- Last Call for FinovateSpring 2015 Tickets! Join us in San Jose next week!
Around the web
- Venture Scanner Insights features Motif Investing and TransferWise.
- Top Image Systems names Carsten Nelk as chief technology officer.
- DeviceFidelity picks up patent for its implementation of NFC.
- CSI globalV Card wins multiple honors at the 2015 Communicator Awards.
- Alcatel launches smartphone with EyeVerify biometric technology.
- Striata partners with e-signature provider, CIC, to enable document execution via email.
- Actiance now supports Skype for Business and Yammer.
- ebankIT launches Watch Bank, an app that allows you to perform banking transactions on the Apple Watch.
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 alum Cachet Financial Solutions (FinovateFall 2012) has announced its acquisition of Moneto, the prepaid mobile platform, from another Finovate alum, DeviceFidelity.
Calling prepaid “one of the fastest growing financial product sectors,” Cachet CEO and President Jeffrey Mack said, “This acquisition is a perfect complement to Cachet’s current RDC mobile prepaid offering and demonstrates our strategic evolution to a more comprehensive mobile offering.
While Moneto is the main prize in the acquisition, there is more to the package than the prepaid mobile platform alone. Cachet Financial will also gain a core VISA prepaid mobile money platform, and strategic relationships with partners like Navy Federal Credit Union, MasterCard, and Moneygram.
The Moneto platform provides clients with a variety of features including:
- card loading
- card balance and history
- loyalty and rewards
- person-to-person (P2P) transfers
- expedited bill pay and remittance
- instant “Good Funds” to load card by check
Moneto also enables contactless payments for both iOS and Android smartphones. The mobile app allows the user to access his or her prepaid card from their mobile device, as well.
Cachet Financial is known for its remote deposit capture (RDC) technology, which leverages technology from Mitek (yet another Finovate alum) to provide solutions for financial institutions, credit unions and consumers alike. The company is based in Minneapolis, Minnesota, and was founded in 2010.
See DeviceFidelity demo moneto in the video from the company’s FinovateSpring appearance in 2012 here
Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
- 62 companies raised $825 million
- Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million).
- October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
- May was second highest with $91 million raised by 7 companies
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised
$460 million. The chart below shows the quarter-by-quarter comparison for both years.
— blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies
March — $42 million raised by 4 companies
— blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies
— blog post
More than $171 million raised by 22 companies
July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
More than $294 million raised by 17 companies
October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies
The power to turn any smartphone into an NFC enabled phone is the promise of Kalixa Group’s prepaid mobile wallet, moneto, now available for users in the U.K.
Moneto will allow users in the U.K. to “tap and pay” (or “tap and go”) when paying for purchases using their smartphones. MicroSD technology, courtesy of DeviceFidelity, provides the phone with its NFC functionality, allowing shopping by mobile wallet at retail stores throughout the United Kingdom wherever the MasterCard PayPass logo is displayed.
Other features of the mobile wallet include:
- Remote account access including real-time balance check
- Merchant and ATM finder
- Wallet-to-wallet transaction ability
Users of the mobile app also get an EMV prepaid MasterCard that will allow them to make cash withdrawals from ATMs, shop online, and pay for items where NFC is not an available option at the point of sale. ATM cash withdrawals will cost Kalixa prepaid card users £1.75 each, plus 1.95% of the value of the transfer (minimum of £10).
In addition to providing for NFC-based transactions, the microSD chip potentially adds a layer of security for the mobile wallet user. As noted in Banking Technology’s coverage
of the launch, a stolen phone with a separate NFC chip means that the customer is less likely to have their account details stolen, as well.
The mobile wallet is currently available on iOS for iPhone 4 and 4S. Kalixa Group plans to add Android and iPhone 5 compatible versions later this year
Kalixa Group demoed its mobile point-of-sale (mpos) technology at FinovateEurope 2013 in London. To see their presentation, click here
. DeviceFidelity showed its In2Pay
microSD chip enabling contactless transactions with the moneto
wallet as part of the FinovateSpring 2012 show in San Francisco. See DeviceFidelity in action here