Jemstep Raises $4.5 Million in Series A Round

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A big week for Finovate alumni funding looks likely to finish on a strong note with news that Jemstep has raised $4.5 million as part of a Series A round of investment.

The funding included participation from existing investors as well as new investor, Caleo Capital. Jemstep’s total funding now stands at $15 million. The company plans to use the additional capital for new hires, broadening distribution, and overall product development.

Jemstep launched its Portfolio Manager in January (and presented the technology at FinovateSpring in San Francisco in May). The company’s solution helps individuals plan for retirement by analyzing current portfolio holdings, recommending an alternative portfolio that improves upon the current portfolio, and providing an Action Plan that lets investors know exactly what to buy, what to sell, and what to hold.

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Jemstep Portfolio Manager also helps investors minimize tax exposure, reduce fees, and stay on top of their portfolios via the system’s constant monitoring and user alerts. The company is headquartered in Los Altos, California. Kevin Cimring and Michael Blumenthal serve as Joint CEOs. Simon Roy is Jemstep’s President.
The online financial advisory firm was among an octet of Finovate alumni highlighted in a September Wall Street Journal feature on the advisory industry. Take a look at that feature here.

Finovate Alumni Driving Growth in Online Investment Advisory Industry

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If an investment portfolio gets optimized through an online investment advisor, do brick and mortar brokers make a sound?

As noted in today’s Wall Street Journal, many of the kinds of services that once were accessible only by high net worth investors patronizing financial advisors and planners in person are now available to the rest of us. This includes everything from using computer algorithms to make investment decisions to automatic portfolio rebalancing and asset allocation.

And of the seven companies highlighted in the column for helping make this possible, every single one is a Finovate alum.
In fact, two of the seven – FutureAdvisor and LearnVest – will be demoing their latest technology on the Finovate stage in New York next week for FinovateFall 2013.
The reasons for the growth in online investment advisory are as varied as the companies themselves. Some cite a new generation of investors far more comfortable with both handling their own finances and trusting the Internet to help. Others suggest that with Wall Street falling into disfavor in the wake of the financial crisis, more investors are willing to seek out non-traditional – and less expensive – sources of information and advice.
Bill Doyle, an analyst for Forrester Research who has studied the industry for more than a decade and is quoted in the column, puts it this way: “I’m paying a lot more attention this time around because the software required to transform this industry finally works.”
Whatever the reason, there’s no doubt that venture capitalists believe this time is different. Consider the funding success of the above seven companies in the past two years ago:
Note also that Wealthfront, which helps get investors into low-cost diversified portfolios, has assets under management (AUM) of $300 million. Betterment has a similar model and has AUM of $250 million.

Finovate Alumni News– September 5, 2013

  • Finovate-F-Logo.jpgThe Austin business Journal ranks Q2ebanking #29 of Austin-based Largest Private Companies.
  • City National partners with cloud accounting platform Xero.
  • Forrester Research names Ping Identity a leader in Identity and Access Management Suites, Q3 2013 report.
  • Allre and miiCard partner for First Complete Platform to Sell a Home Purely Online.
  • Wipit-powered Boost Mobile Wallet to provide Quick Check Service.
  • WSJ column takes a look at online investment advisors like Wealthfront, Personal Capital, Jemstep, and FutureAdvisor that use algorithms. Meet FutureAdvisor at FinovateFall in New York.
  • Float Money partners with credit reporting agency eCredable to offer consumers interest-free loans. See Float Money at FinovateFall in New York next week.
  • Finovate alums Betterment and LearnVest highlighted in Wall Street Journal column on innovations in the online investment advisory business. Watch LearnVest demo their technology next week at FinovateFall.
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 14, 2013

  • Nomis Solutions wins patent for price sensitivity models.
  • Billeo announces acquisition of ecommerce platform, Swag.io.
  • Encap earns seven-figure investment from ProVenture Seed.
  • Money Marketing considers Narrative Science, Quantopian, Moven, MoneyDesktop and Jemstep.
  • Zopa named Most Trusted Loans Provider at the Moneywise Customer Service Awards 2013.
  • CU Broadcast interviews MoneyDesktop’s Bret Skousen.
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 3, 2013

  • FinovateLOGO.jpgGMC Software announces the availability of its Customer Service Correspondence automated platform for “point-of-need” communications.
  • Commonection reviews Check (formerly Pageonce).
  • InComm launches Cashtie, an API that links retail cash payments via existing POS to software applications.
  • TIO Networks Expands Bill Payment Services into Louisiana Through Partnership With City of Ruston.
  • Intelliresponse reflects on its experience at FinovateSpring 2103.
  • BlinkMobile signs distributors in Brazil and South Africa.
  • Linkable Networks Named Winner of 2013 Red Herring Top 100 Award.
  • Devin Miller talks about Balance Financial in this Newfination video interview.
  • Tyfone to Launch SideTap MicroSD Card Versions for Contactless Payments Market.
  • ThreatMetrix Launches Intelligence Network to Detect Malicious Web Activity.
  • Jemstep Launches Update Giving You More “Buy” Choices.
  • The Financial Brand lists 7 reasons to love GoBank.
  • Terapeak talks about how its Insights API helps EZBOB help UK merchants.
  • Temenos announces TripleA private banking and wealth management solution to work on other databases.
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– March 31, 2013

  • Finovate-F-Logo.jpgIDology launches photo ID scan & validation solution.
  • Aseanstartup reports: Big data becomes agile and beautiful with BellaDati.
  • BBC News features Nick Hungerford, Nutmeg CEO.
  • BusinessDating.com adds miiCard ID proofing for members.
  • ShopKeep POS iPad point of sale wins Red Herring Top 100 North America Award.
  • The WSJ features Personal Capital features Personal Capital and Jemstep.
  • The Economist looks at P2P lending through the eyes of Lending Club and Prosper.
  • peerTransfer adds 22 new payment methods from China and India.
  • Consumer Reports’ Money Minute takes a look at EyeVerify in a report on smart phone banking security.
  • ayondo offers spread betting for UK and Irish customers.
  • Four Finovate alumni featured in OBR crowdfunding report.
  • Founder and managing director of Mozo, Rohan Gamble interviewed by The CEO Magazine.
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.

Jemstep’s Portfolio Manager Helps Users Plan and Save for Retirement

This is a part of our live coverage of FinovateSpring 2013.

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Then, Jemstep showcased its Portfolio Manager platform that individualizes a plan to help users take the right actions to best save for retirement:

“Jemstep Portfolio Manager is an easy-to-use online service that helps people lock in more money for retirement. It gets to know each person’s financial circumstances and preferences, and, in minutes: 

    1. Projects the amount of money their current portfolio will give them to spend in retirement
    2. Recommends a target portfolio optimized to generate more money
    3. Spells out an Action Plan detailing what to buy and sell in each of their accounts (including their 401k), helping them minimize taxes, reduce fund fees, and select top-quality investments
    4. Keeps people on track with continuous monitoring that watches for changes in their profile, portfolio, and the market and alerts them when it’s time to make a change”
Product Launch: January 30, 2013
HQ: Los Altos, CA
Founded: January 2008
Metrics: $10.5M raised in private funding; 22 employees; 10,000+ users totaling more than $1.5B in assets; pre-revenue; impending launch of subscription service – flat monthly subscription fee 
Website: jemstep.com
Twitter: @jemstep
Presenting Kevin Cimring (Joint CEO) and Matthew Rennie (CTO)

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Finovate Alumni News– May 8, 2013

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe Wall Street Journal takes a look at “bitcoin startups” including OpenCoin. Come meet them at FinovateSpring in San Francisco.
  • Currensee announces launch of Trade Leaders managed fund.
  • US Bankcard Services now providing AuthenticID service to its merchants.  See AuthenticID demo at FinovateSpring next week.
  • Check Point introduces 600 Series security appliances for SMBs.
  • Forbes lists SoMoLend as 1 of 10 top crowdfunding sites for fundraising.
  • Investor Junkie reviews Jemstep. Come see what’s new at Jemstep at FinovateSpring next week.
  • MoneyDesktop honored with Bronze award in the Telly Awards, which recognize the finest video, film, & web commercials. See them demo at FinovateSpring.
  • Business Insider names BillGuard as 1 of the 20 hottest startups from Israel.
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.

FinovateSpring 2013 Sneak Peek: Part 2

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If you missed Part 1 of our FinovateSpring 2013 Sneak Peek, click here to read about some of the innovative companies that will be presenting at our upcoming May event in San Francisco.

To learn more about the show, visit our FinovateSpring 2013 page here.  Or if you’re just looking to pick up your tickets to the event, click here.

Part 2 of our Sneak Peek will feature another 12 companies that will be among those demoing on the Finovate stage in San Francisco next month. We’ll have even more companies to show you next week.
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Allied Payment Network: Allied Payment Network’s “Pay-It-Your-Way” strategy is driving mobile bill pay adoption by leveraging technology that consumers are embracing wholeheartedly – clicking, snapping a picture, or speaking.
Features:
  • Strategic differentiator for FIs
  • Live and available through multiple reselllers
  • Easily integrate into any mobile app
Why it’s great: Allied’s PicturePay has set the new standard for simplicity in mobile bill pay, using voice or a smartphone’s camera.
Encap: Provides a banking-grade, software-based authentication solution that offers uncompromising speed, security, and simplicity to boost
the adoption of financial services and applications.

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Features:
  • 2- and 3-factor authentication that helps drive customer adoption
  • Seamless integration into apps
  • Lower cost of ownership
Why it’s great: Most 2- and 3-factor authentication solutions will make your customers hate your product. Integrating Encap will make them love it.
GoBank (by Green Dot Corporation): The first bank account designed from scratch to be opened and used on a mobile device, with deposits insured by the FDIC.

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Features:
  • Real-time alerts
  • Fast: Join in minutes
  • Fair: No overdraft fees or minimum balance
Why it’s great: GoBank was created with the user experience top of mind to develop an innovative product with no hidden fees, complete transparency, reliability and peace of mind.

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Gremln: Regulatory guidelines make social media compliance difficult for financial services. Gremln provides filtration, approval, and archiving. Teams can work together for secure social media.

Features:
  • Use social media AND keep your job
  • Verify posts are compliance before they are live
  • Multi-tiered approval process
Why it’s great: Your organization’s marketing and compliance forces can work in harmony to create secure, successful social media … all because of Gremln.
Jemstep: Jemstep Portfolio Manager is an online investment advisor that helps people lock in more money for retirement by telling them exactly what to buy and sell.
Features:
  • All they need to knowThumbnail image for JemstepLogo2.jpg
  • Exactly what to do
  • High-caliber guidance, not high fees
Why it’s great: Jemstep Portfolio Manager is the first and only resource of its kind, and it takes the complexity out of investing.

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Licuos: A global B2B payment platform that generates the most efficient A/R and A/P netting, payment and funding proposals for businesses.
Features:
  • Improves the financial efficiency of businesses
  • Reduces businesses’s funding needs and credit risk exposure with their clients
Why it’s great: LICUOS allows businesses to reduce their dependence on banks so that they can significantly improve their working capital management.

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Leaf: Leaf empowers small business owners to run and grow their businesses by providing a mobile payment platform built for local commerce.
Features: 
  • Accept payments via the processor of your choice
  • Analyze business performance from any device
  • Easily engage customers
Why it’s great: LeafPresenter is the first tablet designed specifically for local retail, benefitting small business owners in ways not previously possible.
Lodo Software: D3 Banking uses a powerful, predictive analytics engine and adaptive UI to provide a full range of financial services tailored to customer’s needs anytime, anywhere.
Features:

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  • Consistent customer experience via any digital channel
  • Customized, automated, targeted marketing
  • Flexible integration options
Why it’s great: D3 Banking delivers data-driven, digital banking, empowering financial institutions and their customers.
Micronotes: Delivers on the cross-sell imperative for digital banks.

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Features:
  • Most productive digital cross-sell tool
  • Maximizes $/square inch of digital real estate
  • Gives interactive a whole new meaning
Why it’s great: Micronotes’s Cross-Sell helps financial institutions radically improve the productivity of cross-selling online to increase revenue.
Persint: Provides consumer analytics, leveraging account aggregation and peer data to answer every household’s financial questions of “where do we stand?” and “what next?”
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Features:
  • 120 demographic peers from 5-click survey
  • Scoring of net worth, cash flow and risk
  • Opportunity identification & solution mapping
Why it’s great: Persint’s integration of peer data allows PFM to deliver objective conclusions on performance and credible advice on next steps.
Prestadero: The first, fully operational, peer to peer lending platform for the Mexican market.
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Feature:
  • Prestadero is upending traditional savings and loan operations in Mexico, offering loan rates and fixed income returns never before seen in our market.
Why it’s great: Mexico has some of the largest financial spreads in the world. Why? Nobody knows. Prestadero is here to change that.

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TSYS: By putting people at the center of every decision we make, TSYS is able to support financial institutions, businesses, and governments in more than 80 countries.
Features:
  • Remotely control how, when, by whom, and where money is used.
  • Real-time remote monitoring transactions
  • Increased risk mitigation
Why it’s great: TSYS is bringing its industry expertise to the exciting and fast-paced area of payments and mobile to show a completely different experience from the end-user perspective.
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For more information on being a part of FinovateSpring 2013, see our FAQ. To register, visit out FinovateSpring page here.

Finovate Alumni News– April 1, 2013

  • Finovate-F-Logo.jpgExpensify makes Reconciliation and Central Administration features available for American Express corporate cardholders.
  • Micronotes providing series of marketing campaigns for USAlliance FCU to help cross-selling efforts.
  • Palo Alto Software announces launch of EntrepreWorld, a virtual environment to test business plans in a virtual world of avatars. Come see Palo Alto demo its latest technology at FinovateSpring.
  • Consumers CU chooses Andera’s oFlows platform for online account opening and lending.
  • Lighter Capital appoints Molly Gregg Otter as Vice President.
  • Bloomberg looks at how Jemstep, SigFig, and FutureAdvisor help manage your portfolio online. See Jemstep’s new tech at FinovateSpring.
  • Forbes takes a close up look at London’s FinTech Innovation Lab, including participants BehavioSec, Kiboo, and Open Bank Project.
  • Huff Post blog considers Lighter Capital’s Revenue Loans as alternative to VC funding.
  • GCN looks at Dwolla’s use in government.
  • Huff Post blog considers automated report-writing software company, Narrative Science. See its new tech at FinovateSpring.
  • MyBankTracker reviews Tuition.io.
  • Y C Universe profiles Trust Egg. See them demo at FinovateSpring in May.
  • MicroStrategy signs technology alliance agreement with MapR.
  • Berry Review takes a look at Pageonce Money and Bills on Blackberry 10.
  • Times of India highlights Klarna’s growth in Europe.
  • Incentive Mag previews the launch of CashStar’s table gifting solution.
  • Eye Verify announces results from biometric standard, performance and assurance lab survey. Join them in San Francisco for FinovateSpring.
  • IntelliResponse selected by KMWorld as one of “100 Companies that Matter in Knowledge Management” for 2013. Come see them in action at FinovateSpring in May.
  • New York City Mayor Michael Bloomberg officially ‘opened the doors‘ to On Deck Capital’s new NYC HQ.
  • Global Payments and edo Interactive launch pilot for card-linked offers network.
  • Boston Business Journal interviews Leaf CEO Aron Schwarzkopf. See Leaf’s demo at FinovateSpring in San Francisco.
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– March 19, 2013

  • Thumbnail image for Finovate-F-Logo.jpgVantageScore 3.0 now available from Experian.
  • WattzOn featured in RealtorMag column on energy savings for homeowners.
  • Communications Federal Credit Union to provide Tyfone mobile wallet services to its members.
  • Service2Media‘s M2Active 4.0 selected by Achmea as the “technological cornerstone” for its App Factory.
  • Bank Systems & Technology takes a look at what the acquisition of mFoundry means for FIS‘s future in mobile banking.
  • Bloomberg’s Tech Deals reviews Jemstep Portfolio Manager.
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– March 12, 2013

  • Finovate-F-Logo.jpgCapital Access Network has provided SMBs access to more than $3 billion in working capital and facilitated 100k transactions since its inception.
  • Online CV certification service Veritas Vitae enlists miiCard to help eliminate CV fraud.
  • Forbes highlights BillGuard as 1 of 7 Tel Aviv-based startups.
  • Finextra reports Yorkshire Building Society taps eWise for PFM service.
  • Affinity Solutions to discuss brand loyalty, transaction-enabled marketing at Loyalty Expo 2013.
  • ACI Worldwide assures that it will maintain roadmaps, commitments to ORCC customers in wake of acquisition.
  • Bazaarvoice chooses Cohn & Wolfe as agency of record for North America.
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.