Backbase Launches the Commercial Banking Edition of its 2.0 Portal

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

This post is part of our live coverage of FinovateFall 2013.

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Then, Backbase launched its commercial banking offering:

“We are launching Backbase for Commercial Banking. Think PFM for Corporates and UX for the CFOs. Backbase is offering the latest best practices in UX design and cross device customer journeys. The goal of the Commercial Banking Edition is to drastically bring down time-to-market for online and mobile banking projects. The Commercial Banking Edition comes pre-optimized for use on regular browsers, tablets, and smartphones and is completely manageable by the banks’ digital team. 
Backbase for Commercial Banking is seamlessly integrated with the Backbase App Center, offering apps such as:
        • Cash Management Dashboards
        • Invoicing
        • Entitlement and workflow
        • Financing
        • FX Trading
        • Multi-currency ready”
Product Launch: September 2013
Metrics: Privately funded, 150+ employees, offices in New York, Amsterdam, London, Singapore, & Moscow
Product distribution strategy: Through financial institutions & licensed
HQ: New York, NY
Founded: April 2013
Website: backbase.com
Twitter: @backbase
Presenting Dave den Bleyker (VP Sales) and Jelmer de Jong (Global Head of Marketing)
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The full demo video will be available at finovate.com in mid-September.

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Motif Debuts a New Kind of Online Broker That Lets You Invest in Ideas in One Click

By David Penn Posted on
Categories: FinovateFall 2013, Motif Investing

motiflogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Welcome to FinovateFall 2013! Our first presenter here on Day One is Motif Investing.
“Motif will demo the first-of-its-kind crowdsourcing of a financial product that uses Motif’s innovative social technology. It enables investors to take concepts and ideas and in minutes create a motif, a collection of up to 30 securities that trades real time for only $9.95.
The investor can then publish it to the Motif website so it is discoverable and searchable for the broader community. The investor’s motif will also be featured in the Community Catalog, which is akin to an online app store. The catalog will provide intuitive categorization and search functionality that allows other customers to buy these mofits and when that happens, the motif’s creator will be paid a royalty.”
Product Launched: Target date is September 2013
Metrics: $51M raised to date & 41 FTE
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, & through other fintech companies and platforms.
HQ: San Mateo, California
Founded: June 2010
Twitter: @MotifInvesting
Presenting Hardeep Walia (Co-Founder & CEO) 
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The full demo video will be available at Finovate.com in mid-September

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FinovateFall 2013: “And Oh What Heights We’ll Hit”

By David Penn Posted on
Categories: FinovateFall 2013

FF13Button.jpg“On with the show, this is it!”

We’re busier than a hive of honeybees here on rehearsal day as we put the final touches on FinovateFall 2013. The show begins Tuesday morning, September 10th at 9:00 am, and continues through Wednesday. This year’s event is sold out, but fortunately there’s more than one way to enjoy the show.

Live blogging and tweeting
The Finovate team will be live-blogging each and every presentation as it happens here at the Manhattan Center in New York City. 
You can also follow us on Twitter as we’ll be tweeting from @Finovate all day long Tuesday and Wednesday. You’ll also get to read observations and reactions from our audience of more than 1,100 people who will be joining the conversation via the #finovate hashtag.
Schedule
If you’re going to be with us tomorrow, know that registration begins at 8:00 am on both Tuesday and Wednesday mornings. The first company to demo will take the stage at 9:00 am sharp on both days.
Location
This year FinovateFall is in a new location for us. We’re at the Manhattan Center on West 34th Street, just down the road from Madison Square Garden. More information on the venue is available here.
Presenters
FinovateFall 2013 will feature 70 companies demoing some of the most exciting new products and services in the industry. So whether you’re joining us online or will be part of our live audience this week, there’s no better place to see tomorrow’s financial technology today.
Here’s a look at this year’s lineup of presenters:
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To learn more about FinovateFall 2013, visit our FAQ page or email us at info@finovate.com. Thanks for your support. See you in New York City.

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Finovate Alumni News– September 6, 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: Braintree, Doxo, Fiserv, Geezeo, MoneyDesktop, Narrative Science, PayPal, Yodlee
  • Finovate-F-Logo.jpgFiserv launches Predictive Scores tool that models customer behavior. Come see Fiserv at FinovateFall next week.
  • First Federal Savings Bank implements PFM through MoneyDesktop. Check out MoneyDesktop’s new solution at FinovateFall in NYC.
  • PayPal Updates iOS And Android Apps With The Ability To Order Ahead, Pay Restaurant Bills, Access Bill Me Later And More.
  • Woodinville Water District Achieves Significant Increase in Paperless Water Bills in the First 90 Days of doxo Implementation.
  • Members Choice CU To Offer PFM Powered By Geezeo.
  • Braintree adds new layer of fraud protection for merchants.
  • Finovate alumni driving growth in online investment advisory industry.
  • Forbes features article on Narrative Science’s
    Quill. Come see them at FinovateFall next week.


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

By Julie Muhn (@julieschicktanz) Posted on
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 FF13iphoneIMGSm.jpgavailable in the Apple app store and Google Play store. 

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

With this improved version, you’ll have all the information about FinovateFall at your AndroidMan.jpgfingertips 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 
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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
Categories: Betterment, FutureAdvisor, Jemstep, LearnVest, Personal Capital, SigFig, Wealthfront

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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.
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:
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
Categories: Betterment, Float Money, FutureAdvisor, Jemstep, LearnVest, MiiCard, Personal Capital, Ping Identity, Q2ebanking, Wealthfront, Wipit, Xero
  • Finovate-F-Logo.jpgThe 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
Categories: Loans & Credit, Small Business

image 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)

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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
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):

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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.

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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
Categories: Check

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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.”

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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
Categories: Capital Access Network

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

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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
Categories: Cardlytics, Check, Credit Sesame, Kabbage, Manilla, Mint.com, Monitise, TSYS
  • Finovate-F-Logo.jpgAmerican 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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