Funding Archives - Page 69 of 88

Fintech Fundings: 114 Companies Raised $7.3 Billion in April

By Jim Bruene Posted on May 19, 2016
Categories: Funding

The month of April ended on busy note as 29 companies raised $427 million in the final week (ending April 29). That brought the total raised in April to $7.3 billion, which would have been a record year anytime before 2014.

The previous weekly totals in April:

The total number of deals YTD stands at 438, almost double last year’s 238. Total dollars raised YTD stands at $14.0 billion, 2.5x the $5.6 billion raised during the same period a year ago.

This week, seven deals did not reveal the amount raised including Finovate alum BlueVine which added Citigroup to the $40 million round originally closed last year.

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Fintech deals by size from 23 April to 29 April 2016:

Mosaic
Marketplace lender for residential solor projects
Latest round: $200 million Private Equity
Total raised: $224.9 million
HQ: Oakland, California
Tags: Consumer, lending, credit, underwriting, crowdfunding, peer-to-peer loan marketplace, clean energy, investing, P2P
Source: Crunchbase

Nubank
Digital banking company
Latest round: $56 million Debt (from Goldman Sachs)
Total raised: $154.3 million ($98.3 million Equity, $56 million Debt)
HQ: Sao Paulo, Brazil
Tags: Consumer, deposits, payments, prepaid, debit card, banking, mobile
Source: Crunchbase

Remitly
International payments service
Latest round: $38.5 million Series C
Total raised: $61.5 million
HQ: Seattle, Washington
Tags: Consumer, SMB, remittances, payments, FX, international funds transfers
Source: Crunchbase

bitFlyer
Japanese Bitcoin exchange
Latest round: $27 million Series C
Total raised: $34.4 million
HQ: Tokyo, Japan
Tags: Consumer, payments, bitcoin, blockchain, cyrpto-currency
Source: Crunchbase

Trov
On-demand insurance
Latest round: $25.5 million Series C
Total raised: $37.8 million
HQ: Danville, California
Tags: Consumer, insurance, object insurance, mobile, risk management
Source: FT Partners

SunFunder
Crowdfunding platform for investing in solar projects
Latest round: $17 million Debt
Total raised: $22.82 million ($5.82 milllion Equity, $17 million Debt)
HQ: San Francisco, California
Tags: Consumer, investors, advisers, crowdfunding, equity, clean energy
Source: Crunchbase

E la Carte
Mobile ordering & payments for restuarants
Latest round: $15 million Debt
Total raised: $67.5 million ($52.5 million Equity, $15 million Debt)
HQ: Palo Alto, California
Tags: SMB, B2B2C, payments, point of sale, acquiring, credit/debit cards, merchants
Source: Crunchbase

TranServ
SmartPay payments platform for enterprises
Latest round: $15 million Series C
Total raised: $15+ million
HQ: Mumbai, India
Tags: Enterprise, B2B2C, payments, merchants, APIs, developers
Source: Crunchbase

Lendix
Marketplace small business lending platform
Latest round: $13.5 million Series B
Total raised: $27.1 million
HQ: Paris, France
Tags: SMB, lending, credit, underwriting, crowdfunding, peer-to-peer loan marketplace, investing
Source: Crunchbase

Savedo
Deposit price comparison site
Latest round: $5.6 million Series A
Total raised: $5.6 million
HQ: Berlin, Germany
Tags: Consumer, deposits, investments, price comparison, discovery, investing, lead gen
Source: Crunchbase

GoHenry
Prepaid debit for youth (18 and under)
Latest round: $3.58 million Equity Crowdfunding (Crowdcube)
Total raised: $3.58 million
HQ: Lymigton, England, United Kingdom
Tags: Consumer, youth, debit card, mobile, spending, controls, mobile
Source: Crunchbase

Bitso
Mexican Bitcoin exchange
Latest round: $1.85 million
Total raised: $1.85 million
HQ: Mexico City, Mexico
Tags: Consumer, payments, blockchain, virtual currency, crypto-currency, remittances
Source: Crunchbase

ID Global Solutions
Payment security technology
Latest round: $1.55 million
Total raised: $1.55 million
HQ: Longwood, Florida
Tags: SMB, merchants, security, payments, POS, credit/debit cards, authorization
Source: Crunchbase

ClearTax
Income tax service
Latest round: $1.3 million Seed
Total raised: $1.42 million
HQ: New Delhi, India
Tags: Consumer, SMB, accounting, bookkeeping,, tax returns, tax prep
Source: Crunchbase

Impact Health
Health insurance comparison site
Latest round: $1.3 million Seed
Total raised: $1.51 million
HQ: Los Angeles, California
Accelerator: TechStars
Tags: Consumer, insurance, healthcare, discover, price comparison, lead gen
Source: Crunchbase

Rooam
Payment system for bars and nightlife services
Latest round: $1.2 million Seed
Total raised: $1.2 million
HQ: Washington D.C.
Tags: Consumer, SMB, payments, merchants, point of sale, mobile, POS, restaurants, bars
Source: Crunchbase

DreamFunded
Private tech stock market to sell pre-IPO shares
Latest round: $1 million Equity Crowdfunding
Total raised: $1.2 million
HQ: San Francisco, California
Tags: Consumer, investors, employees, HR benefits, stock exchange, investing
Source: Crunchbase

Kasisto
Virtual assistant banking services
Latest round: $1 million
Total raised: $ million
HQ: Burlingame, California
Tags: Enterprise, B2B2C, service, AI, DBS Bank (investor), mobile
Source: FT Partners

Impact Guru
Crowdfunding solution for nonprofits
Latest round: $500,000 Seed
Total raised: $500,000
HQ: Mumbai, India
Accelerator/Incubator: Harvard iLab
Tags: Consumer, payments, crowdfunding, nonprofit, fundraising
Source: Crunchbase

Tramonex
International payment service for small businesses
Latest round: $365,000 Grant
Total raised: $ million
HQ: London, England, United Kingdom
Tags: SMB, payments, cross border, FX, remittances
Source: Crunchbase

CallforLoans
Personal loan comparison site
Latest round: $105,000 Seed
Total raised: $105,000
HQ: India
Tags: Consumer, lending, credit, underwriting, discovery, quotes, lead gen
Source: Crunchbase

Fundwise
Equity crowdfunding platform
Latest round: $34,000 Convertible Note
Total raised: $143,000
HQ: Tallinn, Estonia
Tags: SMB, equity, crowdfunding, peer-to-peer marketplace, investing
Source: Crunchbase

Almax Analytics
AI for capital markets news
Latest round: Undisclosed Seed
Total raised: Unknown
HQ: London, England, United Kingdom
Tags: Investors, advisers, traders, investing, data analytics, information, news
Source: FT Partners

BlueVine
Invoice factoring
Latest round: Undisclosed
Total raised: $64 million
HQ: California
Tags: SMB, factoring, accounts receivables, trade finance, lending, credit, underwriting, Citibank (investor), Finovate alum
Source: Finovate

Deposit Rates Exchange
Deposit rates information site
Latest round: Not disclosed
Total raised: Unknown
HQ: Australia
Tags: Consumer, deposits, savings accounts, investing
Source: FT Partners

HireAthena
Accounting, payroll and HR platform for small businesses
Latest round: Not disclosed
Total raised: Unkown
HQ: San Francisco, California
Tags: SMB, human resoures, accounting, billing, payroll, invoicing, bookkeeping, insurance
Source: FT Partners

Nvstr
Social platform for investors
Latest round: Undisclosed Seed
Total raised: Unknown
HQ: New York City
Tags: Consumer, investors, social, mobile
Source: Crunchbase

Parasail
Alt-lender for medical expenses
Latest round: Undisclosed Seed
Total raised: Unknown
HQ: San Francisco, California
Tags: Consumer, lending, credit, underwriting, healthcare, payments, insurance
Source: Crunchbase

Pariti Technologies
Mobile spending app
Latest round: Not disclosed
Total raised: Unknown
HQ: London, England, United Kingdom
Tags: Consumer, mobile, spending, budgeting, PFM, personal finance
Source: FT Partners

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New Investment in Personal Capital Takes Valuation to $500 Million

By David Penn Posted on May 19, 2016
Categories: Funding, Fundings, Personal Capital

Courtesy of a Series E round led by IGM Financial, digital wealth management giant Personal Capital picked up an investment of $50 million now, with another $25 million coming in 2017. The new capital takes the company’s valuation to $500 million.

Calling IGM Financial “the ideal investor,” Personal Capital CEO Bill Harris said his company would benefit from IGM Financial’s “expertise in financial advice and asset management.” Harris added that the partnership with IGM Financial would help his company meet the growing demand for Personal Capital’s digital wealth-management services.

Pictured (left to right): Personal Capital’s Jim Del Favero, chief product officer, and CFO Bill Harris demonstrated their platform’s One Click Investment Proposals at FinovateSpring 2014.

In the same statement, IGM President and CEO Jeff Carney praised Personal Capital’s veteran management. “We believe the financial advisory landscape will be enhanced by the type of service that Personal Capital provides,” Carney said. “We’re delighted to be backing the leader in digital wealth management.”

Personal Capital uses a hybrid approach of online technical tools and personalized advice to give average investors the same kind of service historically enjoyed by the high-net-worth clients. “Our approach allows people not only to manage their entire financial life through the mobile devices they carry in their pockets, but also to receive a level of personalized advice previously available only to the ultra-wealthy,” Harris explained. Personal Capital manages $2.4 billion in investments for more than a million investors.

In addition to management, Personal Capital offers investors free resources to help them manage their investments better. These solutions include a dashboard that lets investors see all their investment accounts in one place, as well as a Fee Analyzer and Investment Checkup. For fund management, Personal Capital charges a flat fee based on the percentage of assets managed, starting at 0.89% for the first million.

Founded in 2009 and headquartered in Redwood City, California, Personal Capital demonstrated its technology at FinovateSpring 2014 and presented at FinDEVr San Francisco 2015. The company surpassed $2 billion in assets under management in March, and lowered its investment minimum from $100,000 to $25,000 back in November.

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Tink Pulls in $10 Million to Launch Virtual Bank

By Julie Muhn (@julieschicktanz) Posted on May 19, 2016
Categories: Funding, Tink

The creators of Swedish PFM app Tink, Daniel Kjellén and Fredrik Hedberg (pictured below), have just closed on $10 million to launch a virtual bank. The Series B round was led by Creades and SEB; ABN AMRO and Sunstone Capital also contributed. Combined with its Series A round in 2014, the company’s total funding is $14 million.

Tink will use the funds to expand internationally and launch a virtual bank, Tink 2.0. The virtual bank will allow users to transfer money, make payments, scan and approve bills, and manage their money across any account directly from within the Tink app. These new capabilities are made possible by Europe’s new Payment Service Directive (PSD2), approved in January, that opens Europe’s banking infrastructure by making their APIs available to third parties.

Fredrik Hedberg, founder and CTO of Tink, comments on the coming launch: “Ultimately, it’s about building a virtual bank, helping people with banking without being a bank. The consumer will not only get a better understanding, tips and advice on her finances, but also the ability to take action on it.” Founder and CEO Daniel Kjellén chimes says, “We think it should be easy to make smart financial decisions, and we want to contribute to a greater transparency in the industry, which will benefit both the consumer and the best banks. To get investors with such solid experience and the ability to develop partnerships with traditional banks is of course a huge asset for a company like Tink.”

Tink differentiates itself in the PFM space by collecting two years of historical account data across all of a user’s bank accounts and payment cards. The company uses hands-off spending categorization and simplifies the user’s view of their income and expenses. The app suggests budget options, sends alerts, and offers a feed of the user’s own personal finance highlights.

Since launching the app in Sweden at FinovateEurope 2014, Tink now boasts more than 300,000 users and is currently running beta tests in 10 different European markets to prepare for the international launch later this year.

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Tagit Locks in More than $8 Million in New Funding

By David Penn Posted on May 16, 2016
Categories: Funding, Fundings, Tagit

Mobile technology solutions provider Tagit has raised $8.75 million (S$12 million) in funding from Japanese IT specialist, SRA Group. The investment will help both companies grow their market exposure in Asia. Tagit is headquartered in Singapore and was founded in 2004.

Tagit CEO Sandeep Bagaria said the investment would help speed growth in sectors like digital banking and “Smart City” technology. In addition to leveraging the partnership to pursue opportunities in Japan and North Asia, Tagit plans to use the financing to add to its staff in Malaysia and Indonesia.

Pictured (left to right): CIO Parikshit Paspulati and CPO Neelima Subramanyam demonstrated Mobeix Open Platform at FinovateAsia 2012 in Singapore.

Tagit builds open-architecture, mobile banking and ecommerce platforms for FIs and other businesses. The company’s signature solution, Mobeix is a mobile middleware platform that helps migrate web-based services to the mobile environment. With customers including Axis Bank, Citibank India, Maybank Singapore, and the Royal Bank of Canada, Tagit demoed its technology at FinovateAsia 2012 in Singapore. Tagit was recognized as a “leader” by Forrester in their Q4 2015 Mobile Banking Solutions report, and was one of the first companies to be accredited by the Accreditation@IDA programme sponsored by the Infocomm Development Authority of Singapore (IDA).

Deal Street Asia’s analysis of the deal suggested that SRA Group’s investment in Tagit was part of a trend of Japanese companies preferring investment in Southeast Asia over China. The article cited a 2014 report that cited Japan as the second biggest investor in the 10 ASEAN nations for the previous three years, a sum that was triple the amount invested in China over the same time. The investment was made via SRA Group’s Singapore subsidiary, SRA IP Solutions (Asia Pacific) Pte Ltd.

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Vera Reels in Strategic Investment; Adds Former Veritas CEO & Founder to Board

By David Penn Posted on May 11, 2016
Categories: Funding, Fundings, Vera

What a week for Vera! Within hours of the data security startup’s Finovate debut, the company announced that it had landed a strategic investment from Capital One Growth Ventures. The investment adds to Vera Security’s oversubscribed Series B round, taking the company’s total funding to $35 million.

The Series B was led by Sutter Hill Ventures, with existing investors Amplify Partners and Battery Ventures also participating.

The funding news comes with word that former Veritas Software founder, chairman, and CEO, Mark Leslie (pictured right) will join Vera’s board of directors. A 30-year veteran of the Silicon Valley technology scene who served as president and CEO of Synapse Computer and Rugged Digital Systems in the 1980s, Leslie called Vera a leader among a “new class of security startups working globally to secure data in a completely new way.”

Speaking for Capital One Growth Ventures, Adam Boutin praised Vera’s “elegant solution for securing data through its entire lifecycle” that avoids compromising access, control, or transparency. “We are thrilled to invest in Vera and have been impressed with their team and their ability to build a solution that balances complex functionality with ease-of-use,” Boutin said.

With more than a quarter-of-a-million users at Fortune 500 companies in verticals ranging from finance to manufacturing to entertainment, Vera specializes in providing data protection and encryption that both tracks and secures digital content across apps, devices, users, and platforms in real-time. Emerging from stealth just over a year ago, Vera was a finalist in the RSA Conference Innovation Sandbox Contest in February, the same month the company was named one of the 20 coolest cloud security vendors of the 2016 Cloud 100 by CRN. Also in February, Vera teamed up with Richard Fleischman and Associates (RFA) to provide U.S. hedge funds, private equity firms, and asset managers with its advanced data security technology. Vera unveiled its cloud-based IRM-as-a-Service (Information Rights Management-as-a-Service) platform in March, enabling businesses to “protect and manage access to any data generated by custom-built business applications.”

Led by CEO Ajay Arora, Vera demonstrated its data security technology at FinovateSpring 2016. The video of the company’s demo will be available soon.

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Money Transfer Company Azimo Pulls in $15 Million in Strategic Funds from Rakuten

By Julie Muhn (@julieschicktanz) Posted on May 5, 2016
Categories: Azimo, Funding

Digital money-transfer network Azimo added $15 million to its $25 million in VC funds today, bringing the London-based company’s total to around $40 million.

The strategic investment was led by Japanese fintech services company Rakuten, the organization that owns messaging service Viber. Existing investors—eVentures, Frog Capital, Greycroft, Accion and MCI Capital—also participated in the round.

The funds will be used to integrate Azimo’s money-transfer services into messaging apps and fuel the company’s expansion into Asia, which is home to seven of the top 10 remittance-receiving countries. Azimo already offers its services in a small portion of Asia. While 30% of its total transfers are sent to the region, the expansion efforts will enable more outbound remittances from Asia.

Michael Kent, CEO and founder of Azimo, explains:

While we weren’t actively looking for additional capital, the approach from Rakuten really appealed because of their presence in markets core to our long-term ambitions. They have a huge presence in Asia, they really understand consumer financial services, and, as owners of Viber, are a significant player in the social messaging market. The partnership will accelerate our Asian expansion and assist in our aim of developing ever deeper social network integrations.

Azimo is not disclosing its valuation but TechCrunch estimates it to be $100 million with the prospect of raising a bigger round of funding next year. Founded in 2012, the company operates in 190+ countries and 80+ currencies. Its network connects half a million people and has the potential to reach up to 5 billion people across the globe.

Founder and CEO Michael Kent and CTO Marek Wawro, co-founder, debuted Azimo’s social remittance network at FinovateEurope 2013.

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Zooz Raises $24 Million in its Largest Funding

By David Penn Posted on May 3, 2016
Categories: Funding, Fundings, Zooz

In a round led by Target Global Ventures, Israeli payments technology innovator Zooz just raised $24 million in new capital. The investment takes the company’s total funding to more than $40 million and will enable Zooz to accelerate growth, build and develop new products, and expand in both existing and new markets.

In thanking both new and current investors, Zooz CEO Oren Levy said that the growing interest on the part of merchants is playing a key role in driving adoption of new payment technologies. “Retailers now understand the need for smart payment platforms that can help them expand into new markets quickly and cost-effectively,” he said, “and that is where we excel.”

Pictured (left to right): Peter Donarski, senior executive, First Data, and Noam Inbar, VP business development at Zooz, demonstrated Zooz Transforming Checkout at FinovateFall 2013.

Saying that Zooz is in the right place at the right time to take advantage of the growth in the global payments market, Target Global Ventures’ general partner Shmuel Chafets praised the way the Zooz platform “optimizes and simplifies the payments process, meeting a crucial industry need that will only increase.” The round also featured participation from new investors Fang Fund, iAngels, and Kreos Capital, as well as existing investors Blumberg Capital, lool ventures, Rhodium, Claltech, XSeed Capital, and CampOne Ventures, as well as angel investor Eilon Tirosh.

Since the company’s last funding round in the summer of 2014, Zooz added offices in London, Berlin, and San Francisco and increased headcount by 50%. In April, Zooz integrated eCommerce, CRM, ERP and other technologies from Nodus Technologies into its platform, one month after announcing support for Android Pay. The company added Chester Ritchie, formerly of Worldpay, as its new EVP of sales and development in February. Ritchie spoke about Zooz’s payment technology in a company profile for The Green Sheet in April.

Founded in 2010 and headquartered in Raanana, Israel, Zooz demonstrated its Transforming Checkout solution at FinovateFall 2013.

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Fintech Fundings: 17 Companies Raise $4.8 Billion Week Ending April 22

By Jim Bruene Posted on May 2, 2016
Categories: Funding

Due to the massive $4.5 billion funding at Alipay’s Ant Financial, we just set the one-week record for fintech venture funding with $4.79 billion (of which $125 million was debt). However, for the first time this year, there were fewer than 20 deals during the week. But with 39 deals last week and 17 this week, it could hardly be called a slowdown.

The total number of deals YTD stands at 419, nearly double last year’s 223. Total dollars raised YTD is now $13.6 billion, 2.5x the $5.5 billion raised during the same period a year ago.

Here are the fintech deals by size from 16 April to 22 April 2016:

Ant Financial
Online payment services division of Alipay
Latest round: $4.5 billion Series B
Total raised: $4.5 billion
HQ: Hangzhou, China
Tags: Consumer, merchants, SMB, payments, mobile, funds transfer, P2P, peer-to-peer
Source: Crunchbase

SocietyOne
P2P lending platform
Latest round: $125 million, $25 million Series C and $100 million Debt
Total raised: $158.5 million including $100 million Debt
HQ: Sydney, Australia
Tags: Consumer, lending, credit, underwriting, crowdfunding, peer-to-peer loan marketplace, Finovate alum
Source: Crunchbase

Kueski
Alt-lender in Mexico
Latest round: $35 million ($10 million Series A, $25 million debt)
Total raised: $40.1 million
HQ: Guadalajara, Mexico
Tags: Consumer, lending, credit, underwriting, payday loans
Source: Crunchbase, Press Release

Forter
Ecommerce payments fraud technology
Latest round: $32 million Series C
Total raised: $50 million
HQ: San Francisco, California
Tags: SMB, payments, merchants, fraud, security
Source: Crunchbase

Acorns
Small-dollar investments provider
Latest round: $30 million Series D
Total raised: $61.96 million
HQ: Newport Beach, California
Tags: Consumer, savings account, desposits, investing, millenials, payments, mobile, Paypal (investor)
Source: Crunchbase

Transactis (OfferIQ)
BillerIQ bill presentment and payment solution
Latest round: $30 million Series E
Total raised: $66.7 million
HQ: New York City
Tags: Enterprise, payments, billpay, invocing, billing, white-label
Source: Crunchbase

Tuliu.com
Land purchase and sales management platform
Latest round: $23 million Series B
Total raised: $23 million
HQ: China
Tags: Real estate, mortgage, land purchase, discovery
Source: Crunchbase

Platform Black (GLI Finance)
Invoice finance marketplace lender
Latest round: $7.2 million
Total raised: Unknown
HQ: Basingstoke, England, United Kingdom
Tags: SMB, lending, credit, underwriting, trade finance, factoring, accounts receivables, invoice financing, investing
Source: PYMNTS.com, Startups.co.uk

Castle
Rental payment and management platform
Latest round: $2 million Seed
Total raised: $2 million
HQ: San Francisco, California
Tags: SMB, landlords, commercial real estate, merchants, payments, Y Combinator (investor)
Source: Crunchbase

ClassWallet
Payment and procurement plaftform for the education market
Latest round: $1.5 million
Total raised: $4.04 million
HQ: Miami, Florida
Tags: Governmet, education, payments, billing, invoicing, expense reimbursement, purchasing
Source: Crunchbase

BrickVest
Online real estate investment platform
Latest round: $1.44 million
Total raised: $2.44 million
HQ: London, England, United Kingdom
Tags: Consumer, investing, credit, commercial real estate, mortgage
Source: Crunchbase

Modalku
Small business marketplace lender
Latest round: $1.2 million Seed
Total raised: $1.2 million
HQ: Jakarta, Indonesia
Tags: Consumer, lending, credit, underwriting, merchants, acquiring, purchase finance
Source: Crunchbase

Tricount
Group expense manager
Latest round: $560,000 Seed
Total raised: $560,000
HQ: Brussels, Belgium
Tags: Consumer, payments, personal finance, budgeting, PFM, millenials
Source: FT Partners

CodiPark
Payment and access solutions for off-street parking
Latest round: $500,000 Seed
Total raised: $780,000
HQ: New York City
Tags: Consumer, SMB, merchants, acquiring, payments
Source: FT Partners

Konfio
Online micro-business loans
Latest round: Undisclosed Series A
Total raised: Unknown
HQ: Mexico City
Tags: SMB, small business, lending, credit, underwriting
Source: Crunchbase

MCX Stock Exchange
Commodity exchange in India
Latest round: Not disclosed
Total raised: Unknown
HQ: San Francisco, California
Tags: Enterprise, investing, futures, commodities, trading
Source: FT Partners

Rapid Ratings
Ratings service for public and private company financial health
Latest round: Not disclosed
Total raised: Unknown
HQ: New York City
Tags: Enterprise, investors, advisors, investing, information services, analytics
Source: FT Partners

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BlueVine Receives Boost from Citigroup

By Julie Muhn (@julieschicktanz) Posted on April 28, 2016
Categories: BlueVine, Funding

Alternative lending company BlueVine this week received an undisclosed amount of funding from Citi Ventures, Citibank’s investing arm. The funding adds to BlueVine’s $40 million round, led by Menlo Ventures, that closed a few months back.

While the full terms of the deal have not been disclosed, the two are working on a strategic relationship. Citibank is already working with P2P lender Lending Club to offer credit to underserved communities, and it’s likely the megabank is hoping to tap into BlueVine’s expertise in factoring, which accounts for about 85% of its business.

In a statement, managing director at Citi Ventures, Arvind Purushotham, states:

“We found BlueVine doing factoring in a much more modern fashion. They’re able to approve invoices to be factored very quickly, and because they’re online and plugged into account systems that small- and medium-sized business use, they’re able to pull data from a variety of sources.”

This strategic partnership follows a recent trend of financial institutions experimenting with alternative lending partnerships. Citibank’s 2015 partnership with Lending Club has so far been successful, but earlier this month the bank shuttered an agreement with Prosper in which Citibank was to sell $377 million in bonds backed by Prosper loans. Also this month, JP Morgan Chase launched a partnership with On Deck to offer online loans to small business clients.

Bluevine’s VP Operations Edward Castaño and CEO Eyal Lifshitz demonstrated on stage at FinovateFall 2014.

Founded in 2013, BlueVine issues working capital to small businesses who sell their unpaid invoices at a discount, then receive $5,000 to $250,000 in a matter of days to help manage operations. Unlike BlueVine’s traditional line of credit offering, the term of the financing is short, usually 60 to 90 days. The Palo Alto-based company’s CEO Eyal Lifshitz debuted BlueVine at FinovateFall 2014.

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Where Are They Now? FinovateSpring Alums Raise More than $326 Million in a Year

By David Penn Posted on April 20, 2016
Categories: Aurora Financial Systems, Cloud Lending, Credit Sesame, CUneXus, Currency Cloud, Dealstruck, DriveWealth, Emailage, Finicity, Funding, Fundings, itBit, Kabbage, Karmic Labs, LendKey, LoanNow, Malauzai Software, Moven, Onovative, Prairie Cloudware, StockViews, Trizic, Trulioo, Vouch, Yodlee

Last week we took a look at what the alums of FinovateSpring 2015 have been up to in the year since they demoed on the Finovate stage. Today, we’re focusing on the funding.

All $326 million of it.

Of the 72 companies that demoed at FinovateSpring 2015 in San Jose last year, 21 of them had raised capital within a year. Kabbage’s raise of $135 million certainly stands out. But the $25 million investment picked up by itBit in May of last year, as well as the $15 million raised by Trulioo and the $12 million raised by Moven were also major contributors to a strong fundraising performance from the Class of FinovateSpring 2015. And this doesn’t even include companies such as Yodlee, which was acquired by Envestnet for $660 million, or Aurora Financial Systems, bought by fellow Finovate alum, Finicity, for an undisclosed sum.

March 2016

StockViews Raises $355k in Seed Funding, Adds Fidelity’s Balk as Chairman – video
Emailage Receives Strategic Investment from Wipro – video

January 2016

LoanNow Secures $50 Million Credit Facility ($6 million equity) – video
CUneXus Raises $1 Million, Signs Partnership with Edmunds.com – video

Dec 2015

[M&A] Ciright One Purchases Stratos Card – video
Trulioo Raises $15 Million with Help from American Express Ventures – video
Onovative Raises $1.2 Million in New Funding – video
Trizic Raises $2 Million to Help Advisers Compete with Algorithms – video

October 2015

Kabbage’s Fresh $135 Million to Help Grow Karrot Consumer Lending Platform – video
Moven Rounds Up $12 Million in Funding for International Expansion – video

September 2015

[M&A] Finicity Acquires Aurora Financial Systems – video, video
Cloud Lending Solutions Raises $8 Million in Series A – video

August 2015

[M&A] Holy Yodlee! Envestnet to Buy Yodlee for $660 Million – video

July 2015

A Dash of Good Karma: Karmic Labs Raises $5 Million – video
New Investment for Dealstruck Boosts Lending Capital to More than $100 Million (raised $10 million in new funding) – video
Malauzai Raises $11 Million in Venture Funding – video

June 2015

Prairie CloudWare Announces New Round of Investment – video
Currency Cloud Cooks Up $18 Million in New Funding Round – video

May 2015

Friction is Good: Social Network for Credit Innovator Vouch Raises $6 Million – video
itBit Raises $25 Million, Earns New York State Trust Charter Ahead of Finovate Debut – video
Get Your Kicks: DriveWealth Earns Investment from Route 66 Ventures – video
LendKey Adds $8 Million in Venture Debt; Reaches $800 Million in Loans – video
Credit Sesame Raises $16 Million in New Funding – video
Trizic Raises $3 Million in Seed Funding from Operative Capital – video

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FinovateSpring 2016 is less than a month away. Pick up your tickets today and save your spot at our upcoming spring conference in San Jose, California.

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$656 Million Raised by 32 Alums in Q1 2016

By David Penn Posted on April 15, 2016
Categories: Funding, Fundings

For the third year in a row, Finovate alums raised more than $600 million in equity and debt financing in the first quarter. The tally for 2016 is likely higher than the reported $656 million in combined equity and debt given that five fundraising amounts were undisclosed. The total was more than double the $303 million recorded in Q4 2015.

The first quarter of 2016 demonstrates that investor interest in fintech in general and Finovate alums in specific remains robust, if not growing.

Previous Quarterly Comparisons

Q1 2016: $656 million raised by 32 alums
Q1 2015: $680 million raised by 29 alums
Q1 2014: $600 million raised by 23 alums
Q1 2013: $155 million raised by 15 alums

Looking at the alumni deals, a tip of the hat to Betterment, whose $100 million funding in March was the largest capital infusion of the quarter.Also deserving mention were Pindrop Security, which raised $75 million, and AppAnnie, which raised $63 million, both in January. The 1o largest equity investments totalled $412 million, or 62% of the funding.

Top 10 Equity Investments

Betterment: $100 million
Pindrop Security: $75 million
AppAnnie: $63 million
Taulia: $46 million
Bluevine: $40 million
EZBOB: £20 million ($25 million)
Xignite: $20.5 million
Signifyd: $20 million
Workfusion: $14 million
PayActiv: $9.2 million

That said, from Betterment’s big funding to the more modest financings for companies like StockViews and AnchorID, we are proud of all our alums, the innovations they bring to market, and the investors who support them. So with no further ado, here is the Q1 detail for 2015:

January: More than $443 million raised by 12 alums

AppAnnie: $63 million – post
BlueVine: $40 million – post
CUneXus: $1 million – post
Gem: $7 million – post
IP Commerce: undisclosed – post
LendUp: $150 million (debt and equity) – post
Linxo: €2 million ($2.2 million) – post
LoanNow: $5o million (debt) – post (“credit facility”)
Mambu: $8.7 million – post
Pindrop: $75 million – post
Taulia: $46 million – post
True Potential: undisclosed – post

February: More than $63 million raised by 9 alums

ModoPayments: $2 million – post
PayActiv: $9.2 million – post
Qapital: $3.5 million – news
Revolut: $4.8 million – post
Signifyd: $20 million – post
Spreedly: $3 million – post
SwipeStox: undisclosed – news
Trusted Knight: undisclosed – post
Xignite: $20.5 million – post

March: More than $150 million raised by 11 alums

AnchorID: $260k (debt) – news
Betterment: $100 million – post
Bluefin: $6 million – post
Dealflow: $1 million (debt) – post
EZBOB: £20 million ($25 million) – post
Finagraph: undisclosed – post
iQuantifi: $2 million – news
SnoopWall: $1.13 million – news
Stockviews: $355,000 – post
Stratumn: $670,000 – news
Workfusion: $14 million – post

If you are a Finovate alum that raised money in the second quarter of 2016, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.

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Ixaris Receives $6 Million in Funding After Spinning Off from Parent Company

By Julie Muhn (@julieschicktanz) Posted on April 13, 2016
Categories: Funding, Ixaris

Payments-solutions provider Ixaris has spun off Ixaris Technologies, a dedicated B2B tech-focused arm that will support its Open Payment Ecosystem Platform, an offering that launched last June.

With the launch of Ixaris Technologies as a distinct company, the London-based company’s shareholders have contributed $6 million in launch funding to accelerate growth. Combined with its previous $10 million in equity funding, Ixaris’ total funding is $16.

CEO Alex Mifsud highlights the fiscal reasoning behind the spinoff: “Our B2B payment offering now accounts for 25% of Ixaris Group revenues, which exceeded $16 million in 2015.” He continues by explaining the market reason behind the separation: “The payments industry is shifting focus towards APIs and technology solutions to help drive open banking, further reinforcing that the time is right to launch a company dedicated to open payments.”

Ixaris’ sister-company EntroPay will focus on its self-service consumer and SMB virtual card business.

At FinovateEurope 2015, Ixaris launched a UI editor for its Open Payments Platform.

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