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Guardian Analytics Appoints New CEO

By Julie Muhn (@julieschicktanz) Posted on February 22, 2016
Categories: Guardian Analytics

Banking fraud prevention company Guardian Analytics appointed a new president and CEO today.

Laurent Pacalin will take the place of Terry Austin who had been with the company since 2009.

Pacalin, who holds a master’s degree in electrical engineering from the Swiss Federal Institute of Technology, is an expert in analytics, financial crime and e-Commerce. He most recently worked as Group VP of Oracle Sales Cloud. Prior to that, Pacalin served as CMO of FICO.

Additionally Pacalin is co-founder of Clean Tech Open, an accelerator for clean tech startups helping to reduce climate change.

Guardian Analytics board member Skip Glass notes a bright future with Pacalin as chief executive:

“Laurent’s leadership skills and ability to scale high-growth organizations combined with a customer-centric approach and passion for innovation will have an immediate impact on the company’s success.”

Guardian Analytics is based in Mountain View, Calif., and was founded in 2005. The company demoed its FraudXCHANGE solution at FinovateFall 2012 in New York.

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Last Call for FinovateSpring 2016 Demo Applications!

By Erika Sanchez Posted on February 22, 2016
Categories: Finovate Marketing, FinovateSpring 2016

Got a new fintech innovation you’re looking to showcase? The final application deadline to demo at FinovateSpring 2016 is coming up this Friday, February 26. After our successful (and largest) show in London, the Finovate team has recovered from jet lag and is excitedly looking toward San Jose for our upcoming conference on May 10 & 11.

Last year, FinovateSpring welcomed a record crowd of nearly 1,400 financial institution executives, venture capitalists, members of the press, industry analysts, and fintech entrepreneurs who witnessed 70+ new fintech innovations via our signature demo-only format.

This year, based on the early interest, we expect the event to grow significantly and to feature even more impressive innovations than last year.

If your company is interested in debuting your latest and greatest at the premier event for fintech innovation, please email us at [email protected] for more details on applying by this week’s deadline.

And if you’re interested in attending FinovateSpring to watch the future of fintech unfold live on stage, tickets are on sale for the event at the very early-bird price through next Friday, March 4.

We’ll see you in Silicon Valley this May (or New York next month for FinDEVr 2016)!

FinovateSpring 2016 is sponsored by The Bancorp, Association for Financial Technology, and Hudson Cook.

FinovateSpring 2016 is partnered with Acuity Market Intelligence, Aite Group, Bank Innovators Council, BankersHub, Bankless Times, BayPay Forum, bobsguide, California Bankers Association, Canadian Trade Commissioner Service, Celent, The Cointelegraph, Digital Currency Council, EbankingNews, Filene Research Institute, IDC Financial Insights, Javelin, Korea FinTech Forum, Mercator Advisory Group, Payments & Cards Network, The Paypers, PitchBook, SME Finance Forum, and Western Independent Bankers.

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PayPal Unveils Carrier Partnerships & NFC Payment Capability

By Julie Muhn (@julieschicktanz) Posted on February 22, 2016
Categories: PayPal

Last week, PayPal upgraded its mobile app with a cleaner user interface, quick PIN login and other enhanced features. Today, the San Jose-based company announced further updates, powered by partnerships that will offer it access to Vodafone’s 454 million users and America Movil’s 286 million subscribers.

The payment company’s partnership with Vodafone enables European-based Vodafone wallet users to make NFC payments at brick-and-mortar POS locations. The combined solution is powered by partnerships with Raphaels Bank and Carta Worldwide.

This marks the first NFC payment availability for PayPal users, who can connect their PayPal account to their Vodafone wallet and pay using Visa or MasterCard credit and debit cards, as well as prepaid cards. To promote the new offering, Vodafone is rewarding users up to 1GB of bonus data each time they use PayPal to recharge their Prepaid Combo plan online.

VentureBeat cites Anuj Nayar, PayPal’s global head of product communications, who highlights the mutual benefit of the partnership, stating, “From PayPal’s point of view, Vodafone gets access to our integrated platform — in app, online, in-store, and can offer our services to their customers. PayPal will gain access to millions of users.”

Vodafone wallet, launched in 2013, is available in Germany, Spain, the U.K., Italy and the Netherlands. The PayPal integration is now available to users in Spain and will launch in the four remaining countries later this year.

Additionally, PayPal announced similar partnerships with Mexico-based Telcel and Brazil-based Claro (both America Movil subsidiaries). Starting this spring, the telcoms’ users will have the option to use their PayPal accounts to manage and make everyday purchases on their mobile devices.

These partnerships are a part of PayPal’s new brand campaign titled New Money, in which the company aims to showcase how it is, “enabling a faster, simpler and more inclusive way for people to manage and move money, whether online, in-app, in store or in new contexts.”

At the end of 2015, PayPal counted 179 million active users. Dan Schulman is CEO.

Next month FinDEVr New York 2016 will feature a presentation from PayPal’s Braintree (along with 50+ other fintech companies) that will showcase new trends and tools for developers. Check it out and register today.

Braintree last presented at FinDEVr San Francisco 2015 and at FinovateSpring 2013 in San Jose.

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CopSonic and Natixis Team Up to Launch Ultrasound Payment Solution, SwipeSonic

By David Penn Posted on February 22, 2016
Categories: CopSonic

One of the biggest stories at FinovateEurope last month was the popularity of voice as a technical tool. Whether in service of greater security or lesser friction in e-commerce—or both—companies are busy leveraging sound and voice to improve the user experience in fintech.

SwipeSonic, a new ultrasound payment technology developed by Finovate alum CopSonic and partner Natixis Payment Solutions, is the latest entry into the field.

Banking Technology quoted CopSonic’s Emmanuel Ruiz explaining why sound is a valuable tool for transmitting information. “Sound is the easiest and most effective technology for near field communication,” Ruiz said. “Unlike the QR code, the user does not have to point the device, and unlike Bluetooth, no pairing is required and all telephones worldwide are compatible.”

From left: CEO Emmanuel Ruiz, head of innovation, and Brian Roeten, senior project manager, demonstrated the CopSonic platform at FinovateSpring 2014 in San Jose.

SwipeSonic provides ultrasound-based encryption that is inaudible to the human ear to secure online transactions. Customers choose their bank card option during their online purchase, and use their bank’s mobile app to see details of the transaction before confirming the purchase with a PIN. The merchant then sends the customer confirmation that the transaction has been successfully completed.

CopSonic says that online payments are completed in 20 seconds using SwipeSonic, compared to two minutes or more with other methods. With SwipeSonic, consumers do not need to have credit card information on hand or wait for confirmation codes to be exchanged. Bank information is not shared with the online merchant, and deploying SwipeSonic requires only minimal changes to the online merchant’s payments page.

CopSonic and Natixis added that Groupe BPCE, the second largest bank in France, has expressed interest in the technology, which is being presented at the 2016 Mobile World Congress in Barcelona this week.

Founded in 1989 and headquartered in Montauban 82000, France, CopSonic (as Pixeliris) demonstrated its technology at FinovateSpring 2014.

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Best of Show Winner DriveWealth Inks New Partnership with Stoxs

By David Penn Posted on February 22, 2016
Categories: DriveWealth

Fresh off its Best of Show winning performance at FinovateEurope, DriveWealth has signed a new partnership that will make it possible for Australian investors to get access to American stocks

DriveWealth’s partner is Stoxs, a financial technology company based in Silverwater, New South Wales, whose investing platform is geared toward new and millennial Australian investors.

Speaking about the partnership, DriveWealth’s CEO and founder Robert Cortright referenced the millennial focus of Stoxs. “As wealth is transferred to the millennial generation, it is increasingly important to offer investing tools and solutions that cater to the digital, mobile lifestyle,” he said. Cortright emphasized the importance of both mobility and affordability when it came to bringing access to popular, widely traded U.S. stocks to millennial investors.

Pictured: Michael Fitzgerald, head of corporate strategy for DriveWealth, demoing his company’s Brokerage-as-a-Service platform at FinovateSpring 2015.

Kheang Ly, Stoxs founder and CEO, spoke to this point in his statement about the partnership with DriveWealth. “Investors use Facebook every day, go to the gym in their favorite pair of Nike sneakers, drink coffee at Starbucks and pay for things with PayPal,” he explained, “so individuals everywhere should have access to invest in these iconic brands.”

DriveWealth is a full stack, Brokerage-as-a-Service platform that leverages apps like Passport and Atlas, as well as APIs, to enable investors overseas to trade and invest in U.S. stocks. The company provides everything from customer onboarding to account funding to customers in more than 135 countries around the world. DriveWealth’s partners are able to offer their customers equities-trading for as little as $2.99 per trade ($4.95 in China) in popular American stocks like Nike and Starbucks.

Read more about DriveWealth in their Finovate Debuts feature from last fall. Developers can learn more about the company’s APIs at its developer page.

DriveWealth was recently featured by Let’s Talk Payments in a look at millennials and investing. In January, the company partnered with StockRadar to give Chinese investors access to U.S. stocks. And late last year, DriveWealth added Carlo Macchi as Director of Global Accounts.

Founded in 2012 and headquartered in Chatham, New Jersey, DriveWealth demonstrated real-time fractional trading with its Passport 2.0 solution at FinovateEurope 2016 last month.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on February 22, 2016
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.

Bobsguide highlights alum Currency Cloud.

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

By Julie Muhn (@julieschicktanz) Posted on February 19, 2016
Categories: FlexScore, Mergers & Acquisitions

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.

United 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

By David Penn Posted on February 19, 2016
Categories: Credit Karma

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.

Calling 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.

Credit 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 February 19, 2016
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 February 19, 2016
Categories: Credit Karma, Dwolla, ebankIT, FlexScore, Striata, Vantiv

On Finovate.com

“Credit Karma Unveils New Mobile App Design”

“FinovateEurope the Musical (Yes, Really)”

“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

By Julie Muhn (@julieschicktanz) Posted on February 18, 2016
Categories: Funding, Modo Payments

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

Today’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.

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

By David Penn Posted on February 18, 2016
Categories: Funding, Fundings, PayActiv

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.

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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