Finovate Alumni News– November 7, 2011

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  • BillGuard CEO, Yaron Samid, shares lessons learned as a startup entrepreneur.
  • Expensify listed as 1 of 7 software makers to bring integrated, cheaper add-ons to Google Apps.
  • The Globe and Mail lists Wikinvest as a tool to help ordinary investors dig through the data.
  • Investors.com explains the benefits of using Yodlee to track your finances.
  • Fast Company examines Betterment and BillGuard’s  #occupywallstreet event.
  • Dwolla alters its registration process into a more pleasant experience.
  • VentureBeat explains how Prosper is helping to support the #occupywallstreet protesters.
  • peerTransfer partners with 30 new universities.
  • Bill.com receives “Awesome Add-On” award.
  • Social Lending Network provides details on Prosper’s recent round of funding.
  • Balance Financial launches professional platform.
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.

Balance Financial Uses Face Time to Connect with Personalized Bookkeepers

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This morning, Balance Financial demonstrated Balance Essential, a service that provides consumers with a personalized bookkeeper to track spending and prepare reports:

“Balance uses highly automated financial tools and a nationwide network of professionals to manage your personal finances for you. At Finovate, our team will present a new $39.95 per month package focusing on reporting and filing. To go along with our core bill management capabilities, our new Essential package features account aggregation and expense tracking tools along with the ability to have your bookkeeper create custom spending reports. Also, look for our photo bill pay mobile app also with video chat.”

Product Launched: September 2011 
HQ Location: Bellevue, WA 
Company Founded: May 2004 
Metrics: $1.5M Series A completed in July 2011, 14 employees
Presenting Devin Miller (CEO) & Andrew Buhrmann (Director of Operations)

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Balance Financial Updates iPhone App

BalanceFinancial.pngYesterday, Balance Financial unveiled a new iPhone app update that’s available to those currently using Balance’s services:

“Their new iPhone app compliments basic web access to Balance and includes a dashboard of activity, ability to contact your bookkeeper, alerts, payment history and photo bill pay.”

Devin Miller, CEO, says the most popular feature of the app is the photo bill pay, which comes in handy when clients receive one-time bills that occur outside of monthly payments:

“The bill will be sent to the users Balance account for processing and the assigned Personal Bookkeeper will ensure the bill is properly reviewed and processed. Balance software has an integrated image processing component that examines each bill image and automatically files and reviews the bills before payment.”
The app is now available in the Apple App Store for 99 cents.
For more information on Balance Financial, come see its live demo at FinovateFall later this month and watch its demo from FinovateSpring.

FinovateFall 2011 Sneak Peek: Part 1

FInFallLogo.jpgMore than 60 leading fintech innovators, both startups and established companies, are gearing up to present at the biggest Finovate ever, Sep. 20/21 in NYC.

Each company provided a sneak peek of what they’ll be demoing on stage next month. Below is the first installment of these teasers. We’ll have more next week. 
Don’t miss your chance to see the live demo from each company and meet the execs responsible. Get your FinovateFall ticket here
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Backbase is launching “Retail Bank of the Future,” representing the e-banking engagement experience of tomorrow. It embodies the newest User Experience (UX) patterns based on input gathered from customer research, industry thought leaders and UX specialists.
Innovation type: Mobile UI, online UI

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Personal finance is a chore and not too high on any To-Do list. Life is busy and finance stresses people out. 
At Balance, we manage your personal financial chores for you. We combine professional service (your own bookkeeper!) with all of your financial accounts and bills in one place for a fully managed experience that is personalized for you.
At Finovate we will show how you can now connect your financial accounts to Balance and power our newest expense tracking, budgeting and custom reporting tools. Also, look for a demo of our photo bill pay app and some other surprises!
Innovation type: Banking, payments, PFM

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Saving for a house? And retirement? And that dream vacation? No problem with Betterment.com! We’ve created the simplest, fastest, and most efficient way for consumers to invest for their goals and the future.
Innovation type: Banking, investing, PFM

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Banks need to re-define the relationship they have with consumers if they want to succeed in today’s market. StatementRewards has introduced an effective way for financial institutions to inexpensively reward their consumers for banking with them, which in turn increases loyalty and customer satisfaction. 
At Finovate, BillShrink announces a new innovation that harnesses the intelligence of aggregated transactional data and applies it to customers’ social networking and purchase management activities. By utilizing advanced analytics to present the most personalized offers and other services to customers, StatementRewards gives financial institutions a unique, competitive edge.
Innovation type: Cards, PFM, rewards

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Want to see the definitive search engine for tackling today’s banking issues? cbanc Network has created a revolutionary online collaborative platform for financial institutions to share best practices. This secure online community contains the largest repository of peer-authored, board-approved, exam-tested content anywhere. Here, banking professionals trade real, practical work — including policies, procedures, agreements, vendor reviews and more from every department of a bank or credit union. 
This network
  1. Motivates people to share their best work 
  2. Uses points as currency to incentivize users 
  3. Helps FIs prepare for exams
  4. Protects users around legal and competitive concerns of sharing
Innovation type: Back office, online UI, security

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The technology of the CLX.SentinelDisplay, a Class 4 reader with a hardened browser, hardened middleware, an integrated smart card and a high-resolution display,  ensures extremely high, comprehensive security in e-banking applications. 
Along with the reader’s extremely secure customer authentication and transaction signing mechanisms, the advanced concepts for application authentication and pro-active security updates is unique. The hardened browser (CLX.SecureBrowser) onboard the reader ensures full confidentiality of customer data – a security aspect that is often entirely ignored.
Innovation type: Identity, payments, security

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DeMystData’s new web-based modeling platform helps lenders grow thin file portfolios without increasing their risk level. With minimal inputs, our tool leverages the vast amounts of data accumulated online, applies advanced statistical techniques, and configures a bespoke predictive API that captures additional customer information without adding underwriting complexity.  
The DeMystData platform has application in variety of commercial environments incl
uding credit issuance, risk assessment, segment identification, and offer customization.
Innovation type: Identity, lending, marketing

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Credit unions, banks, financial advisors, financial institutions: How are you delivering youth financial education to your client families? How are you connecting with your next generation client? How are you fulfilling Community Reinvestment Act (CRA) responsibilities for financial literacy programs that progress in complexity as students get older? 
You’ve tried online content and even interactive online games, but the results are disappointing. Neither can hold a child’s attention for long or keep them coming back over the years. We have a better way. It’s no game. It’s real experience. It works. We can’t wait to show you at FinovateFall 2011.
Innovation type: Online UI, PFM

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Fuze Network provides innovative ways for financial companies and their customers to work together. Learn how we help billers to build brand loyalty, aid in collection efforts, reduce fees, boost your customer service efforts and help to eliminate misdirected funds.
With Fuze at your back we can help to boost your store traffic, drive sales, increase revenues and simplify the hassle of payment processing all while creating a better customer service experience.
Fuze helps connect customers with the closest payment locations, online bill payments, simple cash payment solutions, and easy utility bill payment all while saving them fees and the hassle and stress of paying bills.
Innovation type: Back office, cards, payments

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Ready to have your financial mind blown away? Lighter Capital is combining light-hearted irreverence PLUS a light-weight and flexible funding structure PLUS a social-based investment decision analysis to make it easier, faster and more fun for small businesses to access capital than ever before! Get ready!
Innovation type: Investing, lending, small business

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KulaX is a cross-sell engine that enables financial institutions to leverage their online banking platform to generate more leads faster without interfering with core banking functions. 
Online banking customers are targeted with the “next best product” where they are invited, at logout, to engage in an automated one-on-one microinterview with their financial institution about their financial products needs and preferences. Upon interview completion, customers are presented with special offers for the FI’s products and services that have been tailored based on interview responses; requested offers are emailed to customers.
Innovation type: Marketing, rewards

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Modo converts redemptions to payments, and makes payments mobile.  Our demo will show how easy it is to onboard consumers and merchants, as well as the simplicity of paying with modo.  
And of course, most importantly, why you should GET modo and PAY with modo, in the first place: MORE!

Innovation type: Mobile, payments, rewards


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When your brand is in the palm of your customer’s hand: make the most of mobile technology. Mootwin helps your business enhance the mobile customer experience, re-enforce loyalty, and accelerate revenue growth.

Innovation type: Communications, marketing, mobile


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MShift and ACI Worldwide formed an alliance in 2010 to offer mobile delivery of ACI Enterprise Banker, the industry leading business banking solution.  
They are now partnering to create a ground-breaking mobile business banking native application for the tablet. The application is focused on robust and graphically rich presentations of financial data as well operational tasks like ACH, wire release and bill payment, all with access from anywhere at anytime.
Innovation type: Banking, mobile, payments

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MyCyberTwin will demo its Artificial Intelligence solutions, called virtual agents
, and give a detailed explanation about how current leading financial institutions are using the technology today and will use the technology in the future.
It is a powerful demo to show an audience how a computer thinks and answers questions in real-time, helping customers get the answers they need while helping companies garner the intelligence of the customers visiting their websites. This demo will also showcase an emotionally responsive AI virtual agent able to capture emotion including smiling, frowning, and expressing gratitude.
Innovation type: Communications, marketing, sales

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The oFlows paperless loan and deposit originations system has expanded beyond financial institutions.  Because oFlows has seamlessly integrated credit, fraud and payment systems, now anyone can use oFlows for just about any transaction.
Think of the last time you were handed a clipboard with a paper form on it. Next time it might be a tablet computer running oFlows.
Innovation type: Banking, lending, mobile

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Consumers have plans, life plans, and want to understand how those plans affect their finances in the future, so they can make better decisions.
Planwise is launching tools that will help any consumer, from the teen buying a laptop, the 20-something buying a car, the couple buying their first home to the astute property investor, to better understand how their decisions today might look in the future financially.
The consumer can then connect with the lender or adviser of choice to quote, get advice or apply.
Innovation type: Lending, marketing, PFM

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Putting money aside for a rainy day is easier said than done. Many Americans do not have any money saved for emergencies. 
Plastyc aims to change this by introducing automated savings built into prepaid card accounts. Setting aside a few dollars every day, week or month will be just a single click away. Money accumulated in the savings purse of the card account will reward savers with cash at unprecedented rates.
Innovation type: Banking, cards, online UI

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ReadyForZero is an online program for the 77% of American families who are paying down debt. For individuals and families, ReadyForZero facilitates the management and reduction of debt. 
For financial institutions, the program is a low-touch and consumer-friendly alternative that reduces net credit loss and improves customer retention.
Innovation type: Online UI, payments, PFM

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Rebirth Financial, noted by the Federal Reserve Bank of San Francisco as a company to “change the US finance system,” is shaking up the small business lending game again! 
In February, Rebirth launched the nation’s first peer-to-business lending platform. Shortly after, Rebirth uniquely integrated SBA and CRA lending into the P2B mix. 
Now, Rebirth is introducing the JAS Rating System! It’s a system that will redefine the way we analyze small business and a must-see for financial institutions lending to small businesses and companies wondering whether they should extend credit to a new client. It’s just another game changer from Rebirth Financial.
Innovation type: Back office, lending, small business

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T8 Webware is bringing native mobile services to the masses by giving consumers real-time access to their financial purchase capabilities. Grip, a financial decision-making tool supports consumers’ daily needs, empowering them to understand their money flow simply and without clutter. 
Grip enables financial institutions to provide convenient information on the go; addressing consumers’ mobile needs through a highly secured mobile and tablet app. With no reliance on core integration, financial institutions can offer Grip almost immediately and without any upfront fees. It can be deployed in three weeks and costs 99 cents each month for customers who use the app.

Innovation type: Communications, mobile, PFM


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The Transecq solution, powered by ENTERSECT ITA, has revolutionized two-factor authentications by utilizing the power of the end user’s mobile device, fully encrypting the device and creating a multi-factor authentication tool. 
Strong 2-Factor authentication delivered ubiquitously across the globe puts the power of approval in the appropriate hands.Thus providing protection and security way beyond passwords and account challenges.
Transecq is the industry leading innovator and developer of mobile security sol
utions for the financial services market.  All the services leverage the security of Digital Fingerprint technology which uniquely ties a user and his/her mobile phone to an encryption key.

Innovation type: Communications, identity, security


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Weemba revolutionizes the way borrowers and lenders find each other and interact in a social-network-like online format. Borrowers create a profile and post a loan project under a nickname. 
Profiles may include everything from the Borrower’s income and education level (individuals) to their number of employees and annual sales (businesses). Lenders search projects by credit score, amount needed, purpose and more. 
When a Lender finds an interesting project, the Lender then may ask the Borrower for access to their real identity. If the Borrower grants access to the Lender, all further contact and any negotiations take place outside Weemba.
Innovation type: Lending, marketing

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At FinovateFall 2011, Yodlee will demonstrate customization without effort. The company has developed a way for banks to automatically tailor a consumer’s initial experience with personal financial management.
Or, as the company likes to say:
    Online banking can be such a chore
    Checking balances is often a bore
    With new customization
    You’ll cause a sensation
    Yodlee FinApps offers MUCH more
    All new at Finovate
    Banking that will motivate
    Inspire and personalize
    You’ll see how to stylize
    Your customers will tell you you’re so GREAT

Balance Financial Launches Certified Pro

Last week Balance Financial launched a second service, Certified Pro, a new version of its 

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billpay service. It’s a mix of financial software, training, and tech support that allows Balance’s advisory clients a way to offer personalized services to end users. 
While it’s designed primarily for professional bookkeepers and wealth managers, it also has a version geared toward financial advisors and CPAs.  Pricing is $49 to $199/mo depending on the version; there is also a free, view-only option.
Certified Pro Services
  • Initial and ongoing software training
  • Co-branding that includes a branded sign-up page for end users
  • Marketing support to generate new leadsIMG2.jpg
  • Tech support
  • Bill payment services
  • Document storage that organizes all client-related files in one place
The service is currently in beta and is being used by selected wealth managers.
More Information

Alumni News — Week of July 11, 2011

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Last week, AlwaysOn released its 2011 AlwaysOn Global 250 Top Private Companies List that represents the top emerging companies Worldwide. Twelve Finovate Alumni were selected:
  • BillFloat
  • Bling Nation
  • Boku
  • Cardlytics
  • ClairMail
  • Expensify
  • IDAnalytics
  • Lending Club
  • SecondMarket
  • Wikinvest
  • Wonga
  • Yodlee
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In other Alumni News:
Aptys Solutions

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Aptys Solutions announced that the ACH functionality in its PayLogics payment platform provides same-day settlement. Link 
Balance Financial
  • Balance Financial launched Balance Certified Pro, a new software that is geared toward professionals. Link
  • Balance Financial released an iPhone App. Link
BillGuard
TechCrunch reported that BillGuard’s “Anti-virus for Bills” is now completely free for users. Link
BrightScope
CNNMoney’s article, Simplify Your Retirement Savings, pointed to BrightScope to provide a clear understanding of retirement savings. Link
ChargeSmart
ChargeSmart announced that its Bill Payments customers can now pay many of their utility bills with an American Express card. Link
Continuity Control
Continuity Control raised $1.1 million in financing from convertible promissory notes and warrants. Link
Cortera

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The Miami Herald reported that Cortera’s Risk Data and Reporting is now an SAP-endorsed business solution. Link
Cortal Consors
Institutional Investor ranked Oliver Le Grand, CEO of Cortal Consors, number 13 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
Credit Karma
Credit Karma’s new feature, Credit Alerts is available for free to the first 200 people to click the link. Link
Credit Sesame
The Hands On Home Buyer blog recommended Credit Sesame for its interactive property taxes tool. Link
Currensee
The Business Insider reported that Currensee plans to launch its Trade Leaders program in China. Link
Dwolla
  • The E-News publication, Business Record, commented on Dwolla’s positive impact on Iowa’s startup culture. Link
  • Financial Plus Credit Union adopted Dwolla’s FiSync integration. Link
Dynamics
Dynamics revealed its angel investors in Series A and Series B funding rounds. Link
Guardian Analytics
  • American Banker reported that Guardian Analytics is planning to launch an outsourced fraud prevention service that will help financial institutions meet new FFIEC guidelines. Link
  • Guardian Analytics introduced its FraudDESK service to provide fraud analytics support to financial institutions. Link
  • Guardian Analytics is hosting a free webinar on Tuesday that will explore FFIEC guidance. Link
iPay Technologies
iPay Technologies helped Generations Community Federal Credit Union increase bill pay adoption and its number of transactions. Link
Lending Club
  • San Francisco ABC News Channel 7 explained the benefits of P2P loans from Lending Club. Link
  • Finextra news blog discussed Lending Club’s success. Link
  • American Banker reported that, in June, Lending Club saw an increase of 7% in loans originated that totaled a record $20 million. Link
Lodo Software
The Silicon Prairie News reported that Lodo Software is seeking to raise $5 million in a round of Series D funding. Link

mFoundry
Columbia Credit Union announced that it deployed mFoundry’s mBanking, a mobile banking platform. Link
Mitek

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MSN Money reported that Mitek Systems began a NASDAQ market listing on July 14th, and is trading under the symbol MITK. Link
Monitise 
  • CNBC reported that Monitise’s ReliaCard will be offered to U.S. Bank’s Visa cardholders in some states. Link
  • Monitise, US Bank, and FIS announced that they are planning to offer a mobile app for Visa’s ReliaCard users. Link
Prosper
  • San Francisco’s ABC News Channel 7 explained the benefits of P2P loans from Prosper. Link
  • Finextra news blog discussed Prosper’s success with its P2P lending service. Link
Q2ebanking
Q2ebanking’s director of security solutions, Ward Howell, published an article detailing a Credit Union’s perspective of the FFIEC guidelines in The Credit Union Ti
mes. Link
Receivables Exchange
Institutional Investor ranked Justin Brownhill and Nicolas Perkin, Co-Founders of The Receivables Exchange, as number 42 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
Standard Chartered
Institutional Investor ranked Jan Verplancke, CIO of Standard Chartered, as number 37 of 50 in its Tech 50 ranking of financial tech leaders and innovators. Link
TILE Financial

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Daily Finance interviewed Amy Butte, CEO of TILE Financial. Link
TradeKing
TradeKing announced the public availability of its API. Link
Tyfone 
CoVantage Credit Union chose to implement Tyfone’s mobile wallet solution. Link
Zopa 
  • Zopa founder Giles Andrews was interviewed on BBC’s The Bottom Line. Link
  • Finextra news blog discussed Zopa’s success as a P2P lending service. Link

Alumni News — Week of June 13, 2011

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AcceptEmail
AcceptEmail partnered with WorldPay to launch an e-billing and online payment service. Link
Balance
GeekWire interviewed Balance Financial CEO, Devin Miller. Link
BancVue
BancVue executives won Ernst & Young Entrepreneur of the Year. Link
BankOns
Examiner.com referred to BankOns as the new GroupOn. Link
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BillShrink
BillShrink was featured in The New York Times. Link
BrightScope
Forbes reported on BrightScope’s list of exchange-traded funds held in America’s 401k plans. Link

CheckFree
CheckFree expanded its functionality to support account-to-account and peer-to-peer transfers. Link
Clairmail

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Clairmail joined the RSA Secured Partner Program to provide secure access to mobile banking. Link
doxo
  • doxo CEO explained paperless billing in a video interview, highlighting the mobile app. Link
  • doxo was featured on the Top Productivity Apps website. Link
  • Northwest Innovation reviewed doxo’s mobile app. Link
Dwolla
TechCrunch reported that Dwolla hit a milestone of $1M in transactions per week. Link
Enloop
  • Business News Daily interviewed Enloop CEO, Cynthia McCahon, about creating a “living business plan”. Link
  • Huffington Post spotlighted Enloop. Link
eRollover
eRollover launched an online solution for financial advisors to grow practices. Link

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eWise announced its partnership with Affirmative Technologies to speed the adoption of
alternative payment methods. Link
Kiboo
Kiboo launched a public site called “Know Your Money”.  Link
Lending Club
  • Lending Club posted a video of their five-word acceptance speech at the Webby Awards. Link
  • The Wall Street Journal noted Lending Club as leading the way in P2P lending. Link
mFoundry
  • mFoundry helped Starbucks build an app for Android. Link
  • mFoundry passed the 400 customer milestone. Link
Mitek
Mitek’s mobile check deposit was cited as the number one feature that would cause you to switch banks. Link
Monitise
  • ComputerWeekly discussed the survey Monitise conducted on mobile banking. Link
  • Forbes discussed Monitises’ deal with Visa. Link
peerTransfer
  • peerTransfer is hosting a free webinar on international student payment processing this Wednesday, June 22. Link
  • peerTransfer won the Innovation Award from Massachusetts Innovation & Technology Exchange. Link
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  • Prosper announced that it is giving away an iPad2 to new investors. Link
  • The Wall Street Journal noted Prosper as leading the way in P2P lending. Link
SafetyPay
SafetyPay was selected by BorderJump as its preferred payment solution for cross border transactions. Link
SmartyPig
Fox Business News suggested using SmartyPig.com as a tool to help “pump up” savings. Link
Tagit 
Tagit helped Commonwealth Bank launch its first mobile app. Link
ThreatMetrix
  • ThreatMetrix announced its cloud-based fraud prevention platform. Link
  • ThreatMetrix launched “ThreatMetrix Fraud Facts,” a free downloadable report. Link
Tyfone
  • Tyfone was awarded an NFC over-the-air and over-the-wire seminal patent. Link
  • American Banker reviewed Tyfone’s mobile payment patent. Link
  • NFC Rumors looked at how Tyfone uses SD cards to enable NFC transactions. Link