Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: LoanNow Helps Borrowers ‘Outperform their FICO Score'”

Around the web

  • HedgeCoVest launches its real-time, hedge fund replication platform.
  • First Republic Bank to deploy virtual banking solutions from Q2 Holdings.
  • The Independent takes a look at Klarna and the power of micropayment.
  • oneID featured in MacWorld as a two-factor authentication app for the Apple Watch.
  • Allied Wallet now a supported online payment provider of Spreedly.
  • emX Select from eMoney Advisor now integrated with Dropbox.
  • Süddeutsche Zeitung features Trustly and Klarna (in German).
  • Bank Innovation profile on alternative fintech capitals looks at Iceland and highlights Meniga.
  • Ripple Labs adds former Depository Trust & Clearing Corporation (DTCC) CEO Donald Donahue as advisor.
  • A review of local fintech startups in the Boston Globe features Kensho and Quantopian.
  • Temenos wins “Best Core Banking System” honors from Banker Africa East Africa Awards 2015.
  • American Banker considers how Namu covers the emotional side of banking.
  • Entrepreneur lists Patch of Land as 1 of 100 brilliant companies to watch in 2015.
  • Pendo Systems wins awards from international financial technology publications, the New Jersey Technology Council, and SWIFT.
  • Asian Wealth Times: “Singapore’s MoneySmart to Launch PFM tools with Ewise”
  • Finaeos teams up with TATA Consulting Services to help SMBs take advantage of Regulation A+ of the JOBS Act.

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 Alums Win Leading Vendor Honors from MyPrivateBanking Research

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eMoney Advisor, MicroStrategy, Yseop. What do these three companies have in common? In addition to being Finovate alums, all three were recognized by MyPrivateBanking Research as “leading vendors” in the field of digital solution providers for wealth managers and financial advisers.

The three companies join 12 others in MyPrivateBanking Research’s latest report “Digital and Mobile Solutions for Financial Advisers 2015”. The report focuses on innovations and technical contributions to the wealth management industry that take the form of “mobile apps, digital communications, and analytical and social media solutions.”

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Swiss-based MyPrivateBanking Research has for over a decade provided analysis on how financial services companies use the Internet, social media, and mobile to engage customers. The judging process for the report included looking at 45 different potential features for mobile apps, 15 factors in assessing digital communications technology, and eight features for social media solutions. The report includes analysis of each company and its technology, as well as “individual recommendations for each vendor on how to improve its offerings.”

From the report’s executive summary:

We see that traditional wealth managers cannot defend their business model against robo-advisers and other digital do-it-yourself tools by merely pointing out that their advisers offer a ‘human touch’ and specific banking know-how. They need to reinvent their business model from the ground up in order to arrive in the 21st century.

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eMoney Advisor was highlighted in the report in the mobile app category. eMoney Advisor made its Finovate debut at FinovateFall 2014, introducing a “reboot” of its wealth-planning system for financial advisers, EMX. The company was founded in 2000, and is headquartered in Conshohocken, Pennsylvania. Last month, eMoney Advisor announced that it had been acquired by Fidelity Investments for $250 million. Read our Finovate Debut post for eMoney Advisor.

Founded in 1989 and based in Tyson’s Corner, Virginia, MicroStrategy specializes in enterprise software. The company’s solutions range from its Business Intelligence (BI) platform to its Mobile Platform and Applications to Usher, the mobile identity network MicroStrategy unveiled at its Finovate appearance in San Francisco in the spring of 2013. Like eMoney Advisor, MicroStrategy was also recognized by MyPrivateBanking Research for its mobile app development platform.

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Yseop may seem an unlikely member of this trio; however, the company distinguished itself as a resource for financial managers in the “analytics, natural language generation and other solutions” category. An innovator in the field of putting artificial intelligence to use to support business operations, Yseop has developed technologies like Yseop Sales Force Productivity Suite (demoed at FinovateSpring 2014) and Yseop Financial Suite (demoed at FinovateFall 2013). The company was founded in 2008, and is headquartered in both Dallas, Texas, and Lyon, France. John Rauscher is CEO.

Also noted in the report were Finovate alums Crealogix (mobile apps), Temenos (mobile apps), and Narrative Science (analytics, natural language generation, and other solutions).

Alumni News– February 3, 2015

  • Finovate-F-Logo.jpgProfitStars adds Banno Mobile solutions to the Independent Community Bankers of America (ICBA) Preferred Service Provider program.
  • Lending Club to serve as exclusive POS financing for Alibaba.com’s U.S. business buyers.
  • Visa CEO selects NBCUniversal’s Vasant M. Prabhu as CFO.
  • On Finovate.com: “Fidelity Investments Acquires eMoney Advisor for Reported $250 Million”
  • The Philippine National Bank deploys core banking solution and EFT switching solution from FIS.
  • ABC2 News in Baltimore talks with Robb Gaynor of Malauzai Software about mobile banking apps.
  • Thinking Bigger profiles Blooom and its new way to 401(k).
  • The Costa Rica Star features Azimo, a money-transfer service.
  • Financial Advisor’s look at assets managed by roboadvisors highlights Wealthfront, Financial Guard, Personal Capital, and Betterment.
  • Jumio enhances capturing technology for its ID card-scanning service, Netverify.
  • Discussion of the “positive powers” of fintech in The Guardian features ACI Worldwide, Azimo, TransferWise, Ripple, and Blockchain.
  • Check out our final Sneak Peek before we launch into a record-breaking FinovateEurope.
  • CSO Online features Nymi, Myris, and EyeVerify.
  • Kabbage funding More Than $3 Million per Day.
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.

Fidelity Investments Acquires eMoney Advisor for Reported $250 Million

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Congratulations to our latest “one and done alum,” eMoney Advisor. The wealth management technology company that made its Finovate debut last September has been acquired by Fidelity Investments.

The terms of the acquisition were not disclosed; however, Philly.com is reporting that Fidelity paid more than $250 million for the company.

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eMoney Advisor’s leadership will remain intact, including founder Edmond Walters who will continue as CEO. The company will also keep its offices in California and Pennsylvania where Walters promises to “hire a lot more Philadelphia people.”
Walters highlighted eMoney Advisor’s history with Fidelity’s advisor clients as one of the main synergies contributing to the deal, as well as Fidelity’s “multi-million-dollar commitment to technology.” Michael Wilens, president of Fidelity Enterprise Services, underscored the point, saying, “We apply design-thinking in our labs, incubate new companies and work with some of the brightest minds in the country—all for the benefit of our clients.”
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Above (left to right): Chad Porche, User Interface Designer, and Kyle Wharton, Business Development, at FinovateFall 2014.
eMoney Advisor will be used to help Fidelity build out its data management, office, and collaborative tools for investors and advisors. Fidelity’s Institutional clients who work with registered investment advisors, broker-dealers, and banks will be the first to take advantage of the technology.
Founded in 2000 and headquartered in Conshohocken, Pennsylvania, eMoney Advisor’s platform helps financial professionals serve the investment and wealth management needs of their clients. eMoney has 25,000 registered investment reps and 46 out of the top 50 broker dealers using its technology, which tracks more than $1 trillion in client assets. EMX, the company’s “rebranded” platform, was previewed at FinovateFall 2014 and released in December.
If you missed it last fall, check out our Finovate Debuts feature on e-Money Advisor.

Finovate Debuts: eMoney Advisor Provides Financial Advisors with a Suite of New Planning Tools

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The Finovate Debuts series introduces new Finovate alums. At FinovateFall 2014, eMoney Advisor demoed its EMX platform, an upgraded version of their wealth-planning system for financial advisors.

The Stats

    • Founded in 2000
    • Headquartered in Conshohocken, Pennsylvania
    • Aggregates more than $1 trillion in client assets over more than 875,000 accounts
    • Clients include TD Ameritrade, RBC Wealth Management, New York Life, and LPL Financial
    • Works with 46 of the top 50 broker dealers
    • Edmond Walters is CEO and founder
The Story
Kyle Wharton, who handles Business Development for eMoney Advisor, explained the key differentiator between his company’s technology and the world of robo-advisors this way: 
“There are a lot of companies that are trying to disintermediate the advisor,” said Wharton. “We are trying to empower the advisor.”

The more you learn about eMoney Advisor, the more you realize how much automation is making investment advice easier to produce by advisors and more accessible to clients. You also realize that there is still a role for human advisors, especially when equipped with a new generation of technical tools that can help them do their jobs better.

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eMoney Advisor was founded by Edmond Walters, a veteran financial advisor. His initial idea was to build a personal financial management tool that could be used with clients. But as the project developed, and he began to take feedback, it became clear that the project had a much larger, broader destiny than PFM.
“PFM was probably too early,” Wharton explained. “There was a niche need among clients. But the need was not very strong.” Instead, issues like insurance and wealth planning loomed larger as concerns for a broader base of clients.
To this end, eMoney’s demo at FinovateFall was, as Wharton calls it, “both a rebirth and rebranding” of the platform. The new platform, EMX (“the eMoney Experience”), introduced in New York last fall is due out in mid-December.
The Technology
In building the new platform, the company focused on leveraging third-party integrations and ensuring ease of use. The goal is to help financial advisors serve their clients and build better relationships based on collaboration and transparency. To this end much of the functionality in EMX is geared toward promoting interactivity. This includes screen sharing features, an easy-to-read interface, and a client portal that an advisor’s clients can access at any time to view or print a report on their finances.
Below shows the main interface, providing at a glance information on assets under management, client non-held accounts, top holdings by net value change for the day, and more. The page also features a Financial Feed – “a Facebook or Twitter feed for your book of business” – that provides advisors with everything from alerts, alarms, tasks, and news. eMoney Advisor is working to include data feeds from sources like MorningStar, which will help advisors, for example, see and understand how an upcoming earnings release from Microsoft may impact his or her client’s holdings.
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The platform has a number of portals that allow financial advisors to quickly see a client’s net worth, investments, asset allocation and more. The platform lets advisors run reports including ad hoc performance reports, and includes 200 predesigned reports that are updated nightly. A Facts Portal allows for speedy onboarding, whether the advisor is working solo or with a client present. The platform has both a presentation mode and screen sharing functionality to make it easy for advisors and their clients to collaborate.
The Plans Portal, according to Wharton, is where the advisor can “show off.” This analytics section gives the advisor the ability to run simulations, adding and exchanging different financial scenarios to see what net effect different financial assumptions have on the overall financial picture. The platform also has an online storage vault for keeping financial plans and records.
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Another way of appreciating the collaborative, transparency-focus on the new platform from eMoney Advisor is via the Client Portal. This shows account information, net worth, investments, insurance, budgets, spending … everything from wealth management to the most basic personal finance management features are here. In addition to providing a lot of transparency for clients, advisors can also take advantage of the portal to conduct tasks like aggregating held-away accounts. 
Analytics are the other key feature in EMX. Typically, advisors have to work with more than one program in order to compile the analytic data on their clients. EMX gives the data back to the advisor in a way that is easy to read, understand, and act on. Seeing assets by account type, or clients by age group, or ratios between managed and held away accounts can give advisors insights into their advisory business that might otherwise be difficult to see. And all of this contributes toward the goal of helping advisors leverage technology to help people more efficiently.
“It’s really mixing the art and the science,” said Kyle Wharton from the Finovate stage last fall. “It’s the value of the financial advisor, the expertise of that financial advisor, the knowledge of that financial advisor mixed in with our technology.
The Future
eMoney Advisor looks to help financial advisors not just use technology, but use technology differently, through interactive planning tools, screen sharing functionality, and similar features. “It’s about coaching and validation,” he explained. “You need a human being to ask ‘What do YOU think about this.'”
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(Above: Kyle Wharton, Business Development, right, and Chad Porche, Development)
So far so good. The company partnered with HiddenLevers, a portfolio stress testing platform, in November. And also that month announced that it has surpassed $1.4 trillion in investable assets managed by the 25,000 financial professionals using the platform. All of this is strong momentum leading up to the official launch of eMoney Advisor’s EMX platform in December.
“What eMoney does better than any other software on the market is make the advisor/client relationship collaborative, transparent and efficient,” said founder and CEO Walters in a recent statement. “Not only does this provide eMoney with an opportunity for sustained long-term growth, it also positions advisors and their clients for greater success in the future.”

Watch eMoney Advisor demonstrate EMX at FinovateFall 2014.

Alumni News– December 10, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgNCR to sell new mobile imaging solutions from Mitek.
  • Backbase teams up with Accenture to help FIs improve customer engagement through digital channels.
  • Dwolla announces role as payment partner for Microsoft for Government initiative.
  • Australia-based ME Bank deploys core banking system, business intelligence, and anti-money laundering solutions from Temenos.
  • MasterCard launches MasterPass in France and Russia.
  • Finovate Debuts: eMoney Advisor Provides Financial Advisors with a Suite of New Planning Tools.
  • Independent Financial Advisor takes a look at Motif Investing and Wealthfront.
  • Xero reaches 400,000 paying customers.
  • Entersekt responds to FIDO Alliance’s U2F specifications with its FIDO U2F-enabled authentication solution, Transakt.
  • Fintech for the Rest of Us blog mentions PayStand over PayPal and Stripe for bitcoin payments.
  • PayItSimple integrates with 30 more payment gateways in collaboration with Spreedly now integrated with approximately 70% of all gateways in the US.
  • Payfone and Early Warning partner on mobile authentication. 
  • Marlborough Savings Bank now offers Kasasa to enhance checking account offering.
  • Spend Matters reports: Receivables Exchange the largest of the Online Invoice Auction Exchanges.
  • Arxan announces enhanced mobile runtime app self protection (RASP) capabilities.
  • Lendio named One of Utah’s Best Companies to Work For in 2014.
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.

eMoney Advisor Brings Unparalleled Interactivity to Online Wealth Planning

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This post is part of our live coverage of FinovateFall 2014

Our next presenter is eMoney Advisor, demoing EMX.

“Smarter, faster, friendly, and easier to use, EMX is the next generation of the eMoney Advisor experience. While we’ve always led the pack in financial planning, we’ve stepped up our game, creating a platform for an unparalleled interactive experience for advisors and their clients, improving efficiency with new integrations and better connections. And with robust analytics and a more intuitive interface, EMX empowers our advisors to maximize the potential of their book of business. Learning from over 14 years of experience and feedback from more than 20,000 advisors, with EMX, we’ve built the ultimate wealth-management solution that will redefine success in an advisor’s business.”
Presenting: Kyle Wharton (Business Development) & Chad Porche (Development)
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Product Launch: October 2014
Metrics: eMoney aggregates more than $1T in client assets over 878,243 accounts, managed by a network of more than 20,000 financial services professionals across the country.
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed
HQ: Conshohocken, PA
Founded: 2000
Twitter: @emoneyadvisor

FinovateFall 2014 Sneak Peek: Part 7

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In the final FinovateFall Sneak Peek of our series, we’re showcasing nine companies: eMoney Advisor, Finovera, Luxoft, Minetta Brook, P2Binvestor, SAS Games, SelfScore, Sender, and Top Image Systems

These companies are coming to the Finovate stage in New York from all over the globe to showcase their newest fintech on September 23 and 24. Tickets are going fast; get yours here to be a part of it.
Want to see more of what to expect at FinovateFall? Here are some companies you may have missed:

eMoneyLogo

With eMoney Advisor, if you’re a salesman with a practice selling products, it’s not for you. eMoney is built for advisors running a business based on relationships.

Features:
    • With EMX, you’ll work smarter, not harder
    • Integrations and ease of use are the future
    • eMoney’s latest technology will define advisor success
Why it’s great:
With so many enhancements, it’s easy to focus on eMoney’s features–but it’s more important to remember the benefits: eMoney solidifies the advisor/client relationship.
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Presenters:

1) Chad Porche, Senior User Interface Designer  
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2) Kyle Wharton, Director of Business Development  


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Finovera is transforming Online Bill Pay into holistic personal financial management with eBills and payments at its core designed for banks and credit unions.

Features:
    • Receive, view and pay all bills – on bank site
    • Enables bill pay with credit cards – Banks get paid for offering Bill Pay
    • Great user experience – simple, convenient, attractive and mobile
Why it’s great
Transform your bill pay from cost center into revenue center

PurnaFinovera

Presenters:

1) Purna Pareek, Founder and CEO
Pareek is a serial entrepreneur and CEO of the company. He founded Finovera to bring simplicity, efficiency and convenience to household bill and information management.
2) Amanda Zepeda, Marketing Manager  


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Luxoft’s Horizon is a cutting-edge data visualization framework for financial institutions. It enables executives to quickly identify and resolve problems in multiple domains such as risk and regulation.

Features:
    • A fast and intuitive access to data
    • Ability to collaborate across roles and teams
    • Radically shortens the decision-making time
Why it’s great:
Horizon – executive dashboards that give you back control. There is no need to hide.
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Presenters:

1) Przemek Berendt, Global Marketing Vice President
Global Marketing Vice President at Luxoft (NYSE: LXFT) responsible for its B2B, B2E, and CSR strategies. Berendt led Luxoft’s winning presentation at Finovate London 2014.
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2) Fabrice Aresu, Head of Business Support Group

Aresu is Luxoft’s Horizon Product Manager, focusing on Advanced Data Visualization; he worked 15 years in Finance & Risk software, at Thomson Reuters and Oracle.





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Minetta Brook’s KNEWSAPP allows trading and investment professionals to take advantage of news related market inefficiencies by surfacing tickers, topics, and stories that are currently developing in the news.

Features:
    • Track news, blog & tweet VELOCITY around your portfolio tickers, in real-time
    • Use its linguistics based STORY SCORES to prioritize what you read
    • Get to key active topics quickly, with STORY DNA
Why it’s great:

Track news, blog and twitter stories as they develop, well before they become headlines.
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Presenters:

1) DB (Deepak) Bharadwaj, Founder & CEO
Technology pioneer at Microsoft & Sun. Built and ran multiple multi-hundred million dollar businesses. Over 20 years of technology expertise with specialty in operations & turnarounds.
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2) Viplav Nigam, Head of Engineering

Built & ran NASDAQ’s trading system. Developed ultra low latency news feeds for trading at RTT News. Over 20 years of financial technology experience.





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P2Binvestor (P2Bi) is a crowdlending platform for receivables-backed working capital that is supported by a crowd of accredited investors.

Features:
    • Integrates with QuickBooks Online (API sync)
    • Streamlines the online application and lending process
    • Facilitates better account management and underwriting
Why it’s great:
P2Binvestor makes it really easy for borrowers to apply, get funded, and grow their credit line as their business evolves. Up to $5MM available.
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Pressenters:

1) G. Krista Morgan, President and Cofounder
Morgan has an extensive background in digital marketing and account leadership for blue-chip brands at some of London’s top interactive agencies. COO for P2Binvestor since 2012.
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2) Clay McIlrath, CTO

McIlrath is a seasoned technologist with more than a decade of experience developing software applications and working with start-up companies. 



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SAS Games’ TiViTz College $avings Game-a-thon is a fully automated, easy-to-use, market-disrupting, patent-pending, activity-based fundraising tool for children’s college savings.

Features:
    • Complements existing financial savings vehicles
    • Creates new college savings accounts and relationships
    • Enhances CRA outreach and provides a marketing tool for consumer and business banking 
Why it’s great:
The Game-a-thon provides families a solution to afford higher education by significantly increasing children’s savings, while improving their math skills and financial literacy.
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Presenting:

1) Siobhan Mullen, CEO
Former aerospace executive and Special Adviser to the NASA Administrator, experienced high-tech entrepreneur in launch services, satellite communicatio
ns and data distribution.
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2) Steve Scully, President

Serial entrepreneur and investor with a focus on children’s education through games, inventor of the TiViTz educational games and tournaments.

SelfScorelogo

SelfScore is a disruptive consumer analytics solution that supplements FICO scores and informs a wide array of data-driven decisions.

Features:
    • SelfScore measures consumers in better ways using more information
    • Online profiles, phone data, and questions inform the score
    • Providing insights to users and contextual information to businesses
Why it’s great:

SelfScore uses a proprietary algorithm to attain a more timely and accurate picture of consumer behaviors that benefit both consumers and businesses.
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Presenters:

1) Kalpesh Kapadia, Co-Founder and Chief Executive Officer
Kapadia’s professional career in finance and technology spans 20 years. Before co-founding SelfScore, managed Equanum Capital, a technology fund, from 2007 to 2012 and was the WSJ #1 Analyst in 2005.
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2) Michael Hallinan, Co-Founder and Chief Product Officer

Hallinan’s professional career spans more than 12 years of strategic innovation. Before co-founding SelfScore, he worked at U.S. CyberCommand and consulted Wall St. firms while at Booz Allen Hamilton.

SenderLogoNew

Sender is the first messenger for businesses, enabling direct chat communication with customers. Sender – like Google’s Search Bar with endless possibilities. Sender – the last and only app.

Features:
  • Creates 2-way communication of business with customers like in usual chat
  • Provides possibility for businesses to create business processes without developers and endless softwareApps updates
Why it’s great
People communicate with each other via chats with similar interfaces. Businesses communicate with people via apps with various unique interfaces and user experiences. 
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Presenters:

1) Kristina Chaiykovskaya, Department Head of E-business in PrivatBank
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2) Maria Gurina, Liqpay Business Development Manager at PrivatBank 

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3) Egor Avetisov, Creative director at Sender 


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Top Image Systems’ next-generation mobile image capture and processing solutions, like GlassCapture, are designed to make account opening, bill payment and other mobile-initiated process simple and fun!

Features:
    • Optimal user experience leads to customer loyalty
    • Upfront validation ensures the image is correct 
    • Perfect image capture enables straight-through processing in the backend
Why it’s great:
FIs that establish a reputation for mobile innovation are likely to benefit in the future from greater market share and more loyal customers.