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

January 2016

Dec 2015

October 2015

September 2015

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.

 

Finovate Alumni News

On Finovate.com

  • “Lighter Capital closes $9 Million Series B Funding Round, Raises $100 Million to Lend to Tech Startups”
  • “Dwolla Helps Seamless Deploy its Mobile Wallet in the United States”

Around the web

  • PYMNTS records 2015 payment-trend insights from multiple Finovate and FinDEVr alums.
  • Arroweye featured in Credit Union Journal.
  • Kantox brings free and automatic SWIFT messages to its clients.
  • Dealstruck and Lendio release eBook.
  • The Growing Business Awards names Zopa the Growing Business of the Year in the small business category.
  • American Banker highlights how Tesobe’s Open Bank Project is working toward an API-based banking model.
  • Markit and CLS unveil new streamlined process for cross-currency-swaps settlement.
  • Let’s Talk Payments looks at Klarna and its unconventional approach to authentication.
  • FIS closes SunGard acquisition.
  • BioCatch adds Gadi Maier and Howard Edelstein to its board of directors.
  • Comarch implements Field Service Management solution for receivables management specialist, the KRUK Group.

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.

Finovate Alumni News

On Finovate.com

  • “Finovate debuts: RedCloud Technology Helps Financial Institutions Build Regulatory Compliant Products”
  • “PRUDENA Launches Online Marketplace for Stock Market Research”

Around the web

  • PYMNTS looks at Akimbo’s next venture, Akimbo Now.
  • Dealstruck crosses the $100m mark.
  • Deluxe Corporation celebrates its 100th birthday by ringing the opening bell at the New York Stock Exchange.
  • PYMNTS interviews Michael Garrity, co-founder and CEO of Financeit.
  • Inside Big Data interviews Dr. Venkat Krinivasan, CEO of RAGE Frameworks.
  • The Financial Brand’s Ron Shevlin takes a look at the future of Venmo.
  • InvestinGoal provides a free eToro base course to help introduce new investors to social trading.
  • Strands brings its PFM solution to Temenos Connect and Mobile Internet Banking.
  • Geezeo builds custom financial event app: Life by Geezeo.

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.

Finovate Alumni News

On Finovate.com

  • “FinDEVr Alums Featured Among Top Hackathon APIs”

Around the web

  • New partnership gives Lending Tree customers access to financing solutions, line-of-credit products from Dealstruck.
  • Backbase named “most visionary” in Gartner Magic Quadrant for Mobile Application Development Platforms.
  • Chris Skinner interviews Giles Andrews, Zopa CEO and co-founder.
  • INETCO Insight and Analytics help BECU win finalist spot in BAI-Infosys Finacle Global Banking Innovation Awards.

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.

New Investment for Dealstruck Boosts Lending Capital to More than $100 Million

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Dealstruck has raised $10 million in new capital from Community Investment Management (CIM). The online business lender now retains total capital of $70 million and says the investment will enable it to lend more than $100 million to small businesses.

Managing partner for CIM, Jacob Haar, praised Dealstruck’s transparency and “compelling financing options” in explaining his firm’s investment in the company. In his statement, Dealstruck CEO Ethan Senturia emphasized the way lenders like Dealstruck have helped small businesses overcome traditional funding challenges, improving overall the “financial landscape for small businesses.”

“The growth in alternative lending has breathed new life into so many small businesses,” Senturia said. “And growing the capital pool means more access and more opportunity.”

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Dealstruck CEO and co-founder Ethan Senturia presented Dealstruck’s Line of Credit Borrower Portal at FinovateSpring 2015 in San Jose.

The company also announced that Robert Riedl, former COO of Consumer Portfolio Services, would be joining Dealstruck as head of capital markets. Reidl has more than 25 years’ experience in specialty lending, and began his career as an investment banker at ContiFinancial Services, Jefferies & Company, and PaineWebber.

Dealstruck provides small businesses with up to $500,000 in funding. Funding solutions include traditional business loans; asset- and inventory-backed lines of credit; as well as revenue-based options. The company uses the applying business’s past two years of tax returns, current bank account information, and the FICO scores of the business’s owners in order to make a customized, funding determination in minutes.

Dealstruck’s Series B round comes just a few months after the company’s $8.3 million Series A round in April. Also this spring, Dealstruck was named to AlwaysOn’s first OnFinance Top 100. Founded in June 2012 and headquartered in San Diego, California, Dealstruck demoed its Line of Credit Borrower Portal at FinovateSpring 2015 in May.

Finovate Alumni News

On Finovate.com

  • “New Investment for Dealstruck Boosts Lending Capital to More Than $100 Million”
  • “Hypori Introduces Seamless App Mode in Latest ACE Product Suite Release”; see Hypori live in New York at FinovateFall 2015.

Around the web

  • DoubleNetPay co-founder and CEO weighs in on retirement planning in Employee Benefit News.
  • Bank Innovation: CurrencyTransfer is preparing for a “major funding round.”
  • TransferWise announces support for Apple Pay.
  • PayPal unveils six new features for its invoicing service.
  • ThetaRay opens up its first office in the U.S. See ThetaRay at FinovateFall 2015 in New York.
  • Expensify introduces new travel-and-expense platform with new integrations and partnerships.
  • TransferTo and PayPal partner to enable mobile top-up in Canada.

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.

Dealstruck Debuts Line of Credit Borrower Portal

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

DealstruckLogo2015 Dealstruck launched a portal that helps borrowers manage their line of credit:

Dealstruck is debuting its new Line of Credit Borrower Portal, which allows its borrowers to seamlessly manage their revolving credit with Dealstruck. Borrowers can see their current balance and amount available for draw, update their borrowing base by linking their QuickBooks-based invoices, reconcile check payments that have been received to pay down the outstanding balance, and make other adjustments to their accounts.

Presenters: Ethan Senturia, CEO and co-founder; Russell McLoughlin, CTO and co-founder

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Product Launch: May 2015 at FinovateSpring 2015

Metrics: Dealstruck has a team of 40 and has lent $50M. Dealstruck raised a total of $4.5M seed round in 2013 and $8.5M in a Series A round March 2015, led by Trinity Ventures.
Product distribution strategy: Direct to Business (B2B)

HQ: Carlsbad, California
Founded: June 2012
Website: dealstruck.com
Twitter: @dealstruck

AlwaysOn’s OnFinance Top 100 Features 30 Finovate Alums

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More than a quarter of the companies recognized in AlwaysOn’s first OnFinance Top 100 roster are Finovate alums.

The OnFinance Top 100 is designed to recognize the Top 100 private companies in fintech. The list was chosen by the AlwaysOn editorial team, along with several venture capital firms and industry experts. The criteria included degree of innovation, market potential, commercialization, stakeholder value, and “media buzz.”

The list is divided into six categories, and Finovate alums are well represented in each. Category winners will be announced at Always On’s event at the NASDAQ OMX in New York City at the end of April 2015.

Banking and corporate finance

Big data and analytics

Capital markets and investing

Digital currencies

Payment platforms

Personal finance management

Headquartered in Menlo Park, California, AlwaysOn was founded in 2003 by Tony Perkins, founder and editor of Red Herring magazine. The company serves as a networking and social media platform for technology professionals in variety of fields, and has a membership of more than 5,000.

Dealstruck Raises $8 Million in Funding, $50 Million for New Credit Facility

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In an investment that brings its total lending capacity to more than $100 million, direct lender Dealstruck has raised $58 million in new funding. The funding comes in the form of a $50 million credit facility led by Brevet Capital Management and the completion of a Series A round led by Trinity Ventures.

Co-founder and CEO of Dealstruck Ethan Senturia said, “Recent IPOs by alternative lenders validate an increasing need for new sources of growth capital. We look forward to building on our growth to date by setting even more businesses on the path to becoming bankable.”

The funding will be used to provide funding to small businesses across the country. Dealstruck has loaned more than $50 million since inception, and says it is the fastest online direct lender to reach and surpass the “$50 million lent” milestone.

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(Left to right): Dealstruck CTO Russell McLoughlin and CEO Ethan Senturia presented at FinovateSpring 2014 in San Jose.

Talking about his firm’s investment, Doug Monticciolo of Brevet Capital focused on Dealstruck’s role in supporting small businesses, which Monticciolo called “an important engine of economic growth.” Added Noel Fenton of Trinity Ventures, “When small businesses succeed, it’s a win for everyone. Dealstruck is poised to help thousands of small- and medium-sized businesses grow.”

Operating in 43 states, Dealstruck offers three loan products: a term loan, an asset-based line of credit, and an inventory line of credit. Term loans are available up to $250,000, with lines of credit available as high as $500,000. Approved loans are funded within 48 hours.

Dealstruck made its Finovate debut at FinovateSpring 2014 in San Jose, where it demonstrated its Investor API. The company was founded in July 2012 by Ethan Senturia, CEO, and Russell McLoughlin, CTO, and is headquartered in Carlsbad, California.

Finovate Alumni News

On Finovate.com

  • Dealstruck Raises $8 Million in Funding, $50 Million for New Credit Facility
  • BBVA Taps Dwolla for Real-time Money Transfers

Around the web

  • Vouch launches its social network for credit. See Vouch at FinovateSpring 2015 in San Jose.
  • Retail Week features Zooz as its Start-up of the Week.
  • Vermont Federal Credit Union partners with Insuritas to open and manage turnkey insurance agency.
  • Optimal Payments integrates Jumio’s Netverify into its NETELLER stored-value service.
  • BillGuard launches custom categories capability.
  • Taulia Launches Research Arm, Taulia Labs.
  • Norway Registers Development agrees to take 80% stake in Etronika.
  • PayNearMe partners with online rent payment network RentMoola to enable landlords to take rent in cash online.

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.