Finovate Alumni News

On Finovate.com

  • InComm Makes Third Acquisition this Year with Purchase of Meridian Loyalty.
  • Email Security Specialist GreatHorn Locks in $13 Million Investment.

Around the web

  • Monzo partners with Xero and Free Agent.
  • Temenos to power digital transformation for Rwanda’s Bank of Kigali.
  • BuiltIn features HooYu in its look at how AI is changing the banking industry.
  • ACI Worldwide teams up with Egyptian Banks Company, which will leverage ACI’s UP Retail Payments solution.
  • Entrepreneur magazine names Lendio Franchising as a Top 100 Franchise for Less Than $50,000 in 2019 and as the Best Financial Services Franchise Brand for the second year in a row.
  • Yseop recognized as a representative vendor in Gartner’s first Market Guide for Natural Language Generation Platforms.
  • Saga selects FIS to deploy its Integrity SaaS solution.
  • iSignthis launches third European office in Gzira, Malta.
  • In June Personal Capital surpasses $10 billion in assets under management, an increase of more than $2 billion since Q4 2018.

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

  • Fintonic’s $21.4 Million Funding Boosts Valuation to $180 Million.
  • Sezzle Raises $5.6 Million in New Funding.
  • Fintech’s Innovation Opportunity: From AI to UX.

Around the web

  • Dwolla wins Best B2B Payments Product in the FinTech Breakthrough Awards.
  • G2 Crowd names Signifyd the leader in customer satisfaction in the fraud protection market.
  • FreeAgent launches new option that lets you create estimates that exclude the VAT amount from totals.
  • RightCapital selected to join LPL Financial’s Vendor Affinity Program.
  • American Banker: Envestnet to add lending option to its wealth services.
  • Taulia taps Google Cloud to launch AI-powered invoicing solution.
  • LendIt recognizes CuneXus as Top Emerging Tech Company, marking the company’s 3rd major industry recognition of 2019.

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.

Starling Bank Selects FreeAgent

Cloud accounting platform FreeAgent teamed up with Starling Bank this week. The partnership aims to make business banking easier for Starling’s business and freelancer clients.

As Roan Lavery, FreeAgent co-founder and CPO said in the announcement, “This integration allows Starling customers to link their bank account with FreeAgent, pulling in transactions on a daily basis. From there, these transactions can be reconciled as normal.”

Starling said the impetous of the partnership was the increased demand for business banking services the bank experienced after a successful integration with FreeAgent competitor Xero in November of last year. Starling said it hopes the new integration will reduce stress levels for small businesses, which can sync their Starling business bank accounts with FreeAgent as of this week.

Here’s how it works– once businesses give FreeAgent consent, data associated with the business’ Starling account, including transaction time, spending category, and transaction name, is pulled over to the FreeAgent platform. By syncing both historic and current transaction data automatically, businesses can spend less time on manual data entry and benefit from more accurate reports.

Founded in 2007, FreeAgent offers cloud accounting services to help small businesses and freelancers manage their accounts. The U.K.-based company provides an API for easy integration, and works with existing startups such as Basecamp, Stripe, PayPal, and Xpenditure. The company also has an offering for accountants, a sales tax reporting tool, a fully-integrated payroll system, and freelancer tools such as time tracking and a project profitability estimator.

FreeAgent CEO Ed Molyneux debuted FreeAgent’s Financial Health Insights at FinovateEurope 2013 in London. In 2016, the company went public and, last year, was acquired by RBS in an offer valued at $75 million (£53 million).

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.