Finovate Alumni News– November 30, 2012

  • Expensify now lets users submit employee expense reports to bill.com.
  • Simple (Formerly BankSimple) Rolls Out Mobile Check Deposit.
  • Virtual Piggy appoints Joseph Dwyer, former software executive as CFO.
  • VentureBeat reports Kabbage wins CloudBeat’s Innovation Showdown.
  • Acculynk announces full integration of recent acquisition, PayLeap.
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.

CafeGive Powers Cause Marketing via Facebook

image The response  to Chase Bank’s Community Giving Facebook campaign has been remarkable (except for a few glitches). It’s one of the top social media successes across all industries (see previous post).

If you are looking to do something similar this holiday season (or more likely in 2013), you may want to outsource the tech to a specialist who can help maximize the power of social networks while keeping you from free from any controversy.

image There are a number of companies that can help you create Facebook apps. For example, we were recently briefed by a newcomer that has been getting some traction recently with a large U.S. bank and several credit unions, CafeGive.

CafeGive-powered financial institution examples:

  • US Bank ran a successful program earlier this year in partnership with the Oregon State Activities Association. In a strategy reminiscent of Chase Community Giving, the bank invited the community to nominate and vote (see inset; case study). Six winning high schools each received $2,500. The bank is expected to run the promotion again in 2013.
  • Patelco Credit Union is using a simple fundraising app they were able to deploy within a few days after Hurricane Sandy hit the Northeast USA (see screenshot 1 – 4). The app includes a progress bar, updated in real-time, showing progress towards the goal.
  • Alaska’s Credit Union 1 is donating $1 per like to the Food Bank of Alaska (see screenshot 5 & 6)

Many marketers have mixed feelings about cause marketing. On the one hand you are bragging about how generous you are while at the same time convincing your CFO that there is a positive ROI. But regardless of your motives, you want to get as much bang for your buck. Outsourcing the plumbing makes a lot of sense for these less-frequent programs.  

Bottom line: It’s win-win. You do the right thing and it improves your brand image and boosts employee morale.

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Patelco Credit Union

1. Patelco features its CafeGive-powered donation app on its main Facebook page (link; 29 Nov 2012)

Patelco Credit Union features its CafeGive-powered donation app on its main Facebook page


2. Simple donation page with progress meter
(link; 29 Nov 2012)

Simple donation site with progress meter at Patelco CU

3. Co-branded payment page powered by PayPal

Co-branded CafeGive payment page powered by PayPal  

4. After completing the PayPal process, a thank-you page shows the progress bar updated with the new donation

Thank you page from CafeGive

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Credit Union 1

5. Credit Union 1 showcases "like us | give" link on its main Facebook page (link; 29 Nov 2012)

image

6. CafeGive-powered "like us" promotion pays out $1 per like (link)

CafeGive-powered "like us" promotion at Credit Union 1 pays out $1 per like

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Notes:
1. According to CafeGive Founder Sandra Morris, consumers gravitate towards brands with a conscious. She cites a survey that showed the top-3 reasons millennials gave for using a brand were: a) convenience, b) online services, and c) give back.  
2. See our Online Banking Report "Banking in Facebook" (published Feb. 2012, subscription)

Simple (Formerly BankSimple) Rolls Out Mobile Check Deposit

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Yesterday, Simple (formerly BankSimple) announced on its blog that it has added a remote deposit capture (RDC) feature.

Customers can use the Simple App on their iPhone to deposit checks. All they need is an endorsed check and their account number, which Simple provides within the app itself.

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Depending on how long you’ve been a Simple customer, up to $200 of the check will be deposited into your account the next day. Users can deposit a maximum of $5,000 total, up to 10 checks per week, and 15 checks per 30 days.

There is still no word as to when Simple will roll out an app for Android.

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

Finovate Alumni News– November 29, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMetaforic unveils Latest Software Protection Technology.
  • Monitise in talks to raise up to 100 million pounds ($160 million USD).
  • miiCard launches online identity trust challenge for Scotland’s university students.
  • American Banker looks at My Community FCU’s experience with MoneyDesktop.
  • Zopa exceeds a quarter of a billion pounds ($400 million USD) in P2P loans.
  • Forbes reports that Corduro is seeking to raise $10 million in series B funding.
  • Pageonce adds File Cabinet, Scheduled Payments to improved Money & Bills app.
  • Epson expands global deployment of Bazaarvoice platform.
  • Matchfund wins place in Yodlee Interactive Incubator Program.
  • Experian announces renewed data, analytics deal with Hitachi Capital UK.
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.

Don’t Miss Your Last Chance to Save £200 via a FinovateEurope 2013 Very-Early Bird Ticket

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With FinovateEurope 2013 a little less than 3 months away, we’ve begun sorting through the THICK stack of applications we’ve received from hot startups and leading established players with new fintech innovations to debut.

It’s already an incredible list and it is growing every day as the final application deadline of Friday November 30 draws near (please email us at europe@finovate.com ASAP if you still need info on applying).

There is so much innovation going on in Europe in everything from mobile to security to lending to PFM to payments to wealth management — and much more. Based on the quality and number of applications we’ve seen so far, next year’s FinovateEurope is going to be our biggest and best yet. And, with the expansion to a two-day format, it’s your chance to see even more new ideas in a single show.

If you’d like to attend and watch the cutting-edge of European fintech
debut via our fast-paced, demo-only format, very early-bird tickets are still available at
the discounted price of £995.00 (£200 off) through this Friday. Tickets are limited so please lock in your seat today to guarantee your ability to attend (and these savings). We’ll see you in London in February!

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

FinovateEurope 2013 is partners with: Financial Services Innovation Centre and Hotwire PR 

aSpark, DCisions Both Acquired in Separate Deals

Recently, two Finovate alums announced that they had been acquired. We were excited to see two successful exits:

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aSpark, an idea-incubation company that generates cloud-based mobile solutions for FIs
Founded: 2011
Acquired byLiquidHub, provider of management and IT consulting
Finovate demo: FinovateFall 2012

Co-founder and CEO, Raj Patil, and his team will now continue operating under the company name LiquidHub.

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DCisions, data analytics company that operates InvestorBee, a consumer-based service that provides investment data
Founded: 2005
Acquired by: Interactive Investor, a guide to UK finance and investing
Finovate demo: FinovateEurope 2012 and FinovateSpring 2012

DCisions will conclude independent data services on December 31, 2012, at which point the FTSE DCisions Index Series and InvestorBee service will stop.

FinTech Innovation Lab Accepting Applications Through December 19

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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.

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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.

Finovate Alumni News– November 28, 2012

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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.

ActivePath Merges with PowerInbox, Raises $10 Million in New Funding

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.

Finovate Alumni News– November 27, 2012

  • 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.

New Report Published: The Best of FinovateAsia 2012

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

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About the report
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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.

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Note:
1. See Best of Show methodology here.

Jingit Raises $7 Million

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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.