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Think You’re Prepared for FinovateFall Next Week? Download the Upgraded Finovate App to Be Your Guide

By Julie Muhn (@julieschicktanz) Posted on September 5, 2013
Categories: FinovateFall 2013

To help you prepare for FinovateFall in New York on September 10 and 11, download the new Fall edition of the Finovate app, now available in the Apple app store and Google Play store.

To download, search “Finovate” in the app store or use the links below:

iOS

Android

With this improved version, you’ll have all the information about FinovateFall at your fingertips on your iPhone, Android, or tablet device.

If you’ve previously downloaded the app on your mobile device, be sure to update to the new version prior to the conference.

Features include:

Full agenda
Link to Finovate Connect networking tool
Presenting company descriptions & contact info
Company categories

New interactive elements include:

My Finovate: Save personalized notes & ratings for each company and email them as a Trip Report
Contact button: Ask questions and schedule followups with presenters
Scheduler: Manage your conference schedule
Register for upcoming conferences, find Finovate alums, follow Finovate tweets, and more

Tickets to FinovateFall are sold out, but please email fall@finovate.com if you would like to be placed on the waiting list, as we may have cancellations.

If you have any questions about the event, see our event page or check out our FAQ here.

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Finovate Alumni Driving Growth in Online Investment Advisory Industry

By David Penn Posted on September 5, 2013
Categories: Betterment, FutureAdvisor, Jemstep, LearnVest, Personal Capital, SigFig, Wealthfront

If an investment portfolio gets optimized through an online investment advisor, do brick and mortar brokers make a sound?

As noted in today’s Wall Street Journal, many of the kinds of services that once were accessible only by high net worth investors patronizing financial advisors and planners in person are now available to the rest of us. This includes everything from using computer algorithms to make investment decisions to automatic portfolio rebalancing and asset allocation.

And of the seven companies highlighted in the column for helping make this possible, every single one is a Finovate alum.

Wealthfront (FinovateStartup 2009)
Personal Capital (FinovateFall 2012)
Jemstep (FinovateSpring 2013)
FutureAdvisor (FinovateSpring 2012)
Betterment (FinovateFall 2011)
SigFig (FinovateFall 2011)
LearnVest (FinovateFall 2012)

In fact, two of the seven – FutureAdvisor and LearnVest – will be demoing their latest technology on the Finovate stage in New York next week for FinovateFall 2013.

The reasons for the growth in online investment advisory are as varied as the companies themselves. Some cite a new generation of investors far more comfortable with both handling their own finances and trusting the Internet to help. Others suggest that with Wall Street falling into disfavor in the wake of the financial crisis, more investors are willing to seek out non-traditional – and less expensive – sources of information and advice.

Bill Doyle, an analyst for Forrester Research who has studied the industry for more than a decade and is quoted in the column, puts it this way: “I’m paying a lot more attention this time around because the software required to transform this industry finally works.”

Whatever the reason, there’s no doubt that venture capitalists believe this time is different. Consider the funding success of the above seven companies in the past two years ago:

Wealthfront – Raised $20M in March 2013
Personal Capital – Raised $25M in June 2013
Jemstep – Raised $6M in February 2012
FutureAdvisor – Raised $5M in August 2012
Betterment – Raised $10M in October 2012
SigFig – Raised $15M in July 2013
LearnVest – Raised $16.5 in July 2013

Note also that Wealthfront, which helps get investors into low-cost diversified portfolios, has assets under management (AUM) of $300 million. Betterment has a similar model and has AUM of $250 million.

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Finovate Alumni News– September 5, 2013

By Julie Muhn (@julieschicktanz) Posted on September 5, 2013
Categories: Betterment, Float Money, FutureAdvisor, Jemstep, LearnVest, MiiCard, Personal Capital, Ping Identity, Q2ebanking, Wealthfront, Wipit, Xero

The Austin business Journal ranks Q2ebanking #29 of Austin-based Largest Private Companies.

City National partners with cloud accounting platform Xero.

Forrester Research names Ping Identity a leader in Identity and Access Management Suites, Q3 2013 report.

Allre and miiCard partner for First Complete Platform to Sell a Home Purely Online.

Wipit-powered Boost Mobile Wallet to provide Quick Check Service.

WSJ column takes a look at online investment advisors like Wealthfront, Personal Capital, Jemstep, and FutureAdvisor that use algorithms. Meet FutureAdvisor at FinovateFall in New York.

Float Money partners with credit reporting agency eCredable to offer consumers interest-free loans. See Float Money at FinovateFall in New York next week.

Finovate alums Betterment and LearnVest highlighted in Wall Street Journal column on innovations in the online investment advisory business. Watch LearnVest demo their technology next week at FinovateFall.

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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Launching: Zazma Offers Drop-Dead Simple Short-term Business Credit

By Jim Bruene Posted on September 4, 2013
Categories: Loans & Credit, Small Business

To continue our look at outstanding lending UI’s (previous post), I present to you Zazma. The startup, which came out of stealth yesterday, has raised $10 million to finance small loans of $300 to $5,000 for up to 60 days. The initial funding came from Sequoia and Spark Capital.

This is a business that almost no bank wants, which makes it ripe for startups. But it can be lucrative. Because the business borrowers are using the money to buy needed equipment or inventory, they are much less focused on the interest rate, if they believe the cash advanced will earn them a profit. It’s the secret sauce of successful startups Kabbage, Capital Access Network and On Deck Capital (note 1).

As you can see from the screenshot below, the maximum loan, $5,000 for 60 days, earns Zazma a healthy $295 fee. Assuming it’s paid back, that a 6% return over two months or an annual APR of 36%. While that’s not enough of a return on VC funds, once the company has enough of a track record to attract debt funding, that could be a sustainable revenue model.

The company hopes to attract sellers who will offer Zazma-powered financing to their customers. That could be a real win-win. And because each transaction can potentially satisfy two businesses, it’s a model that bank’s should consider.

The UI
While the business model is very promising, what I really love is their UI. Absolutely simple, with fewer words than Google’s famously simplistic design. Potential borrowers type the loan amount, choose the payback date and press the large, red Get Funded bar. The applet automatically shows the amount that must be repaid.

It’s a fantastic start to the borrowing experience, which I have not tested. Because this is business credit, they can avoid talking about the interest rate. But there is nothing hidden here. It is a model of simplicity and transparency.

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Zazma homepage (4 Sep 2013)

After clicking Get Funded, the box opens to ask for name, company and email

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Notes:
1. Follow these Finovate alums at our Finovate blog.
2. For more on small business services, including credit, see our Online Banking Report on micro and small businesses (subscription, published Oct 2009).

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FinovateFall 2013: Big Lights, Big City, Big Show

By David Penn Posted on September 4, 2013
Categories: FinovateFall 2013

Next week fintech startups and established enterprises from across the country and the world will begin arriving at the financial capital of the world New York City, New York to take part in FinovateFall 2013.

Take a look for yourself (click to enlarge):

FinovateFall 2013 is a great opportunity to meet the entrepreneurs and executives from some of the most forward-looking startups and established companies in the industry. We still see typically strong representation from the fintech of the coasts. But we also see a number of companies from the Midwest, the South, and from overseas, all stepping forward to meet the challenges of helping people and businesses make, manage, and move their money, 24/7, 365 days a year.

Selling our 1,100th ticket this morning, FinovateFall 2013 is officially sold out. But there are plenty of ways for you to catch all the action next week as our fintech innovators take the stage. Follow our Live Blog right here at Finovate.com starting on Tuesday morning at 9 am Eastern and continuing all day for both days of the show. You can also keep up with FinovateFall 2013 by following us on Twitter.

And if you’re still looking for a way to be a part of our audience, don’t despair! We have set up a waiting list in the event that there are last-minute cancellations. To get your name on the list, please email us at fall@finovate.com.

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Check Secures $24 Million Financing Round

By David Penn Posted on September 4, 2013
Categories: Check

Check announced this morning that it had completed a Series C investment round that will boost the company’s capital by $24 million.

This funding round was led by new investor Menlo Ventures, and included participation from current investors Morgenthaler Ventures and Pitango Venture Capital.

Check will put the capital to good use helping expand the business and grow the company’s role in making it easier for consumers to track, manage, and pay their bills. Said Check CEO, Guy Goldstein, “Americans make $4 trillion worth of bill payments per year, and Check is transforming the bill payment industry with a simple, fast, and easy-to-use mobile app.”

In addition to the funding, Check will also gain a pair of new board members. Doug Carlisle of Menlo Ventures will be joining the company’s board of directors, as will founder and former CEO of CompuCom, Avery More. This latest round puts Check’s total venture capital financing to date at $49 million.

Formerly Pageonce, Check is a leading innovator in the field of mobile payments. With nearly 10 million consumers using its mobile solution to pay bills and track finances, Check’s Bills & Money app is available as a free download from both the iTunes App Store and Google Play.

Our recent reporting on Check includes news of their partnership with Desert Water Agency in Palm Springs, California, as well as the company’s decision to add expedited payments to the service in June.

Check demoed their technology as part of FinovateSpring in 2010. See the company in action here.

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Capital Access Network Names Former GE Capital Executive, Shiladitya Ray, New CFO

By Julie Muhn (@julieschicktanz) Posted on September 4, 2013
Categories: Capital Access Network

Capital Access Network, a platform that provides working capital to small businesses, announced the addition of a new CFO, Shiladitya (“Shila”) Ray.

Ray is the former CFO of Global Operations for GE Capital Americas. According to his LinkedIn profile, Ray is a:

“Strategic Finance leader with global experience in leading finance and business operations. Served as CFO for multiple businesses with 15+ years of executive leadership and experience in global organizations.”

In his new position, Ray will help develop long-range growth strategies.

Capital Access Network’s former CFO, Daniel DeMeo, is now its Chief Executive Officer.

In May of this year, Capital Access Network provided U.S.-based small businesses access to $66 million. In the month of July it provided access to more than $74 million.

To learn more about Capital Access Network, come see its live demo in New York at FinovateFall next week. Or, watch its FinovateEurope 2011 demo.

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Finovate Alumni News– September 4, 2013

By Julie Muhn (@julieschicktanz) Posted on September 4, 2013
Categories: Cardlytics, Check, Credit Sesame, Kabbage, Manilla, Mint.com, Monitise, TSYS

American Banker reports: Cardlytics Announces First U.K. Bank Customer. Come watch Cardlytics’ live demo at FinovateFall in NYC next week.

IBM partners with Monitise to provide software, technology services and consulting to improve Monitise’s core services.

NPR’s Tell Me More mentions ImpulseSave, Mint, and Manilla as 3 apps to help manage your money.

TSYS signs long-term payment processing agreement with Anovia Payments, LLC.

Check (formerly Pageonce) secures $24 million in Series C financing round.

Information Week highlights Credit Sesame and Kabbage in column on social media and credit worthiness.

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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FinovateAsia 2013 Presenting Companies Revealed!

By Eric Mattson Posted on September 3, 2013
Categories: Uncategorized

With only 71 days to go until FinovateAsia 2013 in Singapore, we are incredibly excited to be announcing the cutting-edge companies that will be debuting their latest innovations in financial and banking technology.

Like the inaugural event last year, this year’s FinovateAsia will showcase over 30 innovations leveraging everything from big data to biometrics, gamification to visual analytics and much more!

The selection process was filled with hard decisions for us this year and only reinforced our belief that Asia is going to be an increasingly major force in fintech innovation in the years to come.

Without further ado, here are the innovative companies that will be demoing their newest technologies in November:

Advanced Merchant Payments
ArthaYantra
Backbase
BehavioSec
BellaDati
BlueKite
Bridgei2i
CustomerXPs Software
GMC
i-exceed
IND Group

Intuition Intelligence
KlickEx
Kofax
Luminous
Mambu
Matchi
Mistral Mobile
Mobexo
Mobino
Pangea
Red Zebra

SaaS Markets
Serverside
SinoLending
Smart Engine
TIBCO
Tootpay
TradeNet
TSYS
White Label Personal Clouds
Yodlee
Plus more still to be announced!

If you’re interested in attending the event to watch the future of Asian fintech unfold live on stage, tickets are now on sale at the discounted early-bird ticket price through Friday, October 4th.

We’ll see you in Singapore in November!

P.S. If you can’t wait until then to learn about the latest in financial technology there are less than 10 tickets left for FinovateFall (next week in NYC).

FinovateAsia 2013 is sponsored by: The Bancorp, Citi Ventures, Financial Technology Partners, Life.SREDA, Standard Chartered Bank, and Visa

FinovateAsia 2013 is partners with: Aite, The Asian Banker, BankersHub, BeSuccess, Celent, The Emerging Finance, Finance on Windows, FSClub, SME Finance Forum, and Timetric

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FinovateAsia 2013 Presenting Companies Revealed!

By Eric Mattson Posted on September 3, 2013
Categories: Uncategorized

Like the inaugural event last year, this year’s FinovateAsia will showcase over 30 innovations leveraging everything from big data to biometrics, gamification to visual analytics and much more!

The selection process was filled with hard decisions for us this year and only reinforced our belief that Asia is going to be an increasingly major force in fintech innovation in the years to come.

Without further ado, here are the innovative companies that will be demoing their newest technologies in November:

Advanced Merchant Payments
ArthaYantra
Backbase
BehavioSec
BellaDati
BlueKite
Bridgei2i
CustomerXPs Software
GMC
i-exceed
IND Group

Intuition Intelligence
KlickEx
Kofax
Luminous
Mambu
Matchi
Mistral Mobile
Mobexo
Mobino
Pangea
Red Zebra

SaaS Markets
Serverside
SinoLending
Smart Engine
TIBCO
Tootpay
TradeNet
TSYS
White Label Personal Clouds
Yodlee
Plus more still to be announced!

If you’re interested in attending the event to watch the future of Asian fintech unfold live on stage, tickets are now on sale at the discounted early-bird ticket price through Friday, October 4th.

We’ll see you in Singapore in November!

P.S. If you can’t wait until then to learn about the latest in financial technology there are less than 10 tickets left for FinovateFall (next week in NYC).

FinovateAsia 2013 is sponsored by: The Bancorp, Citi Ventures, Financial Technology Partners, Life.SREDA, Standard Chartered Bank, and Visa

FinovateAsia 2013 is partners with: Aite, The Asian Banker, BankersHub, BeSuccess, Celent, The Emerging Finance, Finance on Windows, FSClub, SME Finance Forum, and Timetric

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Lenders: Making a Good First Impression

By Jim Bruene Posted on September 3, 2013
Categories: Loans & Credit, Website Usability & Design

I know banks have been stung by various public floggings over the past five years. But sometimes they are too shy for their own good.

During normal times, a big chunk of retail profits come from lending. Yet, many bank websites make loans (other than mortgage and credit cards) look like a minor product line. Kind of like the AA batteries for sale at the Best Buy counter.

US Bank’s newly remodeled website is typical (note 1). Yes, you can find loans across the top navigation (good). But the bank makes users select from a dropdown list to find exactly what they are looking for. It’s not a bad approach, but it’s fairly passive (see first screenshot below).

Compare that to UK’s Hitachi Personal Finance (second screenshot). The lender uses its homepage to explain its core benefits (low rates and quick turnaround) and lay out the various loan types (personal, auto, furniture, leisure, trade, environmental).

Bottom line: In the United States, we have probably reached “peak checking account fee income.” And you can’t bank on deposit values going back to 5% any time soon. Let’s face it, loans are where the money is for the foreseeable future (note 2). So its time to stop being a loan introvert and sing their praises from your online and mobile outposts.

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US Bank requires users to select a specific loan type before drilling down for more details (3 Sep 2013)

Hitachi Personal Finance (UK) (link)

Hovering over one of the loan types brings up a short description

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Notes:
Image credit
1. I’m sorry I’m picking on US Bank, it just happened to be the first URL I typed in.
2. Also, insurance sales have a very robust future, though that a topic for another day (see our full report here, Dec 2011, subscription)

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Finovate Alumni News– September 3, 2013

By Julie Muhn (@julieschicktanz) Posted on September 3, 2013
Categories: BellaDati, Emida, MasterCard, Nutmeg, TSYS

Emida establishes permanent presence in Dubai.

BellaDati featured in press from Japan.

Nutmeg mentioned on BBC Radio.

MasterCard partners with Blue Label Telecoms to equip South African merchants with POS devices that accept chip and PIN, contactless cards. See MasterCard demo at FinovateFall in New York next week.

PYMNTS.com talks Big Data with Rob Hudson and Richard Hamilton of TSYS.

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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