Finovate Alums Raise $600 Million in First Quarter of 2014


Want some context on the torrid pace of fintech financing in the first three months of 2014?

Consider this: a year ago, fourteen Finovate alums raised a total of more than $150 million in the first quarter of 2013.

A year later, we have just nine alums raising more than twice as much in the month of March alone.

March Madness, indeed.
Q1 of 2014 saw 23 Finovate alums walk away with just under $600 million in capital. The biggest haul of the quarter came courtesy of Klarna, which raised more than $125 million. 
But there were plenty of similarly impressive fundraisings, including the $85 million raised by Credit Karma, and the $77 million and $75 million secured by OnDeck and Tradeshift, respectively.
Total raised = More than $592 million
January — $91 million raised by seven companies
February — $139 million raised by seven companies
March — $362 million raised by nine companies

Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at or

Finovate Alumni News– February 18, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgScotiabank selects Fenergo’s regulatory onboarding solution.
  • FIS announces partnership with Microsoft Cybercrime Center.
  • Azimo credits Indian expansion for surge in new cash pick-up points.
  • Betterment, Personal Capital, Wealthfront featured in Boston Globe column on personal wealth.
  • DeviceFidelity unveils RF technology behind its latest stand-alone, NFC microSD card.
  • Find Biometrics interviews Toby Rush, CEO of EyeVerify.
  • Vincent Turner, Planwise CEO, gives a closer look at the Planwise Solid Earth partnership.
  • Forbes examines how CAN Capital reinvents financing for SMBs.
  • City of Prosser launches on doxo to simplify bill pay and add mobile interaction.
  • BillGuard now offering free card monitoring for unlimited number of cards.
  • Taulia triples revenue growth in 2013.
  • BlinkMobile enters Europe, eyes U.S.
  • Xero adds a new chairman, director, and CEO of North America.
  • Matchi hires new CEO, David Milligan.
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.

CAN Capital Raises $33 Million from Meritech Capital, Accel Partners


CAN Capital has secured $33 million in funding from Meritech Capital Partners, Accel Partners, Ribbit Capital, and QED Investors.

This latest funding-round raises CAN Capital’s total to $63 million, which includes $30 million in funding raised by Accel Partners in 2012.

Almost one month ago to the day, Capital Access Network announced its rebranding as CAN Capital. Chief Marketing Officer James Mendelsohn said that the rebranding was an effort to better “resonate with small business owners” as well as speak to “potential lending partners, and employees.”

By that measure, today’s news is the first indication that the rebranding is already paying off. CAN Capital CEO Daniel DeMeo said that the funding will allow the company to “further enhance our product offerings to continue meeting our customers’ needs.”
CAN Capital provides working capital to SMEs. The company uses its proprietary risk models and data from daily business performance to provide funds from $2,500 to $250,000.
A few additional metrics for CAN Capital which:
  • has provided SMBs with access to $3.6 billion in capital
  • operates a $460 million line of credit
  • has supported more than 120,000 small business financial transactions
  • serves businesses in more than 650 industries
  • has enabled 75% of CAN Capital customers to renew funding
  • grew revenues by 49% from 2009 though 2012
  • grew its employee base by 30% over last three years
CAN Capital competes in the small business capital-access space with companies like Kabbage, Lending Club, On Deck Capital and, most recently, PayPal. All are Finovate alumni. CAN Capital was among a number of alternative lenders featured in a front-page article in The Wall Street Journal this week.
CAN Capital demoed its Mobile Funding tablet technology for financial sales reps at FinovateFall in 2013. See the company’s presentation here.

Finovate Alumni News– January 9, 2014

  • Thumbnail image for Finovate-F-Logo.jpgGartner’s Web Access Management Marketscope Report gives Ping Identity a positive rating.
  • Moven, LendUp, Kabbage, and Xero are featured in a Wall Street Journal article on alternative lenders and social media.
  • CAN Capital raises $33 million from Meritech Capital, Accel Partners.
  • PenFed is now offering Mortgage Harmony’s One Click rate reset protection.
  • Lighter Capital closes 39th financing with Influence Technologies.
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.