BancVue

BancVue Cracks the American Banker FinTech 100

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, BancVue, Equifax, Experian, FIS, Fiserv, Infosys, Jack Henry, Online Resources

IMG_1080.JPGThe FinTech 100, a list of the top revenue-grossing fintech firms, was announced Wednesday at BAI Retail Delivery. 

Nine Finovate alumni made the cut, including BancVue, debuting at number 95. Pictured to the right are James Ladas and Gabe Krarcek from BancVue. 
Here are the Finovate alumni, listed according to rank:

2011 Rank: 1
2010 Rank: 3
Fiserv

2011 Rank: 2 
2010 Rank: 1
2011 Rank: 10
2010 Rank: 11
2011 Rank: 18
2010 Rank: 18
2011 Rank: 19
2010 Rank: 20
2011 Rank: 24
2010 Rank: 15
2011 Rank: 34
2010 Rank: 34
2011 Rank: 62
2010 Rank: 76
2011 Rank: 95
2010 Rank: NR
See the full list here. To learn how the rankings are calculated, see the American Banker article. 

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PayPal Announces New Deals with BancVue, mFoundry, USAA, & More

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancVue, mFoundry, PayPal

Thumbnail image for PayPalLogo.jpgThis morning at the BAI Retail Delivery conference, I met with Dan Schatt from PayPal to get the inside scoop on its financial innovations. Here’s what I found out:

1) It is introducing P2P payment capability with financial institutions. It is now live with USAA and will soon be developed for BancVue’s network of nearly 1300 community banks.
2) It has reached an agreement with mFoundry to bring mobile solutions that bring a native app experience to customers located all over the globe. 
3) It has teamed with NCR and S1 to allow customers to send real-time P2P payments directly from ATMs to another individual with a PayPal account.
4) It is partnering with MeridianLink to allow new bank customers to fund their online bank accounts by transferring funds directly from their PayPal account.
5) It has formed a relationship with ezRez Software that, starting next year, will allow consumers to use rewards points and travel miles as a “fluid currency” and deposit that money into their PayPal account. United Airlines customers will be the first to have access to this service through the MileagePlus program.

PayPal will be publishing the details about these exciting developments tomorrow, Thursday, October 13, and I will link to it here. 

To learn more about PayPal, BancVue, and mFoundry, check out PayPal’s FinovateSpring 2011 demo here, BancVue’s FinovateSpring 2011 demo here, and mFoundry’s FinovateFall 2010 demo here.

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Finovate Alumni News– October 10, 2011

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancVue, BankOns, CashStar, Geezeo, Kabbage, PayNearMe, Prosper, Wall Street Survivor
  • Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgNY Times reports how BancVue works with community FIs to offer checking accounts.
  • Prosper looks at its growth and returns over time.
  • Cnet reviews the BankOns iPhone app.
  • CTV News recommends Wall Street Survivor as a learning tool.
  • BizNews looks at how Kabbage provides capital to online businesses.
  • SF Gate reports how PayNearMe makes paying bills easy for the underbanked.
  • CU Insight reports GCS Federal Credit Union signs with Geezeo.
  • Payments Journal examines CashStar’s plan for a mobile app.
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.

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Five Finovate Alumni Listed in Inc. 1000

By Julie Muhn (@julieschicktanz) Posted on
Categories: BancVue, Billeo, Braintree, Lendio, Q2ebanking
Last week, Inc. Magazine released its list of the 5000 fastest-growing, private U.S. companies. Five* Finovate alumni made the list, all in the top 1000. Three made the top 500 and one was in the top 50. 

BraintreeLogo.jpgBraintree

Rank: 47
Description: Assists businesses in processing payments by providing a merchant account, payment gateway, recurring billing service, and helping with PCI compliance. 
3-year revenue growth: 40x
2010 revenue: $4.6 million
2007 revenue: $100,000
Employees: 27
Employee growth: 25
Founded: 2007

LendioLogo8.31.11.png

Rank: 309 
Description: Helps business owners find capital by matching them with banks, lenders, or other funding sources.
3-year revenue growth: 11x
2010 revenue: $8.6 million
2007 revenue: $740,000
Employees: 45
Employee growth: 24
Founded: 2005

Thumbnail image for q2ebanking.jpg

Rank: 377
Description: Offers secure online banking, payment, and security solutions. 
3-year growth: 10x
2010 revenue: $18.5 million
2007 revenue: $1.8 million
Employees: 118
Employee growth: 73
Founded: 2004

BancVueLogo8.31.11.png

Rank: 597
Description: Consults with community banks and credit unions to offer them innovative products and marketing. 
3-year growth: 6.4x
2010 revenue: $57.1 million
2007 revenue: $8.9 million
Employees: 305
Employee growth: 193
Founded: 2005

BilleoLogo29.9.11.jpg

Rank: 760
Description: Provides a secure and easy method of populating payments and checkout forms.
3-year growth: 5.2x
2010 revenue: $3.1 million
2007 revenue: $580,000
Employees: 15
Employee growth: 3
Founded: 2006
_______________________________________________________________________
*Methodology: 
“Companies are ranked according to percentage revenue growth from 2007 through 2010. To qualify, companies must have been founded by, and be generating revenue by, March 31, 2007. Additionally, they had to be based in the United States, privately held, for profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2010. (Since then, a number of companies on the list have gone public or been acquired.)
The minimum revenue required for 2007 is $100,000; the minimum for 2010 is $2 million. Revenue figures given in the company profiles are for calendar years, as are employee counts. Full-time and part-time employees are included in the employee counts; independent contractors are not.”

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Finovate Alumni Website Traffic in July

By Julie Muhn (@julieschicktanz) Posted on
Categories: Adobe, Andera, BancVue, Betterment, Bill.com, Billeo, BillFloat, Bills.com, BillShrink, Blippy, Boku, BrightScope, Bundle, Cardlytics, CashEdge, ChargeSmart, Check Point, Cortera, Credit Karma, Credit Sesame, Credit.com, DebtGoal, Discover, eRollover, eToro, Expensify, Experian, FIS, Fiserv, Infosys, Intuit, Jack Henry, Kapitall, Kasasa, Leadfusion, Lending Club, Lendio, Metavante, Mint.com, MoneyAisle, MyBankTracker, Online Resources, Outright.com, PayPal, Prosper, S1, Seeking Alpha, Simple Tuition, smartcredit.com, SmartyPig, Standard Chartered Bank, Sybase 365, TransUnion Interactive, TrustedID, Wesabe, Wikinvest, wipro, Yodlee, Zecco
Each month we survey the Web-traffic performance of Finovate alums using data from Web-analytics company Compete. 
Out of 255 alumni, 59 (23%) had more than 10,000 unique U.S. visitors in July 2011 (see tables below). Of those, 19 (32%) had more visitors than in the previous month and 25 (42%) were flat. Year-over-year, 26 (44%) had an increase, 10 (17%) were flat, and 23 (39%) were down. 

Private Companies
Notable successes:
  • Seeking Alpha had the most traffic in July with more than 2 million unique visitors.
  • eToro saw the highest monthly growth percentage with 3 times the number of unique visitors in July compared to June.
  • Bundle had the highest increase in number of unique month-over-month visits, with 450,000 more visitors in July than in June.
  • eRollover had the highest percent year-over-year traffic increase, with 260,000 more visitors from last July. 
JulyWebTrafficPrivate6.jpg
Source: Compete.com retrieved week of August 15, 2011
1. The previous month recorded was May 2011
2. Sears Credit Score is powered by CreditKarma.com
3. Kasasa is powered by BancVue
Public Companies
Notable successes:
  • PayPal had the highest number of U.S. visitors in July, with more than 30 million visitors.
  • Jack Henry & Associates saw the highest monthly growth with twice as many visitors in July than June.
  • Wipro Technologies had the highest year-over-year growth, with 3 times as many visitors this year compared to last year.
  • FIS Global and Online Resources also doubled their traffic compared to last year. 
JulyWebTrafficPublic4.jpg
Source: Compete.com retrieved the week of August 15, 2011
1. The previous month recorded was May 2011.
_______________________________________________________
Notes:
1. We reviewed 255 Finovate alumni. Only those with at least 10,000 unique visitors in July are listed. 
3. NM = Not measurable
4. Compete estimates online visitors based on the activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic and may undercount at-work usage.

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PayPal and Cortera Take Charge in May’s Web Traffic

By Julie Muhn (@julieschicktanz) Posted on
Categories: Adobe, Andera, BancVue, Betterment, Bill.com, Billeo, BillFloat, Bills.com, BillShrink, Blippy, Boku, BrightScope, Bundle, Cardlytics, CashEdge, ChargeSmart, Check Point, CheckingFinder, Cortera, Credit Karma, Credit Sesame, Credit.com, DebtGoal, Discover, eRollover, eToro, Expensify, Experian, Fidelity National Information Services, Fiserv, HelloWallet, Infosys, Intuit, Jack Henry, Kapitall, Leadfusion, Lending Club, Lendio, Metavante, Mint.com, MoneyAisle, MyBankTracker, Online Resources, Outright.com, PayPal, Prosper, S1, SecondMarket, Seeking Alpha, Simple Tuition, smartcredit.com, SmartyPig, Standard Chartered Bank, Sybase 365, TransUnion Interactive, TrustedID, Wesabe, Wikinvest, wipro, Yodlee, Zecco

Each month we survey the Web-traffic performance of our alums, using data from Web-analytics company Compete to review the sites they operate. 

Out of 255 alumni, 62 (24%) had more than 10,000 unique U.S. visitors in May 2011 (see tables below). Of the 62 reviewed, 25 (40%) had fewer visitors than in the previous month and 28 (45%) saw a decline year-over-year.

Private Companies
The 44 private companies are as follows:

Notable successes:

  • Cortera saw the highest number of unique U.S. visitors in May, with almost 2 million hits.
  • HelloWallet experienced the greatest month-over-month growth, with more than four times as many visitors.
  • Betterment saw its traffic increase an impressive 38 times from May of last year.

Private Finovate Alumni With More Than 10,000 Unique Visitors in May 2011

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for May2011PrivateWebTraffic.jpg





Source: Compete.com retrieved June 29, 2011

Public Companies
The 18 public companies are as follows:

Notable successes:

  • PayPal experienced the highest number of U.S. visitors in May, with over 32 million visitors.
  • TransUnion Interactive saw the highest month-over-month growth with more than two times the number of visitors in May than in April.
  • Sybase 365 experienced the highest year-over-year growth, with its traffic up almost 80% from last year.

Public Finovate Alumni With More Than 10,000 Unique Visitors in May 2011 

May2011PublicWebTraffic.jpg

Source: Compete.com retrieved June 29, 2011

_____________________________________________________________________________

Notes:

1. We reviewed 255 unique sites. Data was unavailable or irrelevant for 201 sites because: 

  • They had been acquired.
  • They were no longer available online.
  • They were not covered by Compete for various reasons (including some that were not U.S. domestic companies).
  • The number of unique visits was too small to be considered accurate.
  • They were subdomains of larger websites.

2. Numbers have been rounded to three significant digits.

3. The charts include companies that did not have measurable traffic in May 2011, indicated by “N/A.”

4. Compete draws its information from the online activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic, and may undercount at-work usage.

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Alumni News — Week of June 13, 2011

By Julie Muhn (@julieschicktanz) Posted on
Categories: AcceptEmail, Balance, BancVue, BankOns, BillShrink, BrightScope, CheckFree, ClairMail, Doxo, Dwolla, Enloop, eRollover, eWise, Kiboo, Lending Club, mFoundry, Mitek, Monitise, peerTransfer, Prosper, SafetyPay, SmartyPig, Tagit, ThreatMetrix, Tyfone

Thumbnail image for AlumNewsIMG.jpg
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
billshrinkLOGO.jpg
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

ClairMail.jpg
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

eWiseThumbnail image for eWise.jpg

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
ProsperThumbnail image for Prosper.jpg
  • 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

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Alumni Updates — Week of April 18, 2011

By finovate Posted on
Categories: Backbase, BancVue, BillFloat, Doxo, Dwolla, eToro, Kashoo, Lending Club, Mint.com, PayPal, SmartyPig, Yodlee
To follow updates from Finovate alumni companies in real time, be sure to follow us on Twitter.
 
Backbase extends content services offerings. Backbase CMS is available as an add-on module. http://bit.ly/finovate420112
BancVue launched “Money Island,” an educational game for children to be offered by banks and financial institutions. https://demo.moneyisland.com/
BillFloat partners with Online Resources to offer small-dollar loans to biller clients. Online Resources will now offer BillFloat as a payment option. http://bit.ly/finovate418112
Doxo signs Oregon Federal Employees Credit Union (OFECU). Members will be able to receive statements and banking documents via the service. http://bit.ly/finovate421111
Dwolla will provide an online payments option at Tikly, an online ticketing startup  expected to launch within the next thirty days. http://bit.ly/finovate418113
eToro surpasses 1.5 million users. The company cites the growth of thousands of members joining per day since the launch of eToro’s social platform, OpenBook. http://prn.to/finovate421113
PayPal and Discover partner on person-to-person payments. Rollout begins this week for Discover’s person-to-person payments system. http://bit.ly/finovate42112
Several Finovate Alumni firms have been nominated for Webby awards. Good luck to Lending Club, Mint, Billeo and Kashoo. http://bit.ly/finovate420116
SmartyPig eliminates redemption fees. Transferring SmartyPig savings account funds to a retailer gift card is now free. http://bit.ly/finovate418111
Yodlee partners with Boursorama to provide Money Center service. Boursorama customers will receive the Money Center PFM service free of charge. http://bit.ly/finovate420115

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Alumni News — Weeks of November 28 and December 5, 2010

By finovate Posted on
Categories: Andera, Backbase, BancVue, Betterment, Capital Access Network, CashEdge, ClairMail, Expensify, FIS, GoalMine, Jemstep, Jwaala, Kasasa, Lending Club, Mint.com, Monitise, Mozo, PopMoney, SmartyPig, Tyfone, Wikinvest, Yodlee
PopMoney (from CashEdge) wins award for excellence in Web design from the Interactive Media Council. http://bit.ly/finovate11301
Speculation from MarketWatch: Could ClairMail be headed for an IPO? http://bit.ly/finovate11306
ClairMail and Cardlytics partner to provide transaction marketing opportunities. http://bit.ly/finovate1281 
Expensify continues to grow its currency support base — Expensify is now supporting 159 currencies. http://bit.ly/finovate1232
Robert Scoble uses Expensify for expense reports. http://scoble.it/finovate11305
FIS launches innovative new mobile banking product. — Users can establish mobile account management with their debit card, no online banking signup needed. http://bit.ly/finovate1291
GoalMine hosting cash contest via Facebook to spread the word. http://bit.ly/finovate1292
This week’s Jem 5 at Jemstep explores diversified fixed income funds. http://bit.ly/finovate1294
Generations FCU goes live with Jwaala’s “Better Online Banking.” http://bit.ly/finovate1237
Just for fun: Kasasa releases banks’ playlists. See this week’s from Jeff Davis Bank. http://bit.ly/finovate1236
Lending Club enjoyed a flurry of news coverage. Read the summaries  here: http://bit.ly/finovate1224 
Lending Club mentioned in PBS nightly business report. http://to.pbs.org/finovate1297
Mint.com now available in Canada. http://tcrn.ch/finovate1234
Congratulations to Mint founder, Aaron Patzer; winner of a TechFellow Award for General Management. http://tcrn.ch/finovate1296
Monitise to bring mobile payments to Nigeria. http://bit.ly/finovate1231
Mozo powering new “Compare, Ditch and Switch” campaign to allow Australians to shop around for better banking services.  http://bit.ly/finovate1283
Just in time for the Holidays, PopMoney gift cards at www.giftcardmall.com. 
The new SmartyPig rewards MasterCard provides up to 10% cash back at select retailers. http://bit.ly/finovate11303
Tyfone receives additional patent for electronic wallet technology. http://bit.ly/finovate11304
Wikinvest is even more mobile with Blackberry and Android Apps. http://bit.ly/finovate1235
Y Combinator and Yodlee cooperate to provide financial data services to startups. 

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Fast Company Recognizes Eight Financial Startups in its NextFinance Column

By Jim Bruene Posted on
Categories: BancVue, Finovate, Jwaala, Launches

imageReally, we weren’t looking for ways to plug our Finovate conference. Usually we just come right out and tell you to register now since it’s only 10 days away. But imagine our delight when we opened up the latest issue of Fast Company (Oct 2009) and Dan Macsai’s article included six Finovate companies in his list of eight startups “brimming with hope for the financial industry” (see screenshot below; note 1).

In Dan’s words, these companies are noteworthy as:

Web-based financial startups creating services that embrace transparency (even in their largely fee-based pricing) and improve the customer experience.

Congratulations to the eight winners (in order of their appearance in the article): 

  • Tempo Payments: Decoupled debit (FinovateStartup 2009 alum, video)
  • BancVue: Community bank rewards checking and Kasasa national brand (upcoming Finovate 2009 presenter; FinovateStartup 2008 alum and Best of Show winner, video)
  • MarketRiders: Impartial mutual fund advice for $9.95/mo
  • Mpower Ventures: Providing financial services to the world’s unbanked.
  • SecondMarket: Helps companies auction securities and other illiquid assets (FinovateStartup 2009 alum, video)
  • BrightScope: Independent advice for 401k plan participants (upcoming Finovate 2009 presenter)
  • Jwaala: Personal financial management and online banking tools for small and mid-size financial institutions (Finovate 2007 charter presenter, video; FinovateStartup 2008 alum and Best of Show winner video; 2009 Finovate Startup alum, video)
  • The Receivables Exchange: Real-time auctions for accounts receivables (FinovateStartup 2009 alum, video)

Fast Company’s NextFinance column (Oct 2009, pp. 76-78, ad page omitted)

image

Note:
1. We’ll take a .750 batting average any time. But, we’ll also try to recruit MarketRiders and Mpower to future Finovate events.

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Reward Checking Account Results: $5.5 billion Down, $2.994 Trillion to Go

By Jim Bruene Posted on
Categories: BancVue, Deposits, Checking, Savings, CDs, Metrics & Market Research

Reward Checking banner at First State Bank (13 Aug 2008) In the year or so that they’ve been widely available, so-called reward checking, those high-yielding accounts that require a hefty number of debit card transactions (see note 1), have attracted quite a following.

image But besides the number of blog posts and press mentions, we’ve had few other metrics upon which to gauge their success. Until now. In an email to me yesterday, the company behind many of the accounts, BancVue, laid out the total rewards checking results across its client base:

  • 381 financial institutions live
  • 610,000 reward checking accounts
  • $5.5 billion on deposit in the accounts
  • $9,000 average balance
  • Opening more than 13,000 accounts per week (700,000 annual run rate)
  • Average of more than $14 million in deposits per financial institution
  • Average of 1,600 accounts per financial institution

Although $5 billion isn’t even the rounding error across the entire $3-trillion U.S. retail deposit market, it’s real money to the smaller banks and credit unions offering the program.  

Notes:
1. Most accounts require 10 to 12 debit transactions per month in order to earn the high yield. For more info, see our previous coverage and Finovate Startup video here.
2. Upper-right graphic comes courtesy of First State Bank, Gainesville, TX.

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