Finovate Alumni News– June 5, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgInfoWorld looks at Keynote DeviceAnywhere’s role in mobile app testing.
  • Busniess News Daily describes SoMoLend as a matchmaker for business.
  • TimesUnion reports Keynote DeviceAnywhere and Worksoft Partners form partnership.
  • Wipro wins 10 year contract from Manipal Health Enterprises to implement Hospital Information System.
  • DemystData and Chexar Networks announce the launch of improved scoring models for underbanked consumers.
  • MoneyDesktop now integrated into the Symitar Episys processing platform at Member Driven Technologies.
  • Kashoo launches MVP program to give accountants & bookkeepers what they need to bring their clients to the cloud.
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.

GoalMine To Launch Holiday Gift Card Trade-in Service


GoalMine, an investment service targeting the mass market, announced its holiday gift card trade-in service that will allow consumers to fund investment accounts using gift cards with leftover balances in excess of $25. 

Here’s how it works:

“After entering gift card numbers and values, customers will be prompted to create a free account, after which they can choose to apply their gift card values to one of GoalMine’s mutual funds or an FDIC-insured savings account. Accounts areGMGiftCard.jpg goal-based, so customers can easily allocate funds toward goals like buying a home, preparing for a new baby, or saving for a rainy day.”

The service will begin December 19 and last for a limited time after the holidays.

To learn more about GoalMine, watch its FinovateSpring 2010 demo.

Finovate Alumni News– November 9, 2011

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  • Read Write Web argues the mobile payments capital of the US is Des Moines, IA thanks to Dwolla.
  • Fox Business News reports GoalMine seeks to level the investing field.
  • PayPal updates its Android app with support for NFC payments.
  • eWise hires Alexandre Gonthier, former Boku CTO, as new CEO.
  • Lendio makes its business loan matching service free.
  • Finextra reports Intuit partners with AT&T to take on Square in the emerging mobile card processing market.
  • Xero updates its app: increases speed and improves UI.
  • Business Insider lists Dwolla and Simple as 2 of 20 most innovative startups in tech.
  • Billeo launches ShopSmart to bring consumers relevant discounts.
  • Zecco hosts $500 sweepstakes.
  • miiCard gives first 10,000 users free accounts for life.
  • Netbanker: Top 10 Reasons Why BankSimple Dropped the Bank.
  • Expensify creates four pricing plans.
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.

Alumni News — Week of July 18, 2011

AOL’s Daily Finance highlighted Chargesmart’s secondary gift card market that allows 


consumers to pay for bills in exchange for gift cards. Link
Family Wealth Report stated that CheckFree is leading the way in UMA processing. Link
Credit Karma 
  • CBS Money Watch discussed Credit Karma’s data on America’s debt. Link
  • Fox Business News listed Credit Karma’s credit score simulator tool as a 15-minute fix for your credit score. Link
Practical Ecommerce listed doxo as one of 17 apps for productivity. Link
  • Dwolla hit $1 million in payments per day and Ben Milne, CEO, shared a sneak peak of future plans. Link
  • Ace Community Credit Union provided customers with access to Dwolla through its site.
  • Dwolla CEO Ben Milne explained why starting a business in Iowa isn’t hard. Link
  • Dwolla introduced a new Autoload feature. Link
  • Dwolla was listed on The Next Web as one of eight awesome ways to pay with your phone. Link
eToro Partners began testing a new foreign exchange affiliate tool called Custom Links. Link
  • The Info.rmatics blog testified to Expensify’s ease of use. Link
  • ipCommerce showcased Expensify’s innovation. Link


Mango Money added GoalMine to its list of services. Link
HelpMyCash revamped its website to be more consumer-friendly. Link
IDTheft 911
Barnstable County Mutual Insurance Company selected Identity Theft 911 for its LifeStages service. Link
iPay Technologies 
TechCrunch reported that Bill Ready, former President of iPay Technologies, joined Accel Partners as an Executive in Residence. Link
Lending Club 
  • ATM Options discussed seven good reasons to invest through Lending Club. Link
  • Netbanker discussed Lending Club’s record high growth. Link
  • Lendio added TAB Bank to its network of lenders. Link
  • Reuters reported that Swift Capital and Lendio partnered to help small businesses. Link


  • American Banker considered Bank of America’s recent investment in mFoundry. Link
  • Credit Union Journal discussed Colombia Credit Union’s adoption of mFoundry’s mobile banking. Link
  • introduced a manual transactions feature for its iPhone app. Link
  • TechCrunch reported’s debut of a new feature that tracks bills and sends reminders. Link
  • Monitise signed over 6,000 users in Nigeria to a mobile payments trial. Link
  • TechMarketView discussed Monitise’s financial success. Link
Yahoo! Finance reported peerTransfer’s growth in international student payment processing. Link
  • Netbanker discussed Prosper’s record high growth. Link
  • Prosper raised its interest rates by 2.5 percent. Link
SmartyPig introduced its back-to-school cash giveaway contest. Link
ThreatMetrix announced its upcoming user conference October 9th through 10th. Link
TradeKing launched a new video series to help consumers understand options trading. Link

tyfone.jpg described Tyfone as a major player in mobile payments. Link
Forex Promos shared an interview with Mike Sha, Wikinvest CEO. Link
Reuters reported that Xero agreed to acquire Paycycle, a payroll company. Link

Wealth Building Tips and Strategies blog shared Zecco’s options trading video series. Link
ZimpleMoney adjusted its services in response to the Dodd-Frank reform. Link

Alumni News — Week of June 6, 2011

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  • Andera launched FortiFI, a new fraud prevention system. Link 
  • Andera CEO Charlie Kroll discussed the release of FortiFI. Link 
  • ChargeSmart launched ChargeSmart Direct to provide customers with additional access to support staff. Link 
  • Fox Business News highlighted ChargeSmart and PlasticJungle’s gift card trading service as a way to make savings fun. Link   
Check Point Software Technologies 
Check Point announced the 2012 version of ZoneAlarm. Link 


  • Forex Crunch outlined the benefits of Currensee, describing its profitability as “significantly high”. Link 
  • The Street highlighted Curensee as a startup that “rocks” the financial house. Link 
  • Chicago Tribune discussed doxo’s step toward a paperless society. Link 
  • TechCrunch & VentureBeat featured the launch of doxo’s mobile app, a mobile digital filing cabinet. Link  and Link 
  • Macworld took a closer look at doxo’s new app. Link   


  • Dwolla released Grid, a feature that protects personal user information. Link 
  • The Street highlighted Dwolla as a startup that “rocks” the financial house. Link 
  • The Next Web interviewed Dwolla about its API. Link 
StartUp Beat profiled Enloop. Link
eWise raised $14 million in funding. Link


CNNMoney named Expensify as one of five best apps for businesses. Link
FreeMonee examined FreeMonee’s gift network. Link
Ftrans raised $650,000 in equity financing. Link
GoalMine won The Core Underbanked Innovators Challenge at the 6th Annual Underbanked Financial Services Forum hosted by Core Innovation Capital. Link


Jemstep launched a new version of its service that features many improvements. Link
The Washington Post reported that mFoundry’s mobile deposit service is its most requested feature. Link
  • Mitek Systems was granted 4 more patents for its mobile deposit feature. Link 
  • Bank Technology News discussed Mitek’s new patents. Link 
  • Monitise launched its services in India. Link 
  • The Wall Street Journal covered Monitise’s 5-year agreement with Visa. Link 
  • TechCrunch examined Monitise’s recent deal with Visa. Link  
Prosper raised $17.5 million in funding from investors. Link
The Street highlighted RobotDough as a startup that “rocks” the financial house. Link

CNBC interviewed Barry Silbert, CEO of SecondMarket, regarding its role in IPOs. Link
Silver Tail Systems 
Silver Tail Systems raised $20M in a Series B funding round. Link

Striata partnered with POCiT to enable bill payments. Link
Sybase was named the most successful database software vendor in China. Link

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ThreatMetrix collaborated with USA ePay to provide fraud prevention to online retailers. Link
TradeKing partnered with CoolTrade for automatic stock trades. Link
UBank voiced that it will change the banking industry by using the web and mobile technology. Link

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BBC’s Radio 2 interviewed Zopa CEO Giles Andrews about P2P lending. Link 

Alumni News — Week of April 11, 2011

To follow Finovate alumni companies’ latest news in real-time, see our live feed on Twitter

GoalMine receives first Morningstar rating. The fund received a top rating of five stars and achieved returns that ranked in the top one percent of 400 funds in the mid-cap value category for the three-year period ending March 31, 2011, based on risk-adjusted performance.
Intuit releases report outlining its vision for banking in the year 2020.
MobileBeat: Why does NFC Matter? (Mentions of Boku, Sybase and others). Does tap beat swipe for mobile payments?
Striata and Payments Gateway partner to securely deliver electronic property-tax bills. Allegheny County, in Pennsylvania, USA, will be billing electronically with Striata.
The Garland Group announces strategic partnership with Deluxe Corp.  The Garland Group’s RiskKey’s compliance program will now be included as a product within Deluxe Corp’s enterprise compliance programs.
The Receivables Exchanges partners with Coupa to provide suppliers with working capital. Coupa, a developer of cloud spend-management solutions (CSM), is integrating the receivables exchange system into invoicing for suppliers, to provide greater working capital.

Alumni Updates — Week of February 14th, 2011

First Data selects Acculynk’s online PIN debit service. Acculynk’s PaySecure is available to over 3,000 US e-commerce merchants.
GoalMine introduces accounts for children. Now you can open an account under UTMA for your child or the child of a loved one.
Pageonce hits four million users, up from just one million a year ago.
SecureKey receives undisclosed investment from Intel Capital. SecureKey develops hardware to encrypt debit and credit card transactions.
TSYS and CASSIS enter into mobile NFC partnership to enable merchant payments, loyalty programs, coupons and rewards.
Yodlee announces its global reach has surpassed 26 million individuals.
Zecco launches Zecco Mobile Lite an iPhone app to manage your Zecco brokerage account.

Alumni News — Weeks of December 13 and 20, 2010

To see Finovate news updates in real-time, follow our feed on Twitter

Backbase explores mobile banking in its fall webinar series.

BlazeMobile creates smart payments sticker.

BrightScope releases top 30 retirement plans.

Capital Access special report on “Black Friday” and small business sales data.   

SunTrust has added the “Transfer Now” product suite from CashEdge including person-to-person and me-to-me transfers.

ClairMail and Cardlytics partner to provide transaction marketing opportunities. 

Expensify is hiring for multiple positions. – The company is currently looking for Web developers and computer engineers at several levels.

FIS launches innovative new mobile banking product. — Users can establish mobile account management with their debit card, no online banking signup needed.

Geezeo selected by University Federal Credit Union as PFM provider.

GoalMine hosting cash contest via Facebook to spread the word.

Kapitall closes series A funding round. — The company did not release funding amounts or sources.

Kasasa on “green” community banking. — See what a green bank looks like.

Seventy percent of US Airlines have migrated to Kony Mobile-powered travel apps.

Lending Club featured in San Fransisco Chronicle, Black Enterprise, and PBS.

mFoundry deploys Washington Trust Bank’s mobile banking app. — This makes 260 customers so far using the mFoundry mobile applications.

Congratulations to Mint founder, Aaron Patzer, winner of a TechFellow Award for General Management.

Mozo powering new “Compare, Ditch and Switch” campaign. — The services allows Australians to shop around for better banking services.

Just in time for the Holidays, PopMoney gift cards at

SmartyPig launches cash rewards card with only a one-time activation fee of $4.95.

Victrio receives $5 million investment for voice-printing technology.

Alumni News — Weeks of November 28 and December 5, 2010

PopMoney (from CashEdge) wins award for excellence in Web design from the Interactive Media Council.
Speculation from MarketWatch: Could ClairMail be headed for an IPO?
ClairMail and Cardlytics partner to provide transaction marketing opportunities. 
Expensify continues to grow its currency support base — Expensify is now supporting 159 currencies.
Robert Scoble uses Expensify for expense reports.
FIS launches innovative new mobile banking product. — Users can establish mobile account management with their debit card, no online banking signup needed.
GoalMine hosting cash contest via Facebook to spread the word.
This week’s Jem 5 at Jemstep explores diversified fixed income funds.
Generations FCU goes live with Jwaala’s “Better Online Banking.”
Just for fun: Kasasa releases banks’ playlists. See this week’s from Jeff Davis Bank.
Lending Club enjoyed a flurry of news coverage. Read the summaries  here: 
Lending Club mentioned in PBS nightly business report. now available in Canada.
Congratulations to Mint founder, Aaron Patzer; winner of a TechFellow Award for General Management.
Monitise to bring mobile payments to Nigeria.
Mozo powering new “Compare, Ditch and Switch” campaign to allow Australians to shop around for better banking services.
Just in time for the Holidays, PopMoney gift cards at
The new SmartyPig rewards MasterCard provides up to 10% cash back at select retailers.
Tyfone receives additional patent for electronic wallet technology.
Wikinvest is even more mobile with Blackberry and Android Apps.
Y Combinator and Yodlee cooperate to provide financial data services to startups. 

GoalMine Launches Gift-Card-Based Social Savings Program


MPower Labs on Nov. 11 launched GoalMine to the public after several months in private Beta. 
GoalMine is an online savings and investment tool which allows users to buy, use or give gift cards towards savings goals. The gift card can be easily invested into stock mutual funds, bond mutual funds, or FDIC-insured savings accounts, without the high minimum balances that most mutual funds require. GoalMine accounts can be opened with as little as $25 and have relatively low fees compared to many investment options.  
The company aims to make saving towards goals simple and fun. GoalMine employs familiar methods, such as gift cards and social media, to find prospective customers and to help those customers reach out to their family and friends who may help them reach their savings goals. 
Users can share their goals via Facebook or Twitter, and add photos from Flickr or Picasa, and link YouTube video to share their progress or goals. The platform can also be used for fundraising. 
It takes just a few minutes to establish a GoalMine account. Users must provide their name, address, and Social Security Number, and be U.S. citizens over 18 years old. I was able to establish four accounts with different savings goals, timelines and investments in seven minutes. 
The account has an easy wizard, which helps in deciding which account is best, and further offers help in calculating the savings goal, including statistics about what the goal may cost. It also prompts you to set your goal either by when you want to achieve it  or how much you can save per month. the wizards are easy to skip  if you prefer not to use them. 
Unlike other saving programs, I wasn’t required  to make an initial deposit  at time of opening, nor did I have to establish a monthly automatic funds transfer.  
I can fund the accounts by monthly transfer, by ACH deposit from a linked bank account (not required) or by depositing GoalPack gift cards.  (I’m putting these on my daughter’s birthday list now for that college fund.)
I established a college savings goal, and then “liked” it on Facebook, where it posted to my wall so that others could visit the goal. From there, others have an opportunity to purchase GoalPacks towards that goal. There is a fulfillment fee for the GoalPacks of $2.95 each for less than $100 or $3.95 per $100 for larger amounts. The online withdrawal process is simple and costs $1 each time. Electronic transfers to a bank account are made the same day. Check withdrawals take a little longer, arriving in seven to ten days. 
About the accounts
Savings: The savings account are offered through The Bancorp Bank of Wilmington, DE and  are FDIC-insured to $250,000. Currently the account earns 0.30% APY.  
Bond mutual fund: The bond mutual fund, GoalMine Fixed Income Fund (Ticker: GRFIX), is managed by Gratio Capital.  The minimum investment is $25, and expense ratios range from 1.15% to 1.4%. There is a 2% early redemption fee  for funds taken out within 180 days of deposit. (Prospectus link)
Stock mutual fund: The stock mutual fund, Gratio Values Fund (Ticker: GRVLX), is also managed by Gratio Capital. The minimum investment is $25 and the expense ratio is 1.4%. There is a 2% early redemption fee for funds taken out within 180 days of deposit. (Prospectus link)

Weekly Updates — Week of November 15, 2010

To see Finovate news updates in real-time, follow our feed on Twitter

Backbase is launching its fall webinar series. — The first 25 signups get a copy of Brett King’s new book “Bank 2.0.”
Billeo is powering the new American Express inSite service. — Amex users get rewards and bonuses from within their browser.
BillFloat shines at the “Under the Radar Conference.” — The company won the “Judges’ Choice” and “Audience Choice” awards in the Commerce category.
Blippy lets users “fancify” their profiles.
Data is king at BrightScope. — See the  O’Riley Radar article which includes a five-minute video on how the startup gathered 401k plan info from the Department of Labor

Credit Sesame launches. — Public Beta is open to everyone. Excellent info-graphic about consumer debt in America
eRollover announces new website. — The new site is designed to be easier to navigate and better show analytic tools.
GoalMine launches with $25 reward to users who establish a $25 per month investment plan. — The program not only encourages ongoing investment, but highlights the convenience of the company’s online GoalPack gift card system.
Ixaris launches Secret Path Developer Challenge. — Secret Path rewards developers who build payment applications on Ixaris Opn for social media networks, mobile devices and ecommerce.
Kasasa Poetry Challenge. — Poets can win cash prizes, and have their work used in a Kasasa commercial.
Monitise and US Bank work together for contactless payments solution.
Mozo wins Deloitte’s Rising Star award. — The award is for companies in operation for fewer than three years.
PayNearMe garners $16 million in venture capital. — Khosla Ventures led the funding round. The company will also be launching a mobile payments application. 
SmartyPig adds 21 new “Best in Class Retailers” just in time for holiday shopping. — Retail partners boost users’ savings by up to 14% when the savings goal is withdrawn via their gift card.
Tempo Payments powers reward card for Sheetz convenience stores. — The decoupled affinity debit cards are independently-branded rewards debit cards, which link to the customer’s checking account.
Wikinvest launches Android and Blackberry apps which allow users to view their accounts regardless of brokerage.