IP Commerce Closes Series A Round

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This week, small business software company IP Commerce landed its first round of funding since it was founded in 2007. The amount was undisclosed.

Top-name investors contributed to the round:

  • First Data Ventures
  • Intel Capital
  • Meritage Funds
  • Camp One Ventures
  • Augury Capital Partners
  • Service Provider Capital

The company’s flagship product, Commerce Sync, helps its 7,000+ small business clients eliminate manual data entry by syncing sales information with their accounting platform. IP Commerce holds partnerships with Clover, Stripe, Square, Quickbooks, and Xero.

IP Commerce company will use the funds to expand its workforce and enhance the functionality of Commerce Sync.

First Data’s Peter Karpas, global head of SMB Solutions, has been appointed to IP Commerce’s board of directors.

IP Commerce is based in Denver. The company debuted its Multi-party Payments Commerce Playlist at FinovateSpring 2012.

Finovate Alumni News

On Finovate.com

  • IP Commerce Closes Series A Round”
  • Linxo Raises €2 Million from Crédit Agricole”

Around the web

  • MasterCard and TransferWise talk about the “future of money and credit” with TechCruch at Davos 2016.
  • Let’s Talk Payments features Betterment in a roundup of fintech startups focused on reducing fees for retirement savers.
  • OnDeck enters referral agreement with Opus Bank to power SMB lending.
  • BehavioSec to power behavioral biometrics for TeleSign.

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 Alumni News

On Finovate.com

  • MX Raises $30 Million in Series A Investment

Around the web

  • Encap Security to support Samsung fingerprint scanner as part of version 3.0 of its Smarter Authentication technology. See Encap at FinovateSpring 2015 next month in San Jose.
  • Dutch banking group ABN AMRO to deploy wealth-management solution, WealthSuite, from Temenos.
  • Top Image Systems wins recognition at 2015 IT Innovation Awards (IT Innovationspreis) for MobiPAY.
  • PayPal partners with Tillster, an online ordering platform.
  • Green Dot names MasterCard its exclusive transaction processor and network gateway.
  • American Banker: New Moves by Coinbase, Ripple Advance Digital Money Tech.
  • Currency Cloud appoints former Deutsche Bank CIO, Mitchel Lenson, as a non-executive director.
  • IP Commerce launches new version of Commerce Sync to automatically transfer sales info from a POS system or e-commerce solution into accounting software on a daily basis.
  • InComm partners with Russian internet giant Mail.Ru Group.
  • Stratos now shipping its all-in-one smart credit card. Come see Stratos at FinovateSpring in San Jose.
  • Open Source Project.com features Open Bank Project.

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– May 28, 2013

  • FinovateLOGO.jpgChris Larsen, CEO and co-founder of OpenCoin, calls Ripple, “HTTP for money” in CoinDesk feature.
  • Credit Union Times: ProfitStars‘ Director of Strategic Insight Lee Wetherington talks credit unions and big data.
  • Kalixa Group teams with MasterCard to test prepaid card.
  • Barron’s Electronic Investor column on Quantopian now available to non-subscribers.
  • Mateo’s Tech Travels reviews TransferWise.
  • Business Insider hosts Dwolla CEO Ben Milne in Startup Lab interview.
  • One of the largest financial services corporations in the world invests more than $4.6 million for software, maintenance and professional services with Kofax.
  • American Banker reports: Kabbage’s Fresh Idea for Small Business Finance.
  • TIBCO announces launch of Cloud Bus, a subscription-based Integration Platform as a service (iPaaS) offering.
  • BellaDati opening partner network in Russia.
  • IP Commerce closing payment processing service on June 30.
  • M2CASH rebrands as V2PAY, now offers electronic ID verification, virtual loan solutions, virtual cards & virtual merchant services.
  • Billhighway adds Kids Kicking Cancer as client.
  • Comarch to provide reference, market data to SIX Financial Information.
  • Standard Chartered launches VISA Infinite Credit Card with chip and PIN technology.
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.

Nineteen Finovate Alums Win 2013 PYMNTS.com Innovator Awards

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PYMNTS.com, a website owned by Business Wire and Market Platform Dynamics, recently published the winners of the 2013 Innovator Awards.

Three Finovate alums were selected as overall Best in Show winners:

First place: Pangea Payments

  • Innovation: A new way to send money anywhere, at a flat fee, instantly, leveraging the prepaid rails.
  • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
Second placeWaspit 
  • Description: Combining mobile payments with social media channels to empower and inform the user in everyday purchases.
  • Finovate demo: FinovateFall 2012
Third placeLeaf
  • Description: Small business payments solution
  • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15

In addition, five Finovate alums took home Gold awards, five won Silver awards, and seven were awarded in the Bronze category. Here is a summary of all of the winners:

Gold

    • Category: Most innovative
    • Innovation: PayPal POS Initiatives that leverage its worldwide digital wallet accountholder base.
    • Finovate demo: FinovateEurope 2012
    • Category: Best credit
    • Innovation: The consumer’s advocate for demystifying credit with a range of tools and information resources to help them monitor and manage their financial health.
    • Finovate demo: FinovateStartup 2009
    • Category: Best B2B innovation
    • Innovation: Online working capital for small businesses.
    • Finovate demo: FinovateEurope 2013
    • Category: Best SMB innovation
    • Innovation: Small business payment platform integrated with Quickbooks.
    • Finovate demo: Finovate 2009
    • Category: Best innovation via ACH
    • Innovation: Cash flow management, accounts payable/ receivable management platform
    • Finovate demo: FinovateSpring 2011
Silver
    • Category: Most invisible
    • Innovation: Platform-as-a-Service that powers POS 2.0 commerce solutions.
    • Finovate demo: FinovateSpring 2012
    • Category: Best credit
    • Innovation: Offers consumers “more time to pay” their bills on time to help avoid late fees, overdraft charges, service termination and high cost loans.
    • Finovate demo: FinovateSpring 2011
    • Category: Best cash
    • Innovation: Enables consumers to shop online and pay with cash easily for a wide range of goods.
    • Finovate demo: FinovateSpring 2011
    • Category: Best SMB innovation
    • Innovation: Cloud-based, small business platform that integrates invoicing and payment acceptance in one system.
    • Finovate demo: FinovateSpring 2012
    • Category: Best comeback
    • Innovation: Alternative business financing that helps businesses tap into the capital it needs to run the business.
    • Finovate demo: FinovateEurope 2011
Bronze
    • Category: Most disruptive
    • Innovation: Mobile checkout service that enables one touch payments across multiple applications.
    • Finovate demo: FinovateSpring 2011
    • Category: Best technology
    • Innovation: OneID lets people sign in without usernames and passwords, yet delivers authentication solutions with non-repudiation, keeping both people and businesses safe from today’s biggest identity and personal information threats.
    • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
    • Category: Best newcomer
    • Innovation: Aggregates financial account information and allows users to manage their money in one place, online or with a mobile device.
    • Finovate demo: FinovateSpring 2012
    • Category: Best credit
    • Innovation: Brings together investors with creditworthy borrowers to reduce the cost and complexity of traditional lending.
    • Finovate demo: Finovate Startup 2009
    • Category: Best debit
    • Innovation: Reinventing personal banking with modern online and mobile experiences, no surprise fees, and great customer service.
    • Finovate demo: FinovateFall 2011
    • Category: Best prepaid
    • Innovation: A new way to send money anywhere, at a flat fee, instantly, leveraging the prepaid rails.
    • Finovate demo: Will demo at FinovateSpring 2013 in May 14 & 15
    • Category: Best check
    • Innovation: Mitek’s patented mobile imaging technology allows users to remotely deposit checks from anywhere, at anytime by snapping a picture with their camera-equipped smartphone or tablet, and has become the “gold standard” for mobile check deposit.
    • Finovate demo: FinovateSpr
      ing 2012

Finovate Alumni News– January 29, 2013

  • Thumbnail image for Finovate-F-Logo.jpgAcculynk joins EMV Migration Forum.
  • TSYS announces extension agreement with Payment Alliance International.
  • True Office scores $3 million funding round. See them demo at FinovateEurope in London!
  • GetApp compares accounting options in FreeAgent and Kashoo.
  • Taulia doubles customer base in 2012.
  • miiCard granted U.S. patent for method of establishing true online identity based on ability to access online financial accounts.
  • TIO Networks appoints Bill Burnham, founder of Inductive Capital, to Board of Directors.
  • WorkSaveLive blog features ReadyForZero.
  • PaySimple launches 3 new integrated partners.
  • PlayMoolah launches Yusheng Rush, a Chinese New Year themed mobile game.
  • IP Commerce announces latest release of Commerce Boarding, a real-time qualification and decision engine.

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– October 31, 2012

  • Argos sees a record 79 mil of its online visitors engage in conversations about the brand since implementing Bazaarvoice’s Conversations.
  • IP Commerce Payment API Sample Code Now Available on Github.
  • Silver Tail Systems Acquired by Data Storage Giant, EMC.
  • Lendio.com ends Q3 adding record number of lenders to 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.

Finovate Alumni News– June 1, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgGoogle Director, Russ Laraway, named SVP of Merchant Sales at FreeMonee.
  • American Banker describes the effect of Plastyc’s Kindle Fire app on underbanked consumers.
  • Business Insider points out how SimpleTution & Cartera Commerce are hacking the financial system.
  • IP Commerce launches app development challenge for next-gen POS app.
  • Bank Technology News compares how Plastyc and Mitek use tech to serve the underbanked.
  • American Banker takes an in-depth look at SimpleTuition’s SmarterBank.
  • Dwolla builds payment fees comparison tool.
  • Cachet Financial Solutions and eDOC Innovations partner to provide mobile deposit to Credit Unions.
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.

IP Commerce’s Multi-Party Payments Helps Groups Exchange Money

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Then, IP Commerce showed how Multi-Party Payments can help groups exchange money using rule-based scenarios:

“With their new Multi-Party Payments (MPP) Commerce Playlist, IP Commerce is offering a development solution to enable multiple parties to exchange funds based on a set of rules governing the exchanges. When combined with the IP Commerce [Payments] Platform, the MPP Playlist will provide a robust solution to the issues associated with payment acceptance and funds disbursement between one-to-many payers and one-to-many payees – all through a seamless user experience.”

Product Launched: May 2007
HQ Location: San Francisco, CA
Company Founded: 2007
Introducing Chip Kahn (Founder and CEO) and Tyler Hannan (Platform Evangelist)

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FinovateSpring 2012 Sneak Peek: Part 3

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As promised, this is part 3 of the sneak peek of the companies that will demo at FinovateSpring May 8 and 9 in San Francisco. Each company provided a short summary of the innovation they will debut on stage. In case you missed them, check out Sneak Peek Part 1 and Sneak Peek Part 2.

Don’t miss the opportunity to experience the hottest innovations in financial technology. Get your FinovateSpring ticket here.

______________________________________________________


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It’s understood that the more customers interact with a rewards program, the more engaged and loyal they become. Redeeming points and receiving value makes them happy. Yet the hard costs and management of those rewards has become prohibitive for financial institutions. 
Access Development will debut PowerDeals, a micro-redemption engine that offers customers valuable rewards for a minimal number of points, resulting in more transactions. PowerDeals will help increase customer loyalty while significantly decreasing program costs and accrual liability for the financial institution.
Innovation type: Communications, marketing, rewards

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Applause Learning is changing the way children learn about money. Their unique new product, The Coindexter Club, presents financial literacy in an innovative, game-based format that keeps children entertained as they learn the core principles of financial management. The Coindexter Club immerses children in the exciting virtual world of Econopolis (found at Coindexter.com) where they are taught to earn, save, spend, and invest money.
Innovation type: Marketing

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BancBox is an infrastructure platform that helps companies build payment services into their web and mobile applications. Based on a simple API-driven approach that allows customers to maintain control of their user experience, BancBox delivers a secure, compliant and integrated way for clients to collect, store and send money from within their applications. 
BancBox also offers a unique service that assists clients in addressing the regulatory complexities of moving money in compliance with state money transmitter laws. As a trusted expert with years of payment operations experience, BancBox has opened over one hundred thousand consumer accounts and processed billions of dollars in payments.
Innovation type: Banking, cards, payments, security

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If you’ve invested in a better airplane; why haven’t you invested in the pilot? Introducing CreditLab— the flight simulator for the retail lending world. 
Focused on credit risk management skills, this dynamic training system requires players to manage their lending portfolios through stormy conditions, such as heavy price competition and an economic recession. Pitted against competitive teams, players must make tough choices, learning to anticipate portfolio management adjustments so that they can stay the course.
Innovation type: Back office, cards, lending

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Blaze Mobile develops innovative mobile commerce, healthcare, banking and advertising solutions that enable secure, convenient, cost-effective transactions and promotions from the mobile device. Utilizing its patented NFC and mobile technology, the Blaze Mobile product suite includes:
    • Mobile Wallet
    • NFC-enabling Payment Stickers
    • Blaze Mobile Advertising Platform that delivers personalized ads and coupons based on customer shopping history, location, interests, gender, and other data
Innovation type: Mobile and tablet, payments, rewards

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More than 15 million people in 100 countries trust Concur to manage their travel and expenses, and save them time. In 2011, Concur acquired TripIt, the leading mobile trip organizer that makes it easy for millions of people to organize and share their travel plans. Together, Concur and TripIt make it possible for companies to use trip data to simplify expense reports and save time. Come find out what that means for you.

Innovation type: Back office, mobile and tablet, online, small business

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moneto is a prepaid mobile wallet powered by MasterCard PayPass technology and created by DeviceFidelity. Using DeviceFidelity’s globally renowned In2Pay microSD solution, moneto’s unique portability and consumer centric approach means greater adoption and rapid penetration.
moneto makes money management easy from start to finish. It’s the simple, secure and elegant way to give users the most from their cash using just their mobile phone. Compatible with both iPhone and Android and accepted at hundreds of thousands of retailers nationwide, moneto is the ultimate virtual wallet.
Innovation type: Banking, cards, mobile, payments, PFM, rewards

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According to a recent report from the National Federation of Independent Businesses (NFIB), cash flow was identified as the highest-priority finance issue affecting small-business owners. Experian’s Business Information Services will demonstrate a new solution that helps small businesses solve this issue by enabling owners and principals to quickly and easily make better decisions across the entire Customer Life Cycle. It is these important decisions that help businesses meet their obligations and often can mean the difference between success or failure.
Innovation type: Small business

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inStream Solutions grew out of a desire to help financial advisors provide better service to their clients. This is the first proactive financial planning software for financial advisors that integrates financial advice and coordinates financial services with a lead generation model. 
inStream Solutions also leverages the knowledge generated by advisors into a best practices resource, provides real-time insight into how advisors use financial products to solve the issues of their affluent clients, and helps advisors understand what is going on within their practice.
Innovation type: Investing, PFM

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Powering Innovation for Commerce — The IP Commerce Platform and Commerce Playlists enable developers to create innovative applications and workflows that incorporate all channels of commerce.
IP Commerce offers the fastest, easiest way to enable commerce services for complex multi-channel applications. With IP Commerce, you can create rich interactions between all parties of a commerce ecosystem (Retailers, ISVs, Acquirers, Processors, Social Networks, Value-Added-Service Providers, etc.).
The world of commerce technology is growing as never before and IP Commerce is at the vanguard.
Innovation type: Payments

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TIO Networks is a cloud based multi-channel bill payment processor serving the largest telecom, wireless, cable and utility bill issuers in North America. TIO enables these companies to provide bill payment services to the population of over 60 million underbanked consumers.  With more than 55,000 physical location endpoints to its bill payment processing network, TIO symbolizes fast, convenient and secure access to expedited payment services.
Innovation type: Back office, mobile, payments

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Increase consumer engagement and drive loyalty with our WattzOn Personal Energy Management Platform. WattzOn provides your consumers with easy-to-use tools that help people use less energy, save money and be green. Personalized recommendations can be enhanced with complementary financial products such as credit cards, savings accounts, home and car loans.
Features include:
    • Apples-to-apples comparisons of home energy use to similar homes
    • Personalized energy saving recommendations
    • Fuel-efficient car savings calculator
    • Automated monitoring with secure connections to 100+ energy utilities
    • Instant home solar savings calculator
Innovation type: Marketing, online, PFM