Launching: Credible Will Refi Your Student Loans Through Cooperating Lenders

image On Monday, Credible debuted its student loan refi platform at Jason Calacanis’s Launch Festival (see demo below). The demo was a judge favorite, with three of the five judges naming it their favorite among the eight demos in that session. And the company ended up taking home the trophy (and optional investment) as the best established company demo. The overall winner was Connect, an address book that maps your contacts from social networks.

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How it works
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The business model is similar to Lending Tree. Users answer eight questions, all from memory:

1. Do you have a PRIVATE student loan? (Yes/No)
2. What year did you graduate? (choose 2001 to 2012)
3. What was the last school you graduated from?
4. Do you have graduate or postgraduate degree? (Yes/No)
5. What is your approximate income? (slider $0 to $200,000+)
6. What is your approximate student loan balance? (slider $0 to $200,000+)
7. What is the approximate interest rate on your student loan? (slider 2% to 15%+)
8. What is your approximate credit score? (slider very poor/300 to excellent/850)

Close = Enter your email address to get results

At the end of that 60-second quiz, as soon as the email is entered, Credible displays the potential savings from a student loan refi.

Interested borrowers select the Switch Lenders Now button, download their actual loan info through account aggregation technology (the demo showed Intuit powering an account scrape of Sallie Mae), complete a short loan, and upload a scan of their drivers license and last pay stub.

That info is sent off to student lenders who make actual credit offers to the user within two to three days (see screenshot #2). 

In the 24 Feb 2014 demo, using an actual student from their beta launch, the three competing lenders shown were (may not be real quotes however):

  • Wells Fargo at 3.75%
  • SoFI at 5.88%
  • CU Student Loans at 4.90%

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About Credible
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  • San Francisco-based startup launched in Feb 2014
  • Raised $500,000
  • 30,000 borrowers registered during its beta test (carried out under previous incarnation, JoinStampede.com)
  • Founder Stephen Dash worked at JP Morgan Chase
  • Its goal is to move beyond student loans into “every bank and insurance service.”

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Bottom line
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As proven by the success of Sofi ($400 million funded) and the buzz around Finovate alum Tuition.io, the student loan market is ripe for new thinking (I won’t say disruption, because debt consolidation is hardly a new concept). That said, existing financial institutions can play in this game, and win if they want to. We believe customers would be more likely to refi if it was delivered by their primary financial institution within the secure online (or mobile) environment.

And the great thing about saving your up-and-coming customers a few grand each year is that they are hardly going to jump ship to save $5 per month on a checking account.

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Exhibits

1. Credible wizard results

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2. Competing offers

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Credible demo (will launch in separate window set to begin demo at the 1 hour, 56 min mark; 25 Feb 2014)

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PrivatBank Launches HCE Mobile NFC Payments Solution

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Here’s some good news out of the Ukraine: the country’s PrivatBank (FinovateEurope 2013) has introduced a mobile NFC payments service.

Based on host card emulation (HCE), the Liqpay app works with Android-powered NFC smartphones (Android 4.4) and lets users register both MasterCard and Visa cards for use at contactless, POS terminals.

Host card emulation is a technology that lets NFC applications function as smart cards. For consumers, this enables mobile payments via that NFC app. For banks and financial institutions, the technology allows them to save money by maintaining payment accounts in the cloud.

The technology was first deployed in 2012 and is seen as a way to speed mobile NFC adoption by card companies like Visa and MasterCard. By replacing the Secure Element traditionally used to host NFC applications, HCE technology promises an easier deployment for merchants, with lower costs and few changes to existing payment infrastructures.

PrivatBank is among the companies that will be demoing at FinovateSpring in San Jose. For more information about our upcoming event in April, visit our FinovateSpring 2014 page here.

Finovate Alumni News– February 28, 2014

  • Finovate-F-Logo.jpgPindrop Security launches Industry’s First Combined Voice Biometric and Phoneprinting Fraud Detection System.
  • Tyfone launches mobile banking platform for small and medium FIs.
  • Taulia launches Taulia Enhanced Discounting which gives organizations the choice of using cash or the capital of a third-party FI to pay early.
  • FreeAgent launches its first dedicated division giving direct support to UK accountants and their clients.
  • ShopKeep POS reaches 10,000 customers, announces expansion in Ireland and western U.S.
  • PrivatBank launches HCE mobile NFC payments solution.
  • Housing Wire lists Realty Mogul among its 100 most innovative technology companies for 2014.
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.

FinovateEurope: Behind the Scenes with NF Innova, Tink, and Vaamo

In another behind-the-scenes view of FinovateEurope 2014, we take a closer look at NF Innova, Tink, and Vaamo.

If you missed the previous two behind-the-scenes features, be sure to check out:



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What they do
NF Innova helps banks provide a tailored banking experience for their customers. This Personal Experience Module replaces a company’s static CRM system with an adaptive solution. It responds to individual users’ needs without the need for administrative input. 
By monitoring user behavior on digital touch points, it automatically provides the functionalities that appeal most to each user. The result is a solution that provides a single location for the end user to address all of their financial needs.
Stats
  • $1.5 million in revenue in 2013
  • 1 million users in its iBanking suite
  • 42 employees
  • 15 years experience working with banks
The experience
Customers are greeted with a login screen that speaks especially to them. In this example, the customer is greeted with a clean login screen that targets them with a home mortgage.
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After logging in, the user sees a financial “command center” where they can view multiple accounts and have access to P2P payment options, alerts, account balance and feed of transactions over time, and more.
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In this view, the My Cards section on the right is expanded to detail the customers’ balance across their credit card accounts.
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NF Innova’s solution works for both larger and smaller financial institutions. It is working with one of the largest financial institutions in Russia but is mostly focused on the European market. However, it plans to expand to both North and South America later this year.


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What they do
Tink is a direct-to-consumer mobile app seeking to reinvent PFM to make managing finances more enjoyable and digestible for ordinary people. Its average user is a 25-year-old female, and in order to appeal to this demographic, Tink makes looking at finances as easy and beautiful and checking your Instagram feed.

The Sweden-based company does its own aggregation, ensuring that all of users’ transactions are accurately represented. This is crucial because, as Tink notes, it is rare for users to manually input or change details about their transactions. Therefore, if the aggregation isn’t done correctly the first time, the user’s view of their finances will never be accurate.

Stats
  • 150,000 users 
  • 10 employees
  • Average user logs in 3 times per week
The experience
The middle phone below depicts the user’s financial feed, which has a similar feel to Facebook’s activity feed. Its purpose is to inform the consumer of their spending while not making them feel guilty about it. By viewing spending habits as something positive, Tink encourages users to log in more frequently.
 
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In addition to the general activity feed, Tink also shows the user a close up view of their spending. The phone in the middle depicts spending across simplified categories, and the one on the right is a magnification of what the user spent on a specific category, Food & Drinks.
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Tink is live in Sweden on iOS and Android. It plans to launch in other markets in the future.

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What they do
Vaamo helps users achieve their personal financial goals by providing them a simple and easy-to-use platform that visually portrays their goals over time.
 It invests the user’s money in international equities, government and corporate loans and real estate. To optimize return on investment, Vaamo uses an investment approach that was developed in collaboration with the Goethe-University in Frankfurt.
If one of the funds changes unexpectedly, the user is prompted to log in and change their goal by either contributing more money or extending the time period.
Stats
  • 14 employees
  • More than €500K in capital raised
  • It is in final negotiations in contracting with a bank in Germany to h
    old customer account balances.
The experience
The screenshot below depicts a user’s view of their three goals. With a personalized picture as the background and the progress bar in the middle, it is easy to see each savings goal.
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The interface below illustrates the simplicity of setting up a goal. Instead of being burdened with selecting individual funds, the user needs only to select their risk class and how much they are willing to contribute initially.
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Users can withdraw funds from their goals at any time. When they opt to withdraw from their account, they are prompted to make a choice about how they want to make up the amount they took from their savings goal (see the red box in the screenshot below).
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Vaamo is a paid product that will target 25-45 year olds who earn a range of €3k to €10k per month.

Check out Vaamo’s live demo video from FinovateEurope here.


Stay tuned next week for another behind-the-curtain view of FinovateEurope 2014.

IntelliResponse Unveils Virtual Agent for Salesforce

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A specialist in developing virtual agent (VA) technology for the enterprise, IntelliResponse announced today that its VA solution was now available on the Salesforce App Exchange.

David Lloyd, IntelliResponse CEO, said, “We are proud to partner with Salesforce1 App Exchange to deliver new customer service capabilities to companies and the customers they serve.”

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Virtual Agent for Salesforce will make it easier for companies to provide their customers with consistent, correct answers to their queries. Operating out of the Salesforce Service Cloud, the technology provides service across channels for customers, and helps speed up the on boarding process for new sales/customer service agents.
Lloyd said, “With IntelliResponse VA for Salesforce, they can put the right answers at both their customers’ and employees’ fingertips, making every agent as good as their best agent.”
Click the image below for a YouTube introduction to IntelliResponse.
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IntelliResponse’s technology was recently recognized by Opus Research, which gave the company high marks for its ability to bring natural language processing and machine learning to industries ranging from finance to retail to telecommunications. Founded in 2000 and headquartered in Toronto, Ontario, Canada, IntelliResponse is privately funded.
IntelliResponse was part of the spring show in San Francisco in 2013, and will be returning to FinovateSpring in this year in April. To learn more about our upcoming event, visit our FinovateSpring 2014 page here.

Updated: Wealthfront’s Automated Investment Management Service Goes Mobile with New App

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Now available on iOS, Wealthfront’s new mobile app makes it easy for investors to manage their money on the go.

Features on the mobile app include:

  • Account balance check
  • Investment account performance view
  • Fund transfer to Wealthfront accounts
Wealthfront provides personalized investment management for customers with accounts as small as $5,000. The company’s automated diversification and account rebalancing help keep costs low. And customers with larger account sizes can take advantage of additional features like free, daily tax-loss harvesting ($100,000 or more) and commission-free trading ($10,000 or more).
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A variety of account types are supported by the platform, including taxable, IRA,and 401(k) rollover accounts.
Wealthfront is one of Finovate’s oldest alums, demoing as “kaChing” at Finovate Startup 2009. The company now has more than $500 million under management, and recently announced the promotion of its COO, Adam Nash, to Chief Executive Office.

Finovate Alumni News– February 27, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMountain America CU chooses ProfitStarsImageCenter and Enterprise Payment Solutions.
  • TSYS renews payments agreement with Commerce Bank.
  • ProfitStars announces partnership with OnDeck to deploy LendingNetwork platform.
  • Wealthfront’s automated investment advisory service goes mobile with new app.
  • Arroweye’s 2013 performance reveals 25% growth & 60%+ increase in open loop card fulfillment compared to 2012.
  • SpendMatters covers Tradeshift’s and Taulia’s divergent yet converging cases and value propositions.
  • Tradeshift raises $75 million, plans to open office in Tokyo.
  • Andera upgrades software to enable mobile applicants take photos of their driver’s licenses during the application process to populate data fields automatically.
  • Kabbage now extending more than $1 million per day in funding to small businesses.
  • Kony and AirPlug partner to deliver enterprise-grade mobile solution to mobile network operators.
  • CashStar wins Digiday Retail Award for achievement in online retail marketing and advertising.
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.

Tradeshift Raises $75 Million, Plans to Open Office in Tokyo

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Further enforcing the trend of small business tools in fintech, online invoicing company Tradeshift announced a $75 million round of funding.

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The new installment comes from Singapore-based Scentan Ventures, which Tradeshift now claims as a partner.

The San Francisco-based company has global offices in Copenhagen, London, and Suzhou and plans to use the funds to expand to Asia and open an office in Tokyo. This is a large step in its stated mission of “connecting every business on the planet.”

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Tradeshift, which counts 500,000 businesses connected on its platform, differentiates itself with a dynamic discounting service that gives buyers a discount for paying their suppliers early.

Tradeshift demoed at FinovateEurope 2012. Watch its demo video here.

FinovateEurope 2014: FinTech on Film

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Your plan to binge watch “House of Cards” just got a little more complicated.

The videos from FinovateEurope 2014 are now available in our Video Archive section. Two full days of demos. 67 presentations. More than 470 minutes of fintech innovation. No gorilla suits or no-look, laptop tosses this time around. But the two-day event did feature an entertaining performance by a precocious young investor, a pair of innovators in motorcycle helmets, and a Russian supermodel.

And if all that doesn’t whet your appetite, here’s a look at the demo videos from the nine companies awarded Best of Show honors this year. Click the image to go to the video page.

Enjoy!

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Momentum

Finovate Alumni News– February 26, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOn Budget wins 2014 Paybefore Award as “One to Watch.”
  • United Bank Limited picks VoiceTrust for voice biometrics.
  • InComm partners with Asia-based Money Online to launch POS-activated gift card mall solutions in Southeast Asia.
  • Rezzcard to integrate with InComm’s Cashtie to enable Rezzcard cardholders to pay their rent in cash at over 70,000 retail locations.
  • American Banker reports: Western Union to use NICE Customer Analytics. Come see its new tech at FinovateSpring.
  • Xero reaches 100,000 paying customers in Australia.
  • Check out an interview with BRIDGEi2i Director and Co-Founder, Ashish Sharma.
  • SecondMarket considering U.S.-based bitcoin exchange.
  • Live Gamer customers to get access to MasterCard’s MasterPass digital payment service.
  • authenticID enhances ID proofing technology to help combat cloned credit card fraud.
  • Green Dot wins top honors in four categories at 2014 Paybefore awards.
  • Global Banking & Finance Review takes a look at Kalixa Group’s American expansion.
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.

FinovateEurope: Behind the Scenes with CRIF, Mobino, and SaaS Markets

Here’s more “behind-the-scenes” coverage of some of the companies that presented at FinovateEurope 2014.

If you missed our previous installment from last week, click here to read “FinovateEurope: Behind the Scenes with AdviceGames, Nous.net, and Yseop.”


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What They Do:
CRIF specializes in leveraging big data to help small and medium sized banks make sound credit decisions.
In a conversation the day before the company’s Finovate demo, CRIF’s Marketing Director Sheila Donohue noted that what’s critical for banks is flexibility: “Banks are more and more requesting the ability to change and make changes,” she said. “They don’t want to be dependent on vendors, or have their hands tied.” 

CRIF Credit Framework serves this need by helping financial institutions use the platform to create end-to-end products such as custom apps for loan origination or tools for business analytics and intelligence. The company’s solutions have been deployed widely, from the Bank of Georgia in Central Europe to Interra Credit Union in north central Indiana.
Stats:
  • More than $106 million in equity
  • More than 2,400 financial institutions use CRIF technologies daily
  • More than 1,500 employees/associates worldwide
  • Total revenues in 2012 were 285 million euros
  • Founded in Italy, CRIF recently celebrated its 25th anniversary
Use Case:
The new release of CRIF Credit Framework will be especially helpful for banks looking to deploy a 21st century sales force equipped with productivity-enhancing mobile solutions. The company’s mobile app can be used in-branch, as well as at the point-of-sale when customers are considering a variety of financing options.
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CRIF is also unveiling a new version of its business-intelligence product, also optimized for mobile, which provides a dashboard that allows business executives better transparency and the ability to monitor KPIs.
This technology allows executives, rather than IT staff, to dig into the data behind their KPIs and make changes immediately. Changes are visible, graphical (not in programming language), and are tracked.
“You want to be fast,” Donohue said. “But if the regulators come by tomorrow, you want to be able to substantiate the changes you made.”

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What They Do:
Mobino’s project is straightforward, if not simple: to enable everybody with a phone in their pocket to make mobile payments as easily as paying with cash.
“We are both independent from the card networks and the telcos,” said Mobino CEO Jean-Francois Groff in a conversation the day before his company’s Finovate demo. “But we are working very closely with the banking industry. We want to enable bank account holders to circulate real money just as easy as they would circulate virtual money.”
How Mobino Works:
Smartphone and feature phone users alike are able to take advantage of Mobino. With a smartphone, the solution is a downloadable app (available for both iOS and Android). “Dumb” phone users can utilize a voice-based service that provides the same basic functionality.
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Users can load money to their Mobino accounts through a variety of methods, including bank account direct deposit, wire transfer, and by purchasing prepaid cards. The company’s independence from the card networks means that funding Mobino accounts via credit cards is not a part of the plan.
The service is free to use for consumers, both for making P2P payments as well as transacting with merchants. Merchants accepting Mobino pay a 1% commission, substantially less than card fees.
Use Cases: 
Groff sees use cases for Mobino everywhere: from online transactions to point-of-sale shopping at brick and mortar retailers, to peer-to-peer payments, merchant payments and more. 

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Here’s an example of how a merchant using Mobino might interact with a Mobino-paying customer:
Step One:
The process starts with the merchant entering the transaction amount in the Mobino app.
The merchant will then receive a one-time token number, and will be instructed to show the token number to the customer.

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Step Two:
The customer then enters the token number given by the merchant. 
The customer agrees to pay the amount, and enters his or her private passcode. 
The merchant and the customer receive notification confirming the payment by SMS.
Mobino allows the merchant to have funds transferred to the merchant bank account, and charges a 1% fee for the transaction.


During our discussion, Groff previewed yet another use case he would be sharing with Finovate audiences: “Each merchant who participates, who uses Mobino at their point-of-sale, can act as a cash machine. A sort of reverse ATM.” This is because Mobino operates on a prepaid basis. And in the same way Mobino allows consumers to exchange “e-money” for goods and services, Mobino also allows consumers with cash in pocket to exchange that cash for the merchant’s accumulated “e-money.”
Role for Banks:
Groff makes an interest
ing point about our relationship with our banks: 
“(Online banking) was marketed toward us as banking without waiting. But in the end we do all the work, and the bank is not available when we need them. They are there when we need credit or want to buy a house or set up investments. But when we just want to do the basic movements of money that are paired with daily life, the banks are really in the background.”
How do move banks to the foreground? Groff suggests that the success of PingIt, launched in the United Kingdom by Barclays, reveals that there is a “latent, unmet demand from the population for simpler services coming from the banking world.”
Looking forward, Mobino is optimistic about the growth of his company and in the technology that makes his service work. Distribution is a major focus, the hard work especially of getting “mom and pop” shops with older POS hardware to consider Mobino. 
And, as always there are regulatory issues. Here, however, Groff remains confident:  “The regulators, in general, are quite open,” Groff said. “When we show them the potential the innovation has to enhance what they call ‘financial inclusion’ – helping people who would never have access to finance to actually do something with money –  they really, really are open to experimenting.”


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SaaS Markets

What They Do:
Saas Markets helps financial institutions build app stores to help their small and medium business clients solve their business challenges.
This is no small accomplishment. In addition to capital, one of the things that can help make a difference in the success of SMEs is their access to resources, especially business solutions that will save them money, create more efficient processes, and help them compete more effectively in the marketplace.
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“We address three things,” Ferdi Roberts, SaaS Markets CEO said in a briefing in advance of his company’s Finovate appearance. “One, helping banks understand the challenges facing their business customers.Two, to help them provide solutions to those challenges. And, three, to give them a platform that helps them gain new customers and keep the customers they have longer, so there’s a stickiness to the product.”
To this end, SaaS Market’s MarketMaker cCloud platform provides a personalized, cloud-based marketplace containing more than 1,500 curated business apps from accounting to invoicing. Use of these SME apps is convenient for the business operator, who can take advantage of these app while never being more than one click away from their bank. It also increases stickiness and the potential for greater engagement for the financial institution that hosts the platform.
Benefits for Financial Institutions:
Making it easier for small and medium-sized enterprises to get the accounting and invoicing technology they need is a worthwhile business in and of itself. But in conversation with  Roberts, and with Director of Marketing, Jay Manciocchi, it becomes clear that, in some ways, the app store is only the beginning.
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This path toward a personalized app store is optimized by a technology called MarketMentor. MarketMentor works like a search engine within the platform, associating highly specific business problems to no less specific responses and solutions.  “Even if you don’t know what you want,” Roberts said. “You know what your problem is – so let’s start with that. And Market Mentor helps crystalize that.” 
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The challenge for banks is that small and medium sized business customers tend to be the most numerous, the most profitable, and the most difficult to engage. Part of what SaaS Markets is trying to accomplish with its cCloud platform and Market Mentor technology is to boost engagement via personalized problem-solving. This helps banks become a more collaborative partner when it comes to helping SMEs solve their business problems.
The result is a win-win for banks, who benefit from greater engagement and less churn, as well as for their customers, who become better businesspeople with more resources at their disposal and a deeper understanding of their own business environment.

Stay tuned for next behind-the-scenes look at FinovateEurope 2014 later this week.

Startupbootcamp’s FinTech Program Launches in London

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Startupbootcamp is a 3-month accelerator program that aims to give startups exposure to key players in their industry, while connecting them to a community of top-level mentors and advisors.

The organization recently launched a FinTech-exclusive accelerator in London, which will begin August 11. It is accepting applications from startups now through June 22, but the earlier you apply, the better chances you have to get into the program.

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In exchange for 8% equity, you get:
    • Extensive mentorship from +100 entrepreneurs, investors, and partners
    • Access to top markets in London, U.S. and APAC
    • 3+1 months free office space
    • €15K in cash per team
    • €450K+ in partner services
    • Exposure to 200+ Angels & VCs
    • Invitation to SBC global alumni network and growth program

Startupbootcamp’s other programs have so far proven their worth. In fact, over 70% of participating startups have gone on to receive funding.

In addition to the FinTech accelerator, Startupbootcamp has seven other programs located in Europe with unique foci:

    1. Istanbul serves as a hub for startups in the Middle East and North Africa regions.
    2. Israel is focused on startups within internet and mobile technology. 
    3. Amsterdam focuses on intensive mentoring from industry leaders across Europe and beyond to bolster their funding.
    4. Copenhagen works primarily with startups focusing on mobile devices and related technologies and solutions.
    5. Berlin helps entrepreneurs launch their business ideas into the global market.
    6. Another Amsterdam-located accelerator focuses on innovative solutions based on Near Field Communications and Contactless Interactions Technologies. 
    7. Eindhoven’s HighTechXL is the fastest way to accelerate your tech ideas-in-progress.

If you’re interested, check out the application page here