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Moven focuses on security, enhanced update accuracy in new iOS app.
“Safer and surer” may be the easiest way to describe the pair of new features coming to Moven.
“Safer” by way of new security measures that allow users to suspend and unsuspend an account via smartphone in case of card loss or theft. And “surer” courtesy of more accurate, real-time spending updates to make it easier to manage personal finances.
The new features will be available on Moven’s new iOS app due out this week.
Intuit to acquire FullSlate, an online scheduling company.FinovateAsia is typically our most globally diverse show, and this year is no different. Two weeks from now, we will showcase 37 demos from companies spanning the globe that are innovating in everything from remittance to small business tools to back office solutions and much more.
Given that diversity, we thought it would be fun put together a map showing the geographic spread of the demoing companies that will take the stage (click the map to enlarge).
Here’s the breakdown of the number of companies from each region:
To refresh your memory, the list of the companies that we’ve hand-picked to show off their new technology at the Max Atria @ Singapore Expo on November 14, include:
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To see live demos of the new technology, meet the entrepreneurs responsible, and network with others in the industry, get your ticket to FinovateAsia here. If you have questions about the show, check out who is attending or email asia@finovate.com.
Payments News reports: PayPal Launches Startup Blueprint Program.Payfone Brings in $10 Million from Early Warning Systems.
Editor’s note: This was supposed to be the Friday Fintech Four, which is much better alliteration. But alas, it didn’t get published, so here’s the belated Monday version.
<drum roll> Here are the four most surprising fintech developments of the past week (in no particular order):
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One: Stealthy mobile payment startup Clinkle hires long-time CFO of Netflix, Barry McCarthy, as its COO
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McCarthy was CFO from 1999 to 2010, taking Netflix public in 2003, then overseeing its finances as a public company for seven years. It’s pretty unusual for a big-name public company exec to take on an exec role at a startup, especially one in mobile payments. And one that hasn’t even officially launched yet to boot. McCarthy is on the board of three startups: Chegg, Eventbrite and Wealthfront, a startup in the investment space.
>> LinkedIn profile of McCarthy
>> A nice overview of the news at TechCrunch
>> An interview with McCarthy at AllThings D
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Two: New mobile PFM, Level Money, beats Square Cash to #1 in iOS app store (finance)
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As soon as Square launched its P2P payments app, Square Cash, it quickly rocketed to number two in the Finance section of the iPhone app store (see Chart 1 below) and number 55 across all free apps in all categories. But it never got higher, and a week later it’s hanging in at number 11.
The reason it missed the top slot? Another newcomer, Level Money, a great-looking new PFM, was being featured by Apple in the App Store and maintained the top ranking during that period (see Chart 2). During its time as a promoted app, Level Money maintained a top-20 ranking among all 500,000+ free apps (see Chart 3).
>> Netbanker post on Square Cash
>> Distimo app rankings for Square Cash (see following chart)
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Chart 1: Square Cash app ranking in Free Finance in Apple App Store
Chart 2: Level Money app ranking in Free Finance in Apple App Store
Chart 3: Level Money ranking among all free apps in the Apple App Store
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Three: Amex customers have put $1 billion into its Bluebird prepaid card
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At this year’s SourceMedia Payments Forum, American Express revealed key metrics about its highly touted Bluebird prepaid program sold in Walmart stores:
Thanks to the attendees who tweeted the metrics @leimer (Bradly Leimer) and @JimMarous among others.
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Four: Four fintech startups snapped up last week
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Compared to other tech sectors, fintech has experienced less M&A activity in the past few years. Everything moves a little slower in a highly regulated, fraud-magnet segment. Buying fintech is not like bolting on a photosharing app. That said, it was a busy past 10 days on the M&A front:
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Photo credit: Fab Festival
Still just getting to know the companies that will be presenting at FinovateAsia 2013 in November? Here are another five fintech innovators scheduled to take the stage next month in Singapore.
And if you missed the previous two installments of our Sneak Peek preview, check out the links below.
FinovateAsia 2013 Sneak Peek: Part 2
Bill.com announced today its new, “next-generation” banking platform that works to return banks to their role as “the focal point of all their customer’s transactions.”
The new platform is geared toward solving two specific problems for banks and their clients: monetizing cash management and helping small and medium-sized business integrate and automate their financial processes.
Among the key new features of the platform is the App Center. This resource makes it easier for businesses to tap into and integrate a variety of third party applications. These apps include everything from document digitization and expense reporting solutions to major accounting systems like Sage, Xero, and QuickBooks. The ability to connect multiple third party apps and integrate them via the App Center enables banks to offer a number of cash flow management solutions to their business clients.
Mobile security and authentication technology is always a topic of importance in fintech because fraud threats are continuously evolving.
Mobile commerce and authentication company Payfone announced this month that it raised $10 million, further proving that the need for mobile security technology will be around for awhile. The funding comes from Arizona-based Early Warning, and brings Payfone’s total funding up to almost $40 million.
As a part of the deal, Payfone’s technology will be available to Early Warning’s clients.
To learn more about Payfone, watch its FinovateFall 2012 demo where it launched 1 Touch Checkout.
Swipely named one of America’s top job creators with 2013 ‘Hire Power’ Award from Inc. Magazine.
The U.S. Securities and Exchange Commission (SEC) this week unanimously voted to approve the proposed rules that will govern online crowdfunding. Under these provisions, companies will be allowed to offer and sell securities through crowdfunding.
Some of these companies have been waiting since early 2012, when Obama signed the JOBS Act, for the SEC to create the regulation, which is intended to protect private, non-accredited investors.
Investors who earn under $100,000 per year will be limited to $2,000 per year investment, or 5% of their income, and those who make over that amount will be limited to invest 10% of their income annually. However, in order to reduce burdens on the companies raising the funds, and the funding portals, the new regulation does not explicitly require them to verify the income of the individual investors.
According to the SEC’s press release, its proposed rules would require SEC-registered intermediaries (broker-dealers, funding portals) to:
Before the rules are passed, they must go through a 90-day comment period, after which, they may be altered to reflect the comments. Once the final rules have been decided, the nine Finovate alums below will be able to solicit to non-accredited investors, subject to the SEC’s final ruling.
From an operational standpoint, life for these startups will be a bit easier after the SEC passes the provisions, since it will increase the number of investors on their platforms. They will, however, be faced with increased regulation, which Forbes estimates will cost more than $100,000 annually. This estimate includes procuring and offering disclosure documents, enlisting a funding portal, running background checks, and filing an annual report with the SEC.
The first provision of the JOBS Act, which allows companies to advertise to accredited investors, went into effect September 23.
