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FinDEVr Preview: Entrust Datacard

By David Penn Posted on September 14, 2015
Categories: Entrust Datacard, FinDEVr 2015 Preview, FinDEVr 2015 San Francisco

FinDEVr Previews highlight companies presenting new developer tools, platforms and integrations at the second annual FinDEVr, 6/7 October.

Entrust Datacard presents: Securing the omnichannel experience with a trusted identity.

At the core of the omnichannel experience, trusted identities can be leveraged not only to secure access, but also assist in the fight against fraud. Processes that lead to higher opt-in rates and increased customer stickiness are transformed.

Why it’s a must-see

Walk away with a use-case for trusted identities in next-generation digital banking.
Explore innovative services that will ultimately help redefine the consumer banking experience.
Learn how to leverage trusted identities to secure access and prevent fraud at the core of the omnichannel experience.

Check out more of today’s FinDEVr Previews:

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FinDEVr Preview: American Express

By David Penn Posted on September 14, 2015
Categories: American Express, FinDEVr 2015 Preview, FinDEVr 2015 San Francisco

FinDEVr Previews highlight companies presenting new developer tools, platforms and integrations at the second annual FinDEVr, 6/7 October.

American Express will focus on the role of B2B payments in the evolving commerce ecosystem.

Why it’s a must-see

The rapid growth of digital and cloud technologies, the evolution of fintech, and the globalization of business present exciting opportunities for the B2B commerce space. Learn how American Express is helping shape the future of commercial payments and the role that APIs and partners are playing in this journey.

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FinDEVr Preview: MiddleWare from Corezoid

By David Penn Posted on September 14, 2015
Categories: Corezoid.com, FinDEVr 2015, FinDEVr 2015 Preview

FinDEVr Previews highlight companies presenting new developer tools, platforms and integrations at the second annual FinDEVr, 6/7 October.

Corezoid.com is a cloud operating system that allows developers to build the digital core of their company.

Why it’s a must-see

Corezoid is a platform for building agile processes triggered by real-time events. Corezoid is a PaaS tool for creating IT solutions with the use of automata-based programming with explicit state selection. Corezoid is now available for global access on Amazon Marketplace. Developers from all over the world can create their own digital core.

Check out more of today’s FinDEVr Previews:

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Finovate Alumni News

By David Penn Posted on September 14, 2015
Categories: DriveWealth, Fiserv, Monitise

On Finovate.com

“FinovateFall 2015: Back in the New York Groove“

Check out today’s FinDEVr Previews featuring:
- Markit On Demand
- Apex Clearing Corporation
- TokBox
- Entrust Datacard
- American Express
- Middleware from Corezoid

Around the web

Fiserv completes successful pilot of CardFree Cash with Vystar Credit Union. Join Fiserv at FinovateFall 2015 in New York City this week.

Let’s Talk Payments features 41 APIs that are “making waves” in fintech.

PYMNTS takes a look at the road ahead for Monitise.

DriveWealth names Jacques Perold as executive adviser.

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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Reflections on the 8-year Bull Market in Fintech

By Jim Bruene Posted on September 11, 2015
Categories: Fundings, Metrics & Market Research

As I fly to NYC for the ninth time to host FinovateFall (the biggest ever—Thanks!), I’m in awe of how much the industry has grown since 2007. Fintech wasn’t even a thing then, we were still stuck using the entire six syllables in “financial technology.” And in Sep 2007, we didn’t have a sense of the financial debacle of 2008 we were about to witness, which has shaken things up in many unanticipated ways.

The amount of money going into the sector was a fraction of where we are today. I don’t have good data for 2007, but my guess is that the $12.4 billion raised so far this year is 6x to 8x the amount raised in 2007 (YTD). Is that sustainable? Unlikely, but when you see a single Australian bank (Westpac) spending nearly US$1 billion per year, 80% of it earmarked for new technology, you get a sense of how much pent-up demand there is to modernize financial services.

In total, Celent estimates that worldwide IT spending by banks will be $200 billion this year:

North America = $64 billion
Europe = $64 billion
Asia/Pacific = $70 billion

And that’s banks only. Gartner, which includes securities firms along with banks in its total, says global IT spending will top $500 billion this year.

Similar amounts are spent in the insurance industry where Celent estimates $175 billion will be spent this year:

North America = $79 billion
Europe = $55 billion
Asia/Pacific = $31 billion
Other = $11 billion

Adding it all together amounts to nearly $700 billion annually, or more than $3 trillion in the next five years. I think that explains why $12 billion has been invested by VCs and Private Equity so far this year. Granted, much of the financial institution spend is currently directed internally, but that doesn’t mean it will stay that way. The entire API ecosystem is betting otherwise, and seems to be winning in many industries.

Based on those numbers, I’m not sure if we have a bubble. VC investing is high by historical standards, but given the opportunity, it may be relatively reasonable. It will depend a lot on how much the big spenders decide to outsource. And that’s almost impossible to predict.

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Finicity Acquires Aurora Financial Systems

By David Penn Posted on September 11, 2015
Categories: Aurora Financial Systems, Finicity, Funding, Mergers & Acquisitions

As we were about to publish the Finovate debut feature for Aurora Financial Systems, we were asked to hold off by Chris Melendez, vice president for corporate partnerships. “There may be some big news coming,” he said.

This week, the big news arrived: Aurora Financial Systems has agreed to be acquired by fellow Finovate alum, Finicity.

In a statement released earlier this week, Finicity announced it had acquired “substantially all the assets” of Aurora Financial Systems. Aurora will become part of Finicity’s Data Services Division and will be led by Melendez and Aurora co-founder Michael Ciberey. The terms of the acquisition were not disclosed.

A division of Finicity Corporation, Finicity Data Services provides API services for fintech developers building account aggregation, cash-flow verification, and account-ownership-verification solutions. With the acquisition of Aurora Financial Systems, Finicity will add transaction processing and card program management to its developer stack.

With the acquisition, Finicity is intensifying its promotion of its TxPUSH real-time financial data delivery. Finicity co-founder Nick Thomas highlighted Aurora’s TxPUSH Event Management API and Event PUSH Delivery engine as “standards-based solutions” for delivering card transaction data “immediately, not three days from now.”

“Real-time transaction data opens many new doors for fintech innovators,” Thomas said.

Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity’s Data Services division launched its TxPUSH API for fintech apps at FinovateSpring 2015. The company will make its FinDEVr debut next month at FinDEVr 2015 San Francisco (early bird ticket sales end this Friday) where it will demonstrate real-time data delivery via its TxPUSH API.

Aurora Financial Systems made its Finovate debut at FinovateSpring 2015 in San Jose, Calif., with the debut of Note, a vertically integrated budgeting solution for FIs. But the Purchase, New York-based company’s pedigree is as a debit processor and program manager specializing in incentive, payroll, and reloadable, prepaid solutions. Aurora has processed millions of dollars of transactions within these categories since its founding in 2009.

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Finovate Alumni News

By David Penn Posted on September 11, 2015
Categories: Aurora Financial Systems, BankGuard, BehavioSec, Cachet Financial Solutions, Currency Cloud, DoubleNet Pay, Evo Snap*, Fidor Bank, Finicity, Interxion, Konto X, Mitek, SafetyPay, Temenos, Vantiv, Xignite

On Finovate.com

Take a look at our latest FinDEVr Previews featuring:
- Xignite
- BehavioSec
- EVO Snap*
- Interxion
- Fidor Bank
- BankGuard
- Currency Cloud
- Mitek
- Konto X

“Finicity Acquires Aurora Financial Systems”

Around the web

Temenos and Accenture team up to help Nordea replace its core banking system.

Vantiv named as merchant services solution provider for Rabobank.

Let’s Talk Payments interviews Currency Cloud CEO Mike Laven. Join Currency Cloud in October for FinDEVr 2015 San Francisco.

Cachet Financial Solutions unveils its Select Mobile Money turnkey payroll program for corporate clients.

Checkout.com adds SafetyPay to its list of payment options for merchants in the Latin American market.

BankNXT encourages banks to follow the lead of Fidor Bank when it comes to “community and openness.” Join Fidor Bank in San Francisco for FinDEVr 2015.

Human Resource Executive Online highlights DoubleNet Pay in a look at financial wellness programs in the workplace.

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 Fundings: 18 Companies Raise $210 Million Week Ending 11 Sep 2015

By Jim Bruene Posted on September 10, 2015
Categories: Uncategorized

Ahead of Finovate next week, it was a lively few days with 18 companies receiving cash inflows totaling $207.6 million. The total included mega-rounds of $30+ million to three lending plays: FundBox ($50 mil); CommonBond ($35 mil); Orchard Platform ($30 million); and one financial-institution-supported blockchain startup: Chain ($35 mil).

Finovate alum Trunomi raised $3 million, while FinDEVr charter-alum Coinlytics raised an undisclosed amount.

The $208 million this week brings total 2015 YTD fintech fundings to $12.4 billion. Following are the fundings from 4 Sep to 10 Sep 2015 by size:

FundBox
Accounts receivable financing for small businesses
HQ: San Francisco, California
Latest round: $50 million Series C
Total raised: $107.5 million
Tags: SMB, credit, accounts receivables, accounting, SMB
Source: Crunchbase

CommonBond
Crowdfunded student loans
HQ: New York City, New York
Latest round: $35 million Series B
Total raised: $196 million ($150 million debt; $46 million equity)
Tags: Student loans, credit, underwriting, P2P, investing
Source: Crunchbase

Chain
Enterprise blockchain technology
HQ: San Francisco, California
Latest round: $30 million Series B
Total raised: $43.7 million
Tags: Development platform, bitcoin, blockchain technology, investors (Visa, Capital One, Fiserv, Citibank)
Source: Wall Street Journal

Orchard Platform
Powering marketplace lending
HQ: New York City, New York
Latest round: $30 million
Total raised: $44.7 million
Tags: Lending, credit, developers, APIs, P2P loans, crowdfunding debt, enterprise
Source: FT Partners

DISCERN
Investment information for professional investors
HQ: San Francisco, California
Latest round: $20 million Series A
Total raised: $20 million
Tags: Investing, SaaS, big data, analytics
Source: FT Partners

Abra
Crowdsourced remittances
HQ: Silicon Valley, California
Latest round: $12 million Series A
Total raised: $14 million
Tags: Remittances, P2P payments, person-to-person
Source: Coinbase

NEFT LLC (mPowerCredit)
Credit tools for consumers
HQ: Newport Beach, California
Latest round: $10 million
Total raised: $ million
Tags: Credit score, consumer, lending
Source: Marketwatch

Deposit Solutions
Retail deposit savings account management for FIs
HQ: Hamburg, Germany
Latest round: $6.1 million
Total raised: Unknown
Tags: Deposit, banking, real estate, core solutions, enterprise
Source: FT Partners

Trading Ticket
User-friendly consumer trading service, TradeIt
HQ: New York City, New York
Latest round: $4 million Seed
Total raised: $4 million
Tags: Investing, stocks, trading, mobile, UI, consumer, Citibank (investor)
Source: Crunchbase

Trunomi
KYC systems
HQ: Hamilton, Bermuda
Latest round: $3.0 million
Total raised: $5.3 million
Tags: Security, KYC, compliance, Finovate alum
Source: Finovate

FeeX
Fee discovery for individual investors
HQ: New York City, New York
Latest round: $2.8 million
Total raised: $12.3 million
Tags: Consumer, investing, 401(k), mutual funds, 403(b), fees, lead gen
Source: Crunchbase

Shapeshift
Cyrptocurrency exchange
HQ: Zug, Switzerland
Latest round: $1.6 million
Total raised: $2.4 million
Tags: Cryptocurrency, bitcoin, altcoin
Source: TechCrunch

PractiFI
Wealth management solutions
HQ: Sydney, Australia
Latest round: $1.1 million
Total raised: $1.1 million
Tags: Investing, asset management, advisers
Source: FT Partners

Case Wallet (aka Cryptolabs)
Bitcoin wallet (hardware)
Latest round: $1.0 million
Total raised: $3.2 million
Tags: Payments, P2P pay, remittances, hardware, consumer
Source: WhoGotFunded.com

Sindeo
Online mortgage adviser
HQ: San Francisco, California
Latest round: $550,000
Total raised: $7.05 million
Tags: Mortgage, lending, lead gen, loans
Source: WhoGotFunded

MockBank
Banking job exam preparation
HQ: Bangalore, India
Latest round: $400,000 Seed
Total raised: $400,000
Tags: Human resources, regulation, enterprise, bank management, compliance
Source: Crunchbase

Coinalytics
Blockchain intelligence
HQ: Mountain View, California
Latest round: Undisclosed Seed
Total raised: $200,000+
Tags: Bitcoin, blockchain, analytics, cryptocurrency, FinDEVr alum
Source: FT Partners

Abide Financial
Regulatory reporting solutions
HQ: London, England, United Kingdom
Latest round: Undisclosed
Total raised: Unknown
Tags: Regulations, compliance, enterprise, bank management
Source: FT Partners

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FinovateFall Sneak Peek: Hypori

By Julie Muhn (@julieschicktanz) Posted on September 10, 2015
Categories: FinovateFall 2015, FinovateFall 2015 Sneak Peek, Hypori

The Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in NYC!

Hypori’s VMI provides remote access to Android virtual machines running in the cloud, solving BYOD challenges with a secure and separate OS.

Features:

Security: Separate OS in the cloud
Support: Single gold disk of Android to manage
Privacy: Like any other mobile app, avoids managing the personal device

Why it’s great
VMI: a mobile-first solution for a security-first mindset. Providing a virtual mobile device running in the cloud, enterprise-owned and -secured.

Presenters

Justin Marston, CEO, Co-founder
Marston is a seasoned entrepreneur and holds multiple patents. He is a published author and a frequent speaker at international conferences.
LinkedIn

Joel Schopp, Senior Software Developer
Schopp has 14 years of experience in virtualization; he previously was a virtualization architect at IBM and AMD.
LinkedIn

Phil Kumnick, SVP of Global Acquirer Processing, Visa
Kumnick is responsible for acquiring products and services, processing strategies for mobile POS, and for partnerships that drive acceptance.
LinkedIn

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FinovateFall Sneak Peek: LiftForward

By Julie Muhn (@julieschicktanz) Posted on September 10, 2015
Categories: FinovateFall 2015, FinovateFall 2015 Sneak Peek, LiftForward

The Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in New York, 16/17 September!

LiftForward will show its technology-as-a-service financing platform for manufacturers, suppliers, and retailers. TaaSLift provides a plug-and-play method for businesses to offer their small-business customers products-as-a-service.

Features:

Turns a one-time purchase into a subscription service
Increases sales and repeat purchases
Increases customer loyalty

Why it’s great
By replacing expensive, one-time purchases with affordable subscriptions, TaaSLift helps companies increase sales while strengthening customer relationships.

Presenters

Jeffrey Rogers, CEO
Rogers has more than 20 years of experience in building companies. His disciplines include technology, e-commerce, finance and operations.
LinkedIn

Michael Grassotti, CTO
Grassotti has more than 20 years of experience as a technology-focused entrepreneur with experience recruiting and leading tech teams, and taking products from idea to market.
LinkedIn

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FinovateFall Sneak Peek: HelloWallet

By Julie Muhn (@julieschicktanz) Posted on September 10, 2015
Categories: FinovateFall 2015, FinovateFall 2015 Sneak Peek, HelloWallet

The Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in New York, 16/17 September!

HelloWallet provides independent, personalized financial guidance to individuals through web and mobile-based software applications.

Features:

Provides straightforward, sophisticated retirement guidance
Enables both modeling and committing to a new retirement plan
Integrates seamlessly with other technology

Why it’s great
With Retirement Explorer, individuals can model multiple retirement scenarios and also implement a new plan with a single click, due to partner integrations.

Presenters

Matt Fellowes, Chief Innovation Officer at Morningstar, Founder of HelloWallet
Fellowes has been named a “Game Changer” and a “Tech Titan” for building companies and innovations that help all Americans achieve financial mobility.
LinkedIn

Andrew Vincent, Senior Product Manager
Vincent is passionate about building engaging products that solve user problems and make life better. This is evident in the the work he has done in education, construction, and financial technology.
LinkedIn

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FinovateFall Sneak Peek: InforcePRO

By Julie Muhn (@julieschicktanz) Posted on September 10, 2015
Categories: FinovateFall 2015, FinovateFall 2015 Sneak Peek, InforcePRO

The Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in New York, 16/17 September!

InforcePRO will show a post-sale life insurance policyholder platform which enables one-click policy reviews by highlighting issues and opportunities in real time.

Features:

One-click policy reviews with conversion options, UL funding tracking, etc. on life insurance Inforce book
No manual effort in data acquisition
Orphan policyholders engagement

Why it’s great
Post-sale life insurance policyholder engagement simplified through automated in-force policy annual reviews.

Presenters

Karan Kanodia, Co-Founder
Kanodia is co-founder of InforcePro and is responsible for the overall strategic direction as well as designing the product architecture and leading InforcePro’s development teams.
LinkedIn

Cameron Jacox, Co-founder
Jacox is responsible for sales and marketing management, working to achieve profitability for clients such as ScotiaBank, Desjardins, and Financial Horizons.
LinkedIn

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