Finovate Alumni News

On Finovate.com

  • Microsoft Marketing Vet Jeremy Korst Joins Avalara as New CMO.

Around the web

  • New York-based BizFi reaches $2 billion in originations.
  • LTP: Trulioo CEO Stephen Ufford writes about the problem of gift card fraud.
  • Boku extends partnership with Microsoft to support carrier billing to France.
  • Exostar teams up with Taulia to bring supply chain finance to the aerospace and defense industry.
  • Avoka, SocietyOne, and SuiteBox named finalists for Fintech Business Awards.
  • HBR: Narrative Science CEO Stuart Frankel writes about talking chatbots.
  • Quantopian recognized by Boston Globe as a “Company to Watch in 2017.”
  • Let’s Talk Payments features Kontomatik’s successful 2016.
  • Dashlane to support Intel Software Guard Extensions to help protect your passwords with hardware-enhanced security.
  • OurCrowd marks 4 years, $320m raised, 100 startups, 9 exits.

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 News

On Finovate.com

  • Behavioral Biometrics Startup Zighra Lands $1 Million in Seed Funding
  • Tuition.io Appoints Former Yahoo CEO Scott Thompson as New CEO

Around the web

  • Commerce Bank chooses Temenos to upgrade core deposit banking system.
  • ThetaRay earns recognition from CIO Review as a top 20 financial services provider for 2016.
  • Financeit reports a doubling of its business since acquiring the home improvement financing assets of TD Bank.
  • Green Dot teams with WalMart to encourage Americans to build savings.
  • Bizfi expands its business lending capabilities through a new partnership with InterNex Capital.
  • OnWallStreet recommends advisers keep their eyes on Wealthfront’s Andy Rachleff; SigFig’s Mike Sha; and Betterment’s Jon Stein.
  • Passport acquires Arizona-based mobile parking payment startup ParkX.
  • P2P lender SocietyOne facilitates $126 million in loans in 2016, finishing a record-breaking year.
  • InComm expands partnership with Target Australia to offer gift cards in stores and online.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Fintech Favorites

Alt lending

  • On Deck Capital (F12), Kabbage (F15), and CAN Capital (F13) agree to disclose SMB loan pricing.
  • Lending Club (F09) partners with MileagePlus to offer borrowers and investors a way to earn award miles when they borrow or invest.
  • American Banker: Bizfi (F15) Hires Former Lending Club Exec as New CEO.

Fintech in Asia

  • Let’s Talk Payments projects AsiaPac as a clear winner in revenue growth in its fintech outlook for 2017.
  • Invest HK launches Hong Kong Fintech Week 7-11 Nov 2016 and features FinovateAsia 2016 on Tuesday, 8 Nov.
  • HSBC collaborates with Hong Kong Applied Science and Technology Research Institute Company to launch fintech R&D lab.
  • Ant Financial, which acquired Finovate Best of Show winner EyeVerify (F16) this year, invests in Thai mobile money innovator, Ascend. See EyeVerify at FinovateAsia this week in Hong Kong.
  • Shanghai-based China Foreign Exchange Trade System (CFETS) joins R3 consortium.
  • SBI Ripple Asia and Japan-based SBI Holdings introduce blockchain-oriented consortium of 42 Japanese banks and financial services institutions.
  • Fintech investment firm Senjo Group opens new global headquarters in Singapore.
  • Malaysia to expand funding options for SMEs with registration of xis’s new P2P platform operators scheduled to go live in 2017.

Finovate Alumni News

On Finovate.com

  • Lendio Closes $20 Million Funding Round
  • Lending Club Launches Car Loan Refinancing Product
  • Check out today’s sneak peeks of upcoming FinovateAsia demos:

Around the web

  • AdviceRobo reaches 900k credit scores
  • Bill.com partners with Intuit to power end-to-end accounts payable within QuickBooks Online
  • Actiance appoints Cynthia Crossland as CMO
  • Entrepreneur Magazine names Cardlytics One of the Best Entrepreneurial Companies in America
  • American Banker: Bizfi Hires Former Lending Club Exec as New CEO
  • Intuit expands partnership with PayPal to provide QuickBooks’ Online customers with a new way of accepting payments via PayPal
  • Farm Credit Services of America picks DNA from Fiserv to support agricultural lending
  • Extended partnership makes Yodlee’s data aggregation available via Backbase’s Open Banking Marketplace
  • Chain launches open source edition of its distributed ledger, Chain Core Developer Edition
  • Avoka earns a pair of “XCelent Awards” for service and breadth of functionality from Celent
  • Trulioo announced that its GlobalGateway platform now reaches 60 countries
  • Hyperwallet announces support for real-time, push-to-card payments solution, Visa Direct

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.

Bizfi Reaches $1.8 Billion Small Business Lending Milestone

Bizfi_homepage_August2016b

Courtesy of more than $144 million in originations in the second quarter, small business lending platform Bizfi has just surpassed $1.8 billion in financing to more than 31,000 small businesses since inception 12 years ago. The gains represent a 25% year-over-year increase.

Bizfi founder Stephen Sheinbaum credited partnerships—with Western Independent Bankers (WIB) announced in March, and the National Directory of Registered Tax Return Preparers & Professionals (PTIN) announced a few weeks ago—for his company’s ability to provide financing to an expanding universe of small businesses. And this is especially true in the case of small businesses that have had a difficult time raising funds. “We will continue to forge these white-label partnerships with companies that have existing small business relationships,” Sheinbaum said, “with the goal of solidifying the Bizfi brand and expanding our reach.”

Bizfi_stage_FinovateFall2015

Bizfi founder Stephen Sheinbaum demonstrated the Bizfi platform at FinovateFall 2015 in New York.

Bizfi specializes in combining aggregation, funding, and a marketplace on a single platform for small businesses. This enables Bizfi to provide access to third-party brokers and a direct sales force, cash advances and small business loans, as well as a market that enables institutional investors to participate. The combination of features makes Bizfi unique among alternative finance companies, providing its solutions to its strategic partners via API as both white-label and co-branded options. The company has more than 45 funding partners, including fellow Finovate alums OnDeck, Dealstruck, and Kabbage.

Founded in 2005 and headquartered in New York City, Bizfi demonstrated its technology at FinovateFall 2015. In June, the company picked up a $20 million investment from Metropolitan Equity Partners, bringing Bizfi’s total capital to $85 million.

Finovate Alumni News

On Finovate.com

  • Actiance Hires Former Credit Suisse Exec as CTO
  • Check out this week’s FinDEVr APIntelligence.
  • Ethoca to Power Merchant Fraud Alerts for ACI Worldwide
  • Cortera’s Credit Exchange Now Gathers Insights from $1.2 Trillion in Purchases
  • BizFi Reaches $1.8 Billion Small Business Lending Milestone

Around the web

  • New partnership between Interactions and Genesys brings automatic speech recognition and text-to-speech to self-service customer care.
  • Karen Webster interviews Socure CEO Sunil Madhu on using social data for authentication.
  • Darwinex announces enhancements to its algorithms.
  • CREALOGIX Digital Banking Hub to power finance portal for VZ Depotbank.
  • Backbase to power customer experience and digital banking platforms for IDFC Bank.

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.

PTIN Gives Members Access to BizFi’s Aggregation Marketplace

Bizfi_homepage_August2016

BizFi will provide tax professionals with access to its aggregation marketplace courtesy of a new partnership with the National Directory of Registered Tax Return Preparers and Professionals (PTIN).

PTIN President Michael Rosedale emphasized his organization’s commitment to supporting its members through innovative technology and resources. “Bizfi’s technology and expertise, and its more than 10 years of experience providing financing options to small businesses, will equip PTIN members and their clients with the tool to quickly find the right funding to meet their needs,” Rosedale said.

Bizfi_stage_FF2015

Left to right: Walt Levengood, chief strategy officer, and Stephen Sheinbaum, founder, demonstrated the Bizfi platform at FinovateFall 2015.

Bizfi founder Stephen Sheinbaum explained that since accountants and CPAs are often “the first people small business owners turn to when they need financial guidance,” they are often a great place for first contact with the small business owner. “Traditional lenders can’t always provide small business owners with the capital they need due to strict credit requirements,” Sheinbaum said. “Bizfi can now help PTIN members and their clients meet those needs.” Services include everything from access to offers and facilitating document transfer to underwriting and closing the deal.

Formerly known as Merchant Cash and Capital and rebranding as Bizfi in the fall of 2015, the company specializes in providing financing options to small- and medium-sized businesses. Its fully automated online marketplace provides businesses with a range of financing options including short- and medium-term loans; invoice, equipment, and franchise financing; business lines of credit, and SBA loans. Bizfi has provided more than $1.7 billion in financing to more than 30,000 SMEs across the U.S., and in addition to being a lender on its own platform, has more than 45 funding partners including fellow Finovate alums OnDeck and Kabbage.

Headquartered in New York City, Bizfi demonstrated its aggregation silo for business financing at FinovateFall 2015. The company raised $20 million in funding from Metropolitan Equity last month, an investment that brought Bizfi’s total capital to $85 million.

Finovate Alumni News

On Finovate.com

  • Q2 Leverages MX Technology to Launch Contextual PFM
  • PTIN Gives Members Access to BizFi’s Aggregation Marketplace

Around the web

  • iSignthis to verify ultimate beneficial owners (UBOs) for fellow Finovate alum, Ixaris.
  • ABA Bank leverages TranzWare from Compass Plus to launch new Cash by Code service.
  • Top Image Systems earns spot as sample vendor in Gartner Hype Cycle for Digital Banking Transformation 2016.
  • Coinbase to extend its Bitcoin, ether services to both Canada and Singapore.
  • The Economist reports how EquityZen is catching on.
  • PC Magazine labels Xero the fastest accounting-software innovator.

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.

BizFi Lands $20 Million from Metropolitan Equity

Screen Shot 2016-06-30 at 8.24.47 AM

Who said alt-lenders are going out of style. Small business financing provider BizFi garnered some funding of its own today. Metropolitan Equity Partners, which has been a backer of the New York-based company since 2013, funded BizFi with $20 million this week.

Combined with the company’s December 2015 round of $65 million, this brings its total capital to $85 million. BizFi will use the round to bolster its small business financing products, offer funding faster, and boost marketing to small-to-medium sized businesses.

Launched in 2005, BizFi offers a host of funding options, including equipment financing, invoice financing, SBA loans, and more. At FinovateFall 2015, BizFi showed its aggregation engine that supplies 35 online and offline partners, including OnDeck, Kabbage, and Bluevine, with a white-labeled, co-branded funding solution.

In April, Stephen Sheinbaum, the company’s founder, was featured on CNBC’s Squawk Box. During the segment Sheinbaum says, “I think you’re going to see the major banks and the community banks leverage our technology and our ability to make decisions in fractions of seconds, as opposed to the weeks and months it takes now.” BizFi’s marketplace and funding technologies have furnished $1.7 billion in financing to more than 30,000 small businesses.

Finovate Alumni News

On Finovate.com

  • BizFi Lands $20 Million from Metropolitan Equity

On FinDEVr.com

  • Quovo Teams Up with Totum Wealth to Improve Client Account Aggregation for Wealth Managers

Around the web

  • Markit chooses corporate events data from Wall Street Horizon for its research, analysis, and news interface, Markit Hub.
  • IBM joins The Chamber of Digital Commerce, the world’s leading trade association for the digital asset and blockchain industry.
  • Jack Henry & Associates introduces the ProfitStars Financial Performance suite.
  • Mid-sized European medical device maker agrees to deploy eFLOW AP from Top Image Systems.
  • Digital Insight teams up with PSCU to launch Card Management Services for Digital Banking.
  • Alliance Credit Union ($395 million ) selects Insuritas to open and manage its turnkey insurance agency.

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.