FinTech Innovation Lab Accepting Applications Through December 19

By Julie Muhn (@julieschicktanz) Posted on
Categories: Uncategorized

Fintech-Logo-Horizontal.jpg

Last week we met with the President and CEO of the FinTech Innovation Lab, Maria Gotsch, to learn more about the program. The Lab is currently accepting applications through December 19.

For those not familiar with the Lab, it is a program that connects early- and growth-stage financial technology companies to a group of 14 leading financial services firms:

  • Ally Financial 
  • American Express 
  • Bank of America 
  • Barclays 
  • Capital One 
  • Citigroup 
  • Credit Suisse 

  • Deutsche Bank 
  • Goldman Sachs 
  • JPMorgan Chase 
  • Morgan Stanley 
  • New York Life 
  • State Street 
  • UBS

Goals
The program has two main goals:

1. Create a stronger fintech sector in New York City. Because many startups look to the West Coast for their headquarters, the lab aims to keep them in New York. 

2. Expose its 14 financial institution partners to cutting edge technology. The Lab facilitates a dialogue between financial institutions and fintech companies, ensuring that their products and services are addressing real needs.

FinTechInnoLabHomepage.jpg

Benefits
Companies find the biggest benefit of the Lab is the feedback and mentoring from senior executives (CTO/CIOs) from large financial services firms. The tech companies receive more direct feedback than what they would receive in a typical sales call.

Challenges
The biggest challenge for participants is committing to the 12-week time requirement. Companies have to be prepared to spend 12 weeks on-site in New York and attend weekly panel discussion meetings. Because participants still need to run their business, they must balance the two.

Selection Process
Companies submit written descriptions of their product. About 20 of those are brought in to pitch to the financial institution representatives. Of those, six or seven are selected to go through the full program. 

Ideally, the Lab receives a mix of early and growth stage companies that, at a minimum, have a well-developed and working beta. The Lab will even accept well-established companies for the program if they have a new and innovative product. 

How to Apply
The Lab is accepting applications through December 19. Go to fintechinnovationlab.com to apply or learn more about the program.

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Finovate Alumni News– November 28, 2012

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bazaarvoice, Betterment, Capital Access Network, CashStar, Compass Plus, Credit Sesame, Enloop, Jingit, Klarna, SafetyPay, Social Money, Tradeshift

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  • Payelp Global partners with SafetyPay to expand online payment options for merchants and customers worldwide.
  • Enloop releases the next generation of its business planning app to help entrepreneurs plan businesses.
  • Social Money announces launch of new product, CorePro, with a new partner, The Bancorp.
  • Tradeshift announces partnership with Verbella CMG, an SAP Content mgmt. solutions provider.
  • Anton Commissaris, a founding exec of Mint.com, joins Credit Sesame as COO.
  • Betterment enhances advice for life goals.
  • Capital Access Network names advisory board to guide launch and growth of latest offering to small businesses, CapTap.
  • CNBC reports CashStar, WEX partner to provide eGift card services.
  • New partnership with Klarna helps 3dcart reach European customers.
  • Compass Plus earns high ranking in annual PayX report.
  • AdExchanger interviews Bazaarvoice Media GM Barkow.
  • Team Bronson Moneymakers reviews Jingit.
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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ActivePath Merges with PowerInbox, Raises $10 Million in New Funding

By David Penn Posted on
Categories: ActivePath

Competitors in the interactive e-mail space have now become companions as ActivePath announced its merger with former rival PowerInbox early this week.

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The combined entity, which will be called “PowerInbox” also announced $10 million in new funding from Atlas Ventures and Longworth Partners, as well as from Battery Ventures, Genesis, GIMV and Correlation Ventures. 
While PowerInbox’s strength has been in the consumer market, ActivePath has made inroads into the enterprise space.  The new company will feature ActivePath CEO Jeff Kupietzky as the new chief executive officer. PowerInbox co-founder, Dileep Thazhmon will serve as COO.
To learn more about ActivePath, please see the company’s most recent demos at Finovate Fall 2011 here and Finovate Fall 2010 here.

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Finovate Alumni News– November 27, 2012

By Julie Muhn (@julieschicktanz) Posted on
Categories: AcceptEmail, ActivePath, Andera, Betterment, BlinkMobile Interactive, DCisions, DeviceFidelity, Experian, Giftly, Holvi, InComm, Jingit, Kapitall, Klarna, Luup, Mortgagebot, On Deck Capital, Personal Capital, SapientNitro, ThreatMetrix, TIO Networks, ValidSoft
  • Interactive Investor purchases DCisions, closes InvestorBee service.

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  • Finextra reports Rabobank Australia and NZ selects ThreatMetrix to secure online channels.
  • InComm & SkyMall Ventures partner to launch electronic gift card program.
  • Opus Research report recognises ValidSoft as leader in voice biometrics.
  • AloStar Bank of Commerce chooses Andera’s oFlows for online account opening.
  • TIO adds mobile bill pay app to its suite of services for El Paso Electric.
  • Radian Mortgage Insurance now available through Mortgagebot’s loan origination system.
  • E-invoicing Platform features AcceptEmail.
  • Xconomy examines how Giftly will disrupt traditional gift card market.
  • Luup signs partnership with Arab Link, provider of money transfer and exchange services in Abu Dhabi.
  • Personal Capital launches Android app.
  • Crunched lists On Deck in top 25 startups to work for.
  • TechCrunch reports Holvi Plans To Disrupt Traditional Bank Accounts With Simple But Powerful Services.
  • Citi Innovation Lab and SapientNitro honored at National Infocomm Awards in Singapore for next-generation banking experience.
  • ActivePath merges with PowerInbox.
  • Experian expands debt-collection product suite with TrueTrace.
  • DeviceFidelity launches moneto prepaid MasterCard.
  • BlinkMobile announces five more councils to adopt BlinkForms.
  • Klarna earns 2012 Entrepreneur of the Year award from European Tech Tour Association.
  • Money Smart Life reviews Betterment and Kapitall.
  • American Banker reports Betterment deepens finance advice features.
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 Report Published: The Best of FinovateAsia 2012

By Jim Bruene Posted on
Categories: FinovateAsia 2012, National Australia Bank, Online Banking Report

image Our first Finovate in Asia did not disappoint. With 350 attendees, it was smaller than recent U.S. shows, but it had a ton of energy. While that made it hard to herd folks back to the auditorium amidst all their animated conversations, it’s  exactly what we hope for. And we are looking forward to a return next year.

FinovateAsia featured 35 companies, each delivering a seven-minute demo. As is our habit, we’ve summarized the innovations from the crowd favorites and are deliver it to subscribers in the latest report:

The Best New Products at FinovateAsia 2012

Each of the four companies voted Best of Show by the attendees at the event (note 1) are profiled:

  • CurrencyFair showed off its new Marketplace for
    peer-to-peer international transfers
  • Finantix launched Sharp digital banking platform to
    improve sales and service interaction
  • SocietyOne debuted its ClearMatch technology used
    to streamline the loan application process 
  • Ubank, a unit of National Australian Bank (NAB), launched 
    its  peer-spending comparison tool, People like U

__________________________________________________________________

About the report
__________________________________________________________________

The Best New Products at FinovateAsia (link)
A look at the four "Best of Show" winners

Author: Julie Schicktanz, Finovate Group Research Analyst
Editor: Jim Bruene, Finovate Group Founder

Published: 21 November 2012

Length: 32 pages; 7,000 words

Cost: No extra charge to OBR subscribers, US$125 for others
The printed version will be mailed to subscribers next week.

_________________________________________________________________

Note:
1. See Best of Show methodology here.

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Jingit Raises $7 Million

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Jingit

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Jingit, the startup that pays users to watch ads online, announced last week that it raised $7 million from undisclosed investors.

This comes after the $3.5 million round the Minnesota-based company raised last year, bringing the total investment amount to over $10 million.

Jingit demoed at FinovateFall 2011, where it announced that U.S. Bank will provide the Jingit debit card that users can swipe to spend the cash they earned watching ads. No word on the status of that trial.

To learn more about Jingit, watch its FinovateFall 2011 demo.

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Finovate Alumni News– November 26, 2012

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancBox, DeviceFidelity, Entrepreneurial Finance Lab, Expensify, Kashoo, MoneyDesktop, Q2ebanking, SecureKey, Simple, TradeHero, Virtual Piggy, WeSeed
  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAmerican Banker reports MoneyDesktop aims to make PFM more appealing.
  • Bass Pro Shops and Zappos.com added to Virtual Piggy’s digital distribution channel.
  • The Globe and Mail features SecureKey.
  • The Austin Statesman reports: Workers Praise Q2ebanking’s “Family-Type Environment”.
  • TransCard to use DeviceFidelity’s NFC tech to offer a new white-label mobile wallet. 
  • Kashoo Accounting version 2.0 for iPad now available on iTunes. 
  • Tech in Asia calls TradeHero “probably one of the best startup ideas in Singapore.”  
  • Ian McKenna takes a detailed look at innovations demoed at FinovateAsia.
  • Shamir Karkal, Simple CFO, explains where Simple’s ideas came from and how the project got off the ground.
  • The Banker interviews Bailey Klinger, Co-founder and CEO of EFL.
  • BancBox to set up a development center in Chandigarh, India.
  • Greedful.com features WeSeed: “The Stock Market Game that Pays Off”. 
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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Oklahoma Employees Credit Union Posts Seven Specials for Black Friday and Cyber Monday

By Jim Bruene Posted on
Categories: Advertising & Promotion, Capital One, Credit Unions, Holiday promotions, ING Direct

imageDuring the past few years we’ve reported on Black Friday and Cyber Monday promotions at financial institutions (last year). ING Direct is the only large bank that has consistently used the post-Thanksgiving holiday in its marketing (see below) and we are glad to see it continue under Capital One ownership.

imageThis year we found another new entrant for our database of holiday offers, 42,000 member Oklahoma Employees Credit Union. It has a prominent black tag on its homepage announcing a "Black Friday Money $ale" (see first screenshot). 

And from the looks of it, the CU has created a pretty hot offer, leading with car loans as low as 1.49% with no payment due for 90 days (well after holiday spending subsides). But that’s just one of the seven holiday offers (second screenshot). The CU is also offering:

From Black Friday to Cyber Monday (Nov 23 to 26)

  • 1.49% APR* on New or Used Auto Loans 
  • 1.00% APR^ Off Unsecured Loans
  • Surcharge Free Gift Cards***
Black Friday to the End of the Year (Nov 23 to Dec 31)
  • 90 days no pay**
  • $149 Mortgage Loan Origination Fee^^
  • $49 Credit*^ with New MasterCard
  • 0.49%tt Business Loan Origination Fee

———————————–

    Oklahoma Employees Credit Union homepage with Black Friday specials (Wed, 21 Nov 2012)

      image

    Black Friday landing page (link)

    image 

    ING Direct homepage with Black Friday offers (21 Nov 2012)

    image

    ING Direct Black Friday teaser page (link)
    Note: The bank does not reveal the actual offers until midnight Thursday

    image

    —————————–

    Fine print on Oklahoma Employees Credit Union offers:

      *Annual Percentage Rate. 640+ credit score. Max term 60 months; estimated payment $17.31 per $1,000 borrowed. Min amount $10,000. Existing OECU loan min advance $2,500. Requires automatic payments and eStatements. 
      ** Borrower may defer initial auto loan payment up to 90 days. Interest will accrue from date of advance. 
      ^ Annual Percentage Rate. Reduction from regular earned rate as determined by credit score. 
      *** Up to 5 cards
      ^^ Max 12 years up to $250,000 and 75% loan-to-value as determined by appraisal or AVM. 
      *^ Initial transaction must be made by 1/10/13. Credit to be issued by 2/10/13. 
      tt Owner occupied commercial real estate. Max loan $500,000. Additional closing costs may apply. Normal lending policies apply.

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      Bazaarvoice Raises $6.7 Million To Close Merger Deal

      Bazaarvoice Raises $6.7 Million To Close Merger Deal
      By David Penn Posted on
      Categories: Bazaarvoice
      bazaarvoice_logo_newThe funding comes as Bazaarvoice completes its acquisition of Longboard Media Inc. According to this report from the Austin Business Journal, three investors provided the $6.7 million in additional financing.
      The total value of the deal is $33 million in cash and stock.
      Accompanying the announcement was news that long-time CFO Stephen Collins will step up to replace to outgoing CEO and co-founder Brett Hurt. Hurt will remain on the company’s Board of Directors.
      To learn more about Bazaarvoice, please see the company’s latest demo at Finovate Spring 2012 here.

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      Launching: KeyBank’s “myControl Banking” Provides Balance Forecasting via Mobile App & Online Dashboard

      By Jim Bruene Posted on
      Categories: Best of the Web, Key Bank, Personal Financial Management, Simple

      imageKeyBank is launching a new online banking and mobile service called myControl Banking. The mobile app became available today in iTunes (link).

      The service is centered around myMoney Forecast, a real-time balance forecast shown at the top of the screen (see inset below). It’s a vital PFM function that looks a lot like Simple’s Safe-to-Spend.

      But there is one significant difference. Key Bank users can make the forecast more accurate by manually entering Money In or Money Out transactions before they clear the bank (for example, a just-written check, see bottom of first screenshot). The bank automatically nets out any pre-scheduled bill payments, transfers, or ACH items and adds in recurring regular paychecks and transfers in.

      Key Bnak mobile myMoney ForecastThe interface also includes a weekly cash flow calendar so users can monitor the flow of their funds. And up to five goals can be established and tracked within the app and/or online dashboard.

      The mobile app does not (yet) replace Key Bank’s regular mobile app. Before using MyControl, customers must sign up for it within online banking.

      Analysis: The introduction of MyControl Banking is a fantastic move. It delivers the key missing component of online banking, a peek at what’s about to happen with cash flow, without making users slog through a bunch of PFM features they don’t understand.

      imageIt provides Key Bank with meaningful differentiation, and gives them a platform to add more PFM content in the future.

      Because Key Bank’s MyControl raises the bar in digital delivery, we are giving it our OBR Best of the Web award (note 2). We are also retroactively naming Simple as a co-winner since they commercialized a similar balance forecast earlier this summer.

      ——————————————

      Mobile checking & savings balance visualization with integrated transfer button (left) and goals (right)

      Key Bank myControl Checking     KeyBank myControl Savings mobile

      Key Bank myControl Banking landing page (link, 20 Nov 2012)

      image

      ————————-

      Notes:
      1. This post was developed from info available within the app, in the product video at Key.com/mycontrol and in the FAQs. But I don’t have an account at Key Bank, and there is no interactive demo yet, so I haven’t used the service with live data.
      2. Since 1997, our Online Banking Report has periodically given OBR Best of the Web awards to companies that pioneer new online- or mobile-banking features. It is not an endorsement of the company or product, just recognition for what we believe is an important industry development. In total, 88 companies have won the award. This is the first for Key Bank and Simple. Recent winners are profiled in the Netbanker archives.
      3. For more on balance forecasting and other advanced PFM features, see our recent Online Banking Report: PFM 4.0 (June 2012; subscription).

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      On Deck Releases Growth Figures

      By Julie Muhn (@julieschicktanz) Posted on
      Categories: On Deck Capital

      Thumbnail image for Thumbnail image for Thumbnail image for OnDeckLogo.jpg

      Online lending platform,On Deck Capital, released growth numbers late last week. Here’s a quick summary:

        • Over the past 6 months the number of On Deck distribution partners has increased by 50%
        • The partners in the network reach more than 1 million businesses such as:
      – banks
      – leasing companies 
      – funding advisors
      – accountants
      – payroll firms
        • On Deck has opened offices in: 
      – Atlanta
      – Sarasota
      – Chicago
      – Los Angles
       

      As of this month, the platform has delivered over $300 million to U.S. small businesses.

      To learn more about On Deck, watch its FinovateSpring 2012 demo.

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