Where the Alums Are: A Remembrance of FinovateSpring Past

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

It is hard to believe that it is almost time for FinovateSpring 2014.

There’s still plenty of time for you to get your tickets to our upcoming event in San Jose, California on April 29 and 30. Our final Sneak Peek preview post is up, all the companies who were prepping under the radar are now out of stealth, and we can’t wait for you to see what this year’s spring crop of fintech entrepreneurs and innovators has in store.

Before we do, however, let’s take a moment to take a look back at last year’s FinovateSpring alums. As we scrolled through blog archives, several themes jumped out: the appetite for startups remains as passionate as ever, with three of our Spring 2013 alums being acquired by such financial sector potentates as Intuit and PayPal. And venture capitalists continue to see innovation in this space as a more than worthwhile investment, with 20 separate fundings for Spring 2013 alums

We’ve grouped the achievements into four categories: Exits, Fundings, Awards, and Acquisitions. Enjoy!

EXITS
  • Jack Henry buys Banno for undisclosed sum
  • The rumors are true: eBay’s PayPal acquires Braintree for $800 million in cash
  • Intuit buys tax planning/preparation specialist GoodApril
  • TaxAct acquires Balance Financial
FUNDINGS
  • CardFlight secures $1.6 million in seed funding from ff Venture Capital
  • Encap earns seven-figure investment from ProVenture Seed
  • EyeVerify earns $2.3 million in Series A funding
  • Jemstep raises $4.5 million in Series A round
  • Kabbage brings in $270 million in debt financing to provide small businesses with funding of their own
  • Kabbage brings in $75 MIllion in debt financing
  • Leaf raises $20 million from Heartland Payment Systems
  • Alternative lender LendUp raises $14 million in new funding
  • D3 Banking creator Lodo Software Brings in $3 million
  • Narrative Science secures $11.5 million in Series C funding
  • OpenCoin wins investment from Google Ventures, IDG Capital Partners
  • P2BInvestor raises $1.2 million in Series A round
  • PayNearMe leverages Family Dollar Partnership; raises $20 million
  • PayNearMe raises $10 million in Series D funding, launches Express Merchant Onboarding Option
  • Prestadero raises 5 million pesos ($400,000 USD) in first round of funding
  • Quantopian raises $6.7 million in Series A round
  • Realty Mogul raises $9 million in round led by Canaan Partners
  • SeedInvest raises $2 million in crowdfunded investment campaign
  • SeedInvest Raises $1 million in round Led by Jumpstart New Jersey Angel Network
  • Zooz Closes $2 million Series A round Led by XSeed Capital
AWARDS
ACQUISITONS
  • OpenCoin acquires SimpleHoney
  • Kofax acquires data integration software provider Kapow Technologies
  • NICE to acquire Causata to enhance customer experience management

A Look Back at the Finovate Best of Show Winners in 2013

Here at Finovate, we’ve been keeping a close watch on the development of fintech since 2007. This year was no different. Over the course of our four conferences in 2013, we saw:

    • 241 demos
    • 28.1 hours of demos
    • 16 “time’s up” gongs
    • 39 hours of high-intensity networking
In case you missed them, here are the Best of Show winners from this year:
FinovateEurope2013.jpg
  • MenigaLogo.jpgMeniga for its PFM platform, including “buy” vs “not buy” feature
    demo videoMovenLogoNew.jpg
  • oink_newlogo.jpgVirtual Piggy (now Oink) for its kids’ payment system with parental controls
    demo video
FS2013_v1_Highres.jpg
FamZooLogo2Large.jpg
  • LendUp, for its LendUp Ladder loan platform that helps LendUpLogo.jpgthe underbanked build credit
    demo video
  • TipRanksLogo.jpgTipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
FF2013-horz-highres.jpg
  • motiflogo.jpgMotif for its platform that lets you invest in ideas in one click
    demo video
  • TipRanksLogo.jpgTipRanks, for its solution that brings transparency to individual investors, helping them decide who to trust
    demo video
  • YodleeLogo2012.jpgYodlee, for its debut of TANDEM that helps groups manage and discuss shared finances
    demo video
FA2013-v2_highres.jpg


  • INDGroupLogo.jpgIND Group, for its Essence mobile banking app, with detailed financial management tools
    demo video
  • KofaxLogo.jpgKofax, for its omni-channel solution that accelerates and enhances the underwriting process
    demo video
  • YodleeLogo2012.jpgYodlee, for the international debut of TANDEM, an app that helps groups manage and discuss shared finances
    demo video

The Full History

Here’s the Best of Show history that spans back the inception of Finovate in 2007:

Finovate 2007
Held October 2, 2007

Held April 29, 2008
  • First ROI (now BancVue): Develops products and services for community financial institutions
  • Jwaala: Provides software solutions to help financial institutions compete
    demo video
Held October 14, 2008
  • Credit Karma: Provides a free and easy way for consumers to understand, monitor and monetize their credit profile
    demo video
  • Neosaej’s MoneyAisle (closed): Platform where banks compete in live auctions for an individual consumer’s business 
    demo video
Held April 28, 2009
  • BillShrink (now Truaxis): Provides a free cost-savings tool that saves consumers money on everyday bills
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012): Predictive analytics to prevent fraud abuse
    demo video
  • SimpliFi: A web service that allows anyone to create and update their own financial plan
    demo video
Held September 29, 2009
  • Credit.com: Provides free interactive tools, education, and unbiased comparisons of quality financial products and services
    demo video
  • Silver Tail Systems (acquired by EMC in October 2012):  Online fraud detection services
    demo video
  • Yodlee: Provides personalized financial solutions to financial institutions
    demo video
Held May 11, 2010
  • oFlows (Purchased by Andera in 2011): Multichannel, paperless solutions for financial institution account opening
    demo video
Held October 4-5, 2010
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
    demo video
Held February 1, 2011
Held May 10-11, 2011
  • BancVue: Develops products and services for community financial institutions
    demo video
  • BankOns: Mobile app offering consumers real-time savings at local merchants
    demo video
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account opening
    demo video
  • Mitek Systems: Provides apps for smartphones that allow users to deposit checks and pay bills via the camera on their device
    demo video
Held September 20-21, 2011
  • FeeFighters (acquired by GroupOn in 2012): Platform that simplifies the process of choosing a merchant account provider
    demo video
  • Offermatic (closed in June 2013): Targeted online offers provider
    demo video
  • oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
    demo video
Held February 7, 2012
  • Nutmeg: Online investment manager that democratizes saving and investing
    demo video
Held May 8-9, 2012 
  • Dwolla: FISync service to enable banks to originate real-time, P2P payments
    demo video
Held September 12- 13, 2012

  • Credit Sesame: Financial Fitness Indicator that gives users a comprehensive view of their financial situation
    demo video
Held November 6, 2012

  • Finantix: Launched Sharp digital banking platform to improve sales and service interaction
    demo video
  • UbankNational Australian Bank (NAB), launched its peer-spending comparison tool, People like U
    demo video


Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The companies with the highest percentage of submitted ballots were named Best of Show.  

What Tech from FinovateSpring 2013 Appeals to Financial Services Execs?

After attending FinovateSpring last week David Brebner, Principal Consultant at Mindful Insights, considered the question:

“As a financial services executive, where would you invest your e-commerce budget based on the products on show at FinovateSpring 2013”

To answer this question, he “invested” $100 of play money in 12 different technologies featured at the show. The infographic below summarizes how he allocated the funds:

DavidBrebnerFS13Infographic.jpg

If you missed FinovateSpring last week, check out all 72 demos here.

FinovateSpring 2013 as Seen through Twitter

Twitter Bird.jpg

Thanks to all who tweeted and followed #Finovate throughout the last week’s event. On Tuesday afternoon there was enough activity to propel #finovate to the top of the trending subjects in San Francisco. Here are some of our favorites. 

Stay tuned to @finovate for continued coverage of the 500 Finovate alums.

Day One

TwitPic1.jpg
DayOne1.jpg
DayOne3.jpg
DayOne4.jpg
DayOne5.jpg
DayOne6.jpg
DayOne7.jpg
Day Two

TwitPic3.jpgDayTwo1.jpg
DayTwo2.jpg
DayTwo3.jpg
DayTwo4.jpg
DayTwo5.jpg
DayTwo6.jpg

FinovateSpring 2013 in the Press

Press.jpg

Last week’s FinovateSpring 2013 received great coverage through blogs, tweets and articles. Here are the highlights:

Full conference live blogs

—————

Three contributors risked carpel tunnel to cover all 72 demos. Thanks to Erin McCune and William Mills III and Phillip Ryan for going the extra mile!

Bank Innovation
by Phillip Ryan
FinovateSpring recap and ratings
Day one morning recap
Day one afternoon recap
Day two morning recap
Day two afternoon recap

PaymentsViews
Live Blogging Finovate Spring 2013 San Francisco
by Erin McCune 
William Mills blog
Live Blog: FinovateSpring 2013 San Francisco by William Mills III-DAY ONE
by William Mills III
Other coverage
———————————————————————————————————–
Affluent Strategies
What About the Overbanked?
by JP Nicols

American Banker
5 Most Intriguing Companies at Finovate
by Sean Sposito
Bank Security Top Focus at Finovate
Banno Launches Data-Analytics Marketing Feature
by Sean Sposito
Crowdfunding Startups Pose New Competition to Commercial Lenders
by Sean Sposito
EyeVerify Rolls Out Authentication Service for Mobile Banking
by Brian Browdie

GoBank to Go Live on the Fourth of July
by Sean Sposito
The Buzz at Finovate: New Security Tech
by Sean Sposito
Bank Marketing Strategy
Musings of a Finovate Virgin
by Jim Marous
Bank Systems & Technology
Digital Marketing Solutions Stand Front and Center at Finovate Spring
by Jonathan Camhi
Banking 2020
FI Spotlight: USAlliance FCU Sees Cross-Selling Success
Barron’s
Algorithms for the Masses
by Theresa W. Carey 
Bloomberg Businessweek
Kabbage Expands Its Cash Advances to Brick-and-Mortars
by Patrick Clark

Celent
How to give a killer Finovate presentation
by Dan Latimore

Credit Union Magazine
Finovate Unveils Best of Show Winners

Finovate Highlights Industry’s Best and Brightest
by Steve Rodgers
Look into the Future of Finance
by Steve Rodgers
Scenes from FinovateSpring 2013
by Steve Rodgers

Credit Union Times
5 Things You Don’t Know Because You Weren’t at Finovate
by Robert McGarvey
Onsite Coverage: Finovate Crowns the Winners
by Robert McGarvey
Onsite Coverage: New Security Tools Take Finovate Stage in Numbers
by Robert McGarvey
Onsite Coverage: No Clear Winners at Finovate Day 2
by Robert McGarvey
Threat of the Week: DDoS Back at You
by Robert McGarvey
Tomorrow’s Ideas Spark Interest But Fail to Excite
by Robert McGarvey
Des Moines Register
Banno launches marketing product for banks
by Marco Santana
Ecommerce Bytes
ZooZ Lets Mobile Shoppers Tap an Ad to Buy
By Ina Steiner 
FamZoo blog
My Finovate Scorecard Winners Plus Snarky Tweet Highlights
by Bill Dwight
Spend Money Like a Pop Star…Or Not: FamZoo’s FinovateSpring 2013 Demo
by Bill Dwight
Filene blog
Filene Five: Promising Products from Finovate
The Financial Brand
7 Reasons to Love GoBank
by Jim Marous
Finews.ch
Neues aus der Finanzwelt der Zukunft
Finextra
Banno unveils marketing tool Kernel
Forrester blog
FinovateSpring Fling 2013: Another Year of Dazzling Financial Services Delight!
by Tiffani Montez
Hotwire blog
Innovations inspire at Finovate Spring 2013
by Annette Leach
IntelliResponse blog
IntelliResponse Takes Center Stage at Finovate Spring 2013
by Dwayne Weppler 
Investment News
Quantopian launches trading platform pilot program
by Davis D. Janowski
Kabbage blog
Kabbage and Intuit Partner to Fund Small Businesses!
Lisa LaMagna’s Slideshare
Finovate SF in 60 Seconds
by Lisa LaMagna
MainStreet
Kabbage Expands Small-Business Financing
by Laurie Kulikowski
Man in Ranks blog
I attended Finovate Spring in San Francisco
by Christopher Perrien
Intuit
by Christopher Perrien
Newfination
Finovate Spring 2013: Expensify Is At The Forefront Of Innovation In Business Expense Management
Finovate Spring 2013: On Finovera You Can Store Your Bills, Statements, And Financial Documents
Finovate Spring 2013: GoBank Is A New Finance Bank That Enables Smart Personal Money Management
Finovate Spring 2013: GoodApril Helps You With Your Taxes All Year Round
Finovate Spring 2013: In San Francisco At The Center Of The New Finance World
Finovate Spring 2013: Kabbage Approves And Lends Money To Small Businesses in 7 Minutes or Less
Finovate Spring 2013: Leaf.me Is A Multiprocessor Payment Platform For Merchants
Finovate Spring 2013: Prestadero Is A Mexican Peer To Peer Lending Marketplace
Finovate Spring 2013: Realty Mogul Is A Crowdfunding Platform For Real Estate Investing
Finovate Spring 2013: Refundo’s App Is For The Under and Unbanked
Finovate Spring 2013: Start A Trust Fund For Each Of Your Kids At TrustEgg
Finovate Spring 2013: Virtual Piggy Is A Safe Payments System For Your Kids to Spend their Allowance
Finovate Spring 2013: Walla.by Is A Full Service Credit Card Advisor
Newsday
Banking Up Launches at FinovateSpring, Lets Any Business Offer Customers a Trusted Alternative to Traditional Banking
PandoDaily
Finovate: Quantopian debuts live data trading for consumer quants
by Michael Carney
Pymnts.com
A VC’s Inside Look At FinovateSpring 2013
by Dan Rosen
GoBank Announces Timing of General Availability and National Distribution Relationships at FinovateSpring
Kabbage Extends Loan Services To Offline SMBs
TipRanks Wins Best of Show Award at Finovate
TransCard Congratulates FamZoo, Winner of One of Five 2013 FinovateSpring Best of Show Awards
The Paypers
InvoiceASAP, Zebra Technologies
partner for mobile invoicing solution
Refundo blog
FinovateSpring 2013 Trip – Demo Day
by Michael de Senna
SF Gate
ZooZ Previews “In-Ad Payments”™ at Finovate Spring
Silicon Prairie
Onstage at Finovate, Banno unveils ad platform for banks
by Danny Schreiber
Watch EyeVerify, Banno demo their wares at bank tech event Finovate
by Fred Bauters
TechCrunch
Mobile Payments Startup ZooZ Debuts In-Ad Payments (Yes, “Ad” Not “App”)
by Sarah Perez
VentureBeat
Expensify takes on Freshbooks with invoicing & billing features
by Sean Ludwig
Kabbage expands its loans business, now supports Quickbooks
by Christina Farr
Y Combinator Blog
LendUp (YC W12) wins Finovate 2013 Best in Show for consumer loan platform to help the underbanked build credit
We’ll continue to add coverage throughout the next few weeks. If you have FinovateSpring press coverage you would like to add, please email the link to julie@finovate.com.

FinovateSpring 2013 Best of Show Winners

After the final demos wrapped up on two fintech-packed days at FinovateSpring 2013, the audience voted for their favorite demos to ultimately decide who would be named Best of Show. The overall top five took home the trophies.

The winners (in alphabetical order):

FamZooLogo2Large.jpg

FamZoo, for its prepaid card family pack
famzooimg2.jpg
LendUp, for its LendUp Ladder loan platform that helps the underbanked build credit
LendUpLogo.jpg
IMG_2285.JPG
MoneyDesktop, for its Target and Insight back-end data analytics and marketing platform
MoneyDLogo.jpg
MoneyDesktopLogoNew.jpg

paynearmelogo2.jpeg

PayNearMe, for launching the white-labeled version of its cash-dpayments platform
IMG_2157.JPG
TipRanks, for its solution that brings transparency to individual investors, helping investors decide who to trust
TipRanksLogo.jpg
TipRanksIMG.jpg

We’ll have the videos of all 72 demos posted on Finovate.com in a few weeks.

Thanks to everyone who joined the audience and came to be a part of our largest show so far. And thanks to the 77 innovators* who braved the Finovate stage. 

——————————————————————

*Five demos hosted a co-presenting company, including Visa, MasterCard, USAlliance Credit Union, Intuit, and Paydiant

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The five companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners.

FinovateSpring 2013 Best of Show Winners

FS2013_BestofShow_highres.jpg

After the final demos wrapped up on two fintech-packed days at FinovateSpring 2013, the audience voted for their favorite demos to ultimately decide who would be named Best of Show. The top 5 overall took home the trophies.

The winners (in alphabetical order):

FamZooLogo2Large.jpg

FamZoo, for its prepaid card family pack
famzooimg2.jpg
LendUp, for its LendUp Ladder loan platform that helps the underbanked build credit
LendUpLogo.jpg
IMG_2285.JPG
MoneyDesktop, for its Target and Insight back-end data analytics and marketing platform
MoneyDLogo.jpg
MoneyDesktopLogoNew.jpg

paynearmelogo2.jpeg

PayNearMe, for launching the white-labeled version of its cash payments platform
IMG_2157.JPG
TipRanks, for its solution that brings transparency to individual investors, helping investors decide who to trust
TipRanksLogo.jpg
TipRanksIMG.jpg

We’ll have the videos of all 72 demos posted on Finovate.com in a few weeks.

Thanks to everyone who joined the audience and came to be a part of our largest show so far. And thanks to the 77 innovators* who braved the Finovate stage. 

——————————————————————

*Five demos hosted a co-presenting company, including Visa, MasterCard, USAlliance Credit Union, Intuit, and Paydiant

Notes on methodology:  
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.     
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.    
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”  
4. The five companies appearing on the highest percentage of submitted ballots were named Best of Show.  
5. Go here for a list of previous Best of Show winners.

Prestadero’s Peer-to-Peer Lending Platform Places Borrowers in Complete Control

This is a part of our live coverage of FinovateSpring 2013.

PRESTADERO_logo.jpg

Closing out FinovateSpring for us this afternoon, 
Prestadero demoed its peer-to-peer lending platform:
“Prestadero uses its proprietary management software to originate loans in an extremely efficient way. Our platform allows us to parse out declined loans in seconds and determine rates for approved loans in less than 1 minute.  
Our web interface allows lenders to view their entire portfolio in detail. Lenders can also view specific graphs and scorecards that allow them to make better investment decisions, even if they are not investment professionals. We provide lenders with tools, such as our “diversification index,” which quickly and comprehensively lets them know their risk exposure depending on the diversification of their loans. Our software also enables lenders to select multiple loans at once by filtering through the user’s selected criteria. They can also choose to reinvest their returns based on the same or a different set of criteria.
Through their online account, borrowers have full control over their loan’s entire process, from filling out the application to paying it off completely. We also charge the borrower’s bank accounts directly when their payments are due, diminishing delinquencies and providing a better service for our customers. The entire process is streamlined and coded with peer-to-peer finance in mind, reducing human interaction on the back-end of the technology and providing more accurate, up-to-date information on our front-end.”
Product Launch: June 2012
HQ: Mexico City, Mexico
Founded: April 2011
Metrics: 4,000+ registered users, $70M pesos in loan requests, $400K raised
Twitter: @prestadero
Presenting Gerardo Obregon (CEO & Founder) and Alejandro Ramos (Partner)

IMG_2342.JPG
IMG_2343.JPG

Plastyc Demos the Backend of its BankingUP Platform

This is a part of our live coverage of FinovateSpring 2013.

Plastyc2.jpg

Next up this afternoon, Plastyc showed off the administrator-facing side of its BankingUP platform:
“Plastyc is demonstrating the administrator-facing side of the BankingUP platform, allowing issuing banks and program managers to:
    • Monitor and analyze cardholders’ financial activity in real time;
    • Monitor and analyze cardholders’ non-financial activity; e.g., usage of mobile apps and web, customer support interactions;
    • Communicate instantly with programmable subsets of cardholders via web inserts and smartphone push notification for marketing/upselling and product alerts.
This is a departure from traditional batch mode financial-transactions only reporting obtained from processors.”
Product Launch: November 2012
 
HQ: New York, NY
Founded: 2006
Metrics: 5K direct-to-consumer opened to date; platform deployed for a 3M card portfolio; 10 employees; $10M raised so far
Website: plastyc.com
Twitter: @ibankup
Presenting Patrice Peyret (CEO) and Colette Oliver (Director, Marketing)

IMG_2334.JPG
IMG_2331.JPG

Zooz Consumer Driven Payment Platform Brings One Tap Checkout for Consumers and Higher Conversion Rates for Merchants

Thumbnail image for ZOOZLogo.jpgThis post is part of our live coverage of FinovateSpring 2013.

Next up is Zooz, presenting their consumer-driven payment platform, which generates smart consumer insights to help merchants boost conversion rates while providing customers with a seamless buying experience.
“Zooz will show an exciting new feature that demonstrates an important use case of the Zooz consumer driven platform capabilities.”
Product Launched: March 2012
HQ Location: Raanana, Israel
Company Founded: June 2010
Metrics: Raised $3.5 million; 15 employees; more than 5,000 registered apps and sites
Website: zooz.com
Twitter: @ZooZpayments
Presenting Noam Inbar (VP Business Development) and Ronen Morecki (CTO & Founder)

IMG_2324.JPG
IMG_2325.JPG