the tune of Renegades by X Ambassadors):

But I said wait/
This is great/
Legacy we shall update/
Finovate!

For those less musically inclined, watch Fintech Finance’s (non-musical) video summary (below) or check out the 62 individual company interviews.

*Fintech Finance discloses, “We do not own any copyright of the song – this is a parody based on the original amazing song “Renegades” by X Ambassadors. Original Song: https://www.youtube.com/watch?v=8j7. Audio Provided by: http://www.inchstudio.com/”

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Credit Karma, Dwolla, ebankIT, FlexScore, Striata, Vantiv

On Finovate.com

  • “Credit Karma Unveils New Mobile App Design”
  • “United Capital Acquires FlexScore“

Around the web

  • Striata launches Secure Document Repository solution in the U.S. marketplace.
  • Credit Karma launches redesigned iOS and Android apps.
  • Vantiv Integrated Payments announces the second phase of its Security Pays initiative.
  • KPMG recognizes ebankIT as one of its top 10 “Emerging Stars” in the global market.
  • CoinDesk looks at Dwolla and its new focus on the blockchain.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

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Modo Payments Closes $2 Million in Funding

Modo Payments Closes $2 Million in Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Modo Payments

ModoHomepage

Payments connection startup Modo Payments closed on a fresh $2 million in funding this week.

Notable contributors to the round include:

  • Tim Keith: CEO of Central Texas Partners
  • John Beletic: partner at Oak Investment Partners
  • Jay Kassing: owner of fintech company Marquis

ModoCOINToday’s round, when added to the Texas-based company’s 2014 Seed round of $2 million, brings its total funding to $4 million.

The Dallas Business Journal discussed Modo’s growth with the startup’s CEO Bruce Parker, who stated, “Over the course of the year, we’re looking to double on almost every dimension*…. Last year, we did $1.7 million in bookings.”

Additionally, Parker noted that Modo will partner with a PayPal competitor this spring, connecting it to U.S. retailers.

Modo’s new initiative, dubbed COIN, works as the “plumbing” in the payments industry. COIN sends money from just about any source, whether it’s a legacy system or new, cloud-based system, and delivers it to any destination. Modo describes COIN as a “shipping container” for intermodal payments.

Modo CEO Bruce Parker describes COIN in his FinDEVr San Francisco presentation titled, Mobile Payments are Dead . . . Long Live Digital Payments.

ModoDEVr15Demo

Modo CEO Bruce Parker at FinDEVr San Francisco 2015.

*Meaning everything from bookings to employees.

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PayActiv Raises $9 Million in Series A

PayActiv Raises $9 Million in Series A
By David Penn Posted on
Categories: Funding, Fundings, PayActiv

PayActiv_homepage_Feb2016

In a round led by SoftBank Capital, financial wellness specialist PayActiv has raised $9.2 million in new funding. The investment will help the company grow its suite of turnkey, workplace-based, financial wellness solutions.

Combined with a $4.35 million seed round from the summer of 2014, the Series A brings PayActiv’s total capital to more than $13 million.

PayActiv CEO and Founder Safwan Shah emphasized the potential for expansion when discussing both his company’s 2015 as well as the recent investment. “With this funding, we will continue to expand and enhance our innovative wellness programs that help all workers lead a better life with security, dignity, and savings,” Shah said.

PayActiv_stage_FS2015

Pictured: PayActiv CEO and founder Safwan Shah demonstrating the MyMo intelligent cash flow management app at FinovateSpring 2015.

PayActiv’s MyMo app is an intelligent, cash-flow management tool that gives workers the ability to get advances on future paychecks, as well as pay bills, transfer money, and top up prepaid mobile phones. PayActiv refers to this as helping close the “timing gap” between earning and spending, freeing earned income that is – from a cash-flow perspective – “stuck in traffic.” The app is available in both iOS and Android, and requires no changes in either incumbent IT or payroll systems. In addition to helping keep employees away from often predatory payday lenders, PayActiv’s MyMo can help workers build or rebuild credit, as well as help them manage their finances more efficiently.

Founded in January 2013 and headquartered in San Jose, California, PayActiv demonstrated MyMo at FinovateSpring 2015. The company was featured in an American Banker column on budgeting apps last November, the same month founder and CEO Shah was interviewed by TechnologyAdvice on the subject of income smoothing and real-time income access.

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Zopa Launches New Product Line Up: Classic, Access, and Plus

Zopa Launches New Product Line Up: Classic, Access, and Plus
By David Penn Posted on
Categories: Zopa

Zopa_homepage_Feb2016

Exact rates will not be available until the first of March, but U.K.-based, P2P lending-innovator Zopa is previewing three new lending products: Zopa Classic, Zopa Access, and Zopa Plus. The new products replace a number of Zopa’s current lending solutions, and are geared toward lender preferences in favor of easier access and the “ability to take on more risk.”

“Over the past months we’ve been listening to our lenders about what they want from their lending products,” an email from Zopa read today. “Based on your feedback, we’ll soon offer more choice and be providing benefits from recent regulatory changes, particularly around the tax status of peer-to-peer interest,” the statement said.

The new Zopa products are:

  • Zopa Classic
    • Return rates from 4% to 5%
    • Features Safeguard
    • Access fee of 1%
  • Zopa Access
    • Return rates from 3% to 4%
    • Features Safeguard but with “fee-free easy access”
  • Zopa Plus
    • Return rates from 6% to 7%
    • No Safeguard

Most interesting of the new products is Zopa Plus, which the company says will allow institutions to lend to higher risk borrowers. Zopa Plus is the product of performance testing the company has conducted with borrowers in these categories.

Zopa Plus loans are also different from Classic and Access in that they do not include Safeguard, a borrower-funded contribution based on the borrower’s expected default rate. Zopa says this provides a benefit for borrowers who can avoid the higher upfront fee that comes with Safeguard protection, and for lenders willing to accept greater risk for potentially higher returns.

Last month, Zopa earned honors as the Personal Loan Provider of the Year at the Consumer Moneyfacts Awards 2016. Zopa CEO Giles Andrews was interviewed by the Financial Times in December, the same month Zopa announced its partnership with Equifax. And in November, the company was recognized as the “Growing Business of the Year” by Growing Business Awards.

Founded in 2007 and headquartered in San Francisco, California, Zopa made its Finovate debut at FinovateSpring 2008.

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Finovate Alumni News

By David Penn Posted on
Categories: BioCatch, BRIDGEi2i, Envestnet, eToro, InforcePRO, Linkable Networks, Modo Payments, PayActiv, PayPal, PaySwag, Yodlee, Zopa

On Finovate.com

  • Zopa launches three new loan products: Classic, Access, and Plus, expanding ability to lend to higher risk borrowers.
  • Envestnet | Yodlee teams up with South African API marketplace, Limitless.
  • “PayActiv raises $9 million in Series A”
  • “Modo Payments closes $2 Million in Funding”

Around the web

  • BioCatch announces real time detection of Remote Access and RAT-in-the-Mobile (RitM) malware.
  • PayPal unveils redesign of its Android and iOS mobile apps.
  • eToro partners with Sberbank to bring its social trading network to Russian investors.
  • News America Marketing and Linkable Networks announce partnership deal.
  • Nasscom Product Community blog features Bridgei2i.
  • InforcePRO adopts DTCC’s IR&S Solution to link with Carrier Partners.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

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Akamai’s New Bot Manager Offers Insight into Bot Activity

Akamai’s New Bot Manager Offers Insight into Bot Activity
By Julie Muhn (@julieschicktanz) Posted on
Categories: Akamai

AkamaiHomepage

Akamai, a security company that helps businesses secure and deliver online content and applications, introduced a new offering today, the Akamai Bot Manager.

The new product comes in response to a recent finding that more than 60% of a company’s web traffic may be generated by bots.

BotMGR

Bot activity consists of anything from screen scraping, to automated clicks, to illegitimate transactional activity. While bot activity is considered part of the cost of doing business, it is difficult for companies to determine exactly what that cost is. Bot Manager educates companies about what types of bot traffic are frequenting their site, and offers remediation to help businesses make decisions and take action.

As Stuart Scholly, SVP & GM of Akamai’s Cloud Security Solutions explains, “We’re giving our customers the power and flexibility to put a true bot management strategy in place that best fits their business goals and objectives.”

Bot Manager will be commercially available at the end of this month.

At FinovateEurope 2015, the company launched its Client Reputation service designed to help FIs forecast security issues and protect against DDoS attacks, web attackers, screen scrapers, and scanning tools.

Akamai was founded in 1998 and is based in Cambridge, Massachusetts. Dr. Tom Leighton is CEO.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: Aerospike, FinDEVr APIntelligence, Markit, Mitek, Venmo, VISA, Wallaby Financial

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Register today.

Developer news

The latest from FinDEVr San Francisco 2015 presenters

  • Aerospike unveils version 3.7 of its NoSQL database.
  • Mitek to combine its Mobile Verify solution with fraud prevention and risk management technology from IdentityMind Global.
  • Wallaby’s Chrome 2.0 provides access to credit card advice in the browser.
  • Markit acquires systems integration technology from JP Morgan.

Alumni updates

  • VISA launches consumer transaction controls for card-issuing FIs.

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

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Venmo Processes $1 Billion in January

Venmo Processes $1 Billion in January
By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree, PayPal, Venmo

VenmoHomepage

If there was ever a question if Venmo has achieved mainstream status, today’s news has the answer: The startup – owned by online payments processing company Braintree, which PayPal purchased for $800 million in 2013 – just exceeded $1 billion in payments processed in the month of January, the highest volume in a single month.

This is more than 2.5x the volume Venmo processed in January 2015 and more than 10x the amount processed in 2014.

Venmo’s short blog-post announcing the news doesn’t comment much on the achievement, other than to say, “We thought this was a pretty big milestone, so we wanted to share it with you.”

GametimeVenmoThe startup’s peer-to-peer payments service is popular among millennials. It enables users to link their debit card to the platform to transfer money for free; paying with a credit card carries a 2.9% fee. PayPal CEO Dan Schulman reports the average user sends money through the app several times weekly.

This week’s announcement comes on the heels of Venmo’s report that it plans to start monetizing its service by opening Braintree’s iOS v4 SDK and Android v2 SDK to U.S. merchants. Payments will be free for end users, and merchants will be charged 2.9% plus $0.30 for each transaction. Food delivery service Munchery and event ticket seller Gametime (pictured right) are piloting the program with a limited number of beta users.

Braintree debuted Venmo Touch at FinovateSpring 2013. More recently, at FinDEVr San Francisco 2015, PayPal’s Justin Woo discussed how developers can increase checkout conversion.

You can catch Braintree’s latest presentation to developers at FinDEVr New York 2016 next month. Register now to save your seat or send your developer.

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