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Finovate Alumni News — January 8, 2014

By David Penn Posted on January 8, 2014
Categories: CurrencyFair, Doxo, Dynamics, Flint Mobile, LendUp, Manilla, Refundo

Merchant Maverick calls Flint Mobile "the perfect service for low-volume merchants."LendUp and Refundo team up to provide short-term loans for underbanked taxpayers waiting for refunds.Manilla launches Bill Share to make managing family finances easier.CurrencyFair unveils their new website.The Seattle Times joins doxo to simplify bill delivery and payment for subscribers.Dynamics ePlate Visa Card adds 50th rewards partner.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.

Manilla Launches Bill Share to Make Managing Family Finances Easier

By David Penn Posted on January 7, 2014
Categories: Manilla

Sometimes the only thing more important than having a safe place for "your stuff" is a having a way - when you want to - to safely and easily share your stuff.To that end, Manilla is announcing Bill Share, the latest addition to their free, cloud-based bill-management service."Whether you're co-managing finances with your spouse, overseeing a college student's accounts, helping elderly parents with their money or sharing information with your account, money management often involves more than one person, and that can become complicated," said Manilla CEO Jim Schinella. Bill Share provides the sort of "shared finances" functionality that a number of personal finance management apps have begun to feature (such as Yodlee's Best of Show winning app, Tandem).How so? Manilla users can take advantage of Bill Share simply by granting selected Manilla users access to their account. Users can then jointly manage finances, share information with financial professionals, and leave comments…

Allied Payment Network’s Partnership with Mitek Pays Off with PicturePay

By David Penn Posted on January 7, 2014
Categories: ACI Worldwide, Allied Payment Network, Mitek

Since adopting PicturePay, bank and credit union customers of Allied Payment Network have seen 5-15% month-over-month growth in transactions and 10% growth in retention rates for customers who used bill pay. This has taken retention rates as high as 98%.This is the emerging bill pay landscape as seen from the partnership between Allied Payment Network and Mitek. With more financial institutions offering ways for customers to pay bills, a feature like mobile bill pay helps distinguish those FIs looking to maximize opportunities through the fastest growing transaction channel.Allied Payment Network notes that half of the customers who use PicturePay never took advantage of online bill pay services in the past. And a big selling point for the technology is the ability to pay using the mobile device's camera rather than having to type out information on a keyboard.The company was recently in the news with announcement of its partnership with…

Finovate Alumni News– January 7, 2014

By Julie Muhn (@julieschicktanz) Posted on January 7, 2014
Categories: BancVue, Dwolla, Jack Henry, Numbrs, Q2, Q2ebanking, TSYS, Zopa

State of Iowa expands government payment partnership with Dwolla; Iowa DOT begins using service for IFTA and IRP.Urban Partnership Bank introduces upbAnywhere, the New Virtual Banking Platform from Q2 (Q2ebanking).ABL Advisor looks at BancVue's BancAssets advising partnership with UHaul.CEO Interview: Julien Arnold of Numbrs.Zopa wins "Best Peer to Peer Lender" award from Moneynet Personal Finance.TSYS announces partnership with Womply to provide TSYS Merchant Insights business analytics dashboard.Jack Henry Banking to provide its clients with access to American Express' FX International Payments service.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.

Mobile Monday: Reminding Customers to Make Mobile Number Primary

By Jim Bruene Posted on January 6, 2014
Categories: Capital One, Mobile Banking, Service

Now that mobile is on its way to becoming the dominant banking interaction channel, we are going to obsess on the nitty-gritty details this year, both here and in our Online Banking Report newsletter. First up: How to get better mobile data into your CRM. By now many (most?) readers do a good job grabbing mobile numbers during new customer onboarding. But are you doing the same with existing customers? And even if you have a mobile number on file, is it the primary phone number on the customer's account? Capital One 360 (formerly ING Direct) is reminding customers at login to take a look at their account info on file. And furthermore, the bank has added a small reminder to make your mobile number primary, if desired (see screenshot below). Bottom line: Having the best primary phone number is a small, but important, part of servicing customers effectively. My…

CEO Interview: Julien Arnold of Numbrs

By David Penn Posted on January 6, 2014
Categories: Numbrs

With FinovateEurope a month away, it seemed like a good time to check in with some of the European startups redefining innovation in financial technology. Today we bring you our conversation with the CEO of Numbrs, Julien Arnold.Numbrs made its Finovate debut at FinovateFall 2013 in New York. The Switzerland-based, self-described "nonbank"demoed a personal finance app that combines bill pay, fund transfer and PFM into an easy-to-use mobile banking solution. Additionally, the Numbrs app does more than help users see and analyze past spending and saving. The app also helps users anticipate and project their future financial behavior. This feature, called "Timeline" is one of the more unique aspects of the Numbrs app and potentially shows an important new direction in the PFM space.Numbrs was founded in September 2012. The startup has raised more than $11 million in its 2013 Series A round. Follow Numbrs on Twitter @numbrs.Finovate: You are making…

Finovate Alumni News– January 6, 2014

By David Penn Posted on January 6, 2014
Categories: BillGuard, CurrencyFair, Expensify, FinanceIt, FlexScore, FutureAdvisor, Geezeo, Google, Jemstep, LearnVest, Level, MasterCard, Mint.com, Personal Capital, Saved Plus, Signifyd, Simple, TIO Networks, Wallaby Financial, Wealthfront

Checking in with FlexScore is top of the list in this Forbes column on financial planning for those turning 50 this year.Mint, Personal Capital, SavedPlus, and LearnVest earn spots on Fox Business' list of "5 apps to help keep your 2014 financial goals."CodeSumBlog names BillGuard as its top financial management productivity app.MasterCard completes acquisition of Provus, Turkey's leading independent payments processor.Google announces that customers can now activate their Google Wallet card via the mobile app.CurrencyFair highlighted in New York Times column on Ireland's tech start-up scene.Check out numbers from Simple's year in review with 6.6 million transactions.The Financial Post covers FinanceIt's POS financing solution.Expensify revamps UI and adds executive assistant permissions with new "Wingman" feature.Novartis to offer Geezeo-powered PFM.Forbes lists LearnVest, Personal Capital and BillGuard as apps for saving money.Xconomy lists Jemstep and Personal Capital as two new online services to put you back in command of your 401(k).TIO Networks acquires Globex Financial…

PayPal Extends Working Capital Pilot Program to Support Small Business Lending

By David Penn Posted on January 3, 2014
Categories: PayPal

PayPal has announced plans to extend its trial initiative that provides small business loans to its U.S. merchants.The initiative, called the Working Capital pilot program, offered 90,000 of PayPal's U.S. merchants the opportunity to borrow against their annual PayPal revenue (up to 8% or a maximum of $20,000). The program was initially set for three months, but PayPal will be extending the initiative en route to a global roll out in 2015.The move into small business lending puts PayPal in direct competition with Kabbage (also a Finovate alum). According to PayPal, more than 4,000 loans have been processed through the program.PayPal charges a flat fee for the loans, collecting neither interest nor additional fees (including late fees). In return, PayPal gets paid by deducting 10-30% from the merchant's daily receipts. The flat fee and the percentage deduction are inversely related, meaning a higher flat fee will produce a lower daily…

Finovate Alumni News– January 3, 2014

By David Penn Posted on January 3, 2014
Categories: Bill.com, Mint.com, P2BInvestor, PayPal, Prosper

Finovate alumni raise $825 million in 2013, up 79%.PayPal extends lending opportunities to 90,000 of its U.S. merchants.Mint launches weekly $500 lottery award to users for updating or building a new budget using the app.P2Binvestor co-founder and COO Krista Morgan talks small business lending with author Matthew Lesko.Bill.com teams up with TechAtlantis to offer automated 1099-MISC e-filing via Tax1099.com.San Francisco Business Times features Prosper.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.

Finovate Alumni Raise $825 Million in 2013, Up 79%

By Julie Muhn (@julieschicktanz) Posted on January 2, 2014
Categories: Affinity Solutions, Apprenda, Azimo, Bill.com, BillFloat, Cardlytics, Check, Clover Network, CoverHound, Credit Karma, CurrencyFair, DeviceFidelity, Doxo, Dwolla, ERN, Fenergo, FinanceIt, Flint Mobile, FTRANS, Funding, Heckyl Technologies, Jemstep, Kofax, Kony Solutions, LearnVest, Lendio, LendUp, Meniga, Moven, Narrative Science, Numbrs, On Deck Capital, OpenCoin, P2BInvestor, Payfone, PayNearMe, peerTransfer, Personal Capital, Ping Identity, Prestadero, Prosper, Q2ebanking, Receivables Exchange, SafetyPay, SeedInvest, Socure, SoMoLend, Spreedly, SumUp, Swipely, Taulia, TradeHero, Tradeshift, TransferWise, True Office, Trustev, Tuition.io, Wealthfront, Wipit, Xero, Zooz

Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.2013 funding summary:62 companies raised $825 millionQ4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). October was the busiest month, with $177 million raised (mostly Xero's $150 million)May was second highest with $91 million raised by 7 companies2012 comparisonLast year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.Quarter 1 -- blog postMore than $155 million raised by 14 companiesJanuary -- $57 million raised by 6 companiesAzimo: $480,000 -- blog postBillFloat: $21 million -- blog postClover: $3 million -- blog postPayNearMe: $10 million -- blog postProsper: $20 million-- blog postTrue Office: $3 million -- blog…

peerTransfer Announces Another $6 Million Investment, New CEO

By David Penn Posted on January 2, 2014
Categories: peerTransfer

What's better than raising more than $6 million in June?Raising another $6 million and change in December.In a series B round including both new and existing investors, international tuition payment specialist peerTransfer announced that it had followed up its mid-summer fundraising effort with an equally successful $6.2 million raised in late December. Participating in the round were new investor Devonshire Investors, and existing investors FIDES, Kibo Ventures, Spark Capital, and QED Investors. With more than $12 million raised in 2013, peerTransfer's total capital now stands at more than $21 million.peerTransfer also announced that it was promoting VP of Sales and Marketing, Mike Massaro to CEO. Founder Ike Marcaide will leave the CEO post to focus on strategic initiatives for the company.A specialist in peer-to-peer international remittance, peerTransfer has distinguished itself by providing a streamlined international payment solution for schools and their international students. peerTransfer supports more than 45 currencies and accepts…

doxo Raises $3.5 Million in New Funding

By David Penn Posted on January 2, 2014
Categories: Doxo

One of the competitors in the bill management space, doxo, announced that it had raised $3.5 million in new funding just before the holidays. The additional capital brings the Seattle-based startup's total to $19 million.doxo makes it easier for businesses and consumers to move toward more efficient, paperless financial management processes. The company includes Jeff Bezos and Open Table CEO Thomas Layton among its investors, and its cloud-based document storage and online payment system has been compared favorably to PayPal. Among doxo's customers are AT&T, Sound Community Bank, Puget Sound Energy, as well as the State of Washington.Additional investors include Mohr Davidow and Sigma Partners. doxo CEO Steve Shivers said that the additional funding will be used to help "accelerate growth" in 2014. Shivers co-founded doxo with Mark Goris in 2008.doxo demoed its technology as part of the FinovateSpring 2011 show in San Francisco. See the company's presentation here.