Banno Appoints Industry Veteran Charles Potts as President

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Digital banking solutions startup Banno announced last week that it has appointed industry veteran Charles Potts to fill the newly created role of President. 

Potts, who has been working in the fintech industry for 25 years, has an impressive work history. His previous experience includes:

    • SVP of Business Development at ProfitStars
    • Founder and President & CEO of Beacon Software
    • Co-Founder and President & CEO of iBank
    • VP of Business Development for nFront (now Digital Insight) 
    • Global Accounts Manager at Interactive Planning Systems or IPS-Sendero (now a Fiserv company)
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Potts (pictured right) previously sat on Banno’s advisory board, and will now be helping the Iowa-based company accelerate the product delivery strategies of their partnerships and direct growth within the financial services marketplace.

We caught up with Potts this week to get some insight on his recent move:

Finovate: How has your past experience prepared you for this role?
Potts: Starting my own companies and working with entrepreneurs is something I understand. I’ve been very fortunate in my career both in banking and in the FinTech space to witness firsthand what works to make a successful venture as well as what doesn’t. I believe I can contribute some of that experience to helping Wade and the Banno team.
Finovate: What are you most looking forward to in your new role?
Potts: Working with Wade and the team to nurture and grow their ideas is quite exciting. As an outside advisor, I got some sense of the passion they possess for the groundbreaking innovation being created. That passion and hunger to build really good products and provide outstanding service to the customers is quite uplifting. Now I get to be part of that firsthand.
Finovate: What advice would you give a young entrepreneur in the fintech industry?
Potts: Understand the buying behavior of the market you serve and what it means to be a fiduciary. Banks and credit unions have a very important role in the communities they serve and much of that is centered on a strong fiscal and social responsibility. We as partners to the financial institutions must respect and protect that role.
Finovate: As someone who has seen a lot of fintech come and go, what attributes does Banno have that will help it succeed?
Potts: A common or shared vision amongst the employees is supremely important to the success of any organization. As the old adage goes, “If you don’t know where you’re going, any road will get you there.” This requires focus, communication and an unwavering commitment to the common goal and each other. Banno has that in abundance.
Finovate: How long does it take to get from Atlanta to Cedar Rapids?
Potts: Ha! While it seems like it has taken me 3 years to get here, given my work on the board, fortunately Delta is ready when I am with many choices into the area. The trip can usually be no more than 2 hours, enabling me to make frequent visits to the office and spend quality face time with the entire team.

To learn more about Banno, watch its FinovateFall 2012 demo.

Correction: CoverHound Brings in $5.5 Million

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Earlier this month, we incorrectly reported that CoverHound raised $8.1 million, citing the San Francisco Business Times. Below is the corrected report.

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Insurance comparison tool, CoverHound recently raised $4.5 million in Series A funding. The round was led by RRE Ventures of New York. Bullpen Capital and existing investor Blumberg Capital also participated.

This funding, combined with the $750,000 in seed money raised from Blumberg Capital in 2011, brings the San Francisco-based startup’s total funding to $5.25 million.

With this release, CoverHound also disclosed that it is now manages $1 million worth of premiums.

To learn more about CoverHound, watch its FinovateSpring 2012 demo.

Finovate Alumni News– February 7, 2013

  • Finovate-F-Logo.jpgMarket Watch’s Jennifer Openshaw reviews the ReadyForZero user experience.
  • Movenbank drops the “bank”, changes name to Moven. Come see the launch of its new features at FinovateEurope February 12 and 13 in London.
  • Kabbage appoints Simon Yoo, former co-head and managing director of Citigroup’s FI Group, as CFO. Come see Kabbage’s live demo at FinovateEurope.
  • Lending Club opens low-interest, fixed-rate personal loan platform to Tennessee residents.
  • Fuze Network guarantees no late fees for credit card payments made before noon CST on due date.
  • True Office partners with Thomson Reuters to develop new, ramified compliance applications.
  • Affinity Solutions raises more than $6 million in equity and convertible securities.
  • InComm wins in 4 categories in seventh annual
    Paybefore Awards.

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.

Less than 75 Tickets Remain for FinovateEurope 2013 — Get Yours Now!

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FinovateEurope 2013 is only 6 days away and we are thrilled to be so close to a capacity crowd at Old Billingsgate Market Hall. There are less than 75 70 tickets remaining and more are selling each hour.

The room is going to be packed with leading executives, entrepreneurs and investors to watch our awesome presenter lineup demo Europe’s latest fintech innovations (sneak peak #1, #2, #3).

Here is just a small sample of the high-quality organizations that will be watching the future of finance and banking unfold live on stage:

  • ABN Amro
  • Accel Partners
  • Allied Irish Bank
  • Balderton Capital
  • Barclays
  • BBVA
  • BNP Paribas
  • Capgemini Netherlands
  • Capital One
  • Celent
  • Datamonitor
  • e-la Caixa
  • EFMA
  • Ernst & Young
  • Fidelity
  • Fidelity Growth Partners
  • Financial Times
  • Financial World
  • Gartner
  • GSB Ventures
  • IBM
  • ICT Journal
  • IDC Financial Insights
  • ING
  • Jack Henry & Associates
  • KPMG
  • Liberty Bank
  • Lloyds Banking Group
  • MasterCard
  • Microsoft
  • Mobile Money Africa
  • Ovum
  • PayPal
  • PostFinance
  • Rabobank
  • Ribbit Capital
  • Royal Bank of Scotland
  • Scottish Life
  • Skandiabanken
  • Swedbank
  • Swiss Post
  • TeamBank AG
  • TechCrunch
  • The Banker
  • Toyota Financial Services
  • UBS AG
  • University of Exeter
  • University of Glasgow
  • Velocity Capital
  • Volksbank
  • Wonga

If you’d like to join this audience and find your next competitive innovation edge, limited tickets are still available but selling fast. We’ll see you in London next week!

FinovateEurope 2013 is sponsored by: Bluerock Consulting, Financial Technology Partners The Bancorp & Yodlee

FinovateEurope 2013 is partners with: BankersHub, Celent, Finance On Windows, Financial Services Innovation Centre, The Financial Services Club, and Hotwire PR 

Less than 75 Tickets Remain for FinovateEurope 2013 — Get Yours Now Before They Sell Out!

btn1_ov.png

FinovateEurope 2013 is only 6 days away and we are thrilled to be so close to a capacity crowd at Old Billingsgate Market Hall. There are less than 75 70 tickets remaining and more are selling each hour.

The room is going to be packed with leading executives, entrepreneurs and investors to watch our awesome presenter lineup demo Europe’s latest fintech innovations (sneak peak #1, #2, #3).

Here is just a small sample of the high-quality organizations that will be watching the future of finance and banking unfold live on stage:

  • ABN Amro
  • Accel Partners
  • Allied Irish Bank
  • Balderton Capital
  • Barclays
  • BBVA
  • BNP Paribas
  • Capgemini Netherlands
  • Capital One
  • Celent
  • Datamonitor
  • e-la Caixa
  • EFMA
  • Ernst & Young
  • Fidelity
  • Fidelity Growth Partners
  • Financial Times
  • Financial World
  • Gartner
  • GSB Ventures
  • IBM
  • ICT Journal
  • IDC Financial Insights
  • ING
  • Jack Henry & Associates
  • KPMG
  • Liberty Bank
  • Lloyds Banking Group
  • MasterCard
  • Microsoft
  • Mobile Money Africa
  • Ovum
  • PayPal
  • PostFinance
  • Rabobank
  • Ribbit Capital
  • Royal Bank of Scotland
  • Scottish Life
  • Skandiabanken
  • Swedbank
  • Swiss Post
  • TeamBank AG
  • TechCrunch
  • The Banker
  • Toyota Financial Services
  • UBS AG
  • University of Exeter
  • University of Glasgow
  • Velocity Capital
  • Volksbank
  • Wonga

If you’d like to join this audience and find your next competitive innovation edge, limited tickets are still available but selling fast. We’ll see you in London next week!

FinovateEurope 2013 is sponsored by: Bluerock Consulting, Financial Technology Partners The Bancorp & Yodlee

FinovateEurope 2013 is partners with: BankersHub, Celent, Finance On Windows, Financial Services Innovation Centre, The Financial Services Club, and Hotwire PR 

CashStar Reports Record Holiday Season

Thumbnail image for Thumbnail image for CashStar.jpgStrong holiday sales for the company’s eGift Cards have made CashStar optimistic about the prospects for mobile gift card and “last-minute gifting” demand in 2013.

Why are eGift Cards working for CashStar? In part, it may be because they are working for merchants. According to CashStar:
  • The company enjoyed a 800% increase in mobile eGift Cards purchased compared to 2011
  • Brands with mobile-optimized eGift Card websites outperformed non mobile-optimized websites in purchases by smartphone by more than 50% in December 2012
  • Brands from mobile-optimized sites earned 3,700% more in sales in 2012
CashStar has a network of more than 250 brands, including Brooks Brothers, Jiffy Lube, Harry & David, and Petco. The company’s support for Passbook on the iOS platform has added new retail partners like Home Depot and The Body Shop.
See CashStar’s most recent demo from FinovateFall 2011 here.

Finovate Alumni News– February 6, 2013

  • Finovate-F-Logo.jpgLend Acadamey reports: SocietyOne May Be the Most Innovative P2P Lender on the Planet.
  • American Banker reports: Experian providing prepaid card service provider Cardplatforms with its global authentication services.
  • ValidSoft’s Secure Mobile Architecture for Real-time Transactions selected to be an integral element in Spindle’s payment acceptance service.
  • Cortera’s Pulse is winner of the 2013 SIIA CODiE Award for Best Business Information Solution.
  • SumUp partners with blue solution software to integrate API into Top Reparatur.  See them demo at FinovateEurope next week.
  • Acculynk‘s PayLeap reaches strategic agreement with Spindle to integrate platforms.
  • IgniteSales reports 100% revenue growth for 2012.
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.

Navigating FinovateEurope 2013: Now There’s an App for That

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In order to help you take full advantage of our biggest FinovateEurope show yet, we’ve launched a mobile app available for iPhone, iPad, and Android devices.

Attendees and followers of FinovateEurope 2013 can download the free app, which features:

    • Full event agenda
    • Short descriptions of presenting companies
    • Ability to manage your Finovate schedule with calendar integration

On February 12, the first day of the event, the app will update to unveil full demo information for all 64 presenting companies and allow users to:

    • Contact presenters with email integration
    • Search within the app
    • Take notes and save them with each company’s profile
    • Quickly register for the upcoming conferences, find Finovate alumni, follow Finovate tweets, and more 

It’s available for download in the Apple App Store for iOS devices and the Google Play Store for Android devices. To download, use the QR codes or links below.

Apple App Store

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If you still haven’t registered for FinovateEurope, there’s still time. Get your ticket here.

Plastyc Adds Instant Access Fee to Mobile Check Deposit

Thumbnail image for Plastyc2.jpgPionneering alternatives to traditional banking sine 2006, Plastyc is unveiling a new option that provides quicker access to checks deposited into their prepaid Visa accounts.

Customers using mobile remote deposit will be offered the option of immediate access to the deposited funds for a 1% fee for government or printed payroll checks, or 4% for personal checks. Customers who opt for delayed access, typically five business days, pay no additional charge.
Additionally, Plastyc has increased the maximum deposit amount for checks to $2,500, which the company says is more than that allowed by other mobile deposit systems.
The service is being tested with the company’s mobile app users before being rolled out to the entire card base. The service is powered by Chexar Networks.
Plastyc is one of a handful of Finovate alumni who are participating in the Consumer Financial Protection Bureau’s Project Catalyst, which we featured late last year.
To learn more about Plastyc in action, click here to see their demo from FinovateFall 2011.

Finovate Alumni News– February 5, 2013

  • Finovate-F-Logo.jpgCachet Financial Solutions integrates with CU Mobile Apps, a provider of mobile banking solutions.
  • Finextra reports SafetyPay opens up to German-speaking markets.
  • Lendio reports 2012 growth metrics.
  • Expensify listed as 1 of 4 apps to helps save and manage your money.
  • TechFaster interviews BillGuard CMO Mary Anne Keegan.
  • Business Insider interviews Josh Reich, Simple founder and CEO.
  • Xero makes Bank Reconciliation available to Android users.
  • edo Interactive’s new Marketplace platform targets small, local businesses.
  • Check out Finovate’s infographic of FinovateEurope 2013 innovation themes.
  • Billhighway named as finalist in the 2013 Stevie Awards for Sales & Customer Service.
  • SigFig-powered USA Today Money Portfolio Tracker launches
    in app store.
  • CashStar reports record holiday season; 800% increase in mobile eGift Card purchases.
  • Continuity Control partners with Community BancService Corporation.
  • TSYS technology at work in Visa’s Saral Money program in India.
  • Rabobank launches Figlo-powered widgets for online banking homepage.
  • BrightScope ranks top 25 law firms with highest-rated 401(k) plans.
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.

Infographic: FinovateEurope 2013 Innovation Themes

At FinovateEurope next week, 64 companies will gather in Old Billingsgate Hall in London to show off their newest fintech innovations to an audience of bankers, VC’s, press, and fellow members of startup communities across the globe. 

To give you a better idea of what each company will demo on stage, here’s a word cloud of the main topics. As you can see, there’s a large variety, but it’s no surprise that mobile and payments are well represented.

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As we inch closer to what’s shaping up to be Finovate’s largest international show so far, we thought you’d be interested in the geographic and topical distribution of the demoing companies. 

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While two-thirds of the companies are headquartered in Europe (click on the map to enlarge), there are also 21 companies from other continents. Here are the HQ locations:

  • Europe (43)
  • U.S. (14) 
  • Chile (2) 
  • Australia (1)
  • Canada (1)
  • India (1)
  • Israel (1)
  • South Africa (1)

Interested in seeing these companies demo live? There’s still time to get your ticket to FinovateEurope 2013.

Three Finovate Alums Selected for Accenture’s FinTech Innovation Lab in London

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FinTech Innovation Lab London, a collaboration between Accenture and London-based FIs, recently selected companies to take part in its inaugural fintech mentoring course. Of the seven* fintech entrepreneurs selected, three are Finovate alums.

Industry executives selected the startups from a large pool of applicants. Finovate alums include:

The 12-week course is modelled after FinTech Innovation Lab in New York, which we covered late last year. The inaugural course in London will take place at Level39, where the startups will attend a series of panel discussions, workshops, leadership coaching and networking opportunities from mentoring financial institutions.

Some of the supporting institutions include:

    • Barclays
    • Credit Suisse
    • Deutsche Bank 
    • HSBC
    • Lloyds Banking Group 
    • UK national payments infrastructure provider
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The other five fintech companies include Calltrunk, Digital Shadows, Growth Intelligence, and Waratek.