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Finovate Alumni News

By David Penn Posted on April 21, 2015
Categories: Authentify, Backbase, Cachet Financial Solutions, Currency Cloud, Emida, EZBOB, Five Degrees, HedgeCoVest, Kony Solutions, Motif Investing, OneID, PayNearMe, Sekur.me, Trulioo, Xero

On Finovate.com

Check out FinovateSpring 2015 Sneak Peek: Part 5

HedgeCoVest Wins Top Honors at 2015 Benzinga Fintech Awards

Around the web

oneID launches its simple, free solution to secure personal information online across all devices.

Born2Invest talks about “thematic investing” in its review of Motif Investing.

Currency Cloud opens offices in New York, kicking off its U.S. expansion.

Select Mobile Money from Cachet Financial Solutions now supports Apple Watch.

Sberbank launches new digital platform based on technology from Backbase.

Five Degrees named winner of Dutch FinTech Awards in Banking & IT category.

PYMNTS looks at Ezbob’s role in SMB lending in the United Kingdom.

PayNearMe enables customers of LA Covered to pay their monthly premiums in cash.

Critical Mass radio show interviews Sekur.me CEO Jack Bicer.

Trulioo wins Europe’s 2015 Digital Identity Innovation Award. Watch Trulioo demo live at FinovateSpring.

NAB links core API technology to Xero’s accounting cloud ecosystems, connecting client’s online bank to their Xero account.

Authentify enables E-Transfer Technologies to protect currency trading accounts with mobile multifactor authentication.

Forbes: Kony and Soasta partner to close the mobile development and monitoring loop.

Mobile Commerce News features Emida.

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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Six Alt-Lending Unicorns Worth Combined $15 Billion: Lending Club, Prosper, On Deck, Sofi, Avant, Funding Circle

By Jim Bruene Posted on April 20, 2015
Categories: Crowdfunding, Loans & Credit, P2P Lending

Payments companies, especially mobile, have dominated the fintech news cycle for much of the past four years. But as those well-funded payments companies vie to become global standards, attention has turned to the lending arena. At least six alt-lending startups (not including China) have now passed the billion-dollar valuation mark:

1. LendingClub: $7.2 billion (public: LC)

The company launched as one of the original Facebook desktop apps in May 2007 and made its industry debut at the first Finovate in September 2007. Its December 2014 IPO briefly valued the company at $9 billion, the largest-ever IPO for a fintech startup.

2. Prosper: $1.9 billion (valuation from $165 million round announced last week)

The company was the second person-to-person lender in the world (after the U.K.’s Zopa) and the first in the United States, launching in Feb. 2006. It also made its industry debut at the first Finovate in 2007. It was much larger than Lending Club during its first few years; however, high default rates from its pure auction model scared away early investors. But the company retooled its underwriting and has become the third largest consumer P2P marketplace in the USA (and the world outside China).

3. On Deck Capital: $1.5 billion (public: ONDK)

Small and mid-sized businesses (SMB) were hit hard in the 2008 recession with lower profits combined with a massive dry spell in traditional bank credit. So, naturally, entrepreneurs moved in and picked up the slack. On Deck was one of the first on the scene, making its Finovate debut in 2009. Originally, On Deck was dipping its toes into the direct lending space as a proof of concept for its small-business lending platform it hoped to sell to banks. But it turns out they were in the right place at the right time, and, after a December IPO, On Deck is a successful public lender valued at $1.5 billion.

4. Sofi: $1.3 billion (based on Goldman Sachs fundraising efforts for the Feb 2015 round; however, recent press reports say the company is looking to raise $500 million in a 2015 IPO valuing it at $3.5 billion)

With $700 million in loans originated in Q1 2015, Sofi just passed Prosper to become #2 in the United States—and in the world, outside of China. The company initially focused on refinancing student loans for graduates of elite universities, but it has diversified into other types of consumer and SMB lending.

5. Avant: $1+ billion. Forbes recently estimated its value at $875 million; we think that’s low based on the $1.4 billion, including $350 million in equity, that startup has raised.

Like On Deck, Avant is targeting a segment abandoned by traditional lenders in the aftermath of the 2008 financial crisis. But Avant’s specialty is sub-prime borrowers, a segment with higher margins in good times, but risky bets in downturns.

6. Funding Circle: $1 billion, based on an estimate in The Telegraph this month

The only non-U.S. company on the list is London’s Funding Circle (although Wonga is probably still close, and has been above $1 billion in the past). Funding Circle, which specializes in SMB marketplace lending, was founded in 2010 and moved into the U.S. market last year with the acquisition of Endurance Lending.

———–

Also in the running: Finovate alums Kabbage—meet them at FinovateSpring next month, along with a handful of other promising newcomers; CAN Capital; Kreditech; and Wonga, which was valued well above $1 billion in 2012, but has had a falling out with U.K. regulators. Several peer-to-peer lenders in China are believed to have obtained unicorn status, the biggest being Lufax, which was said to be valued at almost $10 billion by the Wall Street Journal last week.

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Global Debt Registry Teams Up with TransUnion to Better Serve Debt Industry

By David Penn Posted on April 20, 2015
Categories: Global Debt Registry

In the race to provide better information to all the different parties in the debt-ownership and -collections industry, Global Debt Registry has just hitched itself to a rocket.

Courtesy of a new partnership, TransUnion will begin marketing the services of Global Debt Registry. TransUnion is a major provider of information for collections departments at large banks and other financial institutions, and is ranked among the top three credit bureaus in the world.

“The ability to team up with GDR to offer our clients GDR tools to manage account information post charge-off—and to support validation of a given debt—is a natural extension to our core services offered to financial institutions, debt collectors, and consumers,” said Peter Ghiselli, vice president in TransUnion’s specialized risk business unit.

Above: Global Debt Registry Chief Commercial Officer Charles Moore demonstrated his company’s technology at FinovateFall 2014 in New York.

Mark Parsells, Chairman and CEO of Global Debt Registry, pointed to TransUnion’s leadership role in providing data and information to the collections community. “GDR and TransUnion’s mutual customers will benefit from our collaboration, which offers a broader market of debt buyers, collectors and financial institutions to reduce costs and risks, improve transparency and efficiencies to the debt-ownership industry.”

Founded in 1968, TransUnion serves more than 45,000 businesses, and more than 500 million consumers in more than 30 countries around the world. The company has been active in the direct-to-consumer market since 20o2, followings its acquisition of TrueCredit in 2002.

Global Debt Registry is a clearinghouse for the debt industry, giving debt owners, collection agents, financial institutions, and consumers a new level of transparency and insight into the “chain of title.” This transparency makes it easier for those working in the industry to accurately identify the true owners of debt for collection purposes. Through a consumer portal, Debt LookUp, Global Debt Registry’s platform can be used, for example, to ensure that repayment on a debt is being made to the correct individual.

Global Debt Registry made its Finovate debut at FinovateFall 2014. The company was founded in 2009, and is headquartered in Wilmington, Delaware. GDR announced a $7 million Series A round in January. Read our interview with CEO Parsells from the beginning of the year.

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Mint Bills Brings Mobile BillPay to One Million Customers of Questar Gas

By David Penn Posted on April 20, 2015
Categories: Mint Bills

Who knew one of the beneficiaries of the energy boom in the Mountain West would be Mint Bills?

Intuit’s Mint Bills today announced a partnership with natural gas utility Questar Gas that will provide online and mobile billpay services to almost one million customers in Idaho, Montana, and Utah.

Brad Markus, general manager for customer service at Questar Gas, said that while providing a wide variety of payment options was a priority for his customers, pedigree was also important. “Mint Bills was the perfect partner for us. We not only liked the mobile bill pay product, but also that it’s a part of Intuit, a trusted brand,” he said.

Utility companies have been an area of focus for Mint Bills for years. In addition to its new partnership with Questar Gas, Mint Bills is working with two other players in the natural gas world, UGI Utilities and New Jersey Natural Gas, providing multichannel billpay for more than two million households combined.

Steve Schultz, general manager of biller services for Mint Bills, said, “Given the increasing adoption of mobile devices, we’re seeing more natural gas utilities starting to offer electronic payment options for their customers.” Schultz added that the cost-effectiveness of Mint Bills was also a big factor for utilities companies like Questar, which are looking for mobile payment technology “for little to no cost.”

Mint Bills makes it easy for consumers to manage and pay their bills. The app monitors all connected accounts—savings, checking, credit—and provides configurable alerts to let users know when bills are nearing due dates. Users can sign up online, or download the iOS or Android versions to use the mobile app.

Mint Bills was launched by Intuit late last year, following the company’s acquisition of Check (formerly Pageonce) in May 2014.

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Finovate Alumni News

By David Penn Posted on April 20, 2015
Categories: AcceptEmail, BBVA, Bento for Business, Betterment, Global Debt Registry, Interactions, Lending Club, Mint Bills, Motif Investing, On Deck Capital, Prosper, WealthForge, Wealthfront, Yoyo

On Finovate.com

Britain’s Second Largest Mobile Wallet, Yoyo, Pulls $10 Million in Funding

Mint Bills Brings Mobile Billpay to One Million Customers of Quester Gas

Global Debt Registry Teams Up with TransUnion to Better Serve Debt Industry

Around the web

Bento for Business founder and CEO weighs in on the future of tech accelerators. See Bento for Business at FinovateSpring 2015 in San Jose next month.

Global Market Solutions joins the Misys InFusion Partner program.

TechCrunch column on fintech regulation features Lending Club, Motif Investing, Betterment, OnDeck, Wealthfront, Prosper, and WealthForge. Join WealthForge in San Jose for FinovateSpring 2015.

PYMNTS features AcceptEmail.

OnDeck partners with Angie’s List to offer financing to its service providers.

Paybefore selects InComm as a 2015 Paybefore Awards Europe winner in the Change Agent of the Year category.

Banking Exchange: Kabbage hopes to harvest more bank partnerships.

Check Point Software and FireEye partner to share threat intelligence to protect customers from modern advanced attacks.

Bank Innovation’s look at Voice Assisted Banking features Interactions.

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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Britain’s Second Largest Mobile Wallet, Yoyo, Pulls $10 Million in Funding

By Julie Muhn (@julieschicktanz) Posted on April 17, 2015
Categories: Funding, Yoyo

U.K.-based Yoyo announced a $10 million Series A round of funding today, bringing the startup’s total to $15 million. The round was led by Imperial Innovations, an affiliate of Imperial College, where Yoyo piloted its mobile payments app. Investors Taavet Hinrikus, Philip Riese, and Michael Tobin also contributed.

The startup will use the funding to bolster engineering and expand its team.

Yoyo also plans to expand internationally and hopes to launch at five U.S.-based colleges by the end of 2015. Yoyo piloted operations at Imperial College in London. The mobile wallet is now available at 15 other British universities, where Yoyo payments total up to 50% of all transactions on campus.

Yoyo’s platform, which is aimed at closed environments such as universities and airlines, sees 150k transactions per month. This earns it a spot as one of Britain’s largest mobile wallets, second only to Starbucks’ payment app.

The mobile payments app boasts convenience, and its built-in reward system keeps customers coming back. Yoyo has a stickiness rate of 80% and, on average, its users spend more than non-users.

We covered Yoyo in our Finovate Debuts series earlier this year. The company unveiled its mobile wallet technology at FinovateEurope 2015 in London.

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Fintech Fundings: 18 Companies Raise $700 Million Week Ending April 17

By Jim Bruene Posted on April 17, 2015
Categories: Funding

Once again alt-lending dominated the dollar volumes flowing into fintech accounting for close to a half-billion this week. The majority ($400 million) went to Chicago-based Avant. We should note that with all the money flowing to alternative lending, it’s getting a bit harder to classify the funding between a lending pledge, straight debt, traditional equity or a hybrid.

On the equity front, a good variety of firms were funded from billpay, ranging from remittances and insurance to direct banking.

Five Finovate alums took in a total of $35 million:

$10.7 million to CurrencyFair
$10 million to Yoyo
$9.5 million to Interactions
$3.2 million to MoneyStream
$1.2 million to StockTwits

In total, 18 private fintech companies raised $695 million, at least $450 million was debt and $245 million was equity. Here are the deals from April 11 to 17 by size:

Avant
Direct online lender
HQ: Chicago, Illinois
Latest round: $400 million Debt
Total raised: $1.4 billion ($350 million equity; $1.05 billion debt)
Tags: management, investing
Source: Crunchbase

PrimeRevenue
Supply-chain financing marketplace
HQ: Atlanta, Georgia
Latest round: $80 million Private Equity
Total raised: $91.6 million
Tags: Lending, SMB, factoring, investing
Source: Crunchbase

Applied Data Finance
Lending to underbanked via Personify Financial Services
HQ: New York City
Latest round: $50 million Debt + undisclosed equity
Total raised: Unknown
Tags: Data analytics, underbanked, lending, underwriting, consumer credit
Source: Crunchbase

PolicyBazaar
Indian insurance-comparison portal
HQ: Gurgaon, India
Latest round: $40 million Series D
Total raised: $69.6 million
Tags: Insurance
Source: Crunchbase

Billtrust
B2B invoicing and payments
HQ: Hamilton, New Jersey
Latest round: $25 million Series C
Total raised: $54 million
Tags: SMB, invoicing, billpay, bill payment, accounts receivable, accounts payable
Source: FT Partners

Acorns
Saving and investing app
HQ: Newport Beach, California
Latest round: $23 million Series C
Total raised: $32 million
Tags: management, investing
Source: FT Partners

InGo Money (formerly Chexar Networks)
Mobile money movement and card reloads
HQ: Roswell, Georgia
Latest round: $13.5 million
Total raised: $21.9 million
Tags: management, investing
Source: FT Partners

CurrencyFair
Remittances and foreign exchange
HQ: Dublin, Ireland
Latest round: $10.7 million Series A
Total raised: $15.4 million
Tags: Fx management, funds transfer, international money exchange, Finovate alum
Source: Finovate

Number26
German direct bank startup
HQ: Berlin, Germany
Latest round: $10.7 million Series A
Total raised: $12.7 million
Tags: Banking, mobile, neo-bank, direct bank, branchless
Source: Crunchbase

Yoyo
Mobile wallet
HQ: London, United Kingdom
Latest round: $10 million Series A
Total raised: $15 million
Tags: Mobile, payments, credit cards, debit cards, Finovate alum
Source: Crunchbase

Money360
Commercial real estate loan marketplace
HQ: Ladera Ranch, California
Latest round: $10 million
Total raised: $13 million ($11 million equity; $2 million debt)
Tags: Lending, credit, real estate, commercial mortgage, investing, P2P, crowdfunding
Source: P2P-Banking.com

Interactions
Customer service technology
HQ: Franklin, Massachusetts
Latest round: $9.5 million
Total raised: $110+ million
Tags: Service, call center, mobile, speech recognition, biometrics, security, Finovate alum
Source: Crunchbase

TouchBistro
Mobile POS system for restaurants
HQ: New York City, New York
Latest round: $6 million Series A
Total raised: $12 million
Tags: Mobile, point-of-sale, credit/debit card, acquiring, merchants, SMB
Source: FT Partners

MoneyStream
Money and bill management
HQ: Los Gatos, California
Latest round: $3.2 million Series A
Total raised: $3.2 million
Tags: Billpay, PFM, payments, money management, H&R Block (investor), Finovate alum
Source: Finovate

Ascend Consumer Financial
Loan comparison and rewards
HQ: San Francisco, California
Latest round: $1.5 million Seed
Total raised: $1.5 million
Tags: Lending, rewards, underwriting, credit, loans, lead generation, consumer
Source: Crunchbase

StockTwits
Investment sentiment analysis
HQ: New York City, New York
Latest round: $1.2 million
Total raised: $9.8 million
Tags: Investing, analytics, mobile, Twitter, Finovate alum, FinDEVr alum
Source: FT Partners

CommonLedger
Accounting data-aggregation tool
HQ: Wellington, New Zealand
Latest round: $1 million Seed
Total raised: $1 million
Tags: Accounting, metrics, data analysis
Source: Crunchbase

FriendlyScore
Alternative credit score
HQ: London, United Kingdom
Latest round: $375,000 Seed
Total raised: $395,000
Tags: Lending, underwriting, credit scoring, data analytics
Source: Crunchbase

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MoneyStream Launches to Public, Receives $3.2 Million in Funding

By Julie Muhn (@julieschicktanz) Posted on April 17, 2015
Categories: Funding, MoneyStream

MoneyStream not only launched its bill pay-focused PFM platform in the U.S. today, but also received its first round of funding.

The $3.2 million round was led by 60-year-old H&R Block, and marks only the second time the tax and accounting company has invested in a startup. H&R Block’s first investment was in 2011 when it furnished an undisclosed amount to Wipit, which demonstrated its Boost Mobile Wallet at FinovateSpring last year.

Bruno Bowden and Kim Polese also contributed to MoneyStream’s Series A round.

MoneyStream helps consumers avoid late payments and overdraft fees by providing cash- and bill-management tools enabling them to look ahead and make financial predictions. The startup analyzes historical account activity to predict their future balance and alert them if they could come up short. In addition to offering a single place to view all bills, the free service also enables users to pay bills directly from MoneyStream’s platform.

Founded in 2012, the company debuted at FinovateFall 2014 in New York. Mike Bertrand is CEO.

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Finovate Debuts: Xsolla Leverages its Billing Platform to Build a Better Payment System

By David Penn Posted on April 17, 2015
Categories: Finovate Debuts, Xsolla

Xsolla is taking its expertise in providing billing services for gaming platforms into the world of payments and commerce. At FinovateEurope 2015, Xsolla demonstrated its white-label, customizable billing platform for financial institutions. Aiman Seksembaeva, Xsolla’s manager of business development, said, “We believe our solution has been perfected and molded by millions of daily transactions that can actually help reinvent e-commerce.”

The stats:

Founded in 2006
Headquartered in Sherman Oaks, California
Maintains workforce of 170
Alexander Agapitov is CEO

The story

Xsolla’s payment-gateway comes with advanced analytics and reporting tools, as well as advanced antifraud and chargeback management. The technology can be used by online merchants looking to make it easier for consumers to make transactions in the manner and currency of their choice. Xsolla believes this flexibility is critical, pointing out that enabling consumers to transact in local currencies increases engagement which can lead to higher revenues for both small businesses and their bank partners.

Users choose a country and coverage, or have them selected automatically. Some advanced users of the platform may transact in one set of currencies, yet want payouts in an entirely different set of currencies. Seksembaeva points out that this kind of functionality within larger payment gateways has been available for years, and now with Xsolla, these options are available to small and medium-sized merchants as well.

Banks and clients alike have access to the platform’s analytic and reporting dashboard, a 24/7 analytics suite that helps merchants monitor and manage the “flow and health of their business.” Users can see all transactions made on the platform, the volume of sales, taxes if applicable, payout amounts and types, and review fees, courtesy of detailed reports on each payment method.

The bank workspace, Semsekbaeva points out, is not just a “big-data analytics solution capable of producing customized reports” but a resource that allows FIs to communicate directly with clients. It can be used for cross-selling; marketing credit lines for SMEs; as well as handling complex offers from merchants and other vendors.

The future

Xsolla has been busy making friends in the weeks and months since its Finovate debut in London in February. The company announced partnerships with Ubisoft and CipSoft in April, following a string of successful deals from late 2014. Teaming up with other platforms in the spring has led to sales increases of more than 30% and significant gains in conversion rates from PayPal, credit cards, and other payment methods.

Above: Xsolla Business Development Manager Aiman Seksembaeva presented at FinovateEurope 2015.

The key will be convincing FIs that Xsolla, which already has a strong presence in the world of online gaming, is making a real commitment to helping banks provide a range of options for their small business clients looking for variety in payment options.

“We’ve been experiencing a lot of demand from businesses for a solution like ours,” Seksembaeva said of the company technology. “But we truly believe this is not Xsolla’s place to be. This is a bank’s business.”

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OnFinance’s “50 Companies to Watch” Features Finovate, FinDEVr Alums

By David Penn Posted on April 17, 2015
Categories: AlphaPoint, Betterment, CardFlight, DRAFT, Jumio, Kensho, Plaid, Tradier, Zumigo

Alumni from both Finovate and FinDEVr are featured in AlwaysOn’s OnFinance “50 Companies to Watch” roster released this week.

AlwaysOn’s OnFinance “50 Companies to Watch” highlights “early to mid-stage startups focused on honing fintech innovation” that are effectively taking their technologies to market. This ability to “capitalize on enormous market opportunities” is what AlwaysOn uses to distinguish its “50 Companies to Watch” from its “Top 100” list published earlier this month.

“(The 50) are positioned at the inflection point of growth and are quickly emerging as contenders that are earning global recognition,” write the editors.

See for yourself. The full list is here. Below are the nine Finovate and FinDEVr alums that made the cut, along with a link to their most recent appearance on stage.

FinovateEurope 2015

FinovateFall 2011

FinovateSpring 2014

See them at FinovateSpring 2015

FinovateEurope 2015

FinovateEurope 2014

FinDEVR San Francisco 2014

FinovateSpring 2014

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Interactions Raises More than $9 Million in New Funding

By David Penn Posted on April 17, 2015
Categories: Interactions

The rumors are true: Interactions has raised $9.5 million in new funding.

We reached out to Interactions for confirmation, and they were generous enough to reply with a quote from Interactions CEO Mike Iacobucci:

“This new round of funding further supports our momentum in the market and represents an investment in Interactions’ expansion strategy following the recent acquisition of the AT&T Watson research and technology program.”

“We’re happy to have the continued support of our investors, who share Interactions’ vision of a highly accurate, multimodel interface for any application, device, or service.”

The new investment takes Interactions’ total capital to more than $100 million. Participants in this latest venture round were not disclosed. But previous investors in the company have included Cross Atlantic Capital Partners, North Hill Ventures, and Sigma Partners, all of which participated in funding rounds for the company in 2011 and 2013.

Above: Dan Fox, marketing manager for Interactions, demoed at FinovateSpring 2014 in San Jose.

Interactions’ technology is used by several Fortune 100 companies looking to leverage natural language understanding technology to make customer interactions both more efficient and more engaging. For banks and financial institutions, this includes providing a wide range of services—replacing lost or stolen cards, transferring money between balances, locating nearby ATMs—without the intervention of a live human agent. Interactions’ platform provides conversational solutions for customers in spoken language (including Spanish), as well as being able to respond by text, and email.

Recent headlines for Interactions include the company’s performance at the 19th MITX Awards this month, earning finalist honors in both the “Best Work Productivity Technology” and “Best Consumer Tech that Makes Life Easier” categories. The company’s virtual assistance technology was also recognized by TMC as a CUSTOMER Contact Center Technology Award winner for 2014.

The company’s acquisition of AT&T’s Watson speech-recognition and natural language understanding platform in December was a major coup that, according to Iacobucci, “will enable the development of highly intuitive interfaces for virtually any device or service and deliver on our vision for the ‘Interface of Things.'”

Interactions was founded in 2004 and is headquartered in Franklin, Massachusetts. A multiple Finovate alum, and two-time Best of Show winner, the company last demoed its technology at FinovateSpring 2014 in San Jose.

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Finovate Alumni News

By David Penn Posted on April 17, 2015
Categories: BillGuard, CurrencyFair, Lending Club, Lendio, Malauzai Software, MasterCard, MoneyStream, Prosper, SocietyOne, Thomson Reuters

On Finovate.com

Meet the Presenters: Check out FinovateSpring 2015 Sneak Peek: Part 4

MoneyStream Launches to Public, Receives $3.2 Million in Funding

CurrencyFair Springs $10.7 Million More in Funding

Around the Web

Thomson Reuters unveils ASKTRPS to help fixed-income professionals meet reporting requirements.

MasterCard to sponsor Smart City App Hack.

Alabama Teachers Credit Union and Greater TEXAS Federal Credit Union to launch SmartwearApps for the Apple Watch courtesy of Malauzai Software. See Malauzai at FinovateSpring 2015 in San Jose next month.

Former Salesforce chief architect Scott Hansma joins Lending Club as senior vice president of technology.

MasterCard partners with Alliance for Financial Inclusion to support AFI’s Public-Private Dialogue Platform.

American Banker’s highlights from Prosper and Lending Club at this week’s LendIt conference.

News.com.au’s Investing highlights SocietyOne’s role in “dude-to-dude” lending.

CNBC highlights BillGuard.

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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