Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: blooom, Boku, CellTrust, Check Point, MaxMyInterest, ReadyForZero, Trulioo

On Finovate.com

  • “Finovate Debuts: CellTrust Separates Work From Personal Communications, Even on Same Device”
  • “Julie Parrish Joins Check Point as New Chief Marketing Officer”
  • “Trulioo Raises $15 Million with Help from American Express Ventures”
  • “Finovate Alums Take Silver and Bronze at UBS Future of Finance”
  • “A Boku Win for Carrier Billing in Expanded Microsoft Partnership”

Around the web

  • Jeff for Banks researches the success of FinovateFall 2010 Best of Show winners.
  • Kim Komando highlights ReadyForZero as a way to manage debt.
  • Blooom featured on the cover of December’s Thinking Bigger Business magazine.
  • Michael Halloran joins MaxMyInterest as head of partnerships and business development.

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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Trizic Raises $2 Million to Help Advisers Compete with Algorithms

Trizic Raises $2 Million to Help Advisers Compete with Algorithms
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Trizic

TrizicHomepageFront

Trizic, a startup that creates wealth-management solutions to help advisers keep up with advancing technology, closed $2 million in funding earlier this week.

This is the company’s third round of funding and brings its total to $5 million. Contributing investors were not disclosed. Trizic has named only one investor in past rounds, Operative Capital, which also funds AlphaClone.

The San Francisco-based company’s Accelerator is a cloud-based advisory platform that caters to both advisers and their clients. The adviser platform offers portfolio automation and management, securities trading, rebalancing, compliance reporting, and client billing services. Accelerator also provides an intuitive client-facing platform with customized portfolio insight and reporting.

Accelerator is available as an API that advisers can customize and white-label with their existing applications. Trizic’s SaaS model uses a contract-free pricing model that charges a percentage based on AUM, starting at 0.05%

Trizic demoed Accelerator at FinovateSpring 2015 in San Jose.

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Finovate Debuts: LiftForward Allows Clients to Offer Risk-free Purchase Financing

Finovate Debuts: LiftForward Allows Clients to Offer Risk-free Purchase Financing
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Debuts, LiftForward

LiftForwardHomepage

Never buy another device. Never own a computer again. While sounding like a Luddite’s mantra, these statements are the basis for LiftForward’s new platform.

LiftForward launched in 2013 as a marketplace loan platform where investors lend small businesses up to $1 million. This lending platform is the basis for the company’s TaaSLift, a technology-as-a-service platform that enables LiftForward clients to finance product purchases for their end customers.

Using this model, businesses pay a flat monthly fee and avoid tying up capital and dealing with asset depreciation schedules.

Company facts:

  • 10 employees
  • Founded 2013
  • Headquartered in New York City, New York
  • Funding:
    • $2.3 million Series A, Aug 2014
    • $2 million debt financing, Aug 2014
    • $7M million debt financing, Mar 2015
    • $250 million debt financing, July 2015

Microsoft case study

LiftForward’s recent partnership with Microsoft illustrates how business clients use TaaSLift to offer financing. While Microsoft has long offered subscription versions of Office software, the company was eager to set up a similar model with its hardware, specifically the Surface Pro 4 and Surface Book.

The screenshot below shows how users select their device type, subscription term, and quantity.

LiftForwardMicrosoft-01-taas-landing-page

At the end of the term, customers return the device, exchange it for a new one, and begin a fresh term. The key benefit to Microsoft is that the technology-as-a-service, by making upgrades much easier, increases the lifetime value of the client.

LiftForward handles all financial aspects. Customers enter their information and financials on a co-branded platform. Once the information is collected, the underwriting process begins.

LiftForward-Microsoft-03-business-info-form

LiftForward not only underwrites the loans using its proprietary LiftSCORE, but also funds the loan and bears the risk. The screenshot below shows a high-risk application in the underwriting platform.

LiftForward-Underwriting-Scorecard-01-high-risk

After LiftForward approves the request, the customer e-signs online documents, and Microsoft ships the devices together with a membership card, software, warranty, and accessories.

The TaaS platform flexibly scales quantity. It can service a small company in need of two computers or a school that requires two million.

What’s next?

While LiftForward’s current product targets businesses, a direct-to-consumer offering is in development.

LiftForward’s CEO Jeffrey Rogers and CTO Michael Grassotti showed TaaSLift at FinovateFall 2015:

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arroweye Solutions, Boku, Lendio, LiftForward, MaxMyInterest, Personal Capital, Trizic, WealthForge

On Finovate.com

  • “Finovate debuts: LiftForward Allows Clients to Offer Risk-free Purchase Financing”
  • “Trizic raises $2 Million to Help Advisers Compete with Algorithms”

Around the web

  • Financial Planning speculates about Personal Capital’s future.
  • Utah Business Magazine names Lendio one of the best companies to work for in Utah for the third consecutive year.
  • Arroweye Solutions selected to provide prepaid card production and personalization services for The Members Group.
  • Microsoft partners with Boku for carrier billing.
  • Financial Times mentions MaxMyInterest (paywall).
  • Wealthforge one of three winners of the UBS Future of Finance Challenge.

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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CBANC Network Garners $4 Million in Series B Funding

CBANC Network Garners $4 Million in Series B Funding
By Julie Muhn (@julieschicktanz) Posted on
Categories: cbanc Network, Funding

CBANCNetworkHomepage

CBANC, a collaborative network for bank and credit union professionals, raised $4 million earlier this week. The Series B round was led by CBANC founder Hank Seale. Other investors include Texas Independent Bancshares, Mike Maples, and Adams Street Partners. When added to its previous round of $1.7 million, this brings the company’s total funding to $5.7 million.

CBANC launched its network as a platform where financial industry professionals can ask, answer, and share industry-related intelligence, specifically regarding regulation and new technology. It counts 7,000 financial institutions as members, which represent 85% of community banks and 33% of credit unions across the United States.

The company plans to use the funds to increase membership, add features and expand its base of 22 employees.  “We’re very well engaged on the compliance side of things,” CBANC CEO Bryan Koontz tells the Austin-American Statesman, “Now we want to bring the vendor community into the network, and we plan to invest in new features and new ways for the vendors to interact.”

CBANC demoed its professional network at FinovateFall 2011 in New York.

 

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Exit Stage Right: Trustev Sells to TransUnion for $44 Million

Exit Stage Right: Trustev Sells to TransUnion for $44 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Acquisition, TransUnion, Trustev

TrustevHomepage2015

Today, in a blog post titled, A New Chapter, Trustev announced it has been acquired by one of its investors, TransUnion (NYSE: TRU), which went public on the NYSE earlier this year.

Pat Phelan says the exit will “allow us to deeply integrate with TransUnion and put our collective, rich-data sets and advanced technology to work in spotting fraudulent transactions even better than we already do.”

TransUnionIMGThe deal between the two companies, which have been partners since 2014, closed for $44 million. TechCrunch reports Trustev will see $21 million of the amount up front and $23 million more contingent on meeting certain targets.

TransUnion, one of the big-three U.S. credit bureaus, has recently been expanding into fraud and identity-management solutions. In a press release, TransUnion’s president and CEO Jim Peck said:

As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk. Holistic information is a powerful tool to help our customers approve good transactions and prevent fraud, and Trustev’s innovative capabilities are at the forefront of technology in this increasingly critical field.

Trustev, a Cork, Ireland-based company with 15 employees spread across the globe, says its service will not change for current customers. All employees have committed to stay.

Trustev debuted its Retail Decision solution at FinovateEurope 2014 in London. The company’s Retail Decision offers brick-and-mortar retail locations real-time verification of customer identities at the point of sale. TransUnion Interactive, a consumer subsidiary of TransUnion, debuted ZenDough at FinovateSpring 2010.

 

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: cbanc Network, Credit Karma, HelloWallet, Kony, MaxMyInterest, Prosper, SayPay, Taulia, TransUnion, Trustev

On Finovate.com

  • “FinovateSpring 2016: Last Chance for presale tickets!”
  • “Exit Stage Right: Trustev sells to TransUnion for $44 Million”
  • “CBANC Network Garners $4 Million in Series B Funding”

Around the web

  • Kony launches Mobile Field Service solution to make field workers mobile.
  • Glassdoor recognizes Credit Karma as one of the Best Places to Work in 2016 in Employee Choice Awards.
  • KPMG and Taulia partner to help organizations improve supplier relations.
  • Prosper launches new investor API platform, as well as developer documentation site.
  • SayPay Technologies and MaxMyInterest win Acceleration Awards in the UBS Future of Finance Challenge.
  • Crains New York Business highlights MaxMyInterest as a New York fintech startup.

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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FinovateSpring 2016: Last Chance for Presale Tickets!

FinovateSpring 2016: Last Chance for Presale Tickets!
By Greg Palmer Posted on
Categories: FinovateSpring 2016

Screen Shot 2015-12-09 at 10.31.10 AM

As we approach the darkest, coldest day of the year, I find my thoughts turning to Silicon Valley in the springtime, and of course, FinovateSpring. We’ll be returning to San Jose’s City National Civic on 10/11 May 2016 for another intensive demo-only showcase of the best new innovations in financial and banking technology, and I, for one, can’t wait to see what fintech’s brightest innovators plan on rolling out of the shop.

Discounted presale tickets are on sale through the end of this week, and there’s no better time to register. Presale tickets are the lowest-priced tickets that we will offer, and they’re a whopping $400 off of the regular ticket price. And since tickets are completely refundable through 26 March 2016, there’s no risk in locking in the lowest price now.

FinovateSpring 2015 was our largest West Coast event so far, and we’re expecting 2016 to be even bigger and better. Give yourself an excuse to daydream about warm California sun and the excitement and energy that comes from having so many enterprising, innovative fintech professionals gathered in one place. Register today!

17313580494_0ba3842b64_k

If you want to apply to demo at FinovateSpring, there’s still time to submit your application. Email [email protected] for more details, and watch a few live demo videos from last year’s presenters to get an idea of what to expect.

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20 Alums Make the First Forbes Fintech 50

20 Alums Make the First Forbes Fintech 50
By Julie Muhn (@julieschicktanz) Posted on
Categories: Algomi, Betterment, Braintree, Chain.com, Credit Karma, HelloWallet, Kensho, LearnVest, Motif Investing, Personal Capital, Plaid, Prosper, Quantopian, Ripple, Simple, TransferWise, TrueAccord, Uncategorized, Vouch, Wealthfront, Xignite

ForbesFintech502015

There’s more to the Forbes Fintech 50 list than just an awesome logo featuring George Washington wearing wrap-around shades. Forbes compiled the list by soliciting information from 300 startups, then interviewing more than 150 CEOs, founders, and industry experts. To make the cut, companies were required to have operations in the U.S. and a viable product.*

Simply put, Forbes describes the companies on the list as “small firms destined to have a big impact on your financial future and possibly upend your portfolio.”

This year, 20 Finovate and FinDEVr alums made the cut:

Algomi

  • Founded: 2012
  • HQ: London
  • Funding: $30 million
  • Customers: 14 large banks and 140 buy-side firms
  • FinovateFall 2014 demo

Betterment

Braintree

Chain

Credit Karma

HelloWallet

  • Founded: 2009
  • HQ: Washington, D.C.
  • Exit: Purchased by Morningstar in 2014 for $52.5 million
  • FinovateFall 2015 demo

Kensho

LearnVest

  • Founded: 2009
  • HQ: New York City, New York
  • Exit: Purchased by Northwestern Mutual in 2015 for $250+ million
  • FinovateFall 2013 demo

Motif

Personal Capital

Plaid

Prosper

Quantopian

Ripple

Simple

TransferWise

TrueAccord

Vouch

Wealthfront

Xignite

*While the list excludes financial giants, Forbes included startups acquired by larger companies but operating independently.

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Finovate Debuts: Gro Solutions Takes Mobile Account Opening Beyond ID Capture

Finovate Debuts: Gro Solutions Takes Mobile Account Opening Beyond ID Capture
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Debuts, Gro Solutions

GroHomepage

Gro Solutions, a subsidiary of Mobile Strategy Partners that offers digital banking services for financial institutions, launched a new addition to its mobile account opening solution at FinovateFall earlier this year.

Company facts:

  • Headquarters: Atlanta, Georgia
  • Founded: 2015
  • 30 full-time employees

Since Gro’s founders have all worked in traditional banks, they understand the need for an easy onboarding process. With its new carrier data integration, Gro Account Opening goes beyond typical driver’s license-capture with an alternative for customers who may be uncomfortable or unable to upload their license.

Instead of pulling data from a photo ID, Gro uses cell phone carrier data to verify identity and meet KYC and AML requirements. Here’s how it works: When the user applies for an account, GRO detects their mobile carrier; in this case, Verizon (screenshot left). When they click on the Verizon logo, GRO shows a disclosure and requests their ZIP code to verify the account (screenshot right).

GROScreenshots12

Pulling data from their Verizon account, GRO automatically populates the form.

GROScreenshots34

After verifying the Verizon information, customers manually enter sensitive information such as Social Security Number, date of birth, and mother’s maiden name. Next, GRO validates their email address and sends disclosures and legal documents.

After accepting the terms and conditions and signing the agreement, the customer answers out-of-wallet questions from Experian, TransUnion, or LexisNexis, and the process is complete.

To fund their new account, the user snaps a photo of their credit card using their mobile camera (see below) and signs their screen.

GROFundAccount

Gro also creates additional layers of security by integrating geolocation and parsing out email addresses to match the applicant’s name and/or company name.

What’s next?

The company is working on using data from LinkedIn to authenticate users with questions such as, “Where did you work 10 years ago?”

This fall, Gro was recognized by American Banker and BAI as a “fintech company to watch” as part of the 2015 FinTech Forward rankings.

Gro Solutions CEO David Eads and CRO Paul Mackowick demoed Gro Account Opening at FinovateFall 2015 in New York City, as seen here:

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: BehavioSec, On Deck Capital, Personal Capital, Tradier, Twilio, Xero

FinDEVr2016-NY-(Stacked)V2

Building a new financial technology? Mark your calendars for our spring developer event in New York City, 29/30 March 29, FinDEVr 2016 and check out the first round of FinDEVr New York presenting companies.

The latest from FinDEVr San Francisco 2015 presenters

  • Modest Money asks: “Are Personal Capital’s Financial Advisers for the Small-time Investor?”
  • Let’s Talk Payments features BehavioSec in a roundup of top Nordic fintech startups.
  • JPMorgan announces partnership with OnDeck Capital.

Alumni updates

  • Xero adds two-step authentication to its accounting platform.

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

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Gro Solutions, Kasasa, Personal Capital

On Finovate.com

  • “Finovate Debuts: Gro Solutions Takes Mobile Account Opening Beyond ID Capture”
  • “20 Alums Make the First Forbes Fintech 50″

Around the web

  • Kasasa wins 2 MarCom Gold Awards for its 2015 Kasasa Rewards Rush program.
  • Modest Money asks: “Are Personal Capital’s Financial Advisers for the Small-Time Investor?”

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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