FinovateSpring 2014

FinovateSpring 2014: Tales from the Twitterverse

By David Penn Posted on
Categories: FinovateSpring 2014

Thumbnail image for Twitter Bird.jpg

Anyone who doubts that financial technology is a people-business need look no further than the two-day Twitter-fest that accompanied FinovateSpring 2014 in San Jose this year.

For both those lucky enough to be able to be at Finovate in person, as well as the even larger community of fintech fans tracking the event remotely, #Finovate is a great way to experience the show.

Maybe your Twitter preferences lie more with the serious issues like the true value of gamification or the mobile opportunities in auto loans. Perhaps you prefer to join your fellow Tweeters in speculation on the Worst Website in the World. However you like your Twitter tweeted, rest assured that out of the thousands who follow us @Finovate, there is likely to be far more than one take on financial innovation in 2014 that’s worth taking home.

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Best of Show Winners from FinovateSpring 2014

Best of Show Winners from FinovateSpring 2014
By Julie Muhn (@julieschicktanz) Posted on
Categories: Best of Show, EyeVerify, FinovateSpring 2014, Interactions, Loop, Motif Investing, Ondot, PrivatBank, SaveUp, Stockpile

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

Our record-breaking audience has spent a hot two days in San Jose watching 68 demos covering the best in fintech.

After watching the 68 demoing companies show off their newest innovations on stage in front of the sold out auditorium, the crowd voted for their 3 favorite demos at the end of each day. The eight companies with the highest number of votes were crowned winners.

Here they are in alphabetical order:

Thumbnail image for EyeVerifyLogo.jpgEyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication

Thumbnail image for Loop_logo.jpg

Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system

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Interactions, for its voice-activated self-service solution for mobile and phone interactions 

Thumbnail image for motiflogo.jpg

Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
OndotLogo

Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphone

Privatbank_hi_res_FS2014

PrivatBank, for topless, contactless smartphone-enabled Android ATM technology

SaveUpLogo

SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance

stockpile_hi_res_FS2014

Stockpile, for their “give the gift of stock” solution that helps people invest in the brands they love  

As always, thanks for your continued support. See you next year at FinovateSpring 2015!
All of the demo videos will be available on Finovate.com in two weeks.

——————————————————————

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 eight 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. 

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FinovateSpring 2014 Best of Show Winners

FinovateSpring 2014 Best of Show Winners
By Julie Muhn (@julieschicktanz) Posted on
Categories: EyeVerify, FinovateSpring 2014, Loop, Motif Investing, Ondot Systems, PrivatBank, SaveUp, Stockpile

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

Our record-breaking audience has spent a hot two days in San Jose watching 68 demos covering the best in fintech.

After watching the 68 demoing companies show off their newest innovations on stage in front of the sold-out auditorium, the crowd voted for their three favorite demos at the end of each day. The eight companies with the highest number of votes were crowned winners.

Here they are in alphabetical order:

Thumbnail image for EyeVerifyLogo.jpgEyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication

Thumbnail image for Loop_logo.jpg

Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system

Thumbnail image for InteractionsLogo.jpg

Interactions, for its voice-activated, self-service solution for mobile and phone interactions 

Thumbnail image for motiflogo.jpg

Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
OndotLogo

Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphone

Privatbank_hi_res_FS2014

PrivatBank, for topless, contactless smartphone-enabled Android ATM technology

SaveUpLogo

SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance

stockpile_hi_res_FS2014

Stockpile, for their “give the gift of stock” solution that helps people invest in the brands they love  

As always, thanks for your continued support. See you next year at FinovateSpring 2015!
All of the demo videos will be available on Finovate.com in two weeks.

——————————————————————

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 eight 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. 

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Finovate Alumni News- May 1, 2014

By David Penn Posted on
Categories: Backbase, FinovateSpring 2014, TSYS, Xero
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEight companies earned Best of Show awards at FinovateSpring 2014 in San Jose. 
  • Backbase launches Backbase Engage, an omni-channel, out-of-the-box, banking platform.
  • PYMNTS.com interviews the CEO of TSYS acquisition, ProPay.
  • Xero’s B2B cloud payment solution now live in Australia thanks to a partnership with ASB Bank.
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.

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Pixeliris’ CopSonic Using Its Sonic Communication Tech to Authenticate Users for P2P Payments

Pixeliris’ CopSonic Using Its Sonic Communication Tech to Authenticate Users for P2P Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, Pixeliris
PixelirisLogo2014

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

Next, Pixeliris demonstrated how its contacless mobile payment technology, CopSonic, works for both P2P payments to authenticate users without a password:
“CopSonic is the first universal contactless mobile payment system powered by our unique technology. It is based on sonic communication transiting through the devices’ speakers and microphones. Therefore, our technology is compatible with 100% of existing phones and smartphones, unlike NFC technologies. Several patents have been filed with regard to the security of the transaction.
Our technology allows peer-to-peer transactions between feature phones an
d smartphones but also enables online passwordless authentication turning the devices into security dongles.
We developed an SDK that allows third-party companies to integrate the modules and, therefore, create a business model based on transaction fees or licenses.”
Presenting: Emmanuel Ruiz (CEO & Head of Innovation) and Brian Roeten (Senior Project Manager)
Product Launch: September 2013
Metrics: €210,000 in capital, 11 employees in France, 120 engineers around the world
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms, licensed
HQ: Montauban 82000, France
Founded: April 1989
Website: copsonic.com
Twitter: @_Pixeliris

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StrategyCorps’ BaZing Helps Bring Profitability to Checking Products

StrategyCorps’ BaZing Helps Bring Profitability to Checking Products
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateSpring 2014, StrategyCorps
StrategyCorpsLogo

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

Next, StrategyCorps showed how its BaZing product brings non-banking benefits to consumers using checking products:
“BaZing delivers non-banking benefits like 300,000+ local and national merchant discounts, cell phone insurance, and roadside assistance via customizable and easy-to-integrate mobile and online platforms. In today’s consumer marketplace, there are millions already paying for these money-saving and personal protection-oriented benefits, proving these benefits are worth paying for. 
BaZing uses this fee worthiness to provide a customer acceptable fee-based mobile and online banking solution. BaZing’s innovation and financial productivity enhances commoditized mobile and online banking, undifferentiated consumer checking products.”
Presenting: Mike Branton (Managing Partner) and Dave DeFazio (Partner)
Product Launch: April 2012
Metrics: 46 employees, 1.5M users, over 200 financial institution clients
Product distribution strategy: Through financial institutions, through other fintech companies and platforms
HQ: Brentwood, TN
Founded: November 2001
Twitter: @StrategyCorps

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Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning

Kreditech Puts Big Data Scoring to Work to Improve Credit Decisioning
By David Penn Posted on
Categories: FinovateSpring 2014, Kreditech
Kreditech_hi_res_FS2014

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

All the way from Hamburg, Germany, here is the team from Kreditech with its proprietary big-data scoring and underwriting technology.

“The self-learning proprietary algorithm scores on applicant’s creditworthiness within less than a minute. Without having to go to a bank, the customer can apply for his loan online or mobile, whenever and wherever. If accepted the loan is paid out to their bank account within 10 minutes. Compared to traditional rating organizations like Schufa or FICO, the Kreditech Algorithm only studies the financial situation of the customer in the moment of the application and does not use historical data.
The technology is therefore flexible and can quickly enter and adapt to new markets. There are 5 billion people in the world that have no access to financial products, and our technology is able to provide that to them.”
Presenting: Sebastian Diemer (CEO & Founder) and Alexander Graubner-Müller (CTO & Founder)

Product Launch: September 2012 (in first market Poland)
Metrics: 10,000 data points per loan application; less than 1 minute average decision time per loan application; >$15M revenue run rate (as of March 2014); >$55M issued loans run rate (as of March 2014); <10% average loan loss in all established, profitable core markets (Poland, Spain, Russia, Czech); industry average emerging markets: >30%; 70% – 90% growth per quarter; over 600,000 applications processed in total; various credit products available in Poland, Spain, Czech, Russia, Australia & Mexico; releasing further retail banking products in 2014 (e.g. Prepaid Credit Cards, e-Wallets0; over 80 full-time employees from 26 different countries; Kreditech is launching in 4 to 6 countries in 2014; company (groupwide) profitable by Mid 2014; $22.5M raised by most influential European business angels (Samwer Brothers, Michael Brehm, Stefan Glaenzer, Heiko Hubertz, etc.) and funds (Global Founders Capital, Point Nine Capital, Kreos Capital, Greycorp, etc.)
Product distribution strategy: Direct to Consumer (B2C)
HQ: Hamburg, Germany
Founded: February 2012
Website: kreditech.com
Twitter: @kreditech

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LOYAL3 Social IPO Platform Democratizes the Investment Process

LOYAL3 Social IPO Platform Democratizes the Investment Process
By David Penn Posted on
Categories: FinovateSpring 2014, LOYAL3
LOYAL3_hi_res_FS2014

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

Our next presenter from nearby San Francisco is LOYAL3, demoing their Social IPO Platform.

“The LOYAL3 Social IPO Platform opens up IPO access to large numbers of individuals like never before. LOYAL3 partners with pre-IPO companies to give them a way to include consumers, employees, partners, and fans in their IPO. Through LOYAL3, people can start investing in an IPO with just $100 and pay no fees to purchase the IPO stock. 
LOYAL3’s IPO platform augments and complements the traditional IPO investing process by providing a way for small investors to participate in IPOs at the same price per share and at the same time as Wall Street institutions and their largest customers.”
Presenting: Barry Schneider (CEO)
Product Launch: October 2013
Metrics: To date, LOYAL3 has 102 employees and raised more than $60 million in funding
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
HQ: San Francisco, California
Founded: November 2008
Website: loyal3.com
Twitter: @LOYAL3

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Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions

Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions
By David Penn Posted on
Categories: FinovateSpring 2014, Nearex
Nearex_hi_res_FS2014

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

All the way from Singapore, here is the team from Nearex, demoing the Xip Micropayment System:

“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”

Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)


Product Launch: April 2014
Metrics: $1 million raised to date
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Singapore
Founded: December 2012
Website: nearex.com

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FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio

FinBuddy’s Tools Help Retail Investors Better Understand their Portfolio
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinBuddy, FinovateSpring 2014
FinBuddyLoLogo

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

Second up this afternoon, FinBuddy launched easy-to-understand tools that engage investors without intimidating them:
“Currently, retail investors are stifled by the lack of tools that speak the same language at the level they can comprehend. Vast amount of data that is available creates more confusion and does not provide enough actionable information or insight to investors. FinBuddy addresses this gap by providing very easy-to-understand tools that don’t scare investors but engage them without losing depth and rigor. 
We provide an intuitive stock & fund screener that helps investors discover new investment opportunities similar to how we discover things in the real world. We provide a comprehensive way to evaluate an investment without overwhelming the user. Our portfolio analysis toolset helps individuals understand their portfolios in easy terms and track them better. Finally, trusted friends can provide commentary and feedback on the investor’s portfolio and share tips over FinBuddy’s social network feed. Social collaboration combined with personalized and relevant insights help individuals make sound investment decisions.”
Presenting: Shyam Maddali (CEO & Founder) and Baker Nanduru (Co-Founder)
Product Launch: April 2014
Metrics: 
    • Funding: self-funded
    • Number of employees: 1 full-time, 2 part-time
    • Revenues: pre-revenue
    • Registered users: ~200 (friends & family)
Product distribution strategy: Direct to Consumer (B2C)
Founded: May 2013
HQ: Fremont, CA
Website: finbuddy.com

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Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App

Qapital Combines PFM, Safe Balance and Event-Based Savings and Goals into One App
By David Penn Posted on
Categories: FinovateSpring 2014, Qapital
Qapital_hi_res_FS2014

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

Qapital is our next presenter. The company’s PFM, safe balance, savings and goals app is live in Sweden and in closed beta in the U.S.

“Qapital for iPhone – a unique app that provides answers to the following three questions:
  • How much money can I spend?
  • How am I spending my money?
  • How can I achieve the things that really matter to me?
The knowledge contained in the PFM transaction data is leveraged to create small and inspiring ways to show how much you are able to spend as well as how to achieve your goals through savings.
Here are some examples of the smart and inspirational features:
  • You’ve spent less on taxis than usual this month; do you wish to transfer the surplus to your ski trip goal?
  • Tax yourself a dollar toward your new guitar every time you buy a beer.
  • Yes, you can afford that sweater if you skip five coffees at Starbucks!”
Presenting: George Friedman (CEO & Founder) and Henrik Wrangel (Chief Product Officer)

Product Launch: November 2014
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions, licensed
HQ: Stockholm, Sweden
Founded: September 2012
Website: qapital.com
Twitter: @qapitalapp

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PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market

PrivatBank Brings Smartphone-Controlled ATM Technology to Western Market
By David Penn Posted on
Categories: FinovateSpring 2014, PrivatBank
Privatbank_hi_res_FS2014

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

Coming to the stage – all the way from the Ukraine – is the team from PrivatBank.

Topless Android ATM is an ATM without an unnecessary TOP. It is equipped with an Android phone with an NFC chip, Raspberry Pi, cash dispenser, and safe. The ATM has minimum electronics and no keypad or buttons and is controlled by customers’ smartphones.
Presenting: Kristina Chaiykovskaya (Deputy Head, E-Business) and Maria Gurina (Deputy Head, E-Commerce)

Product Launch: October 2013
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: Dnepropetrovsk, Ukraine
Founded: March 1992
Website: privatbank.ua

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