Onovative Raises $1.2 Million in New Funding

Onovative Raises $1.2 Million in New Funding
By David Penn Posted on
Categories: Onovative

Onovative_homepage_Dec2015

Onovative, which introduced its Core iQ bank marketing software at FinovateSpring earlier this year, has raised $1.2 million in a second round of funding. The investment takes the company’s total funding to more than $1.6 million.

“We’re very excited by the early reception of Core iQ in the marketplace,” said Onovative co-founder and CEO Michael Browning. “[We] feel that this round of funding gives us the ability to continue to achieve our vision of providing community banks and credit unions with software that is simple to use and affordable.”

Onovative_stage_FS2015

Pictured (left to right): Onovative co-founders Michael Browning and Clay Turner demonstrated Core iQ at FinovateSpring 2015 in San Jose.

The round was led by the Bluegrass Angels Fund. Also participating were the Sequel Fund, the Enterprise Angels Community Fund, the Kentucky Enterprise Fund, and Commonwealth Seed Capital, along with individual investors. Onovative says the funds will go toward “fuel[ing] sales growth and product development.” As part of the investment, Onovative relocated from its offices in Jeffersonville, Indiana, to its new headquarters in downtown, Louisville, Kentucky.

Onovative’s Core iQ helps FIs leverage their customer data to create personalized, sophisticated marketing campaigns, including automated distribution of print mail, email, and SMS text messages and outbound phone calls. Currently deployed in banks and credit unions across the U.S., the platform automates cross-selling and marketing communication for more than one million accounts a day.

Founded in June 2013, Onovative demonstrated its Core iQ technology at FinovateSpring 2015.

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Finovate Alumni News

By David Penn Posted on
Categories: BancVue, Meniga, NICE Systems, Radius, TradeHero, wipro, Xero, Zopa

Around the web

  • Financial Times talks with Zopa CEO Giles Andrews and his plan to disrupt banks.
  • Wipro acquires Cellent in 73 million euro deal.
  • Actimize from NICE Systems reaches 150 million customer milestone with its anti-fraud, cybercrime protections.
  • Radius launches improvements to its Global Payroll tool by introducing a way for employers to consolidate payroll across jurisdictions.
  • Xero introduces podcast series for small business.
  • Tech in Asia names Tradehero one of five interesting startups from Singapore.
  • Meniga partners with Bankdata to provide personal finance management to 11 banks in Denmark.
  • First Castle Federal Credit Union partners with BancVue.

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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Mobino Inks Partnership with Paymit

Mobino Inks Partnership with Paymit
By David Penn Posted on
Categories: Mobino

Mobino_homepage_Dec2015

Mobino will soon be available to customers of the Swiss payment system, Paymit. The partnership was announced during an industry event this week by Mobino CEO Jean-François Groff and Thomas Landis, head of Paymit’s Exploration Team.

Interviewed by ICT Journal, Groff said that his company had been in discussion with Paymit for awhile, helping develop “a Swiss standard for mobile payment.” The goal of the partnership is to create joint interfaces that will support P2P payments for users of both Mobino and Paymit apps.

Mobino_stage_FEU2015

From left: Mobino CTO Alvaro Fussen and CEO Jean-François Groff demonstrated Mobino Cash at FinovateEurope 2015.

Paymit launched its P2P payment service in Switzerland this spring, and by summer, it had been deployed by six banks. The technology enables anyone in Switzerland with a Swiss phone number to send and receive money via smartphone. Mobino Cash is a universal mobile payments technology that supports P2P money-transfers and e-commerce, and is easily integrated into POS systems for in-store use. Groff developed the technology in an effort to replicate the speed, directness, and anonymity of cash in a digital form. Talking about the technology in an interview with FutureBanking, Groff referred to the platform as “having an ATM in your pocket.” The agreement will enable Paymit users to access Mobino Cash via direct debit from their bank account.

Founded in 2011 and headquartered in Geneva, Switzerland, Mobino demonstrated Mobino Cash at FinovateEurope 2015. The company reports 20,000 users and 150 merchants are using the technology.

Join us in London for FinovateEurope 2016. Visit our registration page today and save your spot for our annual European fintech conference, 9/10 February.

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Finovate Alumni News

By David Penn Posted on
Categories: Green Dot, Jack Henry, Mambu, Mobino, On Deck Capital, QuantConnect, Quantopian, TipRanks, Tradier

On Finovate.com

  • “Mobino Inks Partnership with Paymint”

Around the web

  • JPMorgan announces partnership with OnDeck Capital.
  • Nigeria-based consumer-finance firm, RenMoney, to deploy cloud banking solution from Mambu.
  • Green Dot plans to launch new loan marketplace in 2016.
  • Freedom CU ($673m) chooses core processing technology from Jack Henry & Associates’ Symitar.
  • Smarter Analyst features Tradier, QuantConnect, TipRanks, and Quantopian.

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 the Very First FinDEVr in NYC

Fintech Developers, Lock in Presale Savings for the Very First FinDEVr in NYC
By David Penn Posted on
Categories: FinDEVr 2016 New York

FinDEVrNY16-V1(wdate)

All the leaves are brown and the skies are gray, but here at Finovate we are already dreaming about our upcoming spring developer conference, FinDEVr New York 2016.

On March 29 & 30, we bring FinDEVr east to showcase the newest tools and technologies, APIs, case studies, and more. 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.

Take advantage of big presale savings of $400 by reserving your spot at FinDEVr New York 2016 by this Friday.

And to whet your appetite, here is a look at a handful of the more than 50 companies presenting at the event in March. Stay tuned for more!

Slide1

And if you’re a company or innovator interested in presenting at FinDEVr New York 2016, or at a future FinDEVr event, please contact us at [email protected].

FinDEVr New York 2016 is partnered with BankersHub, BayPay Forum, Bitcoin Magazine, bobsguide, Byte Academy, Celent, Mercator Advisory Group, and Women Who Code.

 

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Q2 Acquires Social Money in $10 Million Deal

Q2 Acquires Social Money in $10 Million Deal
By David Penn Posted on
Categories: Funding, Fundings, Q2, Q2ebanking, Social Money

Q2_homepage_SocialMoney_Dec2015

Q2 Holdings just got social.

The virtual banking solution provider today announced it will acquire fellow Finvoate alum Social Money for $10.6 million. Q2’s President and CEO Matt Flake said the “strategic” acquisition will help its customers “expand their reach, grow market share, and engage account holders.”

Formerly known as Smarty Pig, Social Money helps financial services companies better engage their customers by offering them savings solutions such as GoalSaver, a customized, goal-directed and bank-audited saving system. Founded in 2007 and headquartered in West Des Moines, Iowa, Social Money is geared toward millennials and gen-Y consumers, a point underscored by Flake. “The digital banking experience matters when it comes to reaching millennials and retaining existing account holders,” he said, adding that Q2 is committed to serving the “increasingly digital modern consumer.”

SocialMoney_stage_FS2012b
Social Money CEO Scott McCormack demonstrated GoalSaver at FinovateSpring 2012.

The Social Money acquisition is the second for Q2 in 2015. In July, Q2 Holdings acquired anti-fraud, risk-management specialist Centrix Solutions for $20 million. Q2 is still studying how it will integrate Social Money’s portfolio into its offerings, saying it plans to provide a “rebranded suite of Social Money technologies” in 2016. For its part, Social Money sees the acquisition as an opportunity to continue helping community banks and credit unions “establish direct-to-digital capabilities in the future,” according to CTO Adam Anderson.

Q2’s solutions are used in more than 275 community banks and credit unions. At their Finovate debut, FinovateSpring 2011, Q2 demoed its risk and fraud analytics technology. Headquartered in Austin, Texas, Q2 Holdings was founded in 2005.

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FinDEVr APIntelligence

By David Penn Posted on
Categories: FinDEVr APIntelligence

Developer news

  • New study by Axway and APIdays—”Banking APIs: The State of the Market”—features API-centric technologies used by leading banks and FSOs.

The latest from FinDEVr San Francisco 2015 presenters

  • Intuit partners with Fundbox to provide invoice financing for SMEs.
  • Marx Noctor of Arxan Technologies explains the importance of protecting apps “down to the source code” in CBR Online.
  • Markit and CLS unveil new streamlined process for cross-currency swaps settlement.
  • TradeStreaming podcast interviews Xignite’s Stephane Dubois on providing stock-market data to the fintech industry.
  • American Banker takes a look at American Express and its preparations for a “boom in mobile payments.”
  • JPMorgan announces partnership with OnDeck Capital.

Alumni updates

  • CO-OP Financial Services to help credit unions deploy MasterPass from MasterCard.
  • Tradier reaches milestone: 100 financial services firms are now directly integrated with Tradier’s brokerage platform.

Stay up to date on news from the fintech developer community! Follow FinDEVr on Twitter today!

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Finovate Alumni News

By David Penn Posted on
Categories: Financial Guard, Global Debt Registry, ING Direct, Intuit, MasterCard, Misys, Nostrum Group, Q2, Q2ebanking, Social Money

On Finovate.com

  • “Fintech Developers, Lock in Presale Savings for the Very First FinDEVr in NYC”
  • “Q2 Acquires Social Money in $10 Million Deal”
  • Check out the latest developer news in this week’s edition of “FinDEVr APIntelligence”

Around the web

  • Employee Benefit News features Financial Guard in a discussion on the rise of robo-advisers.
  • Misys unveils its next-generation capital markets trading platform in the cloud, Misys FusionCapital.
  • CO-OP Financial Services to help credit unions deploy MasterPass from MasterCard.
  • ING expands its host card emulation (HCE) mobile payment service to all of its customers in the Netherlands. Join ING in London for FinovateEurope 2016.
  • Intuit partners with Fundbox to provide invoice financing for SMEs.
  • Technical.ly Delaware profiles Global Debt Registry.
  • Nostrum Group urges personalization in digital lending in new report on digital finance. See Nostrum at FinovateEurope 2016 in February.

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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Zopa Partners with Equifax, Boosting its Risk-profiling Capabilities

Zopa Partners with Equifax, Boosting its Risk-profiling Capabilities
By David Penn Posted on
Categories: Equifax, Zopa

ZopaZopa_homepage_Dec2015

Zopa teamed up with credit reporting agency and fellow Finovate alum Equifax to improve the way Zopa determines the creditworthiness of potential borrowers. According to Zopa CEO Jaidev Janardana:

Equifax has extensive experience of the P2P sector. Its in-depth understanding of our business needs, coupled with the strength of its data, plays a vital role in ensuring we offer the best customer experience possible.

Of all the innovative methods for risk profiling—from big data to social media—the information available from credit reference agencies like Equifax remains as critical for online lenders as it is for offline lenders. And while Zopa and Equifax have been working together since 2005, Janardana says that the new agreement gives Zopa “deeper insights into customer behavior” and should result in a better-performing loan portfolio for Zopa, along with better rates for many customers.

Zopa_TV_Ad

Craig Tebbutt, head of alternative lending at Equifax, praised Zopa’s role in helping drive P2P lending in the United Kingdom. Tebbutt suggested that 2016 would be a “key year” for Zopa, pointing to the rise in institutional funding and the arrival of the Innovative Finance Individual Savings Accounts (IFISA) in early April. Investors will be able to set up IFISA accounts through P2P lenders like Zopa and earn tax-free interest from lending portions of their savings to SMEs on the platform.

Facts and stats from Zopa:

  • Over £1 billion lent to U.K. customers
  • More than 50,000 active lenders
  • More than 150,000 borrowers
  • Most loans exceed £7,000
  • Staff of 150

Founded in 2007 and headquartered in San Francisco, Zopa demonstrated its technology at FinovateSpring 2008. Making its Finovate debut at FinovateFall 2011 in New York, Equifax demonstrated Equifax Complete, its interactive score-estimator and score-monitoring solution.

Join hundreds of fintech fans in London in February for FinovateEurope 2016. Our two-day conference returns to Old Billingsgate Market Hall on February 9 & 10. Visit our registration page today and save your spot.

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Prosper’s BillGuard Unlocks Premium Features for All Users

Prosper’s BillGuard Unlocks Premium Features for All Users
By Julie Muhn (@julieschicktanz) Posted on
Categories: BillGuard, Prosper

BillGuardHomepage

Fresh on the heels of being acquired by Prosper in October, the expense-management and fraud-tracking application BillGuard made some of its most popular premium features available for free, including:

  • Unlimited card monitoring (previously limited to one credit or debit card)
  • Free tracking of TransUnion credit scores

Prior to today’s announcement, BillGuard offered three versions: freemium, BillGuard Pro, and BillGuard Ultimate. The company is paring down to two services by retiring its Pro service. All Pro users will be upgraded to Ultimate at no additional cost.

In today’s announcement, Prosper also hinted at its future plans for BillGuard:

In the months ahead, we will be releasing our initial BillGuard-Prosper product integrations which will take BillGuard to a whole new level of financial control and well-being. We can’t wait to share it with you.

San Francisco-based BillGuard, which launched in 2011, has helped its 1.4 million users flag more than $70 million in unauthorized charges.

BillGuard last presented at FinovateSpring 2012 where it debuted BillGuard FI. Prosper presented at FinovateSpring 2009 as well as the inaugural Finovate in 2007.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, Bento for Business, BillGuard, DocuSign, Equifax, eWise, Expensify, EyeVerify, InComm, Insuritas, Jack Henry, Ledger, ProfitStars, Prosper, Spotcap, Tradier, TransferTo, Zopa

On Finovate.com

  • “Prosper’s BillGuard Unlocks Premium Features for All Users.
  • “Zopa Partners with Equifax, Boosting its Risk-profiling Capabilities”

Around the web

  • Ledger launches developer edition of hardware wallet.
  • Jack Henry’s ProfitStars now has 20+ institutions that have implemented Gladiator Hosted Network Solutions.
  • RTN FCU to power its insurance agency with Insuritas.
  • InComm plans Atlanta expansion, will add 200 employees.
  • TransferTo joins with Continental Money to bring remittance services to Kenya.
  • Bankless Times features Bento for Business and its solution for helping small businesses control employee spending.
  • Marx Noctor of Arxan explains the importance of protecting apps “down to the source code” in CBR Online.
  • Business2Community features Expensify and DocuSign in its list of nine apps to help you run your business on the go. See DocuSign at FinovateEurope 2016 in London.
  • Adelaide Now profiles small-business lender Spotcap. Join Spotcap in London for FinovateEurope 2016.
  • Mobile ID World looks at the reception to EyeVerify’s mobile app.
  • Tradier reaches milestone: 100 financial services firms are now directly integrated with Tradier’s brokerage platform.

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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Fintech Fundings: 12 Companies Raised $150 Million Week Ending 29 Nov 2015

By Jim Bruene Posted on
Categories: Funding

money_tree_newIt was a quiet week over the U.S. Thanksgiving holiday, but it still surpassed the $100-million mark, thanks entirely to U.K.-based Atom Bank’s $128 million raise. BBVA was lead investor, contributing $68 million for a 30% stake in the not-yet-launched mobile bank.

In total, 12 fintech companies raised $152 million, although 5 of the 12 did not release the amount raised. Finovate alum Lighter Capital had the second-biggest round this week, raising $9 million in equity and announcing a loan-funding commitment of $100 million, a sum not included in fundraising totals.

So far this year, venture funding in the fintech sector has totaled $17.8 billion, or about $24 billion including WorldPay, First Data and Square IPOs.

Here are the deals by size from 21 Nov through 27 Nov 2015:

Atom Bank
Digital bank
Latest round: $128 million; $230 million valuation
Total raised: $128 million
HQ: Durham, England, United Kingdom
Tags: Consumer, bank, BBVA (lead investor), mobile, challenger
Source: Crunchbase

Lighter Capital
Alt-lender focused on startups
Latest round: $9 million
Total raised: $15 million
HQ: Seattle, Washington
Tags: SMB, underwriting, revenue-based financing, commercial lending, loans, credit
Source: Finovate

Growth Street
Alt-lender for small businesses
Latest round: $7.6 million
Total raised: $7.6 million
HQ: London, England, United Kingdom
Tags: SMB, lending, short-term financing, commercial lending, underwriting
Source: Crunchbase

Anywhere to Go Co
Insurance claims platform (Claim Di)
Latest round: $2 million
Total raised: $2 million
HQ: Bangkok, Thailand
Tags: Enterprise, B2B2C, insurance, mobile
Source: Crunchbase

Lenda (formerly GoRefi)
Mortgage lending platform
Latest round: $2 million Seed
Total raised: $4 million
HQ: San Francisco, California
Tags: Consumer, mortgage, home buying, refinance, lead gen, price discovery
Source: Crunchbase

Early Salary
Alt-lending platform
Latest round: $1.5 million Seed
Total raised: $1.5 million
HQ: Pune, India
Tags: Consumer, lending, underwriting, young adults, credit scoring
Source: Crunchbase

NextBank Project
Bitcoin-based bank
Latest round: $1.4 million; $35 million valuation
Total raised: $2.1 million
HQ: Port-valais, Vanuatu
Tags: Bitcoin, banking, payments, consumer, SMB, cryptocurrency
Source: Crunchbase

Akredo
Lending portal
Latest round: $635,000
Total raised: $820,000
HQ: Warsaw, Poland
Tags: Consumer, lending, lead gen, price comparison
Source: Crunchbase

DealMarket
Deal management platform
Latest round: Undisclosed
Total raised: Unknown
HQ: Zurich, Switzerland
Tags: SMB, equity, investing
Source: FT Partners

Homie
Peer-to-peer real estate platform
Latest round: Undisclosed
Total raised: Unknown
HQ: Salt Lake City, Utah
Tags: Consumer, home buying, discovery, mortgage
Source: Crunchbase

Kount Money
Marketplace lender
Latest round: Undisclosed
Total raised: Unknown
HQ: Bengaluru, India
Tags: Consumer, credit, person-to-person, lending, P2P, peer-to-peer, investing
Source: Crunchbase

Point
Home-equity exchange
Latest round: Undisclosed
Total raised: Unknown
HQ: Palo Alto, California
Tags: Consumer, home equity, mortgage, lending, credit, investing
Source: Techcrunch

Savedo
Savings and timed-deposit portal
Latest round: Undisclosed
Total raised: Unknown
HQ: Berlin, Germany
Tags: Consumer, savings accounts, certificates of deposit, banking
Source: Crunchbase

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