Finovate Alumni News

On Finovate.com

  • “Realty Mogul Builds $35 Million in New Funding”
  • “Fastacash Secures $15 Million in Series B Investment”
  • “Fenergo Raises $75 Million from Insight Venture Partners”

Around the web

  • InComm adds new brands to its Incentives e-commerce site, including vacation brands.
  • Green Dot opens subsidiary in Shanghai.
  • Citizens 1st National Bank introduces mobile remote deposit capture with integration of Malauzai SmartApp, Ensenta mRDC.
  • Liz Loewy, senior vice president for EverSafe, spoke about elder financial abuse at White House Conference on Aging.
  • Arxan Technologies partners with Sequent to develop new security solution to protect HCE-based payment systems.
  • Five Degrees appoints Peter-Jan van de Venn as new chief commercial officer.
  • BBVA Group inks strategic agreement with the Alliance for Financial Inclusion.
  • Business Insider names executives of Braintree, PayPal, Coinbase, and Venmo as 5 of 10 execs who are transforming the fintech industry.
  • Kotak Securities and Heckyl launch real-time news and market-info apps.
  • Cachet Financial Solutions to deploy Select Mobile Money platform for SOLE Financial’s Visa Paycard.
  • MyOrder teams up with WirecardGroup to issue contactless mobile cards using HCE technology.
  • Algomi wins “FinTech Innovation of the Year” honors at 2015 Euromoney Global Awards for Excellence.
  • Wealthfront lowers its minimum investment to $500.
  • Bank Innovation takes a look at how startups like SizeUp help banks work better with small businesses.
  • Authentication specialist BioCatch earns a pair of patents from the U.S. Patent Office.

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.

EverSafe and MaxMyInterest Present at Innovation Lab Demo Day in New York

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Less than a year after making their debuts at FinovateFall 2014, EverSafe and MaxMyInterest are back in the Big Apple, presenting their technologies as part of New York’s 2015 FinTech Innovation Lab Demo Day.

“The last year has been an exciting time for fintech innovation,” Bob Gach said as co-founder of the FinTech Innovation Lab and managing director of Accenture Strategy Capital Markets. He suggested that fintech entrepreneurs were moving away from “niche, vertically focused businesses to mainstream platforms” which will create “ecosystems” rather than just “financial products.”

“This year’s class showcased exciting new products and platforms that will likely have a significant and lasting impact on the financial marketplace,” Gach said.

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EverSafe presented its technology to help seniors and their caretakers avoid elder financial abuse and identity theft. MaxMyInterest demonstrated its smart cash-management -optimization solution that helps ensure that savers get the highest yields possible on their cash.

MaxMyInterest founder and CEO Gary Zimmerman talked about the benefits of being able to work with the banks and mentors associated with the accelerator program, saying he would recommend the Lab for any fintech startup “looking to grow their enterprise business.”

For its part, EverSafe tweeted that it was “proud to have been one of the seven fintech companies presenting on Demoday#NYCPartnership.”

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EverSafe and MaxMyInterest were joined in the Lab by five other companies: Digital Asset Holdings, PierceMatrix, PYT Funds, Social Alpha, and Ufora. The seven presenting companies were selected by “senior technology executives” from 15 financial institutions that participated in the accelerator program. Maria Gotsch—president and CEO of the Partnership Fund for New York City that founded the program in partnership with Accenture back in 2010—said, “Our partners, senior executives and entrepreneur-mentors help the participants identify how their products can be game-changers.” She maintains the relationships can help play a “valuable role” in helping startups bring their solutions to market.

The FinTech Innovation Lab is a three-month annual program that connects early stage fintech startups with leading, established banks and FIs. The FIs participating in the program range from Ally Bank and American Express to UBS and Wells Fargo. Venture capital firms supporting the Lab include Bain Capital Ventures, FirstMark Capital, Rho Ventures and more.

Founded in January 2012, EverSafe is headquartered in Columbia, Maryland. See the company’s Finovate debut here. MaxMyInterest was founded in July 2013, and is based in New York City. A video of the company’s FinovateFall demonstration is here.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Bento Builds Banking Solutions for Small Businesses
  • EverSafe and MaxMyInterest Present at Innovation Lab Demo Day in New York

Around the web

  • Bloomberg Business highlights Betterment, Financial Guard, Personal Capital, Vanguard, and Wealthfront in its look at robo-advisers.
  • Nomis Solutions teams up with BRG to help FIs improve their mortgage-retention strategies and provide more transparent pricing.
  • Success Story profiles WePay and its co-founder and CEO, Bill Clerico.
  • Global Debt Registry wins Stevie Award in the banking category of the American Business 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.

Finovate Alumni News

On Finovate.com

  • Intelligent Environments to Enable Online Banking with Emojis Instead of Passwords

Around the web

  • KeyPoint Credit Union ($1 billion in assets) to deploy Architect Banking Solution from ACI Worldwide.
  • Misys welcomes Simon Paris, president and chief sales officer.
  • Wipro introduces its e-KYC solution based on its AI platform, Wipro HOLMES.
  • The 42 looks at Lending Club and Zopa in its feature on why people “should embrace P2P lending.”
  • EverSafe celebrates “World Elder Abuse Awareness Day” with its top tips to prevent elder financial exploitation.
  • Business Insider previews the looming competition between Stripe and Klarna as the former enters the Nordic market.
  • Pacific Life chooses GMC Inspire from GMC Software Technology to improve customer communication workflow.
  • IR Magazine highlights StockViews in a column on how innovations in fintech impact investor relations.
  • NerdWallet turns to Trulioo CEO Stepehn Afford on the topic of protecting small businesses from cyberthreats.
  • Renaud Laplanche of Lending Club wins spot among Glassdoor’s Highest Rated Small Business CEOs for 2015.
  • The Seattle Times profiles LendingRobot.

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.

Alumni News: March 9, 2015

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  • Irish Independent reports on Fenergo and its plan to raise at least €10 million by fall.
  • Lifehacker reviews elder financial abuse-prevention technology, EverSafe.
  • ETF Trends takes a look at Wealthfront, Betterment, FutureAdvisor, and Motif Investing in a column on “robo-advice.”
  • Silanis Technology to bring eSignLive’s esignature technology to Xpertdoc’s CCM platform.
  • BodeTree launches Cash Tracker to give businesses a full picture of their finances.
  • Dealstruck launches new financing product, Inventory Line of Credit, to meet needs of businesses with recurring needs to purchase inventory.
  • Matchi launches global fintech challenge to find banking solutions for Barclays Africa.
  • Mapa Research: Reports from The Frontline of Fintech: Finovate Day Two.
  • Benzinga unveils fintech award finalists; 12 Finovate alums featured.
  • iQuantifi wins spot in Plug and Play Fintech Accelerator.
  • Accounting Today spotlights Sheela Zemlin, the new SVP of Sales for Bill.com.

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.

Alumni News– December 16, 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.jpgTop Image Systems announces closing “six-figure eFLOW5 deal” with leading Asia-Pacific bank.
  • ACCESSbank to deploy turnkey insurance agency courtesy of Insuritas.
  • Klarna payment solution now integrated into ekmPowershop.
  • D3 Banking partners with ProfitStars to offer iPay Consumer Bill Pay.
  • Pymnts interviews Jingit, Spreedly, and TSYS CEOs on what they think will make or break 2015.
  • Pymnts: PayPal Loan Program to Compete with Lending Club.
  • ShopKeep gives free NFC reader to new customers wanting to accept ApplePay.
  • Finovate Debuts: EyeLock’s Myris Device Authenticates Using Iris Identification.
  • Arroweye Solutions to Provide Debit and Prepaid Card Production to DMS Bank & Trust Ltd. 
  • ZenPayroll now lets companies match employees’ charitable donations.
  • Arxan Integrates With IBM Security AppScan and Trusteer Products.
  • Mint launches bill pay and management platform.
  • Entersekt Receives Honorable Mention in 2014 Gartner Magic Quadrant for User Authentication.
  • Interactions closes strategic deal to acquire AT&T Watson speech recognition and natural language understanding platform.
  • Consumer Reports features AnchorID, Betterment, Blooom, EverSafe, FutureAdvisor, iQuantifi, MaxMyInterest, and Wealthfront in its column, “Bright Ideas for a Prosperous 2015.”
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.

Alumni News– October 31, 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 Finovate-F-Logo.jpgRippleshot wins Up and Comer honors at Chicago Innovation Awards.
  • Vantiv announces agreement to provide merchant services to MUFG Union Bank.
  • Symitar division of Jack Henry introduces Malauzai-powered Episys Anywhere.
  • Breaking Banks interviews Derek Corcoran, Founder of Avoka.
  • App Annie releases new app, VPN Defender, published by Smart Sense.
  • Currency Cloud partners with XE.com to deliver money transfer solution for business.
  • Excess Return launches new Ideas Center and Screener modules in partnership with Keytrade Bank
  • Coinbase introduces Multisig Vault to enable companies to control their private keys on Coinbase.
  • Benzinga interviews Howard Lindzon on what’s next for StockTwits.
  • Quantcha enhances stock options search engine with integrated trading from Tradier.
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 Debuts: EverSafe

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The Finovate Debuts series introduces new Finovate alums. At FinovateFall 2014, Howard L. Tischler and Elizabeth Loewy demonstrated EverSafe, technology that helps seniors and their caretakers fight financial elder abuse.

EverSafe

EverSafe’s technology is a proactive defense network that helps older Americans defend themselves against financial fraud. The software reviews financial transactions and credit report activity on a daily basis. Alerts are sent in the event of suspicious activity, such as unexpected patterns in spending, deposits, or withdrawals.
The Stats
    • Founded in January 2012
    • Headquartered in Columbia, Maryland
    • Funding raised: $1.5 million
    • Total employees: 7
    • Product launched: Spring 2014 (soft launch)
    • Howard L. Tischler is Founder and CEO
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The Story
    • 10,000 Americans turn 65 every day
    • 20% of Americans over 65 are financially exploited 
    • Seniors lose more than $2.9 billion a year to financial exploitation
    • At least $18 trillion at risk (the net worth of Americans 65 and over)
These are the numbers that drive the EverSafe story. Older Americans are particularly vulnerable to criminals who take advantage of new technologies to steal and commit fraud. Whether it is due to declining cognitive facilities, relative ignorance of technology, or both, seniors and their families can face a number of challenges when it comes to making sure financial accounts remain fraud-free.
Howard Tischler, founder and CEO of EverSafe knows these challenges first hand. In helping his mother, who was a victim of what is called “elder financial abuse,” he learned about the scope of the problem. He also realized that his background as a technology entrepreneur might go a long way toward helping solve it.
“I saw the devastating effect it had on my mother and my family and resolved to apply technology to help prevent this tragedy from happening to others,” Tischler said.
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The idea of providing a solution directly to seniors and their caretakers was key for Elizabeth Loewy, who worked as the former chief of the Elder Abuse unit at the Manhattan District Attorney’s office, and is now SVP for Industry Relations with EverSafe. She noted that as a prosector, she was only able to try and help after the fact. “Finally we have a service that addresses the problem at the source,” she said.
Addressing the Finovate audience, Loewy told attendees that over the 20 years she spent battling this phenomenon, she realized that the victims varied. Some had cognitive difficulties, like dementia, and some were certainly wealthier than others. “But these seniors all had one thing in common,” she pointed out. “These seniors had worked hard investing and saving in an effort to ensure that the fruits of their labor would be put away safe and sound for their golden years, protected from exploiters.”
Equally painful were the conversations she had with adult children, caregivers, powers of attorney who were devastated that they hadn’t detected elder financial abuse that had occurred “under their watch.”
In this, the founding of EverSafe represents a coming together of law enforcement and technology in order to not just defend seniors against financial exploitation, but to empower older Americans and those caring for them, as well. “(EverSafe) allows seniors to live independently, which is what seniors want,” Tischler said.

The Solution
EverSafe can be thought of as a suspicious activity report (SAR) for consumers. Getting started on the platform is simple and straightforward. Set up an account by linking credit cards, savings, checking, money market, investing accounts and more. EverSafe links to more than 20,000 different types of account. Once the account is registered, the platform downloads the last 90 days worth of activity, and begins daily monitoring.
EverSafeAlert
The technology scans linked accounts, using pattern recognition to ferret out instances of atypical and potentially suspicious behavior. “We’re analyzing whether someone is taking their money,” Tischler explained. “And notifying them immediately rather than waiting until the end of the month.”
When suspicious activity is detected, the platform sends out an alert to the designated contact person. Alerts can be modified and customized, for example to set spending limits or transactions at certain locations and merchants. Similarly, alerts and transactions can be customized and annotated for further reference.
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The point is to bring activity to the attention of someone in a position to make a call. Some of the alerts will undoubtedly turn out to be unusual, but benign, transactions. But because most financial fraud “starts small and then escalates,” as Loewy explained, “early detection and monitoring is key.”
Basic service provides daily monitoring of up to five financial accounts and one credit bureau for $9.99 a month. EverSafe will soon offer a “Full Alert plan” that will provide monitoring of an unlimited number of financial accounts and all major credit bureaus. The Full Alert plan will be $24.99 a month. There is also a “limited time only” $4.99/month “introductory offer” that consists of account monitoring.
The Future
For now the task is obtaining broader adoption of the platform, which includes helping people understand the breadth of the problem and recognize that there is now a technology that is easy to use and dedicated specifically to stopping it. “Financial institutions and credit card companies have definitely gotten better at detecting suspicious activity,” Loewy said. “But they can’t catch it all.”
Asked what’s next for EverSafe, Tischler mentions wearables. He sees a compatib
ility between his platform and wearable technology, especially watches, which may be a better way to deliver alerts to some seniors or caregivers. He hinted at a prototype, although provided no specifics at this point.
And while today’s octogenarians may not be big smartphone users, those of tomorrow are likely to be. “Aging (baby) boomers are among the fastest growing users of technology,” Tischler said. While it is true that in many instances those actually using EverSafe on a daily basis are the grown children, seniors of the future may be better equipped to take the fight against financial elder abuse into their own hands.
Check out a video of EverSafe’s FinovateFall 2014 demo.

EverSafe Helps Protect Seniors Against Financial Abuse

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This post is part of our live coverage of FinovateFall 2014.

Our next presenter is EverSafe, demoing the first technology-based solution to address the challenge of financial abuse of older Americans.

“EverSafe applies technology to combat elder financial exploitation. The service reviews the senior’s financial transactions and credit report activity daily and if suspicious activity is detected, an alert is sent immediately. EverSafe’s sophisticated software employs a set of rules developed specifically for seniors to comb every transaction looking for abnormalities, including unexpected patterns in spending, deposits, and withdrawals. If suspicious activity is confirmed, the resolution process begins. EverSafe tracks the remediation plan and sends follow ups to help curtail further financial exposure.”
Presenting: Howard Tischler (CEO & Founder) & Elizabeth Loewy (SVP Industry Relations & General Counsel)
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Product Launch: Spring 2014 (soft launch)
Metrics: $1.5M raised, 7 employees
Product distribution strategy: Direct to Consumer (B2C), through financial institutions
HQ: Columbia, MD
Founded: January 2012
Website: eversafe.com
Twitter: @EverSafeSeniors