Where Are They Now? FinovateSpring Alums Raise More than $326 Million in a Year

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Last week we took a look at what the alums of FinovateSpring 2015 have been up to in the year since they demoed on the Finovate stage. Today, we’re focusing on the funding.

All $326 million of it.

Of the 72 companies that demoed at FinovateSpring 2015 in San Jose last year, 21 of them had raised capital within a year. Kabbage’s raise of $135 million certainly stands out. But the $25 million investment picked up by itBit in May of last year, as well as the $15 million raised by Trulioo and the $12 million raised by Moven were also major contributors to a strong fundraising performance from the Class of FinovateSpring 2015. And this doesn’t even include companies such as Yodlee, which was acquired by Envestnet for $660 million, or Aurora Financial Systems, bought by fellow Finovate alum, Finicity, for an undisclosed sum.

March 2016

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October 2015

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August 2015

  • [M&A] Holy Yodlee! Envestnet to Buy Yodlee for $660 Million – video

July 2015

June 2015

May 2015

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FinovateSpring 2016 is less than a month away. Pick up your tickets today and save your spot at our upcoming spring conference in San Jose, California.

 

2015: A Year in Finovate Alumni Mergers and Acquisitions

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2015 was another big year for mergers and acquisitions in the fintech industry. And whether they were the acquirer or the acquired, Finovate alums were very much a part of the M&A action.

Because terms of many deals were undisclosed, it is difficult to get a precise number on how much money was spent acquiring some of fintech’s most promising startups this year. But looking just at those acquisitions for which figures were available, we can see that 2015 was a banner year in M&A (more than $7 billion) — and that’s just counting alums.

So from the $5 billion deal between FIS and Sungard to the “alum-acquires-alum” mergers of September 2015, let’s take a closer look at some of the major unions of the year that featured Finovate alums.


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If you’re a Finovate alum whose merger we’ve missed or acquisition we’ve overlooked, let us know. Send us an email at research@finovate.com.

Finicity Acquires Aurora Financial Systems

Aurora_Note_logo_Sep2015As we were about to publish the Finovate debut feature for Aurora Financial Systems, we were asked to hold off by Chris Melendez, vice president for corporate partnerships. “There may be some big news coming,” he said.

Finicity_logo_FinDEVr2015This week, the big news arrived: Aurora Financial Systems has agreed to be acquired by fellow Finovate alum, Finicity.

In a statement released earlier this week, Finicity announced it had acquired “substantially all the assets” of Aurora Financial Systems. Aurora will become part of Finicity’s Data Services Division and will be led by Melendez and Aurora co-founder Michael Ciberey. The terms of the acquisition were not disclosed.

A division of Finicity Corporation, Finicity Data Services provides API services for fintech developers building account aggregation, cash-flow verification, and account-ownership-verification solutions. With the acquisition of Aurora Financial Systems, Finicity will add transaction processing and card program management to its developer stack.

With the acquisition, Finicity is intensifying its promotion of its TxPUSH real-time financial data delivery. Finicity co-founder Nick Thomas highlighted Aurora’s TxPUSH Event Management API and Event PUSH Delivery engine as “standards-based solutions” for delivering card transaction data “immediately, not three days from now.”

“Real-time transaction data opens many new doors for fintech innovators,” Thomas said.

FinDEVr2015LogoV2DateFounded in 1999 and headquartered in Salt Lake City, Utah, Finicity’s Data Services division launched its TxPUSH API for fintech apps at FinovateSpring 2015. The company will make its FinDEVr debut next month at FinDEVr 2015 San Francisco (early bird ticket sales end this Friday) where it will demonstrate real-time data delivery via its TxPUSH API.

Aurora Financial Systems made its Finovate debut at FinovateSpring 2015 in San Jose, Calif., with the debut of Note, a vertically integrated budgeting solution for FIs. But the Purchase, New York-based company’s pedigree is as a debit processor and program manager specializing in incentive, payroll, and reloadable, prepaid solutions. Aurora has processed millions of dollars of transactions within these categories since its founding in 2009.

Finovate Alumni News

On Finovate.com

  • “Finicity Acquires Aurora Financial Systems”

Around the web

  • Temenos and Accenture team up to help Nordea replace its core banking system.
  • Vantiv named as merchant services solution provider for Rabobank.
  • Let’s Talk Payments interviews Currency Cloud CEO Mike Laven. Join Currency Cloud in October for FinDEVr 2015 San Francisco.
  • Cachet Financial Solutions unveils its Select Mobile Money turnkey payroll program for corporate clients.
  • Checkout.com adds SafetyPay to its list of payment options for merchants in the Latin American market.
  • BankNXT encourages banks to follow the lead of Fidor Bank when it comes to “community and openness.” Join Fidor Bank in San Francisco for FinDEVr 2015.
  • Human Resource Executive Online highlights DoubleNet Pay in a look at financial wellness programs in the workplace.

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.

Aurora Financial Systems Presents NOTE, a Vertically Integrated Budgeting Solution for FIs

This post is part of our live coverage of FinovateSpring 2015.

Aurora_NOTE_logoAurora Financial Systems is demoing NOTE, a budgeting solution to help consumers manage discretionary spending.

NOTE is the first vertically integrated budgeting solution for Financial Institutions. Unlike other products, which promote leaving your bank for their products, NOTE was created to manage your discretionary spend and compliment the FIs checking and savings accounts. We use MX’s award-winning budgeting solution and our processor is directly connected to provide real-time budget updates.

Presenters: Scott Stagg, CEO and founder, and Chris Melendez, chief strategy officer

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Product Launch: April 1, 2015

Metrics: $15M raised to date; 15 employees; $2M annual revenues; limited users and website traffic as we’ve previously focused on B2B incentive card business
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions

HQ: Purchase, New York
Founded: November 2009
Website: aurora-fs.com

FinovateSpring 2015 Sneak Peek: Aurora Financial Systems and Mistral Mobile

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There are just a few weeks to go before FinovateSpring 2015 in San Jose. And while our Sneak Peek preview series is already six editions deep, we’ve a few more presenting companies we’d love to introduce you to.

Today’s edition of our Sneak Peek Preview features a Finovate newcomer as well as a conference veteran, Aurora Financial Systems and Mistral Mobile. Both companies will join 70 other innovators on stage 12/13 March for two days of the best of fintech in 2015. To get your ticket and save your spot, visit our registration page today.

If you’ve missed an edition of our Sneak Peek Preview series, the links below will help you get up to date. Stay tuned for more previews of our FinovateSpring 2015 presenters this week.


Aurora_NOTE_logoAurora is a program manager and issuing processor focused on delivering real-time, transactional data with its interoperable platform.

Features

  • The NOTE Card. A stylish and effective solution for overspending
  • Powerful, real-time messaging capabilities
  • Connect to multiple leading PFMs

Why it’s great
Aurora is partnering with Fintech leaders such as MX and Finicity to give consumers better choices and better experiences with their financial applications.

Presenters

Aurora_SStagg_cropScott Stagg, CEO, Founder

Stagg has spent the lat 20 years in the financial services industry, having been the managing member of a $500 million hedge fund before turning his efforts to creating better financial products.
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Aurora_CMelendez_cropChris Melendez, Chief Strategy Officer

Melendez is passionate about improving the financial lives of consumers and spent 10 years at American Express where he helped hundreds of clients maximize the value of their transactional data.
LinkedIn

 


MistralMobile_logom-Aegis from Mistral Mobile is the only comprehensive, multifactor, telco-independent authentication and security solution for mobile applications and OTP replacement.

Features:

  • One-stop, integrated solution to protect against a whole array of risks
  • Multifactor authentication of device and user identity
  • Supports mobile banking, mobile payments, and mobile commerce

Why it’s great
No more trade-offs between high level of security and usability. M-Aegis delivers both.

Presenters

MistralMobile_LSchulze_cropLudwig Schulze, CEO

Schulze has held executive roles in mobile and enterprise software companies and was a consultant with BCG. Prior to founding Mistral, Schulze was general manager for Nokia’s Mobile Financial Business.
LinkedIn

 

MistralMobile_PYoo_cropPaul Yoo, Chief Commercial Officer

Yoo has worked at HoganLovells and Cooley LLP and was covering partnerships and commercial relationships as well as IP and regulation at Nokia’s Mobile Financial Services business.
LinkedIn

Finovate Alumni News

On Finovate.com

Around the web

  • D3 Banking unveils its new mobile app.
  • American Banker takes a look at itBit and its plan to become a trust company in New York State. See itBit at FinovateSpring 2015.
  • PYMNTS.com’s roundup of the “Mobile Wallet Wars” features LoopPay.
  • Everett Blog previews version 3.0 of Encap’s smart authentication solution.
  • Financial-SpreadBetting.com interviews Sarah Brylewski, managing director at Ayondo.
  • BioCatch and Mistral Mobile win spots on Red Herring 2015 Top 100 Europe. See Mistral Mobile at FinovateSpring 2015 in San Jose.
  • TradeHero releases version 3.1.0 of its Android app.
  • DRAFT featured at LaunchingNext. See DRAFT’s Finovate debut at FinovateSpring in San Jose next month.
  • NICE Systems partners with Capgemini to deliver a new Robotics Automation Hub.
  • Washington Business Journal interviews Blake Hall, CEO of ID.me.
  • peerTransfer to provide its international tuition payments service at another 56 educational institutions.
  • TechCrunch’s guest column on “industry convergence” in financial services highlights Telenor Banka.

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.