Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning

Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning
By David Penn Posted on
Categories: FinovateSpring 2014, Kreditech
Kreditech_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

All the way from Hamburg, Germany, here is the team from Kreditech with its proprietary big-data scoring and underwriting technology.

“The self-learning proprietary algorithm scores on applicant’s creditworthiness within less than a minute. Without having to go to a bank, the customer can apply for his loan online or mobile, whenever and wherever. If accepted the loan is paid out to their bank account within 10 minutes. Compared to traditional rating organizations like Schufa or FICO, the Kreditech Algorithm only studies the financial situation of the customer in the moment of the application and does not use historical data.
The technology is therefore flexible and can quickly enter and adapt to new markets. There are 5 billion people in the world that have no access to financial products, and our technology is able to provide that to them.”
Presenting: Sebastian Diemer (CEO & Founder) and Alexander Graubner-Müller (CTO & Founder)

Product Launch: September 2012 (in first market Poland)
Metrics: 10,000 data points per loan application; less than 1 minute average decision time per loan application; >$15M revenue run rate (as of March 2014); >$55M issued loans run rate (as of March 2014); <10% average loan loss in all established, profitable core markets (Poland, Spain, Russia, Czech); industry average emerging markets: >30%; 70% – 90% growth per quarter; over 600,000 applications processed in total; various credit products available in Poland, Spain, Czech, Russia, Australia & Mexico; releasing further retail banking products in 2014 (e.g. Prepaid Credit Cards, e-Wallets0; over 80 full-time employees from 26 different countries; Kreditech is launching in 4 to 6 countries in 2014; company (groupwide) profitable by Mid 2014; $22.5M raised by most influential European business angels (Samwer Brothers, Michael Brehm, Stefan Glaenzer, Heiko Hubertz, etc.) and funds (Global Founders Capital, Point Nine Capital, Kreos Capital, Greycorp, etc.)
Product distribution strategy: Direct to Consumer (B2C)
HQ: Hamburg, Germany
Founded: February 2012
Website: kreditech.com
Twitter: @kreditech

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LOYAL3 Social IPO Platform Democratizes the Investment Process

LOYAL3 Social IPO Platform Democratizes the Investment Process
By David Penn Posted on
Categories: FinovateSpring 2014, LOYAL3
LOYAL3_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Our next presenter from nearby San Francisco is LOYAL3, demoing their Social IPO Platform.

“The LOYAL3 Social IPO Platform opens up IPO access to large numbers of individuals like never before. LOYAL3 partners with pre-IPO companies to give them a way to include consumers, employees, partners, and fans in their IPO. Through LOYAL3, people can start investing in an IPO with just $100 and pay no fees to purchase the IPO stock. 
LOYAL3’s IPO platform augments and complements the traditional IPO investing process by providing a way for small investors to participate in IPOs at the same price per share and at the same time as Wall Street institutions and their largest customers.”
Presenting: Barry Schneider (CEO)
Product Launch: October 2013
Metrics: To date, LOYAL3 has 102 employees and raised more than $60 million in funding
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
HQ: San Francisco, California
Founded: November 2008
Website: loyal3.com
Twitter: @LOYAL3

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Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions

Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions
By David Penn Posted on
Categories: FinovateSpring 2014, Nearex
Nearex_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

All the way from Singapore, here is the team from Nearex, demoing the Xip Micropayment System:

“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”

Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)


Product Launch: April 2014
Metrics: $1 million raised to date
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Singapore
Founded: December 2012
Website: nearex.com

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FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio

FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinBuddy, FinovateSpring 2014
FinBuddyLoLogo

This post is part of our live coverage of FinovateSpring 2014.

Second up this afternoon, FinBuddy launched easy-to-understand tools that engage investors without intimidating them:
“Currently, retail investors are stifled by the lack of tools that speak the same language at the level they can comprehend. Vast amount of data that is available creates more confusion and does not provide enough actionable information or insight to investors. FinBuddy addresses this gap by providing very easy-to-understand tools that don’t scare investors but engage them without losing depth and rigor. 
We provide an intuitive stock & fund screener that helps investors discover new investment opportunities similar to how we discover things in the real world. We provide a comprehensive way to evaluate an investment without overwhelming the user. Our portfolio analysis toolset helps individuals understand their portfolios in easy terms and track them better. Finally, trusted friends can provide commentary and feedback on the investor’s portfolio and share tips over FinBuddy’s social network feed. Social collaboration combined with personalized and relevant insights help individuals make sound investment decisions.”
Presenting: Shyam Maddali (CEO & Founder) and Baker Nanduru (Co-Founder)
Product Launch: April 2014
Metrics: 
    • Funding: self-funded
    • Number of employees: 1 full-time, 2 part-time
    • Revenues: pre-revenue
    • Registered users: ~200 (friends & family)
Product distribution strategy: Direct to Consumer (B2C)
Founded: May 2013
HQ: Fremont, CA
Website: finbuddy.com

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Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App

Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App
By David Penn Posted on
Categories: FinovateSpring 2014, Qapital
Qapital_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Qapital is our next presenter. The company’s PFM, safe balance, savings and goals app is live in Sweden and in closed beta in the U.S.

“Qapital for iPhone – a unique app that provides answers to the following three questions:
  • How much money can I spend?
  • How am I spending my money?
  • How can I achieve the things that really matter to me?
The knowledge contained in the PFM transaction data is leveraged to create small and inspiring ways to show how much you are able to spend as well as how to achieve your goals through savings.
Here are some examples of the smart and inspirational features:
  • You’ve spent less on taxis than usual this month; do you wish to transfer the surplus to your ski trip goal?
  • Tax yourself a dollar toward your new guitar every time you buy a beer.
  • Yes, you can afford that sweater if you skip five coffees at Starbucks!”
Presenting: George Friedman (CEO & Founder) and Henrik Wrangel (Chief Product Officer)

Product Launch: November 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions, licensed
HQ: Stockholm, Sweden
Founded: September 2012
Website: qapital.com
Twitter: @qapitalapp

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PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market

PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market
By David Penn Posted on
Categories: FinovateSpring 2014, PrivatBank
Privatbank_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Coming to the stage – all the way from the Ukraine – is the team from PrivatBank.

Topless Android ATM is an ATM without an unnecessary TOP. It is equipped with an Android phone with an NFC chip, Raspberry Pi, cash dispenser, and safe. The ATM has minimum electronics and no keypad or buttons and is controlled by customers’ smartphones.
Presenting: Kristina Chaiykovskaya (Deputy Head, E-Business) and Maria Gurina (Deputy Head, E-Commerce)

Product Launch: October 2013
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: Dnepropetrovsk, Ukraine
Founded: March 1992
Website: privatbank.ua

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Red Giant App Makes Ordinary Payment Cards Intelligent, Flexible and Secure

Red Giant App Makes Ordinary Payment Cards Intelligent, Flexible and Secure
By David Penn Posted on
Categories: FinovateSpring 2014, Red Giant
Red_Giant_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Our next presenter is the team from Red Giant.

Red Giant’s groundbreaking service gives you financial control and security you have not had until now. Red Giant keeps your debit card locked until you are ready to use it. And when you want to make a purchase you just use the mobile app to unlock your card with the touch of a button.
When you unlock your Red Giant card it works just like any other card, only better. You get instant receipts, immediate balance updates, and a real-time picture of your actual spending compared to your goals – right on your smartphone.
You can use your Red Giant physical card anywhere standard cards are accepted. Red Giant Digital cards – shown securely in our mobile app – let you separately control your online purchases.
Presenting: Robert Sears (CEO) and Lindsay Douglass (Project Manager)

Product Launch: April 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions
HQ: Palo Alto, California
Founded: June 2008

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Zumigo Demos Assure Technology to Speed and Simplify eCommerce Transactions

Zumigo Demos Assure Technology to Speed and Simplify eCommerce Transactions
By David Penn Posted on
Categories: FinovateSpring 2014, Zumigo
Zumigo_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Zumigo is on stage now, about to debut its Assure solution for securing financial transactions, identifying devices and their owners, and enabling marketing

“Zumigo is demonstrating a revolutionary new way to simplify the account-opening funnel and reduce shopping cart abandonment. Financial institutions and eCommerce companies can integrate this solution to existing new-customer flows on websites and mobile applications. By leveraging its access to mobile networks and related account data, Zumigo can pre-populate forms with a customer’s name, address, phone number, and even tokenized credit card data. Now a customer’s mobile phone can provide the data needed to streamline, reduce risk, and secure any transaction.”
Presenting: Chirag Bakshi (CEO & Founder) and David Pinski (VP Product Management)

Product Launch: April 2014
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: San Jose, California
Founded: December 2009
Website: zumigo.com
Twitter: @zumigo1

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Avoka Launches TransactWeb to Turn Paper, PDF and Web Forms into Digital SmartForms

Avoka Launches TransactWeb to Turn Paper, PDF and Web Forms into Digital SmartForms
By David Penn Posted on
Categories: Avoka, FinovateSpring 2014
Avoka_hi_res_FS2014

This post is part of our live coverage of FinovateSpring 2014.

Making their way to the stage now is the team from Avoka.

Avoka TransactWeb is the Customer Transaction Experience Game Changer. As the leading Multi-Channel Data Collection SmartForm & Transaction Management System, it transforms mobile-unfriendly, painful-to-fill-in, hard-to-maintain, slow-&-dirty-data, channel-constrained Paper, PDF, or Web Forms (such as account opening & loan applications, permits & license, student enrollment, and insurance claims) into mobile-optimized, easy-&-intuitive-to-fill-in, fast-&-agile-to-maintain, high-quality-data Multi-Channel SmartForms for a seamless, multi-channel customer transaction experience.
It also announced a partnership with miiCard that will allow customers to use their miiCard online ID verification to replace physical ID verification.
Presenting: Phil Copeland (CEO) and Jeff Kalicki (Senior Account Executive)

Product Launch: March 2014
Metrics: Over 100 employees; offices in US, UK, and Australia; tier 1 & 2 Financial Services clients; government clients in US, UK, and Australia; industry-leading NPS score (+41).
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms.
HQ: Denver, CO
Founded: January 2002
Website: avoka.com
Twitter: @avokatech

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Visible Equity’s Fair Lending Analytics Can Mathematically Prove Borrowers Are Treated Fairly

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Visible Equity
This post is part of our live coverage of FinovateSpring 2014.
Next, Visible Equity launched Fair Lending Analytics to help financial institutions prove they are treating borrowers fairly:
“Fair Lending laws have been around for decades, but more sophisticated Fair Lending analysis has recently become a hot-button issue and point of emphasis from financial regulators.
Our product uses intuitive design and advanced statistical modeling to determine whether discrimination or “disparate impact” is potentially occurring in marketing activities, during the loan application process, with pricing and add-on products, and with charge-off and collection practices.
It is unlikely that a financial institution is ever knowingly discriminating, but now with the use of Fair Lending Analytics, institutions can mathematically prove they are compliant and treating all borrowers fairly.”
Presenting: Matthew Court (VP Sales & Marketing) and David Gilbert (COO)
Product Launch: April 2014
Metrics: We serve over 300 clients and analyze over $120B in loans daily.
Product distribution strategy: Direct to Business (B2B)
HQ: Salt Lake City, UT
Founded: June 2008
Twitter: @visibleequity
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Smarter Authentication from Encap Security Combats CNP Fraud

Smarter Authentication from Encap Security Combats CNP Fraud
By David Penn Posted on
Categories: Encap, FinovateSpring 2014
EncapLogoFS14

This post is part of our live coverage of FinovateSpring 2014.

Our next presenter is the team from Encap Security.  The company’s Smarter Authentication solution helps provide a secure, seamless omnichannel experience for financial institutions and their customers.

“In the wake of Target and other large retail breaches, Encap has the first solution that can be used to combat CNP fraud – the way most compromised cards are used. Encap is demoing our authentication solution with an emphasis on the importance of thinking outside the traditional ‘authentication’ box.
Because Smarter Authentication is complex, secure, and provides a simple and seamless user experience, it is ideally suited to address not only mobile and online banking transactions, but also CNP transaction approval.”
Presenting: Adam Dolby (VP Business Development) and David Nayes (Director of Sales)

Product Launch: November 2012
Metrics: Based in Oslo and Palo Alto, Encap Security’s management team has more than 60 years experience and an unrivaled pedigree in authentication, identity management, mobile app security, and mobile financial services. Following a recent funding round, the total investment in Encap Security stands at $6.6 million. Encap Security’s solution is used by major financial institutions, enterprises, and technology integrators including Santander Consumer Bank Norway, EnterCard, and Sparebaken Vest.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms.
HQ: Palo Alto, CA
Founded: October 2012
Twitter: @encapsecurity

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Wipit’s Boost Mobile Gives Underbanked Users an Easy Alternative to Retail Check Cashing

Wipit’s Boost Mobile Gives Underbanked Users an Easy Alternative to Retail Check Cashing
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Wipit
WipitLogo

This post is part of our live coverage of FinovateSpring 2014.

Next, Wipit took the stage to demo Boost Mobile Wallet:
“Boost Mobile Wallet lets millions of prepaid wireless customers load cash to their mobile wallet account, then use the funds to send international money transfers, pay bills, or top-up their Boost Mobile phone − all from the convenience of Wipit’s Mobile Wallet app on their Android smartphone or iPhone. 
Customers are also provided with a convenient, cost-saving alternative to retail check cashing via Wipit’s in-app Quick Check service. For customers that prefer the convenience of card payments, Boost Mobile Wallet includes a personalized, linked Visa prepaid card that can be used for ATM withdrawals and Visa purchases.”
Presenters: Richard Kang (CEO) and John Janes (COO)
Product distribution strategy: Direct to Consumer (B2C), through other fintech companies and platforms
HQ: Pasadena, CA
Founded: May 2010
Product Launch: May 2013  
Website: wipit.me 

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