Finovate Alumni News

On Finovate.com

  • Insurtech Innovator CoverHound Fetches $58 Million in New Funding.
  • Bill.com Partners with American Express to Offer New AP Solution, Vendor Pay.

Around the web

  • Revolut and WeWork team up to provide three months of “hot desk space” to Revolut for Business customers.
  • PXP Financial, borne of the merger of PXP and Kalixa, announces its public launch.
  • U.K.-based cloud accounting firm FreeAgent to offer direct data feeds to banks via the Open Banking framework.
  • bpm’online forges partnership with Meritus Business Solutions.
  • Optimove unveils iGaming Pulse, a benchmark solution to enable gaming operators to test the performance of their platforms against industry performance metrics.
  • Onfido appoints former Head of Computer Vision for Robotics at Amazon, Mohan Mahadevan as its new VP of Research.
  • Switch reports that its CardSavr service boosts credit card usage immediately at activation.
  • Enveil announces technology partnership and integration with advanced data security solution and services provider Thales.
  • CuneXus partners with outdoor recreational vehicle buying network, Rollick, to streamline the financing process for RV shoppers.

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

  • Cardlytics Hooks Wells Fargo as Partner.
  • Daon Helps New Zealanders Create Digital Identities.

Around the web

  • FreeAgent earns status as an official Account Information Services Provider (AISP) from the U.K.’s Financial Conduct Authority.
  • Two-time Best of Show winner Trunomi teams up with Shyft and BurstIQ to provide an eIdentification solution for online and offline authentication.
  • Temenos partners with Luxhub to help ensure PSD2 compliance for Fortuna Banque.
  • The Australian Military Bank becomes the first FI in the country to commit to SaaS cloud banking with their deployment of Infosys’ Finacle solution.
  • Q2 releases Caliper SDK to enable customers to customize and extend the Q2 platform
  • Figure Eight launches machine learning assisted video object tracking solution to accelerate the creation of training data.
  • CWG to launch Entersekt product line into Nigerian market.

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.

FreeAgent Acquired by RBS

Cloud accounting platform FreeAgent has agreed to a takeover bid from the Royal Bank of Scotland this week. CEO Ed Molyneux and the rest of the board have accepted the offer, which values FreeAgent at approximately $75 million (£53 million).

In a blog post announcement, Molyneux said that the acquisition will allow the company to progress toward its vision and improve the FreeAgent platform for both customers and partners. “As part of a larger organisation we want to accelerate our growth ambitions in the micro-business and accountancy practice space, as well as significantly improve our core product,” he added.

This agreement comes just over a year after FreeAgent began working with RBS. The two formed a distribution partnership last January in which RBS offered FreeAgent’s accounting software services to its small business clients. The deal will help both parties leverage new opportunities to offer a more integrated banking and accounting experience for small businesses since, as Molyneux said, “the lines between banking, accounting and tax are becoming increasingly blurred.”

After the deal is closed, FreeAgent will continue to operate business as usual. In a Q&A, Molyneux said the company has “no intention of significantly changing the way that [it does] business with [its] customers.” FreeAgent shareholders will receive $1.70 (120 pence) per share. This represents an 86% premium to yesterday’s share price and a 43% premium to the IPO price of $1.19 (84 pence).

Founded in 2007, FreeAgent offers cloud accounting services for small businesses, an API for easy integration, and integrations with existing startups such as Basecamp, Stripe, PayPal, and Xpenditure. The company also has an offering for accountants and a fully-integrated payroll system.

Molyneux debuted FreeAgent’s Financial Health Insights at FinovateEurope 2013 in London. Since then, the company went public in 2016 and last month launched the Customer Sales Report, which allows businesses to see how much income they’ve received from each customer.

Finovate Alumni News

On Finovate.com

  • Finicity Announces Full Integration with BeSmartee.
  • $500 Million Secondary Investment Boosts Credit Karma’s Valuation to $4 Billion.

Around the web

  • Jack Henry’s banking division announces that seven banks will implement its Core Director core processing platform.
  • FlexTrade to integrate Kensho into its FlexTRADER EMS real-time event feed.
  • Finastra hires new Chief Product and Technology Officer, Eli Rosner.
  • iSignthis subsidiary, iSignthis eMoney, forges payment aggregation agreement with American Express Australia.
  • Best of Show winner Trusona joins ForgeRock’s identity management platform.
  • Gartner recognizes BRIDGEi2i with an Honorable Mention in the Magic Quadrant for Data and Analytics Service Providers, Worldwide.
  • Kabbage shows loan growth via the mobile channel, with 17% of all SMB loans and 15% of total dollars accessed via its platform coming through mobile.
  • Find Biometrics interviews Deepak Dutt, president and CEO of Zighra.
  • Payfone on track to authenticate 19 billion transactions for Fortune 100 clients in 2018.
  • Fort Dodge Family Credit Union to implement Larky Engagement Platform.

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.

NatWest, RBS to Offer Clients Business Banking Solutions from FreeAgent

FreeAgent_homepage_January2017

This week marks two big wins for online accounting system provider FreeAgent. NatWest has agreed to provide FreeAgent’s SaaS business banking solution to its small business clients this year. FreeAgent also signed an agreement with The Royal Bank of Scotland that will put its cloud-based accounting solution in the hands of RBS’s small business customers.

“We’re absolutely thrilled to have been chosen from over 30 vendors to help and support Royal Bank of Scotland and NatWest’s business customers,” FreeAgent CEO Ed Molyneux wrote on the company blog. “By moving onto the FreeAgent platform, we hope life will become easier for these small businesses (who in many cases have to do their accounting themselves) by allowing them to concentrate on running their businesses.”

FreeAgent_stage_FEU2013

Pictured: Ed Molyneux, founder and CEO of FreeAgent, demonstrating his company’s SaaS accounting solution at FinovateEurope 2013 in London.

As part of the partnership, FreeAgent’s technology will be connected to the business bank accounts of RBS and NatWest customers. The company’s platform – already used by 50,000 businesses – helps small businesses, entrepreneurs, and freelancers manage invoices, expenses, taxes, projects, and more. In December, FreeAgent launched a variety of new features for its mobile app, FreeAgent Mobile, including a tax timeline and notifications, a profit & loss screen, and a cashflow screen. FreeAgent Mobile is available on both iOS and Android platforms.

Founded in 2007 and based in Edinburgh, U.K., FreeAgent demonstrated its platform at FinovateEurope 2013. The company raised more than $10 million in funding from investors including IRIS Software Group, SaaS Capital, and Seedrs, before going public last November. FreeAgent trades on the London Stock Exchange under the symbol “FREE” and has a market capitalization of $54 million (£44 million). The company’s technology was listed in Creative Boom’s roundup of “must-have apps for freelancers” last year.

Finovate Alumni News

On Finovate.com

  • NatWest, RBS to Offer Clients Business Banking Solutions from FreeAgent.
  • Card-Linked Offers Consolidates: Edo Interactive Acquired by Augeo.
  • Dwolla Raises Capital, Relaunches Access API.

Around the web

  • Persia International Bank chooses core banking technology from Temenos.
  • Kensho Technologies CEO Daniel Nadler weighs in on cybersecurity in the Age of Trump.
  • Rabobank to deploy UP Immediate Payments from ACI Worldwide.
  • Asset manager Schroders picks Capriza to help drive digital transformation.
  • Stuart Frankel of Narrative Science writes about bots and advanced natural language generation technology in Harvard Business Review.
  • De Surinaamsche Bank expands relationship with Fiserv to deepen core banking

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

  • SuiteBox Wins Mobile Category of KPMG Fintech Innovation Challenge” (See SuiteBox at FinovateEurope 2016 in London next month.)

Around the web

  • Financial reporter profiles Big Data Scoring, founded in Scandanavia and headquartered in the United Kingdom.
  • Envestnet | Yodlee to bring account aggregation and PFM tools to Australian Superannuation Fund, QSuper.
  • Creative Boom lists Xero, FreeAgent, Expensify, QuickBooks, Mint, and Shoeboxed in its roundup of must-have apps for freelancers.
  • ACI Worldwide launches UP Retail Payments, combining technologies to produce an end-to-end enterprise payments solution.
  • Bank Innovation features Dave Foss, new CEO for Jack Henry & Associates.
  • CREALOGIX forges digital banking partnership with Hewlett Packard Enterprise (HPE). Join CREALOGIX in London for FinovateEurope next month.
  • PaymentEye interviews Arroweye Solutions CEO Render Dahiya on how EMV migration will impact issuers.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate’s European Alums Raised More Than $350 Million in 2015

Euros_purple

Nineteen Finovate alums headquartered in Europe raised $350 million in 2015.

From the $16,000 in seed money raised by U.K. startup, StockViews, to the €82 million investment received by Germany’s Kreditech, we’ve counted every euro, pound, and dollar that investors poured into our European alums. And whether the funding represented an initial infusion of capital or was part of a multi-stage Series E round, it is clear that investors are very interested in the fintech innovations of Europe.

Take a look for yourself at the “European Portfolio” from 2015 below, featuring Finovate alums from the United Kingdom, Ireland, Germany, Switzerland, and the Netherlands.

GermanFlagGermany

 

Ireland_FlagIreland

 

Netherlands_FlagThe Netherlands

 

 

Switzerland_Flag

 

Switzerland

 

 

UK_FlagUnited Kingdom


There’s still time to join us in London for FinovateEurope! Our two-day conference returns to Old Billingsgate Market Hall, February 9 and 10. Get your tickets today and save your spot.

 

 

FreeAgent to Crowdfund $1.6 Million Funding Round

FreeAgentHomepage

FreeAgent, a cloud accounting provider with a mission to democratize accounting for U.K.-based microbusinesses and freelancers, today announced its plan to crowdfund its next funding round. The company has listed its $1.6 million (£1 million) goal with crowdfunding platform, Seedrs, and is offering 3.21% equity in exchange.

FreeAgentSeedrs2

The news broke this morning in London, and 82 investors have already contributed 36% of FreeAgent’s goal amount (as of 7:19 p.m. GMT). The company has 60 days to raise the remaining funds.

If investors contribute the remaining 64% (approximately $1 million) within 60 days, FreeAgent will use the funds to accelerate product development and acquire more micro-business and freelance customers. The company raised $5 million in debt financing in April and is currently valued at $47 million (£30 million).

Opting out of a traditional venture capital round, the Edinburgh-based company crowdsourced the funding to enable its 40,000 customers to invest, and to potentially attract more small business owners and accountants. Investors can take a stake in FreeAgent from as little as $16 (£10) per share.

FreeAgent co-founder/CEO Ed Molyneux says “who [is] better to help us achieve our vision of ‘democratizing accounting’ than our customers? We chose crowdfunding because we want to make it straightforward for them—as well as other small business owners—to invest in FreeAgent.”

FreeAgent debuted its financial health insights at FinovateEurope 2013 in London.

Finovate Alumni News

On Finovate.com

  • FreeAgent to Crowdfund $1.6 Million Funding Round
  • edo Interactive Completes $20 Million Series E Round; Names Badran CEO, President

Around the web

  • Halliburton Federal CU to use Insuritas to launch insurance agency.
  • Receivables Exchange appoints James W. Toffey as new CEO.
  • PayPal, Xero, Intuit, HelloWallet, & TD Ameritrade win 2015 Webby Awards.
  • TransferWise launches updated Android app with one-tap payments for more than 360 currency routes.
  • SumUp releases SumUp terminal payment SDKs for iOS and Android.
  • AMP Credit Technologies appoints chief technology officer.
  • Dwolla launches ability to schedule recurring payments for a specific day, recurring schedules, and cancellation criteria.
  • NICE Systems sells its cyber and intelligence division to Elbit Systems for $158 million.
  • Photos from FinovateSpring 2015 last week are now available on the Finovate Flickr feed.
  • OptionNET Taps Tradier for Rollout of Trading Directly from Their Platform.
  • Kabbage partners with Sage Payment Solutions to create small business loan offering.
  • PayPal’s OneTouch checkout service now supports all merchants using BigCommerce, even when consumers don’t have the PayPal app installed.

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.