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The Rumors Are True: eBay’s PayPal Acquires Braintree for $800 Million in Cash

By Julie Muhn (@julieschicktanz) Posted on September 26, 2013
Categories: Braintree, PayPal

After weeks of rumors, there’s no doubt you’ve heard of PayPal’s plan to acquire payments gateway, Braintree. This week, it pulled the trigger and dished out $800 million in cash for Chicago-based Braintree.

According to PayPal CEO, David Marcus, this acquisition will help Braintree grow much faster than a normal, startup pace. In his blog post announcing the deal, Marcus states:

“Our resources will enable them to push the boundaries of innovation with ambition and confidence for consumers, merchants and developers around the world.”

Braintree’s payment gateway, which launched in 2007, can handle 130 different currencies in more than 40 countries. It will continue operating as it normally does, servicing companies such as AirBnB, OpenTable, and Uber.

Braintree last demoed at FinovateSpring earlier this year where it showed off its recently acquired Venmo touch technology.

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Finovate Alumni News– September 26, 2013

By David Penn Posted on September 26, 2013
Categories: Billhighway, Braintree, Finovera, Google, Lendio, MasterCard, MiiCard, PayPal, peerTransfer, SecondMarket

Updated Google Wallet app lets users store loyalty cards.

MasterCard teams up with National Bank of Egypt, Egyptian Banks Company, and Fawry to launch m-wallet in Egypt.

EBay’s PayPal acquires Braintree in $800M cash deal.

The Boston Business Journal features peerTransfer.

miiCard presents trends from the innovators at FinovateFall.

KillerStartups features Finovera.

Lendio raises $4.5 million for small business loan-matching Service.

TechCrunch reports: SecondMarket launches a Bitcoin investment trust for accredited investors.

Billhighway adds Boys & Girls Club of Troy as client.

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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Asia-Based Finovate Alumni Score More Than $200 Million in Financing

By Julie Muhn (@julieschicktanz) Posted on September 25, 2013
Categories: BankBazaar, CustomerXPs, DemystData, FinovateAsia 2013, Heckyl Technologies, TradeHero, wipro

As we prepare to bring FinovateAsia to Singapore November 14, we researched the funding of six Asia-based companies who demoed at FinovateAsia last year. Combined, these companies raised more than $215 million from a variety of investors:

BankBazaar, a credit processing platform that allows banks to offer consumers 7-minute credit eApproval on retail credit products.

Series A: $6 million from Walden International
FinovateAsia 2012 demo

CustomerXPs creates technology that proactively senses cross-sell, attrition, customer engagement and fraud in real-time.

Series A: $4 million from JAFCO Asia
FinovateAsia 2012 demo

DemystData enables real-time analysis of big data from consumers and SMBs, allowing for improved interactions as a result of richer, more relevant information.

Venture Round: undisclosed amount from VentureLab
Series A: undisclosed amount from Accion and Arbor Ventures
FinovateAsia 2012 demo

Heckyl provides real-time financial information, news analytics, trend matrix, and heat maps for coverage of markets, companies, and businesses.

Seed round: $250k
Angel round: $1 million from SeedFund
FinovateAsia 2012 demo

TradeHero, a virtual trading community where the system models trades and ranks trader performance by proven returns on investment.

Seed round: $465k from TNF Ventures
FinovateAsia 2012 demo

Wipro, an information technology, consulting, and outsourcing company that delivers solutions to enable its clients to do business better.

Total of $205 million from cMango, Gallagher Financial Systems, Science Applications International Corp., and Promax Application Group
FinovateAsia 2012 demo

The funding for these companies comes from a diverse set of investors, many of whom are based in Asia. Janus recently published a piece outlining venture funding options available to Singapore companies. For the most part, Singapore’s equity financing scene is quite similar to the U.S., but there are a few significant differences:

The VC scene in Singapore is small compared to the U.S. and Europe
Singapore’s government actively pursues VC firms to invest in Singapore startups and entices them with tax and other monetary benefits
There are more than 100 VC firms in the city today
Many VC firms in Singapore focus on late-stage expansion financing, but some offer financing for early-stage startups
Types of VC firms in Singapore range from independent limited partnership to corporate-backed firms
Singapore VCs are attracted to services, manufacturing and the high-tech industry

At this year’s FinovateAsia, while not all demoing companies are looking for funding, each will show up to the MAX Atria @ Singapore Expo stage with their newest technology. Want to learn more? Check out FinovateAsia homepage or get your ticket here to be a part of the event.

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Prosper Brings in $25 Million, Adds Blackrock as Investor

By Julie Muhn (@julieschicktanz) Posted on September 25, 2013
Categories: Prosper

Long-time P2P lending player Prosper announced yesterday that it raised $25 million in private equity funding.

Existing investor Sequoia Capital and newcomer Blackrock Ventures both participated in the round.

The new installment, combined with the $20 million in private equity it received in January from Sequoia Capital, and its previous venture rounds of $75 million, bring the San Francisco-based company’s total funding to $120 million.

Since launching in 2006, the P2P lender has acquired almost 2 million members and has funded $630 million in personal loans. It is growing at 100% year-over-year in revenue and new loans.

Prosper demonstrated at the first Finovate, held in 2007 in New York.

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John O’Malley Takes Helm as New Digital Insight CEO

By David Penn Posted on September 25, 2013
Categories: Digital Insight, Intuit, Intuit Financial Services

Digital Insight announced this week that John O’Malley will serve as the fintech company’s new Chief Executive Officer. The new appointment is effective on November 1st.

O’Malley brings more than 30 years of experience in both financial services and financial technology. He was most recently CEO of Panini, a payment technology company. Previously, O’Malley served as chief executive officer for Memento and Harland Financial Solutions, where he was also President.

Formerly known as Intuit Financial Services, Digital Insight was acquired by Thoma Bravo this summer. Read our coverage of the billion-dollar deal here.

Digital Insight was one of our original alumni, presenting at the first Finovate in 2007. Video of the company’s presentation is available here.

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Finovate Alumni News– September 25, 2013

By Julie Muhn (@julieschicktanz) Posted on September 25, 2013
Categories: Intuit, MasterCard, MiiCard, SafetyPay, SumUp

Intuit integrates QuickBooks with Square’s POS products via an API deal.

Xpenditure selects miiCard certified digital bank statements for expanded and automated expense report verification.

SafetyPay and Paymentez partner to offer Latin American gamers a secure and seamless payment option.

TechCrunch reports: SumUp cuts 2.75% per transaction fee across Europe.

PYMNTS.com talks small business lending with MasterCard and the Entrepreneurial Finance Lab (EFL).

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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New Online Banking Report Published: 2014 Guide to Remote Banking Products, Marketing & Strategy

By Jim Bruene Posted on September 24, 2013
Categories: Online Banking Report

Has anyone started their 2014 plan? We didn’t think so. But with only 141,000 minutes until the new year (see inset), it’s high time to start working on it.

And we are here to help. Our annual reference, OBR’s 2014 Product, Pricing, & Strategy Guide is now available. It’s a thorough resource for financial institution product/marketing managers prioritizing next year’s remote-banking efforts.

The latest version was posted online last a few days ago.

______________________________________________

About the report
______________________________________________

2014 Product, Pricing & Strategy Guide for Remote Banking (link)
Embracing new business models for a digital world

Author: Jim Bruene, Editor & Founder

Published: 20 Sep 2013

Length: 76 pages (39,000 words)

Cost: No extra charge to OBR subscribers, $595 for others here

______________________________________________

Table of Contents

The report contains a list of every idea that has appeared in Online Banking Report or this blog (sample page, below). There are more than 1,000 possible online/mobile tactics listed in the current report, divided into the following categories:

1. Product tactics
A. Checking & transaction cards
B. Deposits & savings
C. Loans & credit
D. Personal finance management
E. Insurance
F. Investing
G. Payments & transfers
H. Mobile services
I. Family (children, teens, tweens)

2. Sales & marketing tactics
A. Increase online sales
B. Selling behind the password
C. Enter new markets & segments
D. Attract new residents (movers)
E. Increase referrals and word-of-mouth
F. Social media and Web 2.0
G. PR: appeal to community

3. Service, security & retention tactics
A. Increase satisfaction levels
B. Enroll more online banking users
C. Encourage/reward self-service
D. Encourage paperless adoption
E. Address security concerns

4. Small business products and services

5. Pricing: Fees and subscriptions

6. Messages & alerts

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Finovate Alumni News– September 24, 2013

By David Penn Posted on September 24, 2013
Categories: Braintree, Cachet Financial Solutions, Capital Access Network, Digital Insight, Doxo, Entrepreneurial Finance Lab, ERN, FIS, Google, PayPal, Swipely, Xero

Capital Access Network listed among Information Week’s top U.S. technology innovators in 2013.

FIS announces analytics programs for customers.

Google Wallet launches on the iPhone.

Swipely now managing $1 bil in annual sales, 1 yr. after entering payments market & launched Swipely Partner Network.

Cachet Financial Solutions announces Select Mobile Lending, a new mobile app.

MasterCard and Entrepreneurial Finance Labs join forces to promote SMB growth in developing nations.

TechCrunch reports PayPal, Stripe, & Braintree partner with Facebook to autofill billing info in mobile commerce apps.

Xero opening office in Denver.

ERN partners with FICO to embed FICO’s marketing solutions within its real-time Big Data analytics platform Looop.

Mountaineer Gas joins doxo to simplify bill delivery, payment, and record keeping for its 220,000 customers.

Digital Insight announces new CEO, John O’Malley.

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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ACI Worldwide Extends E-Payments Reach with Official Payments Acquisition

By David Penn Posted on September 23, 2013
Categories: ACI Worldwide

The decision to buy Official Payments helps make ACI Worldwide an even bigger player in the field of EBPP (Electronic Bill Presentment and Payment), according to President and CEO Philip Heasley.

Heasley specifically cited Official Payment’s loyal user base among federal, state, and local governments, as well as higher education institutions, utilities, and charities in the acquisition announcement. The deal prices Official Payments at $8.35 per share for a total enterprise value of $109 million.

Some additional metrics on Official Payments:

More than 3,000 customers
More than 100 million end users
More than 20 million payments processed each year
More than $9 billion in payment volume processed each year

ACI Worldwide supports the banking and electronic payment needs of more than 2,600 financial institutions, retailers, and billers. Processing transactions for more than 250 of the world’s largest retailers and 18 out of the 20 largest banks, ACI Worldwide facilitates $13 trillion in daily payments.

ACI was a part of the FinovateFall show in New York in 2011, demoing their Mobile Enterprise Banker for Tablets technology. See the company’s presentation here.

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Finovate Alumni News– September 23, 2013

By David Penn Posted on September 23, 2013
Categories: ACI Worldwide, Capital Access Network, Float Money, KlickEx, MasterCard, Q2ebanking, Socure, Tuition.io

ACI Worldwide acquires Official Payments.

MasterCard teams up with Basware to help companies migrate from paper-based payments.

Tuition.io mentioned in Forbes.

KlickEx takes home Top Startup prize at Swift’s Innotribe Challenge.

Crains NY Business looks at Float Money, Socure, and Capital Access Network.

Western Independent Bankers selects Q2 as preferred vendor for virtual banking solutions.

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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KlickEx Takes Home Top Startup Prize at Swift’s Innotribe Challenge

By Julie Muhn (@julieschicktanz) Posted on September 22, 2013
Categories: KlickEx

At Swift’s Innotribe last week, a group of startups pitched their latest fintech innovations to a group of banks, VCs, and tech gurus. The 14 companies, who were selected from a pool of 200 applicants, were given 6 minutes each to pitch the audience.

Realty Mogul, P2P Cash, and recently-acquired Good April were among the companies vying for the audience’s attention and a $50,000 cash prize.

KlickEx, who will demo at FinovateAsia in November, was selected as the top startup winner. The New Zealand-based company won the top prize for its regulated clearing house for banks and retailers.